Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Voya Financial, Inc. | ||
Entity Central Index Key | 1,535,929 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 172,003,659 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 6.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Investments: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016) | $ 48,329 | $ 47,394 |
Fixed maturities, at fair value using the fair value option | 3,018 | 3,065 |
Equity securities, available-for-sale, at fair value | 380 | 258 |
Short-term investments | 471 | 391 |
Mortgage loans on real estate, net of valuation allowance of $3 as of 2017 and 2016 | 8,686 | 8,003 |
Policy loans | 1,888 | 1,943 |
Limited partnerships/corporations | 784 | 536 |
Derivatives | 397 | 737 |
Other investments | 47 | 47 |
Securities pledged (amortized cost of $1,823 as of 2017 and $1,261 as of 2016) | 2,087 | 1,409 |
Total investments | 66,087 | 63,783 |
Cash and cash equivalents | 1,218 | 2,096 |
Short-term investments under securities loan agreements, including collateral delivered | 1,626 | 586 |
Accrued investment income | 667 | 666 |
Premium receivable and reinsurance recoverable | 7,632 | 7,287 |
Deferred policy acquisition costs, Value of business acquired | 3,374 | 3,997 |
Current income taxes | 4 | 164 |
Deferred income taxes | 781 | 1,570 |
Other assets | 1,310 | 1,486 |
Assets related to consolidated investment entities: | ||
Assets held in consolidated investment entities | 3,176 | 4,056 |
Assets held in separate accounts | 77,605 | 66,185 |
Assets held for sale | 59,052 | 62,709 |
Total assets | 222,532 | 214,585 |
Liabilities and Shareholders' Equity: | ||
Future policy benefits | 15,647 | 14,575 |
Contract owner account balances | 50,158 | 50,273 |
Payables under securities loan agreement, including collateral held | 1,866 | 969 |
Short-term debt | 337 | 0 |
Long-term debt | 3,123 | 3,550 |
Derivatives | 149 | 297 |
Pension and other post-employment provisions | 550 | 674 |
Other liabilities | 2,076 | 2,023 |
Liabilities related to consolidated investment entities: | ||
Collateralized loan obligations notes, at fair value using the fair value option | 1,047 | 1,967 |
Other liabilities | 658 | 528 |
Liabilities related to separate accounts | 77,605 | 66,185 |
Liabilities held for sale | 58,277 | 59,576 |
Total liabilities | 211,493 | 200,617 |
Shareholders' equity: | ||
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 270,078,294 and 268,079,931 shares issued as of 2017 and 2016, respectively; 171,982,673 and 194,639,273 shares outstanding as of 2017 and 2016, respectively) | 3 | 3 |
Treasury stock (at cost; 98,095,621 and 73,440,658 shares as of 2017 and 2016, respectively) | (3,827) | (2,796) |
Additional paid-in capital | 23,821 | 23,609 |
Accumulated other comprehensive income (loss) | 2,731 | 1,921 |
Retained earnings (deficit): | ||
Appropriated-consolidated investment entities | 0 | 0 |
Unappropriated | (12,719) | (9,742) |
Total Voya Financial, Inc. shareholders' equity | 10,009 | 12,995 |
Noncontrolling interest | 1,030 | 973 |
Total shareholder's equity | 11,039 | 13,968 |
Total liabilities and shareholder's equity | 222,532 | 214,585 |
Limited partnerships/corporations, at fair value | ||
Assets related to consolidated investment entities: | ||
Assets held in consolidated investment entities | 1,795 | 1,936 |
Cash and cash equivalents | ||
Assets related to consolidated investment entities: | ||
Assets held in consolidated investment entities | 217 | 133 |
Corporate loans, at fair value using the fair value option | ||
Assets related to consolidated investment entities: | ||
Assets held in consolidated investment entities | 1,089 | 1,953 |
Other assets | ||
Assets related to consolidated investment entities: | ||
Assets held in consolidated investment entities | $ 75 | $ 34 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||||
Fixed maturities, available-for-sale, cost | $ 44,366 | $ 44,743 | ||
Equity securities, available-for-sale, cost | 353 | 229 | ||
Mortgage loans on real estate, valuation allowance | 3 | 3 | ||
Securities pledged amortized cost | $ 1,823 | $ 1,261 | ||
Common stock, shares authorized | 900,000,000 | 900,000,000 | ||
Common stock, shares issued | 270,078,294 | 268,079,931 | ||
Common stock, shares outstanding | 171,982,673 | 194,639,273 | 209,100,000 | 241,900,000 |
Common stock, par value | $ 0.01 | $ 0.01 | ||
Treasury stock | 98,095,621 | 73,440,658 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Net investment income | $ 3,294 | $ 3,354 | $ 3,343 |
Fee income | 2,627 | 2,471 | 2,470 |
Premiums | 2,121 | 2,795 | 2,554 |
Net realized gains (losses): | |||
Total other-than-temporary impairments | (30) | (32) | (78) |
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | (9) | 2 | 5 |
Net other-than-temporary impairments recognized in earnings | (21) | (34) | (83) |
Other net realized capital gains (losses) | (206) | (329) | (477) |
Total net realized capital gains (losses) | (227) | (363) | (560) |
Other revenue | 371 | 342 | 385 |
Net investment income | 432 | 189 | 551 |
Changes in fair value related to collateralized loan obligations | 0 | 0 | (27) |
Total revenues | 8,618 | 8,788 | 8,716 |
Benefits and expenses: | |||
Policyholder benefits | 3,030 | 3,710 | 3,161 |
Interest credited to contract owner account balances | 1,606 | 1,604 | 1,537 |
Operating expenses | 2,654 | 2,655 | 2,684 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 529 | 415 | 377 |
Interest expense | 184 | 288 | 197 |
Interest expense | 80 | 102 | 272 |
Other expense | 7 | 4 | 12 |
Total benefits and expenses | 8,090 | 8,778 | 8,240 |
Income (loss) from continuing operations before income taxes | 528 | 10 | 476 |
Income tax expense (benefit) | 740 | (29) | 84 |
Income (loss) from continuing operations | (212) | 39 | 392 |
Income (loss) from discontinued operations, net of tax | (2,580) | (337) | 146 |
Net income (loss) | (2,792) | (298) | 538 |
Less: Net income (loss) attributable to noncontrolling interest | 200 | 29 | 130 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (2,992) | $ (327) | $ 408 |
Net income (loss) per common share: | |||
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Basic (usd per share) | $ (2.24) | $ 0.05 | $ 1.16 |
Net income (loss) available to common shareholders, Basic (usd per share) | (16.25) | (1.63) | 1.81 |
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share) | (2.24) | 0.05 | 1.15 |
Net income (loss) available to common shareholders, Diluted (usd per share) | (16.25) | (1.61) | 1.80 |
Cash dividends declared per share of common stock (usd per share) | $ 0.04 | $ 0.04 | $ 0.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income (loss) | $ (3,083) | $ 214 | $ 219 | $ (142) | $ (375) | $ (251) | $ 137 | $ 191 | $ (2,792) | $ (298) | $ 538 |
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 1,191 | 749 | (2,581) | ||||||||
Other-than-temporary impairments | (2) | 24 | 19 | ||||||||
Pension and other postretirement benefits liability | (15) | (10) | (14) | ||||||||
Other comprehensive income (loss), before tax | 1,174 | 763 | (2,576) | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 364 | 267 | (897) | ||||||||
Other comprehensive income (loss), after tax | 810 | 496 | (1,679) | ||||||||
Comprehensive income (loss) | (1,982) | 198 | (1,141) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 200 | 29 | 130 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ (2,182) | $ 169 | $ (1,271) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Millions | Total | Common Stock | Treasury stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit), Appropriated | Retained Earnings (Deficit), Unappropriated | Parent | Noncontrolling Interest |
Balance at Dec. 31, 2014 | $ 18,562 | $ 3 | $ (807) | $ 23,650 | $ 3,104 | $ 20 | $ (9,823) | $ 16,147 | $ 2,415 |
Comprehensive income (loss) | |||||||||
Net income (loss) | 538 | 0 | 0 | 0 | 0 | 0 | 408 | 408 | 130 |
Other comprehensive income (loss), after tax | (1,679) | 0 | 0 | 0 | (1,679) | 0 | 0 | (1,679) | 0 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 130 | 130 | |||||||
Comprehensive income (loss) | (1,141) | (1,271) | |||||||
Reclassification of noncontrolling interest | 1 | 0 | 0 | 0 | 0 | (11) | 0 | (11) | 12 |
Common stock acquired - Share repurchase | (1,491) | 0 | (1,491) | 0 | 0 | 0 | 0 | (1,491) | 0 |
Dividends on common stock | (9) | 0 | 0 | (9) | 0 | 0 | 0 | (9) | 0 |
Share-based compensation | 72 | 0 | (4) | 76 | 0 | 0 | 0 | 72 | 0 |
Contributions from (Distributions to) noncontrolling interest, net | 283 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 283 |
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2015 | 16,277 | 3 | (2,302) | 23,717 | 1,425 | 9 | (9,415) | 13,437 | 2,840 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Adjustment for adoption of ASU | Accounting Standards Update 2015-02 | (1,592) | 0 | 0 | 0 | 0 | 9 | 0 | 9 | (1,601) |
Adjustment for adoption of ASU | Accounting Standards Update 2014-13 | (18) | 0 | 0 | 0 | 0 | (18) | 0 | (18) | 0 |
Balance- As adjusted | 14,667 | 3 | (2,302) | 23,717 | 1,425 | 0 | (9,415) | 13,428 | 1,239 |
Comprehensive income (loss) | |||||||||
Net income (loss) | (298) | 0 | 0 | 0 | 0 | 0 | (327) | (327) | 29 |
Other comprehensive income (loss), after tax | 496 | 0 | 0 | 0 | 496 | 0 | 0 | 496 | 0 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 29 | 29 | |||||||
Comprehensive income (loss) | 198 | 169 | |||||||
Noncontrolling Interest, Decrease from Deconsolidation | (70) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (70) |
Common stock issuance | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 |
Common stock acquired - Share repurchase | (687) | 0 | (487) | (200) | 0 | 0 | 0 | (687) | 0 |
Dividends on common stock | (8) | 0 | 0 | (8) | 0 | 0 | 0 | (8) | 0 |
Share-based compensation | 92 | 0 | (7) | 99 | 0 | 0 | 0 | 92 | 0 |
Contributions from (Distributions to) noncontrolling interest, net | (225) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (225) |
Balance (Scenario, Previously Reported [Member]) at Dec. 31, 2016 | 13,968 | 3 | (2,796) | 23,609 | 1,921 | 0 | (9,742) | 12,995 | 973 |
Balance at Dec. 31, 2016 | 13,968 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Adjustment for adoption of ASU | Accounting Standards Update 2016-09 | 15 | 0 | 0 | 0 | 0 | 0 | 15 | 15 | 0 |
Balance- As adjusted | 13,983 | 3 | (2,796) | 23,609 | 1,921 | 0 | (9,727) | 13,010 | 973 |
Comprehensive income (loss) | |||||||||
Net income (loss) | (2,792) | 0 | 0 | 0 | 0 | 0 | (2,992) | (2,992) | 200 |
Other comprehensive income (loss), after tax | 810 | 0 | 0 | 0 | 810 | 0 | 0 | 810 | 0 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 200 | 200 | |||||||
Comprehensive income (loss) | (1,982) | (2,182) | |||||||
Noncontrolling Interest, Decrease from Deconsolidation | 38 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38 |
Common stock issuance | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 3 | 0 |
Common stock acquired - Share repurchase | (923) | 0 | (1,023) | 100 | 0 | 0 | 0 | (923) | 0 |
Dividends on common stock | (8) | 0 | 0 | (8) | 0 | 0 | 0 | (8) | 0 |
Share-based compensation | 109 | 0 | (8) | 117 | 0 | 0 | 0 | 109 | 0 |
Contributions from (Distributions to) noncontrolling interest, net | (181) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (181) |
Balance at Dec. 31, 2017 | $ 11,039 | $ 3 | $ (3,827) | $ 23,821 | $ 2,731 | $ 0 | $ (12,719) | $ 10,009 | $ 1,030 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (2,792) | $ (298) | $ 538 |
Adjustments to reconcile net income (loss) to net cash proviced by operating activities: | |||
(Income) loss from discontinued operations, net of tax | 2,580 | 337 | (146) |
Capitalization of deferred policy acquisition costs, value of business acquired and sales inducements | (243) | (264) | (272) |
Net amortization of deferred policy acquisition costs, value of business acquired and sales inducements | 534 | 420 | 381 |
Future policy benefits, claims reserves and interest credited | 899 | 1,298 | 757 |
Deferred income tax expense (benefit) | 862 | (151) | (107) |
Net realized capital losses | 227 | 363 | 560 |
Share-based compensation | 117 | 99 | 76 |
(Gains) losses on consolidated investment entities | (343) | (57) | 129 |
(Gains) losses on limited partnerships/corporations | (31) | (29) | 18 |
Change in: | |||
Premiums receivable and reinsurance recoverable | (345) | 363 | (533) |
Other receivables and assets accruals | 298 | (18) | 68 |
Other payables and accruals | (41) | (190) | (497) |
(Increase) decrease in cash held by consolidated investment entities | (557) | (260) | 243 |
Other, net | 2 | 44 | (55) |
Net cash provided by (used in) operating activities - discontinued operations | 411 | 1,934 | 2,088 |
Net cash provided by operating activities | 1,578 | 3,591 | 3,248 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 8,325 | 8,112 | 8,327 |
Equity securities, available-for-sale | 54 | 104 | 76 |
Mortgage loans on real estate | 955 | 747 | 1,088 |
Limited partnerships/corporations | 236 | 306 | 258 |
Acquisition of: | |||
Fixed maturities | (8,719) | (9,839) | (8,759) |
Equity securities, available-for-sale | (47) | (47) | (137) |
Mortgage loans on real estate | (1,638) | (1,481) | (1,381) |
Limited partnerships/corporations | (332) | (367) | (417) |
Short-term investments, net | (80) | 31 | 468 |
Derivatives, net | 213 | (24) | (141) |
Sales from consolidated investment entities | 2,047 | 2,304 | 5,432 |
Purchases within consolidated investment entities | (2,036) | (1,727) | (7,521) |
Collateral (delivered) received, net | (148) | (22) | 39 |
Other, net | 3 | 20 | 57 |
Net cash provided by (used in) investing activities - discontinued operations | (1,261) | (1,800) | (1,663) |
Net cash used in investing activities | (2,428) | (3,683) | (4,274) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 5,061 | 5,891 | 5,298 |
Maturities and withdrawals from investment contracts | (5,372) | (5,412) | (4,587) |
Proceeds from issuance of debt with maturities of more than three months | 399 | 798 | 0 |
Repayment of debt with maturities of more than three months | (490) | (708) | (31) |
Debt issuance costs | (3) | (16) | (7) |
Borrowings of consolidated investment entities | 967 | 126 | 1,373 |
Repayments of borrowings of consolidated investment entities | (804) | (455) | (479) |
Contributions from (distributions to) participants in consolidated investment entities | 449 | 51 | 662 |
Proceeds from issuance of common stock, net | 3 | 1 | 0 |
Share-based compensation | (8) | (7) | (5) |
Common stock acquired - Share repurchase | (923) | (687) | (1,487) |
Dividends paid | (8) | (8) | (9) |
Net cash provided by (used in) financing activities - discontinued operations | 384 | 916 | 280 |
Net cash (used in) provided by financing activities | (345) | 490 | 1,008 |
Net increase (decrease) in cash and cash equivalents | (1,195) | 398 | (18) |
Cash and cash equivalents, beginning of period | 2,911 | 2,513 | 2,531 |
Cash and cash equivalents, end of period | 1,716 | 2,911 | 2,513 |
Less: Cash and cash equivalents of discontinued operations, end of period | 498 | 815 | 696 |
Cash and cash equivalents of continuing operations, end of period | 1,218 | 2,096 | 1,817 |
Supplemental cash flow information: | |||
Income taxes paid, net | (154) | 69 | 78 |
Interest paid | 174 | 190 | 179 |
Decrease of assets due to deconsolidation of consolidated investment entities | 0 | 7,497 | 0 |
Decrease of liabilities due to deconsolidation of consolidated investment entities | 0 | 5,905 | 0 |
Decrease of equity due to deconsolidation of consolidated investment entities | 0 | 1,592 | 0 |
Elimination of appropriated retained earnings | $ 0 | $ 18 | $ 0 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | Business, Basis of Presentation and Significant Accounting Policies Business Voya Financial, Inc. and its subsidiaries (collectively the "Company") is a financial services organization in the United States that offers a broad range of retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products. On December 20, 2017, the Company entered into a Master Transaction Agreement ("MTA") with VA Capital Company LLC ("VA Capital") and Athene Holding Ltd ("Athene"), pursuant to which Venerable Holdings, Inc. ("Venerable"), a wholly owned subsidiary of VA Capital, will acquire two of the Company's subsidiaries, Voya Insurance and Annuity Company ("VIAC") and Directed Services, LLC ("DSL"). This transaction is expected to close during the second or third quarter of 2018 and will result in the disposition of substantially all of the Company's Closed Block Variable Annuity ("CBVA") and Annuities businesses (collectively, the "Transaction"). The assets and liabilities related to the businesses to be sold have been classified as held for sale in the accompanying Consolidated Balance Sheets and as discontinued operations in the accompanying Consolidated Statements of Operations and Consolidated Statements of Cash Flows and are reported separately for all periods presented. See the Business Held for Sale and Discontinued Operations Note to these Consolidated Financial Statements. Pursuant to the Transaction, the Company no longer considers its CBVA and Annuities businesses as reportable segments. Additionally, the Company evaluated its segment presentation and determined that the retained CBVA and Annuities policies that are not included in the disposed businesses described above ("Retained Business") are insignificant. As such, the Company reported the results of the Retained Business in Corporate. The Company provides its principal products and services through four segments: Retirement, Investment Management, Individual Life and Employee Benefits. In addition, the Company includes in Corporate the financial data not directly related to its segments and other business activities that do not have an ongoing meaningful impact to the Company's results. See the Segments Note to these Consolidated Financial Statements. Prior to May 2013, the Company was an indirect, wholly owned subsidiary of ING Groep N.V. ("ING Group" or "ING"), a global financial services holding company based in The Netherlands. In May 2013, Voya Financial, Inc. completed its initial public offering ("IPO") of common stock, including the issuance and sale of common stock by Voya Financial, Inc. and the sale of shares of common stock owned indirectly by ING Group. Between October 2013 and March 2015, ING Group completed the sale of its remaining shares of common stock of Voya Financial, Inc. in a series of registered public offerings. ING Group continues to hold certain warrants to purchase shares of Voya Financial, Inc. common stock as described further in the Shareholders' Equity Note to these Consolidated Financial Statements. Basis of Presentation The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as other (voting interest entities ("VOEs")) and variable interest entities ("VIEs") in which the Company has a controlling financial interest. See the Consolidated Investment Entities Note to these Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior year financial information to conform to the current year classifications. Significant Accounting Policies Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates: • Reserves for future policy benefits; • Deferred policy acquisition costs ("DAC"), value of business acquired ("VOBA") and other intangibles (collectively, "DAC/VOBA and other intangibles"); • Valuation of investments and derivatives; • Impairments; • Income taxes; • Contingencies; and • Employee benefit plans. Fair Value Measurement The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. Investments The accounting policies for the Company's principal investments are as follows: Fixed Maturities and Equity Securities : The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the fair value option ("FVO"). Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income (loss) ("AOCI") and presented net of related changes in DAC/VOBA and other intangibles and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets. The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out ("FIFO") basis. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income in the Consolidated Statements of Operations. Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. Short-term Investments : Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value. Assets Held in Separate Accounts : Assets held in separate accounts are reported at the fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments, cash and fixed maturities. Mortgage Loans on Real Estate : The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, less impairment write-downs and allowance for losses. If a mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lower of either the present value of expected cash flows from the loan, discounted at the loan's original purchase yield, or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets. Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. Commercial loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved. The Company records an allowance for probable losses incurred on non-impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loan. Policy Loans : Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy. Limited Partnerships/Corporations : The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which primarily consist of investments in private equity funds, hedge funds and other VIEs for which the Company is not the primary beneficiary. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, generally not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income. Other Investments : Other investments are comprised primarily of Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Securities Lending : The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. Corporate Loans : Corporate loans held by consolidated collateralized loan obligations ("CLO" or "CLO entities") are reported in Corporate loans, at fair value using the fair value option on the Consolidated Balance Sheets. Changes in the fair value of the loans are recorded in Changes in fair value related to collateralized loan obligations in the Consolidated Statements of Operations. The fair values for corporate loans are determined using independent commercial pricing services. In the event that the third-party pricing source is unable to price an investment, other relevant factors are considered. Impairments The Company evaluates its available-for-sale investments quarterly to determine whether there has been an other-than-temporary decline in fair value below the amortized cost basis. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the length of time and the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. An extended and severe unrealized loss position on a fixed maturity may not have any impact on: (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. In contrast, for certain equity securities, the Company gives greater weight and consideration to a decline in market value and the likelihood such market value decline will recover. When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs. When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations as an other-than-temporary impairment ("OTTI"). If the Company does not intend to sell the security, and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that there has been an other-than-temporary decline in fair value below the amortized cost basis, the OTTI is bifurcated into the amount representing the present value of the decrease in cash flows expected to be collected ("credit impairment") and the amount related to other factors ("noncredit impairment"). The credit impairment is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations. The noncredit impairment is recorded in Other comprehensive income (loss). The Company uses the following methodology and significant inputs to determine the amount of the OTTI credit loss: • When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security. • When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions. • The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. In periods subsequent to the recognition of the credit related impairment components of OTTI on a fixed maturity, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into Net investment income over the remaining term of the fixed maturity in a prospective manner based on the amount and timing of estimated future cash flows. Derivatives The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its universal life-type and annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. • Fair Value Hedge : For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses) in the Consolidated Statements of Operations. • Cash Flow Hedge : For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Other net realized capital gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date, or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Other net realized capital gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Other net realized capital gains (losses). The Company also has investments in certain fixed maturities and has issued certain universal life-type and annuity products that contain embedded derivatives for which fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Embedded derivatives within certain universal life-type and annuity products are included in Future policy benefits on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. In addition, the Company has entered into coinsurance with funds withheld reinsurance arrangements that contain embedded derivatives, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivatives within coinsurance with funds withheld reinsurance arrangements are reported with the host contract in Other liabilities on the Consolidated Balance Sheets, and changes in the fair value of embedded derivatives are recorded in Policyholder benefits in the Consolidated Statements of Operations. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. Cash and cash equivalents of VIEs and VOEs are not available for general use by the Company. Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, and are included in Other assets on the Consolidated Balance Sheets. Expenditures for replacements and major improvements are capitalized; maintenance and repair expenditures are expensed as incurred. Depreciation on property and equipment is provided on a straight-line basis over the estimated useful lives of the assets, which generally range from 3 to 40 years, with the exception of land and artwork which are not depreciated. Depreciation expense is included in Operating expenses in the Consolidated Statements of Operations. As of December 31, 2017 and 2016 , total cost basis of property and equipment was $376 and $373 , respectively. As of December 31, 2017 and 2016 , total accumulated depreciation was $269 and $261 , respectively. For the years ended December 31, 2017 , 2016 and 2015 , depreciation expense was $19 , $25 and $24 , respectively. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. Collectively, the Company refers to DAC, VOBA, deferred sales inducements ("DSI") and unearned revenue ("URR") as "DAC/VOBA and other intangibles." (See respective "Sales Inducements" and "Recognition of Insurance Revenue and Related Benefits" sections below). DAC/VOBA and other intangibles are adjusted for the impact of unrealized capital gains (losses) on investments, as if such gains (losses) have been realized, with corresponding adjustments included in AOCI. Amortization Methodologies The Company amortizes DAC and VOBA related to certain traditional life insurance contracts and certain accident and health insurance contracts over the premium payment period in proportion to the present value of expected gross premiums. Assumptions as to mortality, morbidity, persistency and interest rates, which include provisions for adverse deviation, are consistent with the assumptions used to calculate reserves for future policy benefits. These assumptions are "locked-in" at issue and not revised unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Recoverability testing is performed for current issue year products to determine if gross premiums are sufficient to cover DAC or VOBA, estimated benefits and related expenses. In subsequent periods, the recoverability of DAC or VOBA is determined by assessing whether future gross premiums are sufficient to |
Business Held for Sale and Disc
Business Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Business Held for Sale and Discontinued Operations | Business Held for Sale and Discontinued Operations As noted in the Business, Basis of Presentation and Significant Accounting Policies Note, on December 20, 2017, the Company entered into a MTA with VA Capital and Athene (the "Buyers") pursuant to which Venerable will acquire two of the Company’s subsidiaries, VIAC and DSL. The Transaction is expected to close during the second or third quarter of 2018, subject to conditions specified in the MTA, including the receipt of required regulatory approvals, and other conditions. In addition, this transaction will result in the disposition of substantially all of the Company’s CBVA and Annuities businesses. The purchase price in the transaction will be equal to the difference between the Required Adjusted Book Value (as defined in the MTA) and the Statutory capital in VIAC at closing, after giving effect to certain restructuring and other pre-sale transactions, including the reinsurance of the fixed and fixed indexed annuity business of VIAC. The purchase price for DSL is expected to approximate its carrying value. After the closing, the Company, through its other insurance subsidiaries, will continue to own surplus notes issued by VIAC in an aggregate principal amount of $350 and will acquire a 9.99% equity interest in VA Capital. The receivable for the surplus notes and VIAC's corresponding liability are included in Other assets and Liabilities held for sale, respectively, on the Company's Consolidated Balance Sheets. In the summary of major categories of assets and liabilities held for sale below, VIAC's corresponding liability for the surplus notes is included in Notes payable. Under the terms of the Transaction, VIAC will, prior to the closing of the transaction, undertake certain restructuring transactions with several current affiliates in order to transfer businesses and assets into and out of VIAC. In connection with the closing, Voya Investment Management Co., LLC ("Voya IM") or its affiliated advisors, will enter into one or more agreements to perform asset management services for Venerable as part of the transaction. As part of the agreements, Voya IM will serve as the preferred asset management partner for Venerable. Under the agreements, subject to certain criteria, Voya IM will manage certain assets, including, for at least five years following the closing of the transaction, certain general account assets. The Company has also agreed to provide certain transitional services to Venerable for up to 24 months after the closing of the Transaction. The MTA provides for a $105 reverse termination fee that would be payable by VA Capital to the Company if the MTA is terminated in certain circumstances. The MTA contains limits on the amount of additional capital we could be required to contribute to meet any increases in the Required Adjusted Book Value and on the amount of capital in excess of such amount that VA Capital could be required to compensate us for if such excess capital were to become trapped in VIAC prior to Transaction closing, in each case subject to certain termination rights. The Company has determined that the CBVA and Annuities businesses to be disposed of meet the criteria to be classified as held for sale and that the sale represents a strategic shift that will have a major effect on the Company’s operations. Accordingly, the results of operations of the businesses to be sold have been presented as discontinued operations in the accompanying Consolidated Statements of Operations and Consolidated Statements of Cash Flows, and the assets and liabilities of the businesses have been classified as held for sale and segregated for all periods presented in the Consolidated Balance Sheets. A business classified as held for sale is recorded at the lower of its carrying value or estimated fair value less cost to sell. If the carrying value exceeds its estimated fair value less cost to sell, a loss is recognized. Transactions between the businesses held for sale and businesses in continuing operations that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and the assets, liabilities and results of the businesses held for sale. The results of discontinued operations are reported in "Income (loss) from discontinued operations, net of tax" in the accompanying Consolidated Statements of Operations for all periods presented. In addition, Income (loss) from discontinued operations, net of tax, for the year ended December 31, 2017 includes the estimated loss on sale, net of tax of $2,423 . The estimated loss on sale includes estimated transaction costs of $31 that are expected to be incurred through and upon closing of the Transaction as well as the loss of $692 of deferred tax assets. The estimated loss on sale represents the excess of the estimated carrying value of the businesses held for sale over the estimated purchase price, which approximates fair value, less cost to sell. As noted above, the purchase price in the transaction is equal to the difference between the Required Adjusted Book Value and the Statutory capital in VIAC at closing. The Required Adjusted Book Value is based on, subject to certain adjustments, the Conditional Trail Expectation ("CTE") 95 standard which is a statistical tail risk measure under the Standard & Poor’s ("S&P") model which follows the Risk Based capital C-3 Phase II guidelines as stipulated by the National Association of Insurance Commissioners ("NAIC"). The estimated purchase price and estimated carrying value of VIAC as of the future date of closing, and therefore the estimated loss on sale related to the Transaction are subject to adjustment in future quarters until closing, and may be influenced by, but not limited to the following factors: • Market fluctuations related to equity securities, interest rates, volatility, credit spreads and foreign exchange rates; • The performance of the businesses held for sale and the impact of interest and equity market changes on the Variable Annuity Hedge Program and any other hedging activity the Company may engage in within VIAC; • Changes in the terms of the Transaction, including as the result of subsequent negotiations or as necessary to obtain regulatory approval; • Other changes in the terms of the Transaction due to unanticipated developments; and • Changes in key customers and policyholder behavior as a result of the Transaction or other factors. The Company is required to remeasure the estimated fair value and loss on sale at the end of each quarter until closing of the Transaction. Changes in the estimated loss on sale that occur prior to closing of the Transaction will be reported as an adjustment to Income (loss) from discontinued operations, net of tax, in future quarters prior to closing. The following table summarizes the major categories of assets and liabilities classified as held for sale in the accompanying Consolidated Balance Sheets as of December 31, 2017 and 2016 : As of December 31, 2017 2016 Assets: Investments: Fixed maturities, available-for-sale, at fair value $ 21,904 $ 22,075 Fixed maturities, at fair value using the fair value option 615 647 Short-term investments 352 430 Mortgage loans on real estate, net of valuation allowance 4,212 3,722 Derivatives 1,514 976 Other investments (1) 351 258 Securities pledged 861 748 Total investments 29,809 28,856 Cash and cash equivalents 498 815 Short-term investments under securities loan agreements, including collateral delivered 473 202 Deferred policy acquisition costs and Value of business acquired 805 890 Sales Inducements 196 206 Deferred income taxes 404 520 Other assets (2) 396 286 Assets held in separate accounts 28,894 30,934 Write-down of businesses held for sale to fair value less cost to sell (2,423 ) — Total assets held for sale $ 59,052 $ 62,709 Liabilities: Future policy benefits and contract owner account balances $ 27,065 $ 27,205 Payables under securities loan agreement, including collateral held 1,152 872 Derivatives 782 174 Notes payable 350 350 Other liabilities 34 41 Liabilities related to separate accounts 28,894 30,934 Total liabilities held for sale $ 58,277 $ 59,576 (1) Includes Other investments, Equity securities, Limited Partnerships/corporations and Policy loans. (2) Includes Other assets, Accrued investment income, Premium receivable and reinsurance recoverable. The following table summarizes the components of Income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for the y ears ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Revenues: Net investment income $ 1,266 $ 1,288 $ 1,217 Fee income 801 889 1,011 Premiums 190 720 470 Total net realized capital gains (losses) (1,234 ) (900 ) (173 ) Other revenue 19 19 22 Total revenues 1,042 2,016 2,547 Benefits and expenses: Interest credited and other benefits to contract owners/policyholders 978 2,199 1,812 Operating expenses 250 283 319 Net amortization of Deferred policy acquisition costs and Value of business acquired 127 136 286 Interest expense 22 22 22 Total benefits and expenses 1,377 2,640 2,439 Income (loss) from discontinued operations before income taxes (335 ) (624 ) 108 Income tax expense (benefit) (178 ) (287 ) (38 ) Loss on sale, net of tax (2,423 ) — — Income (loss) from discontinued operations, net of tax $ (2,580 ) $ (337 ) $ 146 For additional information on certain assets, liabilities and other financial information related to businesses held for sale, see the Derivatives Note, Fair Value Measurements (excluding Consolidated Investments Entities) Note and the Guaranteed Benefit Features Note to these Consolidated Financial Statements. |
Investments (excluding Consolid
Investments (excluding Consolidated Investment Entities) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments (excluding Consolidated Investment Entities) | 20% < 20% > 20% < 20% > 20% December 31, 2017 Six months or less below amortized cost $ 6,126 $ 196 $ 148 $ 82 1,098 38 More than six months and twelve months or less below amortized cost 48 — 1 — 14 — More than twelve months below amortized cost 448 — 12 — 87 — Total $ 6,622 $ 196 $ 161 $ 82 1,199 38 December 31, 2016 Six months or less below amortized cost $ 12,536 $ 195 $ 466 $ 53 1,694 63 More than six months and twelve months or less below amortized cost 45 — 2 — 13 — More than twelve months below amortized cost 335 — 9 — 38 1 Total $ 12,916 $ 195 $ 477 $ 53 1,745 64 Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2017 U.S. Treasuries $ 183 $ — $ 2 $ — 29 — State, municipalities and political subdivisions 408 — 11 — 103 — U.S. corporate public securities 1,553 18 45 5 232 2 U.S. corporate private securities 1,129 73 28 22 73 2 Foreign corporate public securities and foreign governments 506 7 16 2 84 1 Foreign corporate private securities 490 84 16 48 35 6 Residential mortgage-backed 1,075 13 29 5 334 25 Commercial mortgage-backed 871 — 11 — 164 — Other asset-backed 407 1 3 — 145 2 Total $ 6,622 $ 196 $ 161 $ 82 1,199 38 December 31, 2016 U.S. Treasuries $ 211 $ — $ 2 $ — 25 — State, municipalities and political subdivisions 1,034 1 39 — 198 1 U.S. corporate public securities 4,811 61 163 15 547 17 U.S. corporate private securities 1,699 107 84 29 111 3 Foreign corporate public securities and foreign governments 1,471 17 64 5 186 10 Foreign corporate private securities 1,078 — 52 — 64 2 Residential mortgage-backed 1,452 7 45 3 365 28 Commercial mortgage-backed 727 — 24 — 124 2 Other asset-backed 433 2 4 1 125 1 Total $ 12,916 $ 195 $ 477 $ 53 1,745 64 The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 13 — — — Non-agency RMBS < 80% 211 1 4 — Agency RMBS 878 12 26 4 Other ABS (Non-RMBS) 380 1 2 1 Total RMBS and Other ABS $ 1,482 $ 14 $ 32 $ 5 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 162 $ — $ 2 $ — Non-agency RMBS > 5% - 10% 11 — — — Non-agency RMBS > 0% - 5% 25 1 1 — Non-agency RMBS 0% 26 — 1 — Agency RMBS 878 12 26 4 Other ABS (Non-RMBS) 380 1 2 1 Total RMBS and Other ABS $ 1,482 $ 14 $ 32 $ 5 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2017 < 20% > 20% < 20% > 20% Fixed Rate $ 1,104 $ 6 $ 20 $ 2 Floating Rate 378 8 12 3 Total $ 1,482 $ 14 $ 32 $ 5 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 5 — — — Non-agency RMBS < 80% 149 4 8 1 Agency RMBS 1,347 3 39 3 Other ABS (Non-RMBS) 384 2 2 — Total RMBS and Other ABS $ 1,885 $ 9 $ 49 $ 4 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 92 $ — $ 5 $ — Non-agency RMBS > 5% - 10% 9 — — — Non-agency RMBS > 0% - 5% 25 — 2 — Non-agency RMBS 0% 28 4 1 1 Agency RMBS 1,347 3 39 3 Other ABS (Non-RMBS) 384 2 2 — Total RMBS and Other ABS $ 1,885 $ 9 $ 49 $ 4 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 1,393 $ 3 $ 34 $ 2 Floating Rate 492 6 15 2 Total $ 1,885 $ 9 $ 49 $ 4 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows, after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired (typically pre-2008) indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on the valuation of a particular security within the trust will also be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the year ended December 31, 2017 , the Company did not have any new commercial mortgage loan troubled debt restructuring and had one private placement troubled debt restructuring with a pre-modification and post-modification carrying value of $22 . For the year ended December 31, 2016 , the Company had no new troubled debt restructurings for commercial mortgage loans or private placement bonds. As of December 31, 2017 , the Company held no commercial mortgage troubled debt restructured loans. As of December 31, 2017 and 2016 , the Company did no t have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. The following table summarizes the Company's investment in mortgage loans as of the dates indicated: December 31, 2017 December 31, 2016 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4 $ 8,685 $ 8,689 $ 5 $ 8,001 $ 8,006 Collective valuation allowance for losses N/A (3 ) (3 ) N/A (3 ) (3 ) Total net commercial mortgage loans $ 4 $ 8,682 $ 8,686 $ 5 $ 7,998 $ 8,003 N/A - Not Applicable There were no impairments taken on the mortgage loan portfolio for the years ended December 31, 2017 and 2016 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2017 December 31, 2016 Collective valuation allowance for losses, balance at January 1 $ 3 $ 3 Addition to (reduction of) allowance for losses — — Collective valuation allowance for losses, end of period $ 3 $ 3 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: December 31, 2017 December 31, 2016 Impaired loans without allowances for losses $ 4 $ 5 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4 $ 5 Unpaid principal balance of impaired loans $ 6 $ 6 For the years ended December 31, 2017 and 2016 , the Company did not have any impaired loans with allowances for losses. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The Company's policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current. There were no mortgage loans in the Company's portfolio in process of foreclosure as of December 31, 2017 and 2016 . There were no loans 30 days or less in arrears, with respect to principal and interest as of December 31, 2017 and 2016 . The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Year Ended December 31, 2017 2016 2015 Impaired loans, average investment during the period (amortized cost) (1) $ 4 $ 11 $ 36 Interest income recognized on impaired loans, on an accrual basis (1) — — 2 Interest income recognized on impaired loans, on a cash basis (1) — — 2 Interest income recognized on troubled debt restructured loans, on an accrual basis — — 2 (1) Includes amounts for Troubled debt restructured loans. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following table presents the LTV ratios as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Loan-to-Value Ratio: 0% - 50% $ 849 $ 950 >50% - 60% 2,125 1,976 >60% - 70% 5,144 4,544 >70% - 80% 551 523 >80% and above 20 13 Total Commercial mortgage loans $ 8,689 $ 8,006 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 7,013 $ 6,421 >1.25x - 1.5x 655 824 >1.0x - 1.25x 893 597 Less than 1.0x 105 105 Commercial mortgage loans secured by land or construction loans 23 59 Total Commercial mortgage loans $ 8,689 $ 8,006 (1) Balances do not include collective valuation allowance for losses. Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,024 23.4 $ 2,055 25.7 % South Atlantic 1,716 19.7 1,703 21.3 % Middle Atlantic 1,612 18.5 1,169 14.6 % West South Central 959 11.0 801 10.0 % Mountain 859 9.9 729 9.1 % East North Central 884 10.2 885 11.1 % New England 161 1.8 170 2.1 % West North Central 391 4.5 371 4.6 % East South Central 83 1.0 123 1.5 % Total Commercial mortgage loans $ 8,689 100.0 $ 8,006 100.0 % (1) Balances do not include collective valuation allowance for losses. December 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 2,587 29.7 $ 2,607 32.6 % Industrial 2,108 24.3 1,708 21.3 % Apartments 1,849 21.3 1,620 20.2 % Office 1,384 15.9 1,267 15.8 % Hotel/Motel 309 3.6 332 4.2 % Other 364 4.2 388 4.9 % Mixed Use 88 1.0 84 1.0 % Total Commercial mortgage loans $ 8,689 100.0 $ 8,006 100.0 % (1) Balances do not include collective valuation allowance for losses. The following table presents mortgages by year of origination as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Year of Origination: 2017 $ 1,525 $ — 2016 1,428 1,434 2015 1,250 1,286 2014 1,303 1,333 2013 1,287 1,371 2012 818 1,084 2011 and prior 1,078 1,498 Total Commercial mortgage loans $ 8,689 $ 8,006 (1) Balances do not include collective valuation allowance for losses. Evaluating Securities for Other-Than-Temporary Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities and equity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired. The following table identifies the Company's credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Year Ended December 31, 2017 2016 2015 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities State, municipalities and political subdivisions 1 3 — 2 — — U.S. corporate public securities 1 3 8 3 29 24 Foreign corporate public securities and foreign governments (1) 2 3 17 4 44 12 Foreign corporate private securities (1) 15 2 2 2 1 1 Residential mortgage-backed 2 47 7 80 6 59 Other — 3 — 1 3 5 Total $ 21 61 $ 34 92 $ 83 101 (1) Primarily U.S. dollar denominated. The above tables include $19 , $8 and $8 of write-downs related to credit impairments for the years ended December 31, 2017 , 2016 and 2015 , respectively, in Other-than-temporary impairments, which are recognized in the Consolidated Statements of Operations. The remaining $2 , $26 and $75 in write-downs for the years ended December 31, 2017 , 2016 and 2015 , respectively, are related to intent impairments. The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated: Year Ended December 31, 2017 2016 2015 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities U.S. corporate public securities 1 3 7 2 29 23 Foreign corporate public securities and foreign governments (1) — — 16 3 43 11 Residential mortgage-backed 1 12 3 20 2 11 Other — 3 — 1 1 2 Total $ 2 18 $ 26 26 $ 75 47 The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities or cost for equity securities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. The following table identifies the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated: Year Ended December 31, 2017 2016 2015 Balance at January 1 $ 33 $ 46 $ 53 Additional credit impairments: On securities not previously impaired 15 — — On securities previously impaired 1 2 4 Reductions: Increase in cash flows 1 — 1 Securities sold, matured, prepaid or paid down 8 15 10 Balance at December 31 $ 40 $ 33 $ 46 Net Investment Income The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2017 2016 2015 Fixed maturities $ 2,698 $ 2,860 $ 2,851 Equity securities, available-for-sale 9 11 9 Mortgage loans on real estate 388 372 394 Policy loans 100 108 110 Short-term investments and cash equivalents 10 5 3 Other 145 62 37 Gross investment income 3,350 3,418 3,404 Less: investment expenses 56 64 61 Net investment income $ 3,294 $ 3,354 $ 3,343 As of December 31, 2017 and 2016 , the Company had $5 and $8 , respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Consolidated Statements of Operations. Net Realized Capital Gains (Losses) Net realized capital gains (losses) comprise the difference between the amortized cost of investments and " id="sjs-B4" xml:space="preserve">Investments (excluding Consolidated Investment Entities) Fixed Maturities and Equity Securities Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2017 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 2,047 $ 477 $ 2 $ — $ 2,522 $ — U.S. Government agencies and authorities 223 52 — — 275 — State, municipalities and political subdivisions 1,856 68 11 — 1,913 — U.S. corporate public securities 20,857 2,451 50 — 23,258 — U.S. corporate private securities 5,628 255 50 — 5,833 — Foreign corporate public securities and foreign governments (1) 5,241 493 18 — 5,716 — Foreign corporate private securities (1) 4,974 251 64 — 5,161 10 Residential mortgage-backed securities: Agency 2,990 164 30 21 3,145 — Non-Agency 1,257 110 4 16 1,379 16 Total Residential mortgage-backed securities 4,247 274 34 37 4,524 16 Commercial mortgage-backed securities 2,646 69 11 — 2,704 — Other asset-backed securities 1,488 43 3 — 1,528 3 Total fixed maturities, including securities pledged 49,207 4,433 243 37 53,434 29 Less: Securities pledged 1,823 284 20 — 2,087 — Total fixed maturities 47,384 4,149 223 37 51,347 29 Equity securities: Common stock 272 1 — — 273 — Preferred stock 81 26 — — 107 — Total equity securities 353 27 — — 380 — Total fixed maturities and equity securities investments $ 47,737 $ 4,176 $ 223 $ 37 $ 51,727 $ 29 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $441 of net unrealized gains on impaired available-for-sale securities. Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2016 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 2,150 $ 407 $ 2 $ — $ 2,555 $ — U.S. Government agencies and authorities 227 41 — — 268 — State, municipalities and political subdivisions 1,647 23 39 — 1,631 — U.S. corporate public securities 21,873 1,722 178 — 23,417 6 U.S. corporate private securities 5,076 174 113 — 5,137 — Foreign corporate public securities and foreign governments (1) 5,161 293 69 — 5,385 — Foreign corporate private securities (1) 4,954 206 52 — 5,108 — Residential mortgage-backed securities: Agency 3,720 209 42 32 3,919 — Non-Agency 845 97 6 23 959 25 Total Residential mortgage-backed securities 4,565 306 48 55 4,878 25 Commercial mortgage-backed securities 2,320 59 24 — 2,355 — Other asset-backed securities 1,096 43 5 — 1,134 4 Total fixed maturities, including securities pledged 49,069 3,274 530 55 51,868 35 Less: Securities pledged 1,261 160 12 — 1,409 — Total fixed maturities 47,808 3,114 518 55 50,459 35 Equity securities: Common stock 152 — — — 152 — Preferred stock 77 29 — — 106 — Total equity securities 229 29 — — 258 — Total fixed maturities and equity securities investments $ 48,037 $ 3,143 $ 518 $ 55 $ 50,717 $ 35 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $408 of net unrealized gains on impaired available-for-sale securities. The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2017 , are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date. Amortized Cost Fair Value Due to mature: One year or less $ 988 $ 1,001 After one year through five years 8,389 8,703 After five years through ten years 10,352 10,762 After ten years 21,097 24,212 Mortgage-backed securities 6,893 7,228 Other asset-backed securities 1,488 1,528 Fixed maturities, including securities pledged $ 49,207 $ 53,434 The investment portfolio is monitored to maintain a diversified portfolio on an ongoing basis. Credit risk is mitigated by monitoring concentrations by issuer, sector and geographic stratification and limiting exposure to any one issuer. As of December 31, 2017 and 2016 , the Company did no t have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s Total shareholders' equity. The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Fair Value December 31, 2017 Communications $ 2,587 $ 341 $ 4 $ 2,924 Financial 5,094 487 5 5,576 Industrial and other companies 16,478 1,391 98 17,771 Energy 4,268 459 45 4,682 Utilities 6,243 607 22 6,828 Transportation 1,295 121 4 1,412 Total $ 35,965 $ 3,406 $ 178 $ 39,193 December 31, 2016 Communications $ 2,765 $ 258 $ 17 $ 3,006 Financial 5,143 370 28 5,485 Industrial and other companies 17,129 948 189 17,888 Energy 4,509 310 75 4,744 Utilities 5,629 397 77 5,949 Transportation 1,210 83 12 1,281 Total $ 36,385 $ 2,366 $ 398 $ 38,353 Fixed Maturities and Equity Securities The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the FVO. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in AOCI and presented net of related changes in DAC, VOBA and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets. The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain CMOs, primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of December 31, 2017 and 2016 , approximately 43.2% and 46.4% , respectively, of the Company's CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs. Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions. Repurchase Agreements As of December 31, 2017 and 2016 , the Company did no t have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements. Securities Lending As of December 31, 2017 and 2016 , the fair value of loaned securities was $1,854 and $1,133 , respectively, and is included in Securities pledged on the Consolidated Balance Sheets. As of December 31, 2017 and 2016 , cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $1,589 and $425 , respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Consolidated Balance Sheets. As of December 31, 2017 and 2016 , liabilities to return collateral of $1,589 and $425 , respectively, are included in Payables under securities loan agreements, including collateral held on the Consolidated Balance Sheets. During the first quarter of 2016 under an amendment to the securities lending program, the Company began accepting non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected in the Company’s Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of December 31, 2017 and 2016 , the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $308 and $743 , respectively. The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated: December 31, 2017 (1)(2) December 31, 2016 (1)(2) U.S. Treasuries $ 587 $ 701 U.S. Government agencies and authorities 5 4 U.S. corporate public securities 967 294 Short-term Investments — 1 Foreign corporate public securities and foreign governments 338 168 Payables under securities loan agreements $ 1,897 $ 1,168 (1) As of December 31, 2017 and 2016 , borrowings under securities lending transactions include cash collateral of $1,589 and $425 , respectively. (2) As of December 31, 2017 and 2016 , borrowings under securities lending transactions include non-cash collateral of $308 and $743 , respectively. The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program. Unrealized Capital Losses Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2017 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 166 $ 2 $ — $ — $ 15 $ — $ 181 $ 2 State, municipalities and political subdivisions 356 9 6 — 35 2 397 11 U.S. corporate public securities 1,399 47 8 — 114 3 1,521 50 U.S. corporate private securities 1,068 46 — — 84 4 1,152 50 Foreign corporate public securities and foreign governments 463 17 6 — 26 1 495 18 Foreign corporate private securities 493 64 9 — 8 — 510 64 Residential mortgage-backed 967 32 6 — 81 2 1,054 34 Commercial mortgage-backed 756 10 18 — 86 1 860 11 Other asset-backed 374 3 4 — 27 — 405 3 Total $ 6,042 $ 230 $ 57 $ — $ 476 $ 13 $ 6,575 $ 243 Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2016 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 209 $ 2 $ — $ — $ — $ — $ 209 $ 2 State, municipalities and political subdivisions 945 38 2 — 49 1 996 39 U.S. corporate public securities 4,568 175 14 — 112 3 4,694 178 U.S. corporate private securities 1,596 109 10 1 87 3 1,693 113 Foreign corporate public securities and foreign governments 1,274 63 6 2 139 4 1,419 69 Foreign corporate private securities 1,026 52 — — — — 1,026 52 Residential mortgage-backed 1,389 47 1 — 21 1 1,411 48 Commercial mortgage-backed 680 22 — — 23 2 703 24 Other asset-backed 430 5 — — — — 430 5 Total $ 12,117 $ 513 $ 33 $ 3 $ 431 $ 14 $ 12,581 $ 530 Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 97.3% and 96.9% of the average book value as of December 31, 2017 and 2016 , respectively. Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2017 Six months or less below amortized cost $ 6,126 $ 196 $ 148 $ 82 1,098 38 More than six months and twelve months or less below amortized cost 48 — 1 — 14 — More than twelve months below amortized cost 448 — 12 — 87 — Total $ 6,622 $ 196 $ 161 $ 82 1,199 38 December 31, 2016 Six months or less below amortized cost $ 12,536 $ 195 $ 466 $ 53 1,694 63 More than six months and twelve months or less below amortized cost 45 — 2 — 13 — More than twelve months below amortized cost 335 — 9 — 38 1 Total $ 12,916 $ 195 $ 477 $ 53 1,745 64 Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2017 U.S. Treasuries $ 183 $ — $ 2 $ — 29 — State, municipalities and political subdivisions 408 — 11 — 103 — U.S. corporate public securities 1,553 18 45 5 232 2 U.S. corporate private securities 1,129 73 28 22 73 2 Foreign corporate public securities and foreign governments 506 7 16 2 84 1 Foreign corporate private securities 490 84 16 48 35 6 Residential mortgage-backed 1,075 13 29 5 334 25 Commercial mortgage-backed 871 — 11 — 164 — Other asset-backed 407 1 3 — 145 2 Total $ 6,622 $ 196 $ 161 $ 82 1,199 38 December 31, 2016 U.S. Treasuries $ 211 $ — $ 2 $ — 25 — State, municipalities and political subdivisions 1,034 1 39 — 198 1 U.S. corporate public securities 4,811 61 163 15 547 17 U.S. corporate private securities 1,699 107 84 29 111 3 Foreign corporate public securities and foreign governments 1,471 17 64 5 186 10 Foreign corporate private securities 1,078 — 52 — 64 2 Residential mortgage-backed 1,452 7 45 3 365 28 Commercial mortgage-backed 727 — 24 — 124 2 Other asset-backed 433 2 4 1 125 1 Total $ 12,916 $ 195 $ 477 $ 53 1,745 64 The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 13 — — — Non-agency RMBS < 80% 211 1 4 — Agency RMBS 878 12 26 4 Other ABS (Non-RMBS) 380 1 2 1 Total RMBS and Other ABS $ 1,482 $ 14 $ 32 $ 5 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 162 $ — $ 2 $ — Non-agency RMBS > 5% - 10% 11 — — — Non-agency RMBS > 0% - 5% 25 1 1 — Non-agency RMBS 0% 26 — 1 — Agency RMBS 878 12 26 4 Other ABS (Non-RMBS) 380 1 2 1 Total RMBS and Other ABS $ 1,482 $ 14 $ 32 $ 5 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2017 < 20% > 20% < 20% > 20% Fixed Rate $ 1,104 $ 6 $ 20 $ 2 Floating Rate 378 8 12 3 Total $ 1,482 $ 14 $ 32 $ 5 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 5 — — — Non-agency RMBS < 80% 149 4 8 1 Agency RMBS 1,347 3 39 3 Other ABS (Non-RMBS) 384 2 2 — Total RMBS and Other ABS $ 1,885 $ 9 $ 49 $ 4 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 92 $ — $ 5 $ — Non-agency RMBS > 5% - 10% 9 — — — Non-agency RMBS > 0% - 5% 25 — 2 — Non-agency RMBS 0% 28 4 1 1 Agency RMBS 1,347 3 39 3 Other ABS (Non-RMBS) 384 2 2 — Total RMBS and Other ABS $ 1,885 $ 9 $ 49 $ 4 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 1,393 $ 3 $ 34 $ 2 Floating Rate 492 6 15 2 Total $ 1,885 $ 9 $ 49 $ 4 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows, after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired (typically pre-2008) indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on the valuation of a particular security within the trust will also be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the year ended December 31, 2017 , the Company did not have any new commercial mortgage loan troubled debt restructuring and had one private placement troubled debt restructuring with a pre-modification and post-modification carrying value of $22 . For the year ended December 31, 2016 , the Company had no new troubled debt restructurings for commercial mortgage loans or private placement bonds. As of December 31, 2017 , the Company held no commercial mortgage troubled debt restructured loans. As of December 31, 2017 and 2016 , the Company did no t have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. The following table summarizes the Company's investment in mortgage loans as of the dates indicated: December 31, 2017 December 31, 2016 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4 $ 8,685 $ 8,689 $ 5 $ 8,001 $ 8,006 Collective valuation allowance for losses N/A (3 ) (3 ) N/A (3 ) (3 ) Total net commercial mortgage loans $ 4 $ 8,682 $ 8,686 $ 5 $ 7,998 $ 8,003 N/A - Not Applicable There were no impairments taken on the mortgage loan portfolio for the years ended December 31, 2017 and 2016 . The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2017 December 31, 2016 Collective valuation allowance for losses, balance at January 1 $ 3 $ 3 Addition to (reduction of) allowance for losses — — Collective valuation allowance for losses, end of period $ 3 $ 3 The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: December 31, 2017 December 31, 2016 Impaired loans without allowances for losses $ 4 $ 5 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4 $ 5 Unpaid principal balance of impaired loans $ 6 $ 6 For the years ended December 31, 2017 and 2016 , the Company did not have any impaired loans with allowances for losses. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The Company's policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current. There were no mortgage loans in the Company's portfolio in process of foreclosure as of December 31, 2017 and 2016 . There were no loans 30 days or less in arrears, with respect to principal and interest as of December 31, 2017 and 2016 . The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Year Ended December 31, 2017 2016 2015 Impaired loans, average investment during the period (amortized cost) (1) $ 4 $ 11 $ 36 Interest income recognized on impaired loans, on an accrual basis (1) — — 2 Interest income recognized on impaired loans, on a cash basis (1) — — 2 Interest income recognized on troubled debt restructured loans, on an accrual basis — — 2 (1) Includes amounts for Troubled debt restructured loans. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following table presents the LTV ratios as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Loan-to-Value Ratio: 0% - 50% $ 849 $ 950 >50% - 60% 2,125 1,976 >60% - 70% 5,144 4,544 >70% - 80% 551 523 >80% and above 20 13 Total Commercial mortgage loans $ 8,689 $ 8,006 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 7,013 $ 6,421 >1.25x - 1.5x 655 824 >1.0x - 1.25x 893 597 Less than 1.0x 105 105 Commercial mortgage loans secured by land or construction loans 23 59 Total Commercial mortgage loans $ 8,689 $ 8,006 (1) Balances do not include collective valuation allowance for losses. Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,024 23.4 $ 2,055 25.7 % South Atlantic 1,716 19.7 1,703 21.3 % Middle Atlantic 1,612 18.5 1,169 14.6 % West South Central 959 11.0 801 10.0 % Mountain 859 9.9 729 9.1 % East North Central 884 10.2 885 11.1 % New England 161 1.8 170 2.1 % West North Central 391 4.5 371 4.6 % East South Central 83 1.0 123 1.5 % Total Commercial mortgage loans $ 8,689 100.0 $ 8,006 100.0 % (1) Balances do not include collective valuation allowance for losses. December 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 2,587 29.7 $ 2,607 32.6 % Industrial 2,108 24.3 1,708 21.3 % Apartments 1,849 21.3 1,620 20.2 % Office 1,384 15.9 1,267 15.8 % Hotel/Motel 309 3.6 332 4.2 % Other 364 4.2 388 4.9 % Mixed Use 88 1.0 84 1.0 % Total Commercial mortgage loans $ 8,689 100.0 $ 8,006 100.0 % (1) Balances do not include collective valuation allowance for losses. The following table presents mortgages by year of origination as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Year of Origination: 2017 $ 1,525 $ — 2016 1,428 1,434 2015 1,250 1,286 2014 1,303 1,333 2013 1,287 1,371 2012 818 1,084 2011 and prior 1,078 1,498 Total Commercial mortgage loans $ 8,689 $ 8,006 (1) Balances do not include collective valuation allowance for losses. Evaluating Securities for Other-Than-Temporary Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities and equity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired. The following table identifies the Company's credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Year Ended December 31, 2017 2016 2015 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities State, municipalities and political subdivisions 1 3 — 2 — — U.S. corporate public securities 1 3 8 3 29 24 Foreign corporate public securities and foreign governments (1) 2 3 17 4 44 12 Foreign corporate private securities (1) 15 2 2 2 1 1 Residential mortgage-backed 2 47 7 80 6 59 Other — 3 — 1 3 5 Total $ 21 61 $ 34 92 $ 83 101 (1) Primarily U.S. dollar denominated. The above tables include $19 , $8 and $8 of write-downs related to credit impairments for the years ended December 31, 2017 , 2016 and 2015 , respectively, in Other-than-temporary impairments, which are recognized in the Consolidated Statements of Operations. The remaining $2 , $26 and $75 in write-downs for the years ended December 31, 2017 , 2016 and 2015 , respectively, are related to intent impairments. The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated: Year Ended December 31, 2017 2016 2015 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities U.S. corporate public securities 1 3 7 2 29 23 Foreign corporate public securities and foreign governments (1) — — 16 3 43 11 Residential mortgage-backed 1 12 3 20 2 11 Other — 3 — 1 1 2 Total $ 2 18 $ 26 26 $ 75 47 The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities or cost for equity securities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. The following table identifies the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated: Year Ended December 31, 2017 2016 2015 Balance at January 1 $ 33 $ 46 $ 53 Additional credit impairments: On securities not previously impaired 15 — — On securities previously impaired 1 2 4 Reductions: Increase in cash flows 1 — 1 Securities sold, matured, prepaid or paid down 8 15 10 Balance at December 31 $ 40 $ 33 $ 46 Net Investment Income The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2017 2016 2015 Fixed maturities $ 2,698 $ 2,860 $ 2,851 Equity securities, available-for-sale 9 11 9 Mortgage loans on real estate 388 372 394 Policy loans 100 108 110 Short-term investments and cash equivalents 10 5 3 Other 145 62 37 Gross investment income 3,350 3,418 3,404 Less: investment expenses 56 64 61 Net investment income $ 3,294 $ 3,354 $ 3,343 As of December 31, 2017 and 2016 , the Company had $5 and $8 , respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Consolidated Statements of Operations. Net Realized Capital Gains (Losses) Net realized capital gains (losses) comprise the difference between the amortized cost of investments and |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company enters into the following types of derivatives: Interest rate caps and floors : The Company uses interest rate cap contracts to hedge the interest rate exposure arising from duration mismatches between assets and liabilities. Interest rate caps are also used to hedge interest rate exposure if rates rise above a specified level. The Company uses interest rate floor contracts to hedge interest rate exposure if rates decrease below a specified level. The Company pays an upfront premium to purchase these caps and floors. The Company utilizes these contracts in non-qualifying hedging relationships. Interest rate swaps : Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps : The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Credit default swaps : Credit default swaps are used to reduce credit loss exposure with respect to certain assets that the Company owns or to assume credit exposure on certain assets that the Company does not own. Payments are made to, or received from, the counterparty at specified intervals. In the event of a default on the underlying credit exposure, the Company will either receive a payment (purchased credit protection) or will be required to make a payment (sold credit protection) equal to the par minus recovery value of the swap contract. Credit default swaps are also used to hedge credit exposure associated with certain variable annuity guarantees. The Company utilizes these contracts in non-qualifying hedging relationships. Total return swaps : The Company uses total return swaps as a hedge against a decrease in variable annuity account values, which are invested in certain indices. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of assets or a market index and the LIBOR rate, calculated by reference to an agreed upon notional principal amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships. Currency forwards: The Company used currency forward contracts to hedge policyholder liabilities associated with the variable annuity contracts which are linked to foreign indices. The currency fluctuations may result in a decrease in account values, which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also utilizes currency forward contracts to hedge currency exposure related to its invested assets. The Company utilizes these contracts in non-qualifying hedging relationships. Forwards : The Company uses forward contracts to hedge certain invested assets against movement in interest rates, particularly mortgage rates. The Company uses To Be Announced mortgage-backed securities as an economic hedge against rate movements. The Company utilizes forward contracts in non-qualifying hedging relationships. Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may correlate to a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. Such increases may result in increased payments to the holders of fixed index annuity ("FIA") contracts. Swaptions : A swaption is an option to enter into a swap with a forward starting effective date. The Company uses swaptions to hedge the interest rate exposure associated with the minimum crediting rate and book value guarantees embedded in the retirement products that the Company offers. Increases in interest rates will generate losses on assets that are backing such liabilities. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium when it purchases the swaption. The Company utilizes these contracts in non-qualifying hedging relationships. Options: The Company uses options to manage the equity, interest rate and equity volatility risk of the economic liabilities associated with certain variable annuity minimum guaranteed benefits and/or to mitigate certain rebalancing costs resulting from increased volatility. The Company also uses equity options to hedge against an increase in various equity indices, and interest rate options to hedge against an increase in the interest rate benchmarked crediting strategies within FIA contracts. Such increases may result in increased payments to the holders of the FIA and IUL contracts. The Company pays an upfront premium to purchase these options. The Company utilizes these options in non-qualifying hedging relationships. Currency Options: The Company uses currency option contracts to hedge currency exposure related to its invested assets. The Company utilizes these contracts in non-qualifying hedging relationships. Variance swaps : The Company uses variance swaps to manage equity volatility risk on the economic liabilities associated with certain minimum guaranteed living benefits and/or to mitigate certain rebalancing costs resulting from increased volatility. An increase in the equity volatility results in higher valuations of such liabilities. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on the changes in equity volatility over a defined period. The Company utilizes equity variance swaps in non-qualifying hedging relationships. Managed custody guarantees ("MCGs") : The Company issues certain credited rate guarantees on variable fixed income portfolios that represent stand-alone derivatives. The market value is partially determined by, among other things, levels of or changes in interest rates, prepayment rates and credit ratings/spreads. Embedded derivatives : The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and equity market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset. However, in accordance with the Chicago Mercantile Exchange ("CME") rule changes related to the variation margin payments, effective the first quarter of 2017, the Company is required to adjust the derivative balances with the variation margin payments related to its cleared derivatives executed through CME. The notional amounts and fair values of derivatives from continuing operations were as follows as of the dates indicated: December 31, 2017 December 31, 2016 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 56 $ — $ — $ 106 $ 4 $ — Foreign exchange contracts 625 — 60 324 28 7 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 27,482 173 58 39,570 550 247 Foreign exchange contracts 85 — 2 368 30 27 Equity contracts 1,526 198 19 917 95 — Credit contracts 1,983 26 10 3,051 30 16 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 37 — N/A 55 — Within products N/A — 306 N/A — 291 Within reinsurance agreements N/A — 129 N/A — 79 Total $ 434 $ 584 $ 792 $ 667 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. N/A - Not Applicable The notional amounts and fair values of derivatives for businesses held for sale were as follows as of the dates indicated: December 31, 2017 December 31, 2016 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 18 $ — $ — $ 18 $ 1 $ — Foreign exchange contracts 227 — 24 157 12 4 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 28,412 470 88 38,830 530 108 Foreign exchange contracts 17 — — 1,205 31 12 Equity contracts 34,637 1,043 664 28,043 399 50 Credit contracts 431 1 6 204 3 — Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 11 — N/A 16 — Within products N/A — 3,400 N/A — 3,499 Total $ 1,525 $ 4,182 $ 992 $ 3,673 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. N/A - Not Applicable Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of December 31, 2017 and 2016 . The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815. Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) for continuing operations and businesses held for sale are presented in the tables below as of the dates indicated: December 31, 2017 Continuing operations: Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 1,983 $ 26 $ 10 Equity contracts 1,382 197 19 Foreign exchange contracts 710 — 62 Interest rate contracts 24,490 173 57 396 148 Counterparty netting (1) (100 ) (100 ) Cash collateral netting (1) (251 ) — Securities collateral netting (1) (37 ) (40 ) Net receivables/payables $ 8 $ 8 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2017 Businesses held for sale: Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 431 $ 1 $ 6 Equity contracts 28,131 1,023 662 Foreign exchange contracts 244 — 24 Interest rate contracts 27,025 471 88 1,495 780 Counterparty netting (1) (776 ) (776 ) Cash collateral netting (1) (676 ) (4 ) Securities collateral netting (1) (31 ) — Net receivables/payables $ 12 $ — (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2016 Continuing operations: Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 3,051 $ 30 $ 16 Equity contracts 782 94 — Foreign exchange contracts 692 58 34 Interest rate contracts 32,898 555 245 737 295 Counterparty netting (1) (250 ) (250 ) Cash collateral netting (1) (399 ) (6 ) Securities collateral netting (1) (20 ) (14 ) Net receivables/payables $ 68 $ 25 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2016 Businesses held for sale: Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 204 $ 3 $ — Equity contracts 21,545 378 49 Foreign exchange contracts 1,362 43 16 Interest rate contracts 35,444 530 108 954 173 Counterparty netting (1) (161 ) (161 ) Cash collateral netting (1) (685 ) (15 ) Securities collateral netting (1) (52 ) — Net receivables/payables $ 56 $ (3 ) (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. Collateral Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Consolidated Balance Sheets. Continuing operations: As of December 31, 2017 , the Company held $174 and $73 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2016 , the Company held $154 and $234 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2017 , the Company delivered $233 of securities and held $38 of securities as collateral. As of December 31, 2016 , the Company delivered $276 of securities and held $20 of securities as collateral. Businesses held for sale: As of December 31, 2017 , the Company held $666 and $22 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2016 , the Company held $655 and $23 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2017 , the Company delivered $477 of securities and held $34 of securities as collateral. As of December 31, 2016 , the Company delivered $477 of securities and held $52 of securities as collateral. Net realized gains (losses) on derivatives from continuing operations were as follows for the periods indicated: Year Ended December 31, 2017 2016 2015 Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 1 $ 1 $ 1 Foreign exchange contracts 26 2 2 Fair value hedges: Interest rate contracts — (3 ) (6 ) Derivatives: Non-qualifying for hedge accounting (2) Interest rate contracts 1 35 (56 ) Foreign exchange contracts (8 ) (4 ) 6 Equity contracts 61 (11 ) (18 ) Credit contracts 17 12 3 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) (18 ) (19 ) (16 ) Within products (2) (22 ) 9 (46 ) Within reinsurance agreements (3) (57 ) (25 ) 125 Total $ 1 $ (3 ) $ (5 ) (1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2017 , 2016 and 2015 , ineffective amounts were immaterial. (2) Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Changes in value are included in Policyholder benefits in the Consolidated Statements of Operations. Net realized gains (losses) on derivatives from discontinued operations were as follows for the periods indicated: Year Ended December 31, 2017 2016 2015 Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts $ 10 $ 1 $ 1 Derivatives: Non-qualifying for hedge accounting Interest rate contracts 125 (6 ) 137 Foreign exchange contracts (38 ) 91 56 Equity contracts (1,376 ) (1,145 ) (277 ) Credit contracts — (15 ) 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (5 ) (5 ) (5 ) Within products 203 324 39 Total $ (1,081 ) $ (755 ) $ (48 ) Credit Default Swaps The Company has entered into various credit default swaps. When credit default swaps are sold, the Company assumes credit exposure to certain assets that it does not own. Credit default swaps may also be purchased to reduce credit exposure in the Company’s portfolio. Credit default swaps involve a transfer of credit risk from one party to another in exchange for periodic payments. As of December 31, 2017 , the fair values of credit default swaps of $26 and $10 were included in Derivatives assets and Derivatives liabilities, respectively, on the Consolidated Balance Sheets. As of December 31, 2016 , the fair values of credit default swaps of $30 and $16 were included in Derivatives assets and Derivatives liabilities, respectively, on the Consolidated Balance Sheets. As of December 31, 2017 , the maximum potential future net exposure to the Company was $1,516 on credit default swap protection sold. As of December 31, 2016 , the maximum potential future net exposure to the Company was $1,516 , net of purchased protection of $500 on credit default swap protection sold. These instruments are typically written for a maturity period of 5 years and contain no recourse provisions. If the Company's current debt and claims paying ratings were downgraded in the future, the terms in the Company's derivative agreements may be triggered, which could negatively impact overall liquidity. |
Fair Value Measurements (exclu
Fair Value Measurements (excluding Consolidated Investment Entities) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements (excluding Consolidated Investment Entities) | Fair Value Measurements (excluding Consolidated Investment Entities) Fair Value Measurement The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique, pursuant to ASU 2011-04, "Fair Value Measurements (ASC Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP" ("ASU 2011-04"). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the Consolidated Balance Sheets are categorized as follows: • Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Company defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: a) Quoted prices for similar assets or liabilities in active markets; b) Quoted prices for identical or similar assets or liabilities in non-active markets; c) Inputs other than quoted market prices that are observable; and d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means. • Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. When available, the estimated fair value of financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, including discounted cash flow methodologies, matrix pricing or other similar techniques. The following table presents the Company’s hierarchy for its assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2017 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 1,921 $ 601 $ — $ 2,522 U.S. Government agencies and authorities — 275 — 275 State, municipalities and political subdivisions — 1,913 — 1,913 U.S. corporate public securities — 23,201 57 23,258 U.S. corporate private securities — 4,706 1,127 5,833 Foreign corporate public securities and foreign governments (1) — 5,705 11 5,716 Foreign corporate private securities (1) — 4,992 169 5,161 Residential mortgage-backed securities — 4,482 42 4,524 Commercial mortgage-backed securities — 2,687 17 2,704 Other asset-backed securities — 1,436 92 1,528 Total fixed maturities, including securities pledged 1,921 49,998 1,515 53,434 Equity securities, available-for-sale 278 — 102 380 Derivatives: Interest rate contracts — 173 — 173 Foreign exchange contracts — — — — Equity contracts — 44 154 198 Credit contracts — 21 5 26 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 3,277 38 — 3,315 Assets held in separate accounts 72,535 5,059 11 77,605 Total assets $ 78,011 $ 55,333 $ 1,787 $ 135,131 Percentage of Level to total 58 % 41 % 1 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 40 $ 40 IUL — — 159 159 GMWBL/GMWB/GMAB — — 10 10 Stabilizer and MCGs — — 97 97 Other derivatives: Interest rate contracts — 58 — 58 Foreign exchange contracts — 62 — 62 Equity contracts — 19 — 19 Credit contracts — 10 — 10 Embedded derivative on reinsurance — 129 — 129 Total liabilities $ — $ 278 $ 306 $ 584 (1) Primarily U.S. dollar denominated. The following table presents the Company’s hierarchy for its assets and liabilities related to businesses held for sale measured at fair value on a recurring basis as of December 31, 2017 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 993 $ 8 $ — $ 1,001 U.S. Government agencies and authorities — 32 — 32 State, municipalities and political subdivisions — 587 — 587 U.S. corporate public securities — 9,760 22 9,782 U.S. corporate private securities — 2,524 503 3,027 Foreign corporate public securities and foreign governments (1) — 2,825 — 2,825 Foreign corporate private securities (1) — 2,500 83 2,583 Residential mortgage-backed securities — 1,889 32 1,921 Commercial mortgage-backed securities — 1,067 10 1,077 Other asset-backed securities — 498 47 545 Total fixed maturities, including securities pledged 993 21,690 697 23,380 Equity securities, available-for-sale 12 — 11 23 Derivatives: Interest rate contracts — 470 — 470 Foreign exchange contracts — — — — Equity contracts 19 918 106 1,043 Credit contracts — 1 — 1 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,111 212 — 1,323 Assets held in separate accounts 28,894 — — 28,894 Total assets $ 31,029 $ 23,291 $ 814 $ 55,134 Percentage of Level to total 56 % 42 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 2,242 $ 2,242 GMWBL/GMWB/GMAB — — 1,158 1,158 Other derivatives: Interest rate contracts — 88 — 88 Foreign exchange contracts — 24 — 24 Equity contracts 2 651 11 664 Credit contracts — 6 — 6 Total liabilities $ 2 $ 769 $ 3,411 $ 4,182 The following table presents the Company’s hierarchy for its assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2016 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 1,944 $ 611 $ — $ 2,555 U.S. Government agencies and authorities — 268 — 268 State, municipalities and political subdivisions — 1,631 — 1,631 U.S. corporate public securities — 23,405 12 23,417 U.S. corporate private securities — 4,224 913 5,137 Foreign corporate public securities and foreign governments (1) — 5,373 12 5,385 Foreign corporate private securities (1) — 4,803 305 5,108 Residential mortgage-backed securities — 4,821 57 4,878 Commercial mortgage-backed securities — 2,339 16 2,355 Other asset-backed securities — 1,081 53 1,134 Total fixed maturities, including securities pledged 1,944 48,556 1,368 51,868 Equity securities, available-for-sale 164 — 94 258 Derivatives: Interest rate contracts — 554 — 554 Foreign exchange contracts — 58 — 58 Equity contracts — 18 77 95 Credit contracts — 19 11 30 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,949 124 — 3,073 Assets held in separate accounts 61,397 4,783 5 66,185 Total assets $ 66,454 $ 54,112 $ 1,555 $ 122,121 Percentage of Level to total 55 % 44 % 1 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 42 $ 42 IUL — — 81 81 GMWBL/GMWB/GMAB — — 18 18 Stabilizer and MCGs — — 150 150 Other derivatives: Interest rate contracts 1 246 — 247 Foreign exchange contracts — 34 — 34 Equity contracts — — — — Credit contracts — — 16 16 Embedded derivative on reinsurance — 79 — 79 Total liabilities $ 1 $ 359 $ 307 $ 667 (1) Primarily U.S. dollar denominated. The following table presents the Company’s hierarchy for for its assets and liabilities related to businesses held for sale measured at fair value on a recurring basis as of December 31, 2016 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 1,327 $ 9 $ — $ 1,336 U.S. Government agencies and authorities — 30 — 30 State, municipalities and political subdivisions — 505 — 505 U.S. corporate public securities — 10,265 10 10,275 U.S. corporate private securities — 2,265 406 2,671 Foreign corporate public securities and foreign governments (1) — 2,694 — 2,694 Foreign corporate private securities (1) — 2,542 136 2,678 Residential mortgage-backed securities — 1,921 15 1,936 Commercial mortgage-backed securities — 996 8 1,004 Other asset-backed securities — 310 31 341 Total fixed maturities, including securities pledged 1,327 21,537 606 23,470 Equity securities, available-for-sale 11 — 5 16 Derivatives: Interest rate contracts — 531 — 531 Foreign exchange contracts — 43 — 43 Equity contracts 23 342 34 399 Credit contracts — 3 — 3 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,377 65 5 1,447 Assets held in separate accounts 30,934 — — 30,934 Total assets $ 33,672 $ 22,521 $ 650 $ 56,843 Percentage of Level to total 59 % 40 % 1 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 1,987 $ 1,987 GMWBL/GMWB/GMAB — — 1,512 1,512 Other derivatives: Interest rate contracts 1 107 — 108 Foreign exchange contracts — 16 — 16 Equity contracts 1 49 — 50 Credit contracts — — — — Total liabilities $ 2 $ 172 $ 3,499 $ 3,673 Valuation of Financial Assets and Liabilities at Fair Value Certain assets and liabilities are measured at estimated fair value on the Company’s Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant’s perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available. The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. Fixed maturities: The fair values for actively traded marketable bonds are determined based upon the quoted market prices and are classified as Level 1 assets. Assets in this category primarily include certain U.S. Treasury securities. For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows: U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve. U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings. U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields. U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities. RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security. Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. As of December 31, 2017 , $1.1 billion and $42.1 billion of a total fair value of $53.4 billion in fixed maturities, including securities pledged, related to continuing operations were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. As of December 31, 2017, $0.5 billion and $17.6 billion of a total fair value of $23.4 billion in fixed maturities, including securities pledged, related to businesses held for sale were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. The remaining balances in fixed maturities consisted primarily of privately placed bonds valued using matrix-based pricing. As of December 31, 2016 , $1.1 billion and $41.3 billion of a total fair value of $51.9 billion in fixed maturities, including securities pledged, related to continuing operations were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. As of December 31, 2016, $0.5 billion and $18.0 billion of a total fair value of $23.4 billion in fixed maturities, including securities pledged, related to businesses held for sale were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. The remaining balances in fixed maturities consisted primarily of privately placed bonds valued using matrix-based pricing. All prices and broker quotes obtained go through the review process described above including valuations for which only one broker quote is obtained. After review, for those instruments where the price is determined to be appropriate, the unadjusted price provided is used for financial statement valuation. If it is determined that the price is questionable, another price may be requested from a different vendor. The internal valuation committee then reviews all prices for the instrument again, along with information from the review, to determine which price best represents exit price for the instrument. Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company’s evaluation of the borrower’s ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond. Equity securities, available-for-sale : Fair values of publicly traded equity securities are based upon quoted market price and are classified as Level 1 assets. Other equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers and are classified as Level 2 or Level 3 assets. Derivatives : Derivatives are carried at fair value, which is determined using the Company’s derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates ("LIBOR") and Overnight Index Swap ("OIS") rates.The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company’s valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company’s policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company’s nonperformance risk is also considered and incorporated in the Company’s valuation process. Valuations for the Company’s futures and interest rate forward contracts are based on unadjusted quoted prices from an active exchange and, therefore, are classified as Level 1. The Company also has certain credit default swaps and options that are priced using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments, including those priced by third party vendors, are valued based on market observable inputs and are classified as Level 2. Cash and cash equivalents, Short-term investments and Short-term investments under securities loan agreement : The carrying amounts for cash reflect the assets’ fair values. The fair values for cash equivalents and most short-term investments are determined based on quoted market prices. These assets are classified as Level 1. Other short-term investments are valued and classified in the fair value hierarchy consistent with the policies described herein, depending on investment type. Assets held in separate accounts : Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments and cash, the valuations of which are based upon a quoted market price and are included in Level 1. Fixed maturity valuations are obtained from third-party commercial pricing services and brokers and are classified in the fair value hierarchy consistent with the policy described above for fixed maturities. Guaranteed benefit derivatives : The Company records reserves for annuity contracts containing GMWBL, GMWB and GMAB riders. The guarantee is an embedded derivative and is required to be accounted for separately from the host variable annuity contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of market return scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. The index-crediting feature in the Company's FIA and IUL contracts is an embedded derivative that is required to be accounted for separately from the host contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts for FIAs and over the current indexed term for IULs. The cash flow estimates are produced by market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of risk neutral scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities. The discount rate used to determine the fair value of the Company's GMAB, GMWB, GMWBL, FIA, IUL and Stabilizer embedded derivative liabilities and the stand-alone derivative for MCG includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit default swap spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the priority of policyholder claims. The Company's valuation actuaries are responsible for the policies and procedures for valuing the embedded derivatives, reflecting the capital markets and actuarial valuation inputs and nonperformance risk in the estimate of the fair value of the embedded derivatives. The actuarial and capital market assumptions for each liability are approved by each product's Chief Risk Officer ("CRO"), including an independent annual review by the CRO. Models used to value the embedded derivatives must comply with the Company's governance policies. Quarterly, an attribution analysis is performed to quantify changes in fair value measurements and a sensitivity analysis is used to analyze the changes. The changes in fair value measurements are also compared to corresponding movements in the hedge target to assess the validity of the attributions. The results of the attribution analysis are reviewed by the valuation actuaries, responsible CFOs, Controllers, CROs and/or others as nominated by management. Embedded derivatives on reinsurance : The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2. Transfers in and out of Level 1 and 2 There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2017 and 2016 . The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. Level 3 Financial Instruments The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities from continuing operations and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2017 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 12 $ — $ — $ 29 $ — $ — $ (2 ) $ 18 $ — $ 57 $ — U.S. corporate private securities 913 — 16 128 — (5 ) (40 ) 130 (15 ) 1,127 — Foreign corporate public securities and foreign governments (1) 12 — (1 ) — — — — — — 11 — Foreign corporate private securities (1) 305 (14 ) (46 ) 57 — (1 ) (44 ) — (88 ) 169 (14 ) Residential mortgage-backed securities 57 (14 ) 1 5 — (8 ) (1 ) 2 — 42 (14 ) Commercial mortgage-backed securities 16 — — 17 — — — — (16 ) 17 — Other asset-backed securities 53 — 1 72 — — (3 ) — (31 ) 92 — Total fixed maturities including securities pledged 1,368 (28 ) (29 ) 308 — (14 ) (90 ) 150 (150 ) 1,515 (28 ) Year Ended December 31, 2017 (continued) Fair Value Total Purchases Issuances Sales Settlements Transfers (3) Transfers (3) Fair Value as of December 31 Change In (4) Net OCI Equity securities, available-for-sale $ 94 $ — $ 2 $ 8 $ — $ (2 ) $ — $ — $ — $ 102 $ — Derivatives: Guaranteed benefit derivatives: FIA (2) (42 ) (2 ) — — (1 ) — 5 — — (40 ) — IUL (2) (81 ) (87 ) — — (35 ) — 44 — — (159 ) — GMWBL/GMWB/GMAB (2) (18 ) 10 — — (2 ) — — — — (10 ) — Stabilizer and MCGs (2) (150 ) 57 — — (4 ) — — — — (97 ) — Other derivatives, net 72 78 — 31 — — (22 ) — — 159 87 Assets held in separate accounts (5) 5 — — 18 — (3 ) — 2 (11 ) 11 — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations. (3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities related to businesses held for sale and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2017 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 10 $ — $ 1 $ 15 $ — $ (10 ) $ — $ 6 $ — $ 22 $ — U.S. corporate private securities 406 — 9 71 — (1 ) (16 ) 44 (10 ) 503 — Foreign corporate private securities (1) 136 (10 ) (21 ) 13 — — (14 ) — (21 ) 83 (10 ) Residential mortgage-backed securities 15 (3 ) (1 ) 22 — — (1 ) — — 32 (3 ) Commercial mortgage-backed securities 8 — — 10 — — — — (8 ) 10 — Other asset-backed securities 31 — — 38 — — (2 ) 1 (21 ) 47 — Total fixed maturities including securities pledged 606 (13 ) (12 ) 169 — (11 ) (33 ) 51 (60 ) 697 (13 ) Year Ended December 31, 2017 (continued) Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Equity securities, available-for-sale $ 5 $ — $ 1 $ 5 $ — $ — $ — $ — $ — $ 11 $ — Derivatives: Guaranteed benefit derivatives: FIA (2) (1,987 ) (297 ) — — (153 ) — 195 — — (2,242 ) — GMWBL/GMWB/GMAB (2) (1,512 ) 500 — — (146 ) — — — — (1,158 ) — Other derivatives, net 34 133 — 41 — — (117 ) 4 — 95 57 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 5 — — — — (5 ) — — — — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. (3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of December 31 amounts are included in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities from continuing operations and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2016 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) I |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Value of Business Acquired | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired The following table presents a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Total Balance at January 1, 2015 $ 3,013 $ 665 $ 3,678 Deferrals of commissions and expenses 260 10 270 Amortization: Amortization, excluding unlocking (443 ) (163 ) (606 ) Unlocking (1) (39 ) (6 ) (45 ) Interest accrued 192 82 (2) 274 Net amortization included in Consolidated Statements of Operations (290 ) (87 ) (377 ) Change in unrealized capital gains/losses on available-for-sale securities 441 409 850 Balance at December 31, 2015 3,424 997 4,421 Deferrals of commissions and expenses 255 9 264 Amortization: Amortization, excluding unlocking (384 ) (144 ) (528 ) Unlocking (1) (78 ) (78 ) (156 ) Interest accrued 193 76 (2) 269 Net amortization included in Consolidated Statements of Operations (269 ) (146 ) (415 ) Change in unrealized capital gains/losses on available-for-sale securities (224 ) (49 ) (273 ) Balance as of December 31, 2016 3,186 811 3,997 Deferrals of commissions and expenses 234 8 242 Amortization: Amortization, excluding unlocking (418 ) (152 ) (570 ) Unlocking (1) (123 ) (89 ) (212 ) Interest accrued 188 65 (2) 253 Net amortization included in Consolidated Statements of Operations (353 ) (176 ) (529 ) Change in unrealized capital gains/losses on available-for-sale securities (249 ) (87 ) (336 ) Balance as of December 31, 2017 $ 2,818 $ 556 $ 3,374 (1) There was no loss recognition for DAC and VOBA during 2017 and 2015 .There was loss recognition of DAC and VOBA of $3 and $4 , respectively during 2016 . Additionally, the 2017 amounts include unfavorable unlocking for DAC and VOBA of $80 and $140 , respectively, associated with consent acceptances received from customers and expected future acceptances of customer consents to changes related to guaranteed minimum interest rate provisions of certain retirement plan contracts with fixed investment options. (2) Interest accrued at the following rates for VOBA: 4.0% to 7.4% during 2017 , 4.1% to 7.5% during 2016 and 4.2% to 7.5% during 2015 . The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results. Year Amount 2018 $ 67 2019 53 2020 48 2021 44 2022 40 |
Reserves for Future Policy Bene
Reserves for Future Policy Benefits and Contract Owner Account Balances | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Reserves for Future Policy Benefits and Contract Owner Account Balances | Reserves for Future Policy Benefits and Contract Owner Account Balances Future policy benefits and contract owner account balances were as follows as of December 31, 2017 and 2016 : 2017 2016 Future policy benefits: Individual and group life insurance contracts $ 8,857 $ 8,294 Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies 5,941 5,443 Accident and health 849 838 Total $ 15,647 $ 14,575 Contract owner account balances: Universal life-type contracts 14,561 14,626 Fixed annuities and payout contracts without life contingencies 34,949 35,014 GICs and other $ 648 $ 633 Total $ 50,158 $ 50,273 |
Guaranteed Benefit Features
Guaranteed Benefit Features | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Guaranteed Benefit Features | Guaranteed Benefit Features The Company issues UL and VUL contracts where the Company contractually guarantees to the contract owner a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse ("no lapse guarantee"), and other provisions that would produce expected gains from the insurance benefit function followed by losses from that function in later years. In addition, the Company’s Stabilizer and MCG products have guaranteed credited rates. Credited rates are set either quarterly or annually. Most contracts have a zero percent minimum credited rate guarantee, although some contracts have minimum credited rate guarantees up to 3% and allow the contract holder to select either the market value of the account or the book value of the account at termination. The book value of the account is equal to deposits plus interest, less any withdrawals. The fair value is estimated using the income approach. The Company’s retail variable annuity products, which the Company ceased new sales of in 2010, are substantially classified as discontinued operations in this Annual Report on Form 10-K. These products include separate account options and guarantee the contract owner a return of no less than (i) total deposits made to the contract less any partial withdrawals, (ii) total deposits made to the contract less any partial withdrawals plus a minimum return, or (iii) the highest contract value on a specified date minus any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates. The Company also has certain indexed annuity products which contain guaranteed withdrawal benefit provisions that are classified as discontinued operations. This provision guarantees an annual withdrawal amount for life that is calculated as a percentage of the benefit base, which equals premium paid at the time of product issue, and can increase by a rollup percentage (mainly 7% , 6% or a percentage linked to indexed credits earned, depending on versions of the benefit) or annual ratchet. The percentage used to determine the guaranteed annual withdrawal amount may vary by age at first withdrawal and depends on whether the benefit is for a single life or joint lives. The Company’s major source of income from guaranteed benefit features is the base contract mortality, expense and guaranteed death and living benefit rider fees charged to the contract owner, less the costs of administering the product and providing for the guaranteed death and living benefits. The CBVA contracts, which are now substantially reported as discontinued operations, offer one or more of the following guaranteed death and living benefits: Guaranteed Minimum Death Benefits (GMDB) • Standard: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the premiums paid by the customer, adjusted for withdrawals. • Ratchet: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Standard or (2) the maximum policy anniversary (or quarterly) value of the variable annuity, adjusted for withdrawals. • Rollup: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the aggregate premiums paid by the contract owner, with interest at the contractual rate per annum, adjusted for withdrawals. The Rollup may be subject to a maximum cap on the total benefit. • Combo: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Ratchet or (2) Rollup. Guaranteed Minimum Living Benefits Guaranteed Minimum Income Benefit (GMIB): Guarantees a minimum income payout, exercisable only on a contract anniversary on or after a specified date, in most cases 10 years after purchase of the GMIB rider. The income payout is determined based on contractually established annuity factors multiplied by the benefit base. The benefit base equals the premium paid at the time of product issue and may increase over time based on a number of factors, including a rollup percentage (mainly 7% or 6% depending on the version of the benefit) and ratchet frequency subject to maximum caps which vary by product version ( 200% , 250% or 300% of initial premium). Guaranteed Minimum Withdrawal Benefit and Guaranteed Minimum Withdrawal Benefit for Life (GMWB/GMWBL): Guarantees an annual withdrawal amount for a specified period of time (GMWB) or life (GMWBL) that is calculated as a percentage of the benefit base that equals premium paid at the time of product issue and may increase over time based on a number of factors, including a rollup percentage (mainly 7% , 6% or 0% , depending on versions of the benefit) and ratchet frequency (primarily annually or quarterly, depending on versions). The rollup ceases 10 years after purchase of the rider, or in the year when withdrawals occur. The percentage used to determine the guaranteed annual withdrawal amount may vary by age at first withdrawal and depends on versions of the benefit. A joint life-time withdrawal benefit option was available to include coverage for spouses. Most versions of the withdrawal benefit included reset and/or step-up features that may increase the guaranteed withdrawal amount in certain conditions. Earlier versions of the withdrawal benefit guarantee that annual withdrawals of up to 7.0% of eligible premiums may be made until eligible premiums previously paid by the contract owner are returned, regardless of account value performance. Asset allocation requirements apply at all times where withdrawals are guaranteed for life. Guaranteed Minimum Accumulation Benefit (GMAB): Guarantees that the account value will be at least 100% of the eligible premiums paid by the customer after 10 years , adjusted for withdrawals. The Company offered an alternative design that guaranteed the account value to be at least 200% of the eligible premiums paid by contract owners after 20 years . The following assumptions and methodologies were used to determine the guaranteed reserves for CBVA contracts for continuing operations and businesses held for sale as of December 31, 2017 and 2016 : Area Assumptions/Basis for Assumptions Data used Based on 1,000 investment performance scenarios. Mean investment performance GMDB: The overall blended mean is 7.8% based on a single fund group. GMIB: The overall blended mean is 8.1% based on a single fund group. GMWBL/GMWB/GMAB: Zero rate curve. Volatility GMDB: 13.0% for 2017 and 14.2% for 2016. GMIB: 14.3% for 2017 and 14.2% for 2016. GMWBL/GMWB/GMAB: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter. Mortality Depending on the type of benefit and gender, the Company uses the 2012 Individual Annuity Mortality Basic table with mortality improvement, further adjusted for company experience. Lapse rates Vary by benefit type, share class, time remaining in the surrender charge period and in-the-moneyness. Discount rates GMDB/GMIB: 5.5% for 2017 and 2016. GMWBL/GMWB/GMAB: Zero rate curve plus adjustment for nonperformance risk. Variable annuity contracts containing guaranteed minimum death and living benefits expose the Company to market risk. For example, with a decline in the equity markets, the Company has exposure to increasing claims due to the guaranteed minimum benefits. On the other hand, with an increase in the equity markets, the Company's exposure to risks associated with the guaranteed minimum benefits generally decreases. In order to mitigate the risk associated with guaranteed death and living benefits, the Company enters into reinsurance agreements and derivative positions on various public market indices chosen to closely replicate contract owner variable fund returns. The calculation of the GMDB, GMIB, GMAB, GMWB and GMWBL liabilities assumes dynamic surrenders and dynamic utilization of the guaranteed living benefit feature. The liabilities for UL contracts are recorded in the general account. The liabilities for VUL contracts are recorded in separate account liabilities. The liabilities related to the products of variable annuity contracts classified as businesses held for sale containing guaranteed minimum death and living benefits are recorded in Liabilities held for sale as follows as of December 31, 2017 , and 2016 . The separate account liabilities may include more than one type of guarantee. These liabilities are subject to the requirements for additional reserve liabilities under ASC Topic 944, which are recorded on the Consolidated Balance Sheets in Future policy benefits and Contract owner account balances. The paid and incurred amounts were as follows for the years ended December 31, 2017 , 2016 and 2015 : Continuing Operations Businesses Held for Sale UL and VUL (1) Stabilizer and MCGs (2) Other (3) GMDB (4) GMWBL/GMWB/GMAB GMIB Separate account liability at December 31, 2017 $ 519 37,219 $ 2,308 $ 28,701 $ 14,112 $ 7,247 Separate account liability at December 31, 2016 $ 488 $ 37,577 $ 2,291 $ 30,839 $ 13,845 $ 9,806 Additional liability balance: Balance at January 1, 2015 $ 1,095 $ 103 $ 54 $ 374 1,508 $ 1,136 Incurred guaranteed benefits 554 58 19 231 342 440 Paid guaranteed benefits (452 ) — (3 ) (89 ) (1 ) (162 ) Balance at December 31, 2015 1,197 161 70 516 1,849 1,414 Incurred guaranteed benefits 614 (11 ) 5 128 (336 ) 449 Paid guaranteed benefits (496 ) — (2 ) (136 ) (1 ) (518 ) Balance at December 31, 2016 1,315 150 73 508 1,512 1,345 Incurred guaranteed benefits 101 (53 ) (28 ) (15 ) (354 ) (629 ) Paid guaranteed benefits (235 ) — (1 ) (107 ) — (83 ) Balance at December 31, 2017 $ 1,181 $ 97 $ 44 $ 386 $ 1,158 $ 633 (1) The additional liability balances as of December 31, 2017 , 2016 , 2015 and as of January 1, 2015 are presented net of reinsurance of $1,304 , $1,006 , $935 and $874 , respectively. (2) The Separate account liability at December 31, 2017 and 2016 includes $30.0 billion of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets. (3) Includes GMDB/GMWBL/GMWB/GMAB/GMIB related to the Retained Business. (4) The additional liability balances as of December 31, 2017 , 2016 , 2015 and as of January 1, 2015 are presented net of reinsurance of $22 , $29 , $33 and $31 , respectively. The Company also calculates additional liabilities for FIA contracts with guaranteed withdrawal benefits, which have all been classified as held for sale. The additional liability represents the expected value of these benefits in excess of the projected account balance, and is accreted based on assessments over the accumulation period of the contract. The additional liability for FIA guaranteed withdrawal benefits was $157 and $147 , as of December 31, 2017 and 2016 , respectively. The net amount at risk for the GMDB, GMAB and GMWB benefits is equal to the guaranteed value of these benefits in excess of the account values. The net amount at risk for the GMIB and GMWBL benefits is equal to the excess of the present value of the minimum guaranteed annuity payments available to the contract owner over the current account value. The separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for retail variable annuity contracts classified as continuing operations and businesses held for sale were as follows as of December 31, 2017 and 2016 : December 31, 2017 In the Event of Death At Annuitization, Maturity, or Withdrawal GMDB GMAB/GMWB GMIB GMWBL Annuity Contracts: Minimum Return or Contract Value Continuing operations: Separate account value $ 1,706 $ 26 $ 290 $ 286 Net amount at risk, net of reinsurance $ 48 $ 1 $ 37 $ 3 Weighted average attained age 68 71 62 71 Businesses held for sale: Separate account value $ 28,701 $ 525 $ 7,247 $ 13,587 Net amount at risk, net of reinsurance $ 3,929 $ 11 $ 1,656 $ 1,573 Weighted average attained age 71 74 64 69 December 31, 2016 In the Event of Death At Annuitization, Maturity, or Withdrawal GMDB GMAB/GMWB GMIB GMWBL Annuity Contracts: Minimum Return or Contract Value Continuing operations: Separate account value $ 1,674 $ 30 $ 304 $ 283 Net amount at risk, net of reinsurance $ 59 $ 1 $ 60 $ 9 Weighted average attained age 68 68 62 70 Businesses held for sale: Separate account value $ 30,839 $ 534 $ 9,807 $ 13,311 Net amount at risk, net of reinsurance $ 5,504 $ 14 $ 2,886 $ 2,201 Weighted average attained age 71 73 63 68 The net amount at risk for the secondary guarantees is equal to the current death benefit in excess of the account values. The general and separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for UL and VUL contracts within the continuing operations were as follows as of December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Secondary Guarantees Paid-up Guarantees Secondary Guarantees Paid-up Guarantees UL and VUL Contracts: Account value (general and separate account) $ 3,234 $ — $ 3,262 $ — Net amount at risk, net of reinsurance $ 16,485 $ — $ 16,372 $ — Weighted average attained age 64 — 63 — Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2017 and 2016 : Continuing Operations Businesses Held for Sale December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Equity securities (including mutual funds): Equity funds $ 2,262 $ 2,127 $ 21,124 $ 22,368 Bond funds 243 259 3,109 3,540 Balanced funds 403 400 4,045 4,385 Money market funds 60 70 350 464 Other 15 15 73 83 Total $ 2,983 $ 2,871 $ 28,701 $ 30,840 In addition, the aggregate fair value of fixed income securities supporting separate accounts with Stabilizer benefits as of December 31, 2017 and 2016 was $8.0 billion and $7.2 billion , respectively. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance The Company has reinsurance treaties covering a portion of the mortality risks and guaranteed death and living benefits under its life insurance contracts. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company reinsures its business through a diversified group of reinsurers. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. 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: December 31, 2017 Direct Assumed Ceded Total, Net of Reinsurance Assets Premiums receivable $ 110 $ 405 $ (449 ) $ 66 Reinsurance recoverable — — 7,566 7,566 Total $ 110 $ 405 $ 7,117 $ 7,632 Liabilities Future policy benefits and contract owner account balances $ 62,005 $ 3,800 $ (7,566 ) $ 58,239 Liability for funds withheld under reinsurance agreements 791 — — 791 Total $ 62,796 $ 3,800 $ (7,566 ) $ 59,030 December 31, 2016 Direct Assumed Ceded Total, Net of Reinsurance Assets Premiums receivable $ 105 $ 358 $ (404 ) $ 59 Reinsurance recoverable — — 7,228 7,228 Total $ 105 $ 358 $ 6,824 $ 7,287 Liabilities Future policy benefits and contract owner account balances $ 61,566 $ 3,282 $ (7,228 ) $ 57,620 Liability for funds withheld under reinsurance agreements 729 — — 729 Total $ 62,295 $ 3,282 $ (7,228 ) $ 58,349 Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the periods indicated: Year ended December 31, 2017 2016 2015 Premiums: Direct premiums $ 2,606 $ 3,284 $ 2,975 Reinsurance assumed 1,192 1,222 1,191 Reinsurance ceded (1,677 ) (1,711 ) (1,612 ) Net premiums $ 2,121 $ 2,795 $ 2,554 Fee income: Gross fee income $ 2,628 $ 2,472 $ 2,471 Reinsurance ceded (1 ) (1 ) (1 ) Net fee income $ 2,627 $ 2,471 $ 2,470 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 5,124 $ 5,859 $ 5,399 Reinsurance assumed 1,929 1,213 1,068 Reinsurance ceded (1) (2,417 ) (1,758 ) (1,769 ) Net interest credited and other benefits to contract owners / policyholders $ 4,636 $ 5,314 $ 4,698 (1) Includes $491 , $482 and $453 for amounts paid to reinsurers in connection with the Company's UL contracts for the years ended December 31, 2017 , 2016 and 2015 , respectively. Effective October 1, 1998, the Company disposed of a block of its individual life insurance business under an indemnity reinsurance arrangement with a subsidiary of Lincoln National Corporation ("Lincoln") for $1.0 billion . Under the agreement, Lincoln contractually assumed from the Company certain policyholder liabilities and obligations, although the Company remains obligated to contract owners. The Lincoln subsidiary established a trust to secure its obligations to the Company under the reinsurance transaction. Of the Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets, $1.5 billion and $1.6 billion as of December 31, 2017 and 2016 , respectively, is related to the reinsurance recoverable from the subsidiary of Lincoln under this reinsurance agreement. Effective January 1, 2009, the Company executed a Master Asset Purchase Agreement (the "MPA") with respect to its individual reinsurance business whereby the Company recaptured business then-reinsured to Scottish Re (U.S.), Inc., Scottish Re Life (Bermuda) Limited and Scottish Re (Dublin) Limited and immediately ceded 100% of such business to Hannover Re on a modified coinsurance, funds withheld, and coinsurance basis. Prior to September 24, 2015 the Company was obligated to maintain collateral for the statutory reserve requirements on the business transferred from the Company to Hannover Re or until Hannover Re elected the option to implement its own facility providing collateral for reinsurance between Security Life of Denver Insurance Company ("SLD") and Security Life of Denver International Limited ("SLDI") ("Hannover Re Buyer Facility Agreement"). Hannover Re exercised this election and consequently, on September 24, 2015, the Company entered into a Hannover Re Buyer Facility Agreement with Hannover Life Reassurance Company of America, Hannover Re (Ireland) Limited, Hannover Ruck SE and SLDI ("Buyer Facility Agreement"). Under the Buyer Facility Agreement, the existing collateral, provided by SLDI through LOCs and a collateral note supporting the reserves on the Hannover Re block, was replaced by a $2.9 billion senior unsecured floating rate note issued by Hannover Ruck SE and deposited into a reserve credit trust established by SLDI for the benefit of SLD. Consequently, the Company has no remaining collateral requirement as of December 31, 2017 and December 31, 2016 with respect to collateral provided by SLDI for the benefit of SLD. Of the Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets, $2.9 billion and $1.9 billion as of December 31, 2017 and 2016 , respectively, is related to the reinsurance recoverable from Hannover Re under the MPA. Effective October 1, 2014, the Company disposed of an in-force block of term life insurance policies to RGA Reinsurance Company, a subsidiary of Reinsurance Group of America, Inc., ("RGA") under an indemnity reinsurance arrangement for $448 . Under the agreement, RGA contractually assumed from the Company the policyholder liabilities and obligations related to the policies, although the Company remains obligated to policyholders. As of December 31, 2017 and 2016 , the reinsurance recoverable within Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets related to the Term Life Coinsurance Agreement was $542 and $499 , respectively. Effective April 1, 2015, the Company disposed of, via reinsurance, retained group reinsurance policies to Enstar Group Ltd. for $305 . In connection with this transaction, the Company recognized a loss of $39 , primarily related to intent impairments of assets included in the transaction and other transactions costs. As of December 31, 2017 and 2016 , the reinsurance recoverable within Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets related to this transaction was $164 and $198 , respectively. Effective October 1, 2015, the Company disposed of, via reinsurance, an in-force block of term life insurance policies to RGA Reinsurance Company for $419 . Under the terms of the agreement, RGA Reinsurance Company contractually assumed from the Company the policyholder liabilities and obligations related to the policies, although the Company remains obligated to policyholders. The Company recognized a loss of $110 , composed of $14 in Net realized capital gains on assets included in the transaction, $4 in Other-than-temporary impairments related to intent and $120 of transaction and ongoing expenses recorded in Operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2015 . As of December 31, 2017 and 2016 , the reinsurance recoverable within Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets related to this agreement was $458 and $452 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill is the excess of cost over the estimated fair value of net assets acquired. As of December 31, 2017 and 2016 , the Company had $31 in goodwill, which was related to the Investment Management segment. There is no accumulated impairment balance associated with this goodwill. The Company performs a goodwill impairment analysis annually as of October 1 and more frequently if facts and circumstances indicate that goodwill may be impaired. Other Intangible Assets The Company has the following assets included in Other intangible assets, which have been capitalized and are amortized over their expected economic lives. The Company recorded Value of Management Contracts ("VMCR") from the acquisition of ReliaStar Life Insurance Company in 2000 that represent the right by the mutual fund advisor company to manage the assets that are held in the mutual funds business. Customer relationship lists from the acquisition of CitiStreet, LLC in 2008 represent Value of Customer Relationship Acquired ("VOCRA") for contracts with customers that were in place at the time of the acquisition. In addition, computer software that has been purchased or developed internally for own use is stated at cost, less amortization and any impairment losses. Amortization is calculated on a straight-line basis over its useful life. When assessing potential impairment, the unamortized capitalized costs are compared with the net realizable value of the computer software. The amount by which the unamortized capitalized costs exceed the net realizable value is written off. The following table presents other intangible assets as of the dates indicated: Weighted Average Amortization Lives December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Management contract rights 20 years $ 550 $ 477 $ 73 $ 550 $ 449 $ 101 Customer relationship lists 20 years 116 76 40 116 68 48 Computer software 3 years 382 340 42 356 317 39 Total intangible assets $ 1,048 $ 893 $ 155 $ 1,022 $ 834 $ 188 Amortization expense related to intangible assets was $62 , $63 and $59 for the years ended December 31, 2017 , 2016 and 2015 , respectively. The estimated amortization of intangible assets are as follows: Year Amount 2018 $ 55 2019 46 2020 30 2021 9 2022 6 Thereafter 9 Amortization of intangible assets is included in the Consolidated Statements of Operations in Operating expenses. The Company does not have any indefinite-lived intangibles other than goodwill. |
Share-Based Incentive Compensat
Share-Based Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Incentive Compensation Plans | Share-based Incentive Compensation Plans ING U.S., Inc. 2013 Omnibus Employee Incentive Plan and Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan The Company has provided equity-based compensation awards to its employees under the ING U.S., Inc. 2013 Omnibus Employee Incentive Plan (the "2013 Omnibus Plan") and the Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan (the "2014 Omnibus Plan"). At inception of the 2013 Omnibus Plan, a total of 7,650,000 shares of Company common stock were reserved and available for issuance under the plan. As of December 31, 2017 , common stock reserved and available for issuance under the 2013 Omnibus Plan was 344,885 shares. The 2013 Omnibus Plan is no longer actively used for new grants of equity-based compensation awards. The 2014 Omnibus Plan was adopted by the Company's Board of Directors and approved by shareholders in 2014, and has substantially the same terms as the 2013 Omnibus Plan, except for certain changes intended to allow certain performance-based compensation awards to comply with the criteria for tax deductibility set forth in Section 162(m) of the Internal Revenue Code. The 2014 Omnibus Plan provides for 17,800,000 shares of common stock to be available for issuance as equity-based compensation awards. As of December 31, 2017 , common stock reserved and available for issuance under the 2014 Omnibus Plan was 7,862,649 shares. The 2013 Omnibus Plan and the 2014 Omnibus Plan (together, the "Omnibus Plans") each permit the granting of a wide range of equity-based awards, including RSUs, which represent the right to receive a number of shares of Company common stock upon vesting; restricted stock, which are shares of Company stock that are issued subject to sale and transfer restrictions until the vesting conditions are met; PSUs, which are RSUs subject to certain performance-based vesting conditions, and under which the number of shares of common stock delivered upon vesting varies with the level of achievement of performance criteria; and stock options. Grants of equity-based awards under the Omnibus Plans are approved in advance by the Compensation and Benefits Committee (the "Committee") of the Board of Directors of the Company, and are subject to such terms and conditions as the Committee may determine, including in respect of vesting and forfeiture, subject to certain limitations provided in the Omnibus Plans. Equity-based awards under the Omnibus Plans may carry dividend equivalent rights, pursuant to which notional dividends accumulate on unvested equity awards and are paid, in cash, upon vesting. Except for stock option awards made during 2015, awards made under the Omnibus Plans, to date, have included dividend equivalent rights. Dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria and service conditions are met. During each of the year s ended December 31, 2017 , 2016 and 2015 the Company awarded RSUs and PSUs to its employees under the Omnibus Plans. The PSU awards entitle recipients to receive, upon vesting, a number of shares of common stock that ranges from 0% to 150% of the number of PSUs awarded, depending on the level of achievement of the specified performance conditions. The establishment and the achievement of performance objectives are determined and approved by the Committee. Except under certain termination conditions, RSUs and PSUs generally vest no earlier than one year from the date of the award and no later than three years from the date of the award. In the case of retirement (eligibility for which is based on the employee's age and years of service as provided in the relevant award agreement), awards vest in full, but subject to the satisfaction of any applicable performance criteria. In December 2015, the Company also awarded contingent stock options under the 2014 Omnibus Plan. These options are subject to vesting conditions based on the achievement of specified performance measures, and generally become exercisable one year following satisfaction of the relevant vesting condition. The options have a term of ten years from the grant date. During the year ended December 31, 2017, all outstanding options vested as the necessary performance conditions were satisfied. The vested options are generally subject to a one year holding period from the dates of vesting and have an exercise price of $37.60 per share If an award under the Omnibus Plans is forfeited, expired, terminated or otherwise lapses, the shares of Company common stock underlying that award will again become available for issuance. Shares withheld by the Company to pay employee taxes, or which are withheld by or tendered to the Company to pay the exercise price of stock options (or are repurchased from an option holder by the Company with proceeds from the exercise of stock options) are not available for reissuance. Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan The Company offers equity-based awards to Voya Financial, Inc. non-employee directors under the Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan ("2013 Director Plan”), which the Company adopted in connection with the IPO. A total of 288,000 shares of Company common stock may be issued under the 2013 Director Plan. The material terms of the 2013 Director Plan are substantially consistent with the material terms of the 2013 Omnibus Plan described above. During the year s ended December 31, 2017 , 2016 , and 2015 , the Company granted 27,261 , 34,758 and 19,913 RSUs, respectively, to certain of its non-employee directors. The awards granted in 2017 vest in full on the first anniversary of the grant date, and the awards granted in 2016 and 2015 vest one-third on each of the first, second and third anniversary of the grant date, in each case provided that the grantee remains a director of the Company on the relevant vesting date; however, no shares are delivered in connection with the RSUs until such time as the director's service on the Board is terminated. Compensation Cost The fair value of stock options was estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted during 2015: Expected volatility 28.6 % Expected term (in years) 6.02 Strike price $ 37.60 Risk-free interest rate 2.1 % Expected dividend yield 0.11 % Weighted average estimated fair value $ 11.89 The vesting of the stock options was contingent on the satisfaction of performance conditions on or before December 31, 2018; the Company assumed for purposes of the award's fair value that such conditions would be met in full prior to such date. The Company utilized the Simplified Method for the Expected term calculations. At the time of grant, the Company did not have historical exercises on which to base its own estimate. Additionally, exercise data relating to employees of comparable companies was not easily obtainable. Furthermore, because the Company did not have historical stock prices for a period at least equal to the expected term, the Company estimated volatility using a weighted-average consisting 70% of historical peer group volatility and 30% of the historical volatility of the Company common stock. The contractual term for exercising the options is ten years. The fair value of the TSR component of the PSU awards was estimated using a Monte Carlo simulation. The following is a summary of the significant assumptions used to calculate the fair value of the TSR component of the PSU awards granted during the periods indicated: 2017 2016 Expected volatility of the Company's common stock 26.67 % 24.37 % Average expected volatility of peer companies 27.43 % 25.63 % Expected term (in years) 2.86 2.82 Risk-free interest rate 1.45 % 1.05 % Expected dividend yield — % — % Average correlation coefficient of peer companies 68 % 61 % The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans, Director Plan, Phantom Plan and ING Group share-based compensation plans for the periods indicated: Year Ended December 31, 2017 2016 2015 RSUs $ 57 $ 62 $ 54 PSU awards 44 32 37 Stock options 16 14 1 Other (1) 1 2 15 Total 118 110 107 Income tax benefit 39 38 37 Share-based compensation $ 79 $ 72 $ 70 (1) Includes compensation cost for legacy plans, under which no new awards are being issued. Awards Outstanding The following tables summarize the number of awards under the Omnibus Plans for the periods indicated: RSU Awards PSU Awards (awards in millions) Number of Awards Weighted Average Grant Date Fair Value Number of Awards (1) Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 3.3 $ 35.02 1.5 $ 28.88 Adjusted for PSU performance factor N/A N/A — * 31.45 Granted 1.4 42.30 1.2 42.32 Vested (1.6 ) 34.86 (0.4 ) 31.34 Forfeited (0.1 ) 36.86 (0.1 ) 34.00 Outstanding at December 31, 2017 3.0 $ 38.42 2.2 $ 35.53 Awards expected to vest as of December 31, 2017 3.0 $ 38.42 2.2 $ 35.53 * Less than 0.1. (1) Based upon performance through December 31, 2017 , recipients of performance awards would be entitled to between 125.0% and 131.0% of shares at the vesting date depending on the year of grant. The performance awards are included in the preceding table as if the participants earn shares equal to 100% of the units granted. Stock Options (awards in millions) Number of Awards Weighted Average Exercise Price Outstanding as of January 1, 2017 3.3 $ 37.60 Granted — — Exercised — — Forfeited (0.3 ) 37.60 Outstanding as of December 31, 2017 3.0 $ 37.60 Vested, not exercisable, as of December 31, 2017 3.0 $ 37.60 Vested, exercisable, as of December 31, 2017 — — RSUs PSU Awards Stock Options Unrecognized compensation cost $ 34 $ 35 $ 5 Expected remaining weighted-average period of expense recognition (in years) 1.5 1.8 0.5 The total grant date fair value of shares vested for the year ended December 31, 2017 was $54 , $12 and $36 for RSUs, PSUs and stock options, respectively. |
Shareholder's Equity
Shareholder's Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholder's Equity | Shareholders' Equity Common Shares The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated: Common Shares (shares in millions) Issued Held in Treasury Outstanding Balance, January 1, 2015 263.7 21.8 241.9 Common Shares issued — — — Common Shares acquired - share repurchase — 34.3 (34.3 ) Share-based compensation programs 1.6 0.1 1.5 Balance, December 31, 2015 265.3 56.2 209.1 Common Shares issued — * — — * Common Shares acquired - share repurchase — 17.0 (17.0 ) Share-based compensation programs 2.7 0.2 2.5 Balance, December 31, 2016 268.0 73.4 194.6 Common Shares issued — * — — * Common Shares acquired - share repurchase — 24.4 (24.4 ) Share-based compensation programs 2.0 0.2 1.8 Balance, December 31, 2017 270.0 98.0 172.0 * Less than 0.1. Share Repurchase Program From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic repurchase transactions, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date. On November 3, 2016, the Company entered into a share repurchase arrangement with a third-party financial institution, pursuant to which the Company made an up-front payment of $200 during the fourth quarter of 2016 and received delivery of 5,216,025 shares during the first quarter of 2017. On March 9, 2017, the Company entered into a share repurchase arrangement with a third-party financial institution, pursuant to which the Company made an up-front payment of $150 and received delivery of 3,986,647 shares during the second quarter of 2017. On October 26, 2017, the Board of Directors provided share repurchase authorization, increasing the aggregate amount of the Company’s common stock authorized for repurchase by $800 . On February 1, 2018, the Board of Directors provided its most recent share repurchase authorization, increasing the aggregate amount of the Company's common stock authorized for repurchase by $500 . The current share repurchase authorization expires on December 31, 2018 (unless extended), and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time. On December 26, 2017, the Company entered into a share repurchase arrangement with a third-party financial institution, pursuant to which the Company made an up-front payment of $500 and received initial delivery of 7,821,666 shares during the fourth quarter of 2017. The transaction is scheduled to terminate during the first quarter of 2018, at which time additional shares may be delivered or returned depending on the daily volume-weighted average prices of the Company’s common stock. The initial delivery of shares was recorded as treasury stock in the Company’s Consolidated Balance Sheets. As of December 31, 2017, any additional shares to be delivered upon final settlement represent a forward contract and were recorded to Additional paid-in capital. The Company reflected the initial shares delivered pursuant to the arrangement as a repurchase of common stock for purposes of calculating earnings per share. Warrants On May 7, 2013 , the Company issued to ING Group warrants to purchase up to 26,050,846 shares of the Company's common stock equal in the aggregate to 9.99% of the issued and outstanding shares of common stock at that date. The current exercise price of the warrants is $48.75 per share of common stock, subject to adjustments, including for stock dividends, cash dividends in excess of $0.01 per share a quarter, subdivisions, combinations, reclassifications and non-cash distributions. The warrants also provide for, upon the occurrence of certain change of control events affecting the Company, an increase in the number of shares to which a warrant holder will be entitled upon payment of the aggregate exercise price of the warrant. The warrants became exercisable to ING Group and its affiliates on January 1, 2017 and to all other holders starting on the first anniversary of the completion of the IPO ( May 7, 2014 ). The warrants expire on the tenth anniversary of the completion of the IPO ( May 7, 2023 ). The warrants are net share settled, which means that no cash will be payable by a warrant holder in respect of the exercise price of a warrant upon exercise, and are classified as permanent equity. They have been recorded at their fair value determined on the issuance date of May 7, 2013 in the amount of $94 as an addition and reduction to Additional-paid-in-capital. Warrant holders are not entitled to receive dividends. As of December 31, 2017, no warrants have been exercised. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: (in millions, except for per share data) Year Ended December 31, Earnings 2017 2016 2015 Net income (loss) available to common shareholders Income (loss) from continuing operations $ (212 ) $ 39 $ 392 Less: Net income (loss) attributable to noncontrolling interest 200 29 130 Income (loss) from continuing operations available to common shareholders (412 ) 10 262 Income (loss) from discontinued operations, net of tax (2,580 ) (337 ) 146 Net income (loss) available to common shareholders $ (2,992 ) $ (327 ) $ 408 Weighted-average common shares outstanding Basic 184.1 200.8 225.4 Dilutive Effects: (1)(2) RSUs — 1.7 1.8 PSU awards — 0.2 0.2 Stock Options (3) — — — Diluted 184.1 202.7 227.4 Basic Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ (2.24 ) $ 0.05 $ 1.16 Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (14.01 ) $ (1.68 ) $ 0.65 Income (loss) available to Voya Financial, Inc.'s common shareholders $ (16.25 ) $ (1.63 ) $ 1.81 Diluted Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ (2.24 ) $ 0.05 $ 1.15 Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (14.01 ) $ (1.66 ) $ 0.65 Income (loss) available to Voya Financial, Inc.'s common shareholders $ (16.25 ) $ (1.61 ) $ 1.80 (1) For the year s ended December 31, 2017 , 2016 and 2015 , weighted average shares used for calculating earnings per share excludes the dilutive impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to "out of the moneyness" in the periods presented. For the year ended December 31, 2017 , weighted average shares used for calculating earnings per share excludes the dilutive impact of the forward contract related to the share repurchase agreement entered into on December 26, 2017, as the inclusion of this instrument would be antidilutive to the earnings per share calculation. For more information on warrants and the share repurchase agreement, see the Shareholders' Equity Note to these Consolidated Financial Statements. (2) For the year ended December 31, 2017 , weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 1.9 and 0.8 shares for stock compensation plans of RSU and PSU awards, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations during the period. (3) For the year ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share excludes the dilutive impact of stock options, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to the average share price for the periods presented. For more information on stock options, see the Share-based Incentive Compensation Plans Note to these Consolidated Financial Statements. |
Insurance Subsidiaries
Insurance Subsidiaries | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Insurance Subsidiaries | Insurance Subsidiaries Principal Insurance Subsidiaries Statutory Equity and Income Each of Voya Financial, Inc.'s four principal insurance subsidiaries (the "Principal Insurance Subsidiaries") is subject to minimum risk-based capital ("RBC") requirements established by the insurance departments of their respective states of domicile. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital ("TAC"), as defined by the National Association of Insurance Commissioners ("NAIC"), to authorized control level RBC, as defined by the NAIC. Each of the Company's Principal Insurance Subsidiaries exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein. The Company's Principal Insurance Subsidiaries are each required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of its respective state of domicile. Such statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities and contract owner account balances using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. Certain assets that are not admitted under statutory accounting principles are charged directly to surplus. Depending on the regulations of the insurance department of an insurance company’s state of domicile, the entire amount or a portion of an insurance company’s asset balance can be non-admitted based on the specific rules regarding admissibility. For the years ended December 31, 2017 , 2016 and 2015 , the Principal Insurance Subsidiaries have no prescribed or permitted practices that materially impact total capital and surplus. Statutory Net income (loss) for the years ended December 31, 2017 , 2016 and 2015 and statutory capital and surplus as of December 31, 2017 and 2016 of the Company's Principal Insurance Subsidiaries are as follows: Statutory Net Income (Loss) Statutory Capital and Surplus 2017 2016 2015 2017 2016 Subsidiary Name (State of Domicile): Voya Insurance and Annuity Company ("VIAC") (IA) $ 514 $ 232 $ 553 $ 1,835 $ 1,906 Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) 195 266 318 1,793 1,959 Security Life of Denver Insurance Company (CO) 58 93 (245 ) 950 897 ReliaStar Life Insurance Company ("RLI") (MN) 234 (507 ) 74 1,483 1,662 All of the Company's Principal Insurance Subsidiaries have capital and surplus levels that exceed their respective regulatory minimum requirements. As of December 31, 2017 , VIAC had the following surplus notes ("the Surplus Notes") outstanding to its insurance company affiliates. Maturity 2017 2016 7.979% Security Life of Denver Insurance Company, due 2029 (1) 12/07/2029 $ 35 $ 35 6.257% Security Life of Denver International Limited, due 2034 (1) 12/29/2034 50 50 6.257% ReliaStar Life Insurance Company, due 2034 12/29/2034 175 175 6.257% Voya Retirement Insurance and Annuity Company, due 2034 12/29/2034 175 175 (1) Under the Transaction, an affiliate of the buyer will purchase these surplus notes upon closing. As part of the restructuring associated with the Master Transaction Agreement, effective December 28, 2017 Voya Financial, Inc. ("Voya") and Voya Holdings Inc.("Voya Holdings") entered into an agreement with VIAC in order to provide a joint and several guarantee of VIAC’s payment obligations as the issuer of the Surplus Notes. Accordingly, on January 9, 2018, Kroll Bond Rating Agency assigned a rating of BBB+, outlook Stable to the Surplus Notes. Insurance Subsidiaries Dividend Restrictions The states in which the insurance subsidiaries of Voya Financial, Inc. are domiciled impose certain restrictions on the subsidiaries' ability to pay dividends to their parent. These restrictions are based in part on the prior year's statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or "extraordinary" dividends, are subject to approval by the insurance commissioner of the state of domicile of the insurance subsidiary proposing to pay the dividend. Under the insurance laws applicable to Voya Financial, Inc.'s insurance subsidiaries domiciled in Connecticut, Iowa and Minnesota, an "extraordinary" dividend or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer's policyholder surplus as of the preceding December 31 , or (ii) the insurer's net gain from operations for the twelve-month period ending the preceding December 31 , in each case determined in accordance with statutory accounting principles. Under Colorado insurance law, an "extraordinary dividend" or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the lesser of (i) 10% of the insurer's policyholder surplus as of the preceding December 31 , or (ii) the insurer's net gain from operations for the twelve-month period ending the preceding December 31 , in each case determined in accordance with statutory accounting principles. In addition, under the insurance laws of Connecticut, Iowa and Minnesota, no dividend or other distribution exceeding an amount equal to a domestic insurance company's earned surplus may be paid without the domiciliary insurance regulator's prior approval. The Company's Principal Insurance Subsidiaries domiciled in Colorado, Connecticut and Iowa each have ordinary dividend capacity for 2018 . However, as a result of the extraordinary dividends it paid in 2015 and 2016, together with statutory losses incurred in connection with the recapture and cession to one of the Company's Arizona captives of certain term life insurance business in the fourth quarter of 2016, the Company's Principal Insurance Subsidiary domiciled in Minnesota currently has negative earned surplus and therefore does not have capacity at this time to make ordinary dividend payments to Voya Holdings and cannot make an extraordinary dividend payment without domiciliary insurance regulatory approval, which can be granted or withheld at the discretion of the regulator. Principal Insurance Subsidiaries - Dividends and Return of Capital The following table summarizes dividends permitted to be paid by the Company's Principal Insurance Subsidiaries to Voya Financial, Inc. or Voya Holdings without the need for insurance regulatory approval for the periods presented: Dividends Permitted without Approval 2018 2017 2016 Subsidiary Name (State of domicile): Voya Insurance and Annuity Company (IA) (1) $ 208 $ 279 $ 448 Voya Retirement Insurance and Annuity Company (CT) 158 266 364 Security Life of Denver Insurance Company (CO) 53 74 55 ReliaStar Life Insurance Company (MN) — — — (1) Due to the impending sale of VIAC, the Company does not expect VIAC to pay any ordinary dividends in 2018. The difference between the buyer's capital and statutory capital reflects the purchase price for VIAC and will represent either a capital contribution or extraordinary dividend upon closing. The following table summarizes dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated: Dividends Paid Extraordinary Distributions Paid Year Ended December 31, Year Ended December 31, 2017 2016 2017 2016 Subsidiary Name (State of domicile): Voya Insurance and Annuity Company (IA) $ 278 $ 373 $ 250 $ — Voya Retirement Insurance and Annuity Company (CT) 265 278 — — Security Life of Denver Insurance Company (CO) 73 54 — — ReliaStar Life Insurance Company (MN) — — 231 100 Captive Reinsurance Subsidiaries Voya Financial, Inc.'s special purpose life reinsurance captive insurance company subsidiaries domiciled in Missouri (collectively referred to as the "captive reinsurance subsidiaries") provide reinsurance to the Company’s insurance subsidiaries in order to facilitate the financing of statutory reserves including those associated with Regulation XXX or AG38 and to fund certain statutory annuity reserve requirements. Each of the Company's captive reinsurance subsidiaries, that is domiciled in Missouri, is subject to specific minimum capital requirements set forth in the insurance statutes of Missouri, and is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed in the Missouri insurance statutes or permitted by the Missouri insurance department. There are no prescribed practices material to the Missouri captive reinsurance subsidiaries, except that certain of these subsidiaries have included the value of LOCs and trust notes as admitted assets supporting the statutory reserves ceded to such subsidiaries. The effect of these prescribed practices was to increase statutory capital and surplus by $623 and $577 as of December 31, 2017 and 2016 , respectively. The aggregate statutory capital and surplus, including the aforementioned prescribed practices, was $398 and $352 as of December 31, 2017 and 2016 , respectively. The Company's Arizona captives, SLDI and its wholly owned subsidiary RRII, provide reinsurance to the Company's insurance subsidiaries in order to facilitate the financing of statutory reserves including those associated with Regulation XXX or AG38 and to fund certain statutory annuity reserve requirements including the living benefit guarantees under the Company's CBVA business. Arizona state insurance statutes and regulations require the Company's Arizona captives to file financial statements with the Arizona Department of Insurance ("ADOI") and allow the filing of such financial statements on a U.S. GAAP basis modified for certain prescribed practices outlined in the Arizona insurance statutes that are applicable to U.S. GAAP filers. These prescribed practices had no impact on Company's Arizona captives Shareholder's equity as of December 31, 2017 and 2016 . In addition, the Arizona captives obtained approval from the ADOI for certain permitted practices, including, for SLDI, taking reinsurance credit for certain ceded reserves where the assets backing the liabilities are held by a wholly owned Principal Insurance Subsidiary of Voya Financial, Inc. SLDI has recorded a receivable for these assets. The effect of the permitted practice was to increase SLDI's Shareholder's equity by $451 and $441 as of December 31, 2017 and 2016 , respectively, but has no effect on the Company's consolidated Total shareholders' equity. In the unlikely event that the permitted practice is suspended in the future, the Company has various alternatives which could be executed to allow the reinsurance credit for these ceded reserves. Additionally, RRII has obtained approval from the ADOI to present the U.S. GAAP deferred liability resulting from its assumption of business from a wholly owned Principal Insurance Subsidiary of Voya Financial, Inc. net of related federal income taxes, as a separate component of Shareholder's equity. The effect of the permitted practice was to increase RRII's Shareholder's equity by $2,761 and $2,467 as of December 31, 2017 and 2016 , respectively, but has no effect on SLDI or the Company's Consolidated total shareholders' equity. In conjunction with the Transaction disclosed in the Business Held for Sale and Discontinued Operations Note to these Consolidated Financial Statements, the reinsurance treaty assumed by RRII is expected to be recaptured in 2018 and the associated liability will be released through RRII net income. At that time, the permitted practice will no longer be in effect. The captive reinsurance subsidiaries may not declare or pay any dividends other than in accordance with their respective insurance reserve financing transaction agreements and their respective governing licensing orders. Likewise, the Company's Arizona captives may not declare or pay dividends other than in accordance with their annual capital and dividend plans as approved by the ADOI, which include minimum capital requirements. The Company's Arizona captives did not make any dividend payments in 2017 . |
Employee Benefit Arrangements
Employee Benefit Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Arrangements | Employee Benefit Arrangements Pension, Other Postretirement Benefit Plans and Other Benefit Plans Voya Financial, Inc.'s subsidiaries maintain both qualified and non-qualified defined benefit pension plans (the "Plans"). These plans generally cover all employees and certain sales representatives who meet specified eligibility requirements. Pension benefits are based on a formula using compensation and length of service. Annual contributions are paid to the Plans at a rate necessary to adequately fund the accrued liabilities of the Plans calculated in accordance with legal requirements. The Plans comply with applicable regulations concerning investments and funding levels. The Voya Retirement Plan (the "Retirement Plan") is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation ("PBGC"). Beginning January 1, 2012, the Retirement Plan adopted a cash balance pension formula instead of a final average pay ("FAP") formula, allowing all eligible employees to participate in the Retirement Plan. Participants earn an annual credit equal to 4% of eligible compensation. Interest is credited monthly based on a 30 -year U.S. Treasury securities bond rate published by the Internal Revenue Service in the preceding August of each year. The accrued vested cash pension balance benefit is portable; participants can take it if they leave the Company. During the fourth quarter of 2015, terminated, vested participants of the Retirement Plan were offered an opportunity to receive their retirement plan benefit as a lump sum payment or an annuity. The lump sum payments and related settlement were recorded in the fourth quarter of 2015 and are reflected in the Demographic Data and other line in the net actuarial (gains) losses related to pension and other postretirement benefit obligations table below. In addition to providing qualified retirement benefit plans, the Company provides certain supplemental retirement benefits to eligible employees, non-qualified pension plans for insurance sales representatives who have entered into a career agent agreement and certain other individuals. These plans are non-qualified defined benefit plans, which means all benefits are payable from the general assets of the sponsoring company. The Company also offers deferred compensation plans for eligible employees, including eligible career agents and certain other individuals who meet the eligibility criteria. The Company’s deferred compensation commitment for employees is recorded on the Consolidated Balance Sheets in Other liabilities and totaled $305 and $284 as of December 31, 2017 and 2016 , respectively. Voya Financial, Inc.'s subsidiaries also provide other postretirement and post-employment benefits to certain employees. These are primarily postretirement healthcare and life insurance benefits to retired employees and other eligible dependents and post-employment/pre-retirement plans provided to employees and former employees. Obligations, Funded Status and Net Periodic Benefit Costs The Company's qualified pension plans were fully funded in compliance with Employee Retirement Income Security Act ("ERISA") guidelines as of December 31, 2016, which is tested annually subsequent to this filing. The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company's defined benefit pension and postretirement healthcare benefit plans for the years ended December 31, 2017 and 2016 : Pension Plans Other Postretirement Benefits 2017 2016 2017 2016 Change in benefit obligation: Benefit obligations, January 1 $ 2,116 $ 2,054 $ 21 $ 28 Service cost 24 25 — — Interest cost 93 96 1 1 Net actuarial (gains) losses 156 33 1 (2 ) Benefits paid (98 ) (92 ) (3 ) (3 ) (Gain) loss recognized due to curtailment 3 — — — Plan amendments — — — (3 ) Benefit obligations, December 31 2,294 2,116 20 21 Change in plan assets: Fair value of plan net assets, January 1 1,463 1,395 — — Actual return on plan assets 257 80 — — Employer contributions 142 80 3 3 Benefits paid (98 ) (92 ) (3 ) (3 ) Fair value of plan net assets, December 31 1,764 1,463 — — Unfunded status at end of year (1) $ (530 ) $ (653 ) $ (20 ) $ (21 ) (1) Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with ERISA regulations. The following table summarizes amounts recognized on the Consolidated Balance Sheets and in AOCI as follows as of December 31, 2017 and 2016 : Pension Plans Other Postretirement Benefits 2017 2016 2017 2016 Amounts recognized in the Consolidated Balance Sheets consist of: Accrued benefit cost $ (530 ) $ (653 ) $ (20 ) $ (21 ) Net amount recognized $ (530 ) $ (653 ) $ (20 ) $ (21 ) Accumulated other comprehensive (income) loss: Prior service cost (credit) $ (10 ) $ (21 ) $ (15 ) $ (18 ) Tax effect 4 7 5 6 Accumulated other comprehensive (income) loss, net of tax $ (6 ) $ (14 ) $ (10 ) $ (12 ) The following table summarizes information for pension and other postretirement benefit plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2017 and 2016 : Pension Plans Other Postretirement Benefits 2017 2016 2017 2016 Projected benefit obligation $ 2,294 $ 2,116 $ 20 $ 21 Accumulated benefit obligation 2,290 2,111 N/A N/A Fair value of plan assets 1,764 1,463 — — Components of Periodic Net Benefit Cost Net periodic pension cost and net periodic other postretirement benefit plan cost consist of the following: ▪ Service Cost : Service cost represents the increase in the projected benefit obligation as a result of benefits payable to employees on service rendered during the current year. ▪ Interest Cost (on the Liability) : Interest cost represents the increase in the amount of projected benefit obligation at the end of each year due to the time value adjustment. ▪ Expected Return on Plan Assets : Expected return on plan assets represents the anticipated return earned by the pension fund assets in a given year. ▪ Net Loss (Gain) Recognition : Actuarial gains and losses occur as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial losses (gains) on the qualified and nonqualified retirement plans as well as the other postretirement benefit plans. ▪ Amortization of Prior Service Cost : This cost represents the recognition of increases or decreases in Pension and other postretirement provisions on the Consolidated Balance Sheets as a result of changes in plans or initiation of new plans. The increases or decreases in obligation are recognized in AOCI at the time of the particular amendment. The costs are then amortized to Operating expenses in the Consolidated Statements of Operations over the expected service years of the covered employees. ▪ (Gain) Loss Recognized due to Curtailment: Curtailment gains and losses occur as a result of events that significantly reduce the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services. The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) were as follows for the years ended December 31, 2017 , 2016 and 2015 : Pension Plans Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: Service cost $ 24 $ 25 $ 26 $ — $ — $ — Interest cost 93 96 104 1 1 1 Expected return on plan assets (115 ) (104 ) (122 ) — — — Amortization of prior service cost (credit) (10 ) (10 ) (10 ) (4 ) (3 ) (4 ) (Gain) loss recognized due to curtailment 1 — — — — — Net (gain) loss recognition 14 57 (62 ) 1 (2 ) (1 ) Net periodic (benefit) costs 7 64 (64 ) (2 ) (4 ) (4 ) Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: Amortization of prior service (credit) cost 10 10 10 4 — 4 (Credit) cost recognized due to curtailment 2 — — — — — Total recognized in AOCI 12 10 10 4 — 4 Total recognized in net periodic (benefit) costs and AOCI $ 19 $ 74 $ (54 ) $ 2 $ (4 ) $ — The table below summarizes the components of the net actuarial (gains) losses related to Pension and Other postretirement benefit obligations reported within Operating expenses in the Consolidated Statements of Operations for the periods presented: (Gain)/Loss Recognized 2017 2016 2015 Discount Rate $ 196 $ 69 $ (133 ) Asset Returns (142 ) 24 123 Mortality Table Assumptions (14 ) (22 ) (32 ) Demographic Data and other (25 ) (16 ) (21 ) Total Net Actuarial (Gain)/Loss Recognized $ 15 $ 55 $ (63 ) The estimated prior service cost for the pension plans and other postretirement benefit plans are amortized from AOCI into net periodic (benefit) cost. Such amounts included in AOCI and expected to be recognized as components of periodic (benefit) cost in 2018 are as follows: Pension Plans Other Postretirement Benefits Amortization of prior service cost (credit) $ (9 ) $ (4 ) Assumptions The discount rates used in determining benefit obligations as of December 31, 2017 and 2016 were as follows: Pension Plans Other Postretirement Benefits 2017 2016 2017 2016 Discount rate 3.85 % 4.55 % 3.64 % 4.55 % In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries including discounted cash flow analyses of the Company’s pension and other postretirement obligations and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the pension plans and other postretirement benefit plans. The weighted-average assumptions used in determining net benefit cost for the years ended December 31, 2017 , 2016 and 2015 were as follows: Pension Plans Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Discount rate 4.55 % 4.81 % 4.36 % 4.55 % 4.81 % 4.36 % Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % N/A N/A N/A The expected return on plan assets is updated at least annually using the calculated value approach, taking into consideration the Retirement Plan’s asset allocation, historical returns on the types of assets held in the Retirement Plan's portfolio of assets ("the Fund") and the current economic environment. Based on these factors, it is expected that the Fund’s assets will earn an average percentage per year over the long term. This estimation is based on an active return on a compound basis, with a reduction for administrative expenses and non-Voya investment manager fees paid from the Fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the Plan, and the need for future cash contributions. The annual assumed rate of increase in the per capita cost of covered benefits (i.e. health care cost trend rate) for the medical rate, within the other postretirement benefit plans, is 7.0% , decreasing gradually to 5.5% over the next five years with an ultimate trend rate of 4.5% . Assumed healthcare cost trend rates may have a significant effect on the amounts reported for healthcare plans. A one-percentage point change in assumed healthcare cost trend rates would have the following effects: One Percentage Point Increase One Percentage Point Decrease Effect on the aggregate of service and interest cost components $ — $ — Effect on accumulated postretirement benefit obligation 1 (1 ) Plan Assets The Retirement Plan is the only defined benefit plan with plan assets in a trust. The primary financial objective of the Retirement Plan is to secure participant retirement benefits. As such, the key objective in the Retirement Plan’s financial management is to promote stability and, to the extent appropriate, growth in funded status (i.e. the ratio of market value of assets to liabilities). The investment strategy for the Fund balances the requirement to generate returns with the need to control risk. The asset mix is recognized as the primary mechanism to influence the reward and risk structure of the Fund in an effort to accomplish the Retirement Plan’s funding objectives. Desirable target allocations amongst identified asset classes are set and, within each asset class, careful consideration is given to balancing the portfolio among industry sectors, geographies, interest rate sensitivity, economic growth, currency and other factors affecting investment returns. The assets are managed by professional investment firms. They are bound by mandates and are measured against benchmarks. Consideration is given to balancing security concentration, investment style and reliance on particular active investment strategies, among other factors. The Company reviews its asset mix of the Fund on a regular basis. Generally, the pension committee of the Company will rebalance the Fund's asset mix to the target mix as individual portfolios approach their minimum or maximum levels. However, the Company has the discretion to deviate from these ranges or to manage investment performance using different criteria. Derivative contracts may be used for hedging purposes to reduce the Retirement Plan’s exposure to interest rate risk. Treasury futures are used to manage the interest rate risk in the Retirement Plan’s fixed maturity portfolio. The derivatives do not qualify for hedge accounting. The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2017 and 2016 : Actual Asset Allocation 2017 2016 Equity securities: Target allocation range 37%-65% 37%-65% Large-cap domestic 25.3 % 23.7 % Small/Mid-cap domestic 6.9 % 6.4 % International commingled funds 12.5 % 11.6 % Limited Partnerships 2.5 % 3.4 % Total equity securities 47.2 % 45.1 % Fixed maturities: Target allocation range 30%-50% 30%-50% U.S. Treasuries, short term investments, cash and futures 8.0 % 6.3 % U.S. Government agencies and authorities 4.1 % 4.2 % U.S. corporate, state and municipalities 27.4 % 29.7 % Foreign securities 4.1 % 4.3 % Other fixed maturities 0.1 % 0.1 % Total fixed maturities 43.7 % 44.6 % Other investments: Target allocation range 6%-14% 6%-14% Hedge funds 4.2 % 4.8 % Real estate 4.9 % 5.5 % Total other investments 9.1 % 10.3 % Total 100.0 % 100.0 % The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2017 : Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short-term investments and cash: Cash and cash equivalents $ 7 $ — $ — $ — $ 7 Short-term investment fund (1) — — — 136 136 U.S. Government securities 73 — — — 73 U.S. corporate, state and municipalities — 476 7 — 483 Foreign securities — 72 — — 72 Other fixed maturities — 1 — — 1 Total fixed maturities 80 549 7 136 772 Equity securities: Large-cap domestic 446 — — — 446 Small/Mid-cap domestic 121 — — — 121 International commingled funds (2) — — — 220 220 Limited partnerships (3) — — — 43 43 Total equity securities 567 — — 263 830 Other investments: Real estate (4) — — — 86 86 Limited partnerships (5) — — — 75 75 Other 1 — — — 1 Total other investments 1 — — 161 162 Net, total pension assets $ 648 $ 549 $ 7 $ 560 $ 1,764 (1) This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon ("Short-term Investment Fund"). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day. (2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $111 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $109 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. (3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $6 and Pantheon USA has a balance of $37 . Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2017 , Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5 , respectively, and there were no significant redemption restrictions. (4) UBS Trumbull Property Fund ("UBS") uses NAV to calculate fair value. UBS has a balance of $86 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index over any given three -to- five -year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three -to- five -year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter. (5) Magnitude Institutional, Ltd. ("MIL") has a balance of $75 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2016 : Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short term investments and cash: Cash and cash equivalents $ 2 $ — $ — $ — $ 2 Short-term investment fund (1) — — — 90 90 U.S. Government securities 61 — — — 61 U.S. corporate, state and municipalities — 435 — — 435 Foreign securities — 63 — — 63 Other fixed maturities — 1 — — 1 Total fixed maturities 63 499 — 90 652 Equity securities: Large-cap domestic 347 — — — 347 Small/Mid-cap domestic 94 — — — 94 International commingled funds (2) — — — 170 170 Limited partnerships (3) — — — 49 49 Total equity securities 441 — — 219 660 Other investments: Real estate (4) — — — 81 81 Limited partnerships (5) — — — 70 70 Other — — — — — Total other investments — — — 151 151 Net, total pension assets $ 504 $ 499 $ — $ 460 $ 1,463 (1) This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day. (2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $84 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $86 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. (3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $7 and Pantheon USA has a balance of $42 . Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2016 , Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5 , respectively, and there were no significant redemption restrictions. (4) UBS uses NAV to calculate fair value. UBS has a balance of $81 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three -to- five -year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three -to- five -year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter. (5) MIL has a balance of $70 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. As described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements, pension plan assets are categorized into a three-level fair value hierarchy based upon the inputs available in evaluating each of the assets. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). Certain investments are measured at fair value using the NAV per share as a practical expedient and have not been classified in the fair value hierarchy. The leveling hierarchy is applied to the pension plans assets as follows: Cash and cash equivalents : The carrying amounts for cash and cash equivalents reflect the assets' fair value. The fair values for cash and cash equivalents are determined based on quoted market prices. These assets are classified as Level 1. Short-term Investment Funds : Short term investment funds are estimated at NAV. See subscript (1) in Fair Value Hierarchy table footnotes for a description of the fund's redemption policies. U.S. Government securities, corporate bonds and notes and foreign securities : Fair values for actively traded marketable bonds are determined based upon quoted market prices and are classified as Level 1 assets. Corporate bonds, ABS, U.S. agency bonds, and foreign securities use observable pricing method such as matrix pricing, market corroborated pricing or inputs such as yield curves and indices. These investments are classified as Level 2. International Commingled Funds : Commingled funds are estimated at NAV per share. See subscript (2) in Fair Value Hierarchy table footnotes for description of the fund's redemption policies. Equity securities : Fair values are based upon a quoted market price determined in an active market and are included in Level 1. Real estate : Real estate is estimated at NAV. See subscript (4) in Fair Value Hierarchy table footnotes for more information on real estate. Limited partnerships : Limited partnerships are estimated at NAV. See subscripts (3) and (5) in Fair Value Hierarchy table footnotes for more information on limited partnerships. Transfers in and out of Level 1 and 2 There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2017 and 2016 . The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. Expected Future Contributions and Benefit Payments The following table summarizes the expected benefit payments for the Company's pension and postretirement plans to be paid for the years indicated: Pension Benefits Other Postretirement Benefits Gross 2018 $ 115 $ 2 2019 119 2 2020 123 2 2021 128 2 2022 131 1 2023-2027 685 6 The Company does no t expect that it will make a cash contribution to the qualified pension plan in 2018 . The Company expects that it will make a cash contribution of approximately $23 to the non-qualified pension plans and approximately $2 to other postretirement plans in 2018 . Defined Contribution Plans Certain of the Company’s subsidiaries sponsor defined contribution plans. The largest defined contribution plan is the Voya 401(k) Savings Plan (the "Savings Plan"). The assets of the Savings Plan are held in independently administered funds. Substantially all employees of the Company are eligible to participate, other than the Company’s agents. The Savings Plan is a tax qualified defined contribution plan. Savings Plan benefits are not guaranteed by the PBGC. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pretax basis. The Company matches such pretax contributions, up to a maximum of 6% of eligible compensation, subject to IRS limits. Matching contributions are subject to a 4 -year graded vesting schedule. Contributions made to the Savings Plan are subject to certain limits imposed by applicable law. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in Other liabilities. The amount of cost recognized for the defined contribution pension plans for the years ended December 31, 2017 , 2016 and 2015 was $39 , $38 and $36 , respectively, and is recorded in Operating expenses in the Consolidated Statements of Operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated: December 31, 2017 2016 2015 Fixed maturities, net of OTTI $ 5,351 $ 3,413 $ 2,123 Equity securities, available-for-sale 35 33 31 Derivatives 127 258 259 DAC/VOBA adjustment on available-for-sale securities (1,471 ) (1,083 ) (765 ) Premium deficiency reserve (190 ) (54 ) — Sales inducements adjustment on available-for-sale securities (278 ) (169 ) (23 ) Other (18 ) (31 ) (31 ) Unrealized capital gains (losses), before tax 3,556 2,367 1,594 Deferred income tax asset (liability) (840 ) (472 ) (202 ) Net unrealized capital gains (losses) 2,716 1,895 1,392 Pension and other postretirement benefits liability, net of tax 15 26 33 AOCI $ 2,731 $ 1,921 $ 1,425 Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated: December 31, 2017 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 1,943 $ (647 ) $ 1,296 Equity securities 2 (1 ) 1 Other 13 (5 ) 8 OTTI (2 ) 1 (1 ) Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations (3 ) 1 (2 ) DAC/VOBA (388 ) (1) 150 (238 ) Premium deficiency reserve (136 ) 48 (88 ) Sales inducements (109 ) 39 (70 ) Change in unrealized gains/losses on available-for-sale securities 1,320 (414 ) 906 Derivatives: Derivatives (106 ) (2) 37 (69 ) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (25 ) 9 (16 ) Change in unrealized gains/losses on derivatives (131 ) 46 (85 ) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (15 ) (3) 4 (11 ) Change in pension and other postretirement benefits liability (15 ) 4 (11 ) Change in Other comprehensive income (loss) $ 1,174 $ (364 ) $ 810 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. December 31, 2016 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 1,168 $ (408 ) $ 760 Equity securities 2 (1 ) 1 Other — — — OTTI 24 (8 ) 16 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations 98 (34 ) 64 DAC/VOBA (318 ) (1) 111 (207 ) Premium deficiency reserve (54 ) 20 (34 ) Sales inducements (146 ) 50 (96 ) Change in unrealized gains/losses on available-for-sale securities 774 (270 ) 504 Derivatives: Derivatives 19 (2) (7 ) 12 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (20 ) 7 (13 ) Change in unrealized gains/losses on derivatives (1 ) — (1 ) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (10 ) (3) 3 (7 ) Change in pension and other postretirement benefits liability (10 ) 3 (7 ) Change in Other comprehensive income (loss) $ 763 $ (267 ) $ 496 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. December 31, 2015 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (3,863 ) $ 1,348 $ (2,515 ) Equity securities 2 (1 ) 1 Other — — — OTTI 19 (7 ) 12 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations 122 (43 ) 79 DAC/VOBA 1,076 (1) (377 ) 699 Premium deficiency reserve — — — Sales inducements 53 (18 ) 35 Change in unrealized gains/losses on available-for-sale securities (2,591 ) 902 (1,689 ) Derivatives: Derivatives 44 (2) (15 ) 29 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (15 ) 5 (10 ) Change in unrealized gains/losses on derivatives 29 (10 ) 19 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (14 ) (3) 5 (9 ) Change in pension and other postretirement benefits liability (14 ) 5 (9 ) Change in Other comprehensive income (loss) $ (2,576 ) $ 897 $ (1,679 ) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) consisted of the following for the periods indicated: Year Ended December 31, 2017 2016 2015 Current tax expense (benefit): Federal $ (122 ) $ 122 $ 202 State — — (11 ) Total current tax expense (benefit) (122 ) 122 191 Deferred tax expense (benefit): Federal 859 (152 ) (104 ) State 3 1 (3 ) Total deferred tax expense (benefit) 862 (151 ) (107 ) Total income tax expense (benefit) $ 740 $ (29 ) $ 84 Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated: Year Ended December 31, 2017 2016 2015 Income (loss) before income taxes $ 528 $ 10 $ 476 Tax Rate 35.0 % 35.0 % 35.0 % Income tax expense (benefit) at federal statutory rate 185 4 167 Tax effect of: Valuation allowance (28 ) 1 (14 ) Dividend received deduction (43 ) (37 ) (33 ) State tax expense (benefit) 4 (16 ) 2 Noncontrolling interest (70 ) (10 ) (46 ) Tax credits 14 10 7 Nondeductible expenses 2 2 3 Expirations of federal tax capital loss carryforward 2 17 — Effect of Tax Reform 679 * — — Other (5 ) — (2 ) Income tax expense (benefit) $ 740 $ (29 ) $ 84 Effective tax rate 140.2 % (290.0 )% 17.6 % *Effect of Tax Reform includes a tax benefit of $283 related to change in valuation allowance On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("Tax Reform"). Tax Reform makes broad changes to U.S. federal tax law, including, but not limited to (1) reducing the U.S. federal corporate tax rate from 35% to 21% ; (2) changing the computations of the dividends received deduction, tax reserves, and deferred acquisition costs; (3) further limiting deductibility of executive compensation; (4) changing how alternative minimum tax credits can be realized; and (5) eliminating the net operating loss ("NOL") carryback and limiting the NOL carryforward deduction to 80% of taxable income for losses arising in taxable years beginning after December 31, 2017. The SEC staff issued Staff Accounting Bulletin No. 118 ("SAB 118") to address situations where a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting under ASC Topic 740 for certain income tax effects of Tax Reform for the reporting period of enactment. SAB 118 allows the Company to provide a provisional estimate of the impacts of Tax Reform during a measurement period similar to the measurement period used when accounting for business combinations. Adjustments to provisional estimates and additional impacts from Tax Reform must be recorded as they are identified during the measurement period as provided for in SAB 118. In reliance on SAB 118, the Company provisionally remeasured its deferred tax assets and liabilities based on the 21% tax rate at which they are expected to reverse in the future. The Company continues to analyze the effects of Tax Reform and will record adjustments and additional impacts from Tax Reform as they are identified during the measurement period as provided for in SAB 118. Temporary Differences The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated: December 31, 2017 2016 Deferred tax assets Federal and state loss carryforwards $ 1,030 $ 1,525 Investments 1,440 2,531 Compensation and benefits 369 548 Other assets 330 397 Total gross assets before valuation allowance 3,169 5,001 Less: Valuation allowance 653 964 Assets, net of valuation allowance 2,516 4,037 Deferred tax liabilities Net unrealized investment gains (824 ) (980 ) Insurance reserves (342 ) (301 ) Deferred policy acquisition costs (556 ) (1,151 ) Other liabilities (13 ) (35 ) Total gross liabilities (1,735 ) (2,467 ) Net deferred income tax asset (liability) $ 781 $ 1,570 The following table sets forth the federal, state and capital loss carryforwards for tax purposes as of the dates indicated: December 31, 2017 2016 Federal net operating loss carryforward $ 4,410 (1) $ 4,112 State net operating loss carryforward 2,228 (1) 2,209 Federal tax capital loss carryforward 30 (2) 58 Credit carryforward 254 (3) 268 (1) Expire between 2018 and 2037. (2) Expire between 2018 and 2020. (3) Expire between 2018 and 2035 except for $220 of Alternative Minimum Tax ("AMT"), which does not expire. Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2017 and 2016 , the Company had a total valuation allowance of $653 and $964 , respectively. As of December 31, 2017 and 2016 , $1,007 and $1,318 , respectively, of this valuation allowance was allocated to continuing operations, $(354) was allocated to Other comprehensive income (loss) related to realized and unrealized capital losses at the end of each period. For the year ended December 31, 2017 , the decrease in the valuation allowance was $311 , all of which was allocated to continuing operations. The net decrease in the valuation allowance was primarily related to the reduction of the U.S. federal corporate rate from 35% to 21% , and expiration of foreign tax credits subject to a valuation allowance. For the year ended December 31, 2016 , the increase in valuation allowance was $1 , of which an increase of $6 was allocated to continuing operations, and a decrease of $5 was related to additional paid-in capital. The net increase in the valuation allowance was a result of the generation and expiration of certain capital losses and expiration of foreign tax credits subject to a valuation allowance as well as state apportionment changes for certain state deferred tax assets subject to a valuation allowance. For the year ended December 31, 2015 , the decrease in the valuation allowance was $9 , of which a decrease of $14 and an increase of $5 were allocated to continuing operations and Additional paid-in capital, respectively. With respect to the 2015 amount allocated to continuing operations, the decrease was mostly due to the impact of state law changes on certain state deferred tax assets subject to valuation allowance. Unrecognized Tax Benefits Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated: Year Ended December 31, 2017 2016 2015 Balance at beginning of period $ 36 $ 45 $ 62 Additions for tax positions related to current year 2 3 3 Additions for tax positions related to prior years — — — Reductions for tax positions related to prior years — (7 ) (18 ) Reductions for settlements with taxing authorities — (1 ) (2 ) Reductions for expiring statutes (1 ) (4 ) — Balance at end of period $ 37 $ 36 $ 45 The Company had $8 of unrecognized tax benefits as of December 31, 2017 and 2016 , and $9 of unrecognized tax benefits as of December 31, 2015 , which would affect the Company's effective rate if recognized. Interest and Penalties The Company recognizes interest expense and penalties, if applicable, related to unrecognized tax benefits in tax expense net of federal income tax. The total amounts of gross accrued interest and penalties on the Company's Consolidated Balance Sheets as of December 31, 2017 and 2016 was $1 at the end of each period. The Company recognized no gross interest (benefit) related to unrecognized tax in its Consolidated Statements of Operations years ended December 31, 2017 and 2016. For the year ended December 31, 2015 the Company recognized gross interest (benefit) of $(6) . The timing of the payment of the remaining allowance of $37 cannot be reasonably estimated. Tax Regulatory Matters The Company is currently under audit by the IRS, and it is expected that the examination of tax year 2016 will be finalized within the next twelve months. The Company and the IRS have agreed to participate in the Compliance Assurance Process for the tax years 2016 through 2018. |
Financing Agreements
Financing Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements Short-term Debt As of December 31, 2017 , the Company had $337 of short-term debt borrowings outstanding consisting entirely of the current portion of long-term debt. As of December 31, 2016 , the Company did no t have any short-term borrowings outstanding. Long-term Debt The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2017 and 2016 : Maturity 2017 2016 7.25% Voya Holdings Inc. debentures, due 2023 (1) 08/15/2023 $ 143 $ 143 7.63% Voya Holdings Inc. debentures, due 2026 (1) 08/15/2026 186 186 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 04/01/2027 14 14 6.97% Voya Holdings Inc. debentures, due 2036 (1) 08/15/2036 94 94 1.00% Windsor Property Loan 06/14/2027 5 5 5.5% Senior Notes, due 2022 07/15/2022 361 361 2.9% Senior Notes, due 2018 02/15/2018 337 825 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 05/15/2053 738 738 5.7% Senior Notes, due 2043 07/15/2043 395 394 3.65% Senior Notes, due 2026 06/15/2026 495 494 4.8% Senior Notes, due 2046 06/15/2046 296 296 3.125% Senior Notes, due 2024 07/15/2024 396 — Subtotal 3,460 3,550 Less: Current portion of long-term debt 337 — Total $ 3,123 $ 3,550 (1) Guaranteed by ING Group. Unsecured senior debt, which consists of senior fixed rate notes and guarantees of fixed rate notes, ranks highest in priority, followed by subordinated debt, which consists of junior subordinated debt securities. As of December 31, 2017 , aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows: 2018 $ 337 2019 1 2020 1 2021 1 2022 364 Thereafter 2,792 Total $ 3,496 Senior Notes On July 13, 2012, Voya Financial, Inc. issued $850 of unsecured 5.5% Senior Notes due 2022 (the "2022 Notes") in a private placement with registration rights. The 2022 Notes are guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears, on each January 15 and July 15. On February 11, 2013, Voya Financial, Inc. issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 (the "2018 Notes") in a private placement with registration rights. The 2018 Notes are guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears, on each February 15 and August 15. On July 26, 2013, Voya Financial, Inc. issued $400 of unsecured 5.7% Senior Notes due 2043 (the "2043 Notes") in a private placement with registration rights. The 2043 Notes are guaranteed by Voya Holdings. Interest is paid semi-annually on each January 15 and July 15. The 2022 Notes, 2018 Notes and 2043 Notes were the subject of SEC-registered exchange offers during 2013, pursuant to which the Company's registration obligations with respect to each of these series were satisfied. On June 13, 2016, Voya Financial, Inc. issued $500 of unsecured 3.65% Senior Notes due 2026 (the "2026 Notes") and $300 of unsecured 4.8% Senior Notes due 2046 (the "2046 Notes") in a registered public offering. The 2026 Notes and 2046 Notes are fully, irrevocably and unconditionally guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears, on each June 15 and December 15. On July 5, 2017, Voya Financial, Inc. issued $400 of unsecured 3.125% Senior Notes due July 15, 2024 (the "2024 Notes") in a registered public offering. The 2024 Notes are fully, irrevocably and unconditionally guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears on January 15 and July 15 of each year, commencing on January 15, 2018. The offering resulted in aggregate net proceeds to the Company of $395 , after deducting commissions and expenses. During the year ended December 31, 2016 , Voya Financial, Inc. repurchased $487 and $173 of the outstanding principal amounts of the 2022 Notes and the 2018 Notes, respectively. In connection with these transactions, the Company incurred a loss on debt extinguishment of $88 for the year ended December 31, 2016 , which was recorded in Interest expense in the Consolidated Statements of Operations. During the year ended December 31, 2017 , Voya Financial, Inc. repurchased $90 and redeemed $400 in aggregate principal amounts of the outstanding 2018 Notes, following which, $337 aggregate principal amount of 2018 Notes remained outstanding. In connection with these transactions, the Company incurred a loss on debt extinguishment of $4 for the year ended December 31, 2017 , which was recorded in Interest expense in the Consolidated Statements of Operations. On February 15, 2018, the remaining 2018 Notes matured and Voya Financial paid the principal and interest due. Put Option Agreement for Senior Debt Issuance On March 17, 2015, the Company entered into an off-balance sheet ten -year put option agreement with a Delaware trust formed by the Company, in connection with the sale by the trust of $500 aggregate amount of pre-capitalized trust securities redeemable February 15, 2025 ("P-Caps") in a Rule 144A private placement. The trust invested the proceeds from the sale of the P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities. The put option agreement provides Voya Financial, Inc. the right to sell to the trust at any time up to $500 of its 3.976% Senior Notes due 2025 (" 3.976% Senior Notes") and receive in exchange a corresponding amount of the principal and interest strips of U.S. Treasury securities held by the trust. The 3.976% Senior Notes will not be issued unless and until the put option is exercised. In return, the Company agreed to pay a semi-annual put premium to the trust at a rate of 1.875% per annum applied to the unexercised portion of the put option, and to reimburse the trust for its expenses. The put premium is recorded in Operating expenses in the Consolidated Statements of Operations. The 3.976% Senior Notes will be fully, irrevocably and unconditionally guaranteed by Voya Holdings. The Company’s obligations under the put option agreement and the expense reimbursement agreement with the trust are also guaranteed by Voya Holdings. The put option described above will be exercised automatically in full upon the Company’s failure to make certain payments to the trust, including any failure to pay the put option premium or expense reimbursements when due, if the failure to pay is not cured within 30 days, and upon certain bankruptcy events involving the Company or Voya Holdings. The Company is also required to exercise the put option in full: (i) if the Company reasonably believes that its consolidated shareholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI and Noncontrolling interest, has fallen below $3.0 billion , subject to adjustment in certain cases; (ii) upon the occurrence of an event of default under the 3.976% Senior Notes; and (iii) if certain events occur relating to the trust’s status as an "investment company" under the Investment Company Act of 1940. The Company has a one-time right to unwind a prior voluntary exercise of the put option by repurchasing all of the 3.976% Senior Notes then held by the trust in exchange for a corresponding amount of U.S. Treasury securities. If the put option has been fully exercised, the 3.976% Senior Notes issued may be redeemed by the Company prior to their maturity at par or, if greater, at a make-whole redemption price, in each case plus accrued and unpaid interest to the date of redemption. The P-Caps are to be redeemed by the trust on February 15, 2025 or upon any early redemption of the 3.976% Senior Notes. Junior Subordinated Notes On May 16, 2013, Voya Financial, Inc. issued $750 of 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 (the "2053 Notes") in a private placement with registration rights. The 2053 Notes are guaranteed on a junior subordinated basis by Voya Holdings. Interest is paid semi-annually, in arrears, on each May 15 and November 15, at a fixed rate of 5.65% until May 15, 2023. From May 15, 2023, the 2053 Notes will bear interest at an annual rate equal to three -month LIBOR plus 3.58% payable quarterly, in arrears, on February 15, May 15, August 15 and November 15. So long as no event of default with respect to the 2053 Notes has occurred and is continuing, the Company has the right on one or more occasions, to defer the payment of interest on the 2053 Notes for one or more consecutive interest periods for up to five years. During the deferral period, interest will continue to accrue at the then-applicable rate and deferred interest will bear additional interest at the then-applicable rate. At any time following notice of the Company’s plan to defer interest and during the period interest is deferred, the Company and its subsidiaries generally, with certain exceptions, may not make payments on or redeem or purchase any shares of the Company’s common stock or any of the debt securities or guarantees that rank in liquidation on a parity with or are junior to the 2053 Notes. The Company may elect to redeem the 2053 Notes (i) in whole at any time or in part on or after May 15, 2023 at a redemption price equal to the principal amount plus accrued and unpaid interest. If the notes are not redeemed in whole, $25 of aggregate principal (excluding the principal amount of 2053 Notes held by the Company, or its affiliates) must remain outstanding after giving effect to the redemption; or (ii) in whole, but not in part, at any time prior to May 15, 2023 within 90 days after the occurrence of a "tax event" or "rating agency event", as defined in the 2053 Notes Offering Memorandum, at a redemption price equal to the principal amount, or, if greater, a "make-whole redemption price," as defined in the 2053 Notes Offering Memorandum, plus, in each case accrued and unpaid interest. The 2053 Notes were the subject of an SEC-registered exchange offer during 2013, pursuant to which the Company's registration obligations with respect to the 2053 Notes were satisfied. On January 23, 2018, Voya Financial, Inc. completed an offering, through a private placement, of $350 aggregate principal amount of 4.7% Fixed-to-Floating Rate Junior Subordinated Notes due 2048 (the "2048 Notes"). The 2048 Notes are guaranteed on an unsecured, junior subordinated basis by Voya Holdings. The Company used the net proceeds from the offering to repay at maturity its 2018 Notes and to pay accrued interest thereon. The remaining proceeds after the repayment of the 2018 Notes were used for general corporate purposes. Interest is paid on the 2048 Notes semi-annually, in arrears, on each January 23 and July 23, at a fixed rate of 4.7% until January 23, 2028. From January 23, 2028, the 2048 Notes bear interest at an annual rate equal to three-month LIBOR plus 2.084% payable quarterly, in arrears, on January 23, April 23, July 23 and October 23. So long as no event of default with respect to the 2048 Notes has occurred and is continuing, the Company has the right on one or more occasions, to defer the payment of interest on the 2048 Notes for one or more consecutive interest periods for up to five years. During the deferral period, interest will continue to accrue at the then-applicable rate and deferred interest will bear additional interest at the then-applicable rate. At any time following notice of the Company's plan to defer interest and during the period interest is deferred, the Company and its subsidiaries generally, with certain exceptions, may not make payments on or redeem or purchase any shares of the Company's common stock or any of the debt securities or guarantees that rank in liquidation on a parity with or are junior to the 2048 Notes. The Company may elect to redeem the 2048 Notes (i) in whole at any time or in part on or after January 23, 2028 at a redemption price equal to the principal amount plus accrued and unpaid interest. If the notes are not redeemed in whole, $25 of aggregate principal (excluding the principal amount of the 2048 Notes held by the Company, or its affiliates) must remain outstanding after giving effect to the redemption; or (ii) in whole, but not in part, at any time prior to January 23, 2028 within 90 days after the occurrence of a "tax event", a "rating agency event" or a "regulatory capital event", as defined in the 2048 Notes offering memorandum, at a redemption price equal to (a) with respect to a "rating agency event" 102% of their principal amount and (ii) with respect to a "tax event" or a "regulatory capital event", their principal amount, in each case plus accrued and unpaid interest. Pursuant to a registration rights agreement that the Company has entered into with respect to the 2048 Notes, the Company has agreed to use commercially reasonable efforts to file a registration statement with respect to the 2048 Notes within 320 days from the closing date. Aetna Notes ING Group guarantees various debentures of Voya Holdings that were assumed by Voya Holdings in connection with the Company’s acquisition of Aetna’s life insurance and related businesses in 2000 (the "Aetna Notes"). Concurrent with the completion of the Company’s IPO, the Company entered into a shareholder agreement with ING Group that governs certain aspects of the Company’s continuing relationship. The Company agreed in the shareholder agreement to reduce the aggregate outstanding principal amount of Aetna Notes to: • no more than $200 as of December 31, 2017; • no more than $100 as of December 31, 2018; • and zero as of December 31, 2019. The reduction in principal amount of Aetna Notes can be accomplished, at the Company’s option, through redemptions, repurchases or other means, but will also be deemed to have been reduced to the extent the Company posts collateral with a third-party collateral agent, for the benefit of ING Group, which may consist of cash collateral; certain investment-grade debt instruments; a LOC meeting certain requirements; or senior debt obligations of ING Group or a wholly owned subsidiary of ING Group (other than the Company or its subsidiaries). If the Company fails to reduce the outstanding principal amount of the Aetna Notes by the means noted above, the Company agreed to pay a quarterly fee (ranging from 0.75% per quarter for 2017 to 1.25% per quarter for 2019) to ING Group based on the outstanding principal amount of Aetna Notes which exceed the limits set forth above. During the year ended December 31, 2016 , Voya Holdings repurchased $15 , $16 , and $17 of the outstanding principal amount of 6.97% Debentures due August 15, 2036, 7.63% Debentures due August 15, 2026, and 7.25% Debentures due August 15, 2023, respectively. In connection with these transactions, the Company incurred a loss on debt extinguishment of $17 for the year ended December 31, 2016 , which was recorded in Interest expense in the Consolidated Statements of Operations. As of December 31, 2017 and 2016 , the outstanding principal amounts of the Aetna Notes were $426 . For the years ended December 31, 2017 and 2016 , the amounts of collateral required to avoid the payment of a fee to ING Group were $226 and $127 , respectively. On December 30, 2015 , the Company exercised its option to establish a control account benefiting ING Group with a third-party collateral agent. During the years ended December 31, 2017 and 2016 , the Company deposited $104 and $50 of collateral, respectively, increasing the remaining collateral balance to $231 and $127 , respectively. The cash collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account. On January 16, 2018, Voya Holdings repurchased $10 of the outstanding principal amount of 7.63% Debentures due August 15, 2026. In connection with this transaction, the Company incurred a loss on debt extinguishment of $3 which will be recorded in Interest expense in the Consolidated Statements of Operations in the first quarter of 2018. Windsor Property Loan On June 16, 2007, the State of Connecticut acting on behalf of the Department of Economic and Community Development ("DECD") loaned VRIAC $10 (the "DECD Loan") in connection with the development of a corporate office facility located at One Orange Way, Windsor, Connecticut that serves as the principal executive offices of the Company (the "Windsor Property"). In November 2012, VRIAC provided a letter of credit to the DECD in the amount of $11 as security for its repayment obligations with respect to the loan. The letter of credit was cancelled in August 2017. As of December 31, 2017 and 2016 , the amount of the loan outstanding was $5 , which is reflected in Long-term debt on the Consolidated Balance Sheets. In August 2017 the loan agreement between VRIAC and the DECD was amended to allow for the substitution of cash as collateral in place of the letter of credit along with a Pledge and Security Agreement between VRIAC and the DECD pursuant to which VRIAC grants the DECD a lien on and security interest in a cash deposit account in the name of VRIAC held at The Bank of New York Mellon ("BNY Mellon"), and a Collateral Account Control Agreement by and among VRIAC, the DECD and BNY Mellon to accommodate the cash deposit account. Upon completion of the amendment documents, on August 1, 2017, $5 in cash was transferred into the cash deposit account. The pledged cash collateral amount is the current outstanding principal amount of $5 , reflecting a recent immaterial amount of credit for loan forgiveness, plus an amount to cover a default penalty of 2.5% of the original $10 funding. VRIAC’s monthly payments of principal and interest are processed out of the cash deposit account. Credit Facilities The Company maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of December 31, 2017 , unsecured and uncommitted credit facilities totaled $496 , unsecured and committed credit facilities totaled $6.2 billion and secured facilities totaled $205 . Of the aggregate $6.9 billion capacity available, the Company utilized $3.2 billion in credit facilities as of December 31, 2017 . Total fees associated with credit facilities for the years ended 2017 , 2016 and 2015 were $50 , $46 and $89 , respectively. The following table outlines the Company's credit facilities as of December 31, 2017 : Secured/ Unsecured Committed/ Uncommitted Expiration Capacity Utilization Unused Commitment Obligor / Applicant Voya Financial, Inc. Unsecured Committed 05/06/2021 $ 2,250 $ — $ 2,250 Security Life of Denver International Limited Unsecured Committed 01/24/2018 175 175 — Voya Financial, Inc. / Langhorne I, LLC Unsecured Committed 01/15/2019 500 — 500 Security Life of Denver International Limited Unsecured Committed 10/29/2023 61 61 — Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Committed 12/31/2025 475 475 — Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Committed 07/01/2037 1,525 1,292 233 Voya Financial, Inc. Secured Committed 02/11/2021 195 195 — Voya Financial, Inc. Unsecured Uncommitted Various 1 1 — Voya Financial, Inc. Secured Uncommitted Various 10 1 — Voya Financial, Inc. / Roaring River LLC Unsecured Committed 10/01/2025 425 328 97 Voya Financial, Inc. / Roaring River IV, LLC Unsecured Committed 12/31/2028 565 295 270 Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Uncommitted 04/20/2018 300 45 — Voya Financial, Inc. Unsecured Committed 12/09/2021 195 161 34 Voya Financial, Inc. Unsecured Uncommitted 01/20/2022 195 168 — Total $ 6,872 $ 3,197 $ 3,384 Secured facilities $ 205 $ 196 $ — Unsecured and uncommitted 496 214 — Unsecured and committed 6,171 2,787 3,384 Total $ 6,872 $ 3,197 $ 3,384 Senior Unsecured Credit Facility Effective May 6, 2016, the Company revised the terms of its Amended and Restated Revolving Credit Agreement ("Amended Credit Agreement"), dated February 14, 2014, by entering into a Second Amended and Restated Revolving Credit Agreement ("Second Amended and Restated Credit Agreement") with a syndicate of banks, a large majority of which participated in the Amended Credit Agreement. The Second Amended and Restated Credit Agreement modifies the Amended Credit Agreement by extending the term of the agreement to May 6, 2021 and reducing the total amount of LOCs that may be issued from $3.0 billion to $2.25 billion . The revolving credit sublimit of $750 present in the Amended Credit Agreement remained unchanged. As of December 31, 2017 , there were no amounts outstanding as revolving credit borrowings and an immaterial amount of LOCs outstanding under the senior unsecured credit facility. On January 24, 2018, the Company further amended the Second Amended and Restated Credit Agreement, dated as of May 6, 2016, by entering into a Second Amendment to the Second Amended and Restated Revolving Credit Agreement ("Second Amendment") with the lenders thereunder. The Second Amendment modifies the Second Amended and Restated Credit Agreement by requiring the Company to maintain a minimum net worth in light of the classification of substantially all of its CBVA and Annuities businesses to businesses held for sale. Upon entering into the MTA for the Transaction, the Company recorded an estimated loss on sale in the fourth quarter of 2017. Consequently, Voya Financial, Inc. is now required to maintain a minimum net worth equal to the greater of (i) $6 billion or (ii) 75% of the Company’s actual net worth as of December 31, 2017 (as calculated in the manner set forth in the Second Amended Credit Agreement). The minimum net worth amount may increase upon any future equity issuances by the Company or if the Transaction does not close. The Second Amendment also provides that, upon the closing of the MTA, the total amount of LOCs that may be issued shall be reduced from $2.25 billion to $1.25 billion . The $750 sublimit available for direct borrowings remains unchanged. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company leases its office space and certain equipment under operating leases, the longest term of which expires in 2027. For the years ended December 31, 2017 and 2016 , rent expense for leases was $34 . For the year ended December 31, 2015 rent expense for leases was $40 . The future net minimum payments under non-cancelable leases are as follows as of December 31, 2017 : 2018 $ 29 2019 27 2020 24 2021 23 2022 23 Thereafter 39 Total minimum lease payments $ 165 Commitments Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments. For the continuing business, as of December 31, 2017 , the Company had off-balance sheet commitments to acquire mortgage loans of $369 and purchase limited partnerships and private placement investments of $1,212 , of which $325 related to consolidated investment entities. For the businesses held for sale, as of December 31, 2017 , the Company had off-balance sheet commitments to acquire mortgage loans of $202 and purchase limited partnerships and private placement investments of $400 . Insurance Company Guaranty Fund Assessments Insurance companies are assessed on the costs of funding the insolvencies of other insurance companies by the various state guaranty associations, generally based on the amount of premiums companies collect in that state. The Company accrues the cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of premiums written in each state. The Company has estimated this undiscounted liability, which is included in Other liabilities on the Consolidated Balance Sheets, to be $6 and $12 as of December 31, 2017 and 2016 , respectively. The Company has also recorded an asset, in Other assets on the Consolidated Balance Sheets of $19 and $21 as of December 31, 2017 and 2016 , respectively, for future credits to premium taxes. The Company estimates its liabilities for future assessments under state insurance guaranty association laws. The Company believes the reserves established are adequate for future assessments relating to insurance companies that are currently subject to insolvency proceedings. Restricted Assets The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, credit facilities and derivative transactions. The components of the fair value of the restricted assets were as follows as of December 31, 2017 and 2016 : 2017 2016 Fixed maturity collateral pledged to FHLB (1) $ 602 $ 405 FHLB restricted stock (2) 67 33 Other fixed maturities-state deposits 175 197 Securities pledged (3) 2,087 1,409 Total restricted assets $ 2,931 $ 2,044 (1) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. Excludes $691 of collateral pledged related to the businesses held for sale as of December 31, 2017. (2) Included in Other investments on the Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $1,854 and $1,133 as of December 31, 2017 and 2016 , respectively. In addition, as of December 31, 2017 and 2016 , the Company delivered securities as collateral of $233 and $276 , respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Consolidated Balance Sheets. Federal Home Loan Bank Funding Agreements The Company is a member of the FHLB of Des Moines and the FHLB of Topeka and is required to pledge collateral to back funding agreements issued to the FHLB. As of December 31, 2017 and 2016 , the Company had $501 and $300 , respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Consolidated Balance Sheets. As of December 31, 2017 and 2016 , assets with a market value of approximately $602 and $405 , respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. Litigation, Regulatory Matters and Loss Contingencies Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including negligence, breach of contract, fraud, violation of regulation or statute, breach of fiduciary duty, negligent misrepresentation, failure to supervise, elder abuse and other torts. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of December 31, 2017 , the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $75 . For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company's accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews. Litigation includes Beeson, et al. v SMMS, Lion Connecticut Holdings, Inc. and ING NAIC (Marin County CA Superior Court, CIV-092545). Thirty-four Plaintiff households (husband/wife/trust) assert that SMMS, which was purchased in 2000 and sold in 2003, breached a duty to monitor the performance of investments that Plaintiffs made with independent financial advisors they met in conjunction with retirement planning seminars presented at Fireman’s Fund Insurance Company. SMMS recommended the advisors to Fireman’s Fund as seminar presenters. Some of the seminars were arranged by SMMS. As a result of the performance of their investments, Plaintiffs claim they incurred damages. Fireman’s Fund has asserted breach of contract and concealment claims against SMMS alleging that SMMS failed to fulfill its ongoing obligation to monitor the financial advisors and the investments they recommended to Plaintiffs and by failing to disclose that a primary purpose of the seminars was to develop business for the financial advisors. The Company denied all claims and vigorously defended this case at trial. During trial, the Court ruled that SMMS had duties to Plaintiffs and Fireman’s Fund that it has breached. On December 12, 2014, the Court issued a Statement of Decision in which it awarded damages in the aggregate of $37 to Plaintiffs. On January 7, 2015, the Court made final the award in favor of the Plaintiffs. The Company appealed that judgment. On February 9, 2016, final judgment in favor of Fireman's Fund was entered in the amount of $13 . The company has appealed that judgment. Litigation also includes Dezelan v. Voya Retirement Insurance and Annuity Company (USDC District of Connecticut, No. 3:16-cv-1251) (filed July 26, 2016), a putative class action in which plaintiff, a participant in a 403(b) Plan, seeks to represent a class of plans whose assets are invested in Voya Retirement Insurance and Annuity Company ("VRIAC") "Group Annuity Contract Stable Value Funds." Plaintiff alleges that VRIAC has violated the Employee Retirement Income Security Act of 1974 ("ERISA") by charging unreasonable fees and setting its own compensation in connection with stable value products. Plaintiff seeks declaratory and injunctive relief, disgorgement of profits, damages and attorney’s fees. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. On July 19, 2017 the district court granted the Company's motion to dismiss, but permitted the plaintiff to file an amended complaint. The plaintiff has filed a first amended complaint, and the Company has moved to dismiss that complaint. Litigation also includes Patrico v. Voya Financial, Inc., et al (USDC SDNY, No. 1:16-cv-07070) (filed September 9, 2016), a putative class action in which plaintiff, a participant in a 401(k) Plan, seeks to represent a class of plans "for which Voya or its subsidiaries provide recordkeeping, investment management or investment advisory services and for which Financial Engines provides investment advice to plan participants." Plaintiff alleges that the Company and its affiliates have violated ERISA by charging unreasonable fees in connection with in-plan investment advice provided in conjunction with Financial Engines, a third-party investment adviser. Plaintiff seeks declaratory and injunctive relief, disgorgement of profits, damages and attorney’s fees. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. On June 20, 2017, the district court granted the Company's motion to dismiss, but permitted the plaintiff to file an amended complaint. The plaintiff has filed a motion for leave to file a first amended complaint, and the Company opposed that motion. Litigation also includes Goetz v. Voya Financial and Voya Retirement Insurance and Annuity Company (USDC District of Delaware, No. 1:17-cv-1289) (filed September 8, 2017), a putative class action in which plaintiff, a participant in a 401(k) plan, seeks to represent other participants in the plan as well as a class of similarly situated plans that "contract with [Voya] for recordkeeping and other services." Plaintiff alleges that "Voya" breached its fiduciary duty to the plan and other plan participants by charging unreasonable and excessive recordkeeping fees, and that "Voya" distributed materially false and misleading 404a-5 administrative and fund fee disclosures to conceal its excessive fees. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. Contingencies related to Performance-based Capital Allocations on Private Equity Funds Certain performance-based capital allocations related to sponsored private equity funds ("carried interest") are not final until the conclusion of an investment term specified in the relevant asset management contract. As a result, such carried interest, if accrued or paid to the Company during such term, is subject to later adjustment based on subsequent fund performance. If the fund’s cumulative investment return falls below specified investment return hurdles, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to the performance-based capital allocation. Should the fund’s cumulative investment return subsequently increase above specified investment return hurdles in future periods, previous reversals could be fully or partially recovered. As of December 31, 2017 , approximately $66 of previously accrued carried interest would be subject to full or partial reversal in future periods if cumulative fund performance hurdles are not maintained throughout the remaining life of the affected funds. For the year ended December 31, 2017 , approximately $25 in previously reversed accrued carried interest, associated with one private equity fund, was recovered as a result of an increase in fund performance. As of December 31, 2016 , approximately $31 of previously accrued carried interest would be subject to full or partial reversal in future periods if cumulative fund performance hurdles are not maintained throughout the remaining life of the affected funds. For the year ended December 31, 2016 , approximately $30 in previously accrued carried interest, associated with one private equity fund, was reversed as a result of a decline in fund performance. |
Consolidated Investment Entitie
Consolidated Investment Entities | 12 Months Ended |
Dec. 31, 2017 | |
Consolidated Investment Entities [Abstract] | |
Consolidated Investment Entities | Consolidated Investment Entities In the normal course of business, the Company provides investment management services to, invests in and has transactions with, various types of investment entities which may be considered VIEs or VOEs. The Company evaluates its involvement with each entity to determine whether consolidation is required. The Company holds variable interests in certain investment entities in the form of debt or equity investments, as well as the right to receive management fees, performance fees, and carried interest. The Company consolidates certain entities under the VIE guidance when it is determined that the Company is the primary beneficiary. Alternatively, certain entities are consolidated under the VOE guidance when control is obtained through voting rights. The Company has no right to the benefits from, nor does it bear the risks associated with consolidated investment entities beyond the Company’s direct equity and debt investments in and management fees generated from these entities. Such direct investments amounted to approximately $442 and $587 as of December 31, 2017 and 2016 , respectively. If the Company were to liquidate, the assets held by consolidated investment entities would not be available to the general creditors of the Company as a result of the liquidation. Consolidated VIEs and VOEs Collateral Loan Obligation Entities ("CLOs") The Company is involved in the design, creation, and the ongoing management of CLOs. These entities are created for the purpose of acquiring diversified portfolios of senior secured floating rate leveraged loans, which are securitized by issuing multiple tranches of collateralized debt; thereby providing investors with a broad array of risk and return profiles. Also known as collateralized financing entities under Topic 810, CLOs are variable interest entities by definition. In return for providing collateral management services, the Company earns investment management fees and contingent performance fees. In addition to earning fee income, the Company often holds an investment in certain of the CLOs it manages, generally within the unrated and most subordinated tranche of each CLO. The fee income earned and investments held are included in the Company's ongoing consolidation assessment for each CLO. The Company was the primary beneficiary of 4 and 6 CLOs as of December 31, 2017 and 2016 , respectively. Limited Partnerships ("LPs") The Company invests in and manages various limited partnerships, including private equity funds and hedge funds. These entities have been evaluated by the Company and are determined to be VIEs due to the equity holders, as a group, lacking the characteristics of a controlling financial interest. In return for serving as the general partner of and providing investment management services to these entities, the Company earns management fees and carried interest in the normal course of business. Additionally, the Company often holds an investment in each limited partnership it manages, generally in the form of general partner and limited partner interests. The fee income, carried interest, and investments held are included in the Company’s ongoing consolidation analysis for each limited partnership. The Company consolidated 14 and 13 funds, which were structured as partnerships, as of December 31, 2017 and 2016 , respectively. Registered Investment Companies The Company consolidated one and two sponsored investment funds accounted for as VOEs as of December 31, 2017 and 2016 , respectively. because it is the majority investor in the funds, and as such, has a controlling financial interest in the funds. The following table summarizes the components of the consolidated investment entities as of the dates indicated: December 31, 2017 December 31, 2016 Assets of Consolidated Investment Entities VIEs Cash and cash equivalents $ 216 $ 133 Corporate loans, at fair value using the fair value option 1,089 1,921 Limited partnerships/corporations, at fair value 1,714 1,770 Other assets 75 32 Total VIE assets 3,094 3,856 VOEs Cash and cash equivalents 1 — Corporate loans, at fair value using the fair value option — 32 Limited partnerships/corporations, at fair value 81 166 Other assets — 2 Total VOE assets 82 200 Total assets of consolidated investment entities $ 3,176 $ 4,056 Liabilities of Consolidated Investment Entities VIEs CLO notes, at fair value using the fair value option $ 1,047 $ 1,967 Other liabilities 649 521 Total VIE liabilities 1,696 2,488 VOEs Other liabilities 9 7 Total VOE liabilities 9 7 Total liabilities of consolidated investment entities $ 1,705 $ 2,495 The following tables summarize the impact of consolidation of investment entities into the Consolidated Balance Sheets as of the dates indicated: Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs Adjustments (2) Total December 31, 2017 Total investments and cash $ 67,709 $ — $ — $ (8 ) $ (396 ) $ 67,305 Other assets 15,431 — — (36 ) (1 ) 15,394 Assets held in consolidated investment entities — 1,163 2,013 — — 3,176 Assets held in separate accounts 77,605 — — — — 77,605 Assets held for sale 59,052 — — — — 59,052 Total assets $ 219,797 $ 1,163 $ 2,013 $ (44 ) $ (397 ) $ 222,532 Future policy benefits and contract owner account balances $ 65,805 $ — $ — $ — $ — $ 65,805 Other liabilities 8,101 — — — — 8,101 Liabilities held in consolidated investment entities — 1,163 587 (44 ) (1 ) 1,705 Liabilities related to separate accounts 77,605 — — — — 77,605 Liabilities held for sale 58,277 — — — — 58,277 Total liabilities 209,788 1,163 587 (44 ) (1 ) 211,493 Equity attributable to common shareholders 10,009 — 1,426 — (1,426 ) 10,009 Equity attributable to noncontrolling interest in consolidated investment entities — — — — 1,030 1,030 Total liabilities and equity $ 219,797 $ 1,163 $ 2,013 $ (44 ) $ (397 ) $ 222,532 (1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation,which are accounted for using the equity method or fair value option. (2) Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds. Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs (2) Total December 31, 2016 Total investments and cash $ 66,466 $ — $ — $ (17 ) $ (570 ) $ 65,879 Other assets 15,757 — — — (1 ) 15,756 Assets held in consolidated investment entities — 2,054 2,002 — — 4,056 Assets held in separate accounts 66,185 — — — — 66,185 Assets held for sale 62,709 — — — — 62,709 Total assets $ 211,117 $ 2,054 $ 2,002 $ (17 ) $ (571 ) $ 214,585 Future policy benefits and contract owner account balances $ 64,848 $ — $ — $ — $ — $ 64,848 Other liabilities 7,513 — — — — 7,513 Liabilities held in consolidated investment entities — 2,054 459 (17 ) (1 ) 2,495 Liabilities related to separate accounts 66,185 — — — — 66,185 Liabilities held for sale 59,576 — — — — 59,576 Total liabilities 198,122 2,054 459 (17 ) (1 ) 200,617 Equity attributable to common shareholders 12,995 — 1,543 — (1,543 ) 12,995 Equity attributable to noncontrolling interest in consolidated investment entities — — — — 973 973 Total liabilities and equity $ 211,117 $ 2,054 $ 2,002 $ (17 ) $ (571 ) $ 214,585 (1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. (2) Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds. The following tables summarize the impact of consolidation of investment entities into the Consolidated Statements of Operations for the periods indicated: Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs (2) Total December 31, 2017 Revenues: Net investment income $ 3,391 $ — $ — $ (2 ) $ (95 ) $ 3,294 Fee income 2,675 — — (9 ) (39 ) 2,627 Premiums 2,121 — — — — 2,121 Net realized capital losses (227 ) — — — — (227 ) Other income 371 — — — — 371 Income related to consolidated investment entities — 82 350 — — 432 Total revenues 8,331 82 350 (11 ) (134 ) 8,618 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 4,636 — — — — 4,636 Other expense 3,367 — — — — 3,367 Operating expenses related to consolidated investment entities — 82 55 (11 ) (39 ) 87 Total benefits and expenses 8,003 82 55 (11 ) (39 ) 8,090 Income (loss) before income taxes 328 — 295 — (95 ) 528 Income tax expense (benefit) 740 — — — — 740 Income (loss) from continuing operations (412 ) — 295 — (95 ) (212 ) Income (loss) from discontinued operations, net of tax (2,580 ) — — — — (2,580 ) Net income (loss) (2,992 ) — 295 — (95 ) (2,792 ) Less: Net income (loss) attributable to noncontrolling interest — — — — 200 200 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (2,992 ) $ — $ 295 $ — $ (295 ) $ (2,992 ) (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs (2) Total December 31, 2016 Revenues: Net investment income $ 3,359 $ — $ — $ (7 ) $ 2 $ 3,354 Fee income 2,520 — — (17 ) (32 ) 2,471 Premiums 2,795 — — — — 2,795 Net realized capital losses (363 ) — — — — (363 ) Other income 342 — — — — 342 Income related to consolidated investment entities — 118 71 — — 189 Total revenues 8,653 118 71 (24 ) (30 ) 8,788 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 5,314 — — — — 5,314 Other expense 3,358 — — — — 3,358 Operating expenses related to consolidated investment entities — 118 44 (24 ) (32 ) 106 Total benefits and expenses 8,672 118 44 (24 ) (32 ) 8,778 Income (loss) before income taxes (19 ) — 27 — 2 10 Income tax expense (benefit) (29 ) — — — — (29 ) Income (loss) from continuing operations 10 — 27 — 2 39 Income (loss) from discontinued operations, net of tax (337 ) — — — — (337 ) Net income (loss) (327 ) — 27 — 2 (298 ) Less: Net income (loss) attributable to noncontrolling interest — — — — 29 29 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (327 ) $ — $ 27 $ — $ (27 ) $ (327 ) (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs (2) Total December 31, 2015 Revenues: Net investment income $ 3,373 $ — $ — $ 2 $ (32 ) $ 3,343 Fee income 2,544 — — (36 ) (38 ) 2,470 Premiums 2,554 — — — — 2,554 Net realized capital losses (560 ) — — — — (560 ) Other income 391 — — (5 ) (1 ) 385 Income related to consolidated investment entities — 312 228 (16 ) — 524 Total revenues 8,302 312 228 (55 ) (71 ) 8,716 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 4,698 — — — — 4,698 Other expense 3,258 — — — — 3,258 Operating expenses related to consolidated investment entities — 324 54 (55 ) (39 ) 284 Total benefits and expenses 7,956 324 54 (55 ) (39 ) 8,240 Income (loss) before income taxes 346 (12 ) 174 — (32 ) 476 Income tax expense (benefit) 84 — — — — 84 Income (loss) from continuing operations 262 (12 ) 174 — (32 ) 392 Income (loss) from discontinued operations, net of tax 146 — — — — 146 Net income (loss) 408 (12 ) 174 — (32 ) 538 Less: Net income (loss) attributable to noncontrolling interest — (12 ) — — 142 130 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408 $ — $ 174 $ — $ (174 ) $ 408 (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Fair Value Measurement Upon consolidation, the Company elected to apply the FVO for financial assets and financial liabilities held by CLOs and continued to measure these assets (primarily corporate loans) and liabilities (debt obligations issued by CLOs) at fair value in subsequent periods. The Company has elected the FVO to more closely align its accounting with the economics of its transactions and allows the Company to more effectively align changes in the fair value of CLO assets with a commensurate change in the fair value of CLO liabilities. Investments held by consolidated private equity funds are measured and reported at fair value in the Company's Consolidated Financial Statements. Changes in the fair value of consolidated investment entities are recorded as a separate line item within Income (loss) related to consolidated investment entities in the Company's Consolidated Statements of Operations. The methodology for measuring the fair value of financial assets and liabilities of consolidated investment entities, and the classification of these measurements in the fair value hierarchy is consistent with the methodology and classification applied by the Company to its investment portfolio. As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply NAV (or its equivalent) per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis depending on the entity and its underlying investments. Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable. In addition, the Company considers both macro and fund specific events that may impact the latest NAV supplied and determines if further adjustments of value should be made. Such changes, if any, are subject to senior management review. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. Cash and Cash Equivalents The carrying amounts for cash reflect the assets’ fair values. The fair value for cash equivalents is determined based on quoted market prices. These assets are classified as Level 1. CLOs Corporate loans : Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans maturing at various dates between 2018 and 2026, paying interest at LIBOR , EURIBOR or PRIME plus a spread of up to 10.5% . As of December 31, 2017 and 2016 , the unpaid principal balance exceeded the fair value of the corporate loans by approximately $17 and $43 , respectively. Less than 1.0% of the collateral assets were in default as of December 31, 2017 and 2016 . The fair values for corporate loans are determined using independent commercial pricing services. Fair value measurement based on pricing services may be classified in Level 2 or Level 3 depending on the type, complexity, observability and liquidity of the asset being measured. The inputs used by independent commercial pricing services, such as benchmark yields and credit risk adjustments, are those that are derived principally from, or corroborated by, observable market data. Hence, the fair value measurement of corporate loans priced by independent pricing service providers is classified within Level 2 of the fair value hierarchy. In addition, there are assets held with CLO portfolios that represent senior level debt of other third party CLOs. These CLO investments are classified within Level 3 of the fair value hierarchy. See description of fair value process for CLO notes below. CLO notes : The CLO notes are backed by a diversified loan portfolio consisting primarily of senior secured floating rate leveraged loans. Repayment risk is segmented into tranches with credit ratings of these tranches reflecting both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. The most subordinated tranche bears the first loss and receives the residual payments, if any. The interest rates are generally variable rates based on LIBOR plus a pre-defined spread, which varies from 0.2% for the more senior tranches to 6.6% for the more subordinated tranches. CLO notes mature at various dates between 2022 and 2027 and have a weighted average maturity of 8.4 years as of December 31, 2017 . The investors in this debt are not affiliated with the Company and have no recourse to the general credit of the Company for this debt. Subsequent to adoption of ASU 2014-13, the fair values of the CLO notes are measured based on the fair value of the CLO's corporate loans, as the Company uses the measurement alternative available under the ASU and determined that the inputs for measuring financial assets are more observable. The CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the classification of the majority of the CLO financial assets. The Company reviews the detailed prices, including comparisons to prior periods, for reasonableness. The Company utilizes a formal pricing challenge process to request a review of any price during which time the vendor examines its assumptions and relevant market inputs to determine if a price change is warranted. As of December 31, 2017 and 2016 , the Level 3 assets and liabilities were immaterial. The following narrative indicates the sensitivity of inputs: • Default Rate: An increase (decrease) in the expected default rate would likely increase (decrease) the discount margin (increase risk premium) used to value the CLO investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes. • Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes. • Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life ("WAL") would increase (decrease). • Discount Margin (spread over LIBOR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes and would decrease (increase) the value of the CLO investments and CLO notes. Private Equity Funds As prescribed in ASC Topic 820, the unit of account for these investments is the interest in the investee fund. The Company owns an undivided interest in the fund portfolio and does not have the ability to dispose of individual assets and liabilities in the fund portfolio. Rather, the Company would be required to redeem or dispose of its entire interest in the investee fund. There is no current active market for interests in underlying private equity funds. Valuation is generally based on the valuations provided by the fund's general partner or investment manager. The valuations typically reflect the fair value of the Company's capital account balance of each fund investment, including unrealized capital gains (losses), as reported in the financial statements of the respective investee fund as of the respective year end or the latest available date. In circumstances where fair values are not provided, the Company seeks to determine the fair value of fund investments based upon other information provided by the fund's general partner or investment manager or from other sources. The fair value of securities received in-kind from fund investments is determined based on the restrictions around the securities. • Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date; • Restricted, publicly traded securities may be valued at a discount from the closing public market price on the reporting date, depending on the circumstances; and • Privately held securities are valued by the directors/general partner of the investee fund, based on a variety of factors, including the price of recent transactions in the company's securities and the company's earnings, revenue and book value. In the case of direct investments or co-investments in private equity companies, the Company initially recognizes investments at cost and subsequently adjusts investments to fair value. On a quarterly basis, the Company reviews the general partner or lead investor's valuation of the investee company, taking into account other available information, such as indications of a market value through subsequent issues of capital or transactions between third parties, performance of the investee company during the period and public, comparable companies' analysis, where appropriate. Investments in these funds typically may not be fully redeemed at NAV within 90 days because of inherent restriction on near term redemptions. As of December 31, 2017 and 2016 , certain private equity funds maintained term loans and revolving lines of credit of $688 and $597 , respectively. The term loans renew every three years and the revolving lines of credit renew annually; all loans bear interest at LIBOR / EURIBOR plus 150 - 155 bps. The lines of credit are used for funding transactions before capital is called from investors, as well as for the financing of certain purchases. As of December 31, 2017 and 2016 , outstanding borrowings amount to $505 and $431 , respectively. The borrowings are reflected in Liabilities related to consolidated investment entities - other liabilities on the Company's Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2017 : Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 216 $ — $ — $ — $ 216 Corporate loans, at fair value using the fair value option — 1,089 — — 1,089 Limited partnerships/corporations, at fair value — — — 1,714 1,714 VOEs Cash and cash equivalents 1 — — — 1 Corporate loans, at fair value using the fair value option — — — — — Limited partnerships/corporations, at fair value — — — 81 81 Total assets, at fair value $ 217 $ 1,089 $ — $ 1,795 $ 3,101 Liabilities VIEs CLO notes, at fair value using the fair value option $ — $ 1,047 $ — $ — $ 1,047 Total liabilities, at fair value $ — $ 1,047 $ — $ — $ 1,047 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2016 : Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 133 $ — $ — $ — $ 133 Corporate loans, at fair value using the fair value option — 1,906 15 — 1,921 Limited partnerships/corporations, at fair value — — — 1,770 1,770 VOEs Cash and cash equivalents — — — — — Corporate loans, at fair value using the fair value option — 32 — — 32 Limited partnerships/corporations, at fair value — 107 — 59 166 Total assets, at fair value $ 133 $ 2,045 $ 15 $ 1,829 $ 4,022 Liabilities VIEs CLO notes, at fair value using the fair value option $ — $ 1,967 $ — $ — $ 1,967 Total liabilities, at fair value $ — $ 1,967 $ — $ — $ 1,967 Transfers of investments out of Level 3 and into Level 2 or Level 1, if any, are recorded as of the beginning of the period in which the transfer occurred. For the years ended December 31, 2017 and 2016 , there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2. Deconsolidation of Certain Investment Entities As of December 31, 2017 the Company determined it was no longer the primary beneficiary of three consolidated CLOs, due to a reduction in the Company’s investment in each CLO. This caused a reduction in the Company's obligation to absorb losses or right to receive benefits of the CLO that could potentially be significant to the CLO. Additionally, during the third quarter of 2017, it was determined that the Company's ownership interest in the Strategic Income Opportunities Fund was less than a majority of the fund's NAV and therefore did not represent a controlling financial interest. As a result of these determinations, the Company deconsolidated four investment entities during the year ended December 31, 2017 . Other than deconsolidations due to the adoption of ASU 2015-02 on January 1, 2016, the Company deconsolidated two investment entities during the year ended December 31, 2016 . Nonconsolidated VIEs CLOs In addition to the consolidated CLOs, the Company also holds variable interest in certain CLOs that are not consolidated as it has been determined that the Company is not the primary beneficiary. With these CLOs , the Company serves as the investment manager and receives investment management fees and contingent performance fees. Generally, the Company does not hold any interest in the nonconsolidated CLOs but if it does, such ownership has been deemed to be insignificant. The Company has not provided, and is not obligated to provide, any financial or other support to these entities. The Company reviews its assumptions on a periodic basis to determine if conditions have changed such that the projection of these contingent fees becomes significant enough to reconsider the Company's consolidation status as variable interest holder. As of December 31, 2017 and 2016 , the Company held $321 and $110 ownership interests, respectively, in unconsolidated CLOs. Limited Partnerships The Company manages or holds investments in certain private equity funds and hedge funds. With these entities, the Company serves as the investment manager and is entitled to receive at-market investment management fees and at-market contingent performance fees. The Company does not consolidate any of these investment funds for which it is not considered to be the primary beneficiary. In addition, the Company does not consolidate the funds in which its involvement takes a form of a limited partner interest and is restricted to a role of a passive investor, as a limited partner's interest does not provide the Company with any substantive kick-out or participating rights, nor does it provide the Company with power to direct the activities of the fund. The following table presents the carrying amounts of the variable interests in VIEs in which the Company concluded that it holds a variable interest, but is not the primary beneficiary as of the dates indicated. The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE. Variable Interests on the Consolidated Balance Sheet December 31, 2017 December 31, 2016 Carrying Amount Maximum exposure to loss Carrying Amount Maximum exposure to loss Fixed maturities, available for sale $ 321 $ 321 $ 110 $ 110 Limited partnership/corporations 784 784 759 759 Securitizations The Company invests in various tranches of securitization entities, including RMBS, CMBS and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer, or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and will not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS which are accounted for under the FVO whose change in fair value is reflected in Other net realized gains (losses) in the Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment. Refer to the Investments (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring 2016 Restructuring In 2016, the Company began implementing a series of initiatives designed to make it a simpler, more agile company able to deliver an enhanced customer experience ("2016 Restructuring"). These initiatives include an increasing emphasis on less capital-intensive products and the achievement of operational synergies. On July 31, 2017, the Company executed a variable 5 -year information technology services agreement with a third-party service provider at an expected annualized cost of $70 - $90 per year, with a total cumulative 5 -year cost of approximately $400 , subject to potential reduction as a result of the Organizational Restructuring program discussed below. Included in these costs are approximately $35 of transition costs, which are included in the restructuring amounts below. This initiative, which is a component of the Company’s 2016 Restructuring program, improves expense efficiency and upgrades the Company's technology capabilities. Entry into this agreement resulted in severance, asset write-off, transition and other implementation costs. From inception through completion of these initiatives, the Company expects to incur total restructuring expenses for asset-write off of $16 and transition costs of approximately $35 . All anticipated asset write-off costs were incurred in 2017. In addition to the restructuring expenses incurred above, the reduction in employees from the execution of the contract described above caused the aggregate reduction in employees under the Company's 2016 Restructuring program to trigger an immaterial curtailment and related remeasurement of the Company's qualified defined benefit pension plan and active non-qualified defined benefit plan. The expected completion date for all 2016 Restructuring initiatives is the end of 2018. As the Company further develops these initiatives, it will incur additional restructuring expenses in one or more periods through the end of 2018. These costs, which include severance and other costs, cannot currently be estimated but could be material. The summary below presents restructuring expense, pre-tax, by type of costs incurred, for the periods indicated: Year Ended December 31, Cumulative Amounts Incurred to Date 2017 Severance benefits $ 34 $ 60 Asset write-off costs 16 16 Transition costs 17 17 Other costs 15 23 Total restructuring expense $ 82 $ 116 Total 2016 Restructuring expense is reflected in Operating expenses in the Consolidated Statements of Operations, but are excluded from Adjusted operating earnings before income taxes. These expenses are classified as a component of Other adjustments to Income (loss) from continuing operations before income taxes and consequently are not included in the adjusted operating results of the Company's segments. The following table presents the accrued liability associated with restructuring expenses as of December 31, 2017 : Severance Benefits Transition Costs Other Costs Total Accrued liability as of January 1, 2017 $ 21 $ — $ 2 $ 23 Provision 39 17 15 71 Payments (25 ) — (14 ) (39 ) Other adjustments (1) (5 ) — — (5 ) Accrued liability as of December 31, 2017 $ 30 $ 17 $ 3 (2) $ 50 (1) Represents net write-downs of accruals, not associated with payments. (2) Represents services performed but not yet paid. Organizational Restructuring As a result of the Company's entry into the Transaction, it is undertaking further restructuring efforts to reduce expenses associated with its CBVA and fixed and fixed indexed annuities businesses, as well as its corporate and shared services functions. The Transaction resulted in recognition of severance and other restructuring expenses. For the year ended December 31, 2017 , the Company incurred restructuring expenses of $4 , primarily related to severance, which are reflected in Income (loss) from discontinued operations, net of tax, in the Consolidated Statements of Operations. There were no payments made in 2017. Through the closing of the Transaction, the Company anticipates incurring additional restructuring expenses, directly related to the disposition. These costs, which include severance, transition and other costs, cannot currently be estimated but could be material. Refer to the Business Held for Sale and Discontinued Operations Note to these Consolidated Financial Statements for further information. In addition to restructuring expenses associated with discontinued operations, the Company will develop and approve additional Organizational Restructuring initiatives to simplify the organization as a result of the Transaction, and expects to incur restructuring expenses in one or more periods through the end of 2019. These costs, which include severance, transition and other costs, cannot currently be estimated but could be material. These costs will be reported in Operating expenses in the Consolidated Statement of Operations, but excluded from Adjusted operating earnings before income taxes and consequently are not included in the adjusted operating results of the Company's segments. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments | Segments Pursuant to the Transaction disclosed in the Business Held for Sale and Discontinued Operations note, which will result in the disposition of substantially all of the Company's CBVA and Annuities businesses, the Company evaluated its segments and determined that the retained CBVA and Annuities policies ("Retained Business") that are not components of the disposed businesses under the Transaction are insignificant. As such, the Company will no longer report its CBVA and Annuities businesses as segments and will include the results of the Retained Business in Corporate. The Company revised prior period information to conform to current period presentation. The Company provides its principal products and services through four segments: Retirement, Investment Management, Individual Life and Employee Benefits. These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. A brief description of these segments follows. The Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and administrative services to corporate, education, healthcare, other non-profit and government entities, and stable value products to institutional clients where the Company may or may not be providing defined contribution products and services, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers. The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. Products and services are offered to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and general accounts of the Company's insurance subsidiaries and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers). The Individual Life segment provides wealth protection and transfer opportunities through universal and variable life products, distributed through a network of independent general agents and managing directors, to meet the needs of a broad range of customers from the middle market through affluent market segments. The Employee Benefits segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses. The Company includes in Corporate the following corporate and business activities: • corporate operations, corporate level assets and financial obligations; financing and interest expenses, and other items not allocated or directly related to the Company's segments, including items such as expenses of its Strategic Investment Program described below, certain expenses and liabilities of employee benefit plans, certain adjustments to short-term and long-term incentive accruals and intercompany eliminations; • investment income on assets backing surplus in excess of amounts held at the segment level; • revenues and expenses related to a run-off block of guaranteed investment contracts ("GICs") and funding agreements as well as residual activity on other closed or divested businesses; • certain revenues and expenses of the Retained Business; and • certain expenses previously allocated to the CBVA and Annuities businesses held for sale. Measurement Adjusted operating earnings before income taxes is a measure used by management to evaluate segment performance. The Company believes that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of the Company’s financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. The Company uses the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as it does for the directly comparable U.S. GAAP measure Income (loss) from continuing operations before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as the U.S. GAAP measure of the Company’s consolidated results of operations. Therefore, the Company believes that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing the Company’s financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items: • Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest; • Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in adjusted operating earnings, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from adjusted operating earnings, including the impacts related to changes in the Company's nonperformance spread; • Income (loss) related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in the Company's core business, which would be obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how the Company manages its segments; • Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than the Company, in consolidated entities. Income (loss) attributable to noncontrolling interest represents such shareholders' interests in the gains and (losses) of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; • Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where the Company repurchases outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations; • Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses; • Immediate recognition of net actuarial gains (losses) related to the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and • Other items not indicative of normal operations or performance of the Company's segments or may be related to infrequent events including capital or organizational restructurings including certain costs related to debt and equity offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with the 2016 Restructuring. These items vary widely in timing, scope and frequency between periods as well as between companies to which the Company is compared. Accordingly, the Company adjusts for these items as management believes that these items distort the ability to make a meaningful evaluation of the current and future performance of the Company's segments. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of the Company's operating businesses. The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) from continuing operations before income taxes for the periods indicated: Year Ended December 31, 2017 2016 2015 Income (loss) from continuing operations before income taxes $ 528 $ 10 $ 476 Less Adjustments: Net investment gains (losses) and related charges and adjustments (84 ) (108 ) (55 ) Net guaranteed benefit hedging gains (losses) and related charges and adjustments 46 4 (69 ) Income (loss) related to businesses exited through reinsurance or divestment (45 ) (14 ) (169 ) Income (loss) attributable to noncontrolling interest 200 29 130 Loss related to early extinguishment of debt (4 ) (104 ) (10 ) Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments (16 ) (55 ) 63 Other adjustments (97 ) (71 ) (58 ) Total adjustments to income (loss) from continuing operations — (319 ) (168 ) Adjusted operating earnings before income taxes by segment: Retirement $ 456 $ 450 $ 471 Investment Management 248 171 182 Individual Life 92 59 173 Employee Benefits 127 126 146 Corporate (1) (395 ) (477 ) (328 ) Total $ 528 $ 329 $ 644 (1) Adjusted operating earnings before income taxes for Corporate includes Net investment gains (losses) and Net guaranteed benefit hedging gains (losses) associated with the Retained Business. These amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities. Adjusted operating revenues is a measure of the Company's segment revenues. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues to exclude the following items: • Net investment gains (losses) and related charges and adjustments, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue; • Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in Adjusted operating revenues, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from Adjusted operating revenues, including the impacts related to changes in the Company's nonperformance spread; • Revenues related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes revenues associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in the Company's core business, which would be obscured by including the effects of business exited, and more closely aligns Operating revenues with how the Company manages its segments; • Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than the Company, in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders' interests in the gains and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; and • Other adjustments to Total revenues primarily reflect fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in operating revenues. The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated: Year Ended December 31, 2017 2016 2015 Total revenues $ 8,618 $ 8,788 $ 8,716 Adjustments: Net realized investment gains (losses) and related charges and adjustments (100 ) (112 ) (121 ) Gain (loss) on change in fair value of derivatives related to guaranteed benefits 52 9 (63 ) Revenues related to businesses exited through reinsurance or divestment 122 96 26 Revenues attributable to noncontrolling interest 286 133 414 Other adjustments 212 183 223 Total adjustments to revenues 572 309 479 Adjusted operating revenues by segment: Retirement $ 2,538 $ 3,257 $ 2,994 Investment Management 731 627 622 Individual Life 2,563 2,528 2,617 Employee Benefits 1,767 1,616 1,507 Corporate (1) 447 451 497 Total $ 8,046 $ 8,479 $ 8,237 (1) Adjusted operating revenues for Corporate includes Net investment gains (losses) and Gains (losses) on change in fair value of derivatives related to guaranteed benefits associated with the Retained Business. These amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities. Other Segment Information The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated: Year Ended December 31, 2017 2016 2015 Investment management intersegment revenues $ 118 $ 114 $ 110 The summary below presents Total assets for the Company’s segments as of the dates indicated: December 31, 2017 December 31, 2016 Retirement $ 111,476 $ 100,104 Investment Management 626 513 Individual Life 27,301 26,851 Employee Benefits 2,657 2,549 Corporate 18,685 18,391 Total assets, before consolidation (1) 160,745 148,408 Consolidation of investment entities 2,735 3,468 Total assets, excluding assets held for sale 163,480 151,876 Assets held for sale 59,052 62,709 Total assets $ 222,532 $ 214,585 (1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Condensed Consolidating Financi
Condensed Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, "Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered" ("Rule 3-10"). The condensed consolidating financial information presents the financial position of Voya Financial, Inc. ("Parent Issuer"), Voya Holdings ("Subsidiary Guarantor") and all other subsidiaries ("Non-Guarantor Subsidiaries") of the Company as of December 31, 2017 and 2016 , and their results of operations, comprehensive income and cash flows for the years ended December 31, 2017 , 2016 and 2015 . The 5.5% senior notes due 2022, the 2.9% senior notes due 2018, the 5.7% senior notes due 2043, the 3.65% senior notes due 2026, the 4.8% senior notes due 2046, the 3.125% senior notes due 2024 (collectively, the "Senior Notes") and the 5.65% fixed-to-floating rate junior subordinated notes due 2053 (the "Junior Subordinated Notes"), each issued by Parent Issuer, are fully and unconditionally guaranteed by Subsidiary Guarantor, a 100% owned subsidiary of Parent Issuer. No other subsidiary of Parent Issuer guarantees the Senior Notes or the Junior Subordinated Notes. Rule 3-10(h) provides that a guarantee is full and unconditional if, when the issuer of a guaranteed security has failed to make a scheduled payment, the guarantor is obligated to make the scheduled payment immediately and, if it does not, any holder of the guaranteed security may immediately bring suit directly against the guarantor for payment of amounts due and payable. In the event that Parent Issuer does not fulfill the guaranteed obligations, any holder of the Senior Notes or the Junior Subordinated Notes may immediately bring a claim against Subsidiary Guarantor for amounts due and payable. The following condensed consolidating financial information is presented in conformance with the components of the Consolidated Financial Statements. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. Equity in the subsidiaries is therefore reflected in the Parent Issuer's and Subsidiary Guarantor's Investment in subsidiaries and Equity in earnings of subsidiaries. Non-Guarantor Subsidiaries represent all other subsidiaries on a combined basis. The consolidating adjustments presented herein eliminate investments in subsidiaries and intercompany balances and transactions. Condensed Consolidating Balance Sheet December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 48,344 $ (15 ) $ 48,329 Fixed maturities, at fair value using the fair value option — — 3,018 — 3,018 Equity securities, available-for-sale, at fair value 115 — 265 — 380 Short-term investments 212 — 259 — 471 Mortgage loans on real estate, net of valuation allowance — — 8,686 — 8,686 Policy loans — — 1,888 — 1,888 Limited partnerships/corporations — — 784 — 784 Derivatives 49 — 445 (97 ) 397 Investments in subsidiaries 12,293 7,618 — (19,911 ) — Other investments — 1 46 — 47 Securities pledged — — 2,087 — 2,087 Total investments 12,669 7,619 65,822 (20,023 ) 66,087 Cash and cash equivalents 244 1 973 — 1,218 Short-term investments under securities loan agreements, including collateral delivered 11 — 1,615 — 1,626 Accrued investment income — — 667 — 667 Premium receivable and reinsurance recoverable — — 7,632 — 7,632 Deferred policy acquisition costs and Value of business acquired — — 3,374 — 3,374 Current income taxes — 6 (2 ) — 4 Deferred income taxes 406 22 353 — 781 Loans to subsidiaries and affiliates 191 — 418 (609 ) — Due from subsidiaries and affiliates 2 — 3 (5 ) — Other assets 16 — 1,294 — 1,310 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 1,795 — 1,795 Cash and cash equivalents — — 217 — 217 Corporate loans, at fair value using the fair value option — — 1,089 — 1,089 Other assets — — 75 — 75 Assets held in separate accounts — — 77,605 — 77,605 Assets held for sale — — 59,052 — 59,052 Total assets $ 13,539 $ 7,648 $ 221,982 $ (20,637 ) $ 222,532 Condensed Consolidating Balance Sheet (Continued) December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 15,647 $ — $ 15,647 Contract owner account balances — — 50,158 — 50,158 Payables under securities loan agreement, including collateral held — — 1,866 — 1,866 Short-term debt 755 68 123 (609 ) 337 Long-term debt 2,681 438 19 (15 ) 3,123 Derivatives 49 — 197 (97 ) 149 Pension and other postretirement provisions — — 550 — 550 Due to subsidiaries and affiliates 1 — 2 (3 ) — Other liabilities 44 12 2,022 (2 ) 2,076 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 1,047 — 1,047 Other liabilities — — 658 — 658 Liabilities related to separate accounts — — 77,605 — 77,605 Liabilities held for sale — — 58,277 — 58,277 Total liabilities 3,530 518 208,171 (726 ) 211,493 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 10,009 7,130 12,781 (19,911 ) 10,009 Noncontrolling interest — — 1,030 — 1,030 Total shareholders' equity 10,009 7,130 13,811 (19,911 ) 11,039 Total liabilities and shareholders' equity $ 13,539 $ 7,648 $ 221,982 $ (20,637 ) $ 222,532 Condensed Consolidating Balance Sheet December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 47,409 $ (15 ) $ 47,394 Fixed maturities, at fair value using the fair value option — — 3,065 — 3,065 Equity securities, available-for-sale, at fair value 93 — 165 — 258 Short-term investments 212 — 179 — 391 Mortgage loans on real estate, net of valuation allowance — — 8,003 — 8,003 Policy loans — — 1,943 — 1,943 Limited partnerships/corporations — — 536 — 536 Derivatives 56 — 793 (112 ) 737 Investments in subsidiaries 14,743 10,798 — (25,541 ) — Other investments — 1 46 — 47 Securities pledged — — 1,409 — 1,409 Total investments 15,104 10,799 63,548 (25,668 ) 63,783 Cash and cash equivalents 257 2 1,837 — 2,096 Short-term investments under securities loan agreements, including collateral delivered 11 — 575 — 586 Accrued investment income — — 666 — 666 Premium receivable and reinsurance recoverable — — 7,287 — 7,287 Deferred policy acquisition costs and Value of business acquired — — 3,997 — 3,997 Current income taxes 31 9 124 — 164 Deferred income taxes 527 37 1,006 — 1,570 Loans to subsidiaries and affiliates 278 — 11 (289 ) — Due from subsidiaries and affiliates 3 — 2 (5 ) — Other assets 21 — 1,465 — 1,486 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 1,936 — 1,936 Cash and cash equivalents — — 133 — 133 Corporate loans, at fair value using the fair value option — — 1,953 — 1,953 Other assets — — 34 — 34 Assets held in separate accounts — — 66,185 — 66,185 Assets held for sale — — 62,709 — 62,709 Total assets $ 16,232 $ 10,847 $ 213,468 $ (25,962 ) $ 214,585 Condensed Consolidating Balance Sheet (Continued) December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 14,575 $ — $ 14,575 Contract owner account balances — — 50,273 — 50,273 Payables under securities loan agreement, including collateral held — — 969 — 969 Short-term debt 11 211 67 (289 ) — Long-term debt 3,108 437 20 (15 ) 3,550 Derivatives 56 — 353 (112 ) 297 Pension and other postretirement provisions — — 674 — 674 Due to subsidiaries and affiliates — — 3 (3 ) — Other liabilities 62 13 1,950 (2 ) 2,023 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 1,967 — 1,967 Other liabilities — — 528 — 528 Liabilities related to separate accounts — — 66,185 — 66,185 Liabilities held for sale — — 59,576 — 59,576 Total liabilities 3,237 661 197,140 (421 ) 200,617 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 12,995 10,186 15,355 (25,541 ) 12,995 Noncontrolling interest — — 973 — 973 Total shareholders' equity 12,995 10,186 16,328 (25,541 ) 13,968 Total liabilities and shareholders' equity $ 16,232 $ 10,847 $ 213,468 $ (25,962 ) $ 214,585 Condensed Consolidating Statement of Operations For the Year Ended December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 33 $ — $ 3,274 $ (13 ) $ 3,294 Fee income — — 2,627 — 2,627 Premiums — — 2,121 — 2,121 Net realized capital gains (losses): Total other-than-temporary impairments — — (30 ) — (30 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — (9 ) — (9 ) Net other-than-temporary impairments recognized in earnings — — (21 ) — (21 ) Other net realized capital gains (losses) — — (206 ) — (206 ) Total net realized capital gains (losses) — — (227 ) — (227 ) Other revenue 8 1 362 — 371 Income (loss) related to consolidated investment entities: Net investment income — — 432 — 432 Total revenues 41 1 8,589 (13 ) 8,618 Benefits and expenses: Policyholder benefits — — 3,030 — 3,030 Interest credited to contract owner account balances — — 1,606 — 1,606 Operating expenses 9 — 2,645 — 2,654 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 529 — 529 Interest expense 155 37 5 (13 ) 184 Operating expenses related to consolidated investment entities: Interest expense — — 80 — 80 Other expense — — 7 — 7 Total benefits and expenses 164 37 7,902 (13 ) 8,090 Income (loss) from continuing operations before income taxes (123 ) (36 ) 687 — 528 Income tax expense (benefit) 113 3 624 — 740 Income (loss) from continuing operations (236 ) (39 ) 63 — (212 ) Income (loss) from discontinued operations, net of tax — — (2,580 ) — (2,580 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (236 ) (39 ) (2,517 ) — (2,792 ) Equity in earnings (losses) of subsidiaries, net of tax (2,756 ) (2,623 ) — 5,379 — Net income (loss) including noncontrolling interest (2,992 ) (2,662 ) (2,517 ) 5,379 (2,792 ) Less: Net income (loss) attributable to noncontrolling interest — — 200 — 200 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (2,992 ) $ (2,662 ) $ (2,717 ) $ 5,379 $ (2,992 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 19 $ — $ 3,347 $ (12 ) $ 3,354 Fee income — — 2,471 — 2,471 Premiums — — 2,795 — 2,795 Net realized capital gains (losses): Total other-than-temporary impairments — — (32 ) — (32 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 2 — 2 Net other-than-temporary impairments recognized in earnings — — (34 ) — (34 ) Other net realized capital gains (losses) 1 — (330 ) — (329 ) Total net realized capital gains (losses) 1 — (364 ) — (363 ) Other revenue 1 — 341 — 342 Income (loss) related to consolidated investment entities: Net investment income — — 189 — 189 Total revenues 21 — 8,779 (12 ) 8,788 Benefits and expenses: Policyholder benefits — — 3,710 — 3,710 Interest credited to contract owner account balances — — 1,604 — 1,604 Operating expenses 9 — 2,646 — 2,655 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 415 — 415 Interest expense 238 57 5 (12 ) 288 Operating expenses related to consolidated investment entities: Interest expense — — 102 — 102 Other expense — — 4 — 4 Total benefits and expenses 247 57 8,486 (12 ) 8,778 Income (loss) from continuing operations before income taxes (226 ) (57 ) 293 — 10 Income tax expense (benefit) (90 ) (26 ) 70 17 (29 ) Income (loss) from continuing operations (136 ) (31 ) 223 (17 ) 39 Income (loss) from discontinued operations, net of tax — — (337 ) — (337 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (136 ) (31 ) (114 ) (17 ) (298 ) Equity in earnings (losses) of subsidiaries, net of tax (191 ) 317 — (126 ) — Net income (loss) including noncontrolling interest (327 ) 286 (114 ) (143 ) (298 ) Less: Net income (loss) attributable to noncontrolling interest — — 29 — 29 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (327 ) $ 286 $ (143 ) $ (143 ) $ (327 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 4 $ — $ 3,348 $ (9 ) $ 3,343 Fee income — — 2,470 — 2,470 Premiums — — 2,554 — 2,554 Net realized capital gains (losses): Total other-than-temporary impairments — — (78 ) — (78 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 5 — 5 Net other-than-temporary impairments recognized in earnings — — (83 ) — (83 ) Other net realized capital gains (losses) (2 ) — (475 ) — (477 ) Total net realized capital gains (losses) (2 ) — (558 ) — (560 ) Other revenue 3 — 385 (3 ) 385 Income (loss) related to consolidated investment entities: Net investment income — — 551 — 551 Changes in fair value related to collateralized loan obligations — — (27 ) — (27 ) Total revenues 5 — 8,723 (12 ) 8,716 Benefits and expenses: Policyholder benefits — — 3,161 — 3,161 Interest credited to contract owner account balances — — 1,537 — 1,537 Operating expenses 10 (1 ) 2,678 (3 ) 2,684 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 377 — 377 Interest expense 150 51 5 (9 ) 197 Operating expenses related to consolidated investment entities: Interest expense — — 272 — 272 Other expense — — 12 — 12 Total benefits and expenses 160 50 8,042 (12 ) 8,240 Income (loss) from continuing operations before income taxes (155 ) (50 ) 681 — 476 Income tax expense (benefit) (52 ) — 157 (21 ) 84 Income (loss) from continuing operations (103 ) (50 ) 524 21 392 Income (loss) from discontinued operations, net of tax — — 146 — 146 Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (103 ) (50 ) 670 21 538 Equity in earnings (losses) of subsidiaries, net of tax 511 257 — (768 ) — Net income (loss) including noncontrolling interest 408 207 670 (747 ) 538 Less: Net income (loss) attributable to noncontrolling interest — — 130 — 130 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408 $ 207 $ 540 $ (747 ) $ 408 Condensed Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ (2,992 ) $ (2,662 ) $ (2,517 ) $ 5,379 $ (2,792 ) Other comprehensive income (loss), before tax: Unrealized gains (losses) on securities 1,191 813 1,191 (2,004 ) 1,191 Other-than-temporary impairments (2 ) (5 ) (2 ) 7 (2 ) Pension and other postretirement benefits liability (15 ) (3 ) (15 ) 18 (15 ) Other comprehensive income (loss), before tax 1,174 805 1,174 (1,979 ) 1,174 Income tax expense (benefit) related to items of other comprehensive income (loss) 364 258 364 (622 ) 364 Other comprehensive income (loss), after tax 810 547 810 (1,357 ) 810 Comprehensive income (loss) (2,182 ) (2,115 ) (1,707 ) 4,022 (1,982 ) Less: Comprehensive income (loss) attributable to noncontrolling interest — — 200 — 200 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ (2,182 ) $ (2,115 ) $ (1,907 ) $ 4,022 $ (2,182 ) Condensed Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ (327 ) $ 286 $ (114 ) $ (143 ) $ (298 ) Other comprehensive income (loss), before tax: Unrealized gains (losses) on securities 749 593 749 (1,342 ) 749 Other-than-temporary impairments 24 20 24 (44 ) 24 Pension and other postretirement benefits liability (10 ) (2 ) (10 ) 12 (10 ) Other comprehensive income (loss), before tax 763 611 763 (1,374 ) 763 Income tax expense (benefit) related to items of other comprehensive income (loss) 267 214 284 (498 ) 267 Other comprehensive income (loss), after tax 496 397 479 (876 ) 496 Comprehensive income (loss) 169 683 365 (1,019 ) 198 Less: Comprehensive income (loss) attributable to noncontrolling interest — — 29 — 29 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ 169 $ 683 $ 336 $ (1,019 ) $ 169 Condensed Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ 408 $ 207 $ 670 $ (747 ) $ 538 Other comprehensive income (loss), before tax: Unrealized gains (losses) on securities (2,581 ) (1,875 ) (2,581 ) 4,456 (2,581 ) Other-than-temporary impairments 19 13 19 (32 ) 19 Pension and other postretirement benefits liability (14 ) (3 ) (14 ) 17 (14 ) Other comprehensive income (loss), before tax (2,576 ) (1,865 ) (2,576 ) 4,441 (2,576 ) Income tax expense (benefit) related to items of other comprehensive income (loss) (897 ) (648 ) (898 ) 1,546 (897 ) Other comprehensive income (loss), after tax (1,679 ) (1,217 ) (1,678 ) 2,895 (1,679 ) Comprehensive income (loss) (1,271 ) (1,010 ) (1,008 ) 2,148 (1,141 ) Less: Comprehensive income (loss) attributable to noncontrolling interest — — 130 — 130 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ (1,271 ) $ (1,010 ) $ (1,138 ) $ 2,148 $ (1,271 ) Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ (22 ) $ 138 $ 1,694 $ (232 ) $ 1,578 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 8,325 — 8,325 Equity securities, available-for-sale 25 — 29 — 54 Mortgage loans on real estate — — 955 — 955 Limited partnerships/corporations — — 236 — 236 Acquisition of: Fixed maturities — — (8,719 ) — (8,719 ) Equity securities, available-for-sale (34 ) — (13 ) — (47 ) Mortgage loans on real estate — — (1,638 ) — (1,638 ) Limited partnerships/corporations — — (332 ) — (332 ) Short-term investments, net — — (80 ) — (80 ) Derivatives, net — — 213 — 213 Sales from consolidated investment entities — — 2,047 — 2,047 Purchases within consolidated investment entities — — (2,036 ) — (2,036 ) Issuance of intercompany loans with maturities more than three months (34 ) — — 34 — Maturity of intercompany loans with maturities more than three months 34 — — (34 ) — Maturity (issuance) of short-term intercompany loans, net 87 — (408 ) 321 — Return of capital contributions and dividends from subsidiaries 1,020 1,024 — (2,044 ) — Capital contributions to subsidiaries (467 ) (47 ) — 514 — Collateral (delivered) received, net — — (148 ) — (148 ) Other, net — — 3 — 3 Net cash provided by (used in) investing activities - discontinued operations — — (1,261 ) — (1,261 ) Net cash provided by (used in) investing activities 631 977 (2,827 ) (1,209 ) (2,428 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts — — 5,061 — 5,061 Maturities and withdrawals from investment contracts — — (5,372 ) — (5,372 ) Proceeds from issuance of debt with maturities of more than three months 399 — — — 399 Repayment of debt with maturities of more than three months (490 ) — — — (490 ) Debt issuance costs (3 ) — — — (3 ) Proceeds of intercompany loans with maturities of more than three months — — 34 (34 ) — Repayments of intercompany loans with maturities of more than three months — — (34 ) 34 — Net (repayments of) proceeds from short-term intercompany loans 408 (143 ) 56 (321 ) — Return of capital contributions and dividends to parent — (1,020 ) (1,256 ) 2,276 — Contributions of capital from parent — 47 467 (514 ) — Borrowings of consolidated investment entities — — 967 — 967 Repayments of borrowings of consolidated investment entities — — (804 ) — (804 ) Contributions from (distributions to) participants in consolidated investment entities — — 449 — 449 Proceeds from issuance of common stock, net 3 — — — 3 Share-based compensation (8 ) — — — (8 ) Common stock acquired - Share repurchase (923 ) — — — (923 ) Dividends paid (8 ) — — — (8 ) Net cash provided by (used in) financing activities - discontinued operations — — 384 — 384 Net cash provided by (used in) financing activities (622 ) (1,116 ) (48 ) 1,441 (345 ) Net increase (decrease) in cash and cash equivalents (13 ) (1 ) (1,181 ) — (1,195 ) Cash and cash equivalents, beginning of period 257 2 2,652 — 2,911 Cash and cash equivalents, end of period 244 1 1,471 — 1,716 Less: Cash and cash equivalents of discontinued operations, end of period — — 498 — 498 Cash and cash equivalents of continuing operations, end of period $ 244 $ 1 $ 973 $ — $ 1,218 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ (308 ) $ 173 $ 3,996 $ (270 ) $ 3,591 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 8,112 — 8,112 Equity securities, available-for-sale 18 — 86 — 104 Mortgage loans on real estate — — 747 — 747 Limited partnerships/corporations — — 306 — 306 Acquisition of: Fixed maturities — — (9,839 ) — (9,839 ) Equity securities, available-for-sale (23 ) — (24 ) — (47 ) Mortgage loans on real estate — — (1,481 ) — (1,481 ) Limited partnerships/corporations — — (367 ) — (367 ) Short-term investments, net — — 31 — 31 Derivatives, net 1 — (25 ) — (24 ) Sales from consolidated investments entities — — 2,304 — 2,304 Purchases within consolidated investment entities — — (1,727 ) — (1,727 ) Maturity (issuance) of short-term intercompany loans, net 52 — (11 ) (41 ) — Return of capital contributions and dividends from subsidiaries 922 760 — (1,682 ) — Capital contributions to subsidiaries (215 ) (64 ) — 279 — Collateral (delivered) received, net — — (22 ) — (22 ) Other, net — — 20 — 20 Net cash provided by (used in) investing activities - discontinued operations — — (1,800 ) — (1,800 ) Net cash provided by (used in) investing activities 755 696 (3,690 ) (1,444 ) (3,683 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts — — 5,891 — 5,891 Maturities and withdrawals from investment contracts — — (5,412 ) — (5,412 ) Proceeds from issuance of debt with maturities of more than three months 798 — — — 798 Repayment of debt with maturities of more than three months (660 ) (48 ) — — (708 ) Debt issuance costs (16 ) — — — (16 ) Net (repayments of) proceeds from short-term intercompany loans 11 5 (57 ) 41 — Return of capital contributions and dividends to parent — (892 ) (1,060 ) 1,952 — Contributions of capital from parent — 50 229 (279 ) — Borrowings of consolidated investment entities — — 126 — 126 Repayments of borrowings of consolidated investment entities — — (455 ) — (455 ) Contributions from (distributions to) participants in consolidated investment entities — — 51 — 51 Proceeds from issuance of common stock, net 1 — — — 1 Share-based compensation (7 ) — — — (7 ) Common stock acquired - Share repurchase (687 ) — — — (687 ) Dividends paid (8 ) — — — (8 ) Net cash provided by (used in) financing activities - discontinued operations — — 916 — 916 Net cash provided by (used in) financing activities (568 ) (885 ) 229 1,714 490 Net increase (decrease) in cash and cash equivalents (121 ) (16 ) 535 — 398 Cash and cash equivalents, beginning of period 378 18 2,117 — 2,513 Cash and cash equivalents, end of period 257 2 2,652 — 2,911 Less: Cash and cash equivalents of discontinued operations, end of period — — 815 — 815 Cash and cash equivalents of continuing operations, end of period $ 257 $ 2 $ 1,837 $ — $ 2,096 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ 130 $ 260 $ 3,375 $ (517 ) $ 3,248 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 8,327 — 8,327 Equity securities, available-for-sale 24 — 52 — 76 Mortgage loans on real estate — — 1,088 — 1,088 Limited partnerships/corporations — — 258 — 258 Acquisition of: Fixed maturities — — (8,759 ) — (8,759 ) Equity securities, available-for-sale (31 ) — (106 ) — (137 ) Mortgage loans on real estate — — (1,381 ) — (1,381 ) Limited partnerships/corporations — — (417 ) — (417 ) Short-term investments, net (212 ) — 680 — 468 Derivatives, net (33 ) — (108 ) — (141 ) Sales from consolidated investments entities — — 5,432 — 5,432 Purchases within consolidated investment entities — — (7,521 ) — (7,521 ) Maturity of intercompany loans with maturities more than three months 1 — — (1 ) — Maturity (issuance) of short-term intercompany loans, net (162 ) — — 162 — Return of capital contributions and dividends from subsidiaries 1,467 1,198 — (2,665 ) — Capital contributions to subsidiaries — (15 ) — 15 — Collateral (delivered) received, net 20 — 19 — 39 Other, net — 14 43 — 57 Net cash provided by (used in) investing activities - discontinued operations — — (1,663 ) — (1,663 ) Net cash provided by (used in) investing activities 1,074 1,197 (4,056 ) (2,489 ) (4,274 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts — — 5,298 — 5,298 Maturities and withdrawals from investment contracts — — (4,587 ) — (4,587 ) Repayment of debt with maturities of more than three months — (31 ) — — (31 ) Debt issuance costs (7 ) — — — (7 ) Intercompany loans with maturities of more than three months — — (1 ) 1 — Net (repayments of) proceeds from short-term intercompany loans — 57 105 (162 ) — Return of capital contributions and dividends to parent — (1,467 ) (1,715 ) 3,182 — Contributions of capital from parent — — 15 (15 ) — Borrowings of consolidated investment entities — — 1,373 — 1,373 Repayments of borrowings of consolidated investment entities — — (479 ) — (479 ) Contributions from (distributions to) participants in consolidated investment entities — — 662 — 662 Share-based compensation (5 ) — — — (5 ) Common stock acquired - Share repurchase (1,487 ) — — — (1,487 ) Dividends paid (9 ) — — — (9 ) Net cash provided by (used in) financing activities - discontinued operations — — 280 — 280 Net cash provided by (used in) financing activities (1,508 ) (1,441 ) 951 3,006 1,008 Net increase (decrease) in cash and cash equivalents (304 ) 16 270 — (18 ) Cash and cash equivalents, beginning of period 682 2 1,847 — 2,531 Cash and cash equivalents, end of period 378 18 2,117 — 2,513 Less: Cash and cash equivalents of discontinued operations, end of period — — 696 — 696 Cash and cash equivalents of continuing operations, end of period $ 378 $ 18 $ 1,421 $ — $ 1,817 |
Selected Consolidated Unaudited
Selected Consolidated Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Consolidated Unaudited Quarterly Financial Data | Selected Consolidated Unaudited Quarterly Financial Data The unaudited quarterly results of operations for 2017 and 2016 are summarized in the table below: Three Months Ended, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) 2017 Total revenues $ 2,057 $ 2,191 $ 2,184 $ 2,186 Total benefits and expenses 1,944 2,036 2,144 1,966 Income (loss) from continuing operations before income taxes 113 155 40 220 Income (loss) from discontinued operations, net of tax (162 ) 64 134 (2,616 ) Net income (loss) (142 ) 219 214 (3,083 ) Less: Net income (loss) attributable to noncontrolling interest 1 52 65 82 Net income (loss) available to Voya Financial, Inc.'s common shareholders (143 ) 167 149 (3,165 ) Earnings Per Share Basic Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 0.10 $ 0.56 $ 0.08 $ (3.06 ) Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (0.85 ) $ 0.34 $ 0.75 $ (14.58 ) Income (loss) available to Voya Financial, Inc.'s common shareholders $ (0.75 ) $ 0.90 $ 0.83 $ (17.64 ) Diluted (1) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 0.10 $ 0.55 $ 0.08 $ (3.06 ) Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (0.84 ) $ 0.34 $ 0.73 $ (14.58 ) Income (loss) available to Voya Financial, Inc.'s common shareholders $ (0.74 ) $ 0.89 $ 0.81 $ (17.64 ) Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 (1) For the three months ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 3.5 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss from continuing operations in the period. Three Months Ended, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) 2016 Total revenues $ 2,266 $ 2,088 $ 2,110 $ 2,324 Total benefits and expenses 2,228 2,118 2,216 2,216 Income (loss) from continuing operations before income taxes 38 (30 ) (106 ) 108 Income (loss) from discontinued operations, net of tax 149 137 (145 ) (478 ) Net income (loss) 191 137 (251 ) (375 ) Less: Net income (loss) attributable to noncontrolling interest — (25 ) 12 42 Net income (loss) available to Voya Financial, Inc.'s common shareholders 191 162 (263 ) (417 ) Earnings Per Share Basic Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 0.21 $ 0.12 $ (0.59 ) $ 0.31 Income (loss) from discontinuing operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ 0.72 $ 0.68 $ (0.73 ) $ (2.45 ) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 0.93 $ 0.80 $ (1.32 ) $ (2.14 ) Diluted (1) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 0.21 $ 0.12 $ (0.59 ) $ 0.31 Income (loss) from discontinuing operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ 0.71 $ 0.67 $ (0.73 ) $ (2.43 ) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 0.92 $ 0.79 $ (1.32 ) $ (2.12 ) Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 (1) For the three months ended September 30, 2016, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 1.9 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss from continuing operations in the period. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments Other than Investments in Affiliates | Voya Financial, Inc. Schedule I Summary of Investments Other than Investments in Affiliates As of December 31, 2017 (In millions) Type of Investments Cost Fair Value Amount Shown on Consolidated Balance Sheet Fixed maturities: U.S. Treasuries $ 2,047 $ 2,522 $ 2,522 U.S. Government agencies and authorities 223 275 275 State, municipalities, and political subdivisions 1,856 1,913 1,913 U.S. corporate public securities 20,857 23,258 23,258 U.S. corporate private securities 5,628 5,833 5,833 Foreign corporate public securities and foreign governments (1) 5,241 5,716 5,716 Foreign corporate private securities (1) 4,974 5,161 5,161 Residential mortgage-backed securities 4,247 4,524 4,524 Commercial mortgage-backed securities 2,646 2,704 2,704 Other asset-backed securities 1,488 1,528 1,528 Total fixed maturities, including securities pledged 49,207 53,434 53,434 Equity securities, available-for-sale 353 380 380 Short-term investments 471 471 471 Mortgage loans on real estate 8,686 8,748 8,686 Policy loans 1,888 1,888 1,888 Limited partnerships/corporations 784 784 784 Derivatives 147 397 397 Other investments 47 55 47 Total investments $ 61,583 $ 66,157 $ 66,087 (1) Primarily U.S. dollar denominated. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Parent | Schedule II Condensed Financial Information of Parent Balance Sheets December 31, 2017 and 2016 (In millions, except share and per share data) As of December 31, 2017 2016 Assets Investments: Equity securities, available-for-sale, at fair value (cost of $115 as of 2017 and $93 as of 2016) $ 115 $ 93 Short-term investments 212 212 Derivatives 49 56 Investments in subsidiaries 12,293 14,743 Total investments 12,669 15,104 Cash and cash equivalents 244 257 Short-term investments under securities loan agreements, including collateral delivered 11 11 Loans to subsidiaries and affiliates 191 278 Due from subsidiaries and affiliates 2 3 Current income taxes — 31 Deferred income taxes 406 527 Other assets 16 21 Total assets $ 13,539 $ 16,232 Liabilities and Shareholders' Equity Short-term debt $ 755 $ 11 Long-term debt 2,681 3,108 Derivatives 49 56 Due to subsidiaries and affiliates 1 — Other liabilities 44 62 Total liabilities 3,530 3,237 Shareholders' equity: Common stock ($0.01 par value per share; 900,000,000 shares authorized; 270,078,294 and 268,079,931 shares issued as of 2017 and 2016, respectively; 171,982,673 and 194,639,273 shares outstanding as of 2017 and 2016, respectively) 3 3 Treasury stock (at cost; 98,095,621 and 73,440,658 shares as of 2017 and 2016, respectively) (3,827 ) (2,796 ) Additional paid-in capital 23,821 23,609 Accumulated other comprehensive income (loss) 2,731 1,921 Retained earnings (deficit): Unappropriated (12,719 ) (9,742 ) Total Voya Financial, Inc. shareholders' equity 10,009 12,995 Total liabilities and shareholders' equity $ 13,539 $ 16,232 The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Operations For the Years Ended December 31, 2017 , 2016 and 2015 (In millions) Year Ended December 31, 2017 2016 2015 Revenues: Net investment income $ 33 $ 19 $ 4 Net realized capital gains (losses) — 1 (2 ) Other revenue 8 1 3 Total revenues 41 21 5 Expenses: Interest expense 155 238 150 Other expenses 9 9 10 Total expenses 164 247 160 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (123 ) (226 ) (155 ) Income tax expense (benefit) 113 (90 ) (52 ) Net income (loss) before equity in earnings (losses) of subsidiaries (236 ) (136 ) (103 ) Equity in earnings (losses) of subsidiaries, net of tax (2,756 ) (191 ) 511 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (2,992 ) $ (327 ) $ 408 The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Comprehensive Income For the Years Ended December 31, 2017 , 2016 and 2015 (In millions) Year Ended December 31, 2017 2016 2015 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (2,992 ) $ (327 ) $ 408 Other comprehensive income (loss), after tax 810 496 (1,679 ) Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ (2,182 ) $ 169 $ (1,271 ) The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Cash Flows For the Years Ended December 31, 2017 , 2016 and 2015 (In millions) Year Ended December 31, 2017 2016 2015 Cash Flows from Operating Activities: Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (2,992 ) $ (327 ) $ 408 Adjustments to reconcile Net income (loss) available to Voya Financial, Inc.'s common shareholders to Net cash (used in) provided by operating activities: Equity in (earnings) losses of subsidiaries 2,756 191 (511 ) Dividends from subsidiaries 73 55 241 Deferred income tax (benefit) expense 131 (122 ) (4 ) Net realized capital (gains) losses — (1 ) 2 Share-based compensation — — (4 ) Change in: Other receivables and asset accruals 32 (102 ) (17 ) Due from subsidiaries and affiliates 1 3 6 Due to subsidiaries and affiliates 1 — (7 ) Other payables and accruals (18 ) (16 ) (2 ) Other, net (6 ) 11 18 Net cash (used in) provided by operating activities (22 ) (308 ) 130 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale 25 18 24 Acquisition of equity securities, available-for-sale (34 ) (23 ) (31 ) Short-term investments, net — — (212 ) Derivatives, net — 1 (33 ) Issuance of intercompany loans with maturities more than three months (34 ) — — Maturity of intercompany loans issued to subsidiaries with maturities more than three months 34 — 1 Maturity (issuance) of short-term intercompany loans, net 87 52 (162 ) Return of capital contributions and dividends from subsidiaries 1,020 922 1,467 Capital contributions to subsidiaries (467 ) (215 ) — Collateral received (delivered), net — — 20 Net cash provided by investing activities 631 755 1,074 The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Cash Flows (Continued) For the Years Ended December 31, 2017, 2016 and 2015 (In millions) Year Ended December 31, 2017 2016 2015 Cash Flows from Financing Activities: Proceeds from issuance of debt with maturities of more than three months 399 798 — Repayment of debt with maturities of more than three months (490 ) (660 ) — Debt issuance costs (3 ) (16 ) (7 ) Net proceeds from short-term loans to subsidiaries 408 11 — Proceeds from issuance of common stock, net 3 1 — Share-based compensation (8 ) (7 ) (5 ) Common stock acquired - Share repurchase (923 ) (687 ) (1,487 ) Dividends paid (8 ) (8 ) (9 ) Net cash used in financing activities (622 ) (568 ) (1,508 ) Net decrease in cash and cash equivalents (13 ) (121 ) (304 ) Cash and cash equivalents, beginning of period 257 378 682 Cash and cash equivalents, end of period $ 244 $ 257 $ 378 Supplemental cash flow information: Income taxes paid (received), net $ (154 ) $ 64 $ 77 Interest paid 138 156 144 The accompanying notes are an integral part of this Condensed Financial Information. 1. Business and Basis of Presentation The condensed financial information of Voya Financial, Inc. should be read in conjunction with the consolidated financial statements of Voya Financial, Inc. and its subsidiaries (collectively the "Company") and the notes thereto (the "Consolidated Financial Statements"). The Company is a financial services organization in the United States that offers a broad range of retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products. The Company provides its principal products and services through four segments: Retirement, Investment Management, Individual Life and Employee Benefits. In addition, the Company includes in Corporate the financial data not directly related to its segments and other business activities that do not have an ongoing meaningful impact to the Company's results. See the Segments Note to the Consolidated Financial Statements. Prior to May 2013, the Company was an indirect, wholly-owned subsidiary of ING Groep N.V. ("ING Group" or "ING"), a global financial services holding company based in The Netherlands. In May 2013, Voya Financial, Inc. completed its initial public offering ("IPO") of common stock, including the issuance and sale of common stock by Voya Financial, Inc. and the sale of shares of common stock owned indirectly by ING Group. Between October 2013 and March 2015, ING Group completed the sale of its remaining shares of common stock of Voya Financial, Inc. in a series of registered public offerings. ING Group continues to hold certain warrants to purchase shares of Voya Financial, Inc. common stock as described further in the Shareholders' Equity Note to the Consolidated Financial Statements. The accompanying financial information reflects the results of operations, financial position and cash flows for Voya Financial, Inc. The financial information is in conformity with accounting principles generally accepted in the United States, which require management to adopt accounting policies and make certain estimates and assumptions. Investments in subsidiaries are accounted for using the equity method of accounting. 2. Loans to Subsidiaries Voya Financial, Inc. maintains reciprocal loan agreements with subsidiaries to facilitate unanticipated short-term cash requirements that arise in the ordinary course of business. Under these loan agreements, the limitations on borrowing are based on the nature of the subsidiary's operations. For reciprocal loan agreements with insurance companies, the amounts that either party may borrow from the other under the agreement vary and are equal to 2%-5% of the insurance subsidiary’s statutory net admitted assets (excluding separate accounts) as of the previous year end depending on the state of domicile. For reciprocal loan agreements with non-insurance subsidiaries, the limits vary and are set by management based on an assessment of the financial position of the subsidiary. During the years ended 2017 and 2016 , interest on any borrowing by a subsidiary under a reciprocal loan agreement is charged at a rate based on the prevailing market rate for similar third-party borrowings for securities. Borrowings by Voya Alternative Asset Management LLC ("VAAM") occur to enable VAAM to make capital contributions to the Voya Multi-Strategy Opportunity Fund LLC ("the fund"), the fund that it manages. The applicable variable interest rate is equal to the rate of return on capital invested in the fund, which may be negative over any given period. Interest income earned on loans to subsidiaries was $8 , $9 and $5 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Interest income is included in Net investment income in the Condensed Statements of Operations. The following table summarizes the carrying value of Voya Financial, Inc.'s loans to subsidiaries for the periods indicated: As of December 31, Subsidiaries Rate Maturity Date 2017 2016 Voya Alternative Asset Management LLC (4.64 )% 06/30/2018 $ 2 $ 2 Voya Institutional Plan Services, LLC 2.42 % 01/02/2018 20 1 Voya Institutional Plan Services, LLC 2.45 % 01/03/2018 34 14 Voya Institutional Plan Services, LLC 2.46 % 01/04/2018 5 17 Voya Institutional Plan Services, LLC 2.52 % 01/09/2018 1 10 Voya Institutional Plan Services, LLC 2.53 % 01/11/2018 5 1 Voya Institutional Plan Services, LLC 2.53 % 01/12/2018 4 — Voya Capital 2.49 % 01/04/2018 1 3 Voya Investment Management, LLC 2.57 % 01/29/2018 51 15 Voya Payroll Management, Inc. 2.17 % 07/03/2017 — 4 Voya Holdings Inc. 2.57 % 01/29/2018 68 203 Voya Holdings Inc. 2.39 % 01/26/2017 — 2 Voya Holdings Inc. 2.40 % 01/27/2017 — 6 Total $ 191 $ 278 3. Financing Agreements Short-term Debt The following table summarizes Voya Financial, Inc.'s short-term debt borrowings for the periods indicated: As of December 31, 2017 2016 Intercompany financing - Subsidiaries $ 418 $ 11 Current portion of long-term debt 337 — Total $ 755 $ 11 Intercompany financing Under the reciprocal loan agreements with subsidiaries, interest is charged at the prevailing market interest rate for similar third-party borrowings for securities. Long-term Debt The following table summarizes Voya Financial, Inc.'s long-term debt securities for the periods indicated: As of December 31, Maturity 2017 2016 5.5% Senior Notes, due 2022 07/15/2022 $ 361 $ 361 2.9% Senior Notes, due 2018 02/15/2018 337 825 5.7% Senior Notes, due 2043 07/15/2043 395 394 3.65% Senior Notes, due 2026 06/15/2026 495 494 4.8% Senior Notes, due 2046 06/15/2046 296 296 3.125% Senior Notes, due 2024 07/15/2024 396 — 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 05/15/2053 738 738 Subtotal 3,018 3,108 Less: Current portion of long-term debt 337 — Total $ 2,681 $ 3,108 As of December 31, 2017 and 2016 , Voya Financial, Inc. was in compliance with its debt covenants. As of December 31, 2017 , aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows: 2018 $ 337 2019 — 2020 — 2021 — 2022 363 Thereafter 2,350 Total $ 3,050 Credit Facilities Voya Financial, Inc. maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of December 31, 2017 , unsecured and uncommitted credit facilities totaled $496 , and unsecured and committed facilities totaled $5.9 billion . Voya Financial, Inc. additionally has $205 of secured facilities. Of the aggregate $6.6 billion capacity available, Voya Financial, Inc. utilized $3.0 billion in credit facilities outstanding as of December 31, 2017 . Total fees associated with credit facilities in 2017 , 2016 and 2015 totaled $39 , $38 and $61 , respectively. Guarantees In the normal course of business, Voya Financial, Inc. enters into indemnification agreements with financial institutions that issue surety bonds on behalf of Voya Financial, Inc. or its subsidiaries in connection with litigation matters. Voya Financial, Inc. provides credit support to its captive reinsurance subsidiaries through surplus maintenance agreements, pursuant to which it agrees to cause these subsidiaries to maintain particular levels of capital or surplus and which it entered into, in connection with particular credit facility agreements. Since these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these agreements. • On January 1, 2014, Voya Financial, Inc. entered into a reimbursement agreement with a third-party bank for its wholly owned subsidiary, Roaring River IV, LLC ("Roaring River IV") to provide up to $565 statutory reserve financing through a trust note which matures December 31, 2028. At inception, the reimbursement agreement requires Voya Financial, Inc. to cause no less than $79 of capital to be maintained in Roaring River IV Holding LLC, the intermediate holding company of Roaring River IV, and $45 of capital to be maintained in Roaring River IV for a total of $124 . This amount will vary over time based on a percentage of Roaring River IV in force life insurance. This surplus maintenance agreement is effective for the duration of the related credit facility agreement and the maximum potential obligations are not specified or applicable. • Effective January 15, 2014, Voya Financial, Inc. entered into a surplus maintenance agreement with Langhorne I, LLC ("Langhorne I"), a wholly owned captive reinsurance subsidiary, whereby Voya Financial, Inc. agrees to cause Langhorne I to maintain capital of at least $85 in support of its obligations associated with a credit facility arrangement supporting an affiliated reinsurance agreement. While the credit facility was cancelled effective January 18, 2018, this surplus maintenance agreement is effective until such time that the reinsurance is recaptured. The maximum potential obligations are not specified or applicable. Voya Financial, Inc. and SLDI are parties to a LOC facility agreement with a third-party bank that provides up to $475 of LOC capacity. SLDI has reimbursement obligations to the bank under this agreement, in an aggregate amount of up to $475 , which obligations are guaranteed by Voya Financial, Inc. This agreement was entered into to facilitate collateral requirements supporting reinsurance. Voya Financial, Inc.’s guarantee obligations are effective for the duration of SLDI’s reimbursement obligations to the bank. Roaring River, LLC ("Roaring River") is party to a LOC facility agreement with a third-party bank that provides up to $425 of LOC capacity. Roaring River has reimbursement obligations to the bank under this agreement, in an aggregate amount of up to $425 , which obligations are guaranteed by Voya Financial, Inc. This agreement and the related guarantee were entered into to facilitate collateral requirements supporting reinsurance. The guarantee is effective for the duration of Roaring River’s reimbursement obligations to the bank. Voya Financial, Inc. guarantees the obligations of one of its subsidiaries, Voya Financial Products Inc. ("VFP"), under a credit default swap arrangement under which VFP has written credit protection in the notional amount of $1.0 billion with respect to a portfolio of investment grade corporate debt instruments. Under the Buyer Facility Agreement put into place by Hannover Re, Voya Financial, Inc. and SLDI have contingent reimbursement obligations and Voya Financial, Inc. has guarantee obligations, up to the full principal amount of the note issued pursuant to the agreement, if SLD or SLDI were to direct the sale or liquidation of the note other than as permitted by the Buyer Facility Agreement, or fails to return reinsurance collateral (including the note) upon termination of the Buyer Facility Agreement or as otherwise required by the Buyer Facility Agreement. In addition, Voya Financial, Inc. has agreed to indemnify Hannover Re for any losses it incurs in the event that SLD or SLDI were to exercise offset rights unrelated to the Hannover Re block. Voya Financial, Inc. has also entered into a corporate guarantee agreement with a third-party ceding insurer where it guarantees the reinsurance obligations of its subsidiary, SLD, assumed under a reinsurance agreement with the third-party cedent. SLD retrocedes the business to Hannover US who is the claim paying party. The current amount of reserves outstanding as of December 31, 2017 is $21 . The maximum potential obligation is not specified or applicable. Since these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees. Voya Financial, Inc. guarantees the obligations of Voya Holdings under the $13 principal amount Equitable Notes maturing in 2027 as well as $426 combined principal amount of Aetna Notes. From time to time, Voya Financial, Inc. may also have outstanding guarantees of various obligations of its subsidiaries. Effective April 15, 2016, Voya Financial, Inc. and Voya Holdings entered into a $300 letter of credit facility agreement with a third party bank in order to guarantee the reimbursement obligations of SLDI as borrower. Effective December 15, 2016, Voya Financial, Inc. entered into a $600 guaranty agreement with a third party bank in order to guarantee the reimbursement obligations of SLDI as borrower. This facility agreement was terminated on July 20, 2017. Effective July 1, 2017, Voya Financial, Inc. entered into an agreement with its affiliate, SLDI and a third party whereby Voya Financial, Inc. guarantees certain reimbursement and fee payment obligations of SLDI as borrower. Effective December 28, 2017, Voya Financial, Inc. and Voya Holdings entered into an agreement with VIAC in order to provide a joint and several guarantee of VIAC’s payment obligations as the issuer of certain surplus notes to affiliates of Voya Financial, Inc. The agreement provides for Voya and Voya Holdings to reimburse the applicable holder to the extent that any interest on, principal of, and any redemption payment with respect to such Surplus Note unpaid by VIAC on its scheduled date of payment as a result of certain payment restrictions under the terms of such Surplus Notes and applicable law, including that any such payments may only be made with the prior approval of the commissioner of insurance of the VIAC’s state of domicile. Effective January 24, 2018, Voya entered into an agreement with a third party bank whereby Voya Financial, Inc. guarantees the payment obligations of SLDI as borrower under a credit facility agreement. There were no assets or liabilities recognized by Voya Financial, Inc. as of December 31, 2017 and 2016 in relation to these intercompany indemnifications and support agreements. As of December 31, 2017 and 2016 , no circumstances existed in which Voya Financial, Inc. was required to currently perform under these indemnifications and support agreements. 4. Returns of Capital and Dividends Voya Financial, Inc. received returns of capital and dividends from the following subsidiaries for the periods indicated: Years Ended December 31, 2017 2016 2015 Voya Holdings Inc. (1) $ 1,020 $ 916 $ 1,468 Security Life of Denver International Ltd — 30 — Security Life of Denver Insurance Company 73 54 241 Voya Insurance Management (Bermuda), Ltd (2) — 1 — Total $ 1,093 $ 1,001 $ 1,709 (1) The year ended December 31, 2016 includes $24 of non-cash activity. (2) The entity was dissolved in 2016. 5. Income Taxes As of December 31, 2017 and 2016 , Voya Financial, Inc. held deferred tax assets related to loss and credit carryforwards, some of which have not been realized by its subsidiaries but have been reimbursed to the subsidiaries by Voya Financial, Inc. pursuant to the intercompany tax sharing agreement. The total deferred tax assets were primarily comprised of federal net operating loss, state net operating loss and credit carryforwards. Valuation allowances have been applied to these deferred tax assets as of December 31, 2017 and 2016 . Character, amount and estimated expiration date of the carryforwards and the related allowances are disclosed in the Income Taxes Note to the Consolidated Financial Statements. As of December 31, 2017 and 2016 , Voya Financial, Inc. has recognized deferred tax assets of $406 and $527 , respectively, primarily related to federal net operating loss carryforwards and AMT credit carryforwards. Tax Sharing Agreement Voya Financial, Inc. has entered into a federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. The federal tax sharing agreement provides that Voya Financial, Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated. Voya Financial, Inc. has also entered into a state tax sharing agreement with each of the specific subsidiaries that are parties to the agreement. The state tax agreement applies to situations in which Voya Financial, Inc. and all or some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | Voya Financial, Inc. Schedule III Supplementary Insurance Information As of December 31, 2017 and 2016 (In millions) Segment DAC and VOBA Future Policy Benefits and Contract Owner Account Balances Unearned Premiums (1) 2017 Retirement $ 882 $ 33,884 $ — Investment Management 1 — — Individual Life 2,366 19,801 — Employee Benefits 84 2,146 (1 ) Corporate 41 9,974 — Total $ 3,374 $ 65,805 $ (1 ) 2016 Retirement $ 1,165 $ 34,024 $ — Investment Management 2 — — Individual Life 2,702 19,373 — Employee Benefits 75 2,099 (1 ) Corporate 53 9,352 — Total $ 3,997 $ 64,848 $ (1 ) (1) Represents unearned premiums associated with short-duration products of the Company's accident and health business. Voya Financial, Inc. Schedule III Supplementary Insurance Information Years Ended December 31, 2017 , 2016 and 2015 (In millions) Segment Net Investment Income (1)(2) Premiums and Fee Income (1)(2) Interest Credited and Other Benefits to Contract Owners Amortization of DAC and VOBA Other Operating Expenses (1)(2) Premiums Written (Excluding Life) 2017 Retirement $ 1,918 $ 750 $ 1,043 $ 238 $ 1,140 $ — Investment Management (33 ) 675 — 3 558 — Individual Life 866 1,695 1,963 266 272 — Employee Benefits 108 1,663 1,293 11 336 1,155 Corporate 435 (35 ) 337 11 348 — Total $ 3,294 $ 4,748 $ 4,636 $ 529 $ 2,654 $ 1,155 2016 Retirement $ 1,907 $ 1,512 $ 1,797 $ 198 $ 1,122 $ — Investment Management (5 ) 627 — 3 529 — Individual Life 875 1,663 2,001 181 324 — Employee Benefits 110 1,509 1,169 16 306 974 Corporate 467 (45 ) 347 17 374 — Total $ 3,354 $ 5,266 $ 5,314 $ 415 $ 2,655 $ 974 2015 Retirement $ 1,819 $ 1,350 $ 1,425 $ 183 $ 1,156 $ — Investment Management (26 ) 601 — 4 517 — Individual Life 908 1,722 1,940 157 470 — Employee Benefits 109 1,405 1,051 21 289 880 Corporate 533 (54 ) 282 12 252 — Total $ 3,343 $ 5,024 $ 4,698 $ 377 $ 2,684 $ 880 (1) Includes the elimination of certain intersegment revenues and expenses, primarily consisting of asset-based management and administration fees, which have been charged by Investment Management and eliminated in Corporate. (2) Includes the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's management fees expensed by the funds, recorded as operating revenues before the Company's consolidation of its consolidated investment entities and eliminated in the Investment Management segment. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Schedule IV - Reinsurance | Voya Financial, Inc. Schedule IV Reinsurance Years Ended December 31, 2017 , 2016 and 2015 (In millions) Gross Ceded Assumed Net Percentage of Assumed to Net 2017 Life insurance in force $ 761,946 $ 575,495 $ 296,751 $ 483,202 61.4 % Premiums: Life insurance $ 1,280 $ 1,535 $ 1,191 $ 936 127.2 % Accident and health insurance 1,051 142 1 910 0.1 % Annuity contracts 275 — — 275 — % Total premiums $ 2,606 $ 1,677 $ 1,192 $ 2,121 56.2 % 2016 Life insurance in force $ 790,570 $ 612,356 $ 318,443 $ 496,657 64.1 % Premiums: Life insurance $ 1,335 $ 1,583 $ 1,221 $ 973 125.5 % Accident and health insurance 1,056 128 1 929 0.1 % Annuity contracts 893 — — * 893 — % Total premiums $ 3,284 $ 1,711 $ 1,222 $ 2,795 43.7 % 2015 Life insurance in force $ 799,341 $ 642,890 $ 340,241 $ 496,692 68.5 % Premiums: Life insurance $ 1,351 $ 1,476 $ 1,189 $ 1,064 111.7 % Accident and health insurance 948 136 2 814 0.2 % Annuity contracts 676 — — * 676 — % Total premiums $ 2,975 $ 1,612 $ 1,191 $ 2,554 46.6 % *Less than $1. |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Valuation and Qualifying Accounts | Voya Financial, Inc. Schedule V Valuation and Qualifying Accounts Years Ended December 31, 2017 , 2016 and 2015 (In millions) Balance at January 1, Charged to Write-offs/ Payments/ Other Balance at December 31, 2017 Valuation allowance on deferred tax assets (1) $ 964 $ (311 ) $ — $ 653 Allowance for losses on commercial mortgage loans (1) 3 — — 3 2016 Valuation allowance on deferred tax assets (1) $ 963 $ 6 $ (5 ) $ 964 Allowance for losses on commercial mortgage loans (1) 3 — — 3 2015 Valuation allowance on deferred tax assets (1) $ 972 $ (14 ) $ 5 $ 963 Allowance for losses on commercial mortgage loans (1) 3 — — 3 (1) The table above excludes items related to discontinued operations and businesses held for sale. |
Business, Basis of Presentati37
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as other (voting interest entities ("VOEs")) and variable interest entities ("VIEs") in which the Company has a controlling financial interest. See the Consolidated Investment Entities Note to these Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior year financial information to conform to the current year classifications. |
Estimates and Assumptions | Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates: • Reserves for future policy benefits; • Deferred policy acquisition costs ("DAC"), value of business acquired ("VOBA") and other intangibles (collectively, "DAC/VOBA and other intangibles"); • Valuation of investments and derivatives; • Impairments; • Income taxes; • Contingencies; and • Employee benefit plans |
Fair Value Measurement | Fair Value Measurement The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. |
Investments | Investments The accounting policies for the Company's principal investments are as follows: Fixed Maturities and Equity Securities : The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the fair value option ("FVO"). Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income (loss) ("AOCI") and presented net of related changes in DAC/VOBA and other intangibles and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets. The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out ("FIFO") basis. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income in the Consolidated Statements of Operations. Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. Short-term Investments : Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value. Assets Held in Separate Accounts : Assets held in separate accounts are reported at the fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments, cash and fixed maturities. Mortgage Loans on Real Estate : The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, less impairment write-downs and allowance for losses. If a mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lower of either the present value of expected cash flows from the loan, discounted at the loan's original purchase yield, or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets. Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. Commercial loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved. The Company records an allowance for probable losses incurred on non-impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loan. Policy Loans : Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy. Limited Partnerships/Corporations : The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which primarily consist of investments in private equity funds, hedge funds and other VIEs for which the Company is not the primary beneficiary. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, generally not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income. Other Investments : Other investments are comprised primarily of Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Securities Lending : The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. Corporate Loans : Corporate loans held by consolidated collateralized loan obligations ("CLO" or "CLO entities") are reported in Corporate loans, at fair value using the fair value option on the Consolidated Balance Sheets. Changes in the fair value of the loans are recorded in Changes in fair value related to collateralized loan obligations in the Consolidated Statements of Operations. The fair values for corporate loans are determined using independent commercial pricing services. In the event that the third-party pricing source is unable to price an investment, other relevant factors are considered. Impairments The Company evaluates its available-for-sale investments quarterly to determine whether there has been an other-than-temporary decline in fair value below the amortized cost basis. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the length of time and the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. An extended and severe unrealized loss position on a fixed maturity may not have any impact on: (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. In contrast, for certain equity securities, the Company gives greater weight and consideration to a decline in market value and the likelihood such market value decline will recover. When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs. When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations as an other-than-temporary impairment ("OTTI"). If the Company does not intend to sell the security, and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that there has been an other-than-temporary decline in fair value below the amortized cost basis, the OTTI is bifurcated into the amount representing the present value of the decrease in cash flows expected to be collected ("credit impairment") and the amount related to other factors ("noncredit impairment"). The credit impairment is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations. The noncredit impairment is recorded in Other comprehensive income (loss). The Company uses the following methodology and significant inputs to determine the amount of the OTTI credit loss: • When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security. • When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions. • The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. In periods subsequent to the recognition of the credit related impairment components of OTTI on a fixed maturity, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into Net investment income over the remaining term of the fixed maturity in a prospective manner based on the amount and timing of estimated future cash flows. |
Derivatives | Derivatives The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its universal life-type and annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. • Fair Value Hedge : For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses) in the Consolidated Statements of Operations. • Cash Flow Hedge : For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Other net realized capital gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date, or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Other net realized capital gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Other net realized capital gains (losses). The Company also has investments in certain fixed maturities and has issued certain universal life-type and annuity products that contain embedded derivatives for which fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Embedded derivatives within certain universal life-type and annuity products are included in Future policy benefits on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. In addition, the Company has entered into coinsurance with funds withheld reinsurance arrangements that contain embedded derivatives, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivatives within coinsurance with funds withheld reinsurance arrangements are reported with the host contract in Other liabilities on the Consolidated Balance Sheets, and changes in the fair value of embedded derivatives are recorded in Policyholder benefits in the Consolidated Statements of Operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. Cash and cash equivalents of VIEs and VOEs are not available for general use by the Company. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost, less accumulated depreciation, and are included in Other assets on the Consolidated Balance Sheets. Expenditures for replacements and major improvements are capitalized; maintenance and repair expenditures are expensed as incurred. Depreciation on property and equipment is provided on a straight-line basis over the estimated useful lives of the assets, which generally range from 3 to 40 years, with the exception of land and artwork which are not depreciated. Depreciation expense is included in Operating expenses in the Consolidated Statements of Operations. |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. Collectively, the Company refers to DAC, VOBA, deferred sales inducements ("DSI") and unearned revenue ("URR") as "DAC/VOBA and other intangibles." (See respective "Sales Inducements" and "Recognition of Insurance Revenue and Related Benefits" sections below). DAC/VOBA and other intangibles are adjusted for the impact of unrealized capital gains (losses) on investments, as if such gains (losses) have been realized, with corresponding adjustments included in AOCI. Amortization Methodologies The Company amortizes DAC and VOBA related to certain traditional life insurance contracts and certain accident and health insurance contracts over the premium payment period in proportion to the present value of expected gross premiums. Assumptions as to mortality, morbidity, persistency and interest rates, which include provisions for adverse deviation, are consistent with the assumptions used to calculate reserves for future policy benefits. These assumptions are "locked-in" at issue and not revised unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Recoverability testing is performed for current issue year products to determine if gross premiums are sufficient to cover DAC or VOBA, estimated benefits and related expenses. In subsequent periods, the recoverability of DAC or VOBA is determined by assessing whether future gross premiums are sufficient to amortize DAC or VOBA, as well as provide for expected future benefits and related expenses. If a premium deficiency is deemed to be present, charges will be applied against the DAC and VOBA balances before an additional reserve is established. Absent such a premium deficiency, variability in amortization after policy issuance or acquisition relates only to variability in premium volumes. The Company amortizes DAC and VOBA related to universal life-type contracts and fixed and variable deferred annuity contracts, except for deferred annuity contracts within the CBVA business, over the estimated lives of the contracts in relation to the emergence of estimated gross profits. Assumptions as to mortality, persistency, interest crediting rates, fee income, returns associated with separate account performance, impact of hedge performance, expenses to administer the business and certain economic variables, such as inflation, are based on the Company's experience and overall capital markets. At each valuation date, estimated gross profits are updated with actual gross profits, and the assumptions underlying future estimated gross profits are evaluated for continued reasonableness. Adjustments to estimated gross profits require that amortization rates be revised retroactively to the date of the contract issuance ("unlocking"). For deferred annuity contracts within the CBVA business, the Company amortizes DAC/VOBA and DSI in relation to the emergence of estimated gross revenue. For universal life-type contracts and fixed and variable deferred annuity contracts, recoverability testing is performed for current issue year products to determine if gross profits are sufficient to cover DAC/VOBA and other intangibles, estimated benefits and related expenses. In subsequent years, the Company performs testing to assess the recoverability of DAC/VOBA and other intangibles on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If DAC/VOBA or other intangibles are not deemed recoverable from future gross profits, charges will be applied against the DAC/VOBA or other intangible balances before an additional reserve is established. During the year ended December 31, 2017, as a result of the held for sale classification of substantially all of the Annuities and CBVA businesses discussed above, the Company has evaluated and redefined its contract groupings for loss recognition testing in those businesses. This has resulted in the establishment of premium deficiency reserves for the Retained Business of $43 , which was recorded as an increase in Policyholder benefits in the Consolidated Statements of Operations, with a corresponding increase to Future policy benefits on the Consolidated Balance Sheets. During the year ended December 31, 2016, for its continuing operations, the Company's reviews resulted in loss recognition in its Retained Business of $8 before income taxes, of which $7 was recorded to Net amortization of DAC and VOBA in the Consolidated Statements of Operations, with a corresponding decrease to Deferred policy acquisition costs and Value of business acquired on the Consolidated Balance Sheets. The remaining loss recognition of $1 was related to the establishment of premium deficiency reserves which was recorded as an increase in Policyholder benefits in the Consolidated Statements of Operations, with a corresponding increase to Future policy benefits on the Consolidated Balance Sheets. During the year ended December 31, 2016, for its discontinued operations, the Company's reviews resulted in loss recognition of $313 , before income taxes, of which $78 and $19 were related to DAC/VOBA and Sales Inducements, respectively and reported as a loss in Income (loss) from discontinued operations, net of tax with a corresponding decrease in Assets held for sale in the Consolidated Balance Sheets. The loss recognition also included the establishment of $216 of premium deficiency reserves related to the continued decline in earned rates in the current interest rate environment, which was reported as a loss in Income (loss) from discontinued operations, net of tax, with an offsetting increase in Liabilities held for sale on the Consolidated Balance Sheets. The Company had no loss recognition for the year ended December 31 2015. Internal Replacements Contract owners may periodically exchange one contract for another, or make modifications to an existing contract. These transactions are identified as internal replacements. Internal replacements that are determined to result in substantially unchanged contracts are accounted for as continuations of the replaced contracts. Any costs associated with the issuance of the new contracts are considered maintenance costs and expensed as incurred. Unamortized DAC/VOBA and other intangibles related to the replaced contracts continue to be deferred and amortized in connection with the new contracts. Internal replacements that are determined to result in contracts that are substantially changed are accounted for as extinguishments of the replaced contracts, and any unamortized DAC/VOBA and other intangibles related to the replaced contracts are written off to the same account in which amortization is reported in the Consolidated Statements of Operations. Assumptions Changes in assumptions can have a significant impact on DAC/VOBA and other intangible balances, amortization rates, reserve levels, and results of operations. Assumptions are management’s best estimate of future outcome. Several assumptions are considered significant in the estimation of gross profits associated with the Company's variable products. One significant assumption is the assumed return associated with the variable account performance. To reflect the volatility in the equity markets, this assumption involves a combination of near-term expectations and long-term assumptions regarding market performance. The overall return on the variable account is dependent on multiple factors, including the relative mix of the underlying sub-accounts among bond funds and equity funds, as well as equity sector weightings. The Company uses a reversion to the mean approach, which assumes that the market returns over the entire mean reversion period are consistent with a long-term level of equity market appreciation. The Company monitors market events and only changes the assumption when sustained deviations are expected. This methodology incorporates a 9% long-term equity return assumption, a 14% cap and a five -year look-forward period. Other significant assumptions used in the estimation of gross profits include mortality, and for products with credited rates include interest rate spreads and credit losses. Estimated gross revenues and gross profits of variable annuity contracts are sensitive to mortality and estimated policyholder behavior assumptions, such as surrender, lapse and annuitization rates. |
Sales Inducements | Sales Inducements DSI represents benefits paid to contract owners for a specified period that are incremental to the amounts the Company credits on similar contracts without sales inducements and are higher than the contract's expected ongoing crediting rates for periods after the inducement. The Company defers sales inducements and amortizes DSI over the estimated lives of the related contracts using the same methodology and assumptions used to amortize DAC. The amortization of DSI is included in Interest credited to contract owner account balances in the Consolidated Statements of Operations. Each year, or more frequently if circumstances indicate a potentially significant recoverability issue exists, the Company reviews DSI to determine the recoverability of these balances. |
Future Policy Benefits and Contract Owner Accounts | Future Policy Benefits and Contract Owner Account Balances Future Policy Benefits The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. The principal assumptions used to establish liabilities for future policy benefits are based on Company experience and periodically reviewed against industry standards. These assumptions include mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, investment returns, inflation, benefit utilization and expenses. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. • Reserves for traditional life insurance contracts (term insurance, participating and non-participating whole life insurance and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. Assumptions as to interest rates, mortality, expenses and persistency are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Interest rates used to calculate the present value of these reserves ranged from 2.3% to 7.7% . • Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality and expenses are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue and policy duration. Interest rates used to calculate the present value of future benefits ranged from 2.7% to 8.3% . Although assumptions are "locked-in" upon the issuance of traditional life insurance contracts, certain accident and health insurance contracts and payout contracts with life contingencies, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do not include a provision for adverse deviation. See "Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles" above for premium deficiency reserves established during 2017 and 2016. Contract Owner Account Balances Contract owner account balances relate to universal life-type and investment-type contracts, as follows: • Account balances for guaranteed investment contracts and funding agreements with fixed maturities (collectively referred to as "GICs") are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract. • Account balances for universal life-type contracts, including variable universal life ("VUL") contracts, are equal to cumulative deposits, less charges, withdrawals and account values released upon death, plus credited interest thereon. • Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and ranged up to 7.5% for the years 2017 , 2016 and 2015 . Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate. • For fixed-indexed annuity ("FIA") and indexed universal life ("IUL") contracts, the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value. Product Guarantees and Additional Reserves The Company calculates additional reserve liabilities for certain universal life-type products, certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Universal and Variable Life : Reserves for universal life ("UL") and VUL secondary guarantees and paid-up guarantees are calculated by estimating the expected value of death benefits payable and recognizing those benefits ratably over the accumulation period based on total expected assessments. The reserve for such products recognizes the portion of contract assessments received in early years used to compensate the Company for benefits provided in later years. Assumptions used, such as the interest rate, lapse rate and mortality, are consistent with assumptions used in estimating gross profits for purposes of amortizing DAC. Reserves for UL and VUL secondary guarantees and paid-up guarantees are recorded in Future policy benefits on the Consolidated Balance Sheets. The Company also calculates a benefit ratio for each block of business that meets the requirements for additional reserves and calculates an additional reserve by accumulating amounts equal to the benefit ratio multiplied by the assessments for each period, reduced by excess benefits during the period. The additional reserve is accumulated at interest rates consistent with the DAC model for the period. The calculated reserve includes provisions for UL contracts that produce expected gains from the insurance benefit function followed by losses from that function in later years. Additional reserves are recorded in Future policy benefits on the Consolidated Balance Sheets. URR relates to UL and VUL products and represents policy charges for benefits or services to be provided in future periods (see "Recognition of Insurance Revenue and Related Benefits" below). The URR balance is recorded in Contract owner account balances on the Consolidated Balance Sheets. GMDB and GMIB : Reserves for annuity guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") are determined by estimating the value of expected benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. Expected experience is based on a range of scenarios. Assumptions used, such as the long-term equity market return, lapse rate and mortality, are consistent with assumptions used in estimating gross revenues for the purpose of amortizing DAC. The assumptions of investment performance and volatility are consistent with the historical experience of the appropriate underlying equity index, such as the Standard & Poor's ("S&P") 500 Index. In addition, the reserve for the GMIB incorporates assumptions for the likelihood and timing of the potential annuitizations that may be elected by the contract owner. In general, the Company assumes that GMIB annuitization rates will be higher for policies with more valuable ("in the money") guarantees, where the notional benefit amount is in excess of the account value. Reserves for GMDB and GMIB are recorded in Future policy benefits. Changes in reserves for GMDB and GMIB are reported in Policyholder benefits. GMWBL, GMWB, GMAB, FIA and IUL : The Company issues certain products that contain embedded derivatives that are measured at estimated fair value separately from the host contracts. These products include deferred variable annuity contracts containing guaranteed minimum withdrawal benefits with life payouts ("GMWBL"), guaranteed minimum withdrawal benefits without life contingencies ("GMWB"), and guaranteed minimum accumulation benefits ("GMAB") features and FIA and IUL contracts. Embedded derivatives associated with GMAB, GMWB and GMWBL are recorded in Future policy benefits. Embedded derivatives associated with FIA and IUL contracts are recorded in Contract owner account balances. Changes in estimated fair value, that are not related to attributed fees or premiums collected or payments made, are reported in Other net realized capital gains (losses). At inception of the contracts containing the GMWBL, GMWB and GMAB features, the Company projects a fee to be attributed to the embedded derivative portion of the guarantee equal to the present value of projected future guaranteed benefits. After inception, the estimated fair value of the GMWBL, GMWB and GMAB embedded derivatives is determined based on the present value of projected future guaranteed benefits, minus the present value of projected attributed fees. A risk neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk free rates. The projection of future guaranteed benefits and future attributed fees requires the use of assumptions for capital markets (e.g., implied volatilities, correlation among indices, risk-free swap curve, etc.) and policyholder behavior (e.g., lapse, benefit utilization, mortality, etc.). The estimated fair value of the embedded derivative in the FIA contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed contract value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the anticipated life of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths, annuitizations and maturities. The estimated fair value of the embedded derivative in the IUL contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed account value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the current index term of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths and maturities. Stabilizer and MCG : Guaranteed credited rates give rise to an embedded derivative in the Stabilizer products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Contract owner account balances on the Consolidated Balance Sheets. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. The liabilities for the GMWBL, GMWB, GMAB, FIA, IUL and Stabilizer embedded derivatives and the MCG stand-alone derivative (collectively, "guaranteed benefit derivatives") include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks. The discount rate used to determine the fair value of the liabilities for the GMWBL, GMWB, GMAB, FIA, IUL and Stabilizer embedded derivatives and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). Separate Accounts Separate account assets and liabilities generally represent funds maintained to meet specific investment objectives of contract owners or participants who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contract owners. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Separate account assets supporting variable options under variable annuity contracts are invested, as designated by the contract owner or participant under a contract, in shares of mutual funds that are managed by the Company or in other selected mutual funds not managed by the Company. The Company reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if: • Such separate accounts are legally recognized; • Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities; • Investments are directed by the contract owner or participant; and • All investment performance, net of contract fees and assessments, is passed through to the contract owner. The Company reports separate account assets that meet the above criteria at fair value on the Consolidated Balance Sheets based on the fair value of the underlying investments. Separate account liabilities equal separate account assets. Investment income and net realized and unrealized capital gains (losses) of the separate accounts, however, are not reflected in the Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts. |
Debt | Short-term and Long-term Debt Short-term and long-term debt are carried on the Consolidated Balance Sheets at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium and any direct and incremental costs attributable to issuance. Discounts, premiums and direct and incremental costs are amortized as a component of Interest expense in the Consolidated Statements of Operations over the life of the debt using the effective interest method of amortization. Collateralized Loan Obligations Notes CLO notes issued by consolidated CLO entities are recorded in Corporate loans, at fair value using the fair value option on the Consolidated Balance Sheets. Changes in the fair value of the notes are recorded in Changes in fair value related to collateralized loan obligations in the Company's Consolidated Statements of Operations. |
Repurchase Agreements | Repurchase Agreements The Company engages in dollar repurchase agreements with MBS ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. The Company enters into dollar roll transactions by selling existing MBS and concurrently entering into an agreement to repurchase similar securities within a short time frame at a lower price. Under repurchase agreements, the Company borrows cash from a counterparty at an agreed upon interest rate for an agreed upon time frame and pledges collateral in the form of securities. At the end of the agreement, the counterparty returns the collateral to the Company, and the Company, in turn, repays the loan amount along with the additional agreed upon interest. The Company's policy requires that at all times during the term of the dollar roll and repurchase agreements that cash or other collateral types obtained is sufficient to allow the Company to fund substantially all of the cost of purchasing replacement assets. Cash received is invested in Short-term investments, with the offsetting obligation to repay the loan included within Other liabilities on the Consolidated Balance Sheets. The carrying value of the securities pledged in dollar rolls and repurchase agreement transactions and the related repurchase obligation are included in Securities pledged and Short-term debt, respectively, on the Consolidated Balance Sheets. The primary risk associated with short-term collateralized borrowings is that the counterparty will be unable to perform under the terms of the contract. The Company's exposure is limited to the excess of the net replacement cost of the securities over the value of the short-term investments. The Company believes the counterparties to the dollar rolls and repurchase agreements are financially responsible and that the counterparty risk is minimal. |
Recognition of Insurance Revenue and Related Benefits | Recognition of Insurance Revenue and Related Benefits Premiums related to traditional life insurance contracts and payout contracts with life contingencies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Policyholder benefits in the Consolidated Statements of Operations when incurred. Amounts received as payment for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and FIA contracts are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges and are reported in Fee income. Surrender charges are reported in Other revenue. In addition, the Company earns investment income from the investment of contract deposits in the Company's general account portfolio, which is reported in Net investment income in the Consolidated Statements of Operations. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are established as a URR liability and amortized into revenue over the expected life of the related contracts in proportion to estimated gross profits in a manner consistent with DAC for these contracts. URR is reported in Contract owner account balances and amortized into Fee income. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances. Performance-based Capital Allocations on Private Equity Funds Under asset management arrangements for certain of its sponsored private equity funds, the Company, as General Partner, is entitled to receive performance-based capital allocations ("carried interest") when the return on assets under management for such funds exceeds prescribed investment return hurdles or other performance targets. Carried interest is accrued quarterly based on measuring cumulative fund performance against the stated performance hurdle, as if the fund was liquidated at its estimated fair value as of the applicable balance sheet date. Carried interest is subject to adjustment to the extent that subsequent fund performance causes the fund’s cumulative investment return to fall below specified investment return hurdles. In such a circumstance, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to the performance-based capital allocation and, if such allocations have been distributed to the Company but are subject to recoupment by the fund, a liability is established for the potential repayment obligation. |
Income Taxes | Income Taxes The Company files a consolidated federal income tax return, which includes many of its subsidiaries, in accordance with the Internal Revenue Code of 1986, as amended. Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent, such as the dividends received deduction which is estimated using information from the prior period and current year results. Other differences are temporary, reversing over time, such as the valuation of insurance reserves, and create deferred tax assets and liabilities. The Company's deferred tax assets and liabilities resulting from temporary differences between financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. Deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards and tax credit carryforwards. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: • The nature, frequency and severity of book income or losses in recent years; • The nature and character of the deferred tax assets and liabilities; • The nature and character of income by life and non-life subgroups; • The recent cumulative book income (loss) position after adjustment for permanent differences; • Taxable income in prior carryback years; • Projected future taxable income, exclusive of reversing temporary differences and carryforwards; • Projected future reversals of existing temporary differences; • The length of time carryforwards can be utilized; • Prudent and feasible tax planning strategies the Company would employ to avoid a tax benefit from expiring unused; and • Tax rules that would impact the utilization of the deferred tax assets. In establishing unrecognized tax benefits, the Company determines whether a tax position is more likely than not to be sustained under examination by the appropriate taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the appropriate taxing authority. Tax positions that do not meet the more likely than not standard are not recognized in the Consolidated Financial Statements. Tax positions that meet this standard are recognized in the Consolidated Financial Statements. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with the tax authority that has full knowledge of all relevant information. |
Reinsurance | Reinsurance The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for both long and short-duration reinsurance agreements are consistent with those used for the underlying contracts. Ceded Future policy benefits and Contract owner account balances are reported gross on the Consolidated Balance Sheets. Long-duration : For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded as a component of the reinsurance asset or liability. Any difference between actual and expected net cost of reinsurance is recognized in the current period and included as a component of profits used to amortize DAC. Short-duration : For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid are recorded as ceded premiums and ceded unearned premiums and are reflected as a component of Premiums in the Consolidated Statements of Operations and Other assets on the Consolidated Balance Sheets, respectively. Ceded unearned premiums are amortized through premiums over the remaining contract period in proportion to the amount of protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid in excess of the related insurance liabilities ceded are recognized immediately as a loss. Any gains on such retroactive agreements are deferred in Other liabilities and amortized over the remaining life of the underlying contracts. Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. The S&P ratings for the Company's reinsurers with the largest reinsurance recoverable balances are A-rated or better, including Lincoln National Corporation ("Lincoln"), Hannover Life Reassurance Company of America ("Hannover US") and Hannover Re (Ireland) Limited ("HLRI") (collectively, "Hannover Re") and various subsidiaries of Reinsurance Group of America Incorporated (collectively, "RGA"). Only those reinsurance recoverable balances deemed probable of recovery are recognized as assets on the Company's Consolidated Balance Sheets and are stated net of allowances for uncollectible reinsurance. Amounts currently recoverable and payable under reinsurance agreements are included in Premium receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Policyholder benefits are reported net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in Other revenue. The Company has entered into coinsurance funds withheld reinsurance arrangements that contain embedded derivatives for which carrying value is estimated based on the change in the fair value of the assets supporting the funds withheld payable under the agreements. |
Employee Benefit Plans | Employee Benefits Plans The Company sponsors and/or administers various plans that provide defined benefit pension and other postretirement benefit plans covering eligible employees, sales representatives and other individuals. The plans are generally funded through payments, determined by periodic actuarial calculations, to trustee-administered funds. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in respect of defined benefit pension plans is the present value of the projected pension benefit obligation ("PBO") at the balance sheet date, less the fair value of plan assets, together with adjustments for unrecognized past service costs. This liability is included in Pension and other postretirement provisions on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans and the accumulated postretirement benefit obligation ("APBO") for other postretirement plans on the Consolidated Balance Sheets. Net periodic benefit cost is determined using management estimates and actuarial assumptions to derive service cost, interest cost and expected return on plan assets for a particular year. The obligations and expenses associated with these plans require use of assumptions, such as discount rate, expected rate of return on plan assets, rate of future compensation increases and healthcare cost trend rates, as well as assumptions regarding participant demographics, such as age of retirements, withdrawal rates and mortality. Management determines these assumptions based on a variety of factors, such as historical performance of the plan and its assets, currently available market and industry data and expected benefit payout streams. Actual results could vary significantly from assumptions based on changes, such as economic and market conditions, demographics of participants in the plans and amendments to benefits provided under the plans. These differences may have a significant effect on the Company's Consolidated Financial Statements and liquidity. Differences between the expected return and the actual return on plan assets and actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations. For postretirement healthcare and other benefits to retirees, the entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued in Other liabilities over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations. |
Share-based Compensation | Share-based Compensation The Company grants certain employees and directors share-based compensation awards under various plans. Share-based compensation plans are subject to certain vesting conditions. The Company measures the cost of its share-based awards at their grant date fair value, which in the case of restricted stock units ("RSUs ") and performance share units ("PSUs") is based upon the market value of the Company's common stock on the date of grant. In 2016 and 2017, the Company granted certain PSU awards, which are subject to attainment of specified total shareholder return ("TSR") targets relative to a specified peer group. The number of TSR-based PSU awards expected to be earned, based on achievement of the market condition, is factored into the grant date Monte Carlo valuation for the award. Fair value of stock options is determined using a Black-Scholes options valuation methodology. Compensation expense is principally related to the granting of performance share units, restricted stock units and stock options and is recognized in Operating expenses in the Consolidated Statements of Operations over the requisite service period. The majority of awards granted are provided in the first quarter of each year. The liability related to the cash-settled awards is recorded within Other liabilities on the Consolidated Balance Sheets. Unlike equity-settled awards, which have a fixed grant-date fair value, the fair value of unvested cash-settled awards is remeasured at the end of each reporting period until the awards vest. Excess tax benefits recorded in Additional paid-in capital in 2016 and prior years are accounted for in a single pool available to all share-based compensation awards. Excess tax benefits in Additional paid-in capital are not recognized until the benefits result in a reduction in taxes payable. The Company uses tax law ordering when determining when excess tax benefits have been realized. On a prospective basis from January 1, 2017, all excess tax benefits and tax deficiencies related to share-based compensation are reported in Net income (loss), rather than Additional paid-in capital. |
Earnings Per Share | Earnings per Common Share Basic earnings per common share ("EPS") is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed assuming the issuance of nonvested shares, restricted stock units, stock options, performance share units and warrants using the treasury stock method. Basic and diluted earnings per share are calculated using unrounded, actual amounts. Under the treasury stock method, the Company utilizes the average market price to determine the amount of cash that would be available to repurchase shares if the common shares vested. The net incremental share count issued represents the potential dilutive or anti-dilutive securities. For any period where a loss from earnings available to common shareholders is experienced, shares used in the diluted EPS calculation represent basic shares, as using diluted shares would be anti-dilutive to the calculation. |
Consolidation and Noncontrolling Interests | Consolidation and Noncontrolling Interests As of January 1, 2016, the Company changed its method for determining whether consolidation is required for VIEs and VOEs upon the adoption of Accounting Standards Update ("ASU") 2015-02, "Consolidation (Accounting Standards Codification ("ASC") Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02") (See "Adoption of New Pronouncements" below). In the normal course of business, the Company invests in, provides investment management services to, and has transactions with, various CLO entities, private equity funds, real estate funds, funds-of-hedge funds, single strategy hedge funds, insurance entities, securitizations and other investment entities. In certain instances, the Company serves as the investment manager, making day-to-day investment decisions concerning the assets of these entities. These entities are considered to be either VIEs or VOEs, and the consolidation guidance requires an assessment involving judgments and analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. The Company consolidates entities in which it, directly or indirectly, is determined to have a controlling financial interest. Consolidation conclusions are reviewed quarterly to identify whether any reconsideration events have occurred. VIEs : The Company consolidates VIEs for which it is the primary beneficiary at the time it becomes involved with a VIE. An entity is a VIE if it has equity investors who, as a group, lack the characteristics of a controlling financial interest or it does not have sufficient equity at risk to finance its expected activities without additional subordinated financial support from other parties. The primary beneficiary (a) has the power to direct the activities of the entity that most significantly impact the entity's economic performance and (b) has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. VOEs : For entities determined not to be VIEs, the Company consolidates entities in which it holds greater than 50% of the voting interest, or, for limited partnerships, when the Company owns a majority of the limited partnership's kick-out rights through voting interests. Noncontrolling interest represents the interests of shareholders, other than the Company, in consolidated entities. In the Consolidated Statements of Operations, Net income (loss) attributable to noncontrolling interest represents such shareholders' interests in the earnings and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled. |
Contingencies | Contingencies A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company's best estimate of the ultimate outcome. |
Adoption of New Pronouncements | Adoption of New Pronouncements Interests Held through Related Parties In October 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-17, "Consolidation (ASC Topic 810): Interests Held through Related Parties That Are under Common Control" ("ASU 2016-17"), which changes how a single decision maker of a VIE should treat indirect interests in the entity that are held through related parties under common control when determining whether it is the primary beneficiary of the VIE. The provisions of ASU 2016-17 were adopted by the Company, retrospectively, on January 1, 2017. The adoption had no effect on the Company's financial condition, results of operations, or cash flows. Share-Based Compensation In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (ASC Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), which simplifies the accounting for share-based payment award transactions with respect to: • The income tax consequences of awards, • The impact of forfeitures on the recognition of expense for awards, • Classification of awards as either equity or liabilities, and • Classification on the statement of cash flows. The provisions of ASU 2016-09 were adopted by the Company on January 1, 2017 using the transition method prescribed for each applicable provision: • On a prospective basis, all excess tax benefits and tax deficiencies related to share-based compensation are reported in Net income (loss), rather than Additional paid-in capital. Prior year excess tax benefits remain in Additional paid-in capital. • The provision that removed the requirement to delay recognition of excess tax benefits until they reduce taxes payable was required to be adopted on a modified retrospective basis. Upon adoption, this provision resulted in a $15 increase in Deferred income tax assets with a corresponding increase to Retained earnings on the Consolidated Balance Sheet as of January 1, 2017, to record previously unrecognized excess tax benefits. • The Company elected to retrospectively adopt the requirement to present cash inflows related to excess tax benefits as operating activities, which resulted in a $5 reclassification of Share-based compensation cash flows from financing activities to operating activities in the Consolidated Statement of Cash Flows for the twelve months ended December 31, 2016. • The Company also elected to continue its existing accounting policy of including estimated forfeitures in the calculation of share-based compensation expense. The adoption of the remaining provisions of ASU 2016-09 had no effect on the Company's financial condition, results of operations, or cash flows. Debt Instruments In March 2016, the FASB issued ASU 2016-06, "Derivatives and Hedging (ASC Topic 815): Contingent Put and Call Options in Debt Instruments" ("ASU 2016-06"), which clarifies that an entity is only required to follow the four-step decision sequence when assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts for purposes of bifurcating an embedded derivative. The entity does not need to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. The provisions of ASU 2016-06 were adopted by the Company on January 1, 2017 using a modified retrospective approach. The adoption had no effect on the Company's financial condition, results of operations, or cash flows. Consolidation In February 2015, the FASB issued ASU 2015-02, "Consolidation (ASC Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02"), which: • Modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or VOEs, including the requirement to consider the rights of all equity holders at risk to determine if they have the power to direct the entity’s most significant activities. • Eliminates the presumption that a general partner should consolidate a limited partnership. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights. • Affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. • Provides a new scope exception for registered money market funds and similar unregistered money market funds, and ends the deferral granted to investment companies from applying the VIE guidance. The Company adopted the provisions of ASU 2015-02 on January 1, 2016 using the modified retrospective approach. The impact to the Company’s January 1, 2016 Consolidated Balance Sheet was the deconsolidation of $7.5 billion of Assets related to consolidated investment entities (comprised mainly of $2.5 billion of Limited partnerships/corporations, at fair value, $0.3 billion of Cash and cash equivalents, $4.6 billion of Corporate loans, at fair value using the fair value option, and $0.1 billion of Other assets related to consolidated investment entities) and $5.9 billion of liabilities (comprised of $4.6 billion of Collateralized loan obligations notes, at fair value using the fair value option, and $1.3 billion of Other liabilities related to consolidated investment entities), with a related adjustment to Noncontrolling interest of $1.6 billion and elimination of $9 Appropriated retained earnings related to consolidated investment entities. The adoption of ASU 2015-02 did not result in consolidation of any entities that were not previously consolidated. Limited partnerships previously accounted for as VOEs became VIEs under the new guidance as the limited partners do not hold substantive kick-out rights or participating rights. The adoption of ASU 2015-02 had no impact to net income available to Voya Financial, Inc.’s common shareholders. Collateralized Financing Entities In August 2014, the FASB issued ASU 2014-13, "Consolidation (ASC Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity" ("ASU 2014-13"), which allows an entity to elect to measure the financial assets and financial liabilities of a consolidated collateralized financing entity using either: • ASC Topic 820, whereby both the financial assets and liabilities are measured using the requirements of ASC Topic 820, with any difference reflected in earnings and attributed to the reporting entity in the statement of operations. • The measurement alternative, whereby both the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The Company adopted the provisions of ASU 2014-13 on January 1, 2016, using the measurement alternative under the modified retrospective method. Subsequent to the adoption of ASU 2014-13, the impact to the Company’s January 1, 2016 Consolidated Balance Sheet was an increase of $18 in Collateralized loan obligations notes, at fair value using the fair value option, related to consolidated investment entities, with an offsetting decrease to Appropriated retained earnings of $18 , resulting in the elimination of Appropriated retained earnings related to consolidated investment entities. As a result of adoption of ASU 2014-13, CLO liabilities are measured based on the fair value of the assets of the CLOs; therefore, the changes in fair value related to consolidated CLOs is zero. The changes in fair value of the Company’s interest in the CLOs are presented in Net investment income on the Consolidated Statements of Operations. |
Future Adoption of Accounting Pronouncements | Future Adoption of Accounting Pronouncements Reclassification of Certain Tax Effects In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (ASC Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted Tax Cuts and Jobs Act of 2017 ("Tax Reform"). Stranded tax effects arise because generally accepted accounting principles require that the impact of a change in tax laws or rates on deferred tax liabilities and assets be reported in net income, even if related to items recognized within accumulated other comprehensive income. The amount of the reclassification would be based on the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate, applied to deferred tax liabilities and assets reported within accumulated other comprehensive income. The provisions of ASU 2018-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Initial adoption of ASU 2018-02 may be reported either in the period of adoption or on a retrospective basis in each period in which the effect of the change in the U.S. federal corporate income tax rate resulting from Tax Reform is recognized. The Company is currently evaluating the provisions of ASU 2018-02. Derivatives & Hedging In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic ASC 815): Targeted Improvements to Accounting for Hedging Activities " ("ASU 2017-12"), which enables entities to better portray risk management activities in their financial statements, as follows: • Expands an entity's ability to hedge nonfinancial and financial risk components and reduces complexity in accounting for fair value hedges of interest rate risk, • Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item, • Eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness, and • Modifies required disclosures. The provisions of ASU 2017-12 are effective for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. Initial adoption of ASU 2017-12 is required to be reported using a modified retrospective approach, with the exception of the presentation and disclosure requirements, which are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2017-12. Debt Securities In March 2017, the FASB issued ASU 2017-08, "Receivables-Nonrefundable Fees and Other Costs (ASC Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08), which shortens the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date. The provisions of ASU 2017-08 are effective for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. Initial adoption of ASU 2017-08 is required to be reported using a modified retrospective approach. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2017-08. Retirement Benefits In March 2017, the FASB issued ASU 2017-07, "Compensation-Retirement Benefits (ASC Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" ("ASU 2017-07"), which requires employers to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the same line item as other compensation costs arising from services rendered by employees during the period. Other components of net benefit costs are required to be presented in the statement of operations separately from service costs. In addition, only service costs are eligible for capitalization in assets, when applicable. The provisions of ASU 2017-07 are effective for annual periods beginning after December 15, 2017, including interim periods, with early adoption permitted. Initial adoption of ASU 2017-07 is required to be reported retrospectively for the presentation of service costs and other components in the statement of operations and prospectively for the capitalization of service costs in assets. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018. Derecognition of Nonfinancial Assets In February 2017, the FASB issued ASU 2017-05, "Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (ASC Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance & Accounting for Partial Sales of Nonfinancial Assets" ("ASU 2017-05"), which requires entities to apply certain recognition and measurement principles in ASU 2014-09, "Revenue from Contracts with Customers (ASC Topic 606)" (see "Revenue from Contracts with Customers" below) when they derecognize nonfinancial assets and in substance nonfinancial assets through sale or transfer, and the counterparty is not a customer. The provisions of ASU 2017-05 are effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted, using either a retrospective or modified retrospective method. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (ASC Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on eight specific cash flow issues. The provisions of ASU 2016-15 are effective retrospectively for fiscal years beginning after December 15, 2017, including interim periods, with early adoption permitted. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018. Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which: • Introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, • Modifies the impairment model for available-for-sale debt securities, and • Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. The provisions of ASU 2016-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. Initial adoption of ASU 2016-13 is required to be reported on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption, except for certain provisions that are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-13. Leases In February 2016, the FASB issued ASU 2016-02, "Leases (ASC Topic 842)" ("ASU 2016-02"), which requires lessees to recognize a right-of-use asset and a lease liability for all leases with terms of more than 12 months. The lease liability will be measured as the present value of the lease payments, and the asset will be based on the liability. For income statement purposes, expense recognition will depend on the lessee's classification of the lease as either finance, with a front-loaded amortization expense pattern similar to current capital leases, or operating, with a straight-line expense pattern similar to current operating leases. Lessor accounting will be similar to the current model, and lessors will be required to classify leases as operating, direct financing, or sales-type. ASU 2016-02 also replaces the sale-leaseback guidance to align with the new revenue recognition standard, addresses statement of operation and statement of cash flow classification, and requires additional disclosures for all leases. The provisions of ASU 2016-02 are effective on a modified retrospective basis for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-02. Financial Instruments - Recognition and Measurement In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (ASC Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"), which requires: • Equity investments (except those consolidated or accounted for under the equity method) to be measured at fair value with changes in fair value recognized in net income. • Elimination of the disclosure of methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost. • The use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. • Separate presentation in other comprehensive income of the portion of the total change in fair value of a liability resulting from a change in own credit risk if the liability is measured at fair value under the fair value option. • Separate presentation on the balance sheet or financial statement notes of financial assets and financial liabilities by measurement category and form of financial asset. The provisions of ASU 2016-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption only permitted for certain provisions. Initial adoption of ASU 2016-01 is required to be reported on a modified retrospective basis, with a cumulative-effect adjustment to the balance sheet as of the beginning of the year of adoption, except for certain provisions that are required to be applied prospectively. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (ASC Topic 606)" ("ASU 2014-09"), which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when, or as, the entity satisfies a performance obligation under the contract. ASU 2014-09 also updated the accounting for certain costs associated with obtaining and fulfilling contracts with customers and requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In addition, the FASB issued various amendments during 2016 to clarify the provisions and implementation guidance of ASU 2014-09. Revenue recognition for insurance contracts and financial instruments is explicitly scoped out of the guidance. The provisions of ASU 2014-09 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted as of January 1, 2017. Initial adoption of ASU 2014-09 is required to be reported using either a retrospective or modified retrospective approach. The Company plans to adopt ASU 2014-09 on January 1, 2018 on a modified retrospective basis. As the scope of ASU 2014-09 excludes insurance contracts and financial instruments, the guidance does not apply to a significant portion of the Company’s business. Based on review to date, the Company anticipates that the adoption of ASU 2014-09 will result in the deferral of costs to obtain and fulfill certain financial services contracts in the Retirement segment and Corporate, with a related cumulative impact on retained earnings upon adoption, net of tax, of approximately $80 ; however, finalization of implementation efforts will continue into the first quarter of 2018. |
Business Held for Sale and Di38
Business Held for Sale and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Held for Sale Balance Sheets and Income Statements | The following table summarizes the major categories of assets and liabilities classified as held for sale in the accompanying Consolidated Balance Sheets as of December 31, 2017 and 2016 : As of December 31, 2017 2016 Assets: Investments: Fixed maturities, available-for-sale, at fair value $ 21,904 $ 22,075 Fixed maturities, at fair value using the fair value option 615 647 Short-term investments 352 430 Mortgage loans on real estate, net of valuation allowance 4,212 3,722 Derivatives 1,514 976 Other investments (1) 351 258 Securities pledged 861 748 Total investments 29,809 28,856 Cash and cash equivalents 498 815 Short-term investments under securities loan agreements, including collateral delivered 473 202 Deferred policy acquisition costs and Value of business acquired 805 890 Sales Inducements 196 206 Deferred income taxes 404 520 Other assets (2) 396 286 Assets held in separate accounts 28,894 30,934 Write-down of businesses held for sale to fair value less cost to sell (2,423 ) — Total assets held for sale $ 59,052 $ 62,709 Liabilities: Future policy benefits and contract owner account balances $ 27,065 $ 27,205 Payables under securities loan agreement, including collateral held 1,152 872 Derivatives 782 174 Notes payable 350 350 Other liabilities 34 41 Liabilities related to separate accounts 28,894 30,934 Total liabilities held for sale $ 58,277 $ 59,576 (1) Includes Other investments, Equity securities, Limited Partnerships/corporations and Policy loans. (2) Includes Other assets, Accrued investment income, Premium receivable and reinsurance recoverable. The following table summarizes the components of Income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for the y ears ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Revenues: Net investment income $ 1,266 $ 1,288 $ 1,217 Fee income 801 889 1,011 Premiums 190 720 470 Total net realized capital gains (losses) (1,234 ) (900 ) (173 ) Other revenue 19 19 22 Total revenues 1,042 2,016 2,547 Benefits and expenses: Interest credited and other benefits to contract owners/policyholders 978 2,199 1,812 Operating expenses 250 283 319 Net amortization of Deferred policy acquisition costs and Value of business acquired 127 136 286 Interest expense 22 22 22 Total benefits and expenses 1,377 2,640 2,439 Income (loss) from discontinued operations before income taxes (335 ) (624 ) 108 Income tax expense (benefit) (178 ) (287 ) (38 ) Loss on sale, net of tax (2,423 ) — — Income (loss) from discontinued operations, net of tax $ (2,580 ) $ (337 ) $ 146 For additional information on certain assets, liabilities and other financial information related to businesses held for sale, see the Derivatives Note, Fair Value Measurements (excluding Consolidated Investments Entities) Note and the Guaranteed Benefit Features Note to these Consolidated Financial Statements. |
Investments (excluding Consol39
Investments (excluding Consolidated Investment Entities) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |
Marketable Securities | Fixed Maturities and Equity Securities Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2017 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 2,047 $ 477 $ 2 $ — $ 2,522 $ — U.S. Government agencies and authorities 223 52 — — 275 — State, municipalities and political subdivisions 1,856 68 11 — 1,913 — U.S. corporate public securities 20,857 2,451 50 — 23,258 — U.S. corporate private securities 5,628 255 50 — 5,833 — Foreign corporate public securities and foreign governments (1) 5,241 493 18 — 5,716 — Foreign corporate private securities (1) 4,974 251 64 — 5,161 10 Residential mortgage-backed securities: Agency 2,990 164 30 21 3,145 — Non-Agency 1,257 110 4 16 1,379 16 Total Residential mortgage-backed securities 4,247 274 34 37 4,524 16 Commercial mortgage-backed securities 2,646 69 11 — 2,704 — Other asset-backed securities 1,488 43 3 — 1,528 3 Total fixed maturities, including securities pledged 49,207 4,433 243 37 53,434 29 Less: Securities pledged 1,823 284 20 — 2,087 — Total fixed maturities 47,384 4,149 223 37 51,347 29 Equity securities: Common stock 272 1 — — 273 — Preferred stock 81 26 — — 107 — Total equity securities 353 27 — — 380 — Total fixed maturities and equity securities investments $ 47,737 $ 4,176 $ 223 $ 37 $ 51,727 $ 29 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $441 of net unrealized gains on impaired available-for-sale securities. Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2016 : Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value OTTI (3)(4) Fixed maturities: U.S. Treasuries $ 2,150 $ 407 $ 2 $ — $ 2,555 $ — U.S. Government agencies and authorities 227 41 — — 268 — State, municipalities and political subdivisions 1,647 23 39 — 1,631 — U.S. corporate public securities 21,873 1,722 178 — 23,417 6 U.S. corporate private securities 5,076 174 113 — 5,137 — Foreign corporate public securities and foreign governments (1) 5,161 293 69 — 5,385 — Foreign corporate private securities (1) 4,954 206 52 — 5,108 — Residential mortgage-backed securities: Agency 3,720 209 42 32 3,919 — Non-Agency 845 97 6 23 959 25 Total Residential mortgage-backed securities 4,565 306 48 55 4,878 25 Commercial mortgage-backed securities 2,320 59 24 — 2,355 — Other asset-backed securities 1,096 43 5 — 1,134 4 Total fixed maturities, including securities pledged 49,069 3,274 530 55 51,868 35 Less: Securities pledged 1,261 160 12 — 1,409 — Total fixed maturities 47,808 3,114 518 55 50,459 35 Equity securities: Common stock 152 — — — 152 — Preferred stock 77 29 — — 106 — Total equity securities 229 29 — — 258 — Total fixed maturities and equity securities investments $ 48,037 $ 3,143 $ 518 $ 55 $ 50,717 $ 35 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Represents OTTI reported as a component of Other comprehensive income (loss). (4) Amount excludes $408 of net unrealized gains on impaired available-for-sale securities. |
Investments Classifed by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2017 , are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date. Amortized Cost Fair Value Due to mature: One year or less $ 988 $ 1,001 After one year through five years 8,389 8,703 After five years through ten years 10,352 10,762 After ten years 21,097 24,212 Mortgage-backed securities 6,893 7,228 Other asset-backed securities 1,488 1,528 Fixed maturities, including securities pledged $ 49,207 $ 53,434 |
U.S. and Foreign Corporate Securities by Industry | The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Fair Value December 31, 2017 Communications $ 2,587 $ 341 $ 4 $ 2,924 Financial 5,094 487 5 5,576 Industrial and other companies 16,478 1,391 98 17,771 Energy 4,268 459 45 4,682 Utilities 6,243 607 22 6,828 Transportation 1,295 121 4 1,412 Total $ 35,965 $ 3,406 $ 178 $ 39,193 December 31, 2016 Communications $ 2,765 $ 258 $ 17 $ 3,006 Financial 5,143 370 28 5,485 Industrial and other companies 17,129 948 189 17,888 Energy 4,509 310 75 4,744 Utilities 5,629 397 77 5,949 Transportation 1,210 83 12 1,281 Total $ 36,385 $ 2,366 $ 398 $ 38,353 |
Schedule of Securities Borrowed Under Securities Lending Transactions [Table Text Block] | The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated: December 31, 2017 (1)(2) December 31, 2016 (1)(2) U.S. Treasuries $ 587 $ 701 U.S. Government agencies and authorities 5 4 U.S. corporate public securities 967 294 Short-term Investments — 1 Foreign corporate public securities and foreign governments 338 168 Payables under securities loan agreements $ 1,897 $ 1,168 (1) As of December 31, 2017 and 2016 , borrowings under securities lending transactions include cash collateral of $1,589 and $425 , respectively. (2) As of December 31, 2017 and 2016 , borrowings under securities lending transactions include non-cash collateral of $308 and $743 , respectively. |
Schedule of Unrealized Loss on Investments | Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2017 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 166 $ 2 $ — $ — $ 15 $ — $ 181 $ 2 State, municipalities and political subdivisions 356 9 6 — 35 2 397 11 U.S. corporate public securities 1,399 47 8 — 114 3 1,521 50 U.S. corporate private securities 1,068 46 — — 84 4 1,152 50 Foreign corporate public securities and foreign governments 463 17 6 — 26 1 495 18 Foreign corporate private securities 493 64 9 — 8 — 510 64 Residential mortgage-backed 967 32 6 — 81 2 1,054 34 Commercial mortgage-backed 756 10 18 — 86 1 860 11 Other asset-backed 374 3 4 — 27 — 405 3 Total $ 6,042 $ 230 $ 57 $ — $ 476 $ 13 $ 6,575 $ 243 Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2016 : Six Months or Less Below Amortized Cost More Than Six Months and Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 209 $ 2 $ — $ — $ — $ — $ 209 $ 2 State, municipalities and political subdivisions 945 38 2 — 49 1 996 39 U.S. corporate public securities 4,568 175 14 — 112 3 4,694 178 U.S. corporate private securities 1,596 109 10 1 87 3 1,693 113 Foreign corporate public securities and foreign governments 1,274 63 6 2 139 4 1,419 69 Foreign corporate private securities 1,026 52 — — — — 1,026 52 Residential mortgage-backed 1,389 47 1 — 21 1 1,411 48 Commercial mortgage-backed 680 22 — — 23 2 703 24 Other asset-backed 430 5 — — — — 430 5 Total $ 12,117 $ 513 $ 33 $ 3 $ 431 $ 14 $ 12,581 $ 530 |
Schedule of Loan-to-Value, Credit Enhancement and Fixed Floating Rates for RMBS and Other ABS in a Gross Unrealized Loss Position | The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated: Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 13 — — — Non-agency RMBS < 80% 211 1 4 — Agency RMBS 878 12 26 4 Other ABS (Non-RMBS) 380 1 2 1 Total RMBS and Other ABS $ 1,482 $ 14 $ 32 $ 5 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2017 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 162 $ — $ 2 $ — Non-agency RMBS > 5% - 10% 11 — — — Non-agency RMBS > 0% - 5% 25 1 1 — Non-agency RMBS 0% 26 — 1 — Agency RMBS 878 12 26 4 Other ABS (Non-RMBS) 380 1 2 1 Total RMBS and Other ABS $ 1,482 $ 14 $ 32 $ 5 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2017 < 20% > 20% < 20% > 20% Fixed Rate $ 1,104 $ 6 $ 20 $ 2 Floating Rate 378 8 12 3 Total $ 1,482 $ 14 $ 32 $ 5 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. Loan-to-Value Ratio Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS > 100% $ — $ — $ — $ — Non-agency RMBS > 90% - 100% — — — — Non-agency RMBS 80% - 90% 5 — — — Non-agency RMBS < 80% 149 4 8 1 Agency RMBS 1,347 3 39 3 Other ABS (Non-RMBS) 384 2 2 — Total RMBS and Other ABS $ 1,885 $ 9 $ 49 $ 4 Credit Enhancement Percentage Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% RMBS and Other ABS (1) Non-agency RMBS 10% + $ 92 $ — $ 5 $ — Non-agency RMBS > 5% - 10% 9 — — — Non-agency RMBS > 0% - 5% 25 — 2 — Non-agency RMBS 0% 28 4 1 1 Agency RMBS 1,347 3 39 3 Other ABS (Non-RMBS) 384 2 2 — Total RMBS and Other ABS $ 1,885 $ 9 $ 49 $ 4 Fixed Rate/Floating Rate Amortized Cost Unrealized Capital Losses December 31, 2016 < 20% > 20% < 20% > 20% Fixed Rate $ 1,393 $ 3 $ 34 $ 2 Floating Rate 492 6 15 2 Total $ 1,885 $ 9 $ 49 $ 4 (1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. |
Schedule of Mortgage Loans Real Estate and Valuation Allowance | The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2017 December 31, 2016 Collective valuation allowance for losses, balance at January 1 $ 3 $ 3 Addition to (reduction of) allowance for losses — — Collective valuation allowance for losses, end of period $ 3 $ 3 The following table summarizes the Company's investment in mortgage loans as of the dates indicated: December 31, 2017 December 31, 2016 Impaired Non Impaired Total Impaired Non Impaired Total Commercial mortgage loans $ 4 $ 8,685 $ 8,689 $ 5 $ 8,001 $ 8,006 Collective valuation allowance for losses N/A (3 ) (3 ) N/A (3 ) (3 ) Total net commercial mortgage loans $ 4 $ 8,682 $ 8,686 $ 5 $ 7,998 $ 8,003 N/A - Not Applicable |
Impaired Financing Receivables | The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: December 31, 2017 December 31, 2016 Impaired loans without allowances for losses $ 4 $ 5 Less: Allowances for losses on impaired loans — — Impaired loans, net $ 4 $ 5 Unpaid principal balance of impaired loans $ 6 $ 6 |
Past Due Financing Receivables, Impaired Financing Receivables, Troubled Debt Restructurings on Financing Receivables, and Loans in Foreclosure | |
Interest Income Recognized on Impaired and Restructured Loans | The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated: Year Ended December 31, 2017 2016 2015 Impaired loans, average investment during the period (amortized cost) (1) $ 4 $ 11 $ 36 Interest income recognized on impaired loans, on an accrual basis (1) — — 2 Interest income recognized on impaired loans, on a cash basis (1) — — 2 Interest income recognized on troubled debt restructured loans, on an accrual basis — — 2 (1) Includes amounts for Troubled debt restructured loans. |
Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio | The following table presents the LTV ratios as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Loan-to-Value Ratio: 0% - 50% $ 849 $ 950 >50% - 60% 2,125 1,976 >60% - 70% 5,144 4,544 >70% - 80% 551 523 >80% and above 20 13 Total Commercial mortgage loans $ 8,689 $ 8,006 (1) Balances do not include collective valuation allowance for losses. The following table presents the DSC ratios as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Debt Service Coverage Ratio: Greater than 1.5x $ 7,013 $ 6,421 >1.25x - 1.5x 655 824 >1.0x - 1.25x 893 597 Less than 1.0x 105 105 Commercial mortgage loans secured by land or construction loans 23 59 Total Commercial mortgage loans $ 8,689 $ 8,006 (1) Balances do not include collective valuation allowance for losses. |
Mortgage Loans by Geographic Location of Collateral | Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by U.S. Region: Pacific $ 2,024 23.4 $ 2,055 25.7 % South Atlantic 1,716 19.7 1,703 21.3 % Middle Atlantic 1,612 18.5 1,169 14.6 % West South Central 959 11.0 801 10.0 % Mountain 859 9.9 729 9.1 % East North Central 884 10.2 885 11.1 % New England 161 1.8 170 2.1 % West North Central 391 4.5 371 4.6 % East South Central 83 1.0 123 1.5 % Total Commercial mortgage loans $ 8,689 100.0 $ 8,006 100.0 % (1) Balances do not include collective valuation allowance for losses. |
Mortgage Loans by Property Type of Collateral | December 31, 2017 (1) December 31, 2016 (1) Gross Carrying Value % of Total Gross Carrying Value % of Total Commercial Mortgage Loans by Property Type: Retail $ 2,587 29.7 $ 2,607 32.6 % Industrial 2,108 24.3 1,708 21.3 % Apartments 1,849 21.3 1,620 20.2 % Office 1,384 15.9 1,267 15.8 % Hotel/Motel 309 3.6 332 4.2 % Other 364 4.2 388 4.9 % Mixed Use 88 1.0 84 1.0 % Total Commercial mortgage loans $ 8,689 100.0 $ 8,006 100.0 % (1) Balances do not include collective valuation allowance for losses. |
Mortgage Loans by Year of Origination | The following table presents mortgages by year of origination as of the dates indicated: December 31, 2017 (1) December 31, 2016 (1) Year of Origination: 2017 $ 1,525 $ — 2016 1,428 1,434 2015 1,250 1,286 2014 1,303 1,333 2013 1,287 1,371 2012 818 1,084 2011 and prior 1,078 1,498 Total Commercial mortgage loans $ 8,689 $ 8,006 (1) Balances do not include collective valuation allowance for losses. |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated: Year Ended December 31, 2017 2016 2015 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities U.S. corporate public securities 1 3 7 2 29 23 Foreign corporate public securities and foreign governments (1) — — 16 3 43 11 Residential mortgage-backed 1 12 3 20 2 11 Other — 3 — 1 1 2 Total $ 2 18 $ 26 26 $ 75 47 The following table identifies the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated: Year Ended December 31, 2017 2016 2015 Balance at January 1 $ 33 $ 46 $ 53 Additional credit impairments: On securities not previously impaired 15 — — On securities previously impaired 1 2 4 Reductions: Increase in cash flows 1 — 1 Securities sold, matured, prepaid or paid down 8 15 10 Balance at December 31 $ 40 $ 33 $ 46 The following table identifies the Company's credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Year Ended December 31, 2017 2016 2015 Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities State, municipalities and political subdivisions 1 3 — 2 — — U.S. corporate public securities 1 3 8 3 29 24 Foreign corporate public securities and foreign governments (1) 2 3 17 4 44 12 Foreign corporate private securities (1) 15 2 2 2 1 1 Residential mortgage-backed 2 47 7 80 6 59 Other — 3 — 1 3 5 Total $ 21 61 $ 34 92 $ 83 101 (1) Primarily U.S. dollar denominated. |
Net Investment Income | The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2017 2016 2015 Fixed maturities $ 2,698 $ 2,860 $ 2,851 Equity securities, available-for-sale 9 11 9 Mortgage loans on real estate 388 372 394 Policy loans 100 108 110 Short-term investments and cash equivalents 10 5 3 Other 145 62 37 Gross investment income 3,350 3,418 3,404 Less: investment expenses 56 64 61 Net investment income $ 3,294 $ 3,354 $ 3,343 |
Realized Gain (Loss) on Investments | Net realized capital gains (losses) were as follows for the periods indicated: Year Ended December 31, 2017 2016 2015 Fixed maturities, available-for-sale, including securities pledged $ 7 $ (98 ) $ (90 ) Fixed maturities, at fair value option (282 ) (296 ) (336 ) Equity securities, available-for-sale (1 ) 1 (4 ) Derivatives 98 32 (68 ) Embedded derivatives - fixed maturities (18 ) (19 ) (16 ) Guaranteed benefit derivatives (22 ) 9 (46 ) Other investments (9 ) 8 — Net realized capital gains (losses) $ (227 ) $ (363 ) $ (560 ) After-tax net realized capital gains (losses) $ (120 ) $ (268 ) $ (370 ) |
Gain (Loss) on Investments | Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Year Ended December 31, 2017 2016 2015 Proceeds on sales $ 4,905 $ 4,742 $ 4,932 Gross gains 93 91 91 Gross losses 56 157 104 |
Duration | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |
Schedule of Unrealized Loss on Investments | Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2017 Six months or less below amortized cost $ 6,126 $ 196 $ 148 $ 82 1,098 38 More than six months and twelve months or less below amortized cost 48 — 1 — 14 — More than twelve months below amortized cost 448 — 12 — 87 — Total $ 6,622 $ 196 $ 161 $ 82 1,199 38 December 31, 2016 Six months or less below amortized cost $ 12,536 $ 195 $ 466 $ 53 1,694 63 More than six months and twelve months or less below amortized cost 45 — 2 — 13 — More than twelve months below amortized cost 335 — 9 — 38 1 Total $ 12,916 $ 195 $ 477 $ 53 1,745 64 |
Market Sector (Type of Security) | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |
Schedule of Unrealized Loss on Investments | Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated: Amortized Cost Unrealized Capital Losses Number of Securities < 20% > 20% < 20% > 20% < 20% > 20% December 31, 2017 U.S. Treasuries $ 183 $ — $ 2 $ — 29 — State, municipalities and political subdivisions 408 — 11 — 103 — U.S. corporate public securities 1,553 18 45 5 232 2 U.S. corporate private securities 1,129 73 28 22 73 2 Foreign corporate public securities and foreign governments 506 7 16 2 84 1 Foreign corporate private securities 490 84 16 48 35 6 Residential mortgage-backed 1,075 13 29 5 334 25 Commercial mortgage-backed 871 — 11 — 164 — Other asset-backed 407 1 3 — 145 2 Total $ 6,622 $ 196 $ 161 $ 82 1,199 38 December 31, 2016 U.S. Treasuries $ 211 $ — $ 2 $ — 25 — State, municipalities and political subdivisions 1,034 1 39 — 198 1 U.S. corporate public securities 4,811 61 163 15 547 17 U.S. corporate private securities 1,699 107 84 29 111 3 Foreign corporate public securities and foreign governments 1,471 17 64 5 186 10 Foreign corporate private securities 1,078 — 52 — 64 2 Residential mortgage-backed 1,452 7 45 3 365 28 Commercial mortgage-backed 727 — 24 — 124 2 Other asset-backed 433 2 4 1 125 1 Total $ 12,916 $ 195 $ 477 $ 53 1,745 64 |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts and fair values of derivatives from continuing operations were as follows as of the dates indicated: December 31, 2017 December 31, 2016 Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 56 $ — $ — $ 106 $ 4 $ — Foreign exchange contracts 625 — 60 324 28 7 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 27,482 173 58 39,570 550 247 Foreign exchange contracts 85 — 2 368 30 27 Equity contracts 1,526 198 19 917 95 — Credit contracts 1,983 26 10 3,051 30 16 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 37 — N/A 55 — Within products N/A — 306 N/A — 291 Within reinsurance agreements N/A — 129 N/A — 79 Total $ 434 $ 584 $ 792 $ 667 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. N/A - Not Applicable |
Offsetting Assets and Liabilities | Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) for continuing operations and businesses held for sale are presented in the tables below as of the dates indicated: December 31, 2017 Continuing operations: Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 1,983 $ 26 $ 10 Equity contracts 1,382 197 19 Foreign exchange contracts 710 — 62 Interest rate contracts 24,490 173 57 396 148 Counterparty netting (1) (100 ) (100 ) Cash collateral netting (1) (251 ) — Securities collateral netting (1) (37 ) (40 ) Net receivables/payables $ 8 $ 8 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2017 Businesses held for sale: Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 431 $ 1 $ 6 Equity contracts 28,131 1,023 662 Foreign exchange contracts 244 — 24 Interest rate contracts 27,025 471 88 1,495 780 Counterparty netting (1) (776 ) (776 ) Cash collateral netting (1) (676 ) (4 ) Securities collateral netting (1) (31 ) — Net receivables/payables $ 12 $ — (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2016 Continuing operations: Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 3,051 $ 30 $ 16 Equity contracts 782 94 — Foreign exchange contracts 692 58 34 Interest rate contracts 32,898 555 245 737 295 Counterparty netting (1) (250 ) (250 ) Cash collateral netting (1) (399 ) (6 ) Securities collateral netting (1) (20 ) (14 ) Net receivables/payables $ 68 $ 25 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2016 Businesses held for sale: Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 204 $ 3 $ — Equity contracts 21,545 378 49 Foreign exchange contracts 1,362 43 16 Interest rate contracts 35,444 530 108 954 173 Counterparty netting (1) (161 ) (161 ) Cash collateral netting (1) (685 ) (15 ) Securities collateral netting (1) (52 ) — Net receivables/payables $ 56 $ (3 ) (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Net realized gains (losses) on derivatives from continuing operations were as follows for the periods indicated: Year Ended December 31, 2017 2016 2015 Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 1 $ 1 $ 1 Foreign exchange contracts 26 2 2 Fair value hedges: Interest rate contracts — (3 ) (6 ) Derivatives: Non-qualifying for hedge accounting (2) Interest rate contracts 1 35 (56 ) Foreign exchange contracts (8 ) (4 ) 6 Equity contracts 61 (11 ) (18 ) Credit contracts 17 12 3 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) (18 ) (19 ) (16 ) Within products (2) (22 ) 9 (46 ) Within reinsurance agreements (3) (57 ) (25 ) 125 Total $ 1 $ (3 ) $ (5 ) (1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2017 , 2016 and 2015 , ineffective amounts were immaterial. (2) Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations. (3) Changes in value are included in Policyholder benefits in the Consolidated Statements of Operations. |
Fair Value Measurements (exclud
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s hierarchy for its assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2017 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 1,921 $ 601 $ — $ 2,522 U.S. Government agencies and authorities — 275 — 275 State, municipalities and political subdivisions — 1,913 — 1,913 U.S. corporate public securities — 23,201 57 23,258 U.S. corporate private securities — 4,706 1,127 5,833 Foreign corporate public securities and foreign governments (1) — 5,705 11 5,716 Foreign corporate private securities (1) — 4,992 169 5,161 Residential mortgage-backed securities — 4,482 42 4,524 Commercial mortgage-backed securities — 2,687 17 2,704 Other asset-backed securities — 1,436 92 1,528 Total fixed maturities, including securities pledged 1,921 49,998 1,515 53,434 Equity securities, available-for-sale 278 — 102 380 Derivatives: Interest rate contracts — 173 — 173 Foreign exchange contracts — — — — Equity contracts — 44 154 198 Credit contracts — 21 5 26 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 3,277 38 — 3,315 Assets held in separate accounts 72,535 5,059 11 77,605 Total assets $ 78,011 $ 55,333 $ 1,787 $ 135,131 Percentage of Level to total 58 % 41 % 1 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 40 $ 40 IUL — — 159 159 GMWBL/GMWB/GMAB — — 10 10 Stabilizer and MCGs — — 97 97 Other derivatives: Interest rate contracts — 58 — 58 Foreign exchange contracts — 62 — 62 Equity contracts — 19 — 19 Credit contracts — 10 — 10 Embedded derivative on reinsurance — 129 — 129 Total liabilities $ — $ 278 $ 306 $ 584 (1) Primarily U.S. dollar denominated. The following table presents the Company’s hierarchy for its assets and liabilities related to businesses held for sale measured at fair value on a recurring basis as of December 31, 2017 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 993 $ 8 $ — $ 1,001 U.S. Government agencies and authorities — 32 — 32 State, municipalities and political subdivisions — 587 — 587 U.S. corporate public securities — 9,760 22 9,782 U.S. corporate private securities — 2,524 503 3,027 Foreign corporate public securities and foreign governments (1) — 2,825 — 2,825 Foreign corporate private securities (1) — 2,500 83 2,583 Residential mortgage-backed securities — 1,889 32 1,921 Commercial mortgage-backed securities — 1,067 10 1,077 Other asset-backed securities — 498 47 545 Total fixed maturities, including securities pledged 993 21,690 697 23,380 Equity securities, available-for-sale 12 — 11 23 Derivatives: Interest rate contracts — 470 — 470 Foreign exchange contracts — — — — Equity contracts 19 918 106 1,043 Credit contracts — 1 — 1 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,111 212 — 1,323 Assets held in separate accounts 28,894 — — 28,894 Total assets $ 31,029 $ 23,291 $ 814 $ 55,134 Percentage of Level to total 56 % 42 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 2,242 $ 2,242 GMWBL/GMWB/GMAB — — 1,158 1,158 Other derivatives: Interest rate contracts — 88 — 88 Foreign exchange contracts — 24 — 24 Equity contracts 2 651 11 664 Credit contracts — 6 — 6 Total liabilities $ 2 $ 769 $ 3,411 $ 4,182 The following table presents the Company’s hierarchy for its assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2016 : Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 1,944 $ 611 $ — $ 2,555 U.S. Government agencies and authorities — 268 — 268 State, municipalities and political subdivisions — 1,631 — 1,631 U.S. corporate public securities — 23,405 12 23,417 U.S. corporate private securities — 4,224 913 5,137 Foreign corporate public securities and foreign governments (1) — 5,373 12 5,385 Foreign corporate private securities (1) — 4,803 305 5,108 Residential mortgage-backed securities — 4,821 57 4,878 Commercial mortgage-backed securities — 2,339 16 2,355 Other asset-backed securities — 1,081 53 1,134 Total fixed maturities, including securities pledged 1,944 48,556 1,368 51,868 Equity securities, available-for-sale 164 — 94 258 Derivatives: Interest rate contracts — 554 — 554 Foreign exchange contracts — 58 — 58 Equity contracts — 18 77 95 Credit contracts — 19 11 30 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,949 124 — 3,073 Assets held in separate accounts 61,397 4,783 5 66,185 Total assets $ 66,454 $ 54,112 $ 1,555 $ 122,121 Percentage of Level to total 55 % 44 % 1 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 42 $ 42 IUL — — 81 81 GMWBL/GMWB/GMAB — — 18 18 Stabilizer and MCGs — — 150 150 Other derivatives: Interest rate contracts 1 246 — 247 Foreign exchange contracts — 34 — 34 Equity contracts — — — — Credit contracts — — 16 16 Embedded derivative on reinsurance — 79 — 79 Total liabilities $ 1 $ 359 $ 307 $ 667 (1) Primarily U.S. dollar denominated. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities from continuing operations and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2017 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 12 $ — $ — $ 29 $ — $ — $ (2 ) $ 18 $ — $ 57 $ — U.S. corporate private securities 913 — 16 128 — (5 ) (40 ) 130 (15 ) 1,127 — Foreign corporate public securities and foreign governments (1) 12 — (1 ) — — — — — — 11 — Foreign corporate private securities (1) 305 (14 ) (46 ) 57 — (1 ) (44 ) — (88 ) 169 (14 ) Residential mortgage-backed securities 57 (14 ) 1 5 — (8 ) (1 ) 2 — 42 (14 ) Commercial mortgage-backed securities 16 — — 17 — — — — (16 ) 17 — Other asset-backed securities 53 — 1 72 — — (3 ) — (31 ) 92 — Total fixed maturities including securities pledged 1,368 (28 ) (29 ) 308 — (14 ) (90 ) 150 (150 ) 1,515 (28 ) Year Ended December 31, 2017 (continued) Fair Value Total Purchases Issuances Sales Settlements Transfers (3) Transfers (3) Fair Value as of December 31 Change In (4) Net OCI Equity securities, available-for-sale $ 94 $ — $ 2 $ 8 $ — $ (2 ) $ — $ — $ — $ 102 $ — Derivatives: Guaranteed benefit derivatives: FIA (2) (42 ) (2 ) — — (1 ) — 5 — — (40 ) — IUL (2) (81 ) (87 ) — — (35 ) — 44 — — (159 ) — GMWBL/GMWB/GMAB (2) (18 ) 10 — — (2 ) — — — — (10 ) — Stabilizer and MCGs (2) (150 ) 57 — — (4 ) — — — — (97 ) — Other derivatives, net 72 78 — 31 — — (22 ) — — 159 87 Assets held in separate accounts (5) 5 — — 18 — (3 ) — 2 (11 ) 11 — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations. (3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities related to businesses held for sale and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2017 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 10 $ — $ 1 $ 15 $ — $ (10 ) $ — $ 6 $ — $ 22 $ — U.S. corporate private securities 406 — 9 71 — (1 ) (16 ) 44 (10 ) 503 — Foreign corporate private securities (1) 136 (10 ) (21 ) 13 — — (14 ) — (21 ) 83 (10 ) Residential mortgage-backed securities 15 (3 ) (1 ) 22 — — (1 ) — — 32 (3 ) Commercial mortgage-backed securities 8 — — 10 — — — — (8 ) 10 — Other asset-backed securities 31 — — 38 — — (2 ) 1 (21 ) 47 — Total fixed maturities including securities pledged 606 (13 ) (12 ) 169 — (11 ) (33 ) 51 (60 ) 697 (13 ) Year Ended December 31, 2017 (continued) Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Equity securities, available-for-sale $ 5 $ — $ 1 $ 5 $ — $ — $ — $ — $ — $ 11 $ — Derivatives: Guaranteed benefit derivatives: FIA (2) (1,987 ) (297 ) — — (153 ) — 195 — — (2,242 ) — GMWBL/GMWB/GMAB (2) (1,512 ) 500 — — (146 ) — — — — (1,158 ) — Other derivatives, net 34 133 — 41 — — (117 ) 4 — 95 57 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 5 — — — — (5 ) — — — — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. (3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of December 31 amounts are included in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities from continuing operations and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2016 Fair Value as of January 1 Total Realized/Unrealized Gains (Losses) Included in: Purchases Issuances Sales Settlements Transfers into Level 3 (3) Transfers out of Level 3 (3) Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (4) Net Income OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 6 $ — $ — $ — $ — $ (1 ) $ (2 ) $ 9 $ — $ 12 $ — U.S. corporate private securities 720 — 4 302 — (23 ) (135 ) 63 (18 ) 913 — Foreign corporate public securities and foreign governments (1) 12 — — — — — — — — 12 — Foreign corporate private securities (1) 294 (2 ) 12 — — — (52 ) 61 (8 ) 305 (2 ) Residential mortgage-backed securities 76 (5 ) (1 ) — — (12 ) (1 ) — — 57 (12 ) Commercial mortgage-backed securities 19 (1 ) 1 4 — — (7 ) 1 (1 ) 16 (1 ) Other asset-backed securities 33 — 1 31 — — (3 ) 1 (10 ) 53 — Total fixed maturities including securities pledged 1,160 (8 ) 17 337 — (36 ) (200 ) 135 (37 ) 1,368 (15 ) Year Ended December 31, 2016 (continued) Fair Value Total Purchases Issuances Sales Settlements Transfers (3) Transfers (3) Fair Value as of December 31 Change In (4) Net OCI Equity securities, available-for-sale $ 92 $ — $ 2 $ — $ — $ — $ — $ — $ — $ 94 $ — Derivatives: Guaranteed benefit derivatives: FIA (2) (41 ) (3 ) — — (1 ) — 3 — — (42 ) — IUL (2) (53 ) (12 ) — — (29 ) — 13 — — (81 ) — GMWBL/GMWB/GMAB (2) (24 ) 9 — — (3 ) — — — — (18 ) — Stabilizer and MCGs (2) (161 ) 15 — — (4 ) — — — — (150 ) — Other derivatives, net 47 9 — 26 — — (10 ) — — 72 25 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements — — — — — — — — — — — Assets held in separate accounts (5) 4 — — 3 — — — 2 (4 ) 5 — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations. (3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. (5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. |
Fair Value Inputs, Liabilities, Quantitative Information | The following table presents the unobservable inputs for Level 3 fair value measurements for continuing operations and businesses held for sale as of December 31, 2017 : Range (1) Unobservable Input GMWBL/GMWB/GMAB FIA IUL Stabilizer/MCGs Long-term equity implied volatility 15% to 25% — — — Interest rate implied volatility 0.1% to 16% — — 0.1% to 6.3% Correlations between: Equity Funds -13% to 99% — — — Equity and Fixed Income Funds -38% to 62% — — — Interest Rates and Equity Funds -32% to 26% — — — Nonperformance risk 0.02% to 1.1% 0.02% to 1.1% 0.02% to 0.54% 0.02% to 1.1% Actuarial Assumptions: Benefit Utilization 70% to 100% (2) — — — Partial Withdrawals 0% to 3.4% (2) 0.5% to 7% — — Lapses 0.1% to 15.3% (3)(4) 0% to 56% (3) 2% to 10% 0 % to 50% (5) Policyholder Deposits (6) — — — 0 % to 50% (5) Mortality — (7) — (7) — (8) — (1) Represents the range of reasonable assumptions that management has used in its fair value calculations. (2) Those GMWBL policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, approximately 45% are taking systematic withdrawals. The Company assumes that at least 70% of all policies will begin systematic withdrawals either immediately or after a delay period, with 100% utilizing by age 95. The utilization function varies by policyholder age, policy duration and tax status. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWBL and GMWB tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWBL and GMWB benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWBL or GMWB benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2017 . Due to the benefit utilization assumption for GMWBL/GMWB, the partial withdrawal assumption only applies to GMAB. Account Values ($ in billions) Attained Age Group In the Money Out of the Money Total Average Expected Delay (Years)** < 60 $ 1.5 $ 0.2 $ 1.7 9.0 60-69 5.0 0.6 5.6 3.7 70+ 6.0 0.7 6.7 2.4 $ 12.5 $ 1.5 $ 14.0 4.4 ** For population expected to withdraw in future. Excludes policies taking systematic withdrawals and policies the Company assumes will never withdraw until age 95. (3) Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. (4) The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2017 . Lapse ranges are based on weighted average ranges of underlying account value exposure. GMWBL/GMWB/GMAB Moneyness Account Value ($ in billions) Lapse Range During Surrender Charge Period In the Money** $ 0.2 0.1% to 4.8% Out of the Money 0.1 0.6% to 5.2% Shock Lapse Period In the Money** $ 1.5 1.7% to 13.9% Out of the Money 0.2 13.9% to 15.3% After Surrender Charge Period In the Money** $ 10.7 0.9% to 6.4% Out of the Money 1.7 6.4% to 7.1% ** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness." (5) Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below: Percentage of Plans Overall Range of Lapse Rates Range of Lapse Rates for 85% of Plans Overall Range of Policyholder Deposits Range of Policyholder Deposits for 85% of Plans Stabilizer (Investment Only) and MCG Contracts 92 % 0-25% 0-15% 0-30% 0-15% Stabilizer with Recordkeeping Agreements 8 % 0-50% 0-30% 0-50% 0-25% Aggregate of all plans 100 % 0-50% 0-30% 0-50% 0-25% (6) Measured as a percentage of assets under management or assets under administration. (7) The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements. (8) The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements. The following table presents the unobservable inputs for Level 3 fair value measurements for continuing operations and businesses held for sale as of December 31, 2016 : Range (1) Unobservable Input GMWBL/GMWB/GMAB FIA IUL Stabilizer/MCGs Long-term equity implied volatility 15% to 25% — — — Interest rate implied volatility 0.1% to 18% — — 0.1% to 7.5% Correlations between: Equity Funds -13% to 99% — — — Equity and Fixed Income Funds -38% to 62% — — — Interest Rates and Equity Funds -32% to 26% — — — Nonperformance risk 0.25% to 1.6% 0.25% to 1.6% 0.25% to 0.69% 0.25% to 1.6% Actuarial Assumptions: Benefit Utilization 85% to 100% (2) — — — Partial Withdrawals 0% to 3.4% (2) 0% to 10% — — Lapses 0.12% to 12.4% (3) (4) 0% to 60% (3) 2% to 10% 0 % to 50% (5) Policyholder Deposits (6) — — — 0 % to 50% (5) Mortality — (7) — (7) — (8) — (1) Represents the range of reasonable assumptions that management has used in its fair value calculations. (2) Those GMWBL policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, approximately 40% are taking systematic withdrawals. The Company assumes that at least 85% of all policies will begin systematic withdrawals either immediately or after a delay period,with 100% utilizing by age 100. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWBL and GMWB tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWBL and GMWB benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWBL or GMWB benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2016 . Due to the benefit utilization assumption for GMWBL/GMWB, the partial withdrawal assumption only applies to GMAB. Account Values ($ in billions) Attained Age Group In the Money Out of the Money Total Average Expected Delay (Years)** < 60 $ 1.9 $ — $ 1.9 9.9 60-69 5.7 0.1 5.8 4.9 70+ 5.8 0.1 5.9 3.0 $ 13.4 $ 0.2 $ 13.6 5.5 ** For population expected to withdraw in future. Excludes policies taking systematic withdrawals and 15% of policies the Company assumes will never withdraw until age 100. (3) Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. (4) The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2016 . Lapse ranges are based on weighted average ranges of underlying account value exposure. GMWBL/GMWB/GMAB Moneyness Account Value ($ in billions) Lapse Range During Surrender Charge Period In the Money** $ 2.0 0.1% to 4.6% Out of the Money — 0.6% to 4.8% Shock Lapse Period In the Money** 2.8 2.4% to 11.8% Out of the Money — 11.8% to 12.4% After Surrender Charge Period In the Money** $ 8.7 1.4% to 6.8% Out of the Money 0.6 6.8% to 7.1% ** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness." (5) Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below: Percentage of Plans Overall Range of Lapse Rates Range of Lapse Rates for 85% of Plans Overall Range of Policyholder Deposits Range of Policyholder Deposits for 85% of Plans Stabilizer (Investment Only) and MCG Contracts 93 % 0-25% 0-15% 0-30% 0-15% Stabilizer with Recordkeeping Agreements 7 % 0-50% 0-30% 0-50% 0-25% Aggregate of all plans 100 % 0-50% 0-30% 0-50% 0-25% (6) Measured as a percentage of assets under management or assets under administration. (7) The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements. (8) The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements. |
Fair Value, by Balance Sheet Grouping | he carrying values and estimated fair values of the Company’s financial instruments from continuing operations as of the dates indicated: December 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturities, including securities pledged $ 53,434 $ 53,434 $ 51,868 $ 51,868 Equity securities, available-for-sale 380 380 258 258 Mortgage loans on real estate 8,686 8,748 8,003 8,185 Policy loans 1,888 1,888 1,943 1,943 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 3,315 3,315 3,073 3,073 Derivatives 397 397 737 737 Notes receivable (1) 350 445 350 432 Other investments 47 55 47 57 Assets held in separate accounts 77,605 77,605 66,185 66,185 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (2) 33,986 38,553 33,871 38,368 Funding agreements with fixed maturities and guaranteed investment contracts 501 501 473 470 Supplementary contracts, immediate annuities and other 1,275 1,285 1,330 1,337 Derivatives: Guaranteed benefit derivatives: FIA 40 40 42 42 IUL 159 159 81 81 GMWBL/GMWB/GMAB 10 10 18 18 Stabilizer and MCGs 97 97 150 150 Other derivatives 149 149 297 297 Short-term debt 337 337 — — Long-term debt 3,123 3,478 3,550 3,738 Embedded derivative on reinsurance 129 129 79 79 (1) Included in Other assets on the Consolidated Balance Sheets. (2) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above. |
Deferred Policy Acquisition C42
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following table presents a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Total Balance at January 1, 2015 $ 3,013 $ 665 $ 3,678 Deferrals of commissions and expenses 260 10 270 Amortization: Amortization, excluding unlocking (443 ) (163 ) (606 ) Unlocking (1) (39 ) (6 ) (45 ) Interest accrued 192 82 (2) 274 Net amortization included in Consolidated Statements of Operations (290 ) (87 ) (377 ) Change in unrealized capital gains/losses on available-for-sale securities 441 409 850 Balance at December 31, 2015 3,424 997 4,421 Deferrals of commissions and expenses 255 9 264 Amortization: Amortization, excluding unlocking (384 ) (144 ) (528 ) Unlocking (1) (78 ) (78 ) (156 ) Interest accrued 193 76 (2) 269 Net amortization included in Consolidated Statements of Operations (269 ) (146 ) (415 ) Change in unrealized capital gains/losses on available-for-sale securities (224 ) (49 ) (273 ) Balance as of December 31, 2016 3,186 811 3,997 Deferrals of commissions and expenses 234 8 242 Amortization: Amortization, excluding unlocking (418 ) (152 ) (570 ) Unlocking (1) (123 ) (89 ) (212 ) Interest accrued 188 65 (2) 253 Net amortization included in Consolidated Statements of Operations (353 ) (176 ) (529 ) Change in unrealized capital gains/losses on available-for-sale securities (249 ) (87 ) (336 ) Balance as of December 31, 2017 $ 2,818 $ 556 $ 3,374 (1) There was no loss recognition for DAC and VOBA during 2017 and 2015 .There was loss recognition of DAC and VOBA of $3 and $4 , respectively during 2016 . Additionally, the 2017 amounts include unfavorable unlocking for DAC and VOBA of $80 and $140 , respectively, associated with consent acceptances received from customers and expected future acceptances of customer consents to changes related to guaranteed minimum interest rate provisions of certain retirement plan contracts with fixed investment options. (2) Interest accrued at the following rates for VOBA: 4.0% to 7.4% during 2017 , 4.1% to 7.5% during 2016 and 4.2% to 7.5% during 2015 . |
Estimated Amount of VOBA Amortization Expense | The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results. Year Amount 2018 $ 67 2019 53 2020 48 2021 44 2022 40 |
Reserves for Future Policy Be43
Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Schedule of future policy benefits and contract owner account balances | Future policy benefits and contract owner account balances were as follows as of December 31, 2017 and 2016 : 2017 2016 Future policy benefits: Individual and group life insurance contracts $ 8,857 $ 8,294 Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies 5,941 5,443 Accident and health 849 838 Total $ 15,647 $ 14,575 Contract owner account balances: Universal life-type contracts 14,561 14,626 Fixed annuities and payout contracts without life contingencies 34,949 35,014 GICs and other $ 648 $ 633 Total $ 50,158 $ 50,273 |
Guaranteed Benefit Features (Ta
Guaranteed Benefit Features (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Schedule of Assumptions and Methodology Used to Determine Additional Reserves | The following assumptions and methodologies were used to determine the guaranteed reserves for CBVA contracts for continuing operations and businesses held for sale as of December 31, 2017 and 2016 : Area Assumptions/Basis for Assumptions Data used Based on 1,000 investment performance scenarios. Mean investment performance GMDB: The overall blended mean is 7.8% based on a single fund group. GMIB: The overall blended mean is 8.1% based on a single fund group. GMWBL/GMWB/GMAB: Zero rate curve. Volatility GMDB: 13.0% for 2017 and 14.2% for 2016. GMIB: 14.3% for 2017 and 14.2% for 2016. GMWBL/GMWB/GMAB: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter. Mortality Depending on the type of benefit and gender, the Company uses the 2012 Individual Annuity Mortality Basic table with mortality improvement, further adjusted for company experience. Lapse rates Vary by benefit type, share class, time remaining in the surrender charge period and in-the-moneyness. Discount rates GMDB/GMIB: 5.5% for 2017 and 2016. GMWBL/GMWB/GMAB: Zero rate curve plus adjustment for nonperformance risk. |
Schedule of Minimum Guaranteed Benefit Liabilities | The paid and incurred amounts were as follows for the years ended December 31, 2017 , 2016 and 2015 : Continuing Operations Businesses Held for Sale UL and VUL (1) Stabilizer and MCGs (2) Other (3) GMDB (4) GMWBL/GMWB/GMAB GMIB Separate account liability at December 31, 2017 $ 519 37,219 $ 2,308 $ 28,701 $ 14,112 $ 7,247 Separate account liability at December 31, 2016 $ 488 $ 37,577 $ 2,291 $ 30,839 $ 13,845 $ 9,806 Additional liability balance: Balance at January 1, 2015 $ 1,095 $ 103 $ 54 $ 374 1,508 $ 1,136 Incurred guaranteed benefits 554 58 19 231 342 440 Paid guaranteed benefits (452 ) — (3 ) (89 ) (1 ) (162 ) Balance at December 31, 2015 1,197 161 70 516 1,849 1,414 Incurred guaranteed benefits 614 (11 ) 5 128 (336 ) 449 Paid guaranteed benefits (496 ) — (2 ) (136 ) (1 ) (518 ) Balance at December 31, 2016 1,315 150 73 508 1,512 1,345 Incurred guaranteed benefits 101 (53 ) (28 ) (15 ) (354 ) (629 ) Paid guaranteed benefits (235 ) — (1 ) (107 ) — (83 ) Balance at December 31, 2017 $ 1,181 $ 97 $ 44 $ 386 $ 1,158 $ 633 (1) The additional liability balances as of December 31, 2017 , 2016 , 2015 and as of January 1, 2015 are presented net of reinsurance of $1,304 , $1,006 , $935 and $874 , respectively. (2) The Separate account liability at December 31, 2017 and 2016 includes $30.0 billion of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets. (3) Includes GMDB/GMWBL/GMWB/GMAB/GMIB related to the Retained Business. |
Schedule of Net Amount of Risk by Product and Guarantee | The general and separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for UL and VUL contracts within the continuing operations were as follows as of December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Secondary Guarantees Paid-up Guarantees Secondary Guarantees Paid-up Guarantees UL and VUL Contracts: Account value (general and separate account) $ 3,234 $ — $ 3,262 $ — Net amount at risk, net of reinsurance $ 16,485 $ — $ 16,372 $ — Weighted average attained age 64 — 63 — The separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for retail variable annuity contracts classified as continuing operations and businesses held for sale were as follows as of December 31, 2017 and 2016 : December 31, 2017 In the Event of Death At Annuitization, Maturity, or Withdrawal GMDB GMAB/GMWB GMIB GMWBL Annuity Contracts: Minimum Return or Contract Value Continuing operations: Separate account value $ 1,706 $ 26 $ 290 $ 286 Net amount at risk, net of reinsurance $ 48 $ 1 $ 37 $ 3 Weighted average attained age 68 71 62 71 Businesses held for sale: Separate account value $ 28,701 $ 525 $ 7,247 $ 13,587 Net amount at risk, net of reinsurance $ 3,929 $ 11 $ 1,656 $ 1,573 Weighted average attained age 71 74 64 69 December 31, 2016 In the Event of Death At Annuitization, Maturity, or Withdrawal GMDB GMAB/GMWB GMIB GMWBL Annuity Contracts: Minimum Return or Contract Value Continuing operations: Separate account value $ 1,674 $ 30 $ 304 $ 283 Net amount at risk, net of reinsurance $ 59 $ 1 $ 60 $ 9 Weighted average attained age 68 68 62 70 Businesses held for sale: Separate account value $ 30,839 $ 534 $ 9,807 $ 13,311 Net amount at risk, net of reinsurance $ 5,504 $ 14 $ 2,886 $ 2,201 Weighted average attained age 71 73 63 68 |
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2017 and 2016 : Continuing Operations Businesses Held for Sale December 31, 2017 December 31, 2016 December 31, 2017 December 31, 2016 Equity securities (including mutual funds): Equity funds $ 2,262 $ 2,127 $ 21,124 $ 22,368 Bond funds 243 259 3,109 3,540 Balanced funds 403 400 4,045 4,385 Money market funds 60 70 350 464 Other 15 15 73 83 Total $ 2,983 $ 2,871 $ 28,701 $ 30,840 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Effects of Reinsurance | Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated: December 31, 2017 Direct Assumed Ceded Total, Net of Reinsurance Assets Premiums receivable $ 110 $ 405 $ (449 ) $ 66 Reinsurance recoverable — — 7,566 7,566 Total $ 110 $ 405 $ 7,117 $ 7,632 Liabilities Future policy benefits and contract owner account balances $ 62,005 $ 3,800 $ (7,566 ) $ 58,239 Liability for funds withheld under reinsurance agreements 791 — — 791 Total $ 62,796 $ 3,800 $ (7,566 ) $ 59,030 December 31, 2016 Direct Assumed Ceded Total, Net of Reinsurance Assets Premiums receivable $ 105 $ 358 $ (404 ) $ 59 Reinsurance recoverable — — 7,228 7,228 Total $ 105 $ 358 $ 6,824 $ 7,287 Liabilities Future policy benefits and contract owner account balances $ 61,566 $ 3,282 $ (7,228 ) $ 57,620 Liability for funds withheld under reinsurance agreements 729 — — 729 Total $ 62,295 $ 3,282 $ (7,228 ) $ 58,349 Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the periods indicated: Year ended December 31, 2017 2016 2015 Premiums: Direct premiums $ 2,606 $ 3,284 $ 2,975 Reinsurance assumed 1,192 1,222 1,191 Reinsurance ceded (1,677 ) (1,711 ) (1,612 ) Net premiums $ 2,121 $ 2,795 $ 2,554 Fee income: Gross fee income $ 2,628 $ 2,472 $ 2,471 Reinsurance ceded (1 ) (1 ) (1 ) Net fee income $ 2,627 $ 2,471 $ 2,470 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 5,124 $ 5,859 $ 5,399 Reinsurance assumed 1,929 1,213 1,068 Reinsurance ceded (1) (2,417 ) (1,758 ) (1,769 ) Net interest credited and other benefits to contract owners / policyholders $ 4,636 $ 5,314 $ 4,698 (1) Includes $491 , $482 and $453 for amounts paid to reinsurers in connection with the Company's UL contracts for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of other intangible assets | The following table presents other intangible assets as of the dates indicated: Weighted Average Amortization Lives December 31, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Management contract rights 20 years $ 550 $ 477 $ 73 $ 550 $ 449 $ 101 Customer relationship lists 20 years 116 76 40 116 68 48 Computer software 3 years 382 340 42 356 317 39 Total intangible assets $ 1,048 $ 893 $ 155 $ 1,022 $ 834 $ 188 |
Schedule of estimated amortization expense of intangible assets | The estimated amortization of intangible assets are as follows: Year Amount 2018 $ 55 2019 46 2020 30 2021 9 2022 6 Thereafter 9 |
Share-Based Incentive Compens47
Share-Based Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of valuation assumptions | The fair value of stock options was estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted during 2015: Expected volatility 28.6 % Expected term (in years) 6.02 Strike price $ 37.60 Risk-free interest rate 2.1 % Expected dividend yield 0.11 % Weighted average estimated fair value $ 11.89 |
Schedule of compensation cost recognized and related income tax benefit for stock based compensation plans | The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans, Director Plan, Phantom Plan and ING Group share-based compensation plans for the periods indicated: Year Ended December 31, 2017 2016 2015 RSUs $ 57 $ 62 $ 54 PSU awards 44 32 37 Stock options 16 14 1 Other (1) 1 2 15 Total 118 110 107 Income tax benefit 39 38 37 Share-based compensation $ 79 $ 72 $ 70 (1) Includes compensation cost for legacy plans, under which no new awards are being issued. |
Schedule of summary of the fair value of awards vested | The following tables summarize the number of awards under the Omnibus Plans for the periods indicated: RSU Awards PSU Awards (awards in millions) Number of Awards Weighted Average Grant Date Fair Value Number of Awards (1) Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 3.3 $ 35.02 1.5 $ 28.88 Adjusted for PSU performance factor N/A N/A — * 31.45 Granted 1.4 42.30 1.2 42.32 Vested (1.6 ) 34.86 (0.4 ) 31.34 Forfeited (0.1 ) 36.86 (0.1 ) 34.00 Outstanding at December 31, 2017 3.0 $ 38.42 2.2 $ 35.53 Awards expected to vest as of December 31, 2017 3.0 $ 38.42 2.2 $ 35.53 * Less than 0.1. (1) Based upon performance through December 31, 2017 , recipients of performance awards would be entitled to between 125.0% and 131.0% of shares at the vesting date depending on the year of grant. The performance awards are included in the preceding table as if the participants earn shares equal to 100% of the units granted. Stock Options (awards in millions) Number of Awards Weighted Average Exercise Price Outstanding as of January 1, 2017 3.3 $ 37.60 Granted — — Exercised — — Forfeited (0.3 ) 37.60 Outstanding as of December 31, 2017 3.0 $ 37.60 Vested, not exercisable, as of December 31, 2017 3.0 $ 37.60 Vested, exercisable, as of December 31, 2017 — — RSUs PSU Awards Stock Options Unrecognized compensation cost $ 34 $ 35 $ 5 Expected remaining weighted-average period of expense recognition (in years) 1.5 1.8 0.5 |
Shareholder's Equity (Tables)
Shareholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated: Common Shares (shares in millions) Issued Held in Treasury Outstanding Balance, January 1, 2015 263.7 21.8 241.9 Common Shares issued — — — Common Shares acquired - share repurchase — 34.3 (34.3 ) Share-based compensation programs 1.6 0.1 1.5 Balance, December 31, 2015 265.3 56.2 209.1 Common Shares issued — * — — * Common Shares acquired - share repurchase — 17.0 (17.0 ) Share-based compensation programs 2.7 0.2 2.5 Balance, December 31, 2016 268.0 73.4 194.6 Common Shares issued — * — — * Common Shares acquired - share repurchase — 24.4 (24.4 ) Share-based compensation programs 2.0 0.2 1.8 Balance, December 31, 2017 270.0 98.0 172.0 * Less than 0.1. |
Earnings per Common Share Earni
Earnings per Common Share Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: (in millions, except for per share data) Year Ended December 31, Earnings 2017 2016 2015 Net income (loss) available to common shareholders Income (loss) from continuing operations $ (212 ) $ 39 $ 392 Less: Net income (loss) attributable to noncontrolling interest 200 29 130 Income (loss) from continuing operations available to common shareholders (412 ) 10 262 Income (loss) from discontinued operations, net of tax (2,580 ) (337 ) 146 Net income (loss) available to common shareholders $ (2,992 ) $ (327 ) $ 408 Weighted-average common shares outstanding Basic 184.1 200.8 225.4 Dilutive Effects: (1)(2) RSUs — 1.7 1.8 PSU awards — 0.2 0.2 Stock Options (3) — — — Diluted 184.1 202.7 227.4 Basic Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ (2.24 ) $ 0.05 $ 1.16 Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (14.01 ) $ (1.68 ) $ 0.65 Income (loss) available to Voya Financial, Inc.'s common shareholders $ (16.25 ) $ (1.63 ) $ 1.81 Diluted Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ (2.24 ) $ 0.05 $ 1.15 Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (14.01 ) $ (1.66 ) $ 0.65 Income (loss) available to Voya Financial, Inc.'s common shareholders $ (16.25 ) $ (1.61 ) $ 1.80 (1) For the year s ended December 31, 2017 , 2016 and 2015 , weighted average shares used for calculating earnings per share excludes the dilutive impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to "out of the moneyness" in the periods presented. For the year ended December 31, 2017 , weighted average shares used for calculating earnings per share excludes the dilutive impact of the forward contract related to the share repurchase agreement entered into on December 26, 2017, as the inclusion of this instrument would be antidilutive to the earnings per share calculation. For more information on warrants and the share repurchase agreement, see the Shareholders' Equity Note to these Consolidated Financial Statements. (2) For the year ended December 31, 2017 , weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 1.9 and 0.8 shares for stock compensation plans of RSU and PSU awards, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations during the period. (3) For the year ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share excludes the dilutive impact of stock options, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to the average share price for the periods presented. For more information on stock options, see the Share-based Incentive Compensation Plans Note to these Consolidated Financial Statements. |
Insurance Subsidiaries (Tables)
Insurance Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Insurance [Abstract] | |
Schedule of statutory net income (loss) | Statutory Net income (loss) for the years ended December 31, 2017 , 2016 and 2015 and statutory capital and surplus as of December 31, 2017 and 2016 of the Company's Principal Insurance Subsidiaries are as follows: Statutory Net Income (Loss) Statutory Capital and Surplus 2017 2016 2015 2017 2016 Subsidiary Name (State of Domicile): Voya Insurance and Annuity Company ("VIAC") (IA) $ 514 $ 232 $ 553 $ 1,835 $ 1,906 Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) 195 266 318 1,793 1,959 Security Life of Denver Insurance Company (CO) 58 93 (245 ) 950 897 ReliaStar Life Insurance Company ("RLI") (MN) 234 (507 ) 74 1,483 1,662 |
Schedule of dividends permitted | The following table summarizes dividends permitted to be paid by the Company's Principal Insurance Subsidiaries to Voya Financial, Inc. or Voya Holdings without the need for insurance regulatory approval for the periods presented: Dividends Permitted without Approval 2018 2017 2016 Subsidiary Name (State of domicile): Voya Insurance and Annuity Company (IA) (1) $ 208 $ 279 $ 448 Voya Retirement Insurance and Annuity Company (CT) 158 266 364 Security Life of Denver Insurance Company (CO) 53 74 55 ReliaStar Life Insurance Company (MN) — — — |
Schedule of Surplus Notes [Table Text Block] | As of December 31, 2017 , VIAC had the following surplus notes ("the Surplus Notes") outstanding to its insurance company affiliates. Maturity 2017 2016 7.979% Security Life of Denver Insurance Company, due 2029 (1) 12/07/2029 $ 35 $ 35 6.257% Security Life of Denver International Limited, due 2034 (1) 12/29/2034 50 50 6.257% ReliaStar Life Insurance Company, due 2034 12/29/2034 175 175 6.257% Voya Retirement Insurance and Annuity Company, due 2034 12/29/2034 175 175 |
Schedule of dividends paid and return of capital distributions | The following table summarizes dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated: Dividends Paid Extraordinary Distributions Paid Year Ended December 31, Year Ended December 31, 2017 2016 2017 2016 Subsidiary Name (State of domicile): Voya Insurance and Annuity Company (IA) $ 278 $ 373 $ 250 $ — Voya Retirement Insurance and Annuity Company (CT) 265 278 — — Security Life of Denver Insurance Company (CO) 73 54 — — ReliaStar Life Insurance Company (MN) — — 231 100 |
Employee Benefit Arrangements (
Employee Benefit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company's defined benefit pension and postretirement healthcare benefit plans for the years ended December 31, 2017 and 2016 : Pension Plans Other Postretirement Benefits 2017 2016 2017 2016 Change in benefit obligation: Benefit obligations, January 1 $ 2,116 $ 2,054 $ 21 $ 28 Service cost 24 25 — — Interest cost 93 96 1 1 Net actuarial (gains) losses 156 33 1 (2 ) Benefits paid (98 ) (92 ) (3 ) (3 ) (Gain) loss recognized due to curtailment 3 — — — Plan amendments — — — (3 ) Benefit obligations, December 31 2,294 2,116 20 21 Change in plan assets: Fair value of plan net assets, January 1 1,463 1,395 — — Actual return on plan assets 257 80 — — Employer contributions 142 80 3 3 Benefits paid (98 ) (92 ) (3 ) (3 ) Fair value of plan net assets, December 31 1,764 1,463 — — Unfunded status at end of year (1) $ (530 ) $ (653 ) $ (20 ) $ (21 ) (1) Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with ERISA regulations. |
Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) | The following table summarizes amounts recognized on the Consolidated Balance Sheets and in AOCI as follows as of December 31, 2017 and 2016 : Pension Plans Other Postretirement Benefits 2017 2016 2017 2016 Amounts recognized in the Consolidated Balance Sheets consist of: Accrued benefit cost $ (530 ) $ (653 ) $ (20 ) $ (21 ) Net amount recognized $ (530 ) $ (653 ) $ (20 ) $ (21 ) Accumulated other comprehensive (income) loss: Prior service cost (credit) $ (10 ) $ (21 ) $ (15 ) $ (18 ) Tax effect 4 7 5 6 Accumulated other comprehensive (income) loss, net of tax $ (6 ) $ (14 ) $ (10 ) $ (12 ) |
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets | The following table summarizes information for pension and other postretirement benefit plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2017 and 2016 : Pension Plans Other Postretirement Benefits 2017 2016 2017 2016 Projected benefit obligation $ 2,294 $ 2,116 $ 20 $ 21 Accumulated benefit obligation 2,290 2,111 N/A N/A Fair value of plan assets 1,764 1,463 — — |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) were as follows for the years ended December 31, 2017 , 2016 and 2015 : Pension Plans Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: Service cost $ 24 $ 25 $ 26 $ — $ — $ — Interest cost 93 96 104 1 1 1 Expected return on plan assets (115 ) (104 ) (122 ) — — — Amortization of prior service cost (credit) (10 ) (10 ) (10 ) (4 ) (3 ) (4 ) (Gain) loss recognized due to curtailment 1 — — — — — Net (gain) loss recognition 14 57 (62 ) 1 (2 ) (1 ) Net periodic (benefit) costs 7 64 (64 ) (2 ) (4 ) (4 ) Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: Amortization of prior service (credit) cost 10 10 10 4 — 4 (Credit) cost recognized due to curtailment 2 — — — — — Total recognized in AOCI 12 10 10 4 — 4 Total recognized in net periodic (benefit) costs and AOCI $ 19 $ 74 $ (54 ) $ 2 $ (4 ) $ — The table below summarizes the components of the net actuarial (gains) losses related to Pension and Other postretirement benefit obligations reported within Operating expenses in the Consolidated Statements of Operations for the periods presented: (Gain)/Loss Recognized 2017 2016 2015 Discount Rate $ 196 $ 69 $ (133 ) Asset Returns (142 ) 24 123 Mortality Table Assumptions (14 ) (22 ) (32 ) Demographic Data and other (25 ) (16 ) (21 ) Total Net Actuarial (Gain)/Loss Recognized $ 15 $ 55 $ (63 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated prior service cost for the pension plans and other postretirement benefit plans are amortized from AOCI into net periodic (benefit) cost. Such amounts included in AOCI and expected to be recognized as components of periodic (benefit) cost in 2018 are as follows: Pension Plans Other Postretirement Benefits Amortization of prior service cost (credit) $ (9 ) $ (4 ) |
Schedule of Assumptions Used | The discount rates used in determining benefit obligations as of December 31, 2017 and 2016 were as follows: Pension Plans Other Postretirement Benefits 2017 2016 2017 2016 Discount rate 3.85 % 4.55 % 3.64 % 4.55 % In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries including discounted cash flow analyses of the Company’s pension and other postretirement obligations and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the pension plans and other postretirement benefit plans. The weighted-average assumptions used in determining net benefit cost for the years ended December 31, 2017 , 2016 and 2015 were as follows: Pension Plans Other Postretirement Benefits 2017 2016 2015 2017 2016 2015 Discount rate 4.55 % 4.81 % 4.36 % 4.55 % 4.81 % 4.36 % Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % N/A N/A N/A The expected return on plan assets is updated at least annually using the calculated value approach, taking into consideration the Retirement Plan’s asset allocation, historical returns on the types of assets held in the Retirement Plan's portfolio of assets ("the Fund") and the current economic environment. Based on these factors, it is expected that the Fund’s assets will earn an average percentage per year over the long term. This estimation is based on an active return on a compound basis, with a reduction for administrative expenses and non-Voya investment manager fees paid from the Fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the Plan, and the need for future cash contributions. |
Schedule of One Percentage Point Health Care Cost Trend Rates Impacts | Assumed healthcare cost trend rates may have a significant effect on the amounts reported for healthcare plans. A one-percentage point change in assumed healthcare cost trend rates would have the following effects: One Percentage Point Increase One Percentage Point Decrease Effect on the aggregate of service and interest cost components $ — $ — Effect on accumulated postretirement benefit obligation 1 (1 ) |
Schedule of Allocation of Plan Assets | The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2017 and 2016 : Actual Asset Allocation 2017 2016 Equity securities: Target allocation range 37%-65% 37%-65% Large-cap domestic 25.3 % 23.7 % Small/Mid-cap domestic 6.9 % 6.4 % International commingled funds 12.5 % 11.6 % Limited Partnerships 2.5 % 3.4 % Total equity securities 47.2 % 45.1 % Fixed maturities: Target allocation range 30%-50% 30%-50% U.S. Treasuries, short term investments, cash and futures 8.0 % 6.3 % U.S. Government agencies and authorities 4.1 % 4.2 % U.S. corporate, state and municipalities 27.4 % 29.7 % Foreign securities 4.1 % 4.3 % Other fixed maturities 0.1 % 0.1 % Total fixed maturities 43.7 % 44.6 % Other investments: Target allocation range 6%-14% 6%-14% Hedge funds 4.2 % 4.8 % Real estate 4.9 % 5.5 % Total other investments 9.1 % 10.3 % Total 100.0 % 100.0 % The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2017 : Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short-term investments and cash: Cash and cash equivalents $ 7 $ — $ — $ — $ 7 Short-term investment fund (1) — — — 136 136 U.S. Government securities 73 — — — 73 U.S. corporate, state and municipalities — 476 7 — 483 Foreign securities — 72 — — 72 Other fixed maturities — 1 — — 1 Total fixed maturities 80 549 7 136 772 Equity securities: Large-cap domestic 446 — — — 446 Small/Mid-cap domestic 121 — — — 121 International commingled funds (2) — — — 220 220 Limited partnerships (3) — — — 43 43 Total equity securities 567 — — 263 830 Other investments: Real estate (4) — — — 86 86 Limited partnerships (5) — — — 75 75 Other 1 — — — 1 Total other investments 1 — — 161 162 Net, total pension assets $ 648 $ 549 $ 7 $ 560 $ 1,764 (1) This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon ("Short-term Investment Fund"). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day. (2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $111 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $109 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. (3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $6 and Pantheon USA has a balance of $37 . Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2017 , Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5 , respectively, and there were no significant redemption restrictions. (4) UBS Trumbull Property Fund ("UBS") uses NAV to calculate fair value. UBS has a balance of $86 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index over any given three -to- five -year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three -to- five -year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter. (5) Magnitude Institutional, Ltd. ("MIL") has a balance of $75 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2016 : Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short term investments and cash: Cash and cash equivalents $ 2 $ — $ — $ — $ 2 Short-term investment fund (1) — — — 90 90 U.S. Government securities 61 — — — 61 U.S. corporate, state and municipalities — 435 — — 435 Foreign securities — 63 — — 63 Other fixed maturities — 1 — — 1 Total fixed maturities 63 499 — 90 652 Equity securities: Large-cap domestic 347 — — — 347 Small/Mid-cap domestic 94 — — — 94 International commingled funds (2) — — — 170 170 Limited partnerships (3) — — — 49 49 Total equity securities 441 — — 219 660 Other investments: Real estate (4) — — — 81 81 Limited partnerships (5) — — — 70 70 Other — — — — — Total other investments — — — 151 151 Net, total pension assets $ 504 $ 499 $ — $ 460 $ 1,463 (1) This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day. (2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $84 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $86 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. (3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $7 and Pantheon USA has a balance of $42 . Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2016 , Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5 , respectively, and there were no significant redemption restrictions. (4) UBS uses NAV to calculate fair value. UBS has a balance of $81 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three -to- five -year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three -to- five -year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter. (5) MIL has a balance of $70 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. |
Schedule of Expected Benefit Payments | The following table summarizes the expected benefit payments for the Company's pension and postretirement plans to be paid for the years indicated: Pension Benefits Other Postretirement Benefits Gross 2018 $ 115 $ 2 2019 119 2 2020 123 2 2021 128 2 2022 131 1 2023-2027 685 6 |
Accumulated Other Comprehensi52
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated: December 31, 2017 2016 2015 Fixed maturities, net of OTTI $ 5,351 $ 3,413 $ 2,123 Equity securities, available-for-sale 35 33 31 Derivatives 127 258 259 DAC/VOBA adjustment on available-for-sale securities (1,471 ) (1,083 ) (765 ) Premium deficiency reserve (190 ) (54 ) — Sales inducements adjustment on available-for-sale securities (278 ) (169 ) (23 ) Other (18 ) (31 ) (31 ) Unrealized capital gains (losses), before tax 3,556 2,367 1,594 Deferred income tax asset (liability) (840 ) (472 ) (202 ) Net unrealized capital gains (losses) 2,716 1,895 1,392 Pension and other postretirement benefits liability, net of tax 15 26 33 AOCI $ 2,731 $ 1,921 $ 1,425 |
Schedule of Amounts Recognized in Other Comprehensive Income | Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated: December 31, 2017 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 1,943 $ (647 ) $ 1,296 Equity securities 2 (1 ) 1 Other 13 (5 ) 8 OTTI (2 ) 1 (1 ) Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations (3 ) 1 (2 ) DAC/VOBA (388 ) (1) 150 (238 ) Premium deficiency reserve (136 ) 48 (88 ) Sales inducements (109 ) 39 (70 ) Change in unrealized gains/losses on available-for-sale securities 1,320 (414 ) 906 Derivatives: Derivatives (106 ) (2) 37 (69 ) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (25 ) 9 (16 ) Change in unrealized gains/losses on derivatives (131 ) 46 (85 ) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (15 ) (3) 4 (11 ) Change in pension and other postretirement benefits liability (15 ) 4 (11 ) Change in Other comprehensive income (loss) $ 1,174 $ (364 ) $ 810 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. December 31, 2016 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 1,168 $ (408 ) $ 760 Equity securities 2 (1 ) 1 Other — — — OTTI 24 (8 ) 16 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations 98 (34 ) 64 DAC/VOBA (318 ) (1) 111 (207 ) Premium deficiency reserve (54 ) 20 (34 ) Sales inducements (146 ) 50 (96 ) Change in unrealized gains/losses on available-for-sale securities 774 (270 ) 504 Derivatives: Derivatives 19 (2) (7 ) 12 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (20 ) 7 (13 ) Change in unrealized gains/losses on derivatives (1 ) — (1 ) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (10 ) (3) 3 (7 ) Change in pension and other postretirement benefits liability (10 ) 3 (7 ) Change in Other comprehensive income (loss) $ 763 $ (267 ) $ 496 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. December 31, 2015 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (3,863 ) $ 1,348 $ (2,515 ) Equity securities 2 (1 ) 1 Other — — — OTTI 19 (7 ) 12 Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations 122 (43 ) 79 DAC/VOBA 1,076 (1) (377 ) 699 Premium deficiency reserve — — — Sales inducements 53 (18 ) 35 Change in unrealized gains/losses on available-for-sale securities (2,591 ) 902 (1,689 ) Derivatives: Derivatives 44 (2) (15 ) 29 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (15 ) 5 (10 ) Change in unrealized gains/losses on derivatives 29 (10 ) 19 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (14 ) (3) 5 (9 ) Change in pension and other postretirement benefits liability (14 ) 5 (9 ) Change in Other comprehensive income (loss) $ (2,576 ) $ 897 $ (1,679 ) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following for the periods indicated: Year Ended December 31, 2017 2016 2015 Current tax expense (benefit): Federal $ (122 ) $ 122 $ 202 State — — (11 ) Total current tax expense (benefit) (122 ) 122 191 Deferred tax expense (benefit): Federal 859 (152 ) (104 ) State 3 1 (3 ) Total deferred tax expense (benefit) 862 (151 ) (107 ) Total income tax expense (benefit) $ 740 $ (29 ) $ 84 |
Schedule of Effective Income Tax Rate Reconciliation | Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated: Year Ended December 31, 2017 2016 2015 Income (loss) before income taxes $ 528 $ 10 $ 476 Tax Rate 35.0 % 35.0 % 35.0 % Income tax expense (benefit) at federal statutory rate 185 4 167 Tax effect of: Valuation allowance (28 ) 1 (14 ) Dividend received deduction (43 ) (37 ) (33 ) State tax expense (benefit) 4 (16 ) 2 Noncontrolling interest (70 ) (10 ) (46 ) Tax credits 14 10 7 Nondeductible expenses 2 2 3 Expirations of federal tax capital loss carryforward 2 17 — Effect of Tax Reform 679 * — — Other (5 ) — (2 ) Income tax expense (benefit) $ 740 $ (29 ) $ 84 Effective tax rate 140.2 % (290.0 )% 17.6 % *Effect of Tax Reform includes a tax benefit of $283 related to change in valuation allowance |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated: December 31, 2017 2016 Deferred tax assets Federal and state loss carryforwards $ 1,030 $ 1,525 Investments 1,440 2,531 Compensation and benefits 369 548 Other assets 330 397 Total gross assets before valuation allowance 3,169 5,001 Less: Valuation allowance 653 964 Assets, net of valuation allowance 2,516 4,037 Deferred tax liabilities Net unrealized investment gains (824 ) (980 ) Insurance reserves (342 ) (301 ) Deferred policy acquisition costs (556 ) (1,151 ) Other liabilities (13 ) (35 ) Total gross liabilities (1,735 ) (2,467 ) Net deferred income tax asset (liability) $ 781 $ 1,570 |
Summary of Operating Loss Carryforwards | The following table sets forth the federal, state and capital loss carryforwards for tax purposes as of the dates indicated: December 31, 2017 2016 Federal net operating loss carryforward $ 4,410 (1) $ 4,112 State net operating loss carryforward 2,228 (1) 2,209 Federal tax capital loss carryforward 30 (2) 58 Credit carryforward 254 (3) 268 (1) Expire between 2018 and 2037. (2) Expire between 2018 and 2020. (3) Expire between 2018 and 2035 except for $220 of Alternative Minimum Tax ("AMT"), which does not expire. |
Schedule of Unrecognized Tax Benefits | Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated: Year Ended December 31, 2017 2016 2015 Balance at beginning of period $ 36 $ 45 $ 62 Additions for tax positions related to current year 2 3 3 Additions for tax positions related to prior years — — — Reductions for tax positions related to prior years — (7 ) (18 ) Reductions for settlements with taxing authorities — (1 ) (2 ) Reductions for expiring statutes (1 ) (4 ) — Balance at end of period $ 37 $ 36 $ 45 |
Financing Agreements (Tables)
Financing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term debt securities issued and outstanding | The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2017 and 2016 : Maturity 2017 2016 7.25% Voya Holdings Inc. debentures, due 2023 (1) 08/15/2023 $ 143 $ 143 7.63% Voya Holdings Inc. debentures, due 2026 (1) 08/15/2026 186 186 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 04/01/2027 14 14 6.97% Voya Holdings Inc. debentures, due 2036 (1) 08/15/2036 94 94 1.00% Windsor Property Loan 06/14/2027 5 5 5.5% Senior Notes, due 2022 07/15/2022 361 361 2.9% Senior Notes, due 2018 02/15/2018 337 825 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 05/15/2053 738 738 5.7% Senior Notes, due 2043 07/15/2043 395 394 3.65% Senior Notes, due 2026 06/15/2026 495 494 4.8% Senior Notes, due 2046 06/15/2046 296 296 3.125% Senior Notes, due 2024 07/15/2024 396 — Subtotal 3,460 3,550 Less: Current portion of long-term debt 337 — Total $ 3,123 $ 3,550 (1) Guaranteed by ING Group. |
Future principal payments of long-term debt | As of December 31, 2017 , aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows: 2018 $ 337 2019 1 2020 1 2021 1 2022 364 Thereafter 2,792 Total $ 3,496 |
Credit facilities | The following table outlines the Company's credit facilities as of December 31, 2017 : Secured/ Unsecured Committed/ Uncommitted Expiration Capacity Utilization Unused Commitment Obligor / Applicant Voya Financial, Inc. Unsecured Committed 05/06/2021 $ 2,250 $ — $ 2,250 Security Life of Denver International Limited Unsecured Committed 01/24/2018 175 175 — Voya Financial, Inc. / Langhorne I, LLC Unsecured Committed 01/15/2019 500 — 500 Security Life of Denver International Limited Unsecured Committed 10/29/2023 61 61 — Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Committed 12/31/2025 475 475 — Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Committed 07/01/2037 1,525 1,292 233 Voya Financial, Inc. Secured Committed 02/11/2021 195 195 — Voya Financial, Inc. Unsecured Uncommitted Various 1 1 — Voya Financial, Inc. Secured Uncommitted Various 10 1 — Voya Financial, Inc. / Roaring River LLC Unsecured Committed 10/01/2025 425 328 97 Voya Financial, Inc. / Roaring River IV, LLC Unsecured Committed 12/31/2028 565 295 270 Voya Financial, Inc. / Security Life of Denver International Limited Unsecured Uncommitted 04/20/2018 300 45 — Voya Financial, Inc. Unsecured Committed 12/09/2021 195 161 34 Voya Financial, Inc. Unsecured Uncommitted 01/20/2022 195 168 — Total $ 6,872 $ 3,197 $ 3,384 Secured facilities $ 205 $ 196 $ — Unsecured and uncommitted 496 214 — Unsecured and committed 6,171 2,787 3,384 Total $ 6,872 $ 3,197 $ 3,384 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | For the years ended December 31, 2017 and 2016 , rent expense for leases was $34 . For the year ended December 31, 2015 rent expense for leases was $40 . The future net minimum payments under non-cancelable leases are as follows as of December 31, 2017 : 2018 $ 29 2019 27 2020 24 2021 23 2022 23 Thereafter 39 Total minimum lease payments $ 165 |
Schedule of Restricted Assets | The components of the fair value of the restricted assets were as follows as of December 31, 2017 and 2016 : 2017 2016 Fixed maturity collateral pledged to FHLB (1) $ 602 $ 405 FHLB restricted stock (2) 67 33 Other fixed maturities-state deposits 175 197 Securities pledged (3) 2,087 1,409 Total restricted assets $ 2,931 $ 2,044 (1) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. Excludes $691 of collateral pledged related to the businesses held for sale as of December 31, 2017. (2) Included in Other investments on the Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $1,854 and $1,133 as of December 31, 2017 and 2016 , respectively. In addition, as of December 31, 2017 and 2016 , the Company delivered securities as collateral of $233 and $276 , respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Consolidated Balance Sheets. |
Consolidated Investment Entit56
Consolidated Investment Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 48,344 $ (15 ) $ 48,329 Fixed maturities, at fair value using the fair value option — — 3,018 — 3,018 Equity securities, available-for-sale, at fair value 115 — 265 — 380 Short-term investments 212 — 259 — 471 Mortgage loans on real estate, net of valuation allowance — — 8,686 — 8,686 Policy loans — — 1,888 — 1,888 Limited partnerships/corporations — — 784 — 784 Derivatives 49 — 445 (97 ) 397 Investments in subsidiaries 12,293 7,618 — (19,911 ) — Other investments — 1 46 — 47 Securities pledged — — 2,087 — 2,087 Total investments 12,669 7,619 65,822 (20,023 ) 66,087 Cash and cash equivalents 244 1 973 — 1,218 Short-term investments under securities loan agreements, including collateral delivered 11 — 1,615 — 1,626 Accrued investment income — — 667 — 667 Premium receivable and reinsurance recoverable — — 7,632 — 7,632 Deferred policy acquisition costs and Value of business acquired — — 3,374 — 3,374 Current income taxes — 6 (2 ) — 4 Deferred income taxes 406 22 353 — 781 Loans to subsidiaries and affiliates 191 — 418 (609 ) — Due from subsidiaries and affiliates 2 — 3 (5 ) — Other assets 16 — 1,294 — 1,310 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 1,795 — 1,795 Cash and cash equivalents — — 217 — 217 Corporate loans, at fair value using the fair value option — — 1,089 — 1,089 Other assets — — 75 — 75 Assets held in separate accounts — — 77,605 — 77,605 Assets held for sale — — 59,052 — 59,052 Total assets $ 13,539 $ 7,648 $ 221,982 $ (20,637 ) $ 222,532 Condensed Consolidating Balance Sheet (Continued) December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 15,647 $ — $ 15,647 Contract owner account balances — — 50,158 — 50,158 Payables under securities loan agreement, including collateral held — — 1,866 — 1,866 Short-term debt 755 68 123 (609 ) 337 Long-term debt 2,681 438 19 (15 ) 3,123 Derivatives 49 — 197 (97 ) 149 Pension and other postretirement provisions — — 550 — 550 Due to subsidiaries and affiliates 1 — 2 (3 ) — Other liabilities 44 12 2,022 (2 ) 2,076 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 1,047 — 1,047 Other liabilities — — 658 — 658 Liabilities related to separate accounts — — 77,605 — 77,605 Liabilities held for sale — — 58,277 — 58,277 Total liabilities 3,530 518 208,171 (726 ) 211,493 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 10,009 7,130 12,781 (19,911 ) 10,009 Noncontrolling interest — — 1,030 — 1,030 Total shareholders' equity 10,009 7,130 13,811 (19,911 ) 11,039 Total liabilities and shareholders' equity $ 13,539 $ 7,648 $ 221,982 $ (20,637 ) $ 222,532 Condensed Consolidating Balance Sheet December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 47,409 $ (15 ) $ 47,394 Fixed maturities, at fair value using the fair value option — — 3,065 — 3,065 Equity securities, available-for-sale, at fair value 93 — 165 — 258 Short-term investments 212 — 179 — 391 Mortgage loans on real estate, net of valuation allowance — — 8,003 — 8,003 Policy loans — — 1,943 — 1,943 Limited partnerships/corporations — — 536 — 536 Derivatives 56 — 793 (112 ) 737 Investments in subsidiaries 14,743 10,798 — (25,541 ) — Other investments — 1 46 — 47 Securities pledged — — 1,409 — 1,409 Total investments 15,104 10,799 63,548 (25,668 ) 63,783 Cash and cash equivalents 257 2 1,837 — 2,096 Short-term investments under securities loan agreements, including collateral delivered 11 — 575 — 586 Accrued investment income — — 666 — 666 Premium receivable and reinsurance recoverable — — 7,287 — 7,287 Deferred policy acquisition costs and Value of business acquired — — 3,997 — 3,997 Current income taxes 31 9 124 — 164 Deferred income taxes 527 37 1,006 — 1,570 Loans to subsidiaries and affiliates 278 — 11 (289 ) — Due from subsidiaries and affiliates 3 — 2 (5 ) — Other assets 21 — 1,465 — 1,486 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 1,936 — 1,936 Cash and cash equivalents — — 133 — 133 Corporate loans, at fair value using the fair value option — — 1,953 — 1,953 Other assets — — 34 — 34 Assets held in separate accounts — — 66,185 — 66,185 Assets held for sale — — 62,709 — 62,709 Total assets $ 16,232 $ 10,847 $ 213,468 $ (25,962 ) $ 214,585 Condensed Consolidating Balance Sheet (Continued) December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 14,575 $ — $ 14,575 Contract owner account balances — — 50,273 — 50,273 Payables under securities loan agreement, including collateral held — — 969 — 969 Short-term debt 11 211 67 (289 ) — Long-term debt 3,108 437 20 (15 ) 3,550 Derivatives 56 — 353 (112 ) 297 Pension and other postretirement provisions — — 674 — 674 Due to subsidiaries and affiliates — — 3 (3 ) — Other liabilities 62 13 1,950 (2 ) 2,023 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 1,967 — 1,967 Other liabilities — — 528 — 528 Liabilities related to separate accounts — — 66,185 — 66,185 Liabilities held for sale — — 59,576 — 59,576 Total liabilities 3,237 661 197,140 (421 ) 200,617 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 12,995 10,186 15,355 (25,541 ) 12,995 Noncontrolling interest — — 973 — 973 Total shareholders' equity 12,995 10,186 16,328 (25,541 ) 13,968 Total liabilities and shareholders' equity $ 16,232 $ 10,847 $ 213,468 $ (25,962 ) $ 214,585 |
Schedule of Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations For the Year Ended December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 33 $ — $ 3,274 $ (13 ) $ 3,294 Fee income — — 2,627 — 2,627 Premiums — — 2,121 — 2,121 Net realized capital gains (losses): Total other-than-temporary impairments — — (30 ) — (30 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — (9 ) — (9 ) Net other-than-temporary impairments recognized in earnings — — (21 ) — (21 ) Other net realized capital gains (losses) — — (206 ) — (206 ) Total net realized capital gains (losses) — — (227 ) — (227 ) Other revenue 8 1 362 — 371 Income (loss) related to consolidated investment entities: Net investment income — — 432 — 432 Total revenues 41 1 8,589 (13 ) 8,618 Benefits and expenses: Policyholder benefits — — 3,030 — 3,030 Interest credited to contract owner account balances — — 1,606 — 1,606 Operating expenses 9 — 2,645 — 2,654 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 529 — 529 Interest expense 155 37 5 (13 ) 184 Operating expenses related to consolidated investment entities: Interest expense — — 80 — 80 Other expense — — 7 — 7 Total benefits and expenses 164 37 7,902 (13 ) 8,090 Income (loss) from continuing operations before income taxes (123 ) (36 ) 687 — 528 Income tax expense (benefit) 113 3 624 — 740 Income (loss) from continuing operations (236 ) (39 ) 63 — (212 ) Income (loss) from discontinued operations, net of tax — — (2,580 ) — (2,580 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (236 ) (39 ) (2,517 ) — (2,792 ) Equity in earnings (losses) of subsidiaries, net of tax (2,756 ) (2,623 ) — 5,379 — Net income (loss) including noncontrolling interest (2,992 ) (2,662 ) (2,517 ) 5,379 (2,792 ) Less: Net income (loss) attributable to noncontrolling interest — — 200 — 200 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (2,992 ) $ (2,662 ) $ (2,717 ) $ 5,379 $ (2,992 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 19 $ — $ 3,347 $ (12 ) $ 3,354 Fee income — — 2,471 — 2,471 Premiums — — 2,795 — 2,795 Net realized capital gains (losses): Total other-than-temporary impairments — — (32 ) — (32 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 2 — 2 Net other-than-temporary impairments recognized in earnings — — (34 ) — (34 ) Other net realized capital gains (losses) 1 — (330 ) — (329 ) Total net realized capital gains (losses) 1 — (364 ) — (363 ) Other revenue 1 — 341 — 342 Income (loss) related to consolidated investment entities: Net investment income — — 189 — 189 Total revenues 21 — 8,779 (12 ) 8,788 Benefits and expenses: Policyholder benefits — — 3,710 — 3,710 Interest credited to contract owner account balances — — 1,604 — 1,604 Operating expenses 9 — 2,646 — 2,655 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 415 — 415 Interest expense 238 57 5 (12 ) 288 Operating expenses related to consolidated investment entities: Interest expense — — 102 — 102 Other expense — — 4 — 4 Total benefits and expenses 247 57 8,486 (12 ) 8,778 Income (loss) from continuing operations before income taxes (226 ) (57 ) 293 — 10 Income tax expense (benefit) (90 ) (26 ) 70 17 (29 ) Income (loss) from continuing operations (136 ) (31 ) 223 (17 ) 39 Income (loss) from discontinued operations, net of tax — — (337 ) — (337 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (136 ) (31 ) (114 ) (17 ) (298 ) Equity in earnings (losses) of subsidiaries, net of tax (191 ) 317 — (126 ) — Net income (loss) including noncontrolling interest (327 ) 286 (114 ) (143 ) (298 ) Less: Net income (loss) attributable to noncontrolling interest — — 29 — 29 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (327 ) $ 286 $ (143 ) $ (143 ) $ (327 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 4 $ — $ 3,348 $ (9 ) $ 3,343 Fee income — — 2,470 — 2,470 Premiums — — 2,554 — 2,554 Net realized capital gains (losses): Total other-than-temporary impairments — — (78 ) — (78 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 5 — 5 Net other-than-temporary impairments recognized in earnings — — (83 ) — (83 ) Other net realized capital gains (losses) (2 ) — (475 ) — (477 ) Total net realized capital gains (losses) (2 ) — (558 ) — (560 ) Other revenue 3 — 385 (3 ) 385 Income (loss) related to consolidated investment entities: Net investment income — — 551 — 551 Changes in fair value related to collateralized loan obligations — — (27 ) — (27 ) Total revenues 5 — 8,723 (12 ) 8,716 Benefits and expenses: Policyholder benefits — — 3,161 — 3,161 Interest credited to contract owner account balances — — 1,537 — 1,537 Operating expenses 10 (1 ) 2,678 (3 ) 2,684 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 377 — 377 Interest expense 150 51 5 (9 ) 197 Operating expenses related to consolidated investment entities: Interest expense — — 272 — 272 Other expense — — 12 — 12 Total benefits and expenses 160 50 8,042 (12 ) 8,240 Income (loss) from continuing operations before income taxes (155 ) (50 ) 681 — 476 Income tax expense (benefit) (52 ) — 157 (21 ) 84 Income (loss) from continuing operations (103 ) (50 ) 524 21 392 Income (loss) from discontinued operations, net of tax — — 146 — 146 Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (103 ) (50 ) 670 21 538 Equity in earnings (losses) of subsidiaries, net of tax 511 257 — (768 ) — Net income (loss) including noncontrolling interest 408 207 670 (747 ) 538 Less: Net income (loss) attributable to noncontrolling interest — — 130 — 130 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408 $ 207 $ 540 $ (747 ) $ 408 |
Fair Value, by Balance Sheet Grouping | he carrying values and estimated fair values of the Company’s financial instruments from continuing operations as of the dates indicated: December 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value Assets: Fixed maturities, including securities pledged $ 53,434 $ 53,434 $ 51,868 $ 51,868 Equity securities, available-for-sale 380 380 258 258 Mortgage loans on real estate 8,686 8,748 8,003 8,185 Policy loans 1,888 1,888 1,943 1,943 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 3,315 3,315 3,073 3,073 Derivatives 397 397 737 737 Notes receivable (1) 350 445 350 432 Other investments 47 55 47 57 Assets held in separate accounts 77,605 77,605 66,185 66,185 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (2) 33,986 38,553 33,871 38,368 Funding agreements with fixed maturities and guaranteed investment contracts 501 501 473 470 Supplementary contracts, immediate annuities and other 1,275 1,285 1,330 1,337 Derivatives: Guaranteed benefit derivatives: FIA 40 40 42 42 IUL 159 159 81 81 GMWBL/GMWB/GMAB 10 10 18 18 Stabilizer and MCGs 97 97 150 150 Other derivatives 149 149 297 297 Short-term debt 337 337 — — Long-term debt 3,123 3,478 3,550 3,738 Embedded derivative on reinsurance 129 129 79 79 (1) Included in Other assets on the Consolidated Balance Sheets. (2) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above. |
Maximum Exposure to Loss | The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE. Variable Interests on the Consolidated Balance Sheet December 31, 2017 December 31, 2016 Carrying Amount Maximum exposure to loss Carrying Amount Maximum exposure to loss Fixed maturities, available for sale $ 321 $ 321 $ 110 $ 110 Limited partnership/corporations 784 784 759 759 |
Consolidated investment entities | |
Condensed Financial Statements, Captions [Line Items] | |
Components of the Consolidated Investment Entities | The following table summarizes the components of the consolidated investment entities as of the dates indicated: December 31, 2017 December 31, 2016 Assets of Consolidated Investment Entities VIEs Cash and cash equivalents $ 216 $ 133 Corporate loans, at fair value using the fair value option 1,089 1,921 Limited partnerships/corporations, at fair value 1,714 1,770 Other assets 75 32 Total VIE assets 3,094 3,856 VOEs Cash and cash equivalents 1 — Corporate loans, at fair value using the fair value option — 32 Limited partnerships/corporations, at fair value 81 166 Other assets — 2 Total VOE assets 82 200 Total assets of consolidated investment entities $ 3,176 $ 4,056 Liabilities of Consolidated Investment Entities VIEs CLO notes, at fair value using the fair value option $ 1,047 $ 1,967 Other liabilities 649 521 Total VIE liabilities 1,696 2,488 VOEs Other liabilities 9 7 Total VOE liabilities 9 7 Total liabilities of consolidated investment entities $ 1,705 $ 2,495 |
Schedule of Condensed Consolidating Balance Sheets | The following tables summarize the impact of consolidation of investment entities into the Consolidated Balance Sheets as of the dates indicated: Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs Adjustments (2) Total December 31, 2017 Total investments and cash $ 67,709 $ — $ — $ (8 ) $ (396 ) $ 67,305 Other assets 15,431 — — (36 ) (1 ) 15,394 Assets held in consolidated investment entities — 1,163 2,013 — — 3,176 Assets held in separate accounts 77,605 — — — — 77,605 Assets held for sale 59,052 — — — — 59,052 Total assets $ 219,797 $ 1,163 $ 2,013 $ (44 ) $ (397 ) $ 222,532 Future policy benefits and contract owner account balances $ 65,805 $ — $ — $ — $ — $ 65,805 Other liabilities 8,101 — — — — 8,101 Liabilities held in consolidated investment entities — 1,163 587 (44 ) (1 ) 1,705 Liabilities related to separate accounts 77,605 — — — — 77,605 Liabilities held for sale 58,277 — — — — 58,277 Total liabilities 209,788 1,163 587 (44 ) (1 ) 211,493 Equity attributable to common shareholders 10,009 — 1,426 — (1,426 ) 10,009 Equity attributable to noncontrolling interest in consolidated investment entities — — — — 1,030 1,030 Total liabilities and equity $ 219,797 $ 1,163 $ 2,013 $ (44 ) $ (397 ) $ 222,532 (1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation,which are accounted for using the equity method or fair value option. (2) Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds. Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs (2) Total December 31, 2016 Total investments and cash $ 66,466 $ — $ — $ (17 ) $ (570 ) $ 65,879 Other assets 15,757 — — — (1 ) 15,756 Assets held in consolidated investment entities — 2,054 2,002 — — 4,056 Assets held in separate accounts 66,185 — — — — 66,185 Assets held for sale 62,709 — — — — 62,709 Total assets $ 211,117 $ 2,054 $ 2,002 $ (17 ) $ (571 ) $ 214,585 Future policy benefits and contract owner account balances $ 64,848 $ — $ — $ — $ — $ 64,848 Other liabilities 7,513 — — — — 7,513 Liabilities held in consolidated investment entities — 2,054 459 (17 ) (1 ) 2,495 Liabilities related to separate accounts 66,185 — — — — 66,185 Liabilities held for sale 59,576 — — — — 59,576 Total liabilities 198,122 2,054 459 (17 ) (1 ) 200,617 Equity attributable to common shareholders 12,995 — 1,543 — (1,543 ) 12,995 Equity attributable to noncontrolling interest in consolidated investment entities — — — — 973 973 Total liabilities and equity $ 211,117 $ 2,054 $ 2,002 $ (17 ) $ (571 ) $ 214,585 (1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. (2) Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds. |
Schedule of Condensed Consolidating Statement of Operations | The following tables summarize the impact of consolidation of investment entities into the Consolidated Statements of Operations for the periods indicated: Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs (2) Total December 31, 2017 Revenues: Net investment income $ 3,391 $ — $ — $ (2 ) $ (95 ) $ 3,294 Fee income 2,675 — — (9 ) (39 ) 2,627 Premiums 2,121 — — — — 2,121 Net realized capital losses (227 ) — — — — (227 ) Other income 371 — — — — 371 Income related to consolidated investment entities — 82 350 — — 432 Total revenues 8,331 82 350 (11 ) (134 ) 8,618 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 4,636 — — — — 4,636 Other expense 3,367 — — — — 3,367 Operating expenses related to consolidated investment entities — 82 55 (11 ) (39 ) 87 Total benefits and expenses 8,003 82 55 (11 ) (39 ) 8,090 Income (loss) before income taxes 328 — 295 — (95 ) 528 Income tax expense (benefit) 740 — — — — 740 Income (loss) from continuing operations (412 ) — 295 — (95 ) (212 ) Income (loss) from discontinued operations, net of tax (2,580 ) — — — — (2,580 ) Net income (loss) (2,992 ) — 295 — (95 ) (2,792 ) Less: Net income (loss) attributable to noncontrolling interest — — — — 200 200 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (2,992 ) $ — $ 295 $ — $ (295 ) $ (2,992 ) (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs (2) Total December 31, 2016 Revenues: Net investment income $ 3,359 $ — $ — $ (7 ) $ 2 $ 3,354 Fee income 2,520 — — (17 ) (32 ) 2,471 Premiums 2,795 — — — — 2,795 Net realized capital losses (363 ) — — — — (363 ) Other income 342 — — — — 342 Income related to consolidated investment entities — 118 71 — — 189 Total revenues 8,653 118 71 (24 ) (30 ) 8,788 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 5,314 — — — — 5,314 Other expense 3,358 — — — — 3,358 Operating expenses related to consolidated investment entities — 118 44 (24 ) (32 ) 106 Total benefits and expenses 8,672 118 44 (24 ) (32 ) 8,778 Income (loss) before income taxes (19 ) — 27 — 2 10 Income tax expense (benefit) (29 ) — — — — (29 ) Income (loss) from continuing operations 10 — 27 — 2 39 Income (loss) from discontinued operations, net of tax (337 ) — — — — (337 ) Net income (loss) (327 ) — 27 — 2 (298 ) Less: Net income (loss) attributable to noncontrolling interest — — — — 29 29 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (327 ) $ — $ 27 $ — $ (27 ) $ (327 ) (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. Before Consolidation (1) CLOs LPs and VOEs CLOs Adjustments (2) LPs and VOEs (2) Total December 31, 2015 Revenues: Net investment income $ 3,373 $ — $ — $ 2 $ (32 ) $ 3,343 Fee income 2,544 — — (36 ) (38 ) 2,470 Premiums 2,554 — — — — 2,554 Net realized capital losses (560 ) — — — — (560 ) Other income 391 — — (5 ) (1 ) 385 Income related to consolidated investment entities — 312 228 (16 ) — 524 Total revenues 8,302 312 228 (55 ) (71 ) 8,716 Benefits and expenses: Policyholder benefits and Interest credited and other benefits to contract owners 4,698 — — — — 4,698 Other expense 3,258 — — — — 3,258 Operating expenses related to consolidated investment entities — 324 54 (55 ) (39 ) 284 Total benefits and expenses 7,956 324 54 (55 ) (39 ) 8,240 Income (loss) before income taxes 346 (12 ) 174 — (32 ) 476 Income tax expense (benefit) 84 — — — — 84 Income (loss) from continuing operations 262 (12 ) 174 — (32 ) 392 Income (loss) from discontinued operations, net of tax 146 — — — — 146 Net income (loss) 408 (12 ) 174 — (32 ) 538 Less: Net income (loss) attributable to noncontrolling interest — (12 ) — — 142 130 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408 $ — $ 174 $ — $ (174 ) $ 408 (1) The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation. (2) Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation. |
Fair Value, by Balance Sheet Grouping | The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2017 : Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 216 $ — $ — $ — $ 216 Corporate loans, at fair value using the fair value option — 1,089 — — 1,089 Limited partnerships/corporations, at fair value — — — 1,714 1,714 VOEs Cash and cash equivalents 1 — — — 1 Corporate loans, at fair value using the fair value option — — — — — Limited partnerships/corporations, at fair value — — — 81 81 Total assets, at fair value $ 217 $ 1,089 $ — $ 1,795 $ 3,101 Liabilities VIEs CLO notes, at fair value using the fair value option $ — $ 1,047 $ — $ — $ 1,047 Total liabilities, at fair value $ — $ 1,047 $ — $ — $ 1,047 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2016 : Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 133 $ — $ — $ — $ 133 Corporate loans, at fair value using the fair value option — 1,906 15 — 1,921 Limited partnerships/corporations, at fair value — — — 1,770 1,770 VOEs Cash and cash equivalents — — — — — Corporate loans, at fair value using the fair value option — 32 — — 32 Limited partnerships/corporations, at fair value — 107 — 59 166 Total assets, at fair value $ 133 $ 2,045 $ 15 $ 1,829 $ 4,022 Liabilities VIEs CLO notes, at fair value using the fair value option $ — $ 1,967 $ — $ — $ 1,967 Total liabilities, at fair value $ — $ 1,967 $ — $ — $ 1,967 |
Restructuring Restructuring (Ta
Restructuring Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The summary below presents restructuring expense, pre-tax, by type of costs incurred, for the periods indicated: Year Ended December 31, Cumulative Amounts Incurred to Date 2017 Severance benefits $ 34 $ 60 Asset write-off costs 16 16 Transition costs 17 17 Other costs 15 23 Total restructuring expense $ 82 $ 116 |
Schedule of Restructuring Reserve by Type of Cost | The following table presents the accrued liability associated with restructuring expenses as of December 31, 2017 : Severance Benefits Transition Costs Other Costs Total Accrued liability as of January 1, 2017 $ 21 $ — $ 2 $ 23 Provision 39 17 15 71 Payments (25 ) — (14 ) (39 ) Other adjustments (1) (5 ) — — (5 ) Accrued liability as of December 31, 2017 $ 30 $ 17 $ 3 (2) $ 50 (1) Represents net write-downs of accruals, not associated with payments. (2) Represents services performed but not yet paid. |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Operating Earnings Before Income Taxes from Segments | The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) from continuing operations before income taxes for the periods indicated: Year Ended December 31, 2017 2016 2015 Income (loss) from continuing operations before income taxes $ 528 $ 10 $ 476 Less Adjustments: Net investment gains (losses) and related charges and adjustments (84 ) (108 ) (55 ) Net guaranteed benefit hedging gains (losses) and related charges and adjustments 46 4 (69 ) Income (loss) related to businesses exited through reinsurance or divestment (45 ) (14 ) (169 ) Income (loss) attributable to noncontrolling interest 200 29 130 Loss related to early extinguishment of debt (4 ) (104 ) (10 ) Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments (16 ) (55 ) 63 Other adjustments (97 ) (71 ) (58 ) Total adjustments to income (loss) from continuing operations — (319 ) (168 ) Adjusted operating earnings before income taxes by segment: Retirement $ 456 $ 450 $ 471 Investment Management 248 171 182 Individual Life 92 59 173 Employee Benefits 127 126 146 Corporate (1) (395 ) (477 ) (328 ) Total $ 528 $ 329 $ 644 |
Schedule of Revenue from Segments | The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated: Year Ended December 31, 2017 2016 2015 Total revenues $ 8,618 $ 8,788 $ 8,716 Adjustments: Net realized investment gains (losses) and related charges and adjustments (100 ) (112 ) (121 ) Gain (loss) on change in fair value of derivatives related to guaranteed benefits 52 9 (63 ) Revenues related to businesses exited through reinsurance or divestment 122 96 26 Revenues attributable to noncontrolling interest 286 133 414 Other adjustments 212 183 223 Total adjustments to revenues 572 309 479 Adjusted operating revenues by segment: Retirement $ 2,538 $ 3,257 $ 2,994 Investment Management 731 627 622 Individual Life 2,563 2,528 2,617 Employee Benefits 1,767 1,616 1,507 Corporate (1) 447 451 497 Total $ 8,046 $ 8,479 $ 8,237 (1) Adjusted operating revenues for Corporate includes Net investment gains (losses) and Gains (losses) on change in fair value of derivatives related to guaranteed benefits associated with the Retained Business. These amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities. Other Segment Information The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated: Year Ended December 31, 2017 2016 2015 Investment management intersegment revenues $ 118 $ 114 $ 110 |
Schedule of Assets from Segments | The summary below presents Total assets for the Company’s segments as of the dates indicated: December 31, 2017 December 31, 2016 Retirement $ 111,476 $ 100,104 Investment Management 626 513 Individual Life 27,301 26,851 Employee Benefits 2,657 2,549 Corporate 18,685 18,391 Total assets, before consolidation (1) 160,745 148,408 Consolidation of investment entities 2,735 3,468 Total assets, excluding assets held for sale 163,480 151,876 Assets held for sale 59,052 62,709 Total assets $ 222,532 $ 214,585 (1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Condensed Consolidating Finan59
Condensed Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 48,344 $ (15 ) $ 48,329 Fixed maturities, at fair value using the fair value option — — 3,018 — 3,018 Equity securities, available-for-sale, at fair value 115 — 265 — 380 Short-term investments 212 — 259 — 471 Mortgage loans on real estate, net of valuation allowance — — 8,686 — 8,686 Policy loans — — 1,888 — 1,888 Limited partnerships/corporations — — 784 — 784 Derivatives 49 — 445 (97 ) 397 Investments in subsidiaries 12,293 7,618 — (19,911 ) — Other investments — 1 46 — 47 Securities pledged — — 2,087 — 2,087 Total investments 12,669 7,619 65,822 (20,023 ) 66,087 Cash and cash equivalents 244 1 973 — 1,218 Short-term investments under securities loan agreements, including collateral delivered 11 — 1,615 — 1,626 Accrued investment income — — 667 — 667 Premium receivable and reinsurance recoverable — — 7,632 — 7,632 Deferred policy acquisition costs and Value of business acquired — — 3,374 — 3,374 Current income taxes — 6 (2 ) — 4 Deferred income taxes 406 22 353 — 781 Loans to subsidiaries and affiliates 191 — 418 (609 ) — Due from subsidiaries and affiliates 2 — 3 (5 ) — Other assets 16 — 1,294 — 1,310 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 1,795 — 1,795 Cash and cash equivalents — — 217 — 217 Corporate loans, at fair value using the fair value option — — 1,089 — 1,089 Other assets — — 75 — 75 Assets held in separate accounts — — 77,605 — 77,605 Assets held for sale — — 59,052 — 59,052 Total assets $ 13,539 $ 7,648 $ 221,982 $ (20,637 ) $ 222,532 Condensed Consolidating Balance Sheet (Continued) December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 15,647 $ — $ 15,647 Contract owner account balances — — 50,158 — 50,158 Payables under securities loan agreement, including collateral held — — 1,866 — 1,866 Short-term debt 755 68 123 (609 ) 337 Long-term debt 2,681 438 19 (15 ) 3,123 Derivatives 49 — 197 (97 ) 149 Pension and other postretirement provisions — — 550 — 550 Due to subsidiaries and affiliates 1 — 2 (3 ) — Other liabilities 44 12 2,022 (2 ) 2,076 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 1,047 — 1,047 Other liabilities — — 658 — 658 Liabilities related to separate accounts — — 77,605 — 77,605 Liabilities held for sale — — 58,277 — 58,277 Total liabilities 3,530 518 208,171 (726 ) 211,493 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 10,009 7,130 12,781 (19,911 ) 10,009 Noncontrolling interest — — 1,030 — 1,030 Total shareholders' equity 10,009 7,130 13,811 (19,911 ) 11,039 Total liabilities and shareholders' equity $ 13,539 $ 7,648 $ 221,982 $ (20,637 ) $ 222,532 Condensed Consolidating Balance Sheet December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Assets: Investments: Fixed maturities, available-for-sale, at fair value $ — $ — $ 47,409 $ (15 ) $ 47,394 Fixed maturities, at fair value using the fair value option — — 3,065 — 3,065 Equity securities, available-for-sale, at fair value 93 — 165 — 258 Short-term investments 212 — 179 — 391 Mortgage loans on real estate, net of valuation allowance — — 8,003 — 8,003 Policy loans — — 1,943 — 1,943 Limited partnerships/corporations — — 536 — 536 Derivatives 56 — 793 (112 ) 737 Investments in subsidiaries 14,743 10,798 — (25,541 ) — Other investments — 1 46 — 47 Securities pledged — — 1,409 — 1,409 Total investments 15,104 10,799 63,548 (25,668 ) 63,783 Cash and cash equivalents 257 2 1,837 — 2,096 Short-term investments under securities loan agreements, including collateral delivered 11 — 575 — 586 Accrued investment income — — 666 — 666 Premium receivable and reinsurance recoverable — — 7,287 — 7,287 Deferred policy acquisition costs and Value of business acquired — — 3,997 — 3,997 Current income taxes 31 9 124 — 164 Deferred income taxes 527 37 1,006 — 1,570 Loans to subsidiaries and affiliates 278 — 11 (289 ) — Due from subsidiaries and affiliates 3 — 2 (5 ) — Other assets 21 — 1,465 — 1,486 Assets related to consolidated investment entities: Limited partnerships/corporations, at fair value — — 1,936 — 1,936 Cash and cash equivalents — — 133 — 133 Corporate loans, at fair value using the fair value option — — 1,953 — 1,953 Other assets — — 34 — 34 Assets held in separate accounts — — 66,185 — 66,185 Assets held for sale — — 62,709 — 62,709 Total assets $ 16,232 $ 10,847 $ 213,468 $ (25,962 ) $ 214,585 Condensed Consolidating Balance Sheet (Continued) December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Liabilities and Shareholders' Equity: Future policy benefits $ — $ — $ 14,575 $ — $ 14,575 Contract owner account balances — — 50,273 — 50,273 Payables under securities loan agreement, including collateral held — — 969 — 969 Short-term debt 11 211 67 (289 ) — Long-term debt 3,108 437 20 (15 ) 3,550 Derivatives 56 — 353 (112 ) 297 Pension and other postretirement provisions — — 674 — 674 Due to subsidiaries and affiliates — — 3 (3 ) — Other liabilities 62 13 1,950 (2 ) 2,023 Liabilities related to consolidated investment entities: Collateralized loan obligations notes, at fair value using the fair value option — — 1,967 — 1,967 Other liabilities — — 528 — 528 Liabilities related to separate accounts — — 66,185 — 66,185 Liabilities held for sale — — 59,576 — 59,576 Total liabilities 3,237 661 197,140 (421 ) 200,617 Shareholders' equity: Total Voya Financial, Inc. shareholders' equity 12,995 10,186 15,355 (25,541 ) 12,995 Noncontrolling interest — — 973 — 973 Total shareholders' equity 12,995 10,186 16,328 (25,541 ) 13,968 Total liabilities and shareholders' equity $ 16,232 $ 10,847 $ 213,468 $ (25,962 ) $ 214,585 |
Schedule of Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations For the Year Ended December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 33 $ — $ 3,274 $ (13 ) $ 3,294 Fee income — — 2,627 — 2,627 Premiums — — 2,121 — 2,121 Net realized capital gains (losses): Total other-than-temporary impairments — — (30 ) — (30 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — (9 ) — (9 ) Net other-than-temporary impairments recognized in earnings — — (21 ) — (21 ) Other net realized capital gains (losses) — — (206 ) — (206 ) Total net realized capital gains (losses) — — (227 ) — (227 ) Other revenue 8 1 362 — 371 Income (loss) related to consolidated investment entities: Net investment income — — 432 — 432 Total revenues 41 1 8,589 (13 ) 8,618 Benefits and expenses: Policyholder benefits — — 3,030 — 3,030 Interest credited to contract owner account balances — — 1,606 — 1,606 Operating expenses 9 — 2,645 — 2,654 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 529 — 529 Interest expense 155 37 5 (13 ) 184 Operating expenses related to consolidated investment entities: Interest expense — — 80 — 80 Other expense — — 7 — 7 Total benefits and expenses 164 37 7,902 (13 ) 8,090 Income (loss) from continuing operations before income taxes (123 ) (36 ) 687 — 528 Income tax expense (benefit) 113 3 624 — 740 Income (loss) from continuing operations (236 ) (39 ) 63 — (212 ) Income (loss) from discontinued operations, net of tax — — (2,580 ) — (2,580 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (236 ) (39 ) (2,517 ) — (2,792 ) Equity in earnings (losses) of subsidiaries, net of tax (2,756 ) (2,623 ) — 5,379 — Net income (loss) including noncontrolling interest (2,992 ) (2,662 ) (2,517 ) 5,379 (2,792 ) Less: Net income (loss) attributable to noncontrolling interest — — 200 — 200 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (2,992 ) $ (2,662 ) $ (2,717 ) $ 5,379 $ (2,992 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 19 $ — $ 3,347 $ (12 ) $ 3,354 Fee income — — 2,471 — 2,471 Premiums — — 2,795 — 2,795 Net realized capital gains (losses): Total other-than-temporary impairments — — (32 ) — (32 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 2 — 2 Net other-than-temporary impairments recognized in earnings — — (34 ) — (34 ) Other net realized capital gains (losses) 1 — (330 ) — (329 ) Total net realized capital gains (losses) 1 — (364 ) — (363 ) Other revenue 1 — 341 — 342 Income (loss) related to consolidated investment entities: Net investment income — — 189 — 189 Total revenues 21 — 8,779 (12 ) 8,788 Benefits and expenses: Policyholder benefits — — 3,710 — 3,710 Interest credited to contract owner account balances — — 1,604 — 1,604 Operating expenses 9 — 2,646 — 2,655 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 415 — 415 Interest expense 238 57 5 (12 ) 288 Operating expenses related to consolidated investment entities: Interest expense — — 102 — 102 Other expense — — 4 — 4 Total benefits and expenses 247 57 8,486 (12 ) 8,778 Income (loss) from continuing operations before income taxes (226 ) (57 ) 293 — 10 Income tax expense (benefit) (90 ) (26 ) 70 17 (29 ) Income (loss) from continuing operations (136 ) (31 ) 223 (17 ) 39 Income (loss) from discontinued operations, net of tax — — (337 ) — (337 ) Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (136 ) (31 ) (114 ) (17 ) (298 ) Equity in earnings (losses) of subsidiaries, net of tax (191 ) 317 — (126 ) — Net income (loss) including noncontrolling interest (327 ) 286 (114 ) (143 ) (298 ) Less: Net income (loss) attributable to noncontrolling interest — — 29 — 29 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ (327 ) $ 286 $ (143 ) $ (143 ) $ (327 ) Condensed Consolidating Statement of Operations For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Revenues: Net investment income $ 4 $ — $ 3,348 $ (9 ) $ 3,343 Fee income — — 2,470 — 2,470 Premiums — — 2,554 — 2,554 Net realized capital gains (losses): Total other-than-temporary impairments — — (78 ) — (78 ) Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) — — 5 — 5 Net other-than-temporary impairments recognized in earnings — — (83 ) — (83 ) Other net realized capital gains (losses) (2 ) — (475 ) — (477 ) Total net realized capital gains (losses) (2 ) — (558 ) — (560 ) Other revenue 3 — 385 (3 ) 385 Income (loss) related to consolidated investment entities: Net investment income — — 551 — 551 Changes in fair value related to collateralized loan obligations — — (27 ) — (27 ) Total revenues 5 — 8,723 (12 ) 8,716 Benefits and expenses: Policyholder benefits — — 3,161 — 3,161 Interest credited to contract owner account balances — — 1,537 — 1,537 Operating expenses 10 (1 ) 2,678 (3 ) 2,684 Net amortization of Deferred policy acquisition costs and Value of business acquired — — 377 — 377 Interest expense 150 51 5 (9 ) 197 Operating expenses related to consolidated investment entities: Interest expense — — 272 — 272 Other expense — — 12 — 12 Total benefits and expenses 160 50 8,042 (12 ) 8,240 Income (loss) from continuing operations before income taxes (155 ) (50 ) 681 — 476 Income tax expense (benefit) (52 ) — 157 (21 ) 84 Income (loss) from continuing operations (103 ) (50 ) 524 21 392 Income (loss) from discontinued operations, net of tax — — 146 — 146 Net income (loss) before equity in earnings (losses) of unconsolidated affiliates (103 ) (50 ) 670 21 538 Equity in earnings (losses) of subsidiaries, net of tax 511 257 — (768 ) — Net income (loss) including noncontrolling interest 408 207 670 (747 ) 538 Less: Net income (loss) attributable to noncontrolling interest — — 130 — 130 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 408 $ 207 $ 540 $ (747 ) $ 408 |
Schedule of Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ (2,992 ) $ (2,662 ) $ (2,517 ) $ 5,379 $ (2,792 ) Other comprehensive income (loss), before tax: Unrealized gains (losses) on securities 1,191 813 1,191 (2,004 ) 1,191 Other-than-temporary impairments (2 ) (5 ) (2 ) 7 (2 ) Pension and other postretirement benefits liability (15 ) (3 ) (15 ) 18 (15 ) Other comprehensive income (loss), before tax 1,174 805 1,174 (1,979 ) 1,174 Income tax expense (benefit) related to items of other comprehensive income (loss) 364 258 364 (622 ) 364 Other comprehensive income (loss), after tax 810 547 810 (1,357 ) 810 Comprehensive income (loss) (2,182 ) (2,115 ) (1,707 ) 4,022 (1,982 ) Less: Comprehensive income (loss) attributable to noncontrolling interest — — 200 — 200 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ (2,182 ) $ (2,115 ) $ (1,907 ) $ 4,022 $ (2,182 ) Condensed Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ (327 ) $ 286 $ (114 ) $ (143 ) $ (298 ) Other comprehensive income (loss), before tax: Unrealized gains (losses) on securities 749 593 749 (1,342 ) 749 Other-than-temporary impairments 24 20 24 (44 ) 24 Pension and other postretirement benefits liability (10 ) (2 ) (10 ) 12 (10 ) Other comprehensive income (loss), before tax 763 611 763 (1,374 ) 763 Income tax expense (benefit) related to items of other comprehensive income (loss) 267 214 284 (498 ) 267 Other comprehensive income (loss), after tax 496 397 479 (876 ) 496 Comprehensive income (loss) 169 683 365 (1,019 ) 198 Less: Comprehensive income (loss) attributable to noncontrolling interest — — 29 — 29 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ 169 $ 683 $ 336 $ (1,019 ) $ 169 Condensed Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net income (loss) including noncontrolling interest $ 408 $ 207 $ 670 $ (747 ) $ 538 Other comprehensive income (loss), before tax: Unrealized gains (losses) on securities (2,581 ) (1,875 ) (2,581 ) 4,456 (2,581 ) Other-than-temporary impairments 19 13 19 (32 ) 19 Pension and other postretirement benefits liability (14 ) (3 ) (14 ) 17 (14 ) Other comprehensive income (loss), before tax (2,576 ) (1,865 ) (2,576 ) 4,441 (2,576 ) Income tax expense (benefit) related to items of other comprehensive income (loss) (897 ) (648 ) (898 ) 1,546 (897 ) Other comprehensive income (loss), after tax (1,679 ) (1,217 ) (1,678 ) 2,895 (1,679 ) Comprehensive income (loss) (1,271 ) (1,010 ) (1,008 ) 2,148 (1,141 ) Less: Comprehensive income (loss) attributable to noncontrolling interest — — 130 — 130 Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders $ (1,271 ) $ (1,010 ) $ (1,138 ) $ 2,148 $ (1,271 ) |
Schedule of Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ (22 ) $ 138 $ 1,694 $ (232 ) $ 1,578 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 8,325 — 8,325 Equity securities, available-for-sale 25 — 29 — 54 Mortgage loans on real estate — — 955 — 955 Limited partnerships/corporations — — 236 — 236 Acquisition of: Fixed maturities — — (8,719 ) — (8,719 ) Equity securities, available-for-sale (34 ) — (13 ) — (47 ) Mortgage loans on real estate — — (1,638 ) — (1,638 ) Limited partnerships/corporations — — (332 ) — (332 ) Short-term investments, net — — (80 ) — (80 ) Derivatives, net — — 213 — 213 Sales from consolidated investment entities — — 2,047 — 2,047 Purchases within consolidated investment entities — — (2,036 ) — (2,036 ) Issuance of intercompany loans with maturities more than three months (34 ) — — 34 — Maturity of intercompany loans with maturities more than three months 34 — — (34 ) — Maturity (issuance) of short-term intercompany loans, net 87 — (408 ) 321 — Return of capital contributions and dividends from subsidiaries 1,020 1,024 — (2,044 ) — Capital contributions to subsidiaries (467 ) (47 ) — 514 — Collateral (delivered) received, net — — (148 ) — (148 ) Other, net — — 3 — 3 Net cash provided by (used in) investing activities - discontinued operations — — (1,261 ) — (1,261 ) Net cash provided by (used in) investing activities 631 977 (2,827 ) (1,209 ) (2,428 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2017 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts — — 5,061 — 5,061 Maturities and withdrawals from investment contracts — — (5,372 ) — (5,372 ) Proceeds from issuance of debt with maturities of more than three months 399 — — — 399 Repayment of debt with maturities of more than three months (490 ) — — — (490 ) Debt issuance costs (3 ) — — — (3 ) Proceeds of intercompany loans with maturities of more than three months — — 34 (34 ) — Repayments of intercompany loans with maturities of more than three months — — (34 ) 34 — Net (repayments of) proceeds from short-term intercompany loans 408 (143 ) 56 (321 ) — Return of capital contributions and dividends to parent — (1,020 ) (1,256 ) 2,276 — Contributions of capital from parent — 47 467 (514 ) — Borrowings of consolidated investment entities — — 967 — 967 Repayments of borrowings of consolidated investment entities — — (804 ) — (804 ) Contributions from (distributions to) participants in consolidated investment entities — — 449 — 449 Proceeds from issuance of common stock, net 3 — — — 3 Share-based compensation (8 ) — — — (8 ) Common stock acquired - Share repurchase (923 ) — — — (923 ) Dividends paid (8 ) — — — (8 ) Net cash provided by (used in) financing activities - discontinued operations — — 384 — 384 Net cash provided by (used in) financing activities (622 ) (1,116 ) (48 ) 1,441 (345 ) Net increase (decrease) in cash and cash equivalents (13 ) (1 ) (1,181 ) — (1,195 ) Cash and cash equivalents, beginning of period 257 2 2,652 — 2,911 Cash and cash equivalents, end of period 244 1 1,471 — 1,716 Less: Cash and cash equivalents of discontinued operations, end of period — — 498 — 498 Cash and cash equivalents of continuing operations, end of period $ 244 $ 1 $ 973 $ — $ 1,218 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ (308 ) $ 173 $ 3,996 $ (270 ) $ 3,591 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 8,112 — 8,112 Equity securities, available-for-sale 18 — 86 — 104 Mortgage loans on real estate — — 747 — 747 Limited partnerships/corporations — — 306 — 306 Acquisition of: Fixed maturities — — (9,839 ) — (9,839 ) Equity securities, available-for-sale (23 ) — (24 ) — (47 ) Mortgage loans on real estate — — (1,481 ) — (1,481 ) Limited partnerships/corporations — — (367 ) — (367 ) Short-term investments, net — — 31 — 31 Derivatives, net 1 — (25 ) — (24 ) Sales from consolidated investments entities — — 2,304 — 2,304 Purchases within consolidated investment entities — — (1,727 ) — (1,727 ) Maturity (issuance) of short-term intercompany loans, net 52 — (11 ) (41 ) — Return of capital contributions and dividends from subsidiaries 922 760 — (1,682 ) — Capital contributions to subsidiaries (215 ) (64 ) — 279 — Collateral (delivered) received, net — — (22 ) — (22 ) Other, net — — 20 — 20 Net cash provided by (used in) investing activities - discontinued operations — — (1,800 ) — (1,800 ) Net cash provided by (used in) investing activities 755 696 (3,690 ) (1,444 ) (3,683 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2016 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts — — 5,891 — 5,891 Maturities and withdrawals from investment contracts — — (5,412 ) — (5,412 ) Proceeds from issuance of debt with maturities of more than three months 798 — — — 798 Repayment of debt with maturities of more than three months (660 ) (48 ) — — (708 ) Debt issuance costs (16 ) — — — (16 ) Net (repayments of) proceeds from short-term intercompany loans 11 5 (57 ) 41 — Return of capital contributions and dividends to parent — (892 ) (1,060 ) 1,952 — Contributions of capital from parent — 50 229 (279 ) — Borrowings of consolidated investment entities — — 126 — 126 Repayments of borrowings of consolidated investment entities — — (455 ) — (455 ) Contributions from (distributions to) participants in consolidated investment entities — — 51 — 51 Proceeds from issuance of common stock, net 1 — — — 1 Share-based compensation (7 ) — — — (7 ) Common stock acquired - Share repurchase (687 ) — — — (687 ) Dividends paid (8 ) — — — (8 ) Net cash provided by (used in) financing activities - discontinued operations — — 916 — 916 Net cash provided by (used in) financing activities (568 ) (885 ) 229 1,714 490 Net increase (decrease) in cash and cash equivalents (121 ) (16 ) 535 — 398 Cash and cash equivalents, beginning of period 378 18 2,117 — 2,513 Cash and cash equivalents, end of period 257 2 2,652 — 2,911 Less: Cash and cash equivalents of discontinued operations, end of period — — 815 — 815 Cash and cash equivalents of continuing operations, end of period $ 257 $ 2 $ 1,837 $ — $ 2,096 Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Net cash provided by (used in) operating activities $ 130 $ 260 $ 3,375 $ (517 ) $ 3,248 Cash Flows from Investing Activities: Proceeds from the sale, maturity, disposal or redemption of: Fixed maturities — — 8,327 — 8,327 Equity securities, available-for-sale 24 — 52 — 76 Mortgage loans on real estate — — 1,088 — 1,088 Limited partnerships/corporations — — 258 — 258 Acquisition of: Fixed maturities — — (8,759 ) — (8,759 ) Equity securities, available-for-sale (31 ) — (106 ) — (137 ) Mortgage loans on real estate — — (1,381 ) — (1,381 ) Limited partnerships/corporations — — (417 ) — (417 ) Short-term investments, net (212 ) — 680 — 468 Derivatives, net (33 ) — (108 ) — (141 ) Sales from consolidated investments entities — — 5,432 — 5,432 Purchases within consolidated investment entities — — (7,521 ) — (7,521 ) Maturity of intercompany loans with maturities more than three months 1 — — (1 ) — Maturity (issuance) of short-term intercompany loans, net (162 ) — — 162 — Return of capital contributions and dividends from subsidiaries 1,467 1,198 — (2,665 ) — Capital contributions to subsidiaries — (15 ) — 15 — Collateral (delivered) received, net 20 — 19 — 39 Other, net — 14 43 — 57 Net cash provided by (used in) investing activities - discontinued operations — — (1,663 ) — (1,663 ) Net cash provided by (used in) investing activities 1,074 1,197 (4,056 ) (2,489 ) (4,274 ) Condensed Consolidating Statement of Cash Flows (Continued) For the Year Ended December 31, 2015 Parent Issuer Subsidiary Guarantor Non-Guarantor Subsidiaries Consolidating Adjustments Consolidated Cash Flows from Financing Activities: Deposits received for investment contracts — — 5,298 — 5,298 Maturities and withdrawals from investment contracts — — (4,587 ) — (4,587 ) Repayment of debt with maturities of more than three months — (31 ) — — (31 ) Debt issuance costs (7 ) — — — (7 ) Intercompany loans with maturities of more than three months — — (1 ) 1 — Net (repayments of) proceeds from short-term intercompany loans — 57 105 (162 ) — Return of capital contributions and dividends to parent — (1,467 ) (1,715 ) 3,182 — Contributions of capital from parent — — 15 (15 ) — Borrowings of consolidated investment entities — — 1,373 — 1,373 Repayments of borrowings of consolidated investment entities — — (479 ) — (479 ) Contributions from (distributions to) participants in consolidated investment entities — — 662 — 662 Share-based compensation (5 ) — — — (5 ) Common stock acquired - Share repurchase (1,487 ) — — — (1,487 ) Dividends paid (9 ) — — — (9 ) Net cash provided by (used in) financing activities - discontinued operations — — 280 — 280 Net cash provided by (used in) financing activities (1,508 ) (1,441 ) 951 3,006 1,008 Net increase (decrease) in cash and cash equivalents (304 ) 16 270 — (18 ) Cash and cash equivalents, beginning of period 682 2 1,847 — 2,531 Cash and cash equivalents, end of period 378 18 2,117 — 2,513 Less: Cash and cash equivalents of discontinued operations, end of period — — 696 — 696 Cash and cash equivalents of continuing operations, end of period $ 378 $ 18 $ 1,421 $ — $ 1,817 |
Selected Consolidated Unaudit60
Selected Consolidated Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The unaudited quarterly results of operations for 2017 and 2016 are summarized in the table below: Three Months Ended, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) 2017 Total revenues $ 2,057 $ 2,191 $ 2,184 $ 2,186 Total benefits and expenses 1,944 2,036 2,144 1,966 Income (loss) from continuing operations before income taxes 113 155 40 220 Income (loss) from discontinued operations, net of tax (162 ) 64 134 (2,616 ) Net income (loss) (142 ) 219 214 (3,083 ) Less: Net income (loss) attributable to noncontrolling interest 1 52 65 82 Net income (loss) available to Voya Financial, Inc.'s common shareholders (143 ) 167 149 (3,165 ) Earnings Per Share Basic Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 0.10 $ 0.56 $ 0.08 $ (3.06 ) Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (0.85 ) $ 0.34 $ 0.75 $ (14.58 ) Income (loss) available to Voya Financial, Inc.'s common shareholders $ (0.75 ) $ 0.90 $ 0.83 $ (17.64 ) Diluted (1) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 0.10 $ 0.55 $ 0.08 $ (3.06 ) Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (0.84 ) $ 0.34 $ 0.73 $ (14.58 ) Income (loss) available to Voya Financial, Inc.'s common shareholders $ (0.74 ) $ 0.89 $ 0.81 $ (17.64 ) Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 (1) For the three months ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 3.5 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss from continuing operations in the period. Three Months Ended, March 31, June 30, September 30, December 31, ($ in millions, except per share amounts) 2016 Total revenues $ 2,266 $ 2,088 $ 2,110 $ 2,324 Total benefits and expenses 2,228 2,118 2,216 2,216 Income (loss) from continuing operations before income taxes 38 (30 ) (106 ) 108 Income (loss) from discontinued operations, net of tax 149 137 (145 ) (478 ) Net income (loss) 191 137 (251 ) (375 ) Less: Net income (loss) attributable to noncontrolling interest — (25 ) 12 42 Net income (loss) available to Voya Financial, Inc.'s common shareholders 191 162 (263 ) (417 ) Earnings Per Share Basic Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 0.21 $ 0.12 $ (0.59 ) $ 0.31 Income (loss) from discontinuing operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ 0.72 $ 0.68 $ (0.73 ) $ (2.45 ) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 0.93 $ 0.80 $ (1.32 ) $ (2.14 ) Diluted (1) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 0.21 $ 0.12 $ (0.59 ) $ 0.31 Income (loss) from discontinuing operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ 0.71 $ 0.67 $ (0.73 ) $ (2.43 ) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 0.92 $ 0.79 $ (1.32 ) $ (2.12 ) Cash dividends declared per common share $ 0.01 $ 0.01 $ 0.01 $ 0.01 (1) For the three months ended September 30, 2016, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 1.9 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss from continuing operations in the period. |
Business, Basis of Presentati61
Business, Basis of Presentation and Significant Accounting Policies - Business and Business of Presentation (Details) | 12 Months Ended |
Dec. 31, 2017segments | |
Item Effected [Line Items] | |
Number of operating segments | 4 |
Business, Basis of Presentati62
Business, Basis of Presentation and Significant Accounting Policies - Securities Lending (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Rate required of collateral as a percent of market value of loans securities | 102.00% |
Business, Basis of Presentati63
Business, Basis of Presentation and Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment cost basis | $ 376 | $ 373 | |
Total accumulated depreciation | 269 | 261 | |
Depreciation expense | $ 19 | $ 25 | $ 24 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment estimated useful lives | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment estimated useful lives | 40 years |
Business, Basis of Presentati64
Business, Basis of Presentation and Significant Accounting Policies - Amortization Methodologies Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total loss recognition | $ 0 | $ 8 | $ 0 |
Loss recognition related to DAC VOBA | 0 | 7 | 0 |
Loss recognition related to sales inducements | 0 | 0 | 0 |
Loss recognition on premium deficiency reserve | $ 43 | 1 | $ 0 |
Long-term equity return assumption | 9.00% | ||
Long-term equity return assumption, cap | 14.00% | ||
Long-term equity return assumption, look-forward period | 5 years | ||
Held for sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total loss recognition | 313 | ||
Loss recognition related to DAC VOBA | 78 | ||
Loss recognition related to sales inducements | 19 | ||
Loss recognition on premium deficiency reserve | $ 216 |
Business, Basis of Presentati65
Business, Basis of Presentation and Significant Accounting Policies - Future Policy Benefits (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Individual and Group Life Insurance Reserves | Minimum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 2.30% | ||
Individual and Group Life Insurance Reserves | Maximum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 7.70% | ||
Fixed annuities and payout contracts without life contingencies | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Credited interest rate maximum on fixed annuities and payout contracts without life contingencies | 7.50% | 7.50% | 7.50% |
Future Policy Benefits and Claims Reserves | Minimum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 2.70% | ||
Future Policy Benefits and Claims Reserves | Maximum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 8.30% |
Business, Basis of Presentati66
Business, Basis of Presentation and Significant Accounting Policies - Sales Inducements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Capitalized sales inducements | $ 1 | $ 1 | $ 1 |
Amortized amount of deferred sales inducements | $ 5 | $ 5 | $ 4 |
Business, Basis of Presentati67
Business, Basis of Presentation and Significant Accounting Policies - Adoption of Accounting Pronouncements (Details) $ in Millions | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($)segments | Dec. 31, 2016USD ($) | Jan. 01, 2017USD ($) | Jan. 01, 2016USD ($) |
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Total assets | $ 222,532 | $ 214,585 | |||
Limited partnerships/corporations | 784 | 536 | |||
Other assets | 15,394 | 15,756 | |||
Liabilities | 211,493 | 200,617 | |||
Collateralized loan obligations notes, at fair value using the fair value option | 1,047 | 1,967 | |||
Other liabilities | 658 | 528 | |||
Noncontrolling interest | 1,030 | 973 | |||
Appropriated-consolidated investment entities | $ 0 | 0 | |||
Number of operating segments | segments | 4 | ||||
Accounting Standards Update 2016-09 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
ASU 2016-09 Deferred tax asset change | $ 15 | ||||
ASU 2016-09 Share-based compensation cash flow reclass | $ 5 | ||||
Cumulative-Effect Adjustment, Deconsolidation of Variable Interest Entity [Member] | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Total assets | $ 7,500 | ||||
Limited partnerships/corporations | 2,500 | ||||
Cash and cash equivalents | 300 | ||||
Corporate loans, at fair value using the fair value option | 4,600 | ||||
Other assets | 100 | ||||
Liabilities | 5,900 | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 4,600 | ||||
Other liabilities | 1,300 | ||||
Noncontrolling interest | 1,600 | ||||
Appropriated-consolidated investment entities | 9 | ||||
Accounting Standards Update 2014-13 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Collateralized loan obligations notes, at fair value using the fair value option | 18 | ||||
Appropriated-consolidated investment entities | $ (18) | ||||
Scenario, Forecast | Accounting Standards Update 2014-09 | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
ASU 2014-09 Cumulative Effect on Retained Earnings, Net of Tax | $ 80 |
Business Held for Sale and Di68
Business Held for Sale and Discontinued Operations - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($)subsidiary | Dec. 31, 2016USD ($)subsidiary | Dec. 31, 2015USD ($) | Dec. 20, 2017subsidiary | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of insurance subsidiaries | subsidiary | 4 | 4 | ||
VIAC and DSL | Held for sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of insurance subsidiaries | subsidiary | 2 | |||
Notes payable | $ 350 | |||
Equity interest in VA Capital | 9.99% | |||
Termination fee payable for termination of master transaction agreement | $ 105 | |||
Loss on sale, net of Tax | (2,423) | $ 0 | $ 0 | |
Transaction costs due to Discontinued Operations | 31 | |||
Loss on Deferred Tax Assets due to Sale | $ 692 |
Business Held for Sale and Di69
Business Held for Sale and Discontinued Operations - Held for Sale Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Investments: | |||
Cash and cash equivalents | $ 498 | $ 815 | $ 696 |
Total assets held for sale | 59,052 | 62,709 | |
Liabilities [Abstract] | |||
Liabilities held for sale | 58,277 | 59,576 | |
Held for sale | VIAC and DSL | |||
Investments: | |||
Fixed maturities, available-for-sale, at fair value | 21,904 | 22,075 | |
Fixed maturities, at fair value using the fair value option | 615 | 647 | |
Short-term investments | 352 | 430 | |
Mortgage loans on real estate, net of valuation allowance | 4,212 | 3,722 | |
Derivatives | 1,514 | 976 | |
Other investments | 351 | 258 | |
Securities pledged | 861 | 748 | |
Total investments | 29,809 | 28,856 | |
Cash and cash equivalents | 498 | 815 | |
Short-term investments under securities loan agreements, including collateral delivered | 473 | 202 | |
Deferred policy acquisition costs and Value of business acquired | 805 | 890 | |
Sales Inducements | 196 | 206 | |
Deferred income taxes | 404 | 520 | |
Other assets | 396 | 286 | |
Assets held in separate accounts | 28,894 | 30,934 | |
Write-down of businesses held for sale to fair value less cost to sell | (2,423) | 0 | |
Total assets held for sale | 59,052 | 62,709 | |
Liabilities [Abstract] | |||
Future policy benefits and contract owner account balances | 27,065 | 27,205 | |
Payables under securities loan agreement, including collateral held | 1,152 | 872 | |
Derivatives | 782 | 174 | |
Notes payable | 350 | 350 | |
Other liabilities | 34 | 41 | |
Liabilities related to separate accounts | 28,894 | 30,934 | |
Liabilities held for sale | $ 58,277 | $ 59,576 |
Business Held for Sale and Di70
Business Held for Sale and Discontinued Operations - Held for Sale Income Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Benefits and expenses: | |||||||||||
Net income (loss) from discontinued operations | $ (2,616) | $ 134 | $ 64 | $ (162) | $ (478) | $ (145) | $ 137 | $ 149 | $ (2,580) | $ (337) | $ 146 |
VIAC and DSL | Held for sale | |||||||||||
Revenues: | |||||||||||
Net investment income | 1,266 | 1,288 | 1,217 | ||||||||
Fee income | 801 | 889 | 1,011 | ||||||||
Premiums | 190 | 720 | 470 | ||||||||
Total net realized capital gains (losses) | (1,234) | (900) | (173) | ||||||||
Other revenue | 19 | 19 | 22 | ||||||||
Total revenues | 1,042 | 2,016 | 2,547 | ||||||||
Benefits and expenses: | |||||||||||
Interest credited and other benefits to contract owners/policyholders | 978 | 2,199 | 1,812 | ||||||||
Operating expenses | 250 | 283 | 319 | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 127 | 136 | 286 | ||||||||
Interest expense | 22 | 22 | 22 | ||||||||
Total benefits and expenses | 1,377 | 2,640 | 2,439 | ||||||||
Income (loss) from discontinued operations before income taxes | (335) | (624) | 108 | ||||||||
Income tax expense (benefit) | (178) | (287) | (38) | ||||||||
Loss on sale, net of Tax | (2,423) | 0 | 0 | ||||||||
Net income (loss) from discontinued operations | $ (2,580) | $ (337) | $ 146 |
Investments (excluding Consol71
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | $ 44,366 | $ 44,743 |
Embedded Derivatives | 37 | 55 |
Fixed maturities, including securities pledged | 48,329 | 47,394 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 29 | 35 |
Securities pledged, Amortized Cost | 1,823 | 1,261 |
Securities pledged | 2,087 | 1,409 |
Total equity securities, Amortized Cost | 353 | 229 |
Equity securities, available-for-sale, at fair value | 380 | 258 |
Total fixed maturities and equity securities, Amortized Cost | 47,737 | 48,037 |
Gross Unrealized Capital Gains | 4,176 | 3,143 |
Gross Unrealized Capital Losses | 223 | 518 |
Fair Value | 51,727 | 50,717 |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 2,047 | 2,150 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 477 | 407 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 2 | 2 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 2,522 | 2,555 |
U.S. government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 223 | 227 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 52 | 41 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 0 | 0 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 275 | 268 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,856 | 1,647 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 68 | 23 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 11 | 39 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 1,913 | 1,631 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 20,857 | 21,873 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 2,451 | 1,722 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 50 | 178 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 23,258 | 23,417 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 6 | |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 5,628 | 5,076 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 255 | 174 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 50 | 113 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 5,833 | 5,137 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 5,241 | 5,161 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 493 | 293 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 18 | 69 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 5,716 | 5,385 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 4,974 | 4,954 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 251 | 206 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 64 | 52 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 5,161 | 5,108 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 10 | |
Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 4,247 | 4,565 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 274 | 306 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 34 | 48 |
Embedded Derivatives | 37 | 55 |
Fixed maturities, including securities pledged | 4,524 | 4,878 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 16 | 25 |
Residential mortgage-backed securities, Agency | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 2,990 | 3,720 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 164 | 209 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 30 | 42 |
Embedded Derivatives | 21 | 32 |
Fixed maturities, including securities pledged | 3,145 | 3,919 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 0 | 0 |
Residential mortgage-backed securities, Non-Agency | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,257 | 845 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 110 | 97 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 4 | 6 |
Embedded Derivatives | 16 | 23 |
Fixed maturities, including securities pledged | 1,379 | 959 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 16 | 25 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 2,646 | 2,320 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 69 | 59 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 11 | 24 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 2,704 | 2,355 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 0 | 0 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,488 | 1,096 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 43 | 43 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 3 | 5 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, including securities pledged | 1,528 | 1,134 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 3 | 4 |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 49,207 | 49,069 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 4,433 | 3,274 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 243 | 530 |
Embedded Derivatives | 37 | 55 |
Fixed maturities, including securities pledged | 53,434 | 51,868 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 29 | 35 |
Securities pledged, Amortized Cost | 1,823 | 1,261 |
Securities pledged, Gross Unrealized Capital Gains | 284 | 160 |
Securities pledged, Gross Unrealized Capital Losses | 20 | 12 |
Securities pledged | 2,087 | 1,409 |
Total fixed maturities, less securities pledged, Amortized Cost | 47,384 | 47,808 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 4,149 | 3,114 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 223 | 518 |
Total fixed maturities, less securities pledged, Fair Value | 51,347 | 50,459 |
Equity securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
Total equity securities, Amortized Cost | 353 | 229 |
Equity securities, Gross Unrealized Capital Gains | 27 | 29 |
Equity securities, Gross Unrealized Capital Losses | 0 | 0 |
Equity securities, available-for-sale, at fair value | 380 | 258 |
Common stock | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
Total equity securities, Amortized Cost | 272 | 152 |
Equity securities, Gross Unrealized Capital Gains | 1 | 0 |
Equity securities, Gross Unrealized Capital Losses | 0 | 0 |
Equity securities, available-for-sale, at fair value | 273 | 152 |
Preferred stock | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
Total equity securities, Amortized Cost | 81 | 77 |
Equity securities, Gross Unrealized Capital Gains | 26 | 29 |
Equity securities, Gross Unrealized Capital Losses | 0 | 0 |
Equity securities, available-for-sale, at fair value | 107 | 106 |
Impaired | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Net unrealized gains on impaired available-for-sale securities | $ 441 | $ 408 |
Investments (excluding Consol72
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | $ 44,366 | $ 44,743 |
Fixed maturities, including securities pledged | 48,329 | 47,394 |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | 988 | |
One year or less, Fair Value | 1,001 | |
After one year through five years, Amortized Cost | 8,389 | |
After one year through five years, Fair Value | 8,703 | |
After five years through ten years, Amortized Cost | 10,352 | |
After five years through ten years, Fair Value | 10,762 | |
After ten years, Amortized Cost | 21,097 | |
After ten years, Fair Value | 24,212 | |
Fixed maturities, including securities pledged, Amortized Cost Basis | 49,207 | 49,069 |
Fixed maturities, including securities pledged | 53,434 | 51,868 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 6,893 | |
Without single maturity date, Fair Value | 7,228 | |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 1,488 | |
Without single maturity date, Fair Value | 1,528 | |
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,488 | 1,096 |
Fixed maturities, including securities pledged | $ 1,528 | $ 1,134 |
Investments (excluding Consol73
Investments (excluding Consolidated Investment Entities) - Composition of US and Foreign Corporate Securities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | $ 44,366 | $ 44,743 |
Fixed maturities, including securities pledged | 48,329 | 47,394 |
Communications | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 2,587 | 2,765 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 341 | 258 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 4 | 17 |
Fixed maturities, including securities pledged | 2,924 | 3,006 |
Financial | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 5,094 | 5,143 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 487 | 370 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 5 | 28 |
Fixed maturities, including securities pledged | 5,576 | 5,485 |
Industrial and Other Companies | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 16,478 | 17,129 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 1,391 | 948 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 98 | 189 |
Fixed maturities, including securities pledged | 17,771 | 17,888 |
Energy | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 4,268 | 4,509 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 459 | 310 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 45 | 75 |
Fixed maturities, including securities pledged | 4,682 | 4,744 |
Utilities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 6,243 | 5,629 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 607 | 397 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 22 | 77 |
Fixed maturities, including securities pledged | 6,828 | 5,949 |
Transportation | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,295 | 1,210 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 121 | 83 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 4 | 12 |
Fixed maturities, including securities pledged | 1,412 | 1,281 |
U.S. and Foreign Corporate Securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 35,965 | 36,385 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 3,406 | 2,366 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 178 | 398 |
Fixed maturities, including securities pledged | $ 39,193 | $ 38,353 |
Investments (excluding Consol74
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities, Repurchase Agreements and Securities Lending (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities received as collateral | $ 308 | $ 743 |
Payables under securities loan agreement, including collateral held | 1,866 | 969 |
Securities pledged | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fair value of loaned securities | 1,854 | 1,133 |
Short-term investments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities received as collateral | 1,589 | 425 |
Payables under securities loan agreement, including collateral held | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | $ 1,589 | $ 425 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Percentage collateralized of mortgage backed securities including interest-only strip or principal-only strip | 43.20% | 46.40% |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | $ 587 | $ 701 |
U.S. government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 5 | 4 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 967 | 294 |
Short-term investments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 0 | 1 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 338 | 168 |
Payables Under Securities Loan Agreements | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | $ 1,897 | $ 1,168 |
Investments (excluding Consol75
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | $ 6,042 | $ 12,117 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 230 | 513 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 57 | 33 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 3 |
More Than Twelve Months Below Amortized Cost, Fair Value | 476 | 431 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 13 | 14 |
Total Fair Value | 6,575 | 12,581 |
Total Unrealized Capital Losses | $ 243 | $ 530 |
Average market value of fixed maturities with unrealized capital losses aged more than twelve months | 97.30% | 96.90% |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | $ 166 | $ 209 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 2 | 2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 0 | 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 15 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Fair Value | 181 | 209 |
Total Unrealized Capital Losses | 2 | 2 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 356 | 945 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 9 | 38 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 6 | 2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 35 | 49 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 2 | 1 |
Total Fair Value | 397 | 996 |
Total Unrealized Capital Losses | 11 | 39 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 1,399 | 4,568 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 47 | 175 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 8 | 14 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 114 | 112 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 3 | 3 |
Total Fair Value | 1,521 | 4,694 |
Total Unrealized Capital Losses | 50 | 178 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 1,068 | 1,596 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 46 | 109 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 0 | 10 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 1 |
More Than Twelve Months Below Amortized Cost, Fair Value | 84 | 87 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 4 | 3 |
Total Fair Value | 1,152 | 1,693 |
Total Unrealized Capital Losses | 50 | 113 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 463 | 1,274 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 17 | 63 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 6 | 6 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 2 |
More Than Twelve Months Below Amortized Cost, Fair Value | 26 | 139 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 1 | 4 |
Total Fair Value | 495 | 1,419 |
Total Unrealized Capital Losses | 18 | 69 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 493 | 1,026 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 64 | 52 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 9 | 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 8 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Fair Value | 510 | 1,026 |
Total Unrealized Capital Losses | 64 | 52 |
Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 967 | 1,389 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 32 | 47 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 6 | 1 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 81 | 21 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 2 | 1 |
Total Fair Value | 1,054 | 1,411 |
Total Unrealized Capital Losses | 34 | 48 |
Commercial mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 756 | 680 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 10 | 22 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 18 | 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 86 | 23 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 1 | 2 |
Total Fair Value | 860 | 703 |
Total Unrealized Capital Losses | 11 | 24 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Fair Value | 374 | 430 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 3 | 5 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 4 | 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 27 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Fair Value | 405 | 430 |
Total Unrealized Capital Losses | $ 3 | $ 5 |
Investments (excluding Consol76
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 1 (Details) $ in Millions | Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($)security |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | $ 230 | $ 513 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 3 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 13 | 14 |
Total Unrealized Capital Losses | 243 | 530 |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 2 | 2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Unrealized Capital Losses | 2 | 2 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 9 | 38 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 2 | 1 |
Total Unrealized Capital Losses | 11 | 39 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 47 | 175 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 3 | 3 |
Total Unrealized Capital Losses | 50 | 178 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 46 | 109 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 1 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 4 | 3 |
Total Unrealized Capital Losses | 50 | 113 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 17 | 63 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 2 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 1 | 4 |
Total Unrealized Capital Losses | 18 | 69 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 64 | 52 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Unrealized Capital Losses | 64 | 52 |
Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 32 | 47 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 2 | 1 |
Total Unrealized Capital Losses | 34 | 48 |
Commercial mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 10 | 22 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 1 | 2 |
Total Unrealized Capital Losses | 11 | 24 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | 3 | 5 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | 0 | 0 |
Total Unrealized Capital Losses | 3 | 5 |
Fair value decline below amortized cost less than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Amortized Cost | 6,126 | 12,536 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | $ 148 | $ 466 |
Six Months or Less Below Amortized Cost, Number of Securities | security | 1,098 | 1,694 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Amortized Cost | $ 48 | $ 45 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | $ 1 | $ 2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Number of Securities | security | 14 | 13 |
More Than Twelve Months Below Amortized Cost, Amortized Cost | $ 448 | $ 335 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | $ 12 | $ 9 |
More Than Twelve Months Below Amortized Cost, Number of Securities | security | 87 | 38 |
Total Amortized Cost | $ 6,622 | $ 12,916 |
Total Unrealized Capital Losses | $ 161 | $ 477 |
Number of Securities | security | 1,199 | 1,745 |
Fair value decline below amortized cost less than 20% | U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 183 | $ 211 |
Total Unrealized Capital Losses | $ 2 | $ 2 |
Number of Securities | security | 29 | 25 |
Fair value decline below amortized cost less than 20% | State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 408 | $ 1,034 |
Total Unrealized Capital Losses | $ 11 | $ 39 |
Number of Securities | security | 103 | 198 |
Fair value decline below amortized cost less than 20% | U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1,553 | $ 4,811 |
Total Unrealized Capital Losses | $ 45 | $ 163 |
Number of Securities | security | 232 | 547 |
Fair value decline below amortized cost less than 20% | U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1,129 | $ 1,699 |
Total Unrealized Capital Losses | $ 28 | $ 84 |
Number of Securities | security | 73 | 111 |
Fair value decline below amortized cost less than 20% | Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 506 | $ 1,471 |
Total Unrealized Capital Losses | $ 16 | $ 64 |
Number of Securities | security | 84 | 186 |
Fair value decline below amortized cost less than 20% | Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 490 | $ 1,078 |
Total Unrealized Capital Losses | $ 16 | $ 52 |
Number of Securities | security | 35 | 64 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1,075 | $ 1,452 |
Total Unrealized Capital Losses | $ 29 | $ 45 |
Number of Securities | security | 334 | 365 |
Fair value decline below amortized cost less than 20% | Commercial mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 871 | $ 727 |
Total Unrealized Capital Losses | $ 11 | $ 24 |
Number of Securities | security | 164 | 124 |
Fair value decline below amortized cost less than 20% | Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 407 | $ 433 |
Total Unrealized Capital Losses | $ 3 | $ 4 |
Number of Securities | security | 145 | 125 |
Fair value decline below amortized cost greater than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Six Months or Less Below Amortized Cost, Amortized Cost | $ 196 | $ 195 |
Six Months or Less Below Amortized Cost, Unrealized Capital Losses | $ 82 | $ 53 |
Six Months or Less Below Amortized Cost, Number of Securities | security | 38 | 63 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Amortized Cost | $ 0 | $ 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | $ 0 | $ 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Number of Securities | security | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Amortized Cost | $ 0 | $ 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses | $ 0 | $ 0 |
More Than Twelve Months Below Amortized Cost, Number of Securities | security | 0 | 1 |
Total Amortized Cost | $ 196 | $ 195 |
Total Unrealized Capital Losses | $ 82 | $ 53 |
Number of Securities | security | 38 | 64 |
Fair value decline below amortized cost greater than 20% | U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 0 | $ 0 |
Total Unrealized Capital Losses | $ 0 | $ 0 |
Number of Securities | security | 0 | 0 |
Fair value decline below amortized cost greater than 20% | State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 0 | $ 1 |
Total Unrealized Capital Losses | $ 0 | $ 0 |
Number of Securities | security | 0 | 1 |
Fair value decline below amortized cost greater than 20% | U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 18 | $ 61 |
Total Unrealized Capital Losses | $ 5 | $ 15 |
Number of Securities | security | 2 | 17 |
Fair value decline below amortized cost greater than 20% | U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 73 | $ 107 |
Total Unrealized Capital Losses | $ 22 | $ 29 |
Number of Securities | security | 2 | 3 |
Fair value decline below amortized cost greater than 20% | Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 7 | $ 17 |
Total Unrealized Capital Losses | $ 2 | $ 5 |
Number of Securities | security | 1 | 10 |
Fair value decline below amortized cost greater than 20% | Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 84 | $ 0 |
Total Unrealized Capital Losses | $ 48 | $ 0 |
Number of Securities | security | 6 | 2 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 13 | $ 7 |
Total Unrealized Capital Losses | $ 5 | $ 3 |
Number of Securities | security | 25 | 28 |
Fair value decline below amortized cost greater than 20% | Commercial mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 0 | $ 0 |
Total Unrealized Capital Losses | $ 0 | $ 0 |
Number of Securities | security | 0 | 2 |
Fair value decline below amortized cost greater than 20% | Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Amortized Cost | $ 1 | $ 2 |
Total Unrealized Capital Losses | $ 0 | $ 1 |
Number of Securities | security | 2 | 1 |
Investments (excluding Consol77
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 2 (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Unrealized Capital Losses | $ 243 | $ 530 |
Greater than 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Credit Enhancement Percentage, minimum | 10.00% | 10.00% |
Greater than 5% - 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Credit Enhancement Percentage, maximum | 10.00% | 10.00% |
Credit Enhancement Percentage, minimum | 5.00% | 5.00% |
Greater than 0% - 5% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Credit Enhancement Percentage, maximum | 5.00% | 5.00% |
Credit Enhancement Percentage, minimum | 0.00% | 0.00% |
0% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Credit Enhancement Percentage, maximum | 0.00% | 0.00% |
Greater than 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Loan to Value Ratio, minimum | 100.00% | 100.00% |
Greater than 90% - 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Loan to Value Ratio, minimum | 90.00% | 90.00% |
Loan to Value Ratio, maximum | 100.00% | 100.00% |
80% - 90% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Loan to Value Ratio, minimum | 80.00% | 80.00% |
Loan to Value Ratio, maximum | 90.00% | 90.00% |
Less than 80% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Loan to Value Ratio, maximum | 80.00% | 80.00% |
Fair value decline below amortized cost less than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | $ 6,622 | $ 12,916 |
Unrealized Capital Losses | 161 | 477 |
Fair value decline below amortized cost less than 20% | Fixed Rate | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 1,104 | 1,393 |
Unrealized Capital Losses | 20 | 34 |
Fair value decline below amortized cost less than 20% | Floating Rate | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 378 | 492 |
Unrealized Capital Losses | 12 | 15 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 162 | 92 |
Unrealized Capital Losses | 2 | 5 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 5% - 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 11 | 9 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 0% - 5% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 25 | 25 |
Unrealized Capital Losses | 1 | 2 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Non-Agency | 0% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 26 | 28 |
Unrealized Capital Losses | 1 | 1 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 90% - 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Non-Agency | 80% - 90% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 13 | 5 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Non-Agency | Less than 80% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 211 | 149 |
Unrealized Capital Losses | 4 | 8 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities, Agency | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 878 | 1,347 |
Unrealized Capital Losses | 26 | 39 |
Fair value decline below amortized cost less than 20% | Other Asset-backed Securities (Non-RMBS) | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 380 | 384 |
Unrealized Capital Losses | 2 | 2 |
Fair value decline below amortized cost less than 20% | Total RMBS and Other ABS | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 1,482 | 1,885 |
Unrealized Capital Losses | 32 | 49 |
Fair value decline below amortized cost greater than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 196 | 195 |
Unrealized Capital Losses | 82 | 53 |
Fair value decline below amortized cost greater than 20% | Fixed Rate | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 6 | 3 |
Unrealized Capital Losses | 2 | 2 |
Fair value decline below amortized cost greater than 20% | Floating Rate | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 8 | 6 |
Unrealized Capital Losses | 3 | 2 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 5% - 10% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 0% - 5% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 1 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Non-Agency | 0% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 4 |
Unrealized Capital Losses | 0 | 1 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Non-Agency | Greater than 90% - 100% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Non-Agency | 80% - 90% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 0 | 0 |
Unrealized Capital Losses | 0 | 0 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Non-Agency | Less than 80% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 1 | 4 |
Unrealized Capital Losses | 0 | 1 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities, Agency | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 12 | 3 |
Unrealized Capital Losses | 4 | 3 |
Fair value decline below amortized cost greater than 20% | Other Asset-backed Securities (Non-RMBS) | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 1 | 2 |
Unrealized Capital Losses | 1 | 0 |
Fair value decline below amortized cost greater than 20% | Total RMBS and Other ABS | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Amortized Cost | 14 | 9 |
Unrealized Capital Losses | $ 5 | $ 4 |
Investments (excluding Consol78
Investments (excluding Consolidated Investment Entities) - Troubled Debt Restructuring (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)loan | Dec. 31, 2016loan | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 |
Private placement | ||
Financing Receivable, Modifications [Line Items] | ||
Number of troubled debt restructuring contracts | 1 | 0 |
Pre-modification carrying value | $ | $ 22 | |
Post-modification carrying value | $ | $ 22 | |
Commercial mortgage loans | ||
Financing Receivable, Modifications [Line Items] | ||
Number of troubled debt restructuring contracts | 0 | 0 |
Investments (excluding Consol79
Investments (excluding Consolidated Investment Entities) - Mortgage Loans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Maximum loan to value ratio generally allowed | 75.00% | |
Commercial mortgage loans | $ 8,689,000,000 | $ 8,006,000,000 |
Collective valuation allowance | (3,000,000) | (3,000,000) |
Total net commercial mortgage loans | 8,686,000,000 | 8,003,000,000 |
Impairment of Real Estate | 0 | 0 |
Impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial mortgage loans | 4,000,000 | 5,000,000 |
Total net commercial mortgage loans | 4,000,000 | 5,000,000 |
Non Impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial mortgage loans | 8,685,000,000 | 8,001,000,000 |
Collective valuation allowance | (3,000,000) | (3,000,000) |
Total net commercial mortgage loans | $ 8,682,000,000 | $ 7,998,000,000 |
Investments (excluding Consol80
Investments (excluding Consolidated Investment Entities) - Allowance for Loan Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Collective valuation allowance for losses, beginning of period | $ 3 | $ 3 | $ 3 |
Addition to (reduction of) allowance for losses | 0 | 0 | 0 |
Collective valuation allowance for losses, end of period | $ 3 | $ 3 | $ 3 |
Investments (excluding Consol81
Investments (excluding Consolidated Investment Entities) - Impaired Loans (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans without allowances for losses | $ 4,000,000 | $ 5,000,000 |
Less: Allowances for losses on impaired loans | 0 | 0 |
Impaired loans, net | 4,000,000 | 5,000,000 |
Unpaid principal balance of impaired loans | 6,000,000 | 6,000,000 |
Mortgage Loans in Process of Foreclosure, Amount | 0 | 0 |
Loans 30 days or less in arrears | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans in arrears, amortized cost | $ 0 | $ 0 |
Investments (excluding Consol82
Investments (excluding Consolidated Investment Entities) - Impaired Loans 2 (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Impaired Financing Receivable, Average Recorded Investment | $ 4 | $ 11 | $ 36 |
Interest income recognized on impaired loans, on an accrual basis | 0 | 0 | 2 |
Interest income recognized on impaired loans, on a cash basis | 0 | 0 | 2 |
Interest income recognized on troubled debt restructured loans, on an accrual basis | $ 0 | $ 0 | $ 2 |
Investments (excluding Consol83
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral | 100.00% | 100.00% |
Total Commercial mortgage loans | $ 8,689 | $ 8,006 |
0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 0.00% | 0.00% |
Loan to Value Ratio, maximum | 50.00% | 50.00% |
Commercial mortgage loans | $ 849 | $ 950 |
Greater than 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 50.00% | 50.00% |
Loan to Value Ratio, maximum | 60.00% | 60.00% |
Commercial mortgage loans | $ 2,125 | $ 1,976 |
Greater than 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 60.00% | 60.00% |
Loan to Value Ratio, maximum | 70.00% | 70.00% |
Commercial mortgage loans | $ 5,144 | $ 4,544 |
Greater than 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 70.00% | 70.00% |
Loan to Value Ratio, maximum | 80.00% | 80.00% |
Commercial mortgage loans | $ 551 | $ 523 |
Greater than 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 80.00% | 80.00% |
Commercial mortgage loans | $ 20 | $ 13 |
Less than 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, maximum | 80.00% | 80.00% |
Investments (excluding Consol84
Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Benchmark debt service coverage ratio, less than indicates property's operations income is less than debt payments | 100.00% | 100.00% |
Commercial mortgage loans secured by land or construction loans | $ 23 | $ 59 |
Total Commercial mortgage loans | $ 8,689 | $ 8,006 |
Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 150.00% | 150.00% |
Commercial mortgage loans | $ 7,013 | $ 6,421 |
Greater than 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 125.00% | 125.00% |
Debt Service Coverage Ratio, maximum | 150.00% | 150.00% |
Commercial mortgage loans | $ 655 | $ 824 |
Greater than 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 100.00% | 100.00% |
Debt Service Coverage Ratio, maximum | 125.00% | 125.00% |
Commercial mortgage loans | $ 893 | $ 597 |
Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, maximum | 100.00% | 100.00% |
Commercial mortgage loans | $ 105 | $ 105 |
Investments (excluding Consol85
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 8,689 | $ 8,006 |
Percentage of Total | 99.99079% | 100.00% |
Pacific | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 2,024 | $ 2,055 |
Percentage of Total | 23.40% | 25.70% |
South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 1,716 | $ 1,703 |
Percentage of Total | 19.70% | 21.30% |
Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 1,612 | $ 1,169 |
Percentage of Total | 18.50% | 14.60% |
West South Central | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 959 | $ 801 |
Percentage of Total | 11.00% | 10.00% |
Mountain | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 859 | $ 729 |
Percentage of Total | 9.90% | 9.10% |
East North Central | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 884 | $ 885 |
Percentage of Total | 10.20% | 11.10% |
New England | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 161 | $ 170 |
Percentage of Total | 1.80% | 2.10% |
West North Central | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 391 | $ 371 |
Percentage of Total | 4.50% | 4.60% |
East South Central | ||
Open Option Contracts Written [Line Items] | ||
Total Commercial mortgage loans | $ 83 | $ 123 |
Percentage of Total | 1.00% | 1.50% |
Investments (excluding Consol86
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 8,689 | $ 8,006 |
Percentage of Total | 100.00% | 100.00% |
Retail | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 2,587 | $ 2,607 |
Percentage of Total | 29.70% | 32.60% |
Industrial | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 2,108 | $ 1,708 |
Percentage of Total | 24.30% | 21.30% |
Apartments | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 1,849 | $ 1,620 |
Percentage of Total | 21.30% | 20.20% |
Office | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 1,384 | $ 1,267 |
Percentage of Total | 15.90% | 15.80% |
Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 309 | $ 332 |
Percentage of Total | 3.60% | 4.20% |
Other | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 364 | $ 388 |
Percentage of Total | 4.20% | 4.90% |
Mixed Use | ||
Investment Holdings [Line Items] | ||
Total Commercial mortgage loans | $ 88 | $ 84 |
Percentage of Total | 1.00% | 1.00% |
Investments (excluding Consol87
Investments (excluding Consolidated Investment Entities) - Mortgages by Year of Origination (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Investment [Line Items] | ||
Total Commercial mortgage loans | $ 8,689 | $ 8,006 |
2,017 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 1,525 | 0 |
2,016 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 1,428 | 1,434 |
2,015 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 1,250 | 1,286 |
2,014 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 1,303 | 1,333 |
2,013 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 1,287 | 1,371 |
2,012 | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | 818 | 1,084 |
2011 and prior | ||
Investment [Line Items] | ||
Total Commercial mortgage loans | $ 1,078 | $ 1,498 |
Investments (excluding Consol88
Investments (excluding Consolidated Investment Entities) - OTTI (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)security | Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Net other-than-temporary impairments recognized in earnings | $ 21 | $ 34 | $ 83 |
No. of Securities | security | 61 | 92 | 101 |
Write-downs related to credit impairments | $ 19 | $ 8 | $ 8 |
Impairment, Intent-related | $ 2 | $ 26 | $ 75 |
No. of Securities, Intent-related | security | 18 | 26 | 47 |
State, municipalities and political subdivisions | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Net other-than-temporary impairments recognized in earnings | $ 1 | $ 0 | $ 0 |
No. of Securities | security | 3 | 2 | 0 |
U.S. corporate public securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Net other-than-temporary impairments recognized in earnings | $ 1 | $ 8 | $ 29 |
No. of Securities | security | 3 | 3 | 24 |
Impairment, Intent-related | $ 1 | $ 7 | $ 29 |
No. of Securities, Intent-related | security | 3 | 2 | 23 |
Foreign corporate public securities and foreign governments | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Net other-than-temporary impairments recognized in earnings | $ 2 | $ 17 | $ 44 |
No. of Securities | security | 3 | 4 | 12 |
Impairment, Intent-related | $ 0 | $ 16 | $ 43 |
No. of Securities, Intent-related | security | 0 | 3 | 11 |
Foreign corporate private securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Net other-than-temporary impairments recognized in earnings | $ 15 | $ 2 | $ 1 |
No. of Securities | security | 2 | 2 | 1 |
Residential mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Net other-than-temporary impairments recognized in earnings | $ 2 | $ 7 | $ 6 |
No. of Securities | security | 47 | 80 | 59 |
Impairment, Intent-related | $ 1 | $ 3 | $ 2 |
No. of Securities, Intent-related | security | 12 | 20 | 11 |
Other | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Net other-than-temporary impairments recognized in earnings | $ 0 | $ 0 | $ 3 |
No. of Securities | security | 3 | 1 | 5 |
Impairment, Intent-related | $ 0 | $ 0 | $ 1 |
No. of Securities, Intent-related | security | 3 | 1 | 2 |
Investments (excluding Consol89
Investments (excluding Consolidated Investment Entities) - OTTI OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Balance, beginning | $ 33 | $ 46 | $ 53 |
Additional credit impairments: | |||
On securities not previously impaired | 15 | 0 | 0 |
On securities previously impaired | 1 | 2 | 4 |
Reductions: | |||
Increase in cash flows | 1 | 0 | 1 |
Securities sold, matured, prepaid or paid down | 8 | 15 | 10 |
Balance, ending | $ 40 | $ 33 | $ 46 |
Investments (excluding Consol90
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net investment income | $ 3,294 | $ 3,354 | $ 3,343 |
Gross investment income | 3,350 | 3,418 | 3,404 |
Less: Investment expenses | 56 | 64 | 61 |
Net investment income | 3,294 | 3,354 | 3,343 |
Fixed maturities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 2,698 | 2,860 | 2,851 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 5 | 8 | |
Equity securities, available-for-sale | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 9 | 11 | 9 |
Mortgage loans on real estate | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 388 | 372 | 394 |
Policy loans | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 100 | 108 | 110 |
Short-term investments and cash equivalents | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 10 | 5 | 3 |
Other | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | $ 145 | $ 62 | $ 37 |
Investments (excluding Consol91
Investments (excluding Consolidated Investment Entities) - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | $ (227) | $ (363) | $ (560) |
After-tax net realized capital gains (losses), after tax | (120) | (268) | (370) |
Proceeds from sale of investments | |||
Proceeds on sales | 4,905 | 4,742 | 4,932 |
Gross gains | 93 | 91 | 91 |
Gross losses | 56 | 157 | 104 |
Fixed maturities, available-for-sale, including securities pledged | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | 7 | (98) | (90) |
Fixed maturities, at fair value using the fair value option | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | (282) | (296) | (336) |
Equity securities, available-for-sale | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | (1) | 1 | (4) |
Derivatives | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | 98 | 32 | (68) |
Other investments | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | (9) | 8 | 0 |
Fixed maturities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | (18) | (19) | (16) |
Guaranteed benefit derivatives | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | $ (22) | $ 9 | $ (46) |
Derivative Financial Instrume92
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | $ 434 | $ 792 |
Derivatives, Liability Fair Value | 584 | 667 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 24,490 | 32,898 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 710 | 692 |
Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,382 | 782 |
Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,983 | 3,051 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 56 | 106 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 625 | 324 |
Designated as Hedging Instrument | Derivatives | Cash Flow Hedging | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 4 |
Derivatives, Liability Fair Value | 0 | 0 |
Designated as Hedging Instrument | Derivatives | Cash Flow Hedging | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 28 |
Derivatives, Liability Fair Value | 60 | 7 |
Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 27,482 | 39,570 |
Not Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 85 | 368 |
Not Designated as Hedging Instrument | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,526 | 917 |
Not Designated as Hedging Instrument | Within fixed maturity investments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 37 | 55 |
Derivatives, Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Within products | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 306 | 291 |
Not Designated as Hedging Instrument | Within reinsurance agreements | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 129 | 79 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 1,983 | 3,051 |
Not Designated as Hedging Instrument | Derivatives | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 173 | 550 |
Derivatives, Liability Fair Value | 58 | 247 |
Not Designated as Hedging Instrument | Derivatives | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 30 |
Derivatives, Liability Fair Value | 2 | 27 |
Not Designated as Hedging Instrument | Derivatives | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 198 | 95 |
Derivatives, Liability Fair Value | 19 | 0 |
Not Designated as Hedging Instrument | Derivatives | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 26 | 30 |
Derivatives, Liability Fair Value | 10 | 16 |
Held for sale | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 1,525 | 992 |
Derivatives, Liability Fair Value | 4,182 | 3,673 |
Held for sale | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 27,025 | 35,444 |
Held for sale | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 244 | 1,362 |
Held for sale | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 28,131 | 21,545 |
Held for sale | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 431 | 204 |
Held for sale | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 18 | 18 |
Held for sale | Designated as Hedging Instrument | Cash Flow Hedging | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 227 | 157 |
Held for sale | Designated as Hedging Instrument | Derivatives | Cash Flow Hedging | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 1 |
Derivatives, Liability Fair Value | 0 | 0 |
Held for sale | Designated as Hedging Instrument | Derivatives | Cash Flow Hedging | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 12 |
Derivatives, Liability Fair Value | 24 | 4 |
Held for sale | Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 28,412 | 38,830 |
Held for sale | Not Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 17 | 1,205 |
Held for sale | Not Designated as Hedging Instrument | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 34,637 | 28,043 |
Held for sale | Not Designated as Hedging Instrument | Within fixed maturity investments | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 11 | 16 |
Derivatives, Liability Fair Value | 0 | 0 |
Held for sale | Not Designated as Hedging Instrument | Within products | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 3,400 | 3,499 |
Held for sale | Not Designated as Hedging Instrument | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 431 | 204 |
Held for sale | Not Designated as Hedging Instrument | Derivatives | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 470 | 530 |
Derivatives, Liability Fair Value | 88 | 108 |
Held for sale | Not Designated as Hedging Instrument | Derivatives | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 31 |
Derivatives, Liability Fair Value | 0 | 12 |
Held for sale | Not Designated as Hedging Instrument | Derivatives | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 1,043 | 399 |
Derivatives, Liability Fair Value | 664 | 50 |
Held for sale | Not Designated as Hedging Instrument | Derivatives | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 1 | 3 |
Derivatives, Liability Fair Value | $ 6 | $ 0 |
Derivative Financial Instrume93
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting Assets and Liabilities [Line Items] | ||
Derivatives, Asset Fair Value | $ 396 | $ 737 |
Derivatives, Liability Fair Value | 148 | 295 |
Counterparty netting, Assets | (100) | (250) |
Counterparty netting, Liabilities | (100) | (250) |
Cash collateral netting, Assets | (251) | (399) |
Cash collateral netting, Liabilities | 0 | (6) |
Securities collateral netting, Assets | (37) | (20) |
Securities collateral netting, Liabilities | (40) | (14) |
Net receivables/payables, Assets | 8 | 68 |
Net receivables/payables, Liabilities | 8 | 25 |
Equity contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 1,382 | 782 |
Derivatives, Asset Fair Value | 197 | 94 |
Derivatives, Liability Fair Value | 19 | 0 |
Foreign exchange contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 710 | 692 |
Derivatives, Asset Fair Value | 0 | 58 |
Derivatives, Liability Fair Value | 62 | 34 |
Interest rate contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 24,490 | 32,898 |
Derivatives, Asset Fair Value | 173 | 555 |
Derivatives, Liability Fair Value | 57 | 245 |
Credit contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 1,983 | 3,051 |
Derivatives, Asset Fair Value | 26 | 30 |
Derivatives, Liability Fair Value | 10 | 16 |
Held for sale | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivatives, Asset Fair Value | 1,495 | 954 |
Derivatives, Liability Fair Value | 780 | 173 |
Counterparty netting, Assets | (776) | (161) |
Counterparty netting, Liabilities | (776) | (161) |
Cash collateral netting, Assets | (676) | (685) |
Cash collateral netting, Liabilities | (4) | (15) |
Securities collateral netting, Assets | (31) | (52) |
Securities collateral netting, Liabilities | 0 | 0 |
Net receivables/payables, Assets | 12 | 56 |
Net receivables/payables, Liabilities | 0 | (3) |
Held for sale | Equity contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 28,131 | 21,545 |
Derivatives, Asset Fair Value | 1,023 | 378 |
Derivatives, Liability Fair Value | 662 | 49 |
Held for sale | Foreign exchange contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 244 | 1,362 |
Derivatives, Asset Fair Value | 0 | 43 |
Derivatives, Liability Fair Value | 24 | 16 |
Held for sale | Interest rate contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 27,025 | 35,444 |
Derivatives, Asset Fair Value | 471 | 530 |
Derivatives, Liability Fair Value | 88 | 108 |
Held for sale | Credit contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Derivative, Notional Amount | 431 | 204 |
Derivatives, Asset Fair Value | 1 | 3 |
Derivatives, Liability Fair Value | $ 6 | $ 0 |
Derivative Financial Instrume94
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | $ 1 | $ (3) | $ (5) |
Other Net Realized Capital Gains (Losses) | Within fixed maturity investments | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (18) | (19) | (16) |
Other Net Realized Capital Gains (Losses) | Within products | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (22) | 9 | (46) |
Other Net Realized Capital Gains (Losses) | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 1 | 1 | 1 |
Other Net Realized Capital Gains (Losses) | Designated as Hedging Instrument | Cash Flow Hedging | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 26 | 2 | 2 |
Other Net Realized Capital Gains (Losses) | Designated as Hedging Instrument | Fair Value Hedging | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 0 | (3) | (6) |
Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 1 | 35 | (56) |
Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (8) | (4) | 6 |
Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | Equity contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 61 | (11) | (18) |
Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | Credit contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 17 | 12 | 3 |
Policyholder Benefits | Within reinsurance agreements | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (57) | (25) | 125 |
Held for sale | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (1,081) | (755) | (48) |
Held for sale | Other Net Realized Capital Gains (Losses) | Within fixed maturity investments | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (5) | (5) | (5) |
Held for sale | Other Net Realized Capital Gains (Losses) | Within products | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 203 | 324 | 39 |
Held for sale | Other Net Realized Capital Gains (Losses) | Designated as Hedging Instrument | Cash Flow Hedging | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 10 | 1 | 1 |
Held for sale | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | 125 | (6) | 137 |
Held for sale | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (38) | 91 | 56 |
Held for sale | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | Equity contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | (1,376) | (1,145) | (277) |
Held for sale | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | Credit contracts | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | $ 0 | $ (15) | $ 1 |
Derivative Financial Instrume95
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | $ 1,967 | $ 1,047 |
Fair value of credit default swaps included in Derivatives assets | 792 | 434 |
Fair value of credit default swaps included in Derivatives liabilities | 667 | 584 |
Securities pledged | ||
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | 20 | 38 |
Fair value of securities delivered as collateral | 276 | 233 |
Credit contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Maximum potential future net exposure on sale of credit default swaps | 1,516 | 1,516 |
Purchased protection on credit default swaps | $ 500 | |
Derivative, term of contract | 5 years | |
Credit contracts | Not Designated as Hedging Instrument | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of credit default swaps included in Derivatives assets | $ 30 | 26 |
Fair value of credit default swaps included in Derivatives liabilities | 16 | 10 |
Over the Counter | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | 154 | 174 |
Cleared Derivative Contract | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | 234 | 73 |
Held for sale | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of credit default swaps included in Derivatives assets | 992 | 1,525 |
Fair value of credit default swaps included in Derivatives liabilities | 3,673 | 4,182 |
Held for sale | Securities pledged | ||
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | 52 | 34 |
Fair value of securities delivered as collateral | 477 | 477 |
Held for sale | Credit contracts | Not Designated as Hedging Instrument | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of credit default swaps included in Derivatives assets | 3 | 1 |
Fair value of credit default swaps included in Derivatives liabilities | 0 | 6 |
Held for sale | Over the Counter | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | 655 | 666 |
Held for sale | Cleared Derivative Contract | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Collateralized financings | $ 23 | $ 22 |
Fair Value Measurements (excl96
Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | $ 48,329 | $ 47,394 |
Equity securities, available-for-sale | 380 | 258 |
Derivatives | 397 | 737 |
Assets held in separate accounts | 77,605 | 66,185 |
Derivatives | 149 | 297 |
Fixed maturities valued using unadjusted broker quotes | 1,100 | 1,100 |
Fixed maturities valued using unadjusted prices | 42,100 | 41,300 |
Securities transferred between level 1 and 2 | 0 | |
Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 53,434 | 51,868 |
U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,522 | 2,555 |
U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 275 | 268 |
State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,913 | 1,631 |
U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 23,258 | 23,417 |
U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 5,833 | 5,137 |
Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 5,716 | 5,385 |
Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 5,161 | 5,108 |
Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 4,524 | 4,878 |
Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,704 | 2,355 |
Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,528 | 1,134 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 380 | 258 |
Assets measured on recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 53,434 | 51,868 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 3,315 | 3,073 |
Assets held in separate accounts | 77,605 | 66,185 |
Total assets | $ 135,131 | $ 122,121 |
Percentage of Level to total | 100.00% | 100.00% |
Total liabilities | $ 584 | $ 667 |
Assets measured on recurring basis | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 40 | 42 |
Assets measured on recurring basis | IUL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 159 | 81 |
Assets measured on recurring basis | GMWBL/GMWB/GMAB | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 10 | 18 |
Assets measured on recurring basis | Stabilizer / MCG | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 97 | 150 |
Assets measured on recurring basis | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 26 | 30 |
Derivatives | 10 | 16 |
Assets measured on recurring basis | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 173 | 554 |
Derivatives | 58 | 247 |
Assets measured on recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 58 |
Derivatives | 62 | 34 |
Assets measured on recurring basis | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 198 | 95 |
Derivatives | 19 | 0 |
Assets measured on recurring basis | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 129 | 79 |
Assets measured on recurring basis | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,522 | 2,555 |
Assets measured on recurring basis | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 275 | 268 |
Assets measured on recurring basis | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,913 | 1,631 |
Assets measured on recurring basis | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 23,258 | 23,417 |
Assets measured on recurring basis | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 5,833 | 5,137 |
Assets measured on recurring basis | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 5,716 | 5,385 |
Assets measured on recurring basis | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 5,161 | 5,108 |
Assets measured on recurring basis | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 4,524 | 4,878 |
Assets measured on recurring basis | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,704 | 2,355 |
Assets measured on recurring basis | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,528 | 1,134 |
Assets measured on recurring basis | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 380 | 258 |
Assets measured on recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,921 | 1,944 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 3,277 | 2,949 |
Assets held in separate accounts | 72,535 | 61,397 |
Total assets | $ 78,011 | $ 66,454 |
Percentage of Level to total | 58.00% | 55.00% |
Total liabilities | $ 0 | $ 1 |
Assets measured on recurring basis | Level 1 | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Assets measured on recurring basis | Level 1 | IUL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Assets measured on recurring basis | Level 1 | GMWBL/GMWB/GMAB | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Assets measured on recurring basis | Level 1 | Stabilizer / MCG | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Assets measured on recurring basis | Level 1 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 1 |
Assets measured on recurring basis | Level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,921 | 1,944 |
Assets measured on recurring basis | Level 1 | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 278 | 164 |
Assets measured on recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 49,998 | 48,556 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 38 | 124 |
Assets held in separate accounts | 5,059 | 4,783 |
Total assets | $ 55,333 | $ 54,112 |
Percentage of Level to total | 41.00% | 44.00% |
Total liabilities | $ 278 | $ 359 |
Assets measured on recurring basis | Level 2 | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Assets measured on recurring basis | Level 2 | IUL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Assets measured on recurring basis | Level 2 | GMWBL/GMWB/GMAB | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Assets measured on recurring basis | Level 2 | Stabilizer / MCG | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Assets measured on recurring basis | Level 2 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 21 | 19 |
Derivatives | 10 | 0 |
Assets measured on recurring basis | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 173 | 554 |
Derivatives | 58 | 246 |
Assets measured on recurring basis | Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 58 |
Derivatives | 62 | 34 |
Assets measured on recurring basis | Level 2 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 44 | 18 |
Derivatives | 19 | 0 |
Assets measured on recurring basis | Level 2 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 129 | 79 |
Assets measured on recurring basis | Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 601 | 611 |
Assets measured on recurring basis | Level 2 | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 275 | 268 |
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,913 | 1,631 |
Assets measured on recurring basis | Level 2 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 23,201 | 23,405 |
Assets measured on recurring basis | Level 2 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 4,706 | 4,224 |
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 5,705 | 5,373 |
Assets measured on recurring basis | Level 2 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 4,992 | 4,803 |
Assets measured on recurring basis | Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 4,482 | 4,821 |
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,687 | 2,339 |
Assets measured on recurring basis | Level 2 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,436 | 1,081 |
Assets measured on recurring basis | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 0 | 0 |
Assets measured on recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,515 | 1,368 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 0 | 0 |
Assets held in separate accounts | 11 | 5 |
Total assets | $ 1,787 | $ 1,555 |
Percentage of Level to total | 1.00% | 1.00% |
Total liabilities | $ 306 | $ 307 |
Assets measured on recurring basis | Level 3 | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 40 | 42 |
Assets measured on recurring basis | Level 3 | IUL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 159 | 81 |
Assets measured on recurring basis | Level 3 | GMWBL/GMWB/GMAB | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 10 | 18 |
Assets measured on recurring basis | Level 3 | Stabilizer / MCG | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 97 | 150 |
Assets measured on recurring basis | Level 3 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 5 | 11 |
Derivatives | 0 | 16 |
Assets measured on recurring basis | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 154 | 77 |
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 57 | 12 |
Assets measured on recurring basis | Level 3 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,127 | 913 |
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 11 | 12 |
Assets measured on recurring basis | Level 3 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 169 | 305 |
Assets measured on recurring basis | Level 3 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 42 | 57 |
Assets measured on recurring basis | Level 3 | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 17 | 16 |
Assets measured on recurring basis | Level 3 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 92 | 53 |
Assets measured on recurring basis | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 102 | 94 |
Held for sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities valued using unadjusted broker quotes | 500 | 500 |
Fixed maturities valued using unadjusted prices | 17,600 | 18,000 |
Held for sale | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 23,400 | 23,400 |
Held for sale | Assets measured on recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 545 | 23,470 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 1,323 | 1,447 |
Assets held in separate accounts | 28,894 | 30,934 |
Total assets | $ 55,134 | $ 56,843 |
Percentage of Level to total | 100.00% | 100.00% |
Total liabilities | $ 4,182 | $ 3,673 |
Held for sale | Assets measured on recurring basis | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 2,242 | 1,987 |
Held for sale | Assets measured on recurring basis | GMWBL/GMWB/GMAB | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 1,158 | 1,512 |
Held for sale | Assets measured on recurring basis | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1 | 3 |
Derivatives | 6 | 0 |
Held for sale | Assets measured on recurring basis | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 470 | 531 |
Derivatives | 88 | 108 |
Held for sale | Assets measured on recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 43 |
Derivatives | 24 | 16 |
Held for sale | Assets measured on recurring basis | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1,043 | 399 |
Derivatives | 664 | 50 |
Held for sale | Assets measured on recurring basis | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,001 | 1,336 |
Held for sale | Assets measured on recurring basis | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 32 | 30 |
Held for sale | Assets measured on recurring basis | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 587 | 505 |
Held for sale | Assets measured on recurring basis | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 9,782 | 10,275 |
Held for sale | Assets measured on recurring basis | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 3,027 | 2,671 |
Held for sale | Assets measured on recurring basis | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,825 | 2,694 |
Held for sale | Assets measured on recurring basis | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,583 | 2,678 |
Held for sale | Assets measured on recurring basis | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,936 | |
Held for sale | Assets measured on recurring basis | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,921 | 1,004 |
Held for sale | Assets measured on recurring basis | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,077 | 341 |
Held for sale | Assets measured on recurring basis | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 23,380 | |
Equity securities, available-for-sale | 23 | 16 |
Held for sale | Assets measured on recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 993 | 1,327 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 1,111 | 1,377 |
Assets held in separate accounts | 28,894 | 30,934 |
Total assets | $ 31,029 | $ 33,672 |
Percentage of Level to total | 56.00% | 59.00% |
Total liabilities | $ 2 | $ 2 |
Held for sale | Assets measured on recurring basis | Level 1 | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | GMWBL/GMWB/GMAB | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 1 |
Held for sale | Assets measured on recurring basis | Level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 19 | 23 |
Derivatives | 2 | 1 |
Held for sale | Assets measured on recurring basis | Level 1 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 993 | 1,327 |
Held for sale | Assets measured on recurring basis | Level 1 | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 12 | 11 |
Held for sale | Assets measured on recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 21,690 | 21,537 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 212 | 65 |
Assets held in separate accounts | 0 | 0 |
Total assets | $ 23,291 | $ 22,521 |
Percentage of Level to total | 42.00% | 40.00% |
Total liabilities | $ 769 | $ 172 |
Held for sale | Assets measured on recurring basis | Level 2 | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 2 | GMWBL/GMWB/GMAB | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 2 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1 | 3 |
Derivatives | 6 | 0 |
Held for sale | Assets measured on recurring basis | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 470 | 531 |
Derivatives | 88 | 107 |
Held for sale | Assets measured on recurring basis | Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 43 |
Derivatives | 24 | 16 |
Held for sale | Assets measured on recurring basis | Level 2 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 918 | 342 |
Derivatives | 651 | 49 |
Held for sale | Assets measured on recurring basis | Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 8 | 9 |
Held for sale | Assets measured on recurring basis | Level 2 | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 32 | 30 |
Held for sale | Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 587 | 505 |
Held for sale | Assets measured on recurring basis | Level 2 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 9,760 | 10,265 |
Held for sale | Assets measured on recurring basis | Level 2 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,524 | 2,265 |
Held for sale | Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,825 | 2,694 |
Held for sale | Assets measured on recurring basis | Level 2 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 2,500 | 2,542 |
Held for sale | Assets measured on recurring basis | Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,889 | 1,921 |
Held for sale | Assets measured on recurring basis | Level 2 | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 1,067 | 996 |
Held for sale | Assets measured on recurring basis | Level 2 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 498 | 310 |
Held for sale | Assets measured on recurring basis | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 697 | 606 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 0 | 5 |
Assets held in separate accounts | 0 | 0 |
Total assets | $ 814 | $ 650 |
Percentage of Level to total | 2.00% | 1.00% |
Total liabilities | $ 3,411 | $ 3,499 |
Held for sale | Assets measured on recurring basis | Level 3 | FIA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 2,242 | 1,987 |
Held for sale | Assets measured on recurring basis | Level 3 | GMWBL/GMWB/GMAB | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives: | 1,158 | 1,512 |
Held for sale | Assets measured on recurring basis | Level 3 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 3 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 106 | 34 |
Derivatives | 11 | 0 |
Held for sale | Assets measured on recurring basis | Level 3 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 3 | U.S. government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 3 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 3 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 22 | 10 |
Held for sale | Assets measured on recurring basis | Level 3 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 503 | 406 |
Held for sale | Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 0 | 0 |
Held for sale | Assets measured on recurring basis | Level 3 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 83 | 136 |
Held for sale | Assets measured on recurring basis | Level 3 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 32 | 15 |
Held for sale | Assets measured on recurring basis | Level 3 | Commercial mortgage-backed | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 10 | 8 |
Held for sale | Assets measured on recurring basis | Level 3 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, including securities pledged | 47 | 31 |
Held for sale | Assets measured on recurring basis | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities, available-for-sale | $ 11 | $ 5 |
Fair Value Measurements (excl97
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Assets held in separate accounts | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | $ 5 | $ 4 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 18 | 3 |
Issuances | 0 | 0 |
Sales | (3) | 0 |
Settlements | 0 | 0 |
Transfers in to Level 3 | 2 | 2 |
Transfers out of Level 3 | (11) | (4) |
Assets, Fair Value, ending balance | 11 | 5 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Other derivatives | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | 72 | 47 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 78 | 9 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 31 | 26 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (22) | (10) |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | 159 | 72 |
Change in Unrealized Gains (Losses) in Earnings | 87 | 25 |
FIA | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (42) | (41) |
Total Realized/Unrealized Gains (Losses) Included in Net income | (2) | (3) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (1) | (1) |
Sales | 0 | 0 |
Settlements | 5 | 3 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (40) | (42) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
IUL | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (81) | (53) |
Total Realized/Unrealized Gains (Losses) Included in Net income | (87) | (12) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (35) | (29) |
Sales | 0 | 0 |
Settlements | 44 | 13 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (159) | (81) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
GMWBL/GMWB/GMAB | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (18) | (24) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 10 | 9 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (2) | (3) |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (10) | (18) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
Stabilizer / MCG | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (150) | (161) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 57 | 15 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (4) | (4) |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (97) | (150) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
U.S. corporate public securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 12 | 6 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 29 | 0 |
Issuances | 0 | 0 |
Sales | 0 | (1) |
Settlements | (2) | (2) |
Transfers in to Level 3 | 18 | 9 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 57 | 12 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
U.S. corporate private securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 913 | 720 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (16) | (4) |
Purchases | 128 | 302 |
Issuances | 0 | 0 |
Sales | (5) | (23) |
Settlements | (40) | (135) |
Transfers in to Level 3 | 130 | 63 |
Transfers out of Level 3 | (15) | (18) |
Assets, Fair Value, ending balance | 1,127 | 913 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Foreign corporate public securities and foreign governments | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 12 | 12 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 1 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 11 | 12 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Foreign corporate private securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 305 | 294 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (14) | (2) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 46 | (12) |
Purchases | 57 | 0 |
Issuances | 0 | 0 |
Sales | (1) | 0 |
Settlements | (44) | (52) |
Transfers in to Level 3 | 0 | 61 |
Transfers out of Level 3 | (88) | (8) |
Assets, Fair Value, ending balance | 169 | 305 |
Change In Unrealized Gains (Losses) Included in Earnings | (14) | (2) |
Residential mortgage-backed securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 57 | 76 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (14) | (5) |
Total Realized/Unrealized Gains (Losses) Included in OCI | (1) | 1 |
Purchases | 5 | 0 |
Issuances | 0 | 0 |
Sales | (8) | (12) |
Settlements | (1) | (1) |
Transfers in to Level 3 | 2 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 42 | 57 |
Change In Unrealized Gains (Losses) Included in Earnings | (14) | (12) |
Commercial mortgage-backed | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 16 | 19 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | (1) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | (1) |
Purchases | 17 | 4 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | (7) |
Transfers in to Level 3 | 0 | 1 |
Transfers out of Level 3 | (16) | (1) |
Assets, Fair Value, ending balance | 17 | 16 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | (1) |
Other asset-backed securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 53 | 33 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (1) | (1) |
Purchases | 72 | 31 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (3) | (3) |
Transfers in to Level 3 | 0 | 1 |
Transfers out of Level 3 | (31) | (10) |
Assets, Fair Value, ending balance | 92 | 53 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Fixed maturities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 1,368 | 1,160 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (28) | (8) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 29 | (17) |
Purchases | 308 | 337 |
Issuances | 0 | 0 |
Sales | (14) | (36) |
Settlements | (90) | (200) |
Transfers in to Level 3 | 150 | 135 |
Transfers out of Level 3 | (150) | (37) |
Assets, Fair Value, ending balance | 1,515 | 1,368 |
Change In Unrealized Gains (Losses) Included in Earnings | (28) | (15) |
Equity securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 94 | 92 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (2) | (2) |
Purchases | 8 | 0 |
Issuances | 0 | 0 |
Sales | (2) | 0 |
Settlements | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 102 | 94 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Short-term investments and cash equivalents | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets, Fair Value, ending balance | 0 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Held for sale | Other derivatives | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | 34 | 6 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 133 | 4 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 41 | 27 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (117) | (3) |
Transfers in to Level 3 | 4 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | 95 | 34 |
Change in Unrealized Gains (Losses) in Earnings | 57 | 28 |
Held for sale | FIA | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (1,987) | (1,779) |
Total Realized/Unrealized Gains (Losses) Included in Net income | (297) | (160) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (153) | (237) |
Sales | 0 | 0 |
Settlements | 195 | 189 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (2,242) | (1,987) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
Held for sale | GMWBL/GMWB/GMAB | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (1,512) | (1,849) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 500 | 484 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (146) | (148) |
Sales | 0 | 0 |
Settlements | 0 | 1 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (1,158) | (1,512) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 |
Held for sale | U.S. corporate public securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 10 | 1 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (1) | 0 |
Purchases | 15 | 0 |
Issuances | 0 | 0 |
Sales | (10) | (1) |
Settlements | 0 | (1) |
Transfers in to Level 3 | 6 | 11 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 22 | 10 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Held for sale | U.S. corporate private securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 406 | 321 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (9) | (3) |
Purchases | 71 | 127 |
Issuances | 0 | 0 |
Sales | (1) | (14) |
Settlements | (16) | (42) |
Transfers in to Level 3 | 44 | 18 |
Transfers out of Level 3 | (10) | (7) |
Assets, Fair Value, ending balance | 503 | 406 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Held for sale | Foreign corporate public securities and foreign governments | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 0 | 1 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (1) | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Assets, Fair Value, ending balance | 0 | |
Change In Unrealized Gains (Losses) Included in Earnings | (1) | |
Held for sale | Foreign corporate private securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 136 | 136 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (10) | (1) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 21 | (8) |
Purchases | 13 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (14) | (23) |
Transfers in to Level 3 | 0 | 19 |
Transfers out of Level 3 | (21) | (3) |
Assets, Fair Value, ending balance | 83 | 136 |
Change In Unrealized Gains (Losses) Included in Earnings | (10) | (1) |
Held for sale | Residential mortgage-backed securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 15 | 21 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (3) | (3) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 1 | 0 |
Purchases | 22 | 0 |
Issuances | 0 | 0 |
Sales | 0 | (3) |
Settlements | (1) | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 32 | 15 |
Change In Unrealized Gains (Losses) Included in Earnings | (3) | (3) |
Held for sale | Commercial mortgage-backed | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 8 | 12 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 10 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | (4) |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | (8) | 0 |
Assets, Fair Value, ending balance | 10 | 8 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Held for sale | Other asset-backed securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 31 | 11 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 38 | 14 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | (2) | (3) |
Transfers in to Level 3 | 1 | 9 |
Transfers out of Level 3 | (21) | 0 |
Assets, Fair Value, ending balance | 47 | 31 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Held for sale | Fixed maturities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 606 | 503 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (13) | (5) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 12 | (11) |
Purchases | 169 | 141 |
Issuances | 0 | 0 |
Sales | (11) | (18) |
Settlements | (33) | (73) |
Transfers in to Level 3 | 51 | 57 |
Transfers out of Level 3 | (60) | (10) |
Assets, Fair Value, ending balance | 697 | 606 |
Change In Unrealized Gains (Losses) Included in Earnings | (13) | (5) |
Held for sale | Equity securities | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 5 | 5 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (1) | 0 |
Purchases | 5 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 11 | 5 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Held for sale | Short-term investments and cash equivalents | ||
Fixed Maturities and Equity Securities Rollforward: | ||
Assets, Fair Value, beginning balance | 5 | 0 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 5 |
Issuances | 0 | |
Sales | (5) | 0 |
Settlements | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Assets, Fair Value, ending balance | 0 | 5 |
Change In Unrealized Gains (Losses) Included in Earnings | $ 0 | $ 0 |
Fair Value Measurements (excl98
Fair Value Measurements (excluding Consolidated Investment Entities) - Significant Unobservable Inputs (Details) $ in Billions | 12 Months Ended | |
Dec. 31, 2017USD ($)yr | Dec. 31, 2016USD ($)yr | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Percent of policyholders taking systematic withdrawals | 45.00% | 40.00% |
Percent of policyholders assumed to begin withdrawals | 70.00% | 85.00% |
Fair Value Inputs, Actuarial Assumptions, Benefit Utilization, Percent of Policyholders Utilizing Withdrawals By Age One Hundred | 100.00% | 100.00% |
Account Value | $ 14 | $ 13.6 |
Average Expected Delay (in years) | 4 years 4 months 24 days | 5 years 6 months |
Percent of the policies the company assumes will never withdraw | 15.00% | |
Stabilizer / MCG | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Percentage of Plans | 100.00% | 100.00% |
Stabilizer (Investment Only) and MCG Contracts | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Percentage of Plans | 92.00% | 93.00% |
Stabilizer with Recordkeeping Agreements | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Percentage of Plans | 8.00% | 7.00% |
Market Approach Valuation Technique | Investment contract | GMWBL/GMWB/GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 15.00% | 15.00% |
Interest rate implied volatility | 0.10% | 0.10% |
Equity Funds | (13.00%) | (13.00%) |
Equity and Fixed Income Funds | (38.00%) | (38.00%) |
Interest Rates and Equity Funds | (32.00%) | (32.00%) |
Nonperformance risk | 0.02% | 0.23% |
Benefit Utilization | 70.00% | 85.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 10.00% | 0.12% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | GMWBL/GMWB/GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 25.00% | 25.00% |
Interest rate implied volatility | 16.00% | 18.00% |
Equity Funds | 99.00% | 99.00% |
Equity and Fixed Income Funds | 62.00% | 62.00% |
Interest Rates and Equity Funds | 26.00% | 16.00% |
Nonperformance risk | 1.10% | 1.30% |
Benefit Utilization | 100.00% | 100.00% |
Partial Withdrawals | 3.40% | 3.40% |
Lapses | 15.30% | 12.40% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | FIA | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.00% | 0.00% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 0.02% | 0.25% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.50% | 0.00% |
Lapses | 0.00% | 0.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | FIA | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.00% | 0.00% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 1.10% | 1.60% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 7.00% | 10.00% |
Lapses | 56.00% | 60.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | IUL | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.00% | 0.00% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 0.02% | 0.23% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 2.00% | 2.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Investment contract | IUL | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.00% | 0.00% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 0.54% | 0.69% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 10.00% | 10.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer / MCG | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 0.10% | 0.10% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 0.02% | 0.25% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 0.00% | 0.00% |
Policyholder Deposits | 0.00% | 0.00% |
Mortality | 0.00% | 0.00% |
Actuarial Assumptions, Lapses under percent threshold | 0.00% | 0.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 0.00% | 0.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer / MCG | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Long-term equity implied volatility | 0.00% | 0.00% |
Interest rate implied volatility | 6.30% | 7.50% |
Equity Funds | 0.00% | 0.00% |
Equity and Fixed Income Funds | 0.00% | 0.00% |
Interest Rates and Equity Funds | 0.00% | 0.00% |
Nonperformance risk | 1.10% | 1.60% |
Benefit Utilization | 0.00% | 0.00% |
Partial Withdrawals | 0.00% | 0.00% |
Lapses | 50.00% | 50.00% |
Policyholder Deposits | 50.00% | 50.00% |
Mortality | 0.00% | 0.00% |
Actuarial Assumptions, Lapses under percent threshold | 30.00% | 30.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 25.00% | 25.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer (Investment Only) and MCG Contracts | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.00% | 0.00% |
Policyholder Deposits | 0.00% | 0.00% |
Actuarial Assumptions, Lapses under percent threshold | 0.00% | 0.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 0.00% | 0.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer (Investment Only) and MCG Contracts | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 25.00% | 25.00% |
Policyholder Deposits | 30.00% | 30.00% |
Actuarial Assumptions, Lapses under percent threshold | 15.00% | 15.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 15.00% | 15.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer with Recordkeeping Agreements | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.00% | 0.00% |
Policyholder Deposits | 0.00% | 0.00% |
Actuarial Assumptions, Lapses under percent threshold | 0.00% | 0.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 0.00% | 0.00% |
Market Approach Valuation Technique | Derivative liabilities | Stabilizer with Recordkeeping Agreements | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 50.00% | 50.00% |
Policyholder Deposits | 50.00% | 50.00% |
Actuarial Assumptions, Lapses under percent threshold | 30.00% | 30.00% |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 25.00% | 25.00% |
In the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 12.5 | $ 13.4 |
In the Money | During Surrender Charge Period | GMWBL/GMWB/GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0.2 | $ 2 |
In the Money | During Surrender Charge Period | GMWBL/GMWB/GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.10% | 0.10% |
In the Money | During Surrender Charge Period | GMWBL/GMWB/GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 4.80% | 4.60% |
In the Money | Shock Lapse Period | GMWBL/GMWB/GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 1.5 | $ 2.8 |
In the Money | Shock Lapse Period | GMWBL/GMWB/GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 1.70% | 2.40% |
In the Money | Shock Lapse Period | GMWBL/GMWB/GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 13.90% | 11.80% |
In the Money | After Surrender Charge Period | GMWBL/GMWB/GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 10.7 | $ 8.7 |
In the Money | After Surrender Charge Period | GMWBL/GMWB/GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.90% | 1.40% |
In the Money | After Surrender Charge Period | GMWBL/GMWB/GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 6.40% | 6.80% |
Out of the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 1.5 | $ 0.2 |
Out of the Money | During Surrender Charge Period | GMWBL/GMWB/GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0.1 | $ 0 |
Out of the Money | During Surrender Charge Period | GMWBL/GMWB/GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.60% | 0.60% |
Out of the Money | During Surrender Charge Period | GMWBL/GMWB/GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 5.20% | 4.80% |
Out of the Money | Shock Lapse Period | GMWBL/GMWB/GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0.2 | $ 0 |
Out of the Money | Shock Lapse Period | GMWBL/GMWB/GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 13.90% | 11.80% |
Out of the Money | Shock Lapse Period | GMWBL/GMWB/GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 15.30% | 12.40% |
Out of the Money | After Surrender Charge Period | GMWBL/GMWB/GMAB | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 1.7 | $ 0.6 |
Out of the Money | After Surrender Charge Period | GMWBL/GMWB/GMAB | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 6.40% | 6.80% |
Out of the Money | After Surrender Charge Period | GMWBL/GMWB/GMAB | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 7.10% | 7.10% |
Age 60 and under | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 1.7 | $ 1.9 |
Average Expected Delay (in years) | 9 years | 9 years 10 months 24 days |
Age 60 and under | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 0 | 0 |
Age 60 and under | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 60 | 60 |
Age 60 and under | In the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 1.5 | $ 1.9 |
Age 60 and under | Out of the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | 0.2 | 0 |
Age 60-69 | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 5.6 | $ 5.8 |
Average Expected Delay (in years) | 3 years 8 months 12 days | 4 years 10 months 24 days |
Age 60-69 | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 60 | 60 |
Age 60-69 | Maximum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 69 | 69 |
Age 60-69 | In the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 5 | $ 5.7 |
Age 60-69 | Out of the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | 0.6 | 0.1 |
Age 70 and over | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 6.7 | $ 5.9 |
Average Expected Delay (in years) | 2 years 4 months 24 days | 3 years |
Age 70 and over | Minimum | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | yr | 70 | 70 |
Age 70 and over | In the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 6 | $ 5.8 |
Age 70 and over | Out of the Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Account Value | $ 0.7 | $ 0.1 |
Fair Value Measurements (excl99
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | $ 48,329 | $ 47,394 |
Equity securities, available-for-sale | 380 | 258 |
Derivatives | 397 | 737 |
Other investments | 47 | 47 |
Assets held in separate accounts | 77,605 | 66,185 |
Derivatives | 149 | 297 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 53,434 | 51,868 |
Equity securities, available-for-sale | 380 | 258 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 3,315 | 3,073 |
Derivatives | 397 | 737 |
Notes Receivable | 350 | 350 |
Other investments | 47 | 47 |
Assets held in separate accounts | 77,605 | 66,185 |
Short-term debt | 337 | 0 |
Long-term debt | 3,123 | 3,550 |
Carrying Value | Other derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 149 | 297 |
Carrying Value | Embedded derivative on reinsurance | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 129 | 79 |
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 33,986 | 33,871 |
Carrying Value | Funding agreements with fixed maturities and guaranteed investment contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 501 | 473 |
Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 1,275 | 1,330 |
Carrying Value | FIA | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 40 | 42 |
Carrying Value | IUL | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 159 | 81 |
Carrying Value | GMWBL/GMWB/GMAB | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 10 | 18 |
Carrying Value | Stabilizer and MCGs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 97 | 150 |
Carrying Value | Mortgage loans on real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 8,686 | 8,003 |
Carrying Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,888 | 1,943 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 53,434 | 51,868 |
Equity securities, available-for-sale | 380 | 258 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 3,315 | 3,073 |
Derivatives | 397 | 737 |
Notes Receivable | 445 | 432 |
Other investments | 55 | 57 |
Assets held in separate accounts | 77,605 | 66,185 |
Short-term debt | 337 | 0 |
Long-term debt | 3,478 | 3,738 |
Fair Value | Other derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 149 | 297 |
Fair Value | Embedded derivative on reinsurance | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 129 | 79 |
Fair Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 38,553 | 38,368 |
Fair Value | Funding agreements with fixed maturities and guaranteed investment contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 501 | 470 |
Fair Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 1,285 | 1,337 |
Fair Value | FIA | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 40 | 42 |
Fair Value | IUL | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 159 | 81 |
Fair Value | GMWBL/GMWB/GMAB | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 10 | 18 |
Fair Value | Stabilizer and MCGs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 97 | 150 |
Fair Value | Mortgage loans on real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 8,748 | 8,185 |
Fair Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 1,888 | 1,943 |
Held for sale | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 23,380 | 23,470 |
Equity securities, available-for-sale | 23 | 16 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 1,323 | 1,447 |
Derivatives | 1,514 | 976 |
Other investments | 34 | 0 |
Assets held in separate accounts | 28,894 | 30,934 |
Held for sale | Carrying Value | Other derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 350 | 350 |
Derivatives | 782 | 174 |
Held for sale | Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 19,272 | 19,443 |
Held for sale | Carrying Value | Funding agreements with fixed maturities and guaranteed investment contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 601 | 0 |
Held for sale | Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 2,651 | 2,549 |
Held for sale | Carrying Value | FIA | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 2,242 | 1,987 |
Held for sale | Carrying Value | GMWBL/GMWB/GMAB | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 1,158 | 1,512 |
Held for sale | Carrying Value | Mortgage loans on real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 4,212 | 3,722 |
Held for sale | Carrying Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 17 | 19 |
Held for sale | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 23,380 | 23,470 |
Equity securities, available-for-sale | 23 | 16 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 1,323 | 1,447 |
Derivatives | 1,514 | 976 |
Other investments | 34 | 0 |
Assets held in separate accounts | 28,894 | 30,934 |
Held for sale | Fair Value | Other derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes payable | 445 | 432 |
Derivatives | 782 | 174 |
Held for sale | Fair Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 18,901 | 19,193 |
Held for sale | Fair Value | Funding agreements with fixed maturities and guaranteed investment contracts | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 601 | 0 |
Held for sale | Fair Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 2,908 | 2,783 |
Held for sale | Fair Value | FIA | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 2,242 | 1,987 |
Held for sale | Fair Value | GMWBL/GMWB/GMAB | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 1,158 | 1,512 |
Held for sale | Fair Value | Mortgage loans on real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 4,215 | 3,776 |
Held for sale | Fair Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 17 | $ 19 |
Deferred Policy Acquisition 100
Deferred Policy Acquisition Costs and Value of Business Acquired - DAC and VOBA Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | $ 3,186,000,000 | $ 3,424,000,000 | $ 3,013,000,000 |
Deferrals of commissions and expenses | 234,000,000 | 255,000,000 | 260,000,000 |
Amortization: | |||
Amortization, excluding unlocking | (418,000,000) | (384,000,000) | (443,000,000) |
Unlocking | (123,000,000) | (78,000,000) | (39,000,000) |
Interest accrued | 188,000,000 | 193,000,000 | 192,000,000 |
Net amortization included in Consolidated Statements of Operations | (353,000,000) | (269,000,000) | (290,000,000) |
Change in unrealized capital gains/losses on available-for-sale securities | (249,000,000) | (224,000,000) | 441,000,000 |
Ending balance | 2,818,000,000 | 3,186,000,000 | 3,424,000,000 |
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | |||
Beginning balance | 811,000,000 | 997,000,000 | 665,000,000 |
Deferrals of commissions and expenses | 8,000,000 | 9,000,000 | 10,000,000 |
Amortization, excluding unlocking | (152,000,000) | (144,000,000) | (163,000,000) |
Unlocking1 | (89,000,000) | (78,000,000) | (6,000,000) |
Interest accrued | 65,000,000 | 76,000,000 | 82,000,000 |
Net amortization included in Consolidated Statements of Operations | (176,000,000) | (146,000,000) | (87,000,000) |
Change in unrealized capital gains/losses on available-for-sale securities | (87,000,000) | (49,000,000) | 409,000,000 |
Ending balance | 556,000,000 | 811,000,000 | 997,000,000 |
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | |||
Beginning balance | 3,997,000,000 | 4,421,000,000 | 3,678,000,000 |
Deferrals of commissions and expenses | 242,000,000 | 264,000,000 | 270,000,000 |
Amortization, excluding unlocking | (570,000,000) | (528,000,000) | (606,000,000) |
Unlocking1 | (212,000,000) | (156,000,000) | (45,000,000) |
Interest accrued | 253,000,000 | 269,000,000 | 274,000,000 |
Net amortization included in Consolidated Statements of Operations | (529,000,000) | (415,000,000) | (377,000,000) |
Change in unrealized capital gains/losses on available-for-sale securities | (336,000,000) | (273,000,000) | 850,000,000 |
Ending balance | 3,374,000,000 | 3,997,000,000 | 4,421,000,000 |
Loss Recognition for DAC | 0 | 3,000,000 | 0 |
Loss recognition for VOBA | $ 0 | $ 4,000,000 | $ 0 |
Minimum | |||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | |||
Rates at which interest accrued | 4.00% | 4.10% | 4.20% |
Maximum | |||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | |||
Rates at which interest accrued | 7.40% | 7.50% | 7.50% |
Guaranteed Minimum Interest Rates | |||
Amortization: | |||
Unlocking | $ (80,000,000) | ||
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | |||
Unlocking1 | $ (140,000,000) |
Deferred Policy Acquisition 101
Deferred Policy Acquisition Costs and Value of Business Acquired - VOBA Amortization Expense (Details) $ in Millions | Dec. 31, 2017USD ($) |
Insurance [Abstract] | |
2,018 | $ 67 |
2,019 | 53 |
2,020 | 48 |
2,021 | 44 |
2,022 | $ 40 |
Reserves for Future Policy B102
Reserves for Future Policy Benefits and Contract Owner Account Balances - Future Policy Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Future policy benefits | $ 15,647 | $ 14,575 |
Individual and group life insurance contracts | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Future policy benefits | 8,857 | 8,294 |
Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Future policy benefits | 5,941 | 5,443 |
Accident and health | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Future policy benefits | $ 849 | $ 838 |
Reserves for Future Policy B103
Reserves for Future Policy Benefits and Contract Owner Account Balances - Contract Owner Account Balances (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | $ 50,158 | $ 50,273 |
Universal life-type contracts | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | 14,561 | 14,626 |
Fixed annuities and payout contracts without life contingencies | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | 34,949 | 35,014 |
GICs and other | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | $ 648 | $ 633 |
Guaranteed Benefit Features - G
Guaranteed Benefit Features - Guaranteed Death and Benefit (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Rollup rate earned on eligible premiums, rate one | 7.00% |
Rollup rate earned on eligible premiums, rate two | 6.00% |
GMIB | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Rollup rate earned on eligible premiums, rate one | 7.00% |
Rollup rate earned on eligible premiums, rate two | 6.00% |
Eligibility period for premiums to be included in rider | 10 years |
Maximum rollup amount, cap rate one | 200.00% |
Maximum rollup amount, cap rate two | 250.00% |
Maximum rollup amount, cap rate three | 300.00% |
GMAB | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed account value, percentage of premiums paid by contract owner | 100.00% |
Guaranteed account value, minimum contract term for eligibility | 10 years |
Guaranteed account value, percentage of premiums paid by contract owner, past design | 200.00% |
Guaranteed account value, minimum contract term for eligibility, past design | 20 years |
GMWB/GMWBL | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Rollup rate earned on eligible premiums, rate one | 7.00% |
Rollup rate earned on eligible premiums, rate two | 6.00% |
Rollup rate earned on eligible premiums, rate three | 0.00% |
Rollup rate earned on eligible premiums, earlier versions | 7.00% |
Stabilizer and MCGs | Minimum | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed credited rates | 0.00% |
Stabilizer and MCGs | Maximum | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed credited rates | 3.00% |
Guaranteed Benefit Features - A
Guaranteed Benefit Features - Assumptions and Methodology Used to Determine Additional Reserves (Details) - investment_performance_scenarios | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Number of investment performance scenarios | 1,000 | 1,000 |
Variable Life and Universal Life | Paid-up Guarantees | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Weighted average attained age | 0 years | 0 years |
GMDB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Investment blended rate of return (percent) | 7.80% | 7.80% |
Volatility rate (percent) | 13.00% | 14.20% |
Discount rate (percent) | 5.50% | 5.50% |
Weighted average attained age | 68 years | 68 years |
GMIB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Investment blended rate of return (percent) | 8.10% | 8.10% |
Volatility rate (percent) | 14.30% | 14.20% |
Discount rate (percent) | 5.50% | 5.50% |
Weighted average attained age | 62 years | 62 years |
GMAB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Period of implied volatility (years) | 5 years | 5 years |
GMWB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Period of implied volatility (years) | 5 years | 5 years |
GMWBL | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Period of implied volatility (years) | 5 years | 5 years |
Weighted average attained age | 71 years | 70 years |
Guaranteed Benefit Features - S
Guaranteed Benefit Features - Separate Account Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | $ 77,605 | $ 66,185 | ||
Additional liability balance: | ||||
Additional liability for FIA guaranteed withdrawal benefits | 14,000 | 13,600 | ||
Fixed-indexed annuities | ||||
Additional liability balance: | ||||
Additional liability for FIA guaranteed withdrawal benefits | 157 | 147 | ||
Variable Life and Universal Life | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 519 | 488 | ||
Additional liability balance: | ||||
Beginning balance | 1,315 | 1,197 | $ 1,095 | |
Incurred guaranteed benefits | 101 | 614 | 554 | |
Paid guaranteed benefits | (235) | (496) | (452) | |
Ending balance | 1,181 | 1,315 | 1,197 | |
Reinsurance on additional liability balance | 1,304 | 1,006 | 935 | $ 874 |
Stabilizer and MCGs | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 37,219 | 37,577 | ||
Additional liability balance: | ||||
Beginning balance | 150 | 161 | 103 | |
Incurred guaranteed benefits | (53) | (11) | 58 | |
Paid guaranteed benefits | 0 | 0 | 0 | |
Ending balance | 97 | 150 | 161 | |
Stabilizer and MCGs | Separate Account Liability | ||||
Additional liability balance: | ||||
Externally managed assets included in Separate account liability not reported on balance sheet | 30,000 | 30,000 | ||
Other Retained Business | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 2,308 | 2,291 | ||
Additional liability balance: | ||||
Beginning balance | 73 | 70 | 54 | |
Incurred guaranteed benefits | (28) | 5 | 19 | |
Paid guaranteed benefits | (1) | (2) | (3) | |
Ending balance | 44 | 73 | 70 | |
Held for sale | GMDB | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 28,701 | 30,839 | ||
Additional liability balance: | ||||
Beginning balance | 508 | 516 | 374 | |
Incurred guaranteed benefits | (15) | 128 | 231 | |
Paid guaranteed benefits | (107) | (136) | (89) | |
Ending balance | 386 | 508 | 516 | |
Reinsurance on additional liability balance | 22 | 29 | 33 | $ 31 |
Held for sale | GMWBL/GMWB/GMAB | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 14,112 | 13,845 | ||
Additional liability balance: | ||||
Beginning balance | 1,512 | 1,849 | 1,508 | |
Incurred guaranteed benefits | (354) | (336) | 342 | |
Paid guaranteed benefits | 0 | (1) | (1) | |
Ending balance | 1,158 | 1,512 | 1,849 | |
Held for sale | GMIB | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 7,247 | 9,806 | ||
Additional liability balance: | ||||
Beginning balance | 1,345 | 1,414 | 1,136 | |
Incurred guaranteed benefits | (629) | 449 | 440 | |
Paid guaranteed benefits | (83) | (518) | (162) | |
Ending balance | $ 633 | $ 1,345 | $ 1,414 |
Guaranteed Benefit Features - N
Guaranteed Benefit Features - Net Amount at Risk of Minimum Guaranteed Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
GMDB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 1,706 | $ 1,674 |
Net amount at risk, net of reinsurance | $ 48 | $ 59 |
Weighted average attained age | 68 years | 68 years |
GMAB/GMWB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 26 | $ 30 |
Net amount at risk, net of reinsurance | $ 1 | $ 1 |
Weighted average attained age | 71 years | 68 years |
GMIB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 290 | $ 304 |
Net amount at risk, net of reinsurance | $ 37 | $ 60 |
Weighted average attained age | 62 years | 62 years |
GMWBL | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 286 | $ 283 |
Net amount at risk, net of reinsurance | $ 3 | $ 9 |
Weighted average attained age | 71 years | 70 years |
Held for sale | GMDB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 28,701 | $ 30,839 |
Net amount at risk, net of reinsurance | $ 3,929 | $ 5,504 |
Weighted average attained age | 71 years | 71 years |
Held for sale | GMAB/GMWB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 525 | $ 534 |
Net amount at risk, net of reinsurance | $ 11 | $ 14 |
Weighted average attained age | 74 years | 73 years |
Held for sale | GMIB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 7,247 | $ 9,807 |
Net amount at risk, net of reinsurance | $ 1,656 | $ 2,886 |
Weighted average attained age | 64 years | 63 years |
Held for sale | GMWBL | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value | $ 13,587 | $ 13,311 |
Net amount at risk, net of reinsurance | $ 1,573 | $ 2,201 |
Weighted average attained age | 69 years | 68 years |
Guaranteed Benefit Features - U
Guaranteed Benefit Features - Universal and Variable Life Contracts (Details) - Variable Life and Universal Life - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | $ 3,234 | $ 3,262 |
Net amount at risk, net of reinsurance | $ 16,485 | $ 16,372 |
Weighted average attained age | 64 years | 63 years |
Paid-up Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | $ 0 | $ 0 |
Net amount at risk, net of reinsurance | $ 0 | $ 0 |
Weighted average attained age | 0 years | 0 years |
Guaranteed Benefit Features 109
Guaranteed Benefit Features - Separate Accounts by Investment Type (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Equity funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | $ 2,262 | $ 2,127 |
Bond funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 243 | 259 |
Balanced funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 403 | 400 |
Money market funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 60 | 70 |
Other | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 15 | 15 |
Equity securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 2,983 | 2,871 |
Fixed income securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 8,000 | 7,200 |
Held for sale | Equity funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 21,124 | 22,368 |
Held for sale | Bond funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 3,109 | 3,540 |
Held for sale | Balanced funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 4,045 | 4,385 |
Held for sale | Money market funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 350 | 464 |
Held for sale | Other | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 73 | 83 |
Held for sale | Equity securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | $ 28,701 | $ 30,840 |
Reinsurance - Assets and Liabil
Reinsurance - Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Effects of Reinsurance [Line Items] | ||
Premiums receivable | $ 66 | $ 59 |
Reinsurance recoverable | 7,566 | 7,228 |
Reinsurance recoverable | 7,632 | 7,287 |
Future policy benefits and contract owner account balances | 58,239 | 57,620 |
Liability for funds withheld under reinsurance agreements | 791 | 729 |
Total | 59,030 | 58,349 |
Direct | ||
Effects of Reinsurance [Line Items] | ||
Premiums receivable | 110 | 105 |
Reinsurance recoverable | 0 | 0 |
Reinsurance recoverable | 110 | 105 |
Future policy benefits and contract owner account balances | 62,005 | 61,566 |
Liability for funds withheld under reinsurance agreements | 791 | 729 |
Total | 62,796 | 62,295 |
Assumed | ||
Effects of Reinsurance [Line Items] | ||
Premiums receivable | 405 | 358 |
Reinsurance recoverable | 0 | 0 |
Reinsurance recoverable | 405 | 358 |
Future policy benefits and contract owner account balances | 3,800 | 3,282 |
Liability for funds withheld under reinsurance agreements | 0 | 0 |
Total | 3,800 | 3,282 |
Ceded | ||
Effects of Reinsurance [Line Items] | ||
Premiums receivable | (449) | (404) |
Reinsurance recoverable | 7,566 | 7,228 |
Reinsurance recoverable | 7,117 | 6,824 |
Future policy benefits and contract owner account balances | (7,566) | (7,228) |
Liability for funds withheld under reinsurance agreements | 0 | 0 |
Total | $ (7,566) | $ (7,228) |
Reinsurance - Effect of Reinsur
Reinsurance - Effect of Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Premiums: | |||
Direct premiums | $ 2,606 | $ 3,284 | $ 2,975 |
Reinsurance assumed | 1,192 | 1,222 | 1,191 |
Reinsurance ceded | (1,677) | (1,711) | (1,612) |
Net premiums | 2,121 | 2,795 | 2,554 |
Fee income: | |||
Gross fee income | 2,628 | 2,472 | 2,471 |
Reinsurance ceded | (1) | (1) | (1) |
Net fee income | 2,627 | 2,471 | 2,470 |
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract] | |||
Direct interest credited and other benefits to contract owners / policyholders | 5,124 | 5,859 | 5,399 |
Reinsurance assumed | 1,929 | 1,213 | 1,068 |
Reinsurance ceded(1) | (2,417) | (1,758) | (1,769) |
Net interest credited and other benefits to contract owners / policyholders | 4,636 | 5,314 | 4,698 |
UL contracts | |||
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract] | |||
Reinsurance ceded(1) | $ (491) | $ (482) | $ (453) |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) - USD ($) $ in Millions | Oct. 01, 2015 | Apr. 01, 2015 | Oct. 01, 2014 | Oct. 01, 1998 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jan. 01, 2009 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Revolving lines of credit, capacity | $ 6,872 | ||||||||
Reinsurance recoverable | 7,566 | $ 7,228 | |||||||
Net realized capital losses | 227 | 363 | $ 560 | ||||||
Other net realized capital gains (losses) | (206) | (329) | (477) | ||||||
Operating expenses | 2,654 | 2,655 | 2,684 | ||||||
Unsecured and Committed | |||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Revolving lines of credit, capacity | 6,171 | ||||||||
Unsecured and Committed | Voya Financial, Inc. / Security Life of Denver International Limited | |||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Revolving lines of credit, capacity | $ 2,900 | ||||||||
Lincoln National Corporation, subsidiary | |||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Reinsurance recoverable | 1,500 | 1,600 | |||||||
Disposal of life insurance business | $ 1,000 | ||||||||
Scottish Re | |||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Percentage of business recaptured | 100.00% | ||||||||
Hannover Re | Customer concentration risk | |||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Reinsurance recoverable | 2,900 | 1,900 | |||||||
RGA Reinsurance Group | |||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Disposal of life insurance business | $ 419 | $ 448 | |||||||
Net realized capital losses | 110 | ||||||||
Other net realized capital gains (losses) | 14 | ||||||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | 4 | ||||||||
Operating expenses | $ 120 | ||||||||
RGA Reinsurance Group | Term Life Coinsurance Agreement, effective October 1, 2014 | |||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Reinsurance recoverable | 542 | 499 | |||||||
RGA Reinsurance Group | Term Life Coinsurance Agreement, effective October 1, 2015 | |||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Reinsurance recoverable | 458 | 452 | |||||||
Enstar | |||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||
Reinsurance recoverable | $ 164 | $ 198 | |||||||
Disposal of life insurance business | $ 305 | ||||||||
Net realized capital losses | $ (39) |
Goodwill and Other Intangibl113
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Investment Management | ||
Goodwill [Line Items] | ||
Goodwill | $ 31 | $ 31 |
Management contract rights | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Lives | 20 years | |
Customer relationship lists | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Lives | 20 years | |
Computer software | ||
Goodwill [Line Items] | ||
Weighted Average Amortization Lives | 3 years |
Goodwill and Other Intangibl114
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 1,048 | $ 1,022 |
Accumulated Amortization | 893 | 834 |
Net Carrying Amount | $ 155 | 188 |
Management contract rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Lives | 20 years | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 550 | 550 |
Accumulated Amortization | 477 | 449 |
Net Carrying Amount | $ 73 | 101 |
Customer relationship lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Lives | 20 years | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 116 | 116 |
Accumulated Amortization | 76 | 68 |
Net Carrying Amount | $ 40 | 48 |
Computer software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Lives | 3 years | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Gross Carrying Amount | $ 382 | 356 |
Accumulated Amortization | 340 | 317 |
Net Carrying Amount | $ 42 | $ 39 |
Goodwill and Other Intangibl115
Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $ 62 | $ 63 | $ 59 |
Estimated Future Amortization Expense Related to Intangible Assets, Fiscal Year Maturity [Abstract] | |||
2,018 | 55 | ||
2,019 | 46 | ||
2,020 | 30 | ||
2,021 | 9 | ||
2,022 | 6 | ||
Thereafter | $ 9 |
Share-Based Incentive Compen116
Share-Based Incentive Compensation Plans - Narrative (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period of stock options | 10 years | ||
Weighted average volatility rate used | 70.00% | ||
Expected volatility of stock price | 30.00% | ||
Non-Employee Directors | Cliff Vesting, Year One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 100.00% | 33.30% | 33.30% |
Non-Employee Directors | Cliff Vesting, Year Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 33.30% | 33.30% | |
Non-Employee Directors | Cliff Vesting, Year Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 33.30% | 33.30% | |
Restricted Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards vested during period (in shares) | 1,600,000 | ||
Number of awards not vested (in shares) | 3,000,000 | 3,300,000 | |
Restricted Share Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | 1 year | |
Restricted Share Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | 3 years | |
Restricted Share Units (RSUs) | Non-Employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of award granted (in shares) | 27,261 | 19,913 | 34,758 |
PSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of awards vested during period (in shares) | 400,000 | ||
Number of awards not vested (in shares) | 2,200,000 | 1,500,000 | |
PSU awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Share-based payment award, vesting percentage | 0.00% | 0.00% | 0.00% |
PSU awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Share-based payment award, vesting percentage | 150.00% | 150.00% | 150.00% |
PSU awards | Cliff Vesting, Year Three | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 125.00% | ||
PSU awards | Cliff Vesting, Year Three | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 131.00% | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option holding period | 1 year | ||
Expiration period of stock options | 10 years | ||
Strike price (usd per share) | $ 37.60 | ||
2013 Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reserved and available for issuance (in shares) | 7,650,000 | ||
Shares available for issuance (in shares) | 344,885 | ||
2014 Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reserved and available for issuance (in shares) | 17,800,000 | ||
Shares available for issuance (in shares) | 7,862,649 | ||
2013 Non-Employee Director Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reserved and available for issuance (in shares) | 288,000 |
Share-Based Incentive Compen117
Share-Based Incentive Compensation Plans - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 28.60% | |
Expected term (in years) | 6 years 7 days | |
Strike price (usd per share) | $ 37.60 | |
Risk-free interest rate | 2.10% | |
Expected dividend yield | 0.11% | |
Weighted average estimated fair value (usd per share) | $ 11.89 | |
Total Shareholder Return | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 26.67% | 24.37% |
Average expected volatility of peer companies | 27.43% | 25.63% |
Expected term (in years) | 2 years 10 months 10 days | 2 years 9 months 26 days |
Risk-free interest rate | 1.45% | 1.05% |
Expected dividend yield | 0.00% | 0.00% |
Average correlation coefficient of peer companies | 68.00% | 61.00% |
Share-Based Incentive Compen118
Share-Based Incentive Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | $ 118 | $ 110 | $ 107 |
Income tax benefit | 39 | 38 | 37 |
Share-based compensation expense | 79 | 72 | 70 |
Restricted Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | 57 | 62 | 54 |
PSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | 44 | 32 | 37 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | 16 | 14 | 1 |
Other | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost | $ 1 | $ 2 | $ 15 |
Share-Based Incentive Compen119
Share-Based Incentive Compensation Plans - Awards Outstanding under Stock Option Plans by Award Type (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Share Units (RSUs) | |||
Number of Awards | |||
Outstanding, beginning balance | 3.3 | ||
Granted | 1.4 | ||
Vested | (1.6) | ||
Forfeited | (0.1) | ||
Outstanding, ending balance | 3 | 3.3 | |
Awards expected to vest | 3 | ||
Weighted Average Grant Date Fair Value (usd per award) | |||
Outstanding, beginning balance | $ 35.02 | ||
Granted | 42.30 | ||
Vested | 34.86 | ||
Forfeited | 36.86 | ||
Outstanding, ending balance | 38.42 | $ 35.02 | |
Awards expected to vest | $ 38.42 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Unrecognized compensation cost | $ 34 | ||
Expected weighted average | 1 year 5 months 19 days | ||
Total fair value of shares vested | $ 54 | ||
PSU awards | |||
Number of Awards | |||
Outstanding, beginning balance | 1.5 | ||
Adjusted for PSU performance factor | 0 | ||
Granted | 1.2 | ||
Vested | (0.4) | ||
Forfeited | (0.1) | ||
Outstanding, ending balance | 2.2 | 1.5 | |
Awards expected to vest | 2.2 | ||
Weighted Average Grant Date Fair Value (usd per award) | |||
Outstanding, beginning balance | $ 28.88 | ||
Adjusted for PSU performance factor | 31.45 | ||
Granted | 42.32 | ||
Vested | 31.34 | ||
Forfeited | 34 | ||
Outstanding, ending balance | 35.53 | $ 28.88 | |
Awards expected to vest | $ 35.53 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Unrecognized compensation cost | $ 35 | ||
Expected weighted average | 1 year 9 months 15 days | ||
Total fair value of shares vested | $ 12 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning balance | 3.3 | ||
Granted | 0 | ||
Exercised | 0 | ||
Forfeited | (0.3) | ||
Outstanding, ending balance | 3 | 3.3 | |
Vested, not exercisable | 3 | ||
Vested, exercisable | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding, beginning balance | $ 37.60 | ||
Granted | 37.60 | ||
Exercised | 0 | ||
Forfeited | 0 | ||
Outstanding, ending balance | 37.60 | $ 37.60 | |
Vested, not exercisable, weighted average exercise price | 37.60 | ||
Vested exercisable, weighted average exercise price | $ 0 | ||
Unrecognized compensation cost | $ 5 | ||
Expected weighted average | 5 months 16 days | ||
Total fair value of Options vested | $ 36 | ||
Maximum | PSU awards | |||
Number of Awards | |||
Share-based payment award, vesting percentage | 150.00% | 150.00% | 150.00% |
Minimum | PSU awards | |||
Number of Awards | |||
Share-based payment award, vesting percentage | 0.00% | 0.00% | 0.00% |
Share-based Compensation Award, Tranche Three [Member] | Maximum | PSU awards | |||
Number of Awards | |||
Share-based payment award, vesting percentage | 131.00% | ||
Share-based Compensation Award, Tranche Three [Member] | Minimum | PSU awards | |||
Number of Awards | |||
Share-based payment award, vesting percentage | 125.00% |
Shareholder's Equity - Common S
Shareholder's Equity - Common Share Rollforward (Details) - shares | Dec. 26, 2017 | Mar. 09, 2017 | Nov. 03, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, shares issued, beginning balance (in shares) | 268,079,931 | |||||
Common stock, shares outstanding, beginning balance (in shares) | 194,639,273 | 209,100,000 | 241,900,000 | |||
Common stock, shares issued (in shares) | 0 | 0 | 0 | |||
Common stock, shares acquired under share repurchase (in shares) | 7,821,666 | 3,986,647 | 5,216,025 | 24,400,000 | (17,000,000) | 34,300,000 |
Common stock, shares issued for share-based compensation programs (in shares) | 1,800,000 | 2,500,000 | 1,500,000 | |||
Common stock, shares issued, ending balance (in shares) | 270,078,294 | 268,079,931 | ||||
Common stock, shares outstanding, ending balance (in shares) | 171,982,673 | 194,639,273 | 209,100,000 | |||
Common stock | ||||||
Common stock, shares issued, beginning balance (in shares) | 268,000,000 | 265,300,000 | 263,700,000 | |||
Common stock, shares issued (in shares) | 0 | 0 | 0 | |||
Common stock, shares acquired under share repurchase (in shares) | 0 | 0 | 0 | |||
Common stock, shares issued for share-based compensation programs (in shares) | 2,000,000 | 2,700,000 | 1,600,000 | |||
Common stock, shares issued, ending balance (in shares) | 270,000,000 | 268,000,000 | 265,300,000 | |||
Treasury stock | ||||||
Common stock, shares held in treasury, beginning balance (in shares) | (73,400,000) | (56,200,000) | (21,800,000) | |||
Common stock, shares issued (in shares) | 0 | 0 | 0 | |||
Common stock, shares acquired under share repurchase (in shares) | 24,400,000 | (17,000,000) | 34,300,000 | |||
Common stock, shares issued for share-based compensation programs (in shares) | 200,000 | (200,000) | 100,000 | |||
Common stock, shares held in treasury, ending balance (in shares) | (98,000,000) | (73,400,000) | (56,200,000) |
Shareholder's Equity - Narrativ
Shareholder's Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 26, 2017 | Mar. 09, 2017 | Nov. 03, 2016 | May 07, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 01, 2018 | Oct. 26, 2017 |
Accelerated Share Repurchases [Line Items] | |||||||||
Value of shares repurchased and placed in treasury | $ 150 | $ 200 | $ 923 | $ 687 | $ 1,491 | ||||
Number of shares repurchased and placed in treasury | 7,821,666 | 3,986,647 | 5,216,025 | 24,400,000 | (17,000,000) | 34,300,000 | |||
Stock Repurchase Program, Authorized Amount | $ 500 | $ 800 | |||||||
Number of warrants issued and outstanding | 26,050,846 | ||||||||
Percentage of issued warrants to total shares issued and outstanding | 9.99% | ||||||||
Exercise price of warrants (usd per share) | $ 48.75 | ||||||||
Dividend per share, cash paid (usd per share) | $ 0.01 | ||||||||
Fair value of warrants issued | $ 94 | ||||||||
Subsequent event | |||||||||
Accelerated Share Repurchases [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 500 |
Earnings per Common Share Ea122
Earnings per Common Share Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | |||||||||||
Income (Loss) from continuing operations | $ (212) | $ 39 | $ 392 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | $ 82 | $ 65 | $ 52 | $ 1 | $ 42 | $ 12 | $ (25) | $ 0 | 200 | 29 | 130 |
Income (loss) from continuing operations available to common shareholders | (412) | 10 | 262 | ||||||||
Income (loss) from discontinued operations, net of tax | (2,616) | 134 | 64 | (162) | (478) | (145) | 137 | 149 | (2,580) | (337) | 146 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (3,165) | $ 149 | $ 167 | $ (143) | $ (417) | $ (263) | $ 162 | $ 191 | $ (2,992) | $ (327) | $ 408 |
Basic (shares) | 184.1 | 200.8 | 225.4 | ||||||||
Diluted (shares) | 184.1 | 202.7 | 227.4 | ||||||||
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Basic (usd per share) | $ (3.06) | $ 0.08 | $ 0.56 | $ 0.10 | $ 0.31 | $ (0.59) | $ 0.12 | $ 0.21 | $ (2.24) | $ 0.05 | $ 1.16 |
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders, Basic, (usd per share) | (14.58) | 0.75 | 0.34 | (0.85) | (2.45) | (0.73) | 0.68 | 0.72 | (14.01) | (1.68) | 0.65 |
Net income (loss) available to common shareholders, Basic (usd per share) | (17.64) | 0.83 | 0.90 | (0.75) | (2.14) | (1.32) | 0.80 | 0.93 | (16.25) | (1.63) | 1.81 |
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share) | (3.06) | 0.08 | 0.55 | 0.10 | 0.31 | (0.59) | 0.12 | 0.21 | (2.24) | 0.05 | 1.15 |
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share) | (14.58) | 0.73 | 0.34 | (0.84) | (2.43) | (0.73) | 0.67 | 0.71 | (14.01) | (1.66) | 0.65 |
Net income (loss) available to common shareholders, Diluted (usd per share) | $ (17.64) | $ 0.81 | $ 0.89 | $ (0.74) | $ (2.12) | $ (1.32) | $ 0.79 | $ 0.92 | $ (16.25) | $ (1.61) | $ 1.80 |
Antidilutive shares | 3.5 | 1.9 | |||||||||
Restricted Share Units (RSUs) | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dilutive Effects (shares) | 0 | 1.7 | 1.8 | ||||||||
Antidilutive shares | 1.9 | ||||||||||
PSU awards | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dilutive Effects (shares) | 0 | 0.2 | 0.2 | ||||||||
Antidilutive shares | 0.8 | ||||||||||
Stock options | |||||||||||
Class of Stock [Line Items] | |||||||||||
Dilutive Effects (shares) | 0 | 0 | 0 |
Insurance Subsidiaries - Statut
Insurance Subsidiaries - Statutory Equity and Income (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)subsidiary | Dec. 31, 2016USD ($)subsidiary | Dec. 31, 2015USD ($) | |
Insurance [Abstract] | |||
Number of insurance subsidiaries | subsidiary | 4 | 4 | |
Voya Insurance and Annuity Company | Iowa | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | $ 514 | $ 232 | $ 553 |
Statutory Capital and Surplus | 1,835 | 1,906 | |
Voya Retirement Insurance and Annuity Company | Connecticut | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | 195 | 266 | 318 |
Statutory Capital and Surplus | 1,793 | 1,959 | |
Security Life of Denver Insurance Company (SLD) | Colorado | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | 58 | 93 | (245) |
Statutory Capital and Surplus | 950 | 897 | |
ReliaStar Life Insurance Company (RLI) | Minnesota | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | 234 | (507) | $ 74 |
Statutory Capital and Surplus | $ 1,483 | $ 1,662 |
Insurance Subsidiaries - Divide
Insurance Subsidiaries - Dividends Restrictions and Approved Distributions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statutory Accounting Practices [Line Items] | |||
Dividends Paid | $ 8 | $ 8 | $ 9 |
Insurance Laws Applicable to Insurance Subsidiaries in Connecticut, Indiana. Iowa, and Minnesota | |||
Statutory Accounting Practices [Line Items] | |||
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded | 10.00% | ||
Insurance Laws Applicable to Insurance Subsidiaries in Colorado | |||
Statutory Accounting Practices [Line Items] | |||
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded | 10.00% | ||
Subsidiaries | Voya Insurance and Annuity Company | Iowa | |||
Statutory Accounting Practices [Line Items] | |||
Dividends Permitted without Approval | $ 208 | 279 | 448 |
Dividends Paid | 278 | 373 | |
Extraordinary Distributions Paid | 250 | 0 | |
Subsidiaries | Voya Retirement Insurance and Annuity Company | Connecticut | |||
Statutory Accounting Practices [Line Items] | |||
Dividends Permitted without Approval | 158 | 266 | 364 |
Dividends Paid | 265 | 278 | |
Extraordinary Distributions Paid | 0 | 0 | |
Subsidiaries | Security Life of Denver Insurance Company (SLD) | Colorado | |||
Statutory Accounting Practices [Line Items] | |||
Dividends Permitted without Approval | 53 | 74 | 55 |
Dividends Paid | 73 | 54 | |
Extraordinary Distributions Paid | 0 | 0 | |
Subsidiaries | ReliaStar Life Insurance Company (RLI) | Minnesota | |||
Statutory Accounting Practices [Line Items] | |||
Dividends Permitted without Approval | 0 | 0 | $ 0 |
Dividends Paid | 0 | 0 | |
Extraordinary Distributions Paid | $ 231 | $ 100 |
Insurance Subsidiaries - Captiv
Insurance Subsidiaries - Captive Reinsurance Subsidiaries (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Missouri | ||
Statutory Accounting Practices [Line Items] | ||
Prescribed practice amount | $ 623 | $ 577 |
Aggregate statutory capital and surplus, including prescribed practices | 398 | 352 |
Arizona | Security Life of Denver International Ltd | ||
Statutory Accounting Practices [Line Items] | ||
Permitted practice amount | 451 | 441 |
Arizona | VOYA Financial, Inc. / Roaring River II LLC | ||
Statutory Accounting Practices [Line Items] | ||
Permitted practice amount | $ 2,761 | $ 2,467 |
Insurance Subsidiaries - Schedu
Insurance Subsidiaries - Schedule of Surplus Notes (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
7.979% Security Life of Denver Insurance Company, due 2029 | ||
Schedule of Surplus Notes [Line Items] | ||
Surplus Notes | $ 35 | $ 35 |
6.257% Security Life of Denver International Limited, due 2034 | ||
Schedule of Surplus Notes [Line Items] | ||
Surplus Notes | 50 | 50 |
6.257% ReliaStar Life Insurance Company, due 2034 | ||
Schedule of Surplus Notes [Line Items] | ||
Surplus Notes | 175 | 175 |
6.257% Voya Retirement Insurance and Annuity Company, due 2034 | ||
Schedule of Surplus Notes [Line Items] | ||
Surplus Notes | $ 175 | $ 175 |
Employee Benefit Arrangements -
Employee Benefit Arrangements - Defined Benefit Plan (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Annual credit earned by participants, percentage of eligible compensation | 4.00% | |
30-year U.S. Treasury Securities Bond Rate Period | 30 years | |
Deferred compensation commitment | $ 305 | $ 284 |
Employee Benefit Arrangement128
Employee Benefit Arrangements - Obligations and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in plan assets: | |||
Accumulated other comprehensive (income) loss, net of tax | $ (15) | $ (26) | $ (33) |
Other Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefits obligations, beginning balance | 21 | 28 | |
Service cost | 0 | 0 | 0 |
Interest cost | 1 | 1 | 1 |
Net actuarial (gains) losses | 1 | (2) | |
Benefits paid | 3 | 3 | |
(Gain) loss recognized due to curtailment | 0 | 0 | |
Plan amendments | 0 | (3) | |
Benefits obligations, ending balance | 20 | 21 | 28 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 3 | 3 | |
Benefits paid | (3) | (3) | |
Fair value of plan assets, ending balance | 0 | 0 | 0 |
Funded status at end of the year | (20) | (21) | |
Accrued benefit cost | (20) | (21) | |
Net amount recognized | (20) | (21) | |
Prior service cost (credit) | (15) | (18) | |
Tax effect | 5 | 6 | |
Accumulated other comprehensive (income) loss, net of tax | (10) | (12) | |
Pension Plan | |||
Change in benefit obligation: | |||
Benefits obligations, beginning balance | 2,116 | 2,054 | |
Service cost | 24 | 25 | 26 |
Interest cost | 93 | 96 | 104 |
Net actuarial (gains) losses | 156 | 33 | |
Benefits paid | 98 | 92 | |
(Gain) loss recognized due to curtailment | 3 | 0 | |
Plan amendments | 0 | 0 | |
Benefits obligations, ending balance | 2,294 | 2,116 | 2,054 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 1,463 | 1,395 | |
Actual return on plan assets | 257 | 80 | |
Employer contributions | 142 | 80 | |
Benefits paid | (98) | (92) | |
Fair value of plan assets, ending balance | 1,764 | 1,463 | $ 1,395 |
Funded status at end of the year | (530) | (653) | |
Accrued benefit cost | (530) | (653) | |
Net amount recognized | (530) | (653) | |
Prior service cost (credit) | (10) | (21) | |
Tax effect | 4 | 7 | |
Accumulated other comprehensive (income) loss, net of tax | $ (6) | $ (14) |
Employee Benefit Arrangement129
Employee Benefit Arrangements - Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 2,294 | $ 2,116 | $ 2,054 |
Accumulated benefit obligation | 2,290 | 2,111 | |
Fair value of plan assets | 1,764 | 1,463 | 1,395 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 20 | 21 | 28 |
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Employee Benefit Arrangement130
Employee Benefit Arrangements - Net Periodic Benefit Costs and Other Changes in Plan Assets and Future Amortizaion of Prior Service Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: | |||
Net (gain) loss recognition | $ 15 | $ 55 | $ (63) |
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | |||
Amortization of prior service (credit) cost | 15 | 10 | 14 |
Total recognized in AOCI | 15 | 10 | 14 |
Pension Plan | |||
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: | |||
Service cost | 24 | 25 | 26 |
Interest cost | 93 | 96 | 104 |
Expected return on plan assets | (115) | (104) | (122) |
Amortization of prior service cost (credit) | (10) | (10) | (10) |
(Gain) loss recognized due to curtailment | 1 | 0 | 0 |
Net (gain) loss recognition | 14 | 57 | (62) |
Net periodic (benefit) costs | 7 | 64 | (64) |
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | |||
Amortization of prior service (credit) cost | 10 | 10 | 10 |
(Credit) cost recognized due to curtailment | 2 | 0 | 0 |
Total recognized in AOCI | 12 | 10 | 10 |
Total recognized in net periodic (benefit) costs and AOCI | 19 | 74 | (54) |
Future amortization of prior service cost (credit) | (9) | ||
Other Postretirement Benefits | |||
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1 | 1 | 1 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost (credit) | (4) | (3) | (4) |
(Gain) loss recognized due to curtailment | 0 | 0 | 0 |
Net (gain) loss recognition | 1 | (2) | (1) |
Net periodic (benefit) costs | (2) | (4) | (4) |
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | |||
Amortization of prior service (credit) cost | 4 | 0 | 4 |
(Credit) cost recognized due to curtailment | 0 | 0 | 0 |
Total recognized in AOCI | 4 | 0 | 4 |
Total recognized in net periodic (benefit) costs and AOCI | 2 | $ (4) | $ 0 |
Future amortization of prior service cost (credit) | $ (4) |
Employee Benefit Arrangement131
Employee Benefit Arrangements - Net Actuarial (Gains) Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net (gain) loss recognition | $ (15) | $ (55) | $ 63 |
Discount Rate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net (gain) loss recognition | (196) | (69) | 133 |
Asset Returns | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net (gain) loss recognition | 142 | (24) | (123) |
Mortality Table Assumptions | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net (gain) loss recognition | 14 | 22 | 32 |
Demographic Data and other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net (gain) loss recognition | $ 25 | $ 16 | $ 21 |
Employee Benefit Arrangement132
Employee Benefit Arrangements - Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligation | 3.85% | 4.55% | |
Discount rate, net benefit cost | 4.55% | 4.81% | 4.36% |
Expected rate of return on plan assets, net benefit cost | 7.50% | 7.50% | 7.50% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligation | 3.64% | 4.55% | |
Discount rate, net benefit cost | 4.55% | 4.81% | 4.36% |
Trend rate assumed for next year | 7.00% | ||
Ultimate health care cost trend rate, decrease | 5.50% | ||
Health care cost trend rate, period over which rate equals ultimate trend rate | 5 years | ||
Ultimate health care cost trend rate | 4.50% | ||
Effect on the aggregate of service and interest cost components, One Percentage Point Increase | $ 0 | ||
Effect on the aggregate of service and interest cost components, One Percentage Point Decrease | 0 | ||
Effect on accumulated postretirement benefit obligation, One Percentage Point Increase | 1 | ||
Effect on accumulated postretirement benefit obligation, One Percentage Point Decrease | $ (1) |
Employee Benefit Arrangement133
Employee Benefit Arrangements - Plan Assets, Allocation (Details) - Pension Plan | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 47.20% | 45.10% |
Equity securities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 37.00% | 37.00% |
Equity securities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 65.00% | 65.00% |
Large-cap domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 25.30% | 23.70% |
Small/Mid-cap domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 6.90% | 6.40% |
International Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 12.50% | 11.60% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 2.50% | 3.40% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 43.70% | 44.60% |
Debt securities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 30.00% | 30.00% |
Debt securities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 50.00% | 50.00% |
U.S. Treasuries, short term investments, cash and futures | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 8.00% | 6.30% |
U.S. government agencies and authorities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.10% | 4.20% |
U.S. corporate, state and municipalities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 27.40% | 29.70% |
Foreign securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.10% | 4.30% |
Other fixed maturities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 0.10% | 0.10% |
Other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 9.10% | 10.30% |
Other investments | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 6.00% | 6.00% |
Other investments | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 14.00% | 14.00% |
Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.20% | 4.80% |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.90% | 5.50% |
Employee Benefit Arrangement134
Employee Benefit Arrangements - Fair Value of Plan Assets (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)fund_asset | Dec. 31, 2016USD ($)fund_asset | Dec. 31, 2015USD ($) | |
Level 3 | Other fixed maturities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 0 | $ 0 | |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,764,000,000 | 1,463,000,000 | $ 1,395,000,000 |
Net, total pension assets, net asset value | 560,000,000 | 460,000,000 | |
Pension Plan | Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 772,000,000 | 652,000,000 | |
Net, total pension assets, net asset value | 136,000,000 | 90,000,000 | |
Pension Plan | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 7,000,000 | 2,000,000 | |
Pension Plan | Short-term investments fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 136,000,000 | 90,000,000 | |
Net, total pension assets, net asset value | 136,000,000 | 90,000,000 | |
Pension Plan | U.S. Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 73,000,000 | 61,000,000 | |
Pension Plan | U.S. corporate, state and municipalities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 483,000,000 | 435,000,000 | |
Pension Plan | Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 72,000,000 | 63,000,000 | |
Pension Plan | Other fixed maturities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,000,000 | 1,000,000 | |
Pension Plan | Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 830,000,000 | 660,000,000 | |
Net, total pension assets, net asset value | 263,000,000 | 219,000,000 | |
Pension Plan | Large-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 446,000,000 | 347,000,000 | |
Pension Plan | Small/Mid-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 121,000,000 | 94,000,000 | |
Pension Plan | International Commingled Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 220,000,000 | 170,000,000 | |
Net, total pension assets, net asset value | $ 220,000,000 | $ 170,000,000 | |
Number of Assets In Fund | fund_asset | 2 | 2 | |
Pension Plan | International Commingled Funds | Baillie Gifford Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 111,000,000 | $ 84,000,000 | |
Unfunded commitments | 0 | 0 | |
Pension Plan | International Commingled Funds | Silchester | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 109,000,000 | $ 86,000,000 | |
Number of business days prior to month-end clients must submit redemption request | 6 days | 6 days | |
Unfunded commitments | $ 0 | $ 0 | |
Pension Plan | Equity Securities, Limited Partnerships [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of Assets In Fund | fund_asset | 2 | 2 | |
Pension Plan | Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 43,000,000 | $ 49,000,000 | |
Net, total pension assets, net asset value | 43,000,000 | 49,000,000 | |
Pension Plan | Pantheon Europe | Patheon Europe | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 6,000,000 | 7,000,000 | |
Unfunded commitments | 1,000,000 | 1,000,000 | |
Pension Plan | Pantheon USA | Patheon USA | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 37,000,000 | 42,000,000 | |
Unfunded commitments | 5,000,000 | 5,000,000 | |
Pension Plan | Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 162,000,000 | 151,000,000 | |
Net, total pension assets, net asset value | 161,000,000 | 151,000,000 | |
Pension Plan | Real estate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 86,000,000 | 81,000,000 | |
Net, total pension assets, net asset value | 86,000,000 | 81,000,000 | |
Pension Plan | Real estate | UBS Trumbull Property Fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 86,000,000 | $ 81,000,000 | |
Number of business days prior to month-end clients must submit redemption request | 60 days | 60 days | |
Real return performance objective, rate of return | 5.00% | 5.00% | |
Pension Plan | Real estate | UBS Trumbull Property Fund | Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Real return performance objective, rate of return, determination period | 3 years | 3 years | |
Pension Plan | Real estate | UBS Trumbull Property Fund | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Real return performance objective, rate of return, determination period | 5 years | 5 years | |
Pension Plan | Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 75,000,000 | $ 70,000,000 | |
Net, total pension assets, net asset value | 75,000,000 | 70,000,000 | |
Pension Plan | Limited partnerships | Magnitude Institutional, Ltd. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 75,000,000 | 70,000,000 | |
Pension Plan | Other derivatives | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,000,000 | 0 | |
Pension Plan | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 648,000,000 | 504,000,000 | |
Pension Plan | Level 1 | Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 80,000,000 | 63,000,000 | |
Pension Plan | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 7,000,000 | 2,000,000 | |
Pension Plan | Level 1 | Short-term investments fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 1 | U.S. Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 73,000,000 | 61,000,000 | |
Pension Plan | Level 1 | U.S. corporate, state and municipalities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 1 | Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 1 | Other fixed maturities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 1 | Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 567,000,000 | 441,000,000 | |
Pension Plan | Level 1 | Large-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 446,000,000 | 347,000,000 | |
Pension Plan | Level 1 | Small/Mid-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 121,000,000 | 94,000,000 | |
Pension Plan | Level 1 | International Commingled Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 1 | Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 1 | Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,000,000 | 0 | |
Pension Plan | Level 1 | Real estate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 1 | Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 1 | Other derivatives | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,000,000 | 0 | |
Pension Plan | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 549,000,000 | 499,000,000 | |
Pension Plan | Level 2 | Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 549,000,000 | 499,000,000 | |
Pension Plan | Level 2 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | Short-term investments fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | U.S. Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | U.S. corporate, state and municipalities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 476,000,000 | 435,000,000 | |
Pension Plan | Level 2 | Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 72,000,000 | 63,000,000 | |
Pension Plan | Level 2 | Other fixed maturities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,000,000 | 1,000,000 | |
Pension Plan | Level 2 | Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | Large-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | Small/Mid-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | International Commingled Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | Real estate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | Other derivatives | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 7,000,000 | 0 | |
Pension Plan | Level 3 | Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 7,000,000 | 0 | |
Pension Plan | Level 3 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Short-term investments fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | U.S. Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | U.S. corporate, state and municipalities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 7,000,000 | 0 | |
Pension Plan | Level 3 | Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Large-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Small/Mid-cap domestic | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | International Commingled Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Real estate | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Limited partnerships | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Other derivatives | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 0 | $ 0 |
Employee Benefit Arrangement135
Employee Benefit Arrangements - Expected Future Contributions and Benefit Payments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 115 |
2,019 | 119 |
2,020 | 123 |
2,021 | 128 |
2,022 | 131 |
2023-2027 | 685 |
Pension Plan | Qualified pension plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer contributions next year | 0 |
Pension Plan | Nonqualified pension plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer contributions next year | 23 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 2 |
2,019 | 2 |
2,020 | 2 |
2,021 | 2 |
2,022 | 1 |
2023-2027 | 6 |
Estimated future employer contributions next year | $ 2 |
Employee Benefit Arrangement136
Employee Benefit Arrangements - Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits [Abstract] | |||
Company match, percentage | 6.00% | ||
Award vesting percentage each year | 25.00% | ||
Cost recognized for defined contribution pension plans | $ 39 | $ 38 | $ 36 |
Accumulated Other Comprehens137
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Derivatives | $ 127 | $ 258 | $ 259 |
DAC/VOBA adjustment on available-for-sale securities | (1,471) | (1,083) | (765) |
Premium deficiency reserve | (190) | (54) | 0 |
Sales inducements adjustment on available-for-sale securities | (278) | (169) | (23) |
Other | (18) | (31) | (31) |
Unrealized capital gains (losses), before tax | 3,556 | 2,367 | 1,594 |
Deferred income tax asset (liability) | (840) | (472) | (202) |
Net unrealized capital gains (losses) | 2,716 | 1,895 | 1,392 |
Pension and other post-employment benefits liability, net of tax | 15 | 26 | 33 |
AOCI | 2,731 | 1,921 | 1,425 |
Fixed maturities | |||
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Fixed maturities, net of OTTI | 5,351 | 3,413 | 2,123 |
Equity securities | |||
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Equity securities, available-for-sale | $ 35 | $ 33 | $ 31 |
Accumulated Other Comprehens138
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, [Abstract] | |||
Net unrealized gains/losses on Other | $ 13 | $ 0 | $ 0 |
OTTI | (2) | 24 | 19 |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (3) | 98 | 122 |
DAC/VOBA | (388) | (318) | 1,076 |
Premium deficiency reserve | (136) | (54) | 0 |
Sales inducements | (109) | (146) | 53 |
Change in unrealized gains/losses on available-for-sale securities | 1,320 | 774 | (2,591) |
Derivatives | (106) | 19 | 44 |
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (25) | (20) | (15) |
Change in unrealized gains/losses on derivatives | (131) | (1) | 29 |
Amortization of prior service (credit) cost | (15) | (10) | (14) |
Change in pension and other postretirement benefits liability | (15) | (10) | (14) |
Other comprehensive income (loss), before tax | 1,174 | 763 | (2,576) |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract] | |||
Net unrealized gains/losses on Other | (5) | 0 | 0 |
OTTI | 1 | (8) | (7) |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 1 | (34) | (43) |
DAC/VOBA | 150 | 111 | (377) |
Premium deficiency reserve | 48 | 20 | 0 |
Sales inducements | 39 | 50 | (18) |
Change in unrealized gains/losses on available-for-sale securities | (414) | (270) | 902 |
Derivatives | 37 | (7) | (15) |
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | 9 | 7 | 5 |
Change in unrealized gains/losses on derivatives | 46 | 0 | (10) |
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | 4 | 3 | 5 |
Change in pension and other postretirement benefits liability | 4 | 3 | 5 |
Change in Other comprehensive income (loss) | (364) | (267) | 897 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Net unrealized gains/losses on Other | 8 | 0 | 0 |
OTTI | (1) | 16 | 12 |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (2) | 64 | 79 |
DAC/VOBA | (238) | (207) | 699 |
Premium deficiency reserve | (88) | (34) | 0 |
Sales inducements | (70) | (96) | 35 |
Change in unrealized gains/losses on available-for-sale securities | 906 | 504 | (1,689) |
Derivatives | (69) | 12 | 29 |
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (16) | (13) | (10) |
Change in unrealized gains/losses on derivatives | (85) | (1) | 19 |
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (11) | (7) | (9) |
Change in pension and other postretirement benefits liability | (11) | (7) | (9) |
Other comprehensive income (loss), after tax | 810 | 496 | (1,679) |
Fixed maturities | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | 1,943 | 1,168 | (3,863) |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | (647) | (408) | 1,348 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | 1,296 | 760 | (2,515) |
Equity securities | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | 2 | 2 | 2 |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | (1) | (1) | (1) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Net unrealized gains/losses on available-for-sale securities | $ 1 | $ 1 | $ 1 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current tax expense (benefit): | |||
Federal | $ (122) | $ 122 | $ 202 |
State | 0 | 0 | (11) |
Total current tax expense (benefit) | (122) | 122 | 191 |
Deferred tax expense (benefit): | |||
Federal | 859 | (152) | (104) |
State | 3 | 1 | (3) |
Total deferred tax expense (benefit) | 862 | (151) | (107) |
Total income tax expense (benefit) | $ 740 | $ (29) | $ 84 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||||||||
Income (loss) before income taxes | $ 220 | $ 40 | $ 155 | $ 113 | $ 108 | $ (106) | $ (30) | $ 38 | $ 528 | $ 10 | $ 476 |
Tax rate | 35.00% | 35.00% | 35.00% | ||||||||
Income tax expense (benefit) at federal statutory rate | $ 185 | $ 4 | $ 167 | ||||||||
Valuation allowance | (28) | 1 | (14) | ||||||||
Dividends received deduction | (43) | (37) | (33) | ||||||||
State tax expense (benefit) | 4 | (16) | 2 | ||||||||
Noncontrolling interest | (70) | (10) | (46) | ||||||||
Tax credits | 14 | 10 | 7 | ||||||||
Non-deductible expenses | 2 | 2 | 3 | ||||||||
Expirations of federal tax capital loss carryforward | 2 | 17 | 0 | ||||||||
Effect of Tax Reform | 679 | 0 | 0 | ||||||||
Other | (5) | 0 | (2) | ||||||||
Total income tax expense (benefit) | $ 740 | $ (29) | $ 84 | ||||||||
Effective tax rate | 140.20% | (290.00%) | 17.60% | ||||||||
Effect of Tax Reform | |||||||||||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||||||||
Effect of Tax Reform | $ (283) |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Federal and state loss carryforwards | $ 1,030 | $ 1,525 |
Investments | 1,440 | 2,531 |
Compensation and benefits | 369 | 548 |
Other assets | 330 | 397 |
Total gross assets before valuation allowance | 3,169 | 5,001 |
Less: Valuation allowance | 653 | 964 |
Assets, net of valuation allowance | 2,516 | 4,037 |
Net unrealized investment gains | (824) | (980) |
Insurance reserves | (342) | (301) |
Deferred policy acquisition costs | (556) | (1,151) |
Other liabilities | (13) | (35) |
Total gross liabilities | (1,735) | (2,467) |
Net deferred income tax asset (liability) | $ 781 | $ 1,570 |
Income Taxes - Tax Credit and L
Income Taxes - Tax Credit and Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Operating Loss Carryforwards [Line Items] | ||
Tax capital loss/credit carryforward | $ 254 | $ 268 |
Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 4,410 | 4,112 |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 2,228 | 2,209 |
Capital loss carryforwards | Internal Revenue Service (IRS) | ||
Operating Loss Carryforwards [Line Items] | ||
Tax capital loss/credit carryforward | 30 | $ 58 |
Alternative minimum tax | ||
Operating Loss Carryforwards [Line Items] | ||
Tax capital loss/credit carryforward | $ 220 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | |||
Unrecognized tax benefits, balance | $ 36 | $ 45 | $ 62 |
Additions for tax positions related to current year | 2 | 3 | 3 |
Additions for tax positions related to prior years | 0 | 0 | 0 |
Reductions for tax positions related to prior years | 0 | (7) | (18) |
Reductions for settlements with taxing authorities | 0 | (1) | (2) |
Reductions for expiring statutes | (1) | (4) | 0 |
Unrecognized tax benefits, balance | 37 | 36 | 45 |
Unrecognized tax benefits that would affect effective rate | $ 8 | $ 8 | $ 9 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||
Limit on NOL Carryforward Deduction | 80.00% | |||
Valuation allowance | $ 653 | $ 964 | ||
Change in valuation allowance | 311 | (1) | $ 9 | |
Accrued interest and penalties related to unrecognized tax | 1 | 1 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 0 | 0 | (6) | |
Unrecognized tax benefits | 37 | 36 | 45 | $ 62 |
Deferred Tax Asset, Operating Loss Carryforward | ||||
Income Tax Contingency [Line Items] | ||||
Valuation allowance | 1,007 | 1,318 | ||
Change in valuation allowance | (6) | 14 | ||
Deferred Tax Asset, Capital Loss Carryforward | ||||
Income Tax Contingency [Line Items] | ||||
Valuation allowance | (354) | (354) | ||
Change in valuation allowance | 5 | $ (5) | ||
Valuation allowance on deferred tax assets | ||||
Income Tax Contingency [Line Items] | ||||
Valuation allowance | $ 653 | $ 964 |
Financing Agreements - Long-ter
Financing Agreements - Long-term Debt (Details) - USD ($) | Jan. 23, 2018 | May 16, 2013 | Dec. 31, 2017 | Jan. 24, 2018 | Jul. 05, 2017 | Dec. 31, 2016 | Jun. 13, 2016 | Mar. 17, 2015 | Jul. 26, 2013 | Feb. 11, 2013 | Jul. 13, 2012 | Jun. 16, 2007 |
Debt Instrument [Line Items] | ||||||||||||
Minimum net worth required for compliance | $ 3,000,000,000 | |||||||||||
Total | $ 3,460,000,000 | $ 3,550,000,000 | ||||||||||
Current portion of long-term debt | 337,000,000 | 0 | ||||||||||
Long-term debt | 3,123,000,000 | $ 3,550,000,000 | ||||||||||
1.00% Windsor Property Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Collateral Amount | $ 5,000,000 | |||||||||||
debt instrument, default penalty, percentage | 2.50% | |||||||||||
2.9% Senior Notes, due 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Annual interest rate on loan | 2.90% | 2.90% | ||||||||||
Debentures | 7.25% Voya Holdings Inc. debentures, due 2023(1) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total | $ 143,000,000 | $ 143,000,000 | ||||||||||
Annual interest rate on loan | 7.25% | 7.25% | ||||||||||
Debentures | 7.63% Voya Holdings Inc. debentures, due 2026(1) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total | $ 186,000,000 | $ 186,000,000 | ||||||||||
Annual interest rate on loan | 7.63% | 7.63% | ||||||||||
Debentures | 6.97% Voya Holdings Inc. debentures, due 2036(1) | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total | $ 94,000,000 | $ 94,000,000 | ||||||||||
Annual interest rate on loan | 6.97% | 6.97% | ||||||||||
Notes Payable | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total | $ 14,000,000 | $ 14,000,000 | ||||||||||
Annual interest rate on loan | 8.42% | 8.42% | ||||||||||
Property Loan | 1.00% Windsor Property Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of unsecured notes issued | $ 10,000,000 | |||||||||||
Total | $ 5,000,000 | $ 5,000,000 | ||||||||||
Annual interest rate on loan | 1.00% | 1.00% | ||||||||||
Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Annual interest rate on loan | 1.875% | |||||||||||
Senior Notes | 5.5% Senior Notes, due 2022 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of unsecured notes issued | $ 850,000,000 | |||||||||||
Total | $ 361,000,000 | $ 361,000,000 | ||||||||||
Annual interest rate on loan | 5.50% | 5.50% | 5.50% | |||||||||
Senior Notes | 2.9% Senior Notes, due 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of unsecured notes issued | $ 337,000,000 | $ 1,000,000,000 | ||||||||||
Total | $ 337,000,000 | $ 825,000,000 | ||||||||||
Annual interest rate on loan | 2.90% | 2.90% | 2.90% | |||||||||
Senior Notes | 5.7% Senior Notes, due 2043 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of unsecured notes issued | $ 400,000,000 | |||||||||||
Total | $ 395,000,000 | $ 394,000,000 | ||||||||||
Annual interest rate on loan | 5.70% | 5.70% | 5.70% | |||||||||
Senior Notes | 3.65% Senior Notes, due 2026 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of unsecured notes issued | $ 500,000,000 | |||||||||||
Total | $ 495,000,000 | $ 494,000,000 | ||||||||||
Annual interest rate on loan | 3.65% | 3.65% | 3.65% | |||||||||
Senior Notes | 4.8% Senior Notes, due 2046 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of unsecured notes issued | $ 300,000,000 | |||||||||||
Total | $ 296,000,000 | $ 296,000,000 | ||||||||||
Annual interest rate on loan | 4.80% | 4.80% | 4.80% | |||||||||
Senior Notes | 3.125% Senior Notes, due 2024 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount of unsecured notes issued | $ 400,000,000 | |||||||||||
Total | $ 396,000,000 | $ 0 | ||||||||||
Annual interest rate on loan | 3.125% | 3.125% | 0.00% | |||||||||
Junior Subordinated Notes | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Aggregate Principal Amount to Remain Outstanding after Effect of Redemption | $ 25,000,000 | |||||||||||
Amount of unsecured notes issued | $ 750,000,000 | |||||||||||
Total | $ 738,000,000 | $ 738,000,000 | ||||||||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% | |||||||||
Description of variable rate basis | LIBOR | |||||||||||
Basis spread | 3.58% | |||||||||||
Subsequent event | Junior Subordinated Notes | 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Aggregate Principal Amount to Remain Outstanding after Effect of Redemption | $ 25,000,000 | |||||||||||
Amount of unsecured notes issued | $ 350,000,000 | |||||||||||
debt redemption price, percentage | 102.00% | |||||||||||
Annual interest rate on loan | 4.70% | |||||||||||
Description of variable rate basis | LIBOR | |||||||||||
Basis spread | 2.084% | |||||||||||
Revolving Credit Agreement | Subsequent event | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Minimum net worth required for compliance | $ 6,000,000,000 |
Financing Agreements - Addition
Financing Agreements - Additional Information (Detail) - USD ($) | Jan. 23, 2018 | Jan. 16, 2018 | Jul. 05, 2017 | Mar. 17, 2015 | May 16, 2013 | Nov. 30, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 24, 2018 | Jul. 12, 2017 | Jun. 13, 2016 | May 06, 2016 | Feb. 14, 2014 | Jul. 26, 2013 | Feb. 11, 2013 | Jul. 13, 2012 | Jun. 16, 2007 |
Debt Instrument [Line Items] | ||||||||||||||||||
Period delinquent payment must be cured to avoid put option | 30 days | |||||||||||||||||
Minimum net worth required for compliance | $ 3,000,000,000 | |||||||||||||||||
Long-term debt | $ 3,460,000,000 | $ 3,550,000,000 | ||||||||||||||||
Capacity | 6,872,000,000 | |||||||||||||||||
Payments of financing costs | 50,000,000 | 46,000,000 | $ 89,000,000 | |||||||||||||||
Credit facility, outstanding | 3,197,000,000 | |||||||||||||||||
Business agreement, term of agreement | 10 years | |||||||||||||||||
Put option agreement, face amount | $ 500,000,000 | |||||||||||||||||
ING Group | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Guarantor obligations, current value | 426,000,000 | |||||||||||||||||
Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Annual interest rate on loan | 1.875% | |||||||||||||||||
Revolving Credit Agreement | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Credit facility, outstanding | $ 0 | |||||||||||||||||
Debentures | Interest expense | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss related to early extinguishment of debt | $ (17,000,000) | |||||||||||||||||
7.25% Voya Holdings Inc. debentures, due 2023(1) | Debentures | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Annual interest rate on loan | 7.25% | 7.25% | ||||||||||||||||
Debt repayments | $ 17,000,000 | |||||||||||||||||
Long-term debt | $ 143,000,000 | $ 143,000,000 | ||||||||||||||||
7.63% Voya Holdings Inc. debentures, due 2026(1) | Debentures | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Annual interest rate on loan | 7.63% | 7.63% | ||||||||||||||||
Debt repayments | $ 16,000,000 | |||||||||||||||||
Long-term debt | $ 186,000,000 | $ 186,000,000 | ||||||||||||||||
5.5% Senior Notes, due 2022 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount of unsecured notes issued | $ 850,000,000 | |||||||||||||||||
Annual interest rate on loan | 5.50% | 5.50% | 5.50% | |||||||||||||||
Debt repayments | $ 487,000,000 | |||||||||||||||||
Long-term debt | $ 361,000,000 | $ 361,000,000 | ||||||||||||||||
2.9% Senior Notes, due 2018 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Annual interest rate on loan | 2.90% | 2.90% | ||||||||||||||||
2.9% Senior Notes, due 2018 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount of unsecured notes issued | $ 337,000,000 | $ 1,000,000,000 | ||||||||||||||||
Annual interest rate on loan | 2.90% | 2.90% | 2.90% | |||||||||||||||
Debt repayments | $ 90,000,000 | $ 173,000,000 | ||||||||||||||||
Debt Instrument, Repurchase Amount | $ 400,000,000 | |||||||||||||||||
Long-term debt | 337,000,000 | 825,000,000 | ||||||||||||||||
2.9% Senior Notes, due 2018 | Senior Notes | Interest expense | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss related to early extinguishment of debt | (4,000,000) | |||||||||||||||||
Five Point Five Percent Senior Notes, due 2022 and Two Point Nine Percent Senior Notes, due 2018 | Senior Notes | Interest expense | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss related to early extinguishment of debt | $ (88,000,000) | |||||||||||||||||
Voya Holdings Debentures | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term debt | $ 426,000,000 | |||||||||||||||||
6.97% Voya Holdings Inc. debentures, due 2036(1) | Debentures | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Annual interest rate on loan | 6.97% | 6.97% | ||||||||||||||||
Debt repayments | $ 15,000,000 | |||||||||||||||||
Long-term debt | $ 94,000,000 | $ 94,000,000 | ||||||||||||||||
1.00% Windsor Property Loan | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
debt instrument, default penalty, percentage | 2.50% | |||||||||||||||||
Cash collateral balance required or remaining | $ 5,000,000 | |||||||||||||||||
1.00% Windsor Property Loan | Loans Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount of unsecured notes issued | $ 10,000,000 | |||||||||||||||||
Annual interest rate on loan | 1.00% | 1.00% | ||||||||||||||||
Letter of credit, security provided as repayment of notes payable | $ 11,000,000 | |||||||||||||||||
Long-term debt | $ 5,000,000 | $ 5,000,000 | ||||||||||||||||
5.7% Senior Notes, due 2043 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount of unsecured notes issued | $ 400,000,000 | |||||||||||||||||
Annual interest rate on loan | 5.70% | 5.70% | 5.70% | |||||||||||||||
Long-term debt | $ 395,000,000 | $ 394,000,000 | ||||||||||||||||
Pre-Capitalized Trust | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Annual interest rate on loan | 3.976% | |||||||||||||||||
3.65% Senior Notes, due 2026 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount of unsecured notes issued | $ 500,000,000 | |||||||||||||||||
Annual interest rate on loan | 3.65% | 3.65% | 3.65% | |||||||||||||||
Long-term debt | $ 495,000,000 | $ 494,000,000 | ||||||||||||||||
4.8% Senior Notes, due 2046 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount of unsecured notes issued | $ 300,000,000 | |||||||||||||||||
Annual interest rate on loan | 4.80% | 4.80% | 4.80% | |||||||||||||||
Long-term debt | $ 296,000,000 | $ 296,000,000 | ||||||||||||||||
3.125% Senior Notes, due 2024 | Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount of unsecured notes issued | $ 400,000,000 | |||||||||||||||||
Annual interest rate on loan | 3.125% | 3.125% | 0.00% | |||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 395,000,000 | |||||||||||||||||
Long-term debt | $ 396,000,000 | $ 0 | ||||||||||||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | Junior Subordinated Notes (2053 Notes) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount of unsecured notes issued | $ 750,000,000 | |||||||||||||||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% | |||||||||||||||
Long-term debt | $ 738,000,000 | $ 738,000,000 | ||||||||||||||||
Description of variable rate basis | LIBOR | |||||||||||||||||
Basis spread | 3.58% | |||||||||||||||||
Aggregate principal amount to remain outstanding after effect of redemption | $ 25,000,000 | |||||||||||||||||
Aetna Notes | Voya Holdings Debentures | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Minimum principal outstanding in year one | 200,000,000 | |||||||||||||||||
Minimum principal outstanding in year two | 100,000,000 | |||||||||||||||||
Minimum principal outstanding in year three | 0 | |||||||||||||||||
Cash collateral balance required or remaining | 231,000,000 | 127,000,000 | ||||||||||||||||
Cash collateral deposited for debt | $ 104,000,000 | 50,000,000 | ||||||||||||||||
Aetna Notes | Voya Holdings Debentures | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Quarterly fee to guarantor of notes if minimum principal balance is not met | 0.75% | |||||||||||||||||
Cash collateral balance required or remaining | $ 226,000,000 | $ 127,000,000 | ||||||||||||||||
Aetna Notes | Voya Holdings Debentures | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Quarterly fee to guarantor of notes if minimum principal balance is not met | 1.25% | |||||||||||||||||
Unsecured and Uncommitted | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Capacity | $ 496,000,000 | |||||||||||||||||
Credit facility, outstanding | 214,000,000 | |||||||||||||||||
Revolving Credit Agreement | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Capacity | $ 2,250,000,000 | $ 3,000,000,000 | ||||||||||||||||
Credit facility, sublimit, maximum borrowing capacity | 750,000,000 | |||||||||||||||||
Unsecured and Committed | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Capacity | 6,171,000,000 | |||||||||||||||||
Credit facility, outstanding | 2,787,000,000 | |||||||||||||||||
Secured facilities | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Capacity | 205,000,000 | |||||||||||||||||
Credit facility, outstanding | $ 196,000,000 | |||||||||||||||||
Subsequent event | 7.63% Voya Holdings Inc. debentures, due 2026(1) | Debentures | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Repurchase Amount | $ 10,000,000 | |||||||||||||||||
Subsequent event | 7.63% Voya Holdings Inc. debentures, due 2026(1) | Debentures | Interest expense | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Loss related to early extinguishment of debt | $ (3,000,000) | |||||||||||||||||
Subsequent event | 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 | Junior Subordinated Notes (2053 Notes) | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount of unsecured notes issued | $ 350,000,000 | |||||||||||||||||
Annual interest rate on loan | 4.70% | |||||||||||||||||
Description of variable rate basis | LIBOR | |||||||||||||||||
Basis spread | 2.084% | |||||||||||||||||
Aggregate principal amount to remain outstanding after effect of redemption | $ 25,000,000 | |||||||||||||||||
Subsequent event | Revolving Credit Agreement | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Minimum net worth required for compliance | $ 6,000,000,000 | |||||||||||||||||
Capacity | $ 1,250,000,000 |
Financing Agreements - Future P
Financing Agreements - Future Principal Payments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 337 |
2,019 | 1 |
2,020 | 1 |
2,021 | 1 |
2,022 | 364 |
Thereafter | 2,792 |
Total | $ 3,496 |
Financing Agreements - Credit F
Financing Agreements - Credit Facilities (Details) - USD ($) | Jan. 24, 2018 | Dec. 31, 2017 | May 06, 2016 | Sep. 30, 2015 | Mar. 17, 2015 | Feb. 14, 2014 |
Line of Credit Facility [Line Items] | ||||||
Capacity | $ 6,872,000,000 | |||||
Utilization | 3,197,000,000 | |||||
Unused Commitment | 3,384,000,000 | |||||
Minimum net worth required for compliance | $ 3,000,000,000 | |||||
Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 6,171,000,000 | |||||
Utilization | 2,787,000,000 | |||||
Unused Commitment | 3,384,000,000 | |||||
Secured facilities | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 205,000,000 | |||||
Utilization | 196,000,000 | |||||
Unused Commitment | 0 | |||||
Unsecured and Uncommitted | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 496,000,000 | |||||
Utilization | 214,000,000 | |||||
Unused Commitment | 0 | |||||
Revolving Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | $ 2,250,000,000 | $ 3,000,000,000 | ||||
Security Life of Denver International Limited | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 61,000,000 | |||||
Utilization | 61,000,000 | |||||
Unused Commitment | 0 | |||||
Voya Financial, Inc. | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 2,250,000,000 | |||||
Utilization | 0 | |||||
Unused Commitment | 2,250,000,000 | |||||
Security Life of Denver International Limited | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 175,000,000 | |||||
Utilization | 175,000,000 | |||||
Unused Commitment | 0 | |||||
Voya Financial, Inc. / Langhorne I, LLC | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 500,000,000 | |||||
Utilization | 0 | |||||
Unused Commitment | 500,000,000 | |||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 475,000,000 | |||||
Utilization | 475,000,000 | |||||
Unused Commitment | 0 | |||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 1,525,000,000 | |||||
Utilization | 1,292,000,000 | |||||
Unused Commitment | 233,000,000 | |||||
Voya Financial, Inc. | Secured facilities | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 195,000,000 | |||||
Utilization | 195,000,000 | |||||
Unused Commitment | 0 | |||||
Voya Financial, Inc. | Unsecured and Uncommitted | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 1,000,000 | |||||
Utilization | 1,000,000 | |||||
Unused Commitment | 0 | |||||
Voya Financial, Inc. | Secured facilities | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 10,000,000 | |||||
Utilization | 1,000,000 | |||||
Unused Commitment | 0 | |||||
Voya Financial, Inc. / Roaring River LLC | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 425,000,000 | |||||
Utilization | 328,000,000 | |||||
Unused Commitment | 97,000,000 | |||||
Voya Financial, Inc. / Roaring River IV, LLC | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 565,000,000 | |||||
Utilization | 295,000,000 | |||||
Unused Commitment | 270,000,000 | |||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | $ 2,900,000,000 | |||||
Voya Financial, Inc. / Security Life of Denver International Limited | Unsecured and Uncommitted | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 300,000,000 | |||||
Utilization | 45,000,000 | |||||
Unused Commitment | 0 | |||||
Voya Financial, Inc. | Unsecured and Committed | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 195,000,000 | |||||
Utilization | 161,000,000 | |||||
Unused Commitment | 34,000,000 | |||||
Voya Financial, Inc. | Unsecured and Uncommitted | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | 195,000,000 | |||||
Utilization | 168,000,000 | |||||
Unused Commitment | $ 0 | |||||
Subsequent event | Revolving Credit Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Capacity | $ 1,250,000,000 | |||||
Minimum net worth required for compliance | $ 6,000,000,000 | |||||
minimum net worth required, percentage | 75.00% |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases, rent expense | $ 34 | $ 34 | $ 40 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,018 | 29 | ||
2,019 | 27 | ||
2,020 | 24 | ||
2,021 | 23 | ||
2,022 | 23 | ||
Thereafter | 39 | ||
Total minimum lease payments | $ 165 |
Commitments and Contingencie150
Commitments and Contingencies - Narrative (Details) $ in Millions | Feb. 09, 2016USD ($) | Dec. 12, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Loss Contingencies [Line Items] | ||||
Undiscounted liability of future guaranty fund assessments | $ 6 | $ 12 | ||
Future credits to premium taxes | 19 | 21 | ||
Fixed maturity collateral pledged to FHLB | 602 | 405 | ||
Possible losses in excess of amounts accrued | 75 | |||
Amount of previously accrued interest subject to full or partial reversal if cumulative fund performance is not maintained | 66 | 31 | ||
Previously accrued carried interest reversed | 25 | 30 | ||
Federal Home Loan Bank Borrowings | Line of Credit | ||||
Loss Contingencies [Line Items] | ||||
Fixed maturity collateral pledged to FHLB | 602 | $ 405 | ||
Purchase of mortgage loans | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | 369 | |||
Investment purchase commitment | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | 1,212 | |||
Investment purchase commitment | VOEs | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | $ 325 | |||
Beeson et al. | ||||
Loss Contingencies [Line Items] | ||||
Number of plaintiffs | 34 | |||
Other Plantiffs [Member] | Beeson et al. | ||||
Loss Contingencies [Line Items] | ||||
Amount of damages awarded | $ 37 | |||
Fireman's Fund | Beeson et al. | ||||
Loss Contingencies [Line Items] | ||||
Amount of damages awarded | $ 13 | |||
Held for sale | Purchase of mortgage loans | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | $ 202 | |||
Held for sale | Investment purchase commitment | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | $ 400 |
Commitments and Contingencie151
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Loss Contingencies [Line Items] | ||
Fixed maturity collateral pledged to FHLB | $ 602 | $ 405 |
FHLB restricted stock | 67 | 33 |
Other fixed maturities-state deposits | 175 | 197 |
Securities pledged | 2,087 | 1,409 |
Total restricted assets | 2,931 | 2,044 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 1,854 | 1,133 |
Fair value of securities delivered as collateral | 233 | 276 |
Line of Credit | Federal Home Loan Bank Borrowings | ||
Loss Contingencies [Line Items] | ||
Fixed maturity collateral pledged to FHLB | 602 | 405 |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 501 | $ 300 |
Consolidated Investment Enti152
Consolidated Investment Entities - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)fundentityCLO | Dec. 31, 2016USD ($)fundentityCLO | |
Variable Interest Entity [Line Items] | ||
Assets of consolidated investment entities | $ 3,176 | $ 4,056 |
Consolidated collateral loan obligations | CLO | 4 | 6 |
Consolidated funds | fund | 14 | 13 |
Number of investment funds accounted for as voting interest entity | fund | 0 | |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 1,705 | $ 2,495 |
Number of deconsolidated investment entities | entity | 4 | 2 |
Parent Issuer | ||
Variable Interest Entity [Line Items] | ||
Assets of consolidated investment entities | $ 442 | $ 587 |
Consolidated Investment Enti153
Consolidated Investment Entities - Consolidation of Investment Entities into the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | $ 3,176 | $ 4,056 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 1,705 | 2,495 |
Assets: | ||
Total investments and cash | 67,305 | 65,879 |
Other assets | 15,394 | 15,756 |
Assets held in consolidated investment entities | 3,176 | 4,056 |
Assets held in separate accounts | 77,605 | 66,185 |
Assets held for sale | 59,052 | 62,709 |
Total assets | 222,532 | 214,585 |
Liabilities and Shareholders' Equity: | ||
Future policy benefits and contract owner account balances | 65,805 | 64,848 |
Other liabilities | 8,101 | 7,513 |
Liabilities held in consolidated investment entities | 1,705 | 2,495 |
Liabilities related to separate accounts | 77,605 | 66,185 |
Liabilities held for sale | 58,277 | 59,576 |
Total liabilities | 211,493 | 200,617 |
Equity attributable to common shareholders | 10,009 | 12,995 |
Appropriated-consolidated investment entities | 0 | 0 |
Noncontrolling interest | 1,030 | 973 |
Total liabilities and shareholder's equity | 222,532 | 214,585 |
Before Consolidation | ||
Assets: | ||
Total investments and cash | 67,709 | 66,466 |
Other assets | 15,431 | 15,757 |
Assets held in consolidated investment entities | 0 | 0 |
Assets held in separate accounts | 77,605 | 66,185 |
Assets held for sale | 59,052 | 62,709 |
Total assets | 219,797 | 211,117 |
Liabilities and Shareholders' Equity: | ||
Future policy benefits and contract owner account balances | 65,805 | 64,848 |
Other liabilities | 8,101 | 7,513 |
Liabilities held in consolidated investment entities | 0 | 0 |
Liabilities related to separate accounts | 77,605 | 66,185 |
Liabilities held for sale | 58,277 | 59,576 |
Total liabilities | 209,788 | 198,122 |
Equity attributable to common shareholders | 10,009 | 12,995 |
Noncontrolling interest | 0 | 0 |
Total liabilities and shareholder's equity | 219,797 | 211,117 |
CLOs | ||
Assets: | ||
Total investments and cash | 0 | 0 |
Other assets | 0 | 0 |
Assets held in consolidated investment entities | 1,163 | 2,054 |
Assets held in separate accounts | 0 | 0 |
Assets held for sale | 0 | 0 |
Total assets | 1,163 | 2,054 |
Liabilities and Shareholders' Equity: | ||
Future policy benefits and contract owner account balances | 0 | 0 |
Other liabilities | 0 | 0 |
Liabilities held in consolidated investment entities | 1,163 | 2,054 |
Liabilities related to separate accounts | 0 | 0 |
Liabilities held for sale | 0 | 0 |
Total liabilities | 1,163 | 2,054 |
Equity attributable to common shareholders | 0 | 0 |
Noncontrolling interest | 0 | 0 |
Total liabilities and shareholder's equity | 1,163 | 2,054 |
VOEs and LPs | ||
Assets: | ||
Total investments and cash | 0 | 0 |
Other assets | 0 | 0 |
Assets held in consolidated investment entities | 2,013 | 2,002 |
Assets held in separate accounts | 0 | 0 |
Assets held for sale | 0 | 0 |
Total assets | 2,013 | 2,002 |
Liabilities and Shareholders' Equity: | ||
Future policy benefits and contract owner account balances | 0 | 0 |
Other liabilities | 0 | 0 |
Liabilities held in consolidated investment entities | 587 | 459 |
Liabilities related to separate accounts | 0 | 0 |
Liabilities held for sale | 0 | 0 |
Total liabilities | 587 | 459 |
Equity attributable to common shareholders | 1,426 | 1,543 |
Noncontrolling interest | 0 | 0 |
Total liabilities and shareholder's equity | 2,013 | 2,002 |
CLOs Adjustments | ||
Assets: | ||
Total investments and cash | (8) | (17) |
Other assets | (36) | 0 |
Assets held in consolidated investment entities | 0 | 0 |
Assets held in separate accounts | 0 | 0 |
Assets held for sale | 0 | 0 |
Total assets | (44) | (17) |
Liabilities and Shareholders' Equity: | ||
Future policy benefits and contract owner account balances | 0 | 0 |
Other liabilities | 0 | 0 |
Liabilities held in consolidated investment entities | (44) | (17) |
Liabilities related to separate accounts | 0 | 0 |
Liabilities held for sale | 0 | 0 |
Total liabilities | (44) | (17) |
Equity attributable to common shareholders | 0 | 0 |
Noncontrolling interest | 0 | 0 |
Total liabilities and shareholder's equity | (44) | (17) |
VOEs Adjustments | ||
Assets: | ||
Total investments and cash | (396) | (570) |
Other assets | (1) | (1) |
Assets held in consolidated investment entities | 0 | 0 |
Assets held in separate accounts | 0 | 0 |
Assets held for sale | 0 | 0 |
Total assets | (397) | (571) |
Liabilities and Shareholders' Equity: | ||
Future policy benefits and contract owner account balances | 0 | 0 |
Other liabilities | 0 | 0 |
Liabilities held in consolidated investment entities | (1) | (1) |
Liabilities related to separate accounts | 0 | 0 |
Liabilities held for sale | 0 | 0 |
Total liabilities | (1) | (1) |
Equity attributable to common shareholders | (1,426) | (1,543) |
Noncontrolling interest | 1,030 | 973 |
Total liabilities and shareholder's equity | (397) | (571) |
Cash and cash equivalents | ||
Assets: | ||
Assets held in consolidated investment entities | 217 | 133 |
Limited Partnerships/Corporations, at fair value | ||
Assets: | ||
Assets held in consolidated investment entities | 1,795 | 1,936 |
Other assets | ||
Assets: | ||
Assets held in consolidated investment entities | 75 | 34 |
VIEs | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 3,094 | 3,856 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 1,696 | 2,488 |
VIEs | Cash and cash equivalents | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 216 | 133 |
VIEs | Corporate loans, at fair value using the fair value option | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 1,089 | 1,921 |
VIEs | Limited Partnerships/Corporations, at fair value | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 1,714 | 1,770 |
VIEs | Other assets | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 75 | 32 |
VIEs | CLO notes, at fair value using the fair value option | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 1,047 | 1,967 |
VIEs | Other liabilities | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 649 | 521 |
VOEs | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 82 | 200 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 9 | 7 |
VOEs | Cash and cash equivalents | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 1 | 0 |
VOEs | Corporate loans, at fair value using the fair value option | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 32 |
VOEs | Limited Partnerships/Corporations, at fair value | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 81 | 166 |
VOEs | Other assets | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 2 |
VOEs | Other liabilities | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | $ 9 | $ 7 |
Consolidated Investment Enti154
Consolidated Investment Entities - Consolidation of Investment Entities into the Consolidated Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||
Net investment income | $ 3,294 | $ 3,354 | $ 3,343 | ||||||||
Fee income | 2,627 | 2,471 | 2,470 | ||||||||
Premiums | 2,121 | 2,795 | 2,554 | ||||||||
Total net realized capital gains (losses) | (227) | (363) | (560) | ||||||||
Other revenue | 371 | 342 | 385 | ||||||||
Income related to consolidated investment entities | 432 | 189 | 524 | ||||||||
Total revenues | $ 2,186 | $ 2,184 | $ 2,191 | $ 2,057 | $ 2,324 | $ 2,110 | $ 2,088 | $ 2,266 | 8,618 | 8,788 | 8,716 |
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 4,636 | 5,314 | 4,698 | ||||||||
Other expense | 3,367 | 3,358 | 3,258 | ||||||||
Operating expenses related to consolidated investment entities | 87 | 106 | 284 | ||||||||
Total benefits and expenses | 1,966 | 2,144 | 2,036 | 1,944 | 2,216 | 2,216 | 2,118 | 2,228 | 8,090 | 8,778 | 8,240 |
Income (loss) from continuing operations before income taxes | 220 | 40 | 155 | 113 | 108 | (106) | (30) | 38 | 528 | 10 | 476 |
Income tax expense (benefit) | 740 | (29) | 84 | ||||||||
Income (Loss) from continuing operations | (212) | 39 | 392 | ||||||||
Income (loss) from discontinued operations, net of tax | (2,616) | 134 | 64 | (162) | (478) | (145) | 137 | 149 | (2,580) | (337) | 146 |
Net income (loss) | (3,083) | 214 | 219 | (142) | (375) | (251) | 137 | 191 | (2,792) | (298) | 538 |
Less: Net income (loss) attributable to noncontrolling interest | 82 | 65 | 52 | 1 | 42 | 12 | (25) | 0 | 200 | 29 | 130 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (3,165) | $ 149 | $ 167 | $ (143) | $ (417) | $ (263) | $ 162 | $ 191 | (2,992) | (327) | 408 |
Before Consolidation | |||||||||||
Revenues: | |||||||||||
Net investment income | 3,391 | 3,359 | 3,373 | ||||||||
Fee income | 2,675 | 2,520 | 2,544 | ||||||||
Premiums | 2,121 | 2,795 | 2,554 | ||||||||
Total net realized capital gains (losses) | (227) | (363) | (560) | ||||||||
Other revenue | 371 | 342 | 391 | ||||||||
Income related to consolidated investment entities | 0 | 0 | 0 | ||||||||
Total revenues | 8,331 | 8,653 | 8,302 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 4,636 | 5,314 | 4,698 | ||||||||
Other expense | 3,367 | 3,358 | 3,258 | ||||||||
Operating expenses related to consolidated investment entities | 0 | 0 | 0 | ||||||||
Total benefits and expenses | 8,003 | 8,672 | 7,956 | ||||||||
Income (loss) from continuing operations before income taxes | 328 | (19) | 346 | ||||||||
Income tax expense (benefit) | 740 | (29) | 84 | ||||||||
Income (Loss) from continuing operations | (412) | 10 | 262 | ||||||||
Income (loss) from discontinued operations, net of tax | (2,580) | (337) | 146 | ||||||||
Net income (loss) | (2,992) | (327) | 408 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | (2,992) | (327) | 408 | ||||||||
CLOs | |||||||||||
Revenues: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Fee income | 0 | 0 | 0 | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Total net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Income related to consolidated investment entities | 82 | 118 | 312 | ||||||||
Total revenues | 82 | 118 | 312 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Operating expenses related to consolidated investment entities | 82 | 118 | 324 | ||||||||
Total benefits and expenses | 82 | 118 | 324 | ||||||||
Income (loss) from continuing operations before income taxes | 0 | 0 | (12) | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Income (Loss) from continuing operations | 0 | 0 | (12) | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 0 | 0 | (12) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | (12) | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 0 | 0 | 0 | ||||||||
VOEs and LPs | |||||||||||
Revenues: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Fee income | 0 | 0 | 0 | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Total net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 0 | 0 | 0 | ||||||||
Income related to consolidated investment entities | 350 | 71 | 228 | ||||||||
Total revenues | 350 | 71 | 228 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Operating expenses related to consolidated investment entities | 55 | 44 | 54 | ||||||||
Total benefits and expenses | 55 | 44 | 54 | ||||||||
Income (loss) from continuing operations before income taxes | 295 | 27 | 174 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Income (Loss) from continuing operations | 295 | 27 | 174 | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 295 | 27 | 174 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 295 | 27 | 174 | ||||||||
CLOs Adjustments | |||||||||||
Revenues: | |||||||||||
Net investment income | (2) | (7) | 2 | ||||||||
Fee income | (9) | (17) | (36) | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Total net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 0 | 0 | (5) | ||||||||
Income related to consolidated investment entities | 0 | 0 | (16) | ||||||||
Total revenues | (11) | (24) | (55) | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Operating expenses related to consolidated investment entities | (11) | (24) | (55) | ||||||||
Total benefits and expenses | (11) | (24) | (55) | ||||||||
Income (loss) from continuing operations before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Income (Loss) from continuing operations | 0 | 0 | 0 | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 0 | 0 | 0 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 0 | 0 | 0 | ||||||||
VOEs Adjustments | |||||||||||
Revenues: | |||||||||||
Net investment income | (95) | 2 | (32) | ||||||||
Fee income | (39) | (32) | (38) | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Total net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 0 | 0 | (1) | ||||||||
Income related to consolidated investment entities | 0 | 0 | 0 | ||||||||
Total revenues | (134) | (30) | (71) | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Operating expenses related to consolidated investment entities | (39) | (32) | (39) | ||||||||
Total benefits and expenses | (39) | (32) | (39) | ||||||||
Income (loss) from continuing operations before income taxes | (95) | 2 | (32) | ||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||
Income (Loss) from continuing operations | (95) | 2 | (32) | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | (95) | 2 | (32) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 200 | 29 | 142 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (295) | $ (27) | $ (174) |
Consolidated Investment Enti155
Consolidated Investment Entities - Fair Value Measurement (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||
Revolving lines of credit, capacity | $ 6,872 | |
Outstanding borrowings | 3,197 | |
VIEs | Senior secured corporate loans | ||
Variable Interest Entity [Line Items] | ||
Unpaid principal exceeds fair value, amount | $ 17 | $ 43 |
Default of collateral assets, percentage | 1.00% | 1.00% |
Weighted average maturity on debt | 8 years 4 months 24 days | |
VIEs | Senior secured corporate loans | Maximum | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 10.50% | |
VIEs | Senior secured corporate loans | LIBOR | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | LIBOR | |
VIEs | Senior secured corporate loans | LIBOR | Minimum | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 0.20% | |
VIEs | Senior secured corporate loans | LIBOR | Maximum | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 6.60% | |
VIEs | Senior secured corporate loans | EURIBOR | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | EURIBOR | |
VIEs | Senior secured corporate loans | Prime | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | PRIME | |
VOEs | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Revolving lines of credit, capacity | $ 688 | $ 597 |
Outstanding borrowings | $ 505 | 431 |
VOEs | Private Equity Funds | Minimum | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 150.00% | |
VOEs | Private Equity Funds | Maximum | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 155.00% | |
VOEs | LIBOR | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | LIBOR | |
VOEs | EURIBOR | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | EURIBOR | |
Nonconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Ownership interest in unconsolidated CLO | $ 321 | $ 110 |
Consolidated Investment Enti156
Consolidated Investment Entities - Fair Value Hierarchy (Details) - Assets measured on recurring basis - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Asset Value (NAV) | $ 1,795 | $ 1,829 |
Investments, Including Net Asset Value, Fair Value Disclosure | 3,101 | 4,022 |
Liabilities | 1,047 | 1,967 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 217 | 133 |
Liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,089 | 2,045 |
Liabilities | 1,047 | 1,967 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 15 |
Liabilities | 0 | 0 |
VIEs | Cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 216 | 133 |
VIEs | Cash and cash equivalents | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 216 | 133 |
VIEs | Cash and cash equivalents | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | Cash and cash equivalents | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | Corporate loans, at fair value using the fair value option | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,089 | 1,921 |
VIEs | Corporate loans, at fair value using the fair value option | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | Corporate loans, at fair value using the fair value option | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,089 | 1,906 |
VIEs | Corporate loans, at fair value using the fair value option | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 15 |
VIEs | Limited Partnerships/Corporations, at fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Asset Value (NAV) | 1,714 | 1,770 |
Investments, Including Net Asset Value, Fair Value Disclosure | 1,714 | 1,770 |
VIEs | Limited Partnerships/Corporations, at fair value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | |
VIEs | Limited Partnerships/Corporations, at fair value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | Limited Partnerships/Corporations, at fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VIEs | CLO notes, at fair value using the fair value option | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 1,047 | 1,967 |
VIEs | CLO notes, at fair value using the fair value option | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 0 |
VIEs | CLO notes, at fair value using the fair value option | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 1,047 | 1,967 |
VIEs | CLO notes, at fair value using the fair value option | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 0 |
VOEs | Cash and cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1 | 0 |
VOEs | Cash and cash equivalents | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1 | 0 |
VOEs | Cash and cash equivalents | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Cash and cash equivalents | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Corporate loans, at fair value using the fair value option | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 32 |
VOEs | Corporate loans, at fair value using the fair value option | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Corporate loans, at fair value using the fair value option | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 32 |
VOEs | Corporate loans, at fair value using the fair value option | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Limited Partnerships/Corporations, at fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Asset Value (NAV) | 81 | 59 |
Investments, Including Net Asset Value, Fair Value Disclosure | 81 | 166 |
VOEs | Limited Partnerships/Corporations, at fair value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
VOEs | Limited Partnerships/Corporations, at fair value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 107 |
VOEs | Limited Partnerships/Corporations, at fair value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | $ 0 | $ 0 |
Consolidated Investment Enti157
Consolidated Investment Entities - Maximum Exposure to Loss (Details) - Nonconsolidated VIEs - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fixed maturities, available-for-sale | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | $ 321 | $ 110 |
Maximum exposure to loss | 321 | 110 |
Limited partnerships/corporations, at fair value | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 784 | 759 |
Maximum exposure to loss | $ 784 | $ 759 |
Restructuring Restructuring - R
Restructuring Restructuring - Restructuring Expense by Type (Details) - 2016 Restructuring [Member] - USD ($) $ in Millions | 12 Months Ended | 17 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Severance benefits | $ 34 | $ 60 |
Asset write-off costs | 16 | 16 |
Transition costs | 17 | 17 |
Other costs | 15 | 23 |
Total restructuring expense | $ 82 | $ 116 |
Restructuring Restructuring - A
Restructuring Restructuring - Accrued Liability for Restructuring Expense (Details) - 2016 Restructuring [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2017 | $ 23 |
Provision | 71 |
Payments | (39) |
Other adjustments(1) | (5) |
Accrued liability as of December 31, 2017 | 50 |
Severance Benefits | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2017 | 21 |
Provision | 39 |
Payments | (25) |
Other adjustments(1) | (5) |
Accrued liability as of December 31, 2017 | 30 |
Transition Costs | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2017 | 0 |
Provision | 17 |
Payments | 0 |
Other adjustments(1) | 0 |
Accrued liability as of December 31, 2017 | 17 |
Other Costs | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2017 | 2 |
Provision | 15 |
Payments | (14) |
Other adjustments(1) | 0 |
Accrued liability as of December 31, 2017 | $ 3 |
Restructuring Restructuring - N
Restructuring Restructuring - Narrative (Details) - USD ($) $ in Millions | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Restructuring Cost and Reserve [Line Items] | ||||
Length of information technology services agreement (in years) | 5 years | |||
Contract Cost, Total | $ 400 | |||
Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Contract Cost, Expected Annual Cost | 70 | |||
Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Contract Cost, Expected Annual Cost | $ 90 | |||
2016 Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | $ 82 | $ 116 | ||
Transition costs | 17 | 17 | ||
Asset write-off costs | 16 | $ 16 | ||
Payments | 39 | |||
2016 Restructuring [Member] | Expected restructuring expenses through completion | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Transition costs | $ 35 | |||
Asset write-off costs | $ 16 | |||
Organizational restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 4 | |||
Payments | $ 0 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017segments | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Segments - Operating Earnings B
Segments - Operating Earnings Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from continuing operations before income taxes | $ 220 | $ 40 | $ 155 | $ 113 | $ 108 | $ (106) | $ (30) | $ 38 | $ 528 | $ 10 | $ 476 |
Income (loss) attributable to noncontrolling interests | $ 82 | $ 65 | $ 52 | $ 1 | $ 42 | $ 12 | $ (25) | $ 0 | 200 | 29 | 130 |
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating earnings before income taxes | 528 | 329 | 644 | ||||||||
Operating Segments | Retirement | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating earnings before income taxes | 456 | 450 | 471 | ||||||||
Operating Segments | Investment Management | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating earnings before income taxes | 248 | 171 | 182 | ||||||||
Operating Segments | Individual Life | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating earnings before income taxes | 92 | 59 | 173 | ||||||||
Operating Segments | Employee Benefits | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating earnings before income taxes | 127 | 126 | 146 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating earnings before income taxes | (395) | (477) | (328) | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from continuing operations before income taxes | 0 | (319) | (168) | ||||||||
Net investment gains (losses) and related charges and adjustments | (84) | (108) | (55) | ||||||||
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | 46 | 4 | (69) | ||||||||
Income (loss) related to businesses exited through reinsurance or divestment | (45) | (14) | (169) | ||||||||
Income (loss) attributable to noncontrolling interests | 200 | 29 | 130 | ||||||||
Loss related to early extinguishment of debt | (4) | (104) | (10) | ||||||||
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments | (16) | (55) | 63 | ||||||||
Other adjustments to operating earnings | $ (97) | $ (71) | $ (58) |
Segments - Operating Revenues (
Segments - Operating Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 2,186 | $ 2,184 | $ 2,191 | $ 2,057 | $ 2,324 | $ 2,110 | $ 2,088 | $ 2,266 | $ 8,618 | $ 8,788 | $ 8,716 |
Total operating revenues | 8,046 | 8,479 | 8,237 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 572 | 309 | 479 | ||||||||
Net realized investment gains (losses) and related charges and adjustments | (100) | (112) | (121) | ||||||||
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | 52 | 9 | (63) | ||||||||
Revenues related to business exited through reinsurance or divestment | 122 | 96 | 26 | ||||||||
Revenues attributable to noncontrolling interest | 286 | 133 | 414 | ||||||||
Other adjustments | 212 | 183 | 223 | ||||||||
Retirement | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 2,538 | 3,257 | 2,994 | ||||||||
Investment Management | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 731 | 627 | 622 | ||||||||
Investment Management | Intersegment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 118 | 114 | 110 | ||||||||
Individual Life | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 2,563 | 2,528 | 2,617 | ||||||||
Employee Benefits | Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | 1,767 | 1,616 | 1,507 | ||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total operating revenues | $ 447 | $ 451 | $ 497 |
Segments - Total Assets (Detail
Segments - Total Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 222,532 | $ 214,585 |
Total assets, excluding assets held for sale | 163,480 | 151,876 |
Assets held for sale | 59,052 | 62,709 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 18,685 | 18,391 |
Parent | Total Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 160,745 | 148,408 |
Consolidation of investment entities | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,735 | 3,468 |
Operating Segments | Retirement | ||
Segment Reporting Information [Line Items] | ||
Total assets | 111,476 | 100,104 |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total assets | 626 | 513 |
Operating Segments | Individual Life | ||
Segment Reporting Information [Line Items] | ||
Total assets | 27,301 | 26,851 |
Operating Segments | Employee Benefits | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,657 | $ 2,549 |
Condensed Consolidating Fina165
Condensed Consolidating Financial Information - Narrative (Details) | Dec. 31, 2017 | Jul. 05, 2017 | Dec. 31, 2016 | Jun. 13, 2016 | Mar. 17, 2015 | Jul. 26, 2013 | May 16, 2013 | Feb. 11, 2013 | Jul. 13, 2012 |
Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate on loan | 1.875% | ||||||||
5.5% Senior Notes, due 2022 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate on loan | 5.50% | 5.50% | 5.50% | ||||||
2.9% Senior Notes, due 2018 | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate on loan | 2.90% | 2.90% | |||||||
2.9% Senior Notes, due 2018 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate on loan | 2.90% | 2.90% | 2.90% | ||||||
5.7% Senior Notes, due 2043 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate on loan | 5.70% | 5.70% | 5.70% | ||||||
3.65% Senior Notes, due 2026 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate on loan | 3.65% | 3.65% | 3.65% | ||||||
4.8% Senior Notes, due 2046 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate on loan | 4.80% | 4.80% | 4.80% | ||||||
3.125% Senior Notes, due 2024 | Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate on loan | 3.125% | 3.125% | 0.00% | ||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | Junior Subordinated Notes (2053 Notes) | |||||||||
Debt Instrument [Line Items] | |||||||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% | ||||||
Voya Holdings Inc. | |||||||||
Debt Instrument [Line Items] | |||||||||
Ownership percentage by the company | 100.00% |
Condensed Consolidating Fina166
Condensed Consolidating Financial Information - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016) | $ 48,329 | $ 47,394 | ||
Fixed maturities, at fair value using the fair value option | 3,018 | 3,065 | ||
Equity securities, available-for-sale, at fair value | 380 | 258 | ||
Short-term investments | 471 | 391 | ||
Mortgage loans on real estate, net of valuation allowance | 8,686 | 8,003 | ||
Policy loans | 1,888 | 1,943 | ||
Limited partnerships/corporations | 784 | 536 | ||
Derivatives | 397 | 737 | ||
Investments in subsidiaries | 0 | 0 | ||
Other investments | 47 | 47 | ||
Securities pledged | 2,087 | 1,409 | ||
Total investments | 66,087 | 63,783 | ||
Cash and cash equivalents | 1,218 | 2,096 | $ 1,817 | |
Short-term investments under securities loan agreements, including collateral delivered | 1,626 | 586 | ||
Accrued investment income | 667 | 666 | ||
Premium receivable and reinsurance recoverable | 7,632 | 7,287 | ||
Deferred policy acquisition costs, Value of business acquired | 3,374 | 3,997 | 4,421 | $ 3,678 |
Current income taxes | 4 | 164 | ||
Deferred income taxes | 781 | 1,570 | ||
Loans to subsidiaries and affiliates | 0 | 0 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Other assets | 1,310 | 1,486 | ||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 3,176 | 4,056 | ||
Assets held in separate accounts | 77,605 | 66,185 | ||
Assets held for sale | 59,052 | 62,709 | ||
Total assets | 222,532 | 214,585 | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 15,647 | 14,575 | ||
Contract owner account balances | 50,158 | 50,273 | ||
Payables under securities loan agreement, including collateral held | 1,866 | 969 | ||
Short-term debt | 337 | 0 | ||
Long-term debt | 3,123 | 3,550 | ||
Derivatives | 149 | 297 | ||
Pension and other post-employment provisions | 550 | 674 | ||
Due to subsidiaries and affiliates | 0 | 0 | ||
Other liabilities | 2,076 | 2,023 | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 1,047 | 1,967 | ||
Other liabilities | 658 | 528 | ||
Liabilities related to separate accounts | 77,605 | 66,185 | ||
Liabilities held for sale | 58,277 | 59,576 | ||
Total liabilities | 211,493 | 200,617 | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | 10,009 | 12,995 | ||
Noncontrolling interest | 1,030 | 973 | ||
Total shareholder's equity | 11,039 | 13,968 | $ 18,562 | |
Total liabilities and shareholder's equity | 222,532 | 214,585 | ||
Limited partnerships/corporations, at fair value | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 1,795 | 1,936 | ||
Cash and cash equivalents | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 217 | 133 | ||
Corporate loans, at fair value using the fair value option | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 1,089 | 1,953 | ||
Other assets | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 75 | 34 | ||
Consolidating Adjustments | ||||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016) | (15) | (15) | ||
Fixed maturities, at fair value using the fair value option | 0 | 0 | ||
Equity securities, available-for-sale, at fair value | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Mortgage loans on real estate, net of valuation allowance | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Limited partnerships/corporations | 0 | 0 | ||
Derivatives | (97) | (112) | ||
Investments in subsidiaries | (19,911) | (25,541) | ||
Other investments | 0 | 0 | ||
Securities pledged | 0 | 0 | ||
Total investments | (20,023) | (25,668) | ||
Cash and cash equivalents | 0 | 0 | 0 | |
Short-term investments under securities loan agreements, including collateral delivered | 0 | 0 | ||
Accrued investment income | 0 | 0 | ||
Premium receivable and reinsurance recoverable | 0 | 0 | ||
Deferred policy acquisition costs, Value of business acquired | 0 | 0 | ||
Current income taxes | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Loans to subsidiaries and affiliates | (609) | (289) | ||
Due from subsidiaries and affiliates | (5) | (5) | ||
Other assets | 0 | 0 | ||
Assets related to consolidated investment entities: | ||||
Assets held in separate accounts | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Total assets | (20,637) | (25,962) | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 0 | 0 | ||
Contract owner account balances | 0 | 0 | ||
Payables under securities loan agreement, including collateral held | 0 | 0 | ||
Short-term debt | (609) | (289) | ||
Long-term debt | (15) | (15) | ||
Derivatives | (97) | (112) | ||
Pension and other post-employment provisions | 0 | 0 | ||
Due to subsidiaries and affiliates | (3) | (3) | ||
Other liabilities | (2) | (2) | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities related to separate accounts | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Total liabilities | (726) | (421) | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | (19,911) | (25,541) | ||
Noncontrolling interest | 0 | 0 | ||
Total shareholder's equity | (19,911) | (25,541) | ||
Total liabilities and shareholder's equity | (20,637) | (25,962) | ||
Consolidating Adjustments | Limited partnerships/corporations, at fair value | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Consolidating Adjustments | Cash and cash equivalents | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Consolidating Adjustments | Corporate loans, at fair value using the fair value option | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Consolidating Adjustments | Other assets | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Parent Issuer | ||||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016) | 0 | 0 | ||
Fixed maturities, at fair value using the fair value option | 0 | 0 | ||
Equity securities, available-for-sale, at fair value | 115 | 93 | ||
Short-term investments | 212 | 212 | ||
Mortgage loans on real estate, net of valuation allowance | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Limited partnerships/corporations | 0 | 0 | ||
Derivatives | 49 | 56 | ||
Investments in subsidiaries | 12,293 | 14,743 | ||
Other investments | 0 | 0 | ||
Securities pledged | 0 | 0 | ||
Total investments | 12,669 | 15,104 | ||
Cash and cash equivalents | 244 | 257 | 378 | |
Short-term investments under securities loan agreements, including collateral delivered | 11 | 11 | ||
Accrued investment income | 0 | 0 | ||
Premium receivable and reinsurance recoverable | 0 | 0 | ||
Deferred policy acquisition costs, Value of business acquired | 0 | 0 | ||
Current income taxes | 0 | 31 | ||
Deferred income taxes | 406 | 527 | ||
Loans to subsidiaries and affiliates | 191 | 278 | ||
Due from subsidiaries and affiliates | 2 | 3 | ||
Other assets | 16 | 21 | ||
Assets related to consolidated investment entities: | ||||
Assets held in separate accounts | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Total assets | 13,539 | 16,232 | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 0 | 0 | ||
Contract owner account balances | 0 | 0 | ||
Payables under securities loan agreement, including collateral held | 0 | 0 | ||
Short-term debt | 755 | 11 | ||
Long-term debt | 2,681 | 3,108 | ||
Derivatives | 49 | 56 | ||
Pension and other post-employment provisions | 0 | 0 | ||
Due to subsidiaries and affiliates | 1 | 0 | ||
Other liabilities | 44 | 62 | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities related to separate accounts | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Total liabilities | 3,530 | 3,237 | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | 10,009 | 12,995 | ||
Noncontrolling interest | 0 | 0 | ||
Total shareholder's equity | 10,009 | 12,995 | ||
Total liabilities and shareholder's equity | 13,539 | 16,232 | ||
Parent Issuer | Limited partnerships/corporations, at fair value | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Parent Issuer | Cash and cash equivalents | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Parent Issuer | Corporate loans, at fair value using the fair value option | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Parent Issuer | Other assets | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Subsidiary Guarantor | ||||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016) | 0 | 0 | ||
Fixed maturities, at fair value using the fair value option | 0 | 0 | ||
Equity securities, available-for-sale, at fair value | 0 | 0 | ||
Short-term investments | 0 | 0 | ||
Mortgage loans on real estate, net of valuation allowance | 0 | 0 | ||
Policy loans | 0 | 0 | ||
Limited partnerships/corporations | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Investments in subsidiaries | 7,618 | 10,798 | ||
Other investments | 1 | 1 | ||
Securities pledged | 0 | 0 | ||
Total investments | 7,619 | 10,799 | ||
Cash and cash equivalents | 1 | 2 | 18 | |
Short-term investments under securities loan agreements, including collateral delivered | 0 | 0 | ||
Accrued investment income | 0 | 0 | ||
Premium receivable and reinsurance recoverable | 0 | 0 | ||
Deferred policy acquisition costs, Value of business acquired | 0 | 0 | ||
Current income taxes | 6 | 9 | ||
Deferred income taxes | 22 | 37 | ||
Loans to subsidiaries and affiliates | 0 | 0 | ||
Due from subsidiaries and affiliates | 0 | 0 | ||
Other assets | 0 | 0 | ||
Assets related to consolidated investment entities: | ||||
Assets held in separate accounts | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Total assets | 7,648 | 10,847 | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 0 | 0 | ||
Contract owner account balances | 0 | 0 | ||
Payables under securities loan agreement, including collateral held | 0 | 0 | ||
Short-term debt | 68 | 211 | ||
Long-term debt | 438 | 437 | ||
Derivatives | 0 | 0 | ||
Pension and other post-employment provisions | 0 | 0 | ||
Due to subsidiaries and affiliates | 0 | 0 | ||
Other liabilities | 12 | 13 | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Liabilities related to separate accounts | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Total liabilities | 518 | 661 | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | 7,130 | 10,186 | ||
Noncontrolling interest | 0 | 0 | ||
Total shareholder's equity | 7,130 | 10,186 | ||
Total liabilities and shareholder's equity | 7,648 | 10,847 | ||
Subsidiary Guarantor | Limited partnerships/corporations, at fair value | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Subsidiary Guarantor | Cash and cash equivalents | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Subsidiary Guarantor | Corporate loans, at fair value using the fair value option | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Subsidiary Guarantor | Other assets | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 0 | 0 | ||
Non-Guarantor Subsidiaries | ||||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016) | 48,344 | 47,409 | ||
Fixed maturities, at fair value using the fair value option | 3,018 | 3,065 | ||
Equity securities, available-for-sale, at fair value | 265 | 165 | ||
Short-term investments | 259 | 179 | ||
Mortgage loans on real estate, net of valuation allowance | 8,686 | 8,003 | ||
Policy loans | 1,888 | 1,943 | ||
Limited partnerships/corporations | 784 | 536 | ||
Derivatives | 445 | 793 | ||
Investments in subsidiaries | 0 | 0 | ||
Other investments | 46 | 46 | ||
Securities pledged | 2,087 | 1,409 | ||
Total investments | 65,822 | 63,548 | ||
Cash and cash equivalents | 973 | 1,837 | $ 1,421 | |
Short-term investments under securities loan agreements, including collateral delivered | 1,615 | 575 | ||
Accrued investment income | 667 | 666 | ||
Premium receivable and reinsurance recoverable | 7,632 | 7,287 | ||
Deferred policy acquisition costs, Value of business acquired | 3,374 | 3,997 | ||
Current income taxes | (2) | 124 | ||
Deferred income taxes | 353 | 1,006 | ||
Loans to subsidiaries and affiliates | 418 | 11 | ||
Due from subsidiaries and affiliates | 3 | 2 | ||
Other assets | 1,294 | 1,465 | ||
Assets related to consolidated investment entities: | ||||
Assets held in separate accounts | 77,605 | 66,185 | ||
Assets held for sale | 59,052 | 62,709 | ||
Total assets | 221,982 | 213,468 | ||
Liabilities and Shareholders' Equity: | ||||
Future policy benefits | 15,647 | 14,575 | ||
Contract owner account balances | 50,158 | 50,273 | ||
Payables under securities loan agreement, including collateral held | 1,866 | 969 | ||
Short-term debt | 123 | 67 | ||
Long-term debt | 19 | 20 | ||
Derivatives | 197 | 353 | ||
Pension and other post-employment provisions | 550 | 674 | ||
Due to subsidiaries and affiliates | 2 | 3 | ||
Other liabilities | 2,022 | 1,950 | ||
Liabilities related to consolidated investment entities: | ||||
Collateralized loan obligations notes, at fair value using the fair value option | 1,047 | 1,967 | ||
Other liabilities | 658 | 528 | ||
Liabilities related to separate accounts | 77,605 | 66,185 | ||
Liabilities held for sale | 58,277 | 59,576 | ||
Total liabilities | 208,171 | 197,140 | ||
Shareholders' equity: | ||||
Total Voya Financial, Inc. shareholders' equity | 12,781 | 15,355 | ||
Noncontrolling interest | 1,030 | 973 | ||
Total shareholder's equity | 13,811 | 16,328 | ||
Total liabilities and shareholder's equity | 221,982 | 213,468 | ||
Non-Guarantor Subsidiaries | Limited partnerships/corporations, at fair value | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 1,795 | 1,936 | ||
Non-Guarantor Subsidiaries | Cash and cash equivalents | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 217 | 133 | ||
Non-Guarantor Subsidiaries | Corporate loans, at fair value using the fair value option | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | 1,089 | 1,953 | ||
Non-Guarantor Subsidiaries | Other assets | ||||
Assets related to consolidated investment entities: | ||||
Assets held in consolidated investment entities | $ 75 | $ 34 |
Condensed Consolidating Fina167
Condensed Consolidating Financial Information - Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||
Net investment income | $ 3,294 | $ 3,354 | $ 3,343 | ||||||||
Fee income | 2,627 | 2,471 | 2,470 | ||||||||
Premiums | 2,121 | 2,795 | 2,554 | ||||||||
Net realized capital gains (losses): | |||||||||||
Total other-than-temporary impairments | (30) | (32) | (78) | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | (9) | 2 | 5 | ||||||||
Net other-than-temporary impairments recognized in earnings | (21) | (34) | (83) | ||||||||
Other net realized capital gains (losses) | (206) | (329) | (477) | ||||||||
Total net realized capital gains (losses) | (227) | (363) | (560) | ||||||||
Other revenue | 371 | 342 | 385 | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 432 | 189 | 551 | ||||||||
Changes in fair value related to collateralized loan obligations | 0 | 0 | (27) | ||||||||
Total revenues | $ 2,186 | $ 2,184 | $ 2,191 | $ 2,057 | $ 2,324 | $ 2,110 | $ 2,088 | $ 2,266 | 8,618 | 8,788 | 8,716 |
Benefits and expenses: | |||||||||||
Policyholder benefits | 3,030 | 3,710 | 3,161 | ||||||||
Interest credited to contract owner account balances | 1,606 | 1,604 | 1,537 | ||||||||
Operating expenses | 2,654 | 2,655 | 2,684 | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 529 | 415 | 377 | ||||||||
Interest expense | 184 | 288 | 197 | ||||||||
Operating expenses related to consolidated investment entities | 87 | 106 | 284 | ||||||||
Interest expense | 80 | 102 | 272 | ||||||||
Other expense | 7 | 4 | 12 | ||||||||
Total benefits and expenses | 1,966 | 2,144 | 2,036 | 1,944 | 2,216 | 2,216 | 2,118 | 2,228 | 8,090 | 8,778 | 8,240 |
Income (loss) from continuing operations before income taxes | 220 | 40 | 155 | 113 | 108 | (106) | (30) | 38 | 528 | 10 | 476 |
Income tax expense (benefit) | 740 | (29) | 84 | ||||||||
Income (loss) from continuing operations | (212) | 39 | 392 | ||||||||
Income (loss) from discontinued operations, net of tax | (2,616) | 134 | 64 | (162) | (478) | (145) | 137 | 149 | (2,580) | (337) | 146 |
Net income (loss) before equity in earnings (losses) of subsidiaries | (2,792) | (298) | 538 | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | (3,083) | 214 | 219 | (142) | (375) | (251) | 137 | 191 | (2,792) | (298) | 538 |
Less: Net income (loss) attributable to noncontrolling interest | 82 | 65 | 52 | 1 | 42 | 12 | (25) | 0 | 200 | 29 | 130 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (3,165) | $ 149 | $ 167 | $ (143) | $ (417) | $ (263) | $ 162 | $ 191 | (2,992) | (327) | 408 |
Consolidating Adjustments | |||||||||||
Revenues: | |||||||||||
Net investment income | (13) | (12) | (9) | ||||||||
Fee income | 0 | 0 | 0 | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Net realized capital gains (losses): | |||||||||||
Total other-than-temporary impairments | 0 | 0 | 0 | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | ||||||||
Other net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Total net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 0 | 0 | (3) | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Changes in fair value related to collateralized loan obligations | 0 | ||||||||||
Total revenues | (13) | (12) | (12) | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits | 0 | 0 | 0 | ||||||||
Interest credited to contract owner account balances | 0 | 0 | 0 | ||||||||
Operating expenses | 0 | 0 | (3) | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 0 | 0 | 0 | ||||||||
Interest expense | (13) | (12) | (9) | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Total benefits and expenses | (13) | (12) | (12) | ||||||||
Income (loss) from continuing operations before income taxes | 0 | 0 | 0 | ||||||||
Income tax expense (benefit) | 0 | 17 | (21) | ||||||||
Income (loss) from continuing operations | 0 | (17) | 21 | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) before equity in earnings (losses) of subsidiaries | 0 | (17) | 21 | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 5,379 | (126) | (768) | ||||||||
Net income (loss) | 5,379 | (143) | (747) | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 5,379 | (143) | (747) | ||||||||
Parent Issuer | |||||||||||
Revenues: | |||||||||||
Net investment income | 33 | 19 | 4 | ||||||||
Fee income | 0 | 0 | 0 | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Net realized capital gains (losses): | |||||||||||
Total other-than-temporary impairments | 0 | 0 | 0 | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | ||||||||
Other net realized capital gains (losses) | 0 | 1 | (2) | ||||||||
Total net realized capital gains (losses) | 0 | 1 | (2) | ||||||||
Other revenue | 8 | 1 | 3 | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Changes in fair value related to collateralized loan obligations | 0 | ||||||||||
Total revenues | 41 | 21 | 5 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits | 0 | 0 | 0 | ||||||||
Interest credited to contract owner account balances | 0 | 0 | 0 | ||||||||
Operating expenses | 9 | 9 | 10 | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 0 | 0 | 0 | ||||||||
Interest expense | 155 | 238 | 150 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Total benefits and expenses | 164 | 247 | 160 | ||||||||
Income (loss) from continuing operations before income taxes | (123) | (226) | (155) | ||||||||
Income tax expense (benefit) | 113 | (90) | (52) | ||||||||
Income (loss) from continuing operations | (236) | (136) | (103) | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) before equity in earnings (losses) of subsidiaries | (236) | (136) | (103) | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (2,756) | (191) | 511 | ||||||||
Net income (loss) | (2,992) | (327) | 408 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | (2,992) | (327) | 408 | ||||||||
Subsidiary Guarantor | |||||||||||
Revenues: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Fee income | 0 | 0 | 0 | ||||||||
Premiums | 0 | 0 | 0 | ||||||||
Net realized capital gains (losses): | |||||||||||
Total other-than-temporary impairments | 0 | 0 | 0 | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | ||||||||
Other net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Total net realized capital gains (losses) | 0 | 0 | 0 | ||||||||
Other revenue | 1 | 0 | 0 | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 0 | 0 | 0 | ||||||||
Changes in fair value related to collateralized loan obligations | 0 | ||||||||||
Total revenues | 1 | 0 | 0 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits | 0 | 0 | 0 | ||||||||
Interest credited to contract owner account balances | 0 | 0 | 0 | ||||||||
Operating expenses | 0 | 0 | (1) | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 0 | 0 | 0 | ||||||||
Interest expense | 37 | 57 | 51 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Total benefits and expenses | 37 | 57 | 50 | ||||||||
Income (loss) from continuing operations before income taxes | (36) | (57) | (50) | ||||||||
Income tax expense (benefit) | 3 | (26) | 0 | ||||||||
Income (loss) from continuing operations | (39) | (31) | (50) | ||||||||
Income (loss) from discontinued operations, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) before equity in earnings (losses) of subsidiaries | (39) | (31) | (50) | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (2,623) | 317 | 257 | ||||||||
Net income (loss) | (2,662) | 286 | 207 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | (2,662) | 286 | 207 | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Revenues: | |||||||||||
Net investment income | 3,274 | 3,347 | 3,348 | ||||||||
Fee income | 2,627 | 2,471 | 2,470 | ||||||||
Premiums | 2,121 | 2,795 | 2,554 | ||||||||
Net realized capital gains (losses): | |||||||||||
Total other-than-temporary impairments | (30) | (32) | (78) | ||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | (9) | 2 | 5 | ||||||||
Net other-than-temporary impairments recognized in earnings | (21) | (34) | (83) | ||||||||
Other net realized capital gains (losses) | (206) | (330) | (475) | ||||||||
Total net realized capital gains (losses) | (227) | (364) | (558) | ||||||||
Other revenue | 362 | 341 | 385 | ||||||||
Income (loss) related to consolidated investment entities: | |||||||||||
Net investment income | 432 | 189 | 551 | ||||||||
Changes in fair value related to collateralized loan obligations | (27) | ||||||||||
Total revenues | 8,589 | 8,779 | 8,723 | ||||||||
Benefits and expenses: | |||||||||||
Policyholder benefits | 3,030 | 3,710 | 3,161 | ||||||||
Interest credited to contract owner account balances | 1,606 | 1,604 | 1,537 | ||||||||
Operating expenses | 2,645 | 2,646 | 2,678 | ||||||||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 529 | 415 | 377 | ||||||||
Interest expense | 5 | 5 | 5 | ||||||||
Interest expense | 80 | 102 | 272 | ||||||||
Other expense | 7 | 4 | 12 | ||||||||
Total benefits and expenses | 7,902 | 8,486 | 8,042 | ||||||||
Income (loss) from continuing operations before income taxes | 687 | 293 | 681 | ||||||||
Income tax expense (benefit) | 624 | 70 | 157 | ||||||||
Income (loss) from continuing operations | 63 | 223 | 524 | ||||||||
Income (loss) from discontinued operations, net of tax | (2,580) | (337) | 146 | ||||||||
Net income (loss) before equity in earnings (losses) of subsidiaries | (2,517) | (114) | 670 | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | (2,517) | (114) | 670 | ||||||||
Less: Net income (loss) attributable to noncontrolling interest | 200 | 29 | 130 | ||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (2,717) | $ (143) | $ 540 |
Condensed Consolidating Fina168
Condensed Consolidating Financial Information - Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | $ (3,083) | $ 214 | $ 219 | $ (142) | $ (375) | $ (251) | $ 137 | $ 191 | $ (2,792) | $ (298) | $ 538 |
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 1,191 | 749 | (2,581) | ||||||||
Other-than-temporary impairments | (2) | 24 | 19 | ||||||||
Pension and other postretirement benefits liability | (15) | (10) | (14) | ||||||||
Other comprehensive income (loss), before tax | 1,174 | 763 | (2,576) | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 364 | 267 | (897) | ||||||||
Other comprehensive income (loss), after tax | 810 | 496 | (1,679) | ||||||||
Comprehensive income (loss) | (1,982) | 198 | (1,141) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 200 | 29 | 130 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | (2,182) | 169 | (1,271) | ||||||||
Consolidating Adjustments | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | 5,379 | (143) | (747) | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | (2,004) | (1,342) | 4,456 | ||||||||
Other-than-temporary impairments | 7 | (44) | (32) | ||||||||
Pension and other postretirement benefits liability | 18 | 12 | 17 | ||||||||
Other comprehensive income (loss), before tax | (1,979) | (1,374) | 4,441 | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | (622) | (498) | 1,546 | ||||||||
Other comprehensive income (loss), after tax | (1,357) | (876) | 2,895 | ||||||||
Comprehensive income (loss) | 4,022 | (1,019) | 2,148 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | 4,022 | (1,019) | 2,148 | ||||||||
Parent Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (2,992) | (327) | 408 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 1,191 | 749 | (2,581) | ||||||||
Other-than-temporary impairments | (2) | 24 | 19 | ||||||||
Pension and other postretirement benefits liability | (15) | (10) | (14) | ||||||||
Other comprehensive income (loss), before tax | 1,174 | 763 | (2,576) | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 364 | 267 | (897) | ||||||||
Other comprehensive income (loss), after tax | 810 | 496 | (1,679) | ||||||||
Comprehensive income (loss) | (2,182) | 169 | (1,271) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | (2,182) | 169 | (1,271) | ||||||||
Subsidiary Guarantor | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (2,662) | 286 | 207 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 813 | 593 | (1,875) | ||||||||
Other-than-temporary impairments | (5) | 20 | 13 | ||||||||
Pension and other postretirement benefits liability | (3) | (2) | (3) | ||||||||
Other comprehensive income (loss), before tax | 805 | 611 | (1,865) | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 258 | 214 | (648) | ||||||||
Other comprehensive income (loss), after tax | 547 | 397 | (1,217) | ||||||||
Comprehensive income (loss) | (2,115) | 683 | (1,010) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | (2,115) | 683 | (1,010) | ||||||||
Non-Guarantor Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (2,517) | (114) | 670 | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||
Unrealized gains (losses) on securities | 1,191 | 749 | (2,581) | ||||||||
Other-than-temporary impairments | (2) | 24 | 19 | ||||||||
Pension and other postretirement benefits liability | (15) | (10) | (14) | ||||||||
Other comprehensive income (loss), before tax | 1,174 | 763 | (2,576) | ||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 364 | 284 | (898) | ||||||||
Other comprehensive income (loss), after tax | 810 | 479 | (1,678) | ||||||||
Comprehensive income (loss) | (1,707) | 365 | (1,008) | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 200 | 29 | 130 | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ (1,907) | $ 336 | $ (1,138) |
Condensed Consolidating Fina169
Condensed Consolidating Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 1,578 | $ 3,591 | $ 3,248 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 8,325 | 8,112 | 8,327 |
Equity securities, available-for-sale | 54 | 104 | 76 |
Mortgage loans on real estate | 955 | 747 | 1,088 |
Limited partnerships/corporations | 236 | 306 | 258 |
Acquisition of: | |||
Fixed maturities | (8,719) | (9,839) | (8,759) |
Equity securities, available-for-sale | (47) | (47) | (137) |
Mortgage loans on real estate | (1,638) | (1,481) | (1,381) |
Limited partnerships/corporations | (332) | (367) | (417) |
Short-term investments, net | (80) | 31 | 468 |
Derivatives, net | 213 | (24) | (141) |
Sales from consolidated investment entities | 2,047 | 2,304 | 5,432 |
Purchases within consolidated investment entities | (2,036) | (1,727) | (7,521) |
Issuance of intercompany loans with maturities more than three months | 0 | ||
Maturity of intercompany loans with maturities more than three months | 0 | 0 | |
Maturity (issuance) of short-term intercompany loans, net | 0 | 0 | 0 |
Return of capital contributions and dividends from subsidiaries | 0 | 0 | 0 |
Capital contributions to subsidiaries | 0 | 0 | 0 |
Collateral (delivered) received, net | (148) | (22) | 39 |
Other, net | 3 | 20 | 57 |
Net cash provided by (used in) investing activities - discontinued operations | (1,261) | (1,800) | (1,663) |
Net cash used in investing activities | (2,428) | (3,683) | (4,274) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 5,061 | 5,891 | 5,298 |
Maturities and withdrawals from investment contracts | (5,372) | (5,412) | (4,587) |
Proceeds from issuance of debt with maturities of more than three months | 399 | 798 | 0 |
Repayment of debt with maturities of more than three months | (490) | (708) | (31) |
Debt issuance costs | (3) | (16) | (7) |
Proceeds of intercompany loans with maturities of more than three months | 0 | ||
Intercompany loans with maturities of more than three months | 0 | 0 | |
Net proceeds from short-term loans to subsidiaries | 0 | 0 | 0 |
Return of capital contributions and dividends to parent | 0 | 0 | 0 |
Contributions of capital from parent | 0 | 0 | 0 |
Borrowings of consolidated investment entities | 967 | 126 | 1,373 |
Repayments of borrowings of consolidated investment entities | (804) | (455) | (479) |
Contributions from (distributions to) participants in consolidated investment entities | 449 | 51 | 662 |
Proceeds from issuance of common stock, net | 3 | 1 | 0 |
Share-based compensation | (8) | (7) | (5) |
Common stock acquired - Share repurchase | (923) | (687) | (1,487) |
Dividends paid | (8) | (8) | (9) |
Net cash provided by (used in) financing activities - discontinued operations | 384 | 916 | 280 |
Net cash (used in) provided by financing activities | (345) | 490 | 1,008 |
Net increase (decrease) in cash and cash equivalents | (1,195) | 398 | (18) |
Cash and cash equivalents, beginning of period | 2,911 | 2,513 | 2,531 |
Cash and cash equivalents, end of period | 1,716 | 2,911 | 2,513 |
Less: Cash and cash equivalents of discontinued operations, end of period | 498 | 815 | 696 |
Cash and cash equivalents of continuing operations, end of period | 1,218 | 2,096 | 1,817 |
Consolidating Adjustments | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (232) | (270) | (517) |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Acquisition of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 |
Sales from consolidated investment entities | 0 | 0 | 0 |
Purchases within consolidated investment entities | 0 | 0 | 0 |
Issuance of intercompany loans with maturities more than three months | 34 | ||
Maturity of intercompany loans with maturities more than three months | (34) | (1) | |
Maturity (issuance) of short-term intercompany loans, net | 321 | (41) | 162 |
Return of capital contributions and dividends from subsidiaries | (2,044) | (1,682) | (2,665) |
Capital contributions to subsidiaries | 514 | 279 | 15 |
Collateral (delivered) received, net | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities - discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | (1,209) | (1,444) | (2,489) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 0 | 0 | 0 |
Maturities and withdrawals from investment contracts | 0 | 0 | 0 |
Proceeds from issuance of debt with maturities of more than three months | 0 | 0 | |
Repayment of debt with maturities of more than three months | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Proceeds of intercompany loans with maturities of more than three months | (34) | ||
Intercompany loans with maturities of more than three months | 34 | 1 | |
Net proceeds from short-term loans to subsidiaries | (321) | 41 | (162) |
Return of capital contributions and dividends to parent | 2,276 | 1,952 | 3,182 |
Contributions of capital from parent | (514) | (279) | (15) |
Borrowings of consolidated investment entities | 0 | 0 | 0 |
Repayments of borrowings of consolidated investment entities | 0 | 0 | 0 |
Contributions from (distributions to) participants in consolidated investment entities | 0 | 0 | 0 |
Proceeds from issuance of common stock, net | 0 | 0 | |
Share-based compensation | 0 | 0 | 0 |
Common stock acquired - Share repurchase | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Net cash provided by (used in) financing activities - discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 1,441 | 1,714 | 3,006 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 0 |
Less: Cash and cash equivalents of discontinued operations, end of period | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations, end of period | 0 | 0 | 0 |
Parent Issuer | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (22) | (308) | 130 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 25 | 18 | 24 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Acquisition of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | (34) | (23) | (31) |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | (212) |
Derivatives, net | 0 | 1 | (33) |
Sales from consolidated investment entities | 0 | 0 | 0 |
Purchases within consolidated investment entities | 0 | 0 | 0 |
Issuance of intercompany loans with maturities more than three months | (34) | 0 | 0 |
Maturity of intercompany loans with maturities more than three months | 34 | 0 | 1 |
Maturity (issuance) of short-term intercompany loans, net | 87 | 52 | (162) |
Return of capital contributions and dividends from subsidiaries | 1,020 | 922 | 1,467 |
Capital contributions to subsidiaries | (467) | (215) | 0 |
Collateral (delivered) received, net | 0 | 0 | 20 |
Other, net | 0 | 0 | 0 |
Net cash provided by (used in) investing activities - discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | 631 | 755 | 1,074 |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 0 | 0 | 0 |
Maturities and withdrawals from investment contracts | 0 | 0 | 0 |
Proceeds from issuance of debt with maturities of more than three months | 399 | 798 | 0 |
Repayment of debt with maturities of more than three months | (490) | (660) | 0 |
Debt issuance costs | (3) | (16) | (7) |
Proceeds of intercompany loans with maturities of more than three months | 0 | ||
Intercompany loans with maturities of more than three months | 0 | 0 | |
Net proceeds from short-term loans to subsidiaries | 408 | 11 | 0 |
Return of capital contributions and dividends to parent | 0 | 0 | 0 |
Contributions of capital from parent | 0 | 0 | 0 |
Borrowings of consolidated investment entities | 0 | 0 | 0 |
Repayments of borrowings of consolidated investment entities | 0 | 0 | 0 |
Contributions from (distributions to) participants in consolidated investment entities | 0 | 0 | 0 |
Proceeds from issuance of common stock, net | 3 | 1 | 0 |
Share-based compensation | (8) | (7) | (5) |
Common stock acquired - Share repurchase | (923) | (687) | (1,487) |
Dividends paid | (8) | (8) | (9) |
Net cash provided by (used in) financing activities - discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (622) | (568) | (1,508) |
Net increase (decrease) in cash and cash equivalents | (13) | (121) | (304) |
Cash and cash equivalents, beginning of period | 257 | 378 | 682 |
Cash and cash equivalents, end of period | 244 | 257 | 378 |
Less: Cash and cash equivalents of discontinued operations, end of period | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations, end of period | 244 | 257 | 378 |
Subsidiary Guarantor | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 138 | 173 | 260 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Acquisition of: | |||
Fixed maturities | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 |
Sales from consolidated investment entities | 0 | 0 | 0 |
Purchases within consolidated investment entities | 0 | 0 | 0 |
Issuance of intercompany loans with maturities more than three months | 0 | ||
Maturity of intercompany loans with maturities more than three months | 0 | 0 | |
Maturity (issuance) of short-term intercompany loans, net | 0 | 0 | 0 |
Return of capital contributions and dividends from subsidiaries | 1,024 | 760 | 1,198 |
Capital contributions to subsidiaries | (47) | (64) | (15) |
Collateral (delivered) received, net | 0 | 0 | 0 |
Other, net | 0 | 0 | 14 |
Net cash provided by (used in) investing activities - discontinued operations | 0 | 0 | 0 |
Net cash used in investing activities | 977 | 696 | 1,197 |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 0 | 0 | 0 |
Maturities and withdrawals from investment contracts | 0 | 0 | 0 |
Proceeds from issuance of debt with maturities of more than three months | 0 | 0 | |
Repayment of debt with maturities of more than three months | 0 | (48) | (31) |
Debt issuance costs | 0 | 0 | 0 |
Proceeds of intercompany loans with maturities of more than three months | 0 | ||
Intercompany loans with maturities of more than three months | 0 | 0 | |
Net proceeds from short-term loans to subsidiaries | (143) | 5 | 57 |
Return of capital contributions and dividends to parent | (1,020) | (892) | (1,467) |
Contributions of capital from parent | 47 | 50 | 0 |
Borrowings of consolidated investment entities | 0 | 0 | 0 |
Repayments of borrowings of consolidated investment entities | 0 | 0 | 0 |
Contributions from (distributions to) participants in consolidated investment entities | 0 | 0 | 0 |
Proceeds from issuance of common stock, net | 0 | 0 | |
Share-based compensation | 0 | 0 | 0 |
Common stock acquired - Share repurchase | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Net cash provided by (used in) financing activities - discontinued operations | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (1,116) | (885) | (1,441) |
Net increase (decrease) in cash and cash equivalents | (1) | (16) | 16 |
Cash and cash equivalents, beginning of period | 2 | 18 | 2 |
Cash and cash equivalents, end of period | 1 | 2 | 18 |
Less: Cash and cash equivalents of discontinued operations, end of period | 0 | 0 | 0 |
Cash and cash equivalents of continuing operations, end of period | 1 | 2 | 18 |
Non-Guarantor Subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 1,694 | 3,996 | 3,375 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 8,325 | 8,112 | 8,327 |
Equity securities, available-for-sale | 29 | 86 | 52 |
Mortgage loans on real estate | 955 | 747 | 1,088 |
Limited partnerships/corporations | 236 | 306 | 258 |
Acquisition of: | |||
Fixed maturities | (8,719) | (9,839) | (8,759) |
Equity securities, available-for-sale | (13) | (24) | (106) |
Mortgage loans on real estate | (1,638) | (1,481) | (1,381) |
Limited partnerships/corporations | (332) | (367) | (417) |
Short-term investments, net | (80) | 31 | 680 |
Derivatives, net | 213 | (25) | (108) |
Sales from consolidated investment entities | 2,047 | 2,304 | 5,432 |
Purchases within consolidated investment entities | (2,036) | (1,727) | (7,521) |
Issuance of intercompany loans with maturities more than three months | 0 | ||
Maturity of intercompany loans with maturities more than three months | 0 | 0 | |
Maturity (issuance) of short-term intercompany loans, net | (408) | (11) | 0 |
Return of capital contributions and dividends from subsidiaries | 0 | 0 | 0 |
Capital contributions to subsidiaries | 0 | 0 | 0 |
Collateral (delivered) received, net | (148) | (22) | 19 |
Other, net | 3 | 20 | 43 |
Net cash provided by (used in) investing activities - discontinued operations | (1,261) | (1,800) | (1,663) |
Net cash used in investing activities | (2,827) | (3,690) | (4,056) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 5,061 | 5,891 | 5,298 |
Maturities and withdrawals from investment contracts | (5,372) | (5,412) | (4,587) |
Proceeds from issuance of debt with maturities of more than three months | 0 | 0 | |
Repayment of debt with maturities of more than three months | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Proceeds of intercompany loans with maturities of more than three months | 34 | ||
Intercompany loans with maturities of more than three months | (34) | (1) | |
Net proceeds from short-term loans to subsidiaries | 56 | (57) | 105 |
Return of capital contributions and dividends to parent | (1,256) | (1,060) | (1,715) |
Contributions of capital from parent | 467 | 229 | 15 |
Borrowings of consolidated investment entities | 967 | 126 | 1,373 |
Repayments of borrowings of consolidated investment entities | (804) | (455) | (479) |
Contributions from (distributions to) participants in consolidated investment entities | 449 | 51 | 662 |
Proceeds from issuance of common stock, net | 0 | 0 | |
Share-based compensation | 0 | 0 | 0 |
Common stock acquired - Share repurchase | 0 | 0 | 0 |
Dividends paid | 0 | 0 | 0 |
Net cash provided by (used in) financing activities - discontinued operations | 384 | 916 | 280 |
Net cash (used in) provided by financing activities | (48) | 229 | 951 |
Net increase (decrease) in cash and cash equivalents | (1,181) | 535 | 270 |
Cash and cash equivalents, beginning of period | 2,652 | 2,117 | 1,847 |
Cash and cash equivalents, end of period | 1,471 | 2,652 | 2,117 |
Less: Cash and cash equivalents of discontinued operations, end of period | 498 | 815 | 696 |
Cash and cash equivalents of continuing operations, end of period | $ 973 | $ 1,837 | $ 1,421 |
Selected Consolidated Unaudi170
Selected Consolidated Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 2,186 | $ 2,184 | $ 2,191 | $ 2,057 | $ 2,324 | $ 2,110 | $ 2,088 | $ 2,266 | $ 8,618 | $ 8,788 | $ 8,716 |
Total benefits and expenses | 1,966 | 2,144 | 2,036 | 1,944 | 2,216 | 2,216 | 2,118 | 2,228 | 8,090 | 8,778 | 8,240 |
Income (loss) from continuing operations before income taxes | 220 | 40 | 155 | 113 | 108 | (106) | (30) | 38 | 528 | 10 | 476 |
Income (loss) from discontinued operations, net of tax | (2,616) | 134 | 64 | (162) | (478) | (145) | 137 | 149 | (2,580) | (337) | 146 |
Net income (loss) | (3,083) | 214 | 219 | (142) | (375) | (251) | 137 | 191 | (2,792) | (298) | 538 |
Less: Net income (loss) attributable to noncontrolling interest | 82 | 65 | 52 | 1 | 42 | 12 | (25) | 0 | 200 | 29 | 130 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (3,165) | $ 149 | $ 167 | $ (143) | $ (417) | $ (263) | $ 162 | $ 191 | $ (2,992) | $ (327) | $ 408 |
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Basic (usd per share) | $ (3.06) | $ 0.08 | $ 0.56 | $ 0.10 | $ 0.31 | $ (0.59) | $ 0.12 | $ 0.21 | $ (2.24) | $ 0.05 | $ 1.16 |
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders, Basic, (usd per share) | (14.58) | 0.75 | 0.34 | (0.85) | (2.45) | (0.73) | 0.68 | 0.72 | (14.01) | (1.68) | 0.65 |
Net income (loss) available to common shareholders, Basic (usd per share) | (17.64) | 0.83 | 0.90 | (0.75) | (2.14) | (1.32) | 0.80 | 0.93 | (16.25) | (1.63) | 1.81 |
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share) | (3.06) | 0.08 | 0.55 | 0.10 | 0.31 | (0.59) | 0.12 | 0.21 | (2.24) | 0.05 | 1.15 |
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share) | (14.58) | 0.73 | 0.34 | (0.84) | (2.43) | (0.73) | 0.67 | 0.71 | (14.01) | (1.66) | 0.65 |
Net income (loss) available to common shareholders, Diluted (usd per share) | (17.64) | 0.81 | 0.89 | (0.74) | (2.12) | (1.32) | 0.79 | 0.92 | (16.25) | (1.61) | 1.80 |
Cash dividends declared per share of common stock (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.04 | $ 0.04 | $ 0.04 |
Antidilutive shares | 3.5 | 1.9 |
Schedule I - Summary of Inve171
Schedule I - Summary of Investments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | $ 61,583 |
Fair Value | 66,157 |
Amount Shown on Consolidated Balance Sheet | 66,087 |
U.S. Treasuries | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 2,047 |
Fair Value | 2,522 |
Amount Shown on Consolidated Balance Sheet | 2,522 |
U.S. government agencies and authorities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 223 |
Fair Value | 275 |
Amount Shown on Consolidated Balance Sheet | 275 |
State, municipalities and political subdivisions | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,856 |
Fair Value | 1,913 |
Amount Shown on Consolidated Balance Sheet | 1,913 |
U.S. corporate public securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 20,857 |
Fair Value | 23,258 |
Amount Shown on Consolidated Balance Sheet | 23,258 |
U.S. corporate private securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 5,628 |
Fair Value | 5,833 |
Amount Shown on Consolidated Balance Sheet | 5,833 |
Foreign corporate public securities and foreign governments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 5,241 |
Fair Value | 5,716 |
Amount Shown on Consolidated Balance Sheet | 5,716 |
Foreign corporate private securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 4,974 |
Fair Value | 5,161 |
Amount Shown on Consolidated Balance Sheet | 5,161 |
Residential mortgage-backed securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 4,247 |
Fair Value | 4,524 |
Amount Shown on Consolidated Balance Sheet | 4,524 |
Commercial mortgage-backed securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 2,646 |
Fair Value | 2,704 |
Amount Shown on Consolidated Balance Sheet | 2,704 |
Other asset-backed securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,488 |
Fair Value | 1,528 |
Amount Shown on Consolidated Balance Sheet | 1,528 |
Fixed maturities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 49,207 |
Fair Value | 53,434 |
Amount Shown on Consolidated Balance Sheet | 53,434 |
Equity securities, available-for-sale | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 353 |
Fair Value | 380 |
Amount Shown on Consolidated Balance Sheet | 380 |
Short-term investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 471 |
Fair Value | 471 |
Amount Shown on Consolidated Balance Sheet | 471 |
Mortgage loans on real estate | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 8,686 |
Fair Value | 8,748 |
Amount Shown on Consolidated Balance Sheet | 8,686 |
Policy loans | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 1,888 |
Fair Value | 1,888 |
Amount Shown on Consolidated Balance Sheet | 1,888 |
Limited partnerships/corporations | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 784 |
Fair Value | 784 |
Amount Shown on Consolidated Balance Sheet | 784 |
Derivatives | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 147 |
Fair Value | 397 |
Amount Shown on Consolidated Balance Sheet | 397 |
Other investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost | 47 |
Fair Value | 55 |
Amount Shown on Consolidated Balance Sheet | $ 47 |
Schedule II - Condensed Fina172
Schedule II - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Investments: | |||
Equity securities, available-for-sale, at fair value | $ 380 | $ 258 | |
Short-term investments | 471 | 391 | |
Derivatives | 397 | 737 | |
Investments in subsidiaries | 0 | 0 | |
Total investments | 66,087 | 63,783 | |
Cash and cash equivalents | 1,218 | 2,096 | $ 1,817 |
Short-term investments under securities loan agreements, including collateral delivered | 1,626 | 586 | |
Loans to subsidiaries and affiliates | 0 | 0 | |
Due from subsidiaries and affiliates | 0 | 0 | |
Current income taxes | 4 | 164 | |
Deferred income taxes | 781 | 1,570 | |
Other assets | 1,310 | 1,486 | |
Total assets | 222,532 | 214,585 | |
Liabilities and Shareholders' Equity: | |||
Short-term debt | 337 | 0 | |
Long-term debt | 3,123 | 3,550 | |
Derivatives | 149 | 297 | |
Due to subsidiaries and affiliates | 0 | 0 | |
Other liabilities | 2,076 | 2,023 | |
Total liabilities | 211,493 | 200,617 | |
Shareholders' equity: | |||
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 270,078,294 and 268,079,931 shares issued as of 2017 and 2016, respectively; 171,982,673 and 194,639,273 shares outstanding as of 2017 and 2016, respectively) | 3 | 3 | |
Treasury stock (at cost; 98,095,621 and 73,440,658 shares as of 2017 and 2016, respectively) | (3,827) | (2,796) | |
Additional paid-in capital | 23,821 | 23,609 | |
Accumulated other comprehensive income (loss) | 2,731 | 1,921 | 1,425 |
Retained earnings (deficit): | |||
Unappropriated | (12,719) | (9,742) | |
Total Voya Financial, Inc. shareholders' equity | 10,009 | 12,995 | |
Total liabilities and shareholder's equity | 222,532 | 214,585 | |
Parent Issuer | |||
Investments: | |||
Equity securities, available-for-sale, at fair value | 115 | 93 | |
Short-term investments | 212 | 212 | |
Derivatives | 49 | 56 | |
Investments in subsidiaries | 12,293 | 14,743 | |
Total investments | 12,669 | 15,104 | |
Cash and cash equivalents | 244 | 257 | $ 378 |
Short-term investments under securities loan agreements, including collateral delivered | 11 | 11 | |
Loans to subsidiaries and affiliates | 191 | 278 | |
Due from subsidiaries and affiliates | 2 | 3 | |
Current income taxes | 0 | 31 | |
Deferred income taxes | 406 | 527 | |
Other assets | 16 | 21 | |
Total assets | 13,539 | 16,232 | |
Liabilities and Shareholders' Equity: | |||
Short-term debt | 755 | 11 | |
Long-term debt | 2,681 | 3,108 | |
Derivatives | 49 | 56 | |
Due to subsidiaries and affiliates | 1 | 0 | |
Other liabilities | 44 | 62 | |
Total liabilities | 3,530 | 3,237 | |
Shareholders' equity: | |||
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 270,078,294 and 268,079,931 shares issued as of 2017 and 2016, respectively; 171,982,673 and 194,639,273 shares outstanding as of 2017 and 2016, respectively) | 3 | 3 | |
Treasury stock (at cost; 98,095,621 and 73,440,658 shares as of 2017 and 2016, respectively) | (3,827) | (2,796) | |
Additional paid-in capital | 23,821 | 23,609 | |
Accumulated other comprehensive income (loss) | 2,731 | 1,921 | |
Retained earnings (deficit): | |||
Unappropriated | (12,719) | (9,742) | |
Total Voya Financial, Inc. shareholders' equity | 10,009 | 12,995 | |
Total liabilities and shareholder's equity | $ 13,539 | $ 16,232 |
Schedule II - Condensed Fina173
Schedule II - Condensed Financial Information of Parent - Balance Sheets Parenthetical (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Equity securities, available-for-sale, cost | $ 353 | $ 229 | ||
Common stock, shares authorized | 900,000,000 | 900,000,000 | ||
Common stock, shares issued | 270,078,294 | 268,079,931 | ||
Common stock, shares outstanding | 171,982,673 | 194,639,273 | 209,100,000 | 241,900,000 |
Treasury stock | 98,095,621 | 73,440,658 | ||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Parent Issuer | ||||
Equity securities, available-for-sale, cost | $ 115 | $ 93 |
Schedule II - Condensed Fina174
Schedule II - Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||
Net investment income | $ 3,294 | $ 3,354 | $ 3,343 | ||||||||
Net realized capital gains (losses) | (227) | (363) | (560) | ||||||||
Other revenue | 371 | 342 | 385 | ||||||||
Total revenues | $ 2,186 | $ 2,184 | $ 2,191 | $ 2,057 | $ 2,324 | $ 2,110 | $ 2,088 | $ 2,266 | 8,618 | 8,788 | 8,716 |
Expenses: | |||||||||||
Interest expense | 184 | 288 | 197 | ||||||||
Operating expenses | 2,654 | 2,655 | 2,684 | ||||||||
Total benefits and expenses | 1,966 | 2,144 | 2,036 | 1,944 | 2,216 | 2,216 | 2,118 | 2,228 | 8,090 | 8,778 | 8,240 |
Income (loss) from continuing operations before income taxes | 220 | 40 | 155 | 113 | 108 | (106) | (30) | 38 | 528 | 10 | 476 |
Income tax expense (benefit) | 740 | (29) | 84 | ||||||||
Net income (loss) before equity in earnings (losses) of subsidiaries | (2,792) | (298) | 538 | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | $ (3,083) | $ 214 | $ 219 | $ (142) | $ (375) | $ (251) | $ 137 | $ 191 | (2,792) | (298) | 538 |
Parent Issuer | |||||||||||
Revenues: | |||||||||||
Net investment income | 33 | 19 | 4 | ||||||||
Net realized capital gains (losses) | 0 | 1 | (2) | ||||||||
Other revenue | 8 | 1 | 3 | ||||||||
Total revenues | 41 | 21 | 5 | ||||||||
Expenses: | |||||||||||
Interest expense | 155 | 238 | 150 | ||||||||
Operating expenses | 9 | 9 | 10 | ||||||||
Total benefits and expenses | 164 | 247 | 160 | ||||||||
Income (loss) from continuing operations before income taxes | (123) | (226) | (155) | ||||||||
Income tax expense (benefit) | 113 | (90) | (52) | ||||||||
Net income (loss) before equity in earnings (losses) of subsidiaries | (236) | (136) | (103) | ||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (2,756) | (191) | 511 | ||||||||
Net income (loss) | $ (2,992) | $ (327) | $ 408 |
Schedule II - Condensed Fina175
Schedule II - Condensed Financial Information of Parent - Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | $ (3,083) | $ 214 | $ 219 | $ (142) | $ (375) | $ (251) | $ 137 | $ 191 | $ (2,792) | $ (298) | $ 538 |
Other comprehensive income (loss), after tax | 810 | 496 | (1,679) | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | (2,182) | 169 | (1,271) | ||||||||
Parent Issuer | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income (loss) | (2,992) | (327) | 408 | ||||||||
Other comprehensive income (loss), after tax | 810 | 496 | (1,679) | ||||||||
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders | $ (2,182) | $ 169 | $ (1,271) |
Schedule II - Condensed Fina176
Schedule II - Condensed Financial Information of Parent - Statements of Cash Flow (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ (3,165) | $ 149 | $ 167 | $ (143) | $ (417) | $ (263) | $ 162 | $ 191 | $ (2,992) | $ (327) | $ 408 |
Equity in (earnings) losses of subsidiaries | 0 | 0 | 0 | ||||||||
Deferred income tax expense (benefit) | 862 | (151) | (107) | ||||||||
Net realized capital losses | 227 | 363 | 560 | ||||||||
Share-based compensation | 117 | 99 | 76 | ||||||||
Change in: | |||||||||||
Other receivables and asset accruals | 298 | (18) | 68 | ||||||||
Other, net | 2 | 44 | (55) | ||||||||
Net cash provided by (used in) operating activities | 1,578 | 3,591 | 3,248 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale | 54 | 104 | 76 | ||||||||
Acquisition of equity securities, available-for-sale | (47) | (47) | (137) | ||||||||
Short-term investments, net | (80) | 31 | 468 | ||||||||
Derivatives, net | 213 | (24) | (141) | ||||||||
Issuance of intercompany loans with maturities more than three months | 0 | ||||||||||
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 0 | 0 | |||||||||
Maturity (issuance) of short-term intercompany loans, net | 0 | 0 | 0 | ||||||||
Return of capital contributions and dividends from subsidiaries | 0 | 0 | 0 | ||||||||
Capital contributions to subsidiaries | 0 | 0 | 0 | ||||||||
Collateral (delivered) received, net | (148) | (22) | 39 | ||||||||
Net cash provided by investing activities | (2,428) | (3,683) | (4,274) | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of debt with maturities of more than three months | 399 | 798 | 0 | ||||||||
Repayment of debt with maturities of more than three months | (490) | (708) | (31) | ||||||||
Debt issuance costs | (3) | (16) | (7) | ||||||||
Net proceeds from short-term loans to subsidiaries | 0 | 0 | 0 | ||||||||
Proceeds from issuance of common stock, net | 3 | 1 | 0 | ||||||||
Share-based compensation | (8) | (7) | (5) | ||||||||
Common stock acquired - Share repurchase | (923) | (687) | (1,487) | ||||||||
Dividends paid | (8) | (8) | (9) | ||||||||
Net cash (used in) provided by financing activities | (345) | 490 | 1,008 | ||||||||
Net decrease in cash and cash equivalents | (1,195) | 398 | (18) | ||||||||
Cash and cash equivalents, beginning of period | 2,911 | 2,513 | 2,911 | 2,513 | 2,531 | ||||||
Cash and cash equivalents, end of period | 1,716 | 2,911 | 1,716 | 2,911 | 2,513 | ||||||
Supplemental cash flow information: | |||||||||||
Income taxes paid, net | (154) | 69 | 78 | ||||||||
Interest paid | 174 | 190 | 179 | ||||||||
Parent Issuer | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income (loss) available to Voya Financial, Inc.'s common shareholders | (2,992) | (327) | 408 | ||||||||
Equity in (earnings) losses of subsidiaries | 2,756 | 191 | (511) | ||||||||
Dividends from subsidiaries | 73 | 55 | 241 | ||||||||
Deferred income tax expense (benefit) | 131 | (122) | (4) | ||||||||
Net realized capital losses | 0 | (1) | 2 | ||||||||
Share-based compensation | 0 | 0 | (4) | ||||||||
Change in: | |||||||||||
Other receivables and asset accruals | 32 | (102) | (17) | ||||||||
Due from subsidiaries and affiliates | 1 | 3 | 6 | ||||||||
Due to subsidiaries and affiliates | 1 | 0 | (7) | ||||||||
Other payables and accruals | (18) | (16) | (2) | ||||||||
Other, net | (6) | 11 | 18 | ||||||||
Net cash provided by (used in) operating activities | (22) | (308) | 130 | ||||||||
Cash Flows from Investing Activities: | |||||||||||
Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale | 25 | 18 | 24 | ||||||||
Acquisition of equity securities, available-for-sale | (34) | (23) | (31) | ||||||||
Short-term investments, net | 0 | 0 | (212) | ||||||||
Derivatives, net | 0 | 1 | (33) | ||||||||
Issuance of intercompany loans with maturities more than three months | (34) | 0 | 0 | ||||||||
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 34 | 0 | 1 | ||||||||
Maturity (issuance) of short-term intercompany loans, net | 87 | 52 | (162) | ||||||||
Return of capital contributions and dividends from subsidiaries | 1,020 | 922 | 1,467 | ||||||||
Capital contributions to subsidiaries | (467) | (215) | 0 | ||||||||
Collateral (delivered) received, net | 0 | 0 | 20 | ||||||||
Net cash provided by investing activities | 631 | 755 | 1,074 | ||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from issuance of debt with maturities of more than three months | 399 | 798 | 0 | ||||||||
Repayment of debt with maturities of more than three months | (490) | (660) | 0 | ||||||||
Debt issuance costs | (3) | (16) | (7) | ||||||||
Net proceeds from short-term loans to subsidiaries | 408 | 11 | 0 | ||||||||
Proceeds from issuance of common stock, net | 3 | 1 | 0 | ||||||||
Share-based compensation | (8) | (7) | (5) | ||||||||
Common stock acquired - Share repurchase | (923) | (687) | (1,487) | ||||||||
Dividends paid | (8) | (8) | (9) | ||||||||
Net cash (used in) provided by financing activities | (622) | (568) | (1,508) | ||||||||
Net decrease in cash and cash equivalents | (13) | (121) | (304) | ||||||||
Cash and cash equivalents, beginning of period | $ 257 | $ 378 | 257 | 378 | 682 | ||||||
Cash and cash equivalents, end of period | $ 244 | $ 257 | 244 | 257 | 378 | ||||||
Supplemental cash flow information: | |||||||||||
Income taxes paid, net | (154) | 64 | 77 | ||||||||
Interest paid | $ 138 | $ 156 | $ 144 |
Schedule II - Condensed Fina177
Schedule II - Condensed Financial Information of Parent - Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2017segments | |
Condensed Financial Statements, Captions [Line Items] | |
Number of operating segments | 4 |
Schedule II - Condensed Fina178
Schedule II - Condensed Financial Information of Parent - Loans to Subsidiaries (Details) - Parent Issuer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income, operating | $ 8 | $ 9 | $ 5 |
Loans to subsidiaries | $ 191 | $ 278 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan to subsidiary, reciprocal interest rate | 2.00% | 2.00% | |
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan to subsidiary, reciprocal interest rate | 5.00% | 5.00% | |
Voya Alternative Asset Management LLC | Subsidiary Loan, Due June 30, 2018, (4.65) Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 2 | $ 2 | |
Rate | (4.64%) | (4.64%) | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due January 2, 2018, 2.42 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 20 | $ 1 | |
Rate | 2.42% | 2.42% | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due January 3, 2018, 2.45 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 34 | $ 14 | |
Rate | 2.45% | 2.45% | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due January 4, 2018, 2.46 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 5 | $ 17 | |
Rate | 2.46% | 2.46% | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due January 9, 2018, 2.52 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 1 | $ 10 | |
Rate | 2.52% | 2.52% | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due January 11, 2018, 2.53 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 5 | $ 1 | |
Rate | 2.53% | 2.53% | |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due January 12, 2018, 2.53 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 4 | $ 0 | |
Rate | 2.53% | 2.53% | |
Voya Capital | Subsidiary Loan, Due January 4 2018, 2.49 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 1 | $ 3 | |
Rate | 2.49% | 2.49% | |
Voya Investment Management, LLC | Subsidiary Loan, Due January 29, 2018, 2.57 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 51 | $ 15 | |
Rate | 2.57% | 2.57% | |
Voya Payroll Management, Inc. | Subsidiary Loan, Due July 3, 2017, 2.17 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 0 | $ 4 | |
Rate | 2.17% | 2.17% | |
Voya Holdings Inc. | Subsidiary Loan, Due January 29, 2018, 2.57 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 68 | $ 203 | |
Rate | 2.57% | 2.57% | |
Voya Holdings Inc. | Subsidiary Loan, Due January 26, 2017, 2.39 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 0 | $ 2 | |
Rate | 2.39% | 2.39% | |
Voya Holdings Inc. | Subsidiary Loan, Due January 27, 2017, 2.40 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 0 | $ 6 | |
Rate | 2.40% | 2.40% |
Schedule II - Condensed Fina179
Schedule II - Condensed Financial Information of Parent - Financing Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 05, 2017 | Jun. 13, 2016 | Mar. 17, 2015 | Jan. 01, 2014 | Jul. 26, 2013 | May 16, 2013 | Feb. 11, 2013 | Jul. 13, 2012 | |
Debt Instrument [Line Items] | |||||||||||
Current portion of long-term debt | $ 337 | $ 0 | |||||||||
Total | 337 | 0 | |||||||||
Long-term debt | 3,460 | 3,550 | |||||||||
Total | 3,123 | 3,550 | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2,018 | 337 | ||||||||||
2,019 | 1 | ||||||||||
2,020 | 1 | ||||||||||
2,021 | 1 | ||||||||||
2,022 | 364 | ||||||||||
Thereafter | 2,792 | ||||||||||
Total | 3,496 | ||||||||||
Revolving lines of credit, capacity | 6,872 | ||||||||||
Outstanding borrowings | 3,197 | ||||||||||
Payments of financing costs | 50 | $ 46 | $ 89 | ||||||||
Unsecured and Uncommitted | |||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Revolving lines of credit, capacity | 496 | ||||||||||
Outstanding borrowings | 214 | ||||||||||
Unsecured and Committed | |||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Revolving lines of credit, capacity | 6,171 | ||||||||||
Outstanding borrowings | 2,787 | ||||||||||
Secured facilities | |||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Revolving lines of credit, capacity | 205 | ||||||||||
Outstanding borrowings | $ 196 | ||||||||||
2.9% Senior Notes, due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual interest rate on loan | 2.90% | 2.90% | |||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual interest rate on loan | 1.875% | ||||||||||
Senior Notes | 5.5% Senior Notes, due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual interest rate on loan | 5.50% | 5.50% | 5.50% | ||||||||
Long-term debt | $ 361 | $ 361 | |||||||||
Senior Notes | 2.9% Senior Notes, due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual interest rate on loan | 2.90% | 2.90% | 2.90% | ||||||||
Long-term debt | $ 337 | $ 825 | |||||||||
Senior Notes | 5.7% Senior Notes, due 2043 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual interest rate on loan | 5.70% | 5.70% | 5.70% | ||||||||
Long-term debt | $ 395 | $ 394 | |||||||||
Senior Notes | 3.65% Senior Notes, due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual interest rate on loan | 3.65% | 3.65% | 3.65% | ||||||||
Long-term debt | $ 495 | $ 494 | |||||||||
Senior Notes | 4.8% Senior Notes, due 2046 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual interest rate on loan | 4.80% | 4.80% | 4.80% | ||||||||
Long-term debt | $ 296 | $ 296 | |||||||||
Senior Notes | 3.125% Senior Notes, due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual interest rate on loan | 3.125% | 0.00% | 3.125% | ||||||||
Long-term debt | $ 396 | $ 0 | |||||||||
Junior Subordinated Notes (2053 Notes) | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% | ||||||||
Long-term debt | $ 738 | $ 738 | |||||||||
Parent Issuer | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Intercompany financing - Subsidiaries | 418 | 11 | |||||||||
Current portion of long-term debt | 337 | 0 | |||||||||
Total | 755 | 11 | |||||||||
Long-term debt | 3,018 | 3,108 | |||||||||
Total | 2,681 | 3,108 | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2,018 | 337 | ||||||||||
2,019 | 0 | ||||||||||
2,020 | 0 | ||||||||||
2,021 | 0 | ||||||||||
2,022 | 363 | ||||||||||
Thereafter | 2,350 | ||||||||||
Total | 3,050 | ||||||||||
Revolving lines of credit, capacity | 6,600 | ||||||||||
Outstanding borrowings | 3,000 | ||||||||||
Payments of financing costs | 39 | 38 | $ 61 | ||||||||
Parent Issuer | Unsecured and Committed | |||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Revolving lines of credit, capacity | 5,900 | ||||||||||
Parent Issuer | Senior Notes | 5.5% Senior Notes, due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 361 | 361 | |||||||||
Parent Issuer | Senior Notes | 2.9% Senior Notes, due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 337 | 825 | |||||||||
Parent Issuer | Senior Notes | 5.7% Senior Notes, due 2043 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 395 | 394 | |||||||||
Parent Issuer | Senior Notes | 3.65% Senior Notes, due 2026 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 495 | 494 | |||||||||
Parent Issuer | Senior Notes | 4.8% Senior Notes, due 2046 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 296 | 296 | |||||||||
Parent Issuer | Senior Notes | 3.125% Senior Notes, due 2024 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | 396 | 0 | |||||||||
Parent Issuer | Junior Subordinated Notes (2053 Notes) | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 738 | $ 738 | |||||||||
Financial Guarantee | Voya Financial, Inc. / Roaring River IV, LLC | Parent Issuer | Notes Payable | |||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Other Commitment | $ 565 |
Schedule II - Condensed Fina180
Schedule II - Condensed Financial Information of Parent - Guarantees (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Jul. 20, 2017 | Dec. 31, 2016 | Apr. 15, 2016 | Jan. 15, 2014 | Jan. 01, 2014 |
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | $ 6,872 | |||||
Long-term debt | 3,460 | $ 3,550 | ||||
Voya Holdings Debentures | ||||||
Guarantor Obligations [Line Items] | ||||||
Long-term debt | 426 | |||||
Unsecured and Committed | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 6,171 | |||||
Unsecured and Committed | Voya Financial, Inc. And Security Life Of Denver International Limited Five [Member] | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | $ 600 | |||||
Unsecured and Committed | Voya Financial, Inc. / Roaring River LLC | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 425 | |||||
Unsecured and Committed | Security Life of Denver International Ltd | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | $ 300 | |||||
Parent Issuer | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 6,600 | |||||
Long-term debt | 3,018 | $ 3,108 | ||||
Parent Issuer | Unsecured and Committed | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 5,900 | |||||
Parent Issuer | Unsecured and Committed | Voya Financial, Inc. And Security Life Of Denver International Limited Five [Member] | ||||||
Guarantor Obligations [Line Items] | ||||||
Revolving lines of credit, capacity | 475 | |||||
Financial Guarantee | Voya Financial Products Company, Inc. | ||||||
Guarantor Obligations [Line Items] | ||||||
Notional amount of guarantee obligation | 1,000 | |||||
Financial Guarantee | Parent Issuer | 8.424% Percent Lion Connecticut Holdings Inc. Debentures, Due 2027 | Debentures | ||||||
Guarantor Obligations [Line Items] | ||||||
Financial instruments subject to mandatory redemption, settlement terms, share value, par value | 13 | |||||
Financial Guarantee | Parent Issuer | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Minimum Net Capital Required for Entity | $ 124 | |||||
Financial Guarantee | Parent Issuer | Voya Financial, Inc. / Roaring River IV, LLC | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Maintenance and reimbursement agreements | 565 | |||||
Financial Guarantee | Parent Issuer | Roaring River IV, Holding LLC | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Minimum Net Capital Required for Entity | 79 | |||||
Financial Guarantee | Parent Issuer | Roaring River IV, LLC | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Minimum Net Capital Required for Entity | $ 45 | |||||
Financial Guarantee | Parent Issuer | Langhorne I, LLC | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Minimum Net Capital Required for Entity | $ 85 | |||||
Financial Guarantee | Parent Issuer | Voya Financial, Inc. / Security Life of Denver Insurance Company | Notes Payable | ||||||
Guarantor Obligations [Line Items] | ||||||
Maintenance and reimbursement agreements | $ 21 |
Schedule II - Condensed Fina181
Schedule II - Condensed Financial Information of Parent - Returns of Capital and Dividends (Details) - Parent Issuer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | $ 1,093 | $ 1,001 | $ 1,709 |
Voya Holdings Inc. | |||
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | 1,020 | 916 | 1,468 |
Return of capital contributions and dividends from subsidiaries, noncash | 24 | ||
Security Life of Denver International Ltd | |||
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | 0 | 30 | 0 |
Security Life of Denver Insurance Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | 73 | 54 | 241 |
Voya Insurance Management (Bermuda), Ltd (2) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Return of capital contributions and dividends from subsidiaries | $ 0 | $ 1 | $ 0 |
Schedule II - Condensed Fina182
Schedule II - Condensed Financial Information of Parent - Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred income taxes | $ 781 | $ 1,570 |
Parent Issuer | ||
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred income taxes | $ 406 | $ 527 |
Schedule III - Supplementary183
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | $ 3,374 | $ 3,997 | |
Future Policy Benefits and Contract Owner Account Balances | 65,805 | 64,848 | |
Unearned Premiums | (1) | (1) | |
Net Investment Income | 3,294 | 3,354 | $ 3,343 |
Premiums and Fee Income | 4,748 | 5,266 | 5,024 |
Interest Credited and Other Benefits to Contract Owners | 4,636 | 5,314 | 4,698 |
Amortization of DAC and VOBA | 529 | 415 | 377 |
Other Operating Expenses | 2,654 | 2,655 | 2,684 |
Premiums Written (Excluding Life) | 1,155 | 974 | 880 |
Retirement | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 882 | 1,165 | |
Future Policy Benefits and Contract Owner Account Balances | 33,884 | 34,024 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 1,918 | 1,907 | 1,819 |
Premiums and Fee Income | 750 | 1,512 | 1,350 |
Interest Credited and Other Benefits to Contract Owners | 1,043 | 1,797 | 1,425 |
Amortization of DAC and VOBA | 238 | 198 | 183 |
Other Operating Expenses | 1,140 | 1,122 | 1,156 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Investment Management | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 1 | 2 | |
Future Policy Benefits and Contract Owner Account Balances | 0 | 0 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | (33) | (5) | (26) |
Premiums and Fee Income | 675 | 627 | 601 |
Interest Credited and Other Benefits to Contract Owners | 0 | 0 | 0 |
Amortization of DAC and VOBA | 3 | 3 | 4 |
Other Operating Expenses | 558 | 529 | 517 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Individual Life | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 2,366 | 2,702 | |
Future Policy Benefits and Contract Owner Account Balances | 19,801 | 19,373 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 866 | 875 | 908 |
Premiums and Fee Income | 1,695 | 1,663 | 1,722 |
Interest Credited and Other Benefits to Contract Owners | 1,963 | 2,001 | 1,940 |
Amortization of DAC and VOBA | 266 | 181 | 157 |
Other Operating Expenses | 272 | 324 | 470 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Employee Benefits | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 84 | 75 | |
Future Policy Benefits and Contract Owner Account Balances | 2,146 | 2,099 | |
Unearned Premiums | (1) | (1) | |
Net Investment Income | 108 | 110 | 109 |
Premiums and Fee Income | 1,663 | 1,509 | 1,405 |
Interest Credited and Other Benefits to Contract Owners | 1,293 | 1,169 | 1,051 |
Amortization of DAC and VOBA | 11 | 16 | 21 |
Other Operating Expenses | 336 | 306 | 289 |
Premiums Written (Excluding Life) | 1,155 | 974 | 880 |
Corporate | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 41 | 53 | |
Future Policy Benefits and Contract Owner Account Balances | 9,974 | 9,352 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 435 | 467 | 533 |
Premiums and Fee Income | (35) | (45) | (54) |
Interest Credited and Other Benefits to Contract Owners | 337 | 347 | 282 |
Amortization of DAC and VOBA | 11 | 17 | 12 |
Other Operating Expenses | 348 | 374 | 252 |
Premiums Written (Excluding Life) | $ 0 | $ 0 | $ 0 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Life insurance in force, Gross | $ 761,946 | $ 790,570 | $ 799,341 |
Life insurance in force, Ceded | 575,495 | 612,356 | 642,890 |
Life insurance in force, Assumed | 296,751 | 318,443 | 340,241 |
Life insurance in force, Net | $ 483,202 | $ 496,657 | $ 496,692 |
Percentage of Assumed to Net, Life insurance in force | 61.40% | 64.10% | 68.50% |
Direct premiums | $ 2,606 | $ 3,284 | $ 2,975 |
Ceded Premiums | 1,677 | 1,711 | 1,612 |
Assumed premiums | 1,192 | 1,222 | 1,191 |
Net premiums | $ 2,121 | $ 2,795 | $ 2,554 |
Percentage Assumed to Net, Premiums | 56.20% | 43.70% | 46.60% |
Individual and group life insurance contracts | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct premiums | $ 1,280 | $ 1,335 | $ 1,351 |
Ceded Premiums | 1,535 | 1,583 | 1,476 |
Assumed premiums | 1,191 | 1,221 | 1,189 |
Net premiums | $ 936 | $ 973 | $ 1,064 |
Percentage Assumed to Net, Premiums | 127.20% | 125.50% | 111.70% |
Accident and health | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct premiums | $ 1,051 | $ 1,056 | $ 948 |
Ceded Premiums | 142 | 128 | 136 |
Assumed premiums | 1 | 1 | 2 |
Net premiums | $ 910 | $ 929 | $ 814 |
Percentage Assumed to Net, Premiums | 0.10% | 0.10% | 0.20% |
Annuity Contracts | |||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct premiums | $ 275 | $ 893 | $ 676 |
Ceded Premiums | 0 | 0 | 0 |
Assumed premiums | 0 | 0 | 0 |
Net premiums | $ 275 | $ 893 | $ 676 |
Percentage Assumed to Net, Premiums | 0.00% | 0.00% | 0.00% |
Schedule V - Valuation and Q185
Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Collective valuation allowance for losses, beginning of period | $ 3 | $ 3 | $ 3 |
Allowance for losses on commercial mortgage loans | 0 | 0 | 0 |
Collective valuation allowance for losses, end of period | 3 | 3 | 3 |
Valuation allowance on deferred tax assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning Balance | 964 | 963 | 972 |
Charged to Costs and Expenses | (311) | 6 | (14) |
Write-offs/Payments/Other | 0 | (5) | 5 |
Ending Balance | $ 653 | $ 964 | $ 963 |