Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Apr. 29, 2024 | Dec. 31, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Mar. 31, 2024 | ||
Document Transition Report | false | ||
Entity File Number | 001-35897 | ||
Entity Registrant Name | Voya Financial, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-1222820 | ||
Entity Address, Address Line One | 230 Park Avenue | ||
Entity Address, State or Province | New York | ||
Entity Address, Postal Zip Code | 10169 | ||
City Area Code | 212 | ||
Local Phone Number | 309-8200 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 100,701,204 | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | |
Entity Central Index Key | 0001535929 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | Q1 | ||
Amendment Flag | false | ||
Entity Address, State or Province | NY | ||
Common Stock, $.01 par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | VOYA | ||
Security Exchange Name | NYSE | ||
Depositary Shares, each representing a 1/40th | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th | ||
Trading Symbol | VOYAPrB | ||
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments: | ||
Short-term investments under securities loan agreements, including collateral delivered | $ 1,014 | $ 1,015 |
Accrued investment income | 421 | 411 |
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $22 and $28 as of 2024 and 2023, respectively) | 11,828 | 11,982 |
Deferred policy acquisition costs and Value of business acquired | 2,222 | 2,250 |
Deferred income taxes | 2,178 | 2,160 |
Goodwill | 748 | 748 |
Other intangibles, net | 861 | 857 |
Assets held in separate accounts | 98,636 | 93,133 |
Total assets | 161,631 | 157,085 |
Liabilities: | ||
Future policy benefits | 9,427 | 9,560 |
Contract owner account balances | 38,442 | 39,174 |
Payables under securities loan and repurchase agreements, including collateral held | 1,220 | 1,121 |
Short-term debt | 393 | 1 |
Long-term debt | 1,707 | 2,097 |
Derivatives | 332 | 371 |
Liabilities related to separate accounts | 98,636 | 93,133 |
Total liabilities | 155,760 | 151,032 |
Commitments and Contingencies (Note 17) | ||
Mezzanine equity: | ||
Redeemable noncontrolling interest | 174 | 175 |
Shareholders' equity: | ||
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2024 and 2023) | 0 | 0 |
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 104,950,844 and 103,584,699 shares issued as of 2024 and 2023, respectively; 101,291,480 and 102,854,569 shares outstanding as of 2024 and 2023, respectively) | 1 | 1 |
Treasury stock (at cost; 3,659,364 and 730,130 shares as of 2024 and 2023, respectively) | (263) | (56) |
Additional paid-in capital | 6,187 | 6,143 |
Accumulated other comprehensive income (loss) | (2,469) | (2,400) |
Retained earnings (deficit): | ||
Unappropriated | 697 | 505 |
Total Voya Financial, Inc. shareholders' equity | 4,153 | 4,193 |
Noncontrolling interest | 1,544 | 1,685 |
Total shareholders' equity | 5,697 | 5,878 |
Total liabilities, mezzanine equity and shareholders' equity | 161,631 | 157,085 |
Excluding consolidated VIEs | ||
Investments: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $26,979 and $27,690 as of 2024 and 2023, respectively; net of allowance for credit losses of $22 and $17 as of 2024 and 2023, respectively) | 24,561 | 25,375 |
Fixed maturities, at fair value using the fair value option | 1,913 | 2,076 |
Equity securities, at fair value | 219 | 236 |
Short-term investments | 176 | 213 |
Mortgage loans on real estate (net of allowance for credit losses of $26 as of 2024 and 2023) | 5,092 | 5,192 |
Policy loans | 349 | 352 |
Limited partnerships/corporations | 1,708 | 1,621 |
Derivatives | 378 | 311 |
Other investments | 64 | 64 |
Securities pledged (amortized cost of $1,330 and $1,232 as of 2024 and 2023, respectively) | 1,227 | 1,160 |
Total investments | 35,687 | 36,600 |
Cash and cash equivalents | 995 | 937 |
Other assets | 2,418 | 2,372 |
Corporate loans, at fair value using the fair value option | 5,092 | 5,192 |
Liabilities: | ||
Other liabilities | 2,866 | 2,956 |
VIEs | ||
Investments: | ||
Mortgage loans on real estate (net of allowance for credit losses of $26 as of 2024 and 2023) | 1,500 | 1,404 |
Limited partnerships/corporations | 2,881 | 2,861 |
Cash and cash equivalents | 181 | 181 |
Other assets | 61 | 174 |
Corporate loans, at fair value using the fair value option | 1,500 | 1,404 |
Liabilities: | ||
Other liabilities | 1,369 | 1,287 |
Collateralized loan obligations notes, at fair value using the fair value option | $ 1,368 | $ 1,332 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, Amortized Cost | $ 26,979 | $ 27,690 |
Fixed maturities, allowance for credit losses | 22 | 17 |
Mortgage loans, allowance for credit losses | 26 | |
Securities pledged, Amortized Cost | 1,330 | 1,232 |
Premium receivable and reinsurance recoverable, allowance for credit losses | 22 | $ 28 |
Other assets, allowance for credit losses | $ 1 | |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, aggregate liquidation preference | $ 625 | $ 625 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares outstanding (in shares) | 900,000,000 | 900,000,000 |
Common stock, shares issued (in shares) | 104,950,844 | 103,584,699 |
Common stock, shares outstanding (in shares) | 101,291,480 | 102,854,569 |
Treasury stock (in shares) | 3,659,364 | 730,130 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Net investment income | $ 529 | $ 545 |
Fee income | 513 | 464 |
Premiums | 800 | 685 |
Net gains (losses) | 43 | (16) |
Other revenue | 88 | 78 |
Income (loss) related to CIEs: | ||
Net investment income | 78 | 79 |
Total revenues | 2,051 | 1,835 |
Benefits and expenses: | ||
Policyholder benefits | 605 | 510 |
Interest credited to contract owner account balances | 246 | 241 |
Operating expenses | 799 | 836 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 56 | 59 |
Interest expense | 30 | 32 |
Operating expenses related to CIEs: | ||
Interest expense | 27 | 16 |
Other expense | 1 | 0 |
Total benefits and expenses | 1,764 | 1,694 |
Income (loss) before income taxes | 287 | 141 |
Income tax expense (benefit) | (1) | 12 |
Net income (loss) | 288 | 129 |
Less: Net income (loss) attributable to noncontrolling interest | 37 | 46 |
Net income (loss) available to Voya Financial, Inc. | 251 | 83 |
Less: Preferred stock dividends | 17 | 14 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ 234 | $ 69 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share: | ||
Basic (usd per share) | $ 2.29 | $ 0.70 |
Diluted (usd per share) | $ 2.24 | $ 0.63 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 288 | $ 129 |
Other comprehensive income (loss), before tax: | ||
Change in current discount rate | 38 | 2 |
Unrealized gains (losses) on securities | (125) | 643 |
Other comprehensive income (loss), before tax | (87) | 645 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | (18) | 135 |
Other comprehensive income (loss), after tax | (69) | 510 |
Comprehensive income (loss) | 219 | 639 |
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 37 | 46 |
Comprehensive income (loss) attributable to Voya Financial, Inc. | $ 182 | $ 593 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Total Voya Financial, Inc. Shareholders' Equity | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit), Unappropriated | Noncontrolling Interest |
Beginning balance at Dec. 31, 2022 | $ 4,831 | $ 3,349 | $ 1 | $ (39) | $ 6,643 | $ (3,055) | $ (201) | $ 1,482 |
Comprehensive income (loss): | ||||||||
Net income (loss) | 127 | 83 | 0 | 0 | 0 | 0 | 83 | 44 |
Other comprehensive income (loss), after tax | 510 | 510 | 0 | 0 | 0 | 510 | 0 | 0 |
Total comprehensive income (loss) | 639 | 593 | ||||||
Total comprehensive income (loss) | 46 | 44 | ||||||
Total comprehensive income (loss) | 637 | |||||||
Dividends on preferred stock | (14) | (14) | 0 | 0 | (14) | 0 | 0 | 0 |
Dividends on common stock | (20) | (20) | 0 | 0 | (20) | 0 | 0 | 0 |
Share-based compensation | 46 | 46 | 0 | (38) | 84 | 0 | 0 | 0 |
Contributions from (Distributions to) noncontrolling interest, net | 41 | 0 | 0 | 0 | 0 | 0 | 0 | 41 |
Ending Balance at Mar. 31, 2023 | 5,521 | 3,954 | 1 | (77) | 6,693 | (2,545) | (118) | 1,567 |
Mezzanine Equity: Redeemable Noncontrolling Interest, Beginning Balance at Dec. 31, 2022 | 166 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Net income (loss) | 2 | |||||||
Total comprehensive income (loss) | 2 | |||||||
Contributions from (Distributions to) noncontrolling interest, net | (2) | |||||||
Mezzanine Equity: Redeemable Noncontrolling Interest, Ending Balance at Mar. 31, 2023 | 166 | |||||||
Beginning balance at Dec. 31, 2023 | 5,878 | 4,193 | 1 | (56) | 6,143 | (2,400) | 505 | 1,685 |
Comprehensive income (loss): | ||||||||
Net income (loss) | 281 | 251 | 0 | 0 | 0 | 0 | 251 | 30 |
Other comprehensive income (loss), after tax | (69) | (69) | 0 | 0 | 0 | (69) | 0 | 0 |
Total comprehensive income (loss) | 219 | 182 | ||||||
Total comprehensive income (loss) | 37 | 30 | ||||||
Total comprehensive income (loss) | 212 | |||||||
Common stock issuance | 3 | 3 | 0 | 0 | 3 | 0 | 0 | 0 |
Common stock acquired - Share repurchase | (172) | (172) | 0 | (172) | 0 | 0 | 0 | 0 |
Dividends on preferred stock | (17) | (17) | 0 | 0 | 0 | 0 | (17) | 0 |
Dividends on common stock | (41) | (41) | 0 | 0 | 0 | 0 | (41) | 0 |
Share-based compensation | 5 | 5 | 0 | (35) | 41 | 0 | (1) | 0 |
Contributions from (Distributions to) noncontrolling interest, net | (171) | 0 | 0 | 0 | 0 | 0 | 0 | (171) |
Ending Balance at Mar. 31, 2024 | 5,697 | $ 4,153 | $ 1 | $ (263) | $ 6,187 | $ (2,469) | $ 697 | $ 1,544 |
Mezzanine Equity: Redeemable Noncontrolling Interest, Beginning Balance at Dec. 31, 2023 | 175 | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||
Net income (loss) | 7 | |||||||
Total comprehensive income (loss) | 7 | |||||||
Contributions from (Distributions to) noncontrolling interest, net | (8) | |||||||
Mezzanine Equity: Redeemable Noncontrolling Interest, Ending Balance at Mar. 31, 2024 | $ 174 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net cash provided by operating activities | $ 231 | $ 156 |
Proceeds from the sale, maturity, disposal or redemption of: | ||
Fixed maturities | 1,262 | 1,979 |
Equity securities | 26 | 28 |
Mortgage loans on real estate | 206 | 175 |
Limited partnerships/corporations | 38 | 32 |
Acquisition of: | ||
Fixed maturities | (504) | (1,293) |
Equity securities | (3) | (25) |
Mortgage loans on real estate | (107) | (76) |
Limited partnerships/corporations | (125) | (44) |
Short-term investments, net | 36 | 323 |
Derivatives, net | 58 | 2 |
Sales from CIEs | 307 | 205 |
Purchases within CIEs | (267) | (300) |
Collateral received (delivered), net | 102 | (43) |
Receipts on deposit asset contracts | 69 | 72 |
Payments for business acquisitions, net of cash acquired | 0 | (534) |
Net cash provided by (used in) investing activities | (16) | (29) |
Net cash provided by (used in) investing activities | 1,082 | 472 |
Cash Flows from Financing Activities: | ||
Deposits received for investment contracts | 825 | 730 |
Maturities and withdrawals from investment contracts | (1,677) | (1,594) |
Repayments of long-term debt, including current maturities | 0 | (5) |
Borrowings of CIEs | 73 | 103 |
Repayments of borrowings of CIEs | (52) | (39) |
Contributions from (distributions to) participants in CIEs, net | (150) | 66 |
Proceeds from issuance of common stock, net | 3 | 0 |
Common stock acquired - Share repurchase | (172) | 0 |
Dividends paid on preferred stock | (17) | (14) |
Dividends paid on common stock | (41) | (20) |
Other, net | (47) | (38) |
Net cash provided by (used in) financing activities | (1,255) | (811) |
Net increase (decrease) in cash and cash equivalents, including cash in CIEs | 58 | (183) |
Cash and cash equivalents, including cash in CIEs, beginning of period | 1,118 | 1,007 |
Cash and cash equivalents, including cash in CIEs, end of period | 1,176 | $ 824 |
Total cash and cash equivalents, including cash in CIEs | 1,176 | |
Excluding consolidated VIEs | ||
Cash and cash equivalents | 995 | |
VIEs | ||
Cash and cash equivalents | $ 181 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation | Business, Basis of Presentation and Significant Accounting Policies Business Voya Financial, Inc. and its subsidiaries (collectively, the "Company") is a financial services organization that offers a broad range of retirement services, group insurance and supplemental health products, investment management services and mutual funds primarily in the United States. P roducts and services are provided by the Company through three segments: Wealth Solutions, Health Solutions and Investment Management . Activities not directly related to the Company's segments and certain run-off activities that are not meaningful to the Company's business strategy are included within Corporate. See the Segments Note to these Condensed Consolidated Financial Statements. On January 24, 2023, the Company acquired all outstanding shares of Benefitfocus, Inc. ("Benefitfocus"), pursuant to an agreement and plan of merger (the "Merger Agreement") entered into on November 1, 2022. The acquisition expands the Company’s capacity to meet the growing demand for comprehensive benefits and savings solutions and increases its ability to deliver innovative solutions for employers and health plans. The total purchase consideration for the acquisition was $595, of which $583 was paid in cash ($558 paid by the Company and $25 of the cash acquired was used to fund the transaction). Net assets acquired as part of this transaction included cash of $49, goodwill of $319, intangible assets of $275, deferred tax assets of $45 and assumed lease liabilities of $91. Intangible assets primarily include customer relationships of $190 with a useful life of 15 years, and software of $70 with a useful life of 5 years. The revenues, expenses, assets and liabilities of the business acquired are reported in the Health Solutions segment. On August 1, 2023, the Company acquired all remaining equity interest in VFI SLK Global Services Private Limited previously held by SLK Software Private Limited ("SLK") and renamed the entity as Voya Global Services Private Limited ("Voya India"). Voya India was a private limited company in India formed pursuant to a joint venture agreement between the Company and SLK on August 1, 2019, with the Company and SLK holding 49% and 51% of ownership shares, respectively. The purpose of Voya India is to provide technology and business operation services to the Company. As a result of the acquisition, Voya India has become a wholly owned subsidiary of the Company and provides the Company with improved strategic and operational flexibility. As part of the purchase consideration, an upfront payment of approximately $53 was made at closing. Net assets acquired as part of this transaction included goodwill of $102. The revenues, expenses, assets and liabilities of the business acquired are reported in Corporate. Intercompany balances between Voya India and other Voya subsidiaries are eliminated in the Condensed Consolidated Financial Statements. Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. 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 Condensed 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, and the differences may be material to the Condensed Consolidated Financial Statements. The Condensed 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 and Nonconsolidated Investment Entities Note to these Condensed Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on Net income (loss) or Total shareholders’ equity. The December 31, 2023 Consolidated Balance Sheets is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K . Adoption of New Pronouncements Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, "Fair Value Measurement (Topic 280): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"), which clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring the fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The provisions of ASU 2022-03 were adopted prospectively on January 1, 2024. The adoption did not have an impact on the Company's financial condition, results of operations, or cash flows. Future Adoption of Accounting Pronouncements Profits Interest and Similar Awards In March 2024, the FASB issued ASU 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards" ("ASU 2024-01"), which adds incremental clarity for how profits interests should be accounted. ASU 2024-01 is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods with early adoption permitted. The Company intends to adopt ASU 2024-01 as of January 1, 2025 on a prospective basis, and does not expect this ASU to have a material impact on the Company's financial condition, results of operations, or cash flows. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires: • A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold. • Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold. The amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-09. Segment Disclosures In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-07. Climate Related Disclosures In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures will be phased in beginning with the Company's annual report for the year ending December 31, 2025. While the implementation of this rule is pending the outcome of legal challenges, the Company is currently assessing the impact of adoption on the Consolidated Financial Statements and related disclosures in the event that the stay is lifted. |
Investments (excluding Consolid
Investments (excluding Consolidated Investment Entities) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments (excluding Consolidated Investment Entities) | 50% - 60% >60% - 70% >70% - 80% >80% and above Total 2024 $ 69 $ 33 $ — $ — $ — $ 102 2023 118 257 — — — 375 2022 252 324 73 — — 649 2021 244 203 203 — — 650 2020 177 98 — — 16 291 Prior 2,726 288 18 — 19 3,051 Total $ 3,586 $ 1,203 $ 294 $ — $ 35 $ 5,118 As of December 31, 2023 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% -70% >70% - 80% >80% and above Total 2023 $ 150 $ 222 $ — $ — $ — $ 372 2022 252 326 73 — — 651 2021 244 214 209 — — 667 2020 168 112 — 10 16 306 2019 238 68 28 — — 334 Prior 2,586 280 4 — 18 2,888 Total $ 3,638 $ 1,222 $ 314 $ 10 $ 34 $ 5,218 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2024 $ 21 $ 34 $ 44 $ 3 $ 102 2023 157 151 67 — 375 2022 203 57 186 203 649 2021 259 14 56 321 650 2020 209 23 21 38 291 Prior 2,277 270 328 176 3,051 Total $ 3,126 $ 549 $ 702 $ 741 $ 5,118 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 189 $ 116 $ 67 $ — $ 372 2022 204 68 192 187 651 2021 260 14 64 329 667 2020 211 24 21 50 306 2019 203 26 84 21 334 Prior 2,216 264 255 153 2,888 Total $ 3,283 $ 512 $ 683 $ 740 $ 5,218 *No commercial mortgage loans were secured by land or construction loans The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2024 $ 4 $ 43 $ 22 $ 13 $ 12 $ — $ 6 $ 2 $ — $ 102 2023 69 80 12 101 39 41 3 27 3 375 2022 140 132 47 98 113 93 5 1 20 649 2021 96 63 121 148 98 73 10 40 1 650 2020 63 152 17 10 12 15 — 7 15 291 Prior 761 680 716 219 257 164 59 155 40 3,051 Total $ 1,133 $ 1,150 $ 935 $ 589 $ 531 $ 386 $ 83 $ 232 $ 79 $ 5,118 As of December 31, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 69 $ 77 $ 12 $ 101 $ 39 $ 42 $ 3 $ 26 $ 3 $ 372 2022 140 132 47 100 113 93 5 1 20 651 2021 96 63 124 148 111 75 9 40 1 667 2020 63 155 17 10 12 26 — 7 16 306 2019 53 100 10 74 45 4 14 13 21 334 Prior 734 605 765 189 214 171 47 144 19 2,888 Total $ 1,155 $ 1,132 $ 975 $ 622 $ 534 $ 411 $ 78 $ 231 $ 80 $ 5,218 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2024 $ 19 $ 71 $ 12 $ — $ — $ — $ — $ 102 2023 125 167 33 18 32 — — 375 2022 79 262 254 34 10 10 — 649 2021 36 141 335 111 — 18 9 650 2020 56 49 72 114 — — — 291 Prior 712 816 750 493 70 161 49 3,051 Total $ 1,027 $ 1,506 $ 1,456 $ 770 $ 112 $ 189 $ 58 $ 5,118 As of December 31, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 125 $ 164 $ 33 $ 18 $ 32 $ — $ — $ 372 2022 79 263 255 34 10 10 — 651 2021 36 145 335 123 — 18 10 667 2020 57 49 72 128 — — — 306 2019 45 82 160 36 11 — — 334 Prior 780 755 618 463 60 163 49 2,888 Total $ 1,122 $ 1,458 $ 1,473 $ 802 $ 113 $ 191 $ 59 $ 5,218 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2024 December 31, 2023 Allowance for credit losses, beginning of period $ 26 $ 18 Credit losses on mortgage loans for which credit losses were not previously recorded — 2 Increase (decrease) on mortgage loans with an allowance recorded in a previous period — 9 Provision for expected credit losses 26 29 Write-offs — (3) Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 26 $ 26 The following table presents past due commercial mortgage loans as of the dates indicated: March 31, 2024 December 31, 2023 Delinquency: Current $ 5,083 $ 5,202 30-59 days past due 19 — 60-89 days past due — — Greater than 90 days past due 16 16 Total $ 5,118 $ 5,218 Commercial mortgage 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. As of March 31, 2024 and December 31, 2023, the Company had $35 and $16, respectively, of commercial mortgage loans in non-accrual status with an LTV ratio of 100%. The amount of interest income recognized on loans in non-accrual status for the three months ended March 31, 2024 and the year ended December 31, 2023 was immaterial. Net Investment Income The following table summarizes Net investment income by investment type for the periods indicated: Three Months Ended March 31, 2024 2023 Fixed maturities $ 416 $ 458 Equity securities 5 7 Mortgage loans on real estate 61 61 Policy loans 6 6 Short-term investments and cash equivalents 10 9 Limited partnerships and other 48 22 Gross investment income 546 563 Less: Investment expenses 17 18 Net investment income $ 529 $ 545 As of March 31, 2024 and December 31, 2023, the Company had $11 and $10, 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. Net Gains (Losses) Net gains (losses) were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Fixed maturities, available-for-sale, including securities pledged $ (20) $ 1 Fixed maturities, at fair value option (81) 36 Equity securities, at fair value 3 (2) Derivatives 136 (54) Embedded derivatives - fixed maturities (1) 1 Other derivatives 1 — Standalone derivatives 1 — Managed custody guarantees 1 3 Mortgage loans 1 — Other investments 2 (1) Net gains (losses) $ 43 $ (16) Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Proceeds on sales $ 829 $ 1,306 Gross gains 11 20 Gross losses 27 25 " id="sjs-B4" xml:space="preserve">Investments (excluding Consolidated Investment Entities) Fixed Maturities Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2024: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Allowance for credit losses Fair Value Fixed maturities: U.S. Treasuries $ 424 $ 3 $ 26 $ — $ — $ 401 U.S. Government agencies and authorities 54 2 1 — — 55 State, municipalities and political subdivisions 785 — 104 — — 681 U.S. corporate public securities 8,165 148 974 — — 7,339 U.S. corporate private securities 5,046 37 363 — — 4,720 Foreign corporate public securities and foreign governments (1) 2,797 41 273 — 2 2,563 Foreign corporate private securities (1) 2,845 20 152 — 1 2,712 Residential mortgage-backed securities 3,586 28 276 1 — 3,339 Commercial mortgage-backed securities 4,059 3 584 — 14 3,464 Other asset-backed securities 2,461 25 54 — 5 2,427 Total fixed maturities, including securities pledged 30,222 307 2,807 1 22 27,701 Less: Securities pledged 1,330 — 103 — — 1,227 Total fixed maturities $ 28,892 $ 307 $ 2,704 $ 1 $ 22 $ 26,474 (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 Net gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2023: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Allowance for credit losses Fair Value Fixed maturities: U.S. Treasuries $ 417 $ 7 $ 21 $ — $ — $ 403 U.S. Government agencies and authorities 54 3 1 — — 56 State, municipalities and political subdivisions 871 1 101 — — 771 U.S. corporate public securities 8,402 168 904 — — 7,666 U.S. corporate private securities 5,040 44 324 — — 4,760 Foreign corporate public securities and foreign governments (1) 2,928 47 270 — 3 2,702 Foreign corporate private securities (1) 2,916 27 129 — 2 2,812 Residential mortgage-backed securities 3,695 36 257 2 — 3,476 Commercial mortgage-backed securities 4,147 1 644 — 9 3,495 Other asset-backed securities 2,528 16 71 — 3 2,470 Total fixed maturities, including securities pledged 30,998 350 2,722 2 17 28,611 Less: Securities pledged 1,232 — 72 — — 1,160 Total fixed maturities $ 29,766 $ 350 $ 2,650 $ 2 $ 17 $ 27,451 (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 Net gains (losses) in the Condensed Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2024, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("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 $ 759 $ 744 After one year through five years 3,796 3,654 After five years through ten years 3,744 3,600 After ten years 11,817 10,473 Mortgage-backed securities 7,645 6,803 Other asset-backed securities 2,461 2,427 Fixed maturities, including securities pledged $ 30,222 $ 27,701 As of March 31, 2024 and December 31, 2023, the Company did not 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. Repurchase Agreements and Securities Pledged As of March 31, 2024 and December 31, 2023, the Company did not have any securities pledged in dollar rolls or reverse repurchase agreements. The Company engages in securities lending whereby the initial collateral is required at a rate of at least 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality 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. In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. 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 on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. The following table presents Securities pledged as of the dates indicated: March 31, 2024 December 31, 2023 Securities pledged/obligations under repurchase agreements (1) $ 114 $ 117 Securities loaned to lending agent (2) 912 842 Securities pledged as collateral (2)(3) 201 201 Total $ 1,227 $ 1,160 (1) Comprised of other asset-backed securities and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. (2) Included in Securities pledged on the Condensed Consolidated Balance Sheets. (3) See Collateral within the Derivatives Note to these Condensed Consolidated Financial Statements for more information. The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated: March 31, 2024 December 31, 2023 U.S. Treasuries $ 41 $ 14 U.S. corporate public securities 613 568 Short-term investments 15 55 Foreign corporate public securities and foreign governments 273 238 Total (1) $ 942 $ 875 (1) As of March 31, 2024 and December 31, 2023, liabilities to return cash collateral were $690 and $660, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. 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. Allowance for credit losses The following tables presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented: Three Months Ended March 31, 2024 U.S. corporate public securities Commercial mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ — $ 9 $ 3 $ 2 $ 3 $ 17 Credit losses on securities for which credit losses were not previously recorded — 5 — — 1 6 Reductions for securities sold during the period — — (1) — — (1) Increase (decrease) on securities with allowance recorded in previous period — — — (1) 1 — Balance as of March 31 $ — $ 14 $ 2 $ 1 $ 5 $ 22 Year Ended December 31, 2023 U.S. corporate public securities Commercial mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ — $ — $ 9 $ 2 $ 1 $ 12 Credit losses on securities for which credit losses were not previously recorded — 9 — — 2 11 Reductions for securities sold during the period — — (5) — — (5) Increase (decrease) on securities with allowance recorded in previous period — — (1) — — (1) Balance as of December 31 $ — $ 9 $ 3 $ 2 $ 3 $ 17 For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K . Unrealized Capital Losses The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated: As of March 31, 2024 Twelve Months or Less More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 120 $ 4 $ 115 $ 22 $ 235 $ 26 U.S. Government agencies and authorities 14 — 3 1 17 1 State, municipalities and political subdivisions 17 — 651 104 668 104 U.S. corporate public securities 347 23 4,875 951 5,222 974 U.S. corporate private securities 451 12 3,229 351 3,680 363 Foreign corporate public securities and foreign governments 144 2 1,613 271 1,757 273 Foreign corporate private securities 277 4 2,086 148 2,363 152 Residential mortgage-backed 189 4 1,321 272 1,510 276 Commercial mortgage-backed 21 1 3,242 583 3,263 584 Other asset-backed 82 1 460 53 542 54 Total $ 1,662 $ 51 $ 17,595 $ 2,756 $ 19,257 $ 2,807 As of December 31, 2023 Twelve Months or Less More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 99 $ 3 $ 109 $ 18 $ 208 $ 21 U.S. Government agencies and authorities — — 3 1 3 1 State, municipalities and political subdivisions 20 — 731 101 751 101 U.S. corporate public securities 321 17 5,101 887 5,422 904 U.S. corporate private securities 176 7 3,365 317 3,541 324 Foreign corporate public securities and foreign governments 82 2 1,749 268 1,831 270 Foreign corporate private securities 189 5 2,101 124 2,290 129 Residential mortgage-backed 114 3 1,354 254 1,468 257 Commercial mortgage-backed 84 2 3,269 642 3,353 644 Other asset-backed 136 3 1,156 68 1,292 71 Total $ 1,221 $ 42 $ 18,938 $ 2,680 $ 20,159 $ 2,722 As of March 31, 2024, the average duration of our fixed maturities portfolio, including securities pledged, is between 6.5 and 7 years. As of March 31, 2024 and December 31, 2023, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. Evaluating Securities for Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired. There were no intent impairments for the three months ended March 31, 2024 and 2023. The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. 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. Debt Restructuring Upon the adoption of ASU 2022-02 as of January 1, 2023, the Company no longer identifies certain debt modifications as troubled debt restructuring, but instead evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three months ended March 31, 2024 and 2023, the Company had no material debt modifications that require such disclosure. Mortgage Loans on Real Estate 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 performance, 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. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above. The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2024 $ 69 $ 33 $ — $ — $ — $ 102 2023 118 257 — — — 375 2022 252 324 73 — — 649 2021 244 203 203 — — 650 2020 177 98 — — 16 291 Prior 2,726 288 18 — 19 3,051 Total $ 3,586 $ 1,203 $ 294 $ — $ 35 $ 5,118 As of December 31, 2023 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% -70% >70% - 80% >80% and above Total 2023 $ 150 $ 222 $ — $ — $ — $ 372 2022 252 326 73 — — 651 2021 244 214 209 — — 667 2020 168 112 — 10 16 306 2019 238 68 28 — — 334 Prior 2,586 280 4 — 18 2,888 Total $ 3,638 $ 1,222 $ 314 $ 10 $ 34 $ 5,218 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2024 $ 21 $ 34 $ 44 $ 3 $ 102 2023 157 151 67 — 375 2022 203 57 186 203 649 2021 259 14 56 321 650 2020 209 23 21 38 291 Prior 2,277 270 328 176 3,051 Total $ 3,126 $ 549 $ 702 $ 741 $ 5,118 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 189 $ 116 $ 67 $ — $ 372 2022 204 68 192 187 651 2021 260 14 64 329 667 2020 211 24 21 50 306 2019 203 26 84 21 334 Prior 2,216 264 255 153 2,888 Total $ 3,283 $ 512 $ 683 $ 740 $ 5,218 *No commercial mortgage loans were secured by land or construction loans The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2024 $ 4 $ 43 $ 22 $ 13 $ 12 $ — $ 6 $ 2 $ — $ 102 2023 69 80 12 101 39 41 3 27 3 375 2022 140 132 47 98 113 93 5 1 20 649 2021 96 63 121 148 98 73 10 40 1 650 2020 63 152 17 10 12 15 — 7 15 291 Prior 761 680 716 219 257 164 59 155 40 3,051 Total $ 1,133 $ 1,150 $ 935 $ 589 $ 531 $ 386 $ 83 $ 232 $ 79 $ 5,118 As of December 31, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 69 $ 77 $ 12 $ 101 $ 39 $ 42 $ 3 $ 26 $ 3 $ 372 2022 140 132 47 100 113 93 5 1 20 651 2021 96 63 124 148 111 75 9 40 1 667 2020 63 155 17 10 12 26 — 7 16 306 2019 53 100 10 74 45 4 14 13 21 334 Prior 734 605 765 189 214 171 47 144 19 2,888 Total $ 1,155 $ 1,132 $ 975 $ 622 $ 534 $ 411 $ 78 $ 231 $ 80 $ 5,218 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2024 $ 19 $ 71 $ 12 $ — $ — $ — $ — $ 102 2023 125 167 33 18 32 — — 375 2022 79 262 254 34 10 10 — 649 2021 36 141 335 111 — 18 9 650 2020 56 49 72 114 — — — 291 Prior 712 816 750 493 70 161 49 3,051 Total $ 1,027 $ 1,506 $ 1,456 $ 770 $ 112 $ 189 $ 58 $ 5,118 As of December 31, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 125 $ 164 $ 33 $ 18 $ 32 $ — $ — $ 372 2022 79 263 255 34 10 10 — 651 2021 36 145 335 123 — 18 10 667 2020 57 49 72 128 — — — 306 2019 45 82 160 36 11 — — 334 Prior 780 755 618 463 60 163 49 2,888 Total $ 1,122 $ 1,458 $ 1,473 $ 802 $ 113 $ 191 $ 59 $ 5,218 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2024 December 31, 2023 Allowance for credit losses, beginning of period $ 26 $ 18 Credit losses on mortgage loans for which credit losses were not previously recorded — 2 Increase (decrease) on mortgage loans with an allowance recorded in a previous period — 9 Provision for expected credit losses 26 29 Write-offs — (3) Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 26 $ 26 The following table presents past due commercial mortgage loans as of the dates indicated: March 31, 2024 December 31, 2023 Delinquency: Current $ 5,083 $ 5,202 30-59 days past due 19 — 60-89 days past due — — Greater than 90 days past due 16 16 Total $ 5,118 $ 5,218 Commercial mortgage 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. As of March 31, 2024 and December 31, 2023, the Company had $35 and $16, respectively, of commercial mortgage loans in non-accrual status with an LTV ratio of 100%. The amount of interest income recognized on loans in non-accrual status for the three months ended March 31, 2024 and the year ended December 31, 2023 was immaterial. Net Investment Income The following table summarizes Net investment income by investment type for the periods indicated: Three Months Ended March 31, 2024 2023 Fixed maturities $ 416 $ 458 Equity securities 5 7 Mortgage loans on real estate 61 61 Policy loans 6 6 Short-term investments and cash equivalents 10 9 Limited partnerships and other 48 22 Gross investment income 546 563 Less: Investment expenses 17 18 Net investment income $ 529 $ 545 As of March 31, 2024 and December 31, 2023, the Company had $11 and $10, 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. Net Gains (Losses) Net gains (losses) were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Fixed maturities, available-for-sale, including securities pledged $ (20) $ 1 Fixed maturities, at fair value option (81) 36 Equity securities, at fair value 3 (2) Derivatives 136 (54) Embedded derivatives - fixed maturities (1) 1 Other derivatives 1 — Standalone derivatives 1 — Managed custody guarantees 1 3 Mortgage loans 1 — Other investments 2 (1) Net gains (losses) $ 43 $ (16) Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Proceeds on sales $ 829 $ 1,306 Gross gains 11 20 Gross losses 27 25 |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company primarily enters into the following types of derivatives: 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. Total return swaps: The Company uses total return swaps as a hedge of interest related risks within various Legacy Annuity and Retirement products. Total return swaps are also used as a hedge of other corporate liabilities. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic performance of assets or a market index and a fixed or variable funding multiplied by reference to an agreed upon notional 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. Futures: Futures contracts are used to hedge against a decrease in certain equity indices. 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. 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 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. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. 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 outlined in ASC Topic 815 as of March 31, 2024 and December 31, 2023. The notional amounts and fair values of derivatives were as follows as of the dates indicated: March 31, 2024 December 31, 2023 Notional Asset Fair Value Liability Notional Asset Fair Value Liability Derivatives: Qualifying for hedge accounting (1) Fair value hedges: Foreign exchange contracts $ 100 $ 1 $ — $ 98 $ — $ 4 Cash flow hedges: Interest rate contracts 12 — — 12 — — Foreign exchange contracts 718 38 5 718 33 7 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 17,133 330 318 16,773 270 354 Foreign exchange contracts 160 1 1 183 4 2 Equity contracts 285 8 3 255 4 2 Credit contracts 177 — 5 137 — 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A 1 — N/A 2 — Within reinsurance agreements (4) N/A 59 47 N/A 61 49 Managed custody guarantees (3) N/A — 7 N/A — 8 Stabilizers (3) N/A — 1 N/A — 1 Total $ 438 $ 387 $ 374 $ 429 (1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. (3) Included in Contract owner account balances on the Condensed Consolidated Balance Sheets. (4) Included in Other liabilities, Other assets and Premium receivable and reinsurance recoverable on the Condensed Consolidated Balance Sheets. N/A - Not applicable The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated: Gross Amount Recognized (1) Counterparty Netting (2) Cash Collateral Netting (2) Securities Collateral Netting (2) Net receivables/ payables March 31, 2024 Derivative assets $ 378 $ (273) $ (96) $ (5) $ 4 Derivative liabilities 332 (273) (56) (2) 1 December 31, 2023 Derivative assets 311 (216) (76) (8) 11 Derivative liabilities 370 (216) (150) (3) 1 (1) As of March 31, 2024, gross amounts exclude asset and liability exchange traded contracts of $0 and $0, respectively. As of December 31, 2023, gross amounts exclude asset and liability exchange traded contracts of $0 and $1, respectively. (2) Represents the netting of receivable 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 and repurchase agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed 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 Condensed Consolidated Balance Sheets. As of March 31, 2024, the Company held $99 and pledged $57 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2023, the Company held $84 and pledged $147 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2024, the Company delivered $201 of securities and held $4 of securities as collateral. As of December 31, 2023, the Company delivered $201 of securities and held $11 of securities as collateral. The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: 2024 2023 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Net gains/(losses) Net investment income Net investment income and Net gains/(losses) Three Months Ended March 31, Amount of Gain (Loss) Recognized in Other Comprehensive Income $ — $ 8 $ — $ (12) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income — 3 — 3 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: 2024 2023 Net investment income Net gains/ (losses) Net investment income Net gains/ (losses) Three Months Ended March 31, Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded $ 529 $ 43 $ 545 $ (16) Fair value hedges: Foreign exchange contracts: Hedged items — (2) — 2 Derivatives designated as hedging instruments (1) — 3 — (1) Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 3 — 3 — (1) For the three months ended March 31, 2024 and 2023, $1 of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earning. The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain (Loss) Recognized on Derivative Three Months Ended March 31, 2024 2023 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 126 $ (56) Foreign exchange contracts Net gains (losses) (2) 1 Equity contracts Net gains (losses) 10 3 Credit contracts Net gains (losses) (1) (1) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (1) 1 Within reinsurance agreements (1) Policyholder benefits — (26) Managed custody guarantees Net gains (losses) 1 3 Total $ 133 $ (75) (1) For the three months ended March 31, 2024, the amount excluded gains (losses) of $1 from standalone derivatives recognized in Net gains (losses). For the three months ended March 31, 2023, the amount excluded immaterial gains (losses) from standalone derivatives recognized in Net gains (losses). |
Fair Value Measurements (exclud
Fair Value Measurements (excluding Consolidated Investment Entities) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements (excluding Consolidated Investment Entities) | Fair Value Measurements (excluding Consolidated Investment Entities) Fair Value Measurement The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2024: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 302 $ 99 $ — $ 401 U.S. Government agencies and authorities — 54 1 55 State, municipalities and political subdivisions — 681 — 681 U.S. corporate public securities — 7,321 18 7,339 U.S. corporate private securities — 3,265 1,455 4,720 Foreign corporate public securities and foreign governments (1) — 2,563 — 2,563 Foreign corporate private securities (1) — 2,264 448 2,712 Residential mortgage-backed securities — 3,286 52 3,338 Commercial mortgage-backed securities — 3,465 — 3,465 Other asset-backed securities — 2,372 55 2,427 Total fixed maturities, including securities pledged 302 25,370 2,029 27,701 Equity securities 120 — 99 219 Derivatives: Interest rate contracts 1 329 — 330 Foreign exchange contracts — 40 — 40 Equity contracts — 8 — 8 Embedded derivative on reinsurance — 59 — 59 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,169 16 — 2,185 Assets held in separate accounts 92,585 5,691 360 98,636 Total assets $ 95,177 $ 31,513 $ 2,488 $ 129,178 Liabilities: Contingent consideration $ — $ — $ 48 $ 48 Stabilizer and MCGs — — 8 8 Derivatives: Interest rate contracts 1 317 — 318 Foreign exchange contracts — 6 — 6 Equity contracts — 3 — 3 Credit contracts — 5 — 5 Embedded derivative on reinsurance — (10) (2) 57 (3) 47 Total liabilities $ 1 $ 321 $ 113 $ 435 (1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. (3) Represents the standalone derivative. The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2023: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 346 $ 57 $ — $ 403 U.S. Government agencies and authorities — 55 1 56 State, municipalities and political subdivisions — 771 — 771 U.S. corporate public securities — 7,648 18 7,666 U.S. corporate private securities — 3,234 1,526 4,760 Foreign corporate public securities and foreign governments (1) — 2,702 — 2,702 Foreign corporate private securities (1) — 2,376 436 2,812 Residential mortgage-backed securities — 3,419 57 3,476 Commercial mortgage-backed securities — 3,495 — 3,495 Other asset-backed securities — 2,418 52 2,470 Total fixed maturities, including securities pledged 346 26,175 2,090 28,611 Equity securities 140 — 96 236 Derivatives: Interest rate contracts 7 263 — 270 Foreign exchange contracts — 37 — 37 Equity contracts — 4 — 4 Embedded derivative on reinsurance — 61 — 61 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,148 17 — 2,165 Assets held in separate accounts 87,180 5,605 348 93,133 Total assets $ 89,821 $ 32,162 $ 2,534 $ 124,517 Liabilities: Contingent consideration $ — $ — $ 51 $ 51 Stabilizer and MCGs — — 9 9 Derivatives: Interest rate contracts — 354 — 354 Foreign exchange contracts — 13 — 13 Equity contracts — 2 — 2 Credit contracts — 2 — 2 Embedded derivative on reinsurance — (9) (2) 58 (3) 49 Total liabilities $ — $ 362 $ 118 $ 480 (1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. (3) Represents the standalone derivative. Valuation of Financial Assets and Liabilities at Fair Value Certain assets and liabilities are measured at estimated fair value on the Company's Condensed 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. When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. 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. 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: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers. 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, Overnight Index Swap ("OIS") rates, and Secured Overnight Financing Rate ("SOFR"). The Company uses SOFR discounting for valuations of interest rate derivatives; however, certain legacy positions may continue to be discounted on OIS. 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. The Company also has certain credit default swaps and options that are priced by third party vendors or by 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 are valued based on market observable inputs and are classified as Level 2. Contingent consideration: The fair value of the contingent consideration liability associated with the Company’s acquisitions uses unobservable inputs and as such are reported as Level 3. Unobservable inputs include projected revenues, duration of earnouts and other metrics as well as discount rate. Changes in the fair value of the contingent consideration are recorded in Operating expenses in the Company’s Condensed Consolidated Statements of Operations. Stabilizer and MCGs : 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 projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. These derivatives are classified as Level 3 liabilities. The discount rate used to determine the fair value of the Company's Stabilizer embedded derivative liabilities and MCG stand-alone derivative 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 spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims. 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. The remaining derivative instruments are classified as Level 3 and are estimated using the income approach. The fair value is calculated by estimating future cash flows for a certain discrete projection period, estimating the terminal value, if appropriate, and discounting these amounts to present value at a rate of return that considers the relative risk of the cash flows and the time value of money. 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. Significant Unobservable Inputs The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices. The following tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated: Three Months Ended March 31, 2024 Fair Value as of January 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of March 31 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. Government agencies and authorities $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — $ — U.S. corporate public securities 18 — — — — — — — — 18 — — U.S. corporate private securities 1,526 — (15) 67 — (9) (79) — (35) 1,455 — (19) Foreign corporate private securities (1) 436 — (4) — — — (35) 51 — 448 — (4) Residential mortgage-backed securities 57 (1) — — — — — — (4) 52 (1) — Other asset-backed securities 52 — — 5 — — (2) — — 55 — — Total fixed maturities, including securities pledged 2,090 (1) (19) 72 — (9) (116) 51 (39) 2,029 (1) (23) Equity securities, at fair value 96 3 — — — — — — — 99 2 — Contingent consideration (51) 1 — — — — 2 — — (48) — — Stabilizer and MCGs (2) (9) 2 — — (1) — — — — (8) — — Embedded derivatives on reinsurance (58) 1 — — — — — — — (57) — — Assets held in separate accounts (4) 348 — — 16 — (3) — 5 (6) 360 — — (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 Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of March 31 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) 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. Three Months Ended March 31, 2023 Fair Value as of January 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of March 31 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. Government agencies and authorities $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — $ — U.S. corporate public securities $ 20 $ — $ — $ 1 $ — $ — $ — $ — $ — $ 21 $ — $ — U.S. corporate private securities 1,801 1 34 40 — — (76) — — 1,800 1 34 Foreign corporate public securities and foreign governments (1) 3 — — — — — — — (3) — — — Foreign corporate private securities (1) 432 1 4 57 — — (53) — — 441 1 4 Residential mortgage-backed securities 28 — — 28 — — — — — 56 — — Other asset-backed securities 64 — 1 34 — — (1) — (21) 77 — 1 Total fixed maturities, including securities pledged 2,349 2 39 160 — — (130) — (24) 2,396 2 39 Equity securities, at fair value 196 (4) — — — — — — — 192 (3) — Contingent consideration (112) — — — — — — — — (112) — — Stabilizer and MCGs (2) (6) 4 — — (1) — — — — (3) — — Embedded derivatives on reinsurance (58) — — — — — — — — (58) — — Assets held in separate accounts (4) 347 4 — — — (2) — — — 349 — — (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 Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of March 31 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) 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. For the three months ended March 31, 2024 and 2023, the transfers in and out of Level 3 for fixed maturities were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate. Other Financial Instruments The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets. ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 27,701 $ 27,701 $ 28,611 $ 28,611 Equity securities 219 219 236 236 Mortgage loans on real estate 5,118 4,831 5,218 4,941 Policy loans 349 349 352 352 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,185 2,185 2,165 2,165 Derivatives 378 378 311 311 Embedded derivatives on reinsurance 59 59 61 61 Other investments 64 64 64 64 Assets held in separate accounts 98,636 98,636 93,133 93,133 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 32,196 $ 33,978 $ 32,848 $ 34,856 Funding agreements with fixed maturities 1,200 1,206 1,175 1,178 Supplementary contracts, immediate annuities and other 607 545 628 571 Stabilizer and MCGs 8 8 9 9 Derivatives 332 332 371 371 Embedded derivative on reinsurance 47 47 49 49 Short-term debt 393 387 1 1 Long-term debt 1,707 1,617 2,097 1,998 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 Other investments Level 2 Funding agreements without fixed maturities and deferred annuities Level 3 Funding agreements with fixed maturities Level 2 Supplementary contracts and immediate annuities Level 3 Short-term debt and Long-term debt Level 2 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Value of Business Acquired | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [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 deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") for the periods indicated: DAC VOBA (1) Wealth Solutions Deferred and Individual Annuities Health Solutions Group Businesses exited Balance as of January 1, 2023 $ 691 $ 144 $ 1,043 $ 439 Deferrals of commissions and expenses 59 49 — 4 Amortization expense (55) (29) (105) (37) Balance as of December 31, 2023 $ 695 $ 164 $ 938 $ 406 Deferrals of commissions and expenses 16 12 — 1 Amortization expense (14) (8) (26) (9) Balance as of March 31, 2024 $ 697 $ 168 $ 912 $ 398 (1) There was no loss recognition related to VOBA during the periods presented. The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2024 December 31, 2023 DAC: Wealth Solutions Deferred and Individual Annuities $ 697 $ 695 Health Solutions Group 168 164 Businesses exited 912 938 Other 47 47 VOBA 398 406 Total $ 2,222 $ 2,250 |
Reserves for Future Policy Bene
Reserves for Future Policy Benefits and Contract Owner Account Balances | 3 Months Ended |
Mar. 31, 2024 | |
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract] | |
Reserves for Future Policy Benefits and Contract Owner Account Balances | Reserves for Future Policy Benefits and Contract Owner Account Balances Health Solutions Group products include long-duration supplemental term life, long-term disability business as well as critical illness and accident and hospital indemnity products. Health Solutions Voluntary products include long-duration whole life business. The following tables present the balances and changes in the liability for future policy benefits for Health Solutions Group, Health Solutions Voluntary and Businesses Exited as of March 31, 2024 and December 31, 2023. Health Solutions Group Health Solutions Voluntary Businesses Exited 2024 2023 2024 2023 2024 2023 Present Value of Expected Net Premiums: Balance at January 1 $ 68 $ 77 $ 101 $ 97 $ 3,145 $ 4,244 Beginning balance at original discount rate 71 84 102 100 2,992 4,128 Effect of change in cash flow assumptions — (6) — 6 — (921) Effect of actual variances from expected experience 15 11 3 8 (93) (91) Adjusted balance at January 1 86 89 105 114 2,899 3,116 Interest accrual 1 2 1 4 41 196 Net premiums collected (1) (5) (20) (4) (16) (79) (320) Ending balance at original discount rate 82 71 102 102 2,861 2,992 Effects of changes in discount rate assumptions (5) (3) (3) (1) 81 153 Balance at end of period $ 77 $ 68 $ 99 $ 101 $ 2,942 $ 3,145 Present Value of Expected Future Policy Benefits: Balance at January 1 $ 899 $ 881 $ 307 $ 285 $ 7,538 $ 8,639 Beginning balance at original discount rate 918 913 307 294 7,404 8,644 Effect of change in cash flow assumptions 17 (8) 1 13 — (805) Effect of actual variances from expected experience 8 (16) 4 9 (115) (123) Adjusted balance at January 1 943 889 312 316 7,289 7,716 Issuances 32 136 — — 6 17 Interest accrual 6 24 4 14 95 412 Benefit payments (36) (131) (8) (23) (173) (741) Ending balance at original discount rate 945 918 308 307 7,217 7,404 Effects of changes in discount rate assumptions (29) (19) (10) — (19) 134 Balance at end of period $ 916 $ 899 $ 298 $ 307 $ 7,198 $ 7,538 Net liability for future policy benefits $ 839 $ 831 $ 199 $ 206 $ 4,256 $ 4,392 Less: Reinsurance recoverable 320 315 — — 4,208 4,342 Net liability for future policy benefits, after reinsurance recoverable $ 519 $ 516 $ 199 $ 206 $ 48 $ 50 (1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets is presented below: March 31, 2024 December 31, 2023 Health Solutions Group $ 839 $ 831 Health Solutions Voluntary 199 206 Businesses Exited - Future policy benefits 4,256 4,392 Businesses Exited – Additional liability 1,978 2,001 Business Exited - Other 1,334 1,335 Other (1) 821 795 Total $ 9,427 $ 9,560 (1) Primarily consists of short duration contracts. The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below: March 31, 2024 December 31, 2023 Undiscounted Discounted Undiscounted Discounted Health Solutions Group Expected future benefit payments $ 1,176 $ 945 $ 1,144 $ 918 Expected future gross premiums 281 209 271 214 Health Solutions Voluntary Expected future benefit payments 671 308 668 307 Expected future gross premiums 343 214 341 213 The following table presents a rollforward of the additional reserve liability for Businesses exited for the periods indicated: Businesses exited March 31, 2024 December 31, 2023 Balance at beginning of period $ 2,001 $ 2,107 Effect of change in cash flow assumptions — (44) Effect of actual variances from expected experience 20 (100) Adjusted balance at January 1 2,021 1,963 Interest accrual 21 84 Excess Benefits (107) (417) Assessments 43 371 Balance at end of period 1,978 2,001 Less: Reinsurance recoverable 1,927 1,950 Net additional liability, after reinsurance recoverable $ 51 $ 51 The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated: Health Solutions Group Health Solutions Voluntary Businesses Exited March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Weighted average duration (in years) (1) 7 7 15 14 8 8 Interest accretion rate 4.0 % 4.0 % 5.2 % 5.2 % 4.9 % 4.9 % Current discount rate 5.2 % 4.9 % 5.5 % 5.1 % 5.4 % 5.1 % (1) Weighted average duration (in years) for Businesses Exited includes additional liability. The weighted average interest rates for the additional liability related to businesses exited were 4.2% for the periods ended March 31, 2024 and December 31, 2023. The following table presents a rollforward of Contract owner account balances for the periods indicated: Wealth Solutions Deferred Group and Individual Annuity Businesses Exited March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Balance at January 1 $ 31,139 $ 33,622 $ 4,635 $ 5,146 Deposits 631 2,309 71 288 Fee income (11) (9) (93) (373) Surrenders, withdrawals and benefits (1,354) (5,663) (149) (577) Net transfers (from) to the general account (1) (47) (5) 1 10 Interest credited 213 885 45 141 Ending Balance $ 30,571 $ 31,139 $ 4,510 $ 4,635 Weighted-average crediting rate 2.8 % 2.8 % 3.7 % 2.5 % Net amount at risk (2) $ 98 $ 123 $ 707 $ 734 Cash surrender value $ 30,114 $ 30,676 $ 1,416 $ 1,491 (1) Net transfers (from) to the general account for Wealth Solutions includes transfers of $(439) and $(523) for 2024 and 2023, respectively, related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets. (2) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. When a contract has both a living benefit and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together. The following table shows a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2024 December 31, 2023 Wealth Solutions Deferred group and individual annuity $ 30,571 $ 31,139 Businesses exited 4,510 4,635 Non-puttable funding agreements $ 1,200 $ 1,175 Business exited - Other 1,235 1,275 Other (1) 926 950 Total $ 38,442 $ 39,174 (1) Primarily consists of universal life contracts The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"): Account Value (1) Excess of crediting rate over GMIR At GMIR Up to .50% Above GMIR 0.51% - 1.00% 1.01% - 1.50% Above GMIR 1.51% - 2.00% Above GMIR More than 2.00% Above GMIR Total As of March 31, 2024 Up to 1.00% $ 108 $ 4,812 $ 3,641 $ 2,030 $ 1,022 $ 788 $ 12,401 1.01% - 2.00% 504 120 50 9 3 6 692 2.01% - 3.00% 10,867 95 63 107 — 4 11,136 3.01% - 4.00% 8,731 152 — 8 — — 8,891 4.01% and Above 1,538 82 — — — — 1,620 Renewable beyond 12 months (2) 412 — — — 3 — 415 Total discretionary rate setting products $ 22,160 $ 5,261 $ 3,754 $ 2,154 $ 1,028 $ 798 $ 35,155 As of December 31, 2023 Up to 1.00% $ 120 $ 5,070 $ 3,460 $ 2,215 $ 863 $ 800 $ 12,528 1.01% - 2.00% 527 131 50 8 3 6 725 2.01% - 3.00% 11,225 93 63 108 — 3 11,492 3.01% - 4.00% 8,873 152 — 6 — — 9,031 4.01% and Above 1,566 83 — — — — 1,649 Renewable beyond 12 months (2) 428 — — — 3 — 431 Total discretionary rate setting products $ 22,739 $ 5,529 $ 3,573 $ 2,337 $ 869 $ 809 $ 35,856 (1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. (2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2024 and December 31, 2023 on which we are required to credit interest above the contractual GMIR for the next twelve months. |
Reinsurance
Reinsurance | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance The Company reinsures its business through a diversified group of reinsurers. However, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. 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 Condensed Consolidated Balance Sheets is as follows as of the periods indicated: March 31, 2024 Direct Assumed Ceded Total, Assets Premiums receivable $ 252 $ 12 $ (248) $ 16 Reinsurance recoverable, net of allowance for credit losses — — 11,812 11,812 Total $ 252 $ 12 $ 11,564 $ 11,828 Liabilities Future policy benefits and contract owner account balances $ 46,936 $ 933 $ — $ 47,869 Liability for funds withheld under reinsurance agreements 107 — — 107 Total $ 47,043 $ 933 $ — $ 47,976 December 31, 2023 Direct Assumed Ceded Total, Assets Premiums receivable $ 193 $ 9 $ (219) $ (17) Reinsurance recoverable, net of allowance for credit losses — — 11,999 11,999 Total $ 193 $ 9 $ 11,780 $ 11,982 Liabilities Future policy benefits and contract owner account balances $ 47,781 $ 953 $ — $ 48,734 Liability for funds withheld under reinsurance agreements 103 — — 103 Total $ 47,884 $ 953 $ — $ 48,837 Information regarding the effect of reinsurance on the Condensed Consolidated Statements of Operations is as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Premiums: Direct premiums $ 1,029 $ 908 Reinsurance assumed 7 10 Reinsurance ceded (236) (233) Net premiums $ 800 $ 685 Fee income: Gross fee income $ 608 $ 562 Reinsurance assumed 4 4 Reinsurance ceded (99) (102) Net fee income $ 513 $ 464 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 1,181 $ 1,108 Reinsurance assumed 19 19 Reinsurance ceded (349) (376) Net interest credited and other benefits to contract owners / policyholders $ 851 $ 751 If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of March 31, 2024 and December 31, 2023, the Company had a deposit asset net of the allowance for credit losses of $1.2 billion, which is reported in Other assets on the Condensed Consolidated Balance Sheets. |
Separate Accounts
Separate Accounts | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Separate Accounts | Separate Accounts The following tables present a rollforward of separate account liabilities for the Wealth Solutions stabilizer and deferred annuity business, including a reconciliation to the Condensed Consolidated Balance Sheets, for the periods indicated: March 31, 2024 December 31, 2023 Wealth Solutions Stabilizer Wealth Solutions Deferred Annuity Total Wealth Solutions Stabilizer Wealth Solutions Deferred Annuity Total Balance at January 1 $ 7,175 $ 82,310 $ 89,485 $ 7,196 $ 69,152 $ 76,348 Premiums and deposits 281 2,586 2,867 940 10,052 10,992 Fee income (8) (116) (124) (34) (426) (460) Surrenders, withdrawals and benefits (379) (2,969) (3,348) (1,342) (9,631) (10,973) Net transfers (from) to the separate account — (392) (392) — (518) (518) Investment performance — 6,241 6,241 415 13,681 14,096 Balance at end of period $ 7,069 $ 87,660 $ 94,729 $ 7,175 $ 82,310 $ 89,485 Reconciliation to Condensed Consolidated Balance Sheets: Other 3,907 3,648 Total Separate Account liabilities $ 98,636 $ 93,133 Stabilizer products 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. Cash surrender value represents the amount of the contract holders' account balances distributable at the balance sheet date, less certain surrender charges. The cash surrender value for Wealth Solutions deferred annuity products was $87,637 and $82,286, as of March 31, 2024 and December 31, 2023, respectively. The aggregate fair value of assets, by major investment asset category, supporting separate accounts was as follows for the periods indicated: March 31, 2024 December 31, 2023 U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 902 $ 1,015 Corporate and foreign debt securities 2,688 2,528 Mortgage-backed securities 3,191 3,231 Equity securities (including mutual funds) 91,493 85,916 Cash, cash equivalents and short-term investments 289 399 Receivable for securities and accruals 73 44 Total $ 98,636 $ 93,133 |
Segments
Segments | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company provides its principal products and services through three segments: Wealth Solutions, Health Solutions and Investment Management. The Company's chief operating decision maker views and manages the business through these three segments. The Wealth Solutions 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 Health Solutions segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses as well as benefit administration software solutions to employers and health plans. On January 24, 2023, the Company completed its acquisition of Benefitfocus. The financial results of Benefitfocus are reported in the Health Solutions segment for periods after the acquisition. 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 Company includes in Corporate the following corporate and business activities: • corporate operations, corporate level assets and financial obligations, financing and interest expenses, dividend payments made to preferred shareholders, and other items not allocated or directly related to the Company's segments, including items such as expenses related to organizational restructurings, certain expenses and liabilities of employee benefit plans, certain adjustments to short-term and long-term incentive accruals and intercompany eliminations; and • investment income on assets backing surplus in excess of amounts held at the segment level. Measurement Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate its business and segment performance. This measure enhances the understanding of the Company’s financial results by focusing on the operating performance and trends of the underlying core business segments by 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) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) 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 measures when reviewing the Company’s financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items: • Net investment gains (losses), 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 gains (losses) associated with swap settlements and accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits; • Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity. Excluding this activity better reveals trends in the Company's core business and more closely aligns Adjusted operating earnings before income taxes with how the Company manages its segments; • Income (loss) attributable to noncontrolling interests to which the Company is not economically entitled, such as Allianz's stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs; • Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders; • Other adjustments may include the following items: • Income (loss) related to early extinguishment of debt since the outcome of decisions to restructure debt are not indicative of normal operations; • Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses; • Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals; • Expected return on plan assets net of interest costs associated with the Company's qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect 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 related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. 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. The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated: Three Months Ended March 31, 2024 2023 Adjusted operating earnings before income taxes by segment: Wealth Solutions $ 186 $ 132 Health Solutions 59 94 Investment Management 53 42 Corporate (64) (69) Total including Allianz noncontrolling interest 235 200 Less: Earning (loss) attributable to Allianz noncontrolling interest 11 8 Total $ 224 $ 192 Adjustments: Net investment gains (losses) 63 (9) Income (loss) related to businesses exited or to be exited through reinsurance or divestment (32) (33) Income (loss) attributable to noncontrolling interests 37 46 Dividend payments made to preferred shareholders 17 14 Other adjustments (22) (70) Total adjustments to income (loss) before income taxes 63 (51) Income (loss) before income taxes $ 287 $ 141 Adjusted operating revenues is a measure of the Company's segment revenues. Each segment's Operating revenues are calculated by adjusting Total revenues to exclude the following items: • Net investment gains (losses); • Revenues related to businesses exited or to be exited through reinsurance or divestment; • Revenues attributable to noncontrolling interests, which represents the attribution of results from consolidated VIEs or VOEs; and • Other adjustments 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 Adjusted operating revenues. The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated: Three Months Ended March 31, 2024 2023 Adjusted operating revenues by segment: Wealth Solutions $ 719 $ 684 Health Solutions 905 774 Investment Management 234 229 Corporate 4 11 Total $ 1,863 $ 1,697 Adjustments: Net investment gains (losses) $ 47 $ (14) Revenues related to businesses exited or to be exited through reinsurance or divestment 24 30 Revenues attributable to noncontrolling interests 65 60 Other adjustments 52 60 Total adjustments to revenues 188 137 Total revenues $ 2,051 $ 1,835 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: Three Months Ended March 31, 2024 2023 Investment Management intersegment revenues $ 20 $ 22 The summary below presents Total assets for the Company’s segments as of the dates indicated: March 31, 2024 December 31, 2023 Wealth Solutions $ 126,883 $ 122,318 Health Solutions 3,395 3,336 Investment Management 1,656 1,600 Corporate 25,418 25,527 Total assets, before consolidation (1) 157,352 152,781 Consolidation of investment entities 4,279 4,304 Total assets $ 161,631 $ 157,085 (1) Total assets, before consolidation include the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Share-based Incentive Compensat
Share-based Incentive Compensation Plans | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Incentive Compensation Plans | Share-based Incentive Compensation Plans The Company offers equity-based compensation awards to its employees and non-employee directors under various employee and non-employee incentive plans (together, the "Omnibus Plans"). As of March 31, 2024, common stock reserved and available for issuance under the Omnibus Plans was 7,373,481 shares. Compensation Cost The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans for the periods indicated: Three Months Ended March 31, 2024 2023 Restricted Stock Unit (RSU) awards $ 23 $ 37 Performance Stock Unit (PSU) awards 16 26 Total share-based compensation expense 39 63 Income tax benefit 10 15 After-tax share-based compensation expense $ 29 $ 48 Awards Outstanding The following table summarizes RSU and PSU awards activity 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 Weighted Average Grant Date Fair Value Outstanding as of January 1, 2024 2.0 $ 67.06 2.2 $ 61.17 Adjustment for PSU performance factor — — (0.1) 46.94 Granted 0.8 67.51 0.7 59.21 Vested (0.7) 65.20 (0.5) 52.71 Forfeited — * 69.87 — * 44.96 Outstanding as of March 31, 2024 2.1 $ 67.69 2.3 $ 63.57 *Less than 0.1 The following table summarizes the number of options under the Omnibus Plans for the periods indicated: Stock Options (awards in millions) Number of Awards Weighted Average Exercise Price Outstanding as of January 1, 2024 1.2 $ 44.79 Granted — — Exercised — * 47.48 Forfeited — — Outstanding as of March 31, 2024 1.2 $ 44.68 Vested, exercisable, as of March 31, 2024 1.2 $ 44.68 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 97.8 0.6 97.2 Common shares issued 9.7 — 9.7 Common shares acquired - share repurchase — 5.4 (5.4) Share-based compensation 2.1 0.7 1.4 Treasury stock retirement (6.0) (6.0) — Balance, December 31, 2023 103.6 0.7 102.9 Common shares issued — * — — Common shares acquired - share repurchase — 2.4 (2.4) Share-based compensation 1.3 0.5 0.8 Balance, March 31, 2024 104.9 3.6 101.3 *Less than 0.1 Dividends declared per share of Common Stock were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Dividends declared per share of Common Stock $ 0.40 $ 0.20 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, or accelerated repurchase, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date. As of March 31, 2024, the Company's remaining repurchase capacity under the Board's prior authorization was $225. On April 23, 2024, the Company's Board of Directors provided an additional share repurchase authorization of $500. This share repurchase authorization expires on June 30, 2025 (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 Company's Board of Directors at any time. During the three months ended March 31, 2024, the Company repurchased 2.4 million shares of common stock for $172. Subsequent to March 31, 2024, the Company repurchased 802,725 shares pursuant to a 10b5-1 plan for an aggregate purchase price of $56. Preferred Stock As of March 31, 2024 and December 31, 2023, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows: March 31, 2024 December 31, 2023 Series Issued Outstanding Issued Outstanding 7.758% Non-cumulative Preferred Stock, Series A 325,000 325,000 325,000 325,000 5.35% Non-cumulative Preferred Stock, Series B 300,000 300,000 300,000 300,000 Total 625,000 625,000 625,000 625,000 The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated: Series A Series B Three Months Ended March 31, Per Share Aggregate Per Share Aggregate 2024 $ 38.790 $ 13 $ 13.375 $ 4 2023 30.625 10 13.375 4 As of March 31, 2024, there were no preferred stock dividends in arrears. |
Earnings per Common Share
Earnings per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
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: Three Months Ended March 31, (in millions, except for per share data) 2024 2023 Earnings Net income (loss) available to common shareholders: Net income (loss) $ 288 $ 129 Less: Preferred stock dividends 17 14 Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 37 46 Net income (loss) available to common shareholders $ 234 $ 69 Weighted average common shares outstanding Basic 102.1 97.7 Dilutive Effects: Warrants (1) — 8.9 RSUs 1.2 1.2 PSUs 0.8 1.2 Stock Options 0.4 0.6 Diluted 104.5 109.6 Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share (2) : Basic $ 2.29 $ 0.70 Diluted $ 2.24 $ 0.63 (1) See the Shareholders' Equity Note to the Consolidated Financial Statements in Part II, Item 8. of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on warrants settled. (2) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. Diluted earnings per share is computed assuming the issuance of restricted stock units, stock options, performance share units and warrants using the treasury stock method. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 2023 Fixed maturities, net of impairment $ (2,498) $ (2,635) Derivatives (1) 67 109 Change in current discount rate (853) (855) Deferred income tax asset (liability) (2) 813 833 Total (2,471) (2,548) Pension and other postretirement benefits liability, net of tax 2 3 AOCI $ (2,469) $ (2,545) (1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $14. (2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI. Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated: Three Months Ended March 31, 2024 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ (145) $ 30 $ (115) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 16 (3) 13 Change in unrealized gains (losses) on available-for-sale securities (129) 27 (102) Derivatives: Derivatives 8 (1) (2) 6 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (4) 1 (3) Change in unrealized gains (losses) on derivatives 4 (1) 3 Change in current discount rate 38 (8) 30 Change in Accumulated other comprehensive income (loss) $ (87) $ 18 $ (69) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information Three Months Ended March 31, 2023 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ 661 $ (139) $ 522 Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (1) — (1) Change in unrealized gains (losses) on available-for-sale securities 660 (139) 521 Derivatives: Derivatives (12) (1) 3 (9) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives (17) 4 (13) Change in current discount rate 2 — 2 Change in Accumulated other comprehensive income (loss) $ 645 $ (135) $ 510 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Revenue from Contract with Cust
Revenue from Contract with Customers | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Financial services and software subscriptions and services revenue is disaggregated by type of service in the following table: Three Months Ended March 31, 2024 2023 Wealth Solutions: Advisory and recordkeeping and administration $ 143 $ 121 Distribution and shareholder servicing 34 29 Investment Management: Advisory, asset management and recordkeeping and administration 242 229 Distribution and shareholder servicing 39 32 Health Solutions: Recordkeeping and administration 5 6 Software subscriptions and services 54 47 Corporate: Recordkeeping and administration 2 12 Total financial services and software subscriptions and services revenue 519 476 Revenue from other sources (1) 82 66 Total Fee income and Other revenue $ 601 $ 542 (1) Primarily consists of revenue from insurance contracts and financial instruments. Net receivables of $319 and $339 are included in Other assets on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred. The Company's effective tax rate for the three months ended March 31, 2024 was (0.3)%. The effective tax rate differed from the statutory rate of 21% primarily due to the Security Life of Denver Company capital loss carryback, the effect of the dividends received deduction ("DRD"), noncontrolling interest and tax credits. On January 4, 2021, the Company completed a series of transactions pursuant to a Master Transaction Agreement with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired the Company's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2023 and 2022 tax years, which are included in a carryback claim for the Company. The Company recorded a $38 and $92 tax benefit in 2024 and 2023, respectively, resulting in a decrease to the effective tax rate (the "Security Life of Denver Company capital loss carryback"). The Company's effective tax rate for the three months ended March 31, 2023 was 8.5%. The effective tax rate differed from the statutory rate of 21% primarily due to noncontrolling interest, the effect of the DRD and tax credits. Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of March 31, 2024, the Company had year-to-date losses on securities of $125 in Other comprehensive income, which increased the related DTA. However, operating income remained positive for the period and was largely consistent with the 2023 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgement regarding the realization of DTAs. For more information related to the valuation allowance, refer to the Income Taxes Note to the Consolidated Financial Statements included in Part II, Item 8. of the Annual Report on Form 10-K . Tax Regulatory Matters For the tax years 2022 through 2024, the Company participates in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2023 tax year, the Company is in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year. For the 2024 tax year, the Company is in the Compliance Maintenance Bridge Plus ("Bridge Plus") phase of CAP. In the Bridge Plus phase, the IRS will review the tax return and issue either a full or partial acceptance letter upon completion of review. Tax Legislative Matters In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). The IRS has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. The Company is not subject to the CAMT based on this guidance and will continue to evaluate the applicability as more guidance is provided. |
Financing Agreements
Financing Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements Short-term and Long-term Debt The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of the periods indicated: Issuer Maturity March 31, 2024 December 31, 2023 3.976% Senior Notes, due 2025 (2)(3) Voya Financial, Inc. 02/15/2025 $ 393 $ 390 3.65% Senior Notes, due 2026 (2)(3) Voya Financial, Inc. 06/15/2026 445 446 5.7% Senior Notes, due 2043 (2)(3) Voya Financial, Inc. 07/15/2043 396 396 4.8% Senior Notes, due 2046 (2)(3) Voya Financial, Inc. 06/15/2046 297 297 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 Voya Financial, Inc. 01/23/2048 336 336 7.63% Voya Holdings Inc. debentures, due 2026 (1) Voya Holdings, Inc. 08/15/2026 139 139 6.97% Voya Holdings Inc. debentures, due 2036 (1) Voya Holdings, Inc. 08/15/2036 79 79 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 Equitable of Iowa Capital Trust II 04/01/2027 13 13 1.00% Windsor Property Loan Voya Retirement Insurance and Annuity Company 06/14/2027 2 2 Subtotal 2,100 2,098 Less: Current portion of long-term debt 393 1 Total $ 1,707 $ 2,097 (1) Guaranteed by ING Group. (2) Interest is paid semi-annually in arrears. (3) Guaranteed by Voya Holdings. As of March 31, 2024, the Company was in compliance with its debt covenants. Aetna Notes As of March 31, 2024, outstanding principal amount of the 7.63% Voya Holdings Inc. debentures, due 2026 and 6.97% Voya Holdings Inc. debentures, due 2036 (collectively, the "Aetna Notes") was $218, which is guaranteed by ING Group. As of March 31, 2024, the Company provided $225 of collateral benefiting ING Group, comprised of a deposit of $213 to a control account with a third-party collateral agent and $12 of letter of credit. The collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account. Credit Facilities The Company uses credit facilities as part of its capital management practices. Total fees associated with credit facilities for the three months ended March 31, 2024 and 2023 were immaterial. The following table summarizes the Company's credit facilities as of March 31, 2024: ($ in millions) Obligor / Applicant Business Supported Secured / Unsecured Committed / Uncommitted Expiration Capacity Utilization Unused Commitment Voya Financial, Inc. Other Unsecured Committed 05/01/2028 $ 500 $ — $ 500 Voya Financial, Inc. Other Unsecured Committed 04/07/2025 12 (2) 12 (1) — Total $ 512 $ 12 $ 500 (1) Amount utilized as collateral for outstanding Aetna Notes. (2) In March of 2024, the Company decreased the capacity of its letter of credit, expiring in 2025, from $200 to $12. This reduction was due to the reduced collateral requirements resulting from the maturity of a portion of the Aetna Notes. Additionally, the full capacity was not expected to be utilized through its expiration. Put Option Agreement for Senior Debt Issuance During 2015, the Company entered into an off-balance sheet 10-year put option agreement with a Delaware trust formed by the Company, in connection with the sale by the trust of pre-capitalized trust securities ("P-Caps"), that provides Voya Financial, Inc. the right, at any time over a 10-year period, to issue up to $500 principal amount of its 3.976% Senior Notes due 2025 ("3.976% Senior Notes") to the trust and receive in exchange a corresponding principal amount of U.S. Treasury securities that are 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 pays 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 reimburses the trust for its expenses. The put premium and expense reimbursements are recorded in Operating expenses in the Condensed Consolidated Statements of Operations. If and when issued, the 3.976% Senior Notes will be guaranteed by Voya Holdings. Upon an event of default, the put option will be exercised automatically in full. 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 for 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. On May 1, 2023, pursuant to the put option agreement, the Company exercised the put option to require the trust to purchase $400 aggregate principal amount of 3.976% Senior Notes in exchange for a corresponding amount of U.S. Treasury securities held by the trust. On May 3, 2023, the Company issued $400 aggregate principal amount of 3.976% Senior Notes to the trust and the Company received approximately $400 of U.S. Treasury securities. The proceeds from the sale of the U.S. Treasury securities were used to redeem the 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 on May 15, 2023. As of March 31, 2024, the Company may issue up to $100 principal amount of its 3.976% Senior Notes to the trust under the put option agreement. Senior Unsecured Credit Facility Agreement As of March 31, 2024, the Company had a $500 senior unsecured credit facility with a syndicate of banks which expires May 1, 2028. The facility provides $500 of committed capacity for revolving loan borrowings and letters of credit issuances, including a sublimit for swingline (short-term) loans in an aggregate amount of up to $25. As of March 31, 2024, there were no amounts outstanding as revolving credit borrowings, no amounts of LOCs outstanding, and no amounts of swingline loans outstanding under the senior unsecured credit facility. Under the terms of the facility, the Company is required to maintain a minimum net worth of $4.998 billion, which may increase upon any future equity issuances by the Company. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases During the three months ended March 31, 2024, there was no impairment on the Company's right-of-use asset associated with leased office space. During the three months ended March 31, 2023, the Company recorded an impairment of $2 on its right-of-use asset associated with leased office space. The impairments are included in Operating expenses in the Condensed Consolidated Statements of Operations. 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. As of March 31, 2024, the Company had off-balance sheet commitments to acquire mortgage loans of $66 and purchase limited partnerships and private placement investments of $975, of which $328 related to consolidated investment entities. 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 the dates indicated: March 31, 2024 December 31, 2023 Fixed maturity collateral pledged to FHLB (1) $ 1,803 $ 1,956 FHLB restricted stock (2) 63 64 Fixed maturities-state and other deposits 37 37 Cash and cash equivalents 15 25 Securities pledged (3) 1,227 1,160 Total restricted assets $ 3,145 $ 3,242 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $912 and $842 as of March 31, 2024 and December 31, 2023, respectively. In addition, as of March 31, 2024 and December 31, 2023, the Company delivered securities as collateral of $201 and $201, respectively, and repurchase agreements of $114 and $117, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. Federal Home Loan Bank Funding Agreements The Company is a member of the FHLB of Des Moines and the FHLB of Boston and is required to pledge collateral to back funding agreements issued to the FHLB. As of March 31, 2024 and December 31, 2023, the Company had $1,200 and $1,175, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, assets with a market value of approximately $1,803 and $1,956, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. Litigation, Regulatory Matters and 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. The variability in pleading requirements and past experience demonstrate 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. 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. For example, the Company is cooperating with a publicly reported, industry-wide investigation by the SEC regarding compliance with certain record-keeping requirements for business-related electronic communications on unapproved channels. It is the practice of the Company to cooperate fully in these matters. 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 March 31, 2024, 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 $100. 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 Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. The court largely dismissed the claims for breach of fiduciary duty. The remaining claims concern allegations of breaches of the ERISA prohibited transactions rule and a claim for failure to monitor the Voya Small Cap Growth fund. The Company continues to deny the allegations, which it believes are without merit, and intends to defend the case vigorously. In November 2022, the Company acquired Czech Asset Management, L.P., pursuant to an agreement that provides for earn-out payments if certain contingencies are met. On March 11, 2024, the Company received from the sellers a demand for arbitration of a claim that the full amount of these earn-outs had become payable. The Company is opposing the claim in arbitration. 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 March 31, 2024, approximately $91 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. |
Consolidated and Nonconsolidate
Consolidated and Nonconsolidated Investment Entities | 3 Months Ended |
Mar. 31, 2024 | |
Consolidated Investment Entities [Abstract] | |
Consolidated and Nonconsolidated Investment Entities | Consolidated and Nonconsolidated Investment Entities 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. Refer to the Condensed Consolidated Balance Sheets for the assets and liabilities of the Company's consolidated investment entities. 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 $343 and $316 as of March 31, 2024 and December 31, 2023, 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 Obligations 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, and securitizing these assets 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 ASC 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 invests in the subordinated debt of entities formed to be the issuers of CLO offerings during their warehouse periods. The Company’s investments in these CLOs are repaid when the CLOs’ warehouse periods are closed and the CLO offerings are issued. The Company performs ongoing monitoring of the consolidation assessment for CLOs during and after their warehouse periods to determine if Voya remains the primary beneficiary of the CLOs. 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 7 and 5 CLOs as of March 31, 2024 and December 31, 2023, respectively. Limited Partnerships ("LPs") The Company invests in and manages various limited partnerships, including private equity funds and hedge funds. The LPs generally have a ten-year life and a specified period during which investors can subscribe for limited partnership interests. Once the investors are admitted as limited partners, the investors are required to contribute capital when called by the general partners. The purpose of the LPs is to obtain subscriptions from limited partners and maximize the return to their partners by assembling a diversified portfolio of investments in private equity funds and other securities or assets with similar risk and return characteristics primarily through secondary market purchases. The majority of the investors in the LPs are unrelated parties to the Company. In return for subscriptions, each partner receives an equity interest in the LPs in proportion to its respective investment. 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 11 partnerships as of March 31, 2024 and December 31, 2023. The noncontrolling interest related to partnerships decreased from $1,685 at December 31, 2023 to $1,544 at March 31, 2024. Changes in market value, contributions, and distributions related to these investments in the funds directly impact the noncontrolling interest component of Shareholders' equity on the Company's Condensed Consolidated Balance Sheets. The change in noncontrolling interest was primarily driven by an increase in net distributions partially offset by favorable market appreciation in limited partnership investments. The Company records the noncontrolling interest using a lag methodology relying on the most recent financial information available. Registered Investment Companies The Company did not consolidate any sponsored investment funds accounted for as VOEs as of March 31, 2024 and December 31, 2023. 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 Condensed 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 Condensed 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 within the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements. 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 2024 and 2031, paying interest at SOFR, EURIBOR or PRIME plus a spread of up to 7.7%. As of March 31, 2024 and December 31, 2023, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $32 and $46, respectively. Less than 1.0% of the collateral loans were in default as of March 31, 2024 and December 31, 2023. 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 diversified loan portfolios 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 SOFR or EURIBOR plus a pre-defined spread, which varies from 1.0% for the more senior tranches to 9.6% for the more subordinated tranches. CLO notes mature in 2034, 2036, and 2037, and have a weighted average maturity of 12 years as of March 31, 2024. 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. 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 ASU 2014-13 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. 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 SOFR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes 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 net asset value ("NAV") within 90 days because of inherent restriction on near term redemptions. As of March 31, 2024, certain private equity funds maintained revolving lines of credit of $1,313. As of December 31, 2023, certain private equity funds maintained term loans and revolving lines of credit of $1,330. The term loans were fully paid off during the three months ended March 31, 2024, and the revolving lines of credit are eligible for renewal every three years; all loans bear interest at EURIBOR or SOFR plus 140 - 240 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 March 31, 2024 and December 31, 2023, outstanding borrowings amount to $1,216 and $1,198, respectively. The borrowings are reflected in Liabilities related to consolidated investment entities - Other liabilities on the Company's Condensed 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 March 31, 2024: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 180 $ — $ — $ — $ 180 Corporate loans — 1,500 — — 1,500 Limited partnerships/corporations — — — 2,881 2,881 VOE Cash and cash equivalents 1 — — — 1 Other investments (1) — — — 24 24 Total assets $ 181 $ 1,500 $ — $ 2,905 $ 4,586 Liabilities VIEs CLO notes $ — $ 1,368 $ — $ — $ 1,368 Total liabilities $ — $ 1,368 $ — $ — $ 1,368 (1) VOE - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets . The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2023: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 181 $ — $ — $ — $ 181 Corporate loans — 1,404 — — 1,404 Limited partnerships/corporations — — — 2,861 2,861 Total assets $ 181 $ 1,404 $ — $ 2,861 $ 4,446 Liabilities VIEs CLO notes $ — $ 1,332 $ — $ — $ 1,332 Total liabilities $ — $ 1,332 $ — $ — $ 1,332 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 three months ended March 31, 2024 and 2023, there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2. Deconsolidation of Certain Investment Entities Certain investment entities that have historically been consolidated in the financial statements may require deconsolidation as of the reporting period because: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs/VOEs as it no longer has a controlling financial interest. The change in CLO’s consolidation status due to the close of the warehouse and the launch of the CLO do not meet the criteria described above as this transaction represents normal business operations of the entity. Refer to the CLO life cycle described above. The Company had no deconsolidation during the three months ended March 31, 2024 and 2023. For deconsolidated investment entities, the Company continues to serve as the general partner and/or investment manager until such entities are fully liquidated. Nonconsolidated VIEs The Company also holds variable interest in certain CLOs and LPs that are not consolidated as it has been determined that the Company is not the primary beneficiary. CLOs As of March 31, 2024 and December 31, 2023, the Company held $383 ownership interests in unconsolidated CLOs, which also represents the Company's maximum exposure to loss. LPs As of March 31, 2024 and December 31, 2023, the Company held $1,708 and $1,621 ownership interests, respectively, in unconsolidated limited partnerships, which also represents the Company's maximum exposure to loss. 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 does 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 Condensed 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 Net gains (losses) in the Condensed 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 Condensed Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows: Wealth Solutions Health Solutions Investment Management Corporate (1) Consolidated Balance as of January 1, 2023 $ 17 $ 24 $ 286 $ — $ 327 Additions from business combinations — 319 — 102 421 Balance as of December 31, 2023 $ 17 $ 343 $ 286 $ 102 $ 748 Additions from business combinations (2) — — — — — Balance as of March 31, 2024 $ 17 $ 343 $ 286 $ 102 $ 748 (1) Corporate includes goodwill that was acquired by the parent company and not pushed to a subsidiary within the Company’s reportable segments. The carrying value of goodwill within Corporate is allocated to Wealth Solutions, Health Solutions, and Investment Management reporting units as $72, $20 and $10, respectively (2) See the Business, Basis of Presentation and Significant Accounting Policies Note for information on recent business combinations. Other Intangible Assets The following table presents other intangible assets as of the dates indicated: Weighted March 31, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Indefinite-life intangibles: Right to manage client assets N/A $ 345 $ — $ 345 $ 345 $ — $ 345 Management contract rights N/A 5 — 5 5 — 5 Total indefinite-life intangibles $ 350 $ — $ 350 $ 350 $ — $ 350 Finite-life intangibles: Management contract rights 15 years $ 153 $ 14 $ 139 $ 153 $ 11 $ 142 Customer relationship lists 17 years 325 132 193 325 128 197 Trademarks 8 years 15 2 13 15 2 13 Computer software 4 years 528 362 166 501 346 155 Total intangible assets $ 1,371 $ 510 $ 861 $ 1,344 $ 487 $ 857 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 251 | $ 83 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Adoption of New Pronouncements and Future Adoption of Accounting Pronouncements | Adoption of New Pronouncements Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, "Fair Value Measurement (Topic 280): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"), which clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring the fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The provisions of ASU 2022-03 were adopted prospectively on January 1, 2024. The adoption did not have an impact on the Company's financial condition, results of operations, or cash flows. Future Adoption of Accounting Pronouncements Profits Interest and Similar Awards In March 2024, the FASB issued ASU 2024-01, "Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards" ("ASU 2024-01"), which adds incremental clarity for how profits interests should be accounted. ASU 2024-01 is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods with early adoption permitted. The Company intends to adopt ASU 2024-01 as of January 1, 2025 on a prospective basis, and does not expect this ASU to have a material impact on the Company's financial condition, results of operations, or cash flows. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires: • A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold. • Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold. The amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-09. Segment Disclosures In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-07. Climate Related Disclosures In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures will be phased in beginning with the Company's annual report for the year ending December 31, 2025. While the implementation of this rule is pending the outcome of legal challenges, the Company is currently assessing the impact of adoption on the Consolidated Financial Statements and related disclosures in the event that the stay is lifted. |
Derivatives | The Company primarily enters into the following types of derivatives: 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. Total return swaps: The Company uses total return swaps as a hedge of interest related risks within various Legacy Annuity and Retirement products. Total return swaps are also used as a hedge of other corporate liabilities. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic performance of assets or a market index and a fixed or variable funding multiplied by reference to an agreed upon notional 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. Futures: Futures contracts are used to hedge against a decrease in certain equity indices. 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. 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 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. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. 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 outlined in ASC Topic 815 as of March 31, 2024 and December 31, 2023. |
Income Tax | The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred. |
Investments (excluding Consol_2
Investments (excluding Consolidated Investment Entities) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2024: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Allowance for credit losses Fair Value Fixed maturities: U.S. Treasuries $ 424 $ 3 $ 26 $ — $ — $ 401 U.S. Government agencies and authorities 54 2 1 — — 55 State, municipalities and political subdivisions 785 — 104 — — 681 U.S. corporate public securities 8,165 148 974 — — 7,339 U.S. corporate private securities 5,046 37 363 — — 4,720 Foreign corporate public securities and foreign governments (1) 2,797 41 273 — 2 2,563 Foreign corporate private securities (1) 2,845 20 152 — 1 2,712 Residential mortgage-backed securities 3,586 28 276 1 — 3,339 Commercial mortgage-backed securities 4,059 3 584 — 14 3,464 Other asset-backed securities 2,461 25 54 — 5 2,427 Total fixed maturities, including securities pledged 30,222 307 2,807 1 22 27,701 Less: Securities pledged 1,330 — 103 — — 1,227 Total fixed maturities $ 28,892 $ 307 $ 2,704 $ 1 $ 22 $ 26,474 (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 Net gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2023: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Allowance for credit losses Fair Value Fixed maturities: U.S. Treasuries $ 417 $ 7 $ 21 $ — $ — $ 403 U.S. Government agencies and authorities 54 3 1 — — 56 State, municipalities and political subdivisions 871 1 101 — — 771 U.S. corporate public securities 8,402 168 904 — — 7,666 U.S. corporate private securities 5,040 44 324 — — 4,760 Foreign corporate public securities and foreign governments (1) 2,928 47 270 — 3 2,702 Foreign corporate private securities (1) 2,916 27 129 — 2 2,812 Residential mortgage-backed securities 3,695 36 257 2 — 3,476 Commercial mortgage-backed securities 4,147 1 644 — 9 3,495 Other asset-backed securities 2,528 16 71 — 3 2,470 Total fixed maturities, including securities pledged 30,998 350 2,722 2 17 28,611 Less: Securities pledged 1,232 — 72 — — 1,160 Total fixed maturities $ 29,766 $ 350 $ 2,650 $ 2 $ 17 $ 27,451 (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 Net gains (losses) in the Condensed Consolidated Statements of Operations. |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2024, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("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 $ 759 $ 744 After one year through five years 3,796 3,654 After five years through ten years 3,744 3,600 After ten years 11,817 10,473 Mortgage-backed securities 7,645 6,803 Other asset-backed securities 2,461 2,427 Fixed maturities, including securities pledged $ 30,222 $ 27,701 |
Schedule of Securities Pledged | The following table presents Securities pledged as of the dates indicated: March 31, 2024 December 31, 2023 Securities pledged/obligations under repurchase agreements (1) $ 114 $ 117 Securities loaned to lending agent (2) 912 842 Securities pledged as collateral (2)(3) 201 201 Total $ 1,227 $ 1,160 (1) Comprised of other asset-backed securities and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. (2) Included in Securities pledged on the Condensed Consolidated Balance Sheets. (3) See Collateral within the Derivatives Note to these Condensed Consolidated Financial Statements for more information. |
Schedule of Securities Borrowed Under Securities Lending Transactions | The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated: March 31, 2024 December 31, 2023 U.S. Treasuries $ 41 $ 14 U.S. corporate public securities 613 568 Short-term investments 15 55 Foreign corporate public securities and foreign governments 273 238 Total (1) $ 942 $ 875 (1) As of March 31, 2024 and December 31, 2023, liabilities to return cash collateral were $690 and $660, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. |
Financing Receivable, Allowance for Credit Loss | The following tables presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented: Three Months Ended March 31, 2024 U.S. corporate public securities Commercial mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ — $ 9 $ 3 $ 2 $ 3 $ 17 Credit losses on securities for which credit losses were not previously recorded — 5 — — 1 6 Reductions for securities sold during the period — — (1) — — (1) Increase (decrease) on securities with allowance recorded in previous period — — — (1) 1 — Balance as of March 31 $ — $ 14 $ 2 $ 1 $ 5 $ 22 Year Ended December 31, 2023 U.S. corporate public securities Commercial mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ — $ — $ 9 $ 2 $ 1 $ 12 Credit losses on securities for which credit losses were not previously recorded — 9 — — 2 11 Reductions for securities sold during the period — — (5) — — (5) Increase (decrease) on securities with allowance recorded in previous period — — (1) — — (1) Balance as of December 31 $ — $ 9 $ 3 $ 2 $ 3 $ 17 For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K . |
Schedule of Unrealized Loss on Investments | The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated: As of March 31, 2024 Twelve Months or Less More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 120 $ 4 $ 115 $ 22 $ 235 $ 26 U.S. Government agencies and authorities 14 — 3 1 17 1 State, municipalities and political subdivisions 17 — 651 104 668 104 U.S. corporate public securities 347 23 4,875 951 5,222 974 U.S. corporate private securities 451 12 3,229 351 3,680 363 Foreign corporate public securities and foreign governments 144 2 1,613 271 1,757 273 Foreign corporate private securities 277 4 2,086 148 2,363 152 Residential mortgage-backed 189 4 1,321 272 1,510 276 Commercial mortgage-backed 21 1 3,242 583 3,263 584 Other asset-backed 82 1 460 53 542 54 Total $ 1,662 $ 51 $ 17,595 $ 2,756 $ 19,257 $ 2,807 As of December 31, 2023 Twelve Months or Less More Than Twelve Months Below Amortized Cost Total Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses Fair Value Unrealized Capital Losses U.S. Treasuries $ 99 $ 3 $ 109 $ 18 $ 208 $ 21 U.S. Government agencies and authorities — — 3 1 3 1 State, municipalities and political subdivisions 20 — 731 101 751 101 U.S. corporate public securities 321 17 5,101 887 5,422 904 U.S. corporate private securities 176 7 3,365 317 3,541 324 Foreign corporate public securities and foreign governments 82 2 1,749 268 1,831 270 Foreign corporate private securities 189 5 2,101 124 2,290 129 Residential mortgage-backed 114 3 1,354 254 1,468 257 Commercial mortgage-backed 84 2 3,269 642 3,353 644 Other asset-backed 136 3 1,156 68 1,292 71 Total $ 1,221 $ 42 $ 18,938 $ 2,680 $ 20,159 $ 2,722 |
Mortgage Loans by Loan to Value Ratio | The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2024 $ 69 $ 33 $ — $ — $ — $ 102 2023 118 257 — — — 375 2022 252 324 73 — — 649 2021 244 203 203 — — 650 2020 177 98 — — 16 291 Prior 2,726 288 18 — 19 3,051 Total $ 3,586 $ 1,203 $ 294 $ — $ 35 $ 5,118 As of December 31, 2023 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% -70% >70% - 80% >80% and above Total 2023 $ 150 $ 222 $ — $ — $ — $ 372 2022 252 326 73 — — 651 2021 244 214 209 — — 667 2020 168 112 — 10 16 306 2019 238 68 28 — — 334 Prior 2,586 280 4 — 18 2,888 Total $ 3,638 $ 1,222 $ 314 $ 10 $ 34 $ 5,218 |
Mortgage Loans by Debt Service Coverage Ratio | The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2024 $ 21 $ 34 $ 44 $ 3 $ 102 2023 157 151 67 — 375 2022 203 57 186 203 649 2021 259 14 56 321 650 2020 209 23 21 38 291 Prior 2,277 270 328 176 3,051 Total $ 3,126 $ 549 $ 702 $ 741 $ 5,118 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 189 $ 116 $ 67 $ — $ 372 2022 204 68 192 187 651 2021 260 14 64 329 667 2020 211 24 21 50 306 2019 203 26 84 21 334 Prior 2,216 264 255 153 2,888 Total $ 3,283 $ 512 $ 683 $ 740 $ 5,218 *No commercial mortgage loans were secured by land or construction loans |
Mortgage Loans by Geographic Location of Collateral | The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2024 $ 4 $ 43 $ 22 $ 13 $ 12 $ — $ 6 $ 2 $ — $ 102 2023 69 80 12 101 39 41 3 27 3 375 2022 140 132 47 98 113 93 5 1 20 649 2021 96 63 121 148 98 73 10 40 1 650 2020 63 152 17 10 12 15 — 7 15 291 Prior 761 680 716 219 257 164 59 155 40 3,051 Total $ 1,133 $ 1,150 $ 935 $ 589 $ 531 $ 386 $ 83 $ 232 $ 79 $ 5,118 As of December 31, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 69 $ 77 $ 12 $ 101 $ 39 $ 42 $ 3 $ 26 $ 3 $ 372 2022 140 132 47 100 113 93 5 1 20 651 2021 96 63 124 148 111 75 9 40 1 667 2020 63 155 17 10 12 26 — 7 16 306 2019 53 100 10 74 45 4 14 13 21 334 Prior 734 605 765 189 214 171 47 144 19 2,888 Total $ 1,155 $ 1,132 $ 975 $ 622 $ 534 $ 411 $ 78 $ 231 $ 80 $ 5,218 |
Mortgage Loans by Property Type of Collateral | The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2024 $ 19 $ 71 $ 12 $ — $ — $ — $ — $ 102 2023 125 167 33 18 32 — — 375 2022 79 262 254 34 10 10 — 649 2021 36 141 335 111 — 18 9 650 2020 56 49 72 114 — — — 291 Prior 712 816 750 493 70 161 49 3,051 Total $ 1,027 $ 1,506 $ 1,456 $ 770 $ 112 $ 189 $ 58 $ 5,118 As of December 31, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 125 $ 164 $ 33 $ 18 $ 32 $ — $ — $ 372 2022 79 263 255 34 10 10 — 651 2021 36 145 335 123 — 18 10 667 2020 57 49 72 128 — — — 306 2019 45 82 160 36 11 — — 334 Prior 780 755 618 463 60 163 49 2,888 Total $ 1,122 $ 1,458 $ 1,473 $ 802 $ 113 $ 191 $ 59 $ 5,218 |
Allowance for Credit Losses on Financing Receivables | The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2024 December 31, 2023 Allowance for credit losses, beginning of period $ 26 $ 18 Credit losses on mortgage loans for which credit losses were not previously recorded — 2 Increase (decrease) on mortgage loans with an allowance recorded in a previous period — 9 Provision for expected credit losses 26 29 Write-offs — (3) Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 26 $ 26 |
Financing Receivable, Past Due | The following table presents past due commercial mortgage loans as of the dates indicated: March 31, 2024 December 31, 2023 Delinquency: Current $ 5,083 $ 5,202 30-59 days past due 19 — 60-89 days past due — — Greater than 90 days past due 16 16 Total $ 5,118 $ 5,218 |
Net Investment Income | The following table summarizes Net investment income by investment type for the periods indicated: Three Months Ended March 31, 2024 2023 Fixed maturities $ 416 $ 458 Equity securities 5 7 Mortgage loans on real estate 61 61 Policy loans 6 6 Short-term investments and cash equivalents 10 9 Limited partnerships and other 48 22 Gross investment income 546 563 Less: Investment expenses 17 18 Net investment income $ 529 $ 545 |
Realized Gain (Loss) on Investments | Net gains (losses) were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Fixed maturities, available-for-sale, including securities pledged $ (20) $ 1 Fixed maturities, at fair value option (81) 36 Equity securities, at fair value 3 (2) Derivatives 136 (54) Embedded derivatives - fixed maturities (1) 1 Other derivatives 1 — Standalone derivatives 1 — Managed custody guarantees 1 3 Mortgage loans 1 — Other investments 2 (1) Net gains (losses) $ 43 $ (16) |
Gain (Loss) on Investments | Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Proceeds on sales $ 829 $ 1,306 Gross gains 11 20 Gross losses 27 25 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts and fair values of derivatives were as follows as of the dates indicated: March 31, 2024 December 31, 2023 Notional Asset Fair Value Liability Notional Asset Fair Value Liability Derivatives: Qualifying for hedge accounting (1) Fair value hedges: Foreign exchange contracts $ 100 $ 1 $ — $ 98 $ — $ 4 Cash flow hedges: Interest rate contracts 12 — — 12 — — Foreign exchange contracts 718 38 5 718 33 7 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 17,133 330 318 16,773 270 354 Foreign exchange contracts 160 1 1 183 4 2 Equity contracts 285 8 3 255 4 2 Credit contracts 177 — 5 137 — 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A 1 — N/A 2 — Within reinsurance agreements (4) N/A 59 47 N/A 61 49 Managed custody guarantees (3) N/A — 7 N/A — 8 Stabilizers (3) N/A — 1 N/A — 1 Total $ 438 $ 387 $ 374 $ 429 (1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. (3) Included in Contract owner account balances on the Condensed Consolidated Balance Sheets. (4) Included in Other liabilities, Other assets and Premium receivable and reinsurance recoverable on the Condensed Consolidated Balance Sheets. N/A - Not applicable |
Offsetting Assets and Liabilities | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: 2024 2023 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Net gains/(losses) Net investment income Net investment income and Net gains/(losses) Three Months Ended March 31, Amount of Gain (Loss) Recognized in Other Comprehensive Income $ — $ 8 $ — $ (12) Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income — 3 — 3 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: 2024 2023 Net investment income Net gains/ (losses) Net investment income Net gains/ (losses) Three Months Ended March 31, Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded $ 529 $ 43 $ 545 $ (16) Fair value hedges: Foreign exchange contracts: Hedged items — (2) — 2 Derivatives designated as hedging instruments (1) — 3 — (1) Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 3 — 3 — (1) For the three months ended March 31, 2024 and 2023, $1 of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earning. The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain (Loss) Recognized on Derivative Three Months Ended March 31, 2024 2023 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 126 $ (56) Foreign exchange contracts Net gains (losses) (2) 1 Equity contracts Net gains (losses) 10 3 Credit contracts Net gains (losses) (1) (1) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (1) 1 Within reinsurance agreements (1) Policyholder benefits — (26) Managed custody guarantees Net gains (losses) 1 3 Total $ 133 $ (75) (1) For the three months ended March 31, 2024, the amount excluded gains (losses) of $1 from standalone derivatives recognized in Net gains (losses). For the three months ended March 31, 2023, the amount excluded immaterial gains (losses) from standalone derivatives recognized in Net gains (losses). |
Fair Value Measurements (excl_2
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 measured at fair value on a recurring basis as of March 31, 2024: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 302 $ 99 $ — $ 401 U.S. Government agencies and authorities — 54 1 55 State, municipalities and political subdivisions — 681 — 681 U.S. corporate public securities — 7,321 18 7,339 U.S. corporate private securities — 3,265 1,455 4,720 Foreign corporate public securities and foreign governments (1) — 2,563 — 2,563 Foreign corporate private securities (1) — 2,264 448 2,712 Residential mortgage-backed securities — 3,286 52 3,338 Commercial mortgage-backed securities — 3,465 — 3,465 Other asset-backed securities — 2,372 55 2,427 Total fixed maturities, including securities pledged 302 25,370 2,029 27,701 Equity securities 120 — 99 219 Derivatives: Interest rate contracts 1 329 — 330 Foreign exchange contracts — 40 — 40 Equity contracts — 8 — 8 Embedded derivative on reinsurance — 59 — 59 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,169 16 — 2,185 Assets held in separate accounts 92,585 5,691 360 98,636 Total assets $ 95,177 $ 31,513 $ 2,488 $ 129,178 Liabilities: Contingent consideration $ — $ — $ 48 $ 48 Stabilizer and MCGs — — 8 8 Derivatives: Interest rate contracts 1 317 — 318 Foreign exchange contracts — 6 — 6 Equity contracts — 3 — 3 Credit contracts — 5 — 5 Embedded derivative on reinsurance — (10) (2) 57 (3) 47 Total liabilities $ 1 $ 321 $ 113 $ 435 (1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. (3) Represents the standalone derivative. The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2023: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 346 $ 57 $ — $ 403 U.S. Government agencies and authorities — 55 1 56 State, municipalities and political subdivisions — 771 — 771 U.S. corporate public securities — 7,648 18 7,666 U.S. corporate private securities — 3,234 1,526 4,760 Foreign corporate public securities and foreign governments (1) — 2,702 — 2,702 Foreign corporate private securities (1) — 2,376 436 2,812 Residential mortgage-backed securities — 3,419 57 3,476 Commercial mortgage-backed securities — 3,495 — 3,495 Other asset-backed securities — 2,418 52 2,470 Total fixed maturities, including securities pledged 346 26,175 2,090 28,611 Equity securities 140 — 96 236 Derivatives: Interest rate contracts 7 263 — 270 Foreign exchange contracts — 37 — 37 Equity contracts — 4 — 4 Embedded derivative on reinsurance — 61 — 61 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,148 17 — 2,165 Assets held in separate accounts 87,180 5,605 348 93,133 Total assets $ 89,821 $ 32,162 $ 2,534 $ 124,517 Liabilities: Contingent consideration $ — $ — $ 51 $ 51 Stabilizer and MCGs — — 9 9 Derivatives: Interest rate contracts — 354 — 354 Foreign exchange contracts — 13 — 13 Equity contracts — 2 — 2 Credit contracts — 2 — 2 Embedded derivative on reinsurance — (9) (2) 58 (3) 49 Total liabilities $ — $ 362 $ 118 $ 480 (1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. (3) Represents the standalone derivative. |
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 and transfers in and out of Level 3 for the periods indicated: Three Months Ended March 31, 2024 Fair Value as of January 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of March 31 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. Government agencies and authorities $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — $ — U.S. corporate public securities 18 — — — — — — — — 18 — — U.S. corporate private securities 1,526 — (15) 67 — (9) (79) — (35) 1,455 — (19) Foreign corporate private securities (1) 436 — (4) — — — (35) 51 — 448 — (4) Residential mortgage-backed securities 57 (1) — — — — — — (4) 52 (1) — Other asset-backed securities 52 — — 5 — — (2) — — 55 — — Total fixed maturities, including securities pledged 2,090 (1) (19) 72 — (9) (116) 51 (39) 2,029 (1) (23) Equity securities, at fair value 96 3 — — — — — — — 99 2 — Contingent consideration (51) 1 — — — — 2 — — (48) — — Stabilizer and MCGs (2) (9) 2 — — (1) — — — — (8) — — Embedded derivatives on reinsurance (58) 1 — — — — — — — (57) — — Assets held in separate accounts (4) 348 — — 16 — (3) — 5 (6) 360 — — (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 Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of March 31 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) 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. Three Months Ended March 31, 2023 Fair Value as of January 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of March 31 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. Government agencies and authorities $ 1 $ — $ — $ — $ — $ — $ — $ — $ — $ 1 $ — $ — U.S. corporate public securities $ 20 $ — $ — $ 1 $ — $ — $ — $ — $ — $ 21 $ — $ — U.S. corporate private securities 1,801 1 34 40 — — (76) — — 1,800 1 34 Foreign corporate public securities and foreign governments (1) 3 — — — — — — — (3) — — — Foreign corporate private securities (1) 432 1 4 57 — — (53) — — 441 1 4 Residential mortgage-backed securities 28 — — 28 — — — — — 56 — — Other asset-backed securities 64 — 1 34 — — (1) — (21) 77 — 1 Total fixed maturities, including securities pledged 2,349 2 39 160 — — (130) — (24) 2,396 2 39 Equity securities, at fair value 196 (4) — — — — — — — 192 (3) — Contingent consideration (112) — — — — — — — — (112) — — Stabilizer and MCGs (2) (6) 4 — — (1) — — — — (3) — — Embedded derivatives on reinsurance (58) — — — — — — — — (58) — — Assets held in separate accounts (4) 347 4 — — — (2) — — — 349 — — (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 Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of March 31 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) 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, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 27,701 $ 27,701 $ 28,611 $ 28,611 Equity securities 219 219 236 236 Mortgage loans on real estate 5,118 4,831 5,218 4,941 Policy loans 349 349 352 352 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,185 2,185 2,165 2,165 Derivatives 378 378 311 311 Embedded derivatives on reinsurance 59 59 61 61 Other investments 64 64 64 64 Assets held in separate accounts 98,636 98,636 93,133 93,133 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 32,196 $ 33,978 $ 32,848 $ 34,856 Funding agreements with fixed maturities 1,200 1,206 1,175 1,178 Supplementary contracts, immediate annuities and other 607 545 628 571 Stabilizer and MCGs 8 8 9 9 Derivatives 332 332 371 371 Embedded derivative on reinsurance 47 47 49 49 Short-term debt 393 387 1 1 Long-term debt 1,707 1,617 2,097 1,998 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of March 31, 2024: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 180 $ — $ — $ — $ 180 Corporate loans — 1,500 — — 1,500 Limited partnerships/corporations — — — 2,881 2,881 VOE Cash and cash equivalents 1 — — — 1 Other investments (1) — — — 24 24 Total assets $ 181 $ 1,500 $ — $ 2,905 $ 4,586 Liabilities VIEs CLO notes $ — $ 1,368 $ — $ — $ 1,368 Total liabilities $ — $ 1,368 $ — $ — $ 1,368 (1) VOE - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets . The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2023: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 181 $ — $ — $ — $ 181 Corporate loans — 1,404 — — 1,404 Limited partnerships/corporations — — — 2,861 2,861 Total assets $ 181 $ 1,404 $ — $ 2,861 $ 4,446 Liabilities VIEs CLO notes $ — $ 1,332 $ — $ — $ 1,332 Total liabilities $ — $ 1,332 $ — $ — $ 1,332 |
Financial Instruments Not Carried at Fair Value | he following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 Other investments Level 2 Funding agreements without fixed maturities and deferred annuities Level 3 Funding agreements with fixed maturities Level 2 Supplementary contracts and immediate annuities Level 3 Short-term debt and Long-term debt Level 2 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following table presents a rollforward of deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") for the periods indicated: DAC VOBA (1) Wealth Solutions Deferred and Individual Annuities Health Solutions Group Businesses exited Balance as of January 1, 2023 $ 691 $ 144 $ 1,043 $ 439 Deferrals of commissions and expenses 59 49 — 4 Amortization expense (55) (29) (105) (37) Balance as of December 31, 2023 $ 695 $ 164 $ 938 $ 406 Deferrals of commissions and expenses 16 12 — 1 Amortization expense (14) (8) (26) (9) Balance as of March 31, 2024 $ 697 $ 168 $ 912 $ 398 (1) There was no loss recognition related to VOBA during the periods presented. The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2024 December 31, 2023 DAC: Wealth Solutions Deferred and Individual Annuities $ 697 $ 695 Health Solutions Group 168 164 Businesses exited 912 938 Other 47 47 VOBA 398 406 Total $ 2,222 $ 2,250 |
Reserves for Future Policy Be_2
Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract] | |
Liability for Future Policy Benefit, Activity | The following tables present the balances and changes in the liability for future policy benefits for Health Solutions Group, Health Solutions Voluntary and Businesses Exited as of March 31, 2024 and December 31, 2023. Health Solutions Group Health Solutions Voluntary Businesses Exited 2024 2023 2024 2023 2024 2023 Present Value of Expected Net Premiums: Balance at January 1 $ 68 $ 77 $ 101 $ 97 $ 3,145 $ 4,244 Beginning balance at original discount rate 71 84 102 100 2,992 4,128 Effect of change in cash flow assumptions — (6) — 6 — (921) Effect of actual variances from expected experience 15 11 3 8 (93) (91) Adjusted balance at January 1 86 89 105 114 2,899 3,116 Interest accrual 1 2 1 4 41 196 Net premiums collected (1) (5) (20) (4) (16) (79) (320) Ending balance at original discount rate 82 71 102 102 2,861 2,992 Effects of changes in discount rate assumptions (5) (3) (3) (1) 81 153 Balance at end of period $ 77 $ 68 $ 99 $ 101 $ 2,942 $ 3,145 Present Value of Expected Future Policy Benefits: Balance at January 1 $ 899 $ 881 $ 307 $ 285 $ 7,538 $ 8,639 Beginning balance at original discount rate 918 913 307 294 7,404 8,644 Effect of change in cash flow assumptions 17 (8) 1 13 — (805) Effect of actual variances from expected experience 8 (16) 4 9 (115) (123) Adjusted balance at January 1 943 889 312 316 7,289 7,716 Issuances 32 136 — — 6 17 Interest accrual 6 24 4 14 95 412 Benefit payments (36) (131) (8) (23) (173) (741) Ending balance at original discount rate 945 918 308 307 7,217 7,404 Effects of changes in discount rate assumptions (29) (19) (10) — (19) 134 Balance at end of period $ 916 $ 899 $ 298 $ 307 $ 7,198 $ 7,538 Net liability for future policy benefits $ 839 $ 831 $ 199 $ 206 $ 4,256 $ 4,392 Less: Reinsurance recoverable 320 315 — — 4,208 4,342 Net liability for future policy benefits, after reinsurance recoverable $ 519 $ 516 $ 199 $ 206 $ 48 $ 50 (1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets is presented below: March 31, 2024 December 31, 2023 Health Solutions Group $ 839 $ 831 Health Solutions Voluntary 199 206 Businesses Exited - Future policy benefits 4,256 4,392 Businesses Exited – Additional liability 1,978 2,001 Business Exited - Other 1,334 1,335 Other (1) 821 795 Total $ 9,427 $ 9,560 (1) Primarily consists of short duration contracts. The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below: March 31, 2024 December 31, 2023 Undiscounted Discounted Undiscounted Discounted Health Solutions Group Expected future benefit payments $ 1,176 $ 945 $ 1,144 $ 918 Expected future gross premiums 281 209 271 214 Health Solutions Voluntary Expected future benefit payments 671 308 668 307 Expected future gross premiums 343 214 341 213 The following table presents a rollforward of the additional reserve liability for Businesses exited for the periods indicated: Businesses exited March 31, 2024 December 31, 2023 Balance at beginning of period $ 2,001 $ 2,107 Effect of change in cash flow assumptions — (44) Effect of actual variances from expected experience 20 (100) Adjusted balance at January 1 2,021 1,963 Interest accrual 21 84 Excess Benefits (107) (417) Assessments 43 371 Balance at end of period 1,978 2,001 Less: Reinsurance recoverable 1,927 1,950 Net additional liability, after reinsurance recoverable $ 51 $ 51 The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated: Health Solutions Group Health Solutions Voluntary Businesses Exited March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Weighted average duration (in years) (1) 7 7 15 14 8 8 Interest accretion rate 4.0 % 4.0 % 5.2 % 5.2 % 4.9 % 4.9 % Current discount rate 5.2 % 4.9 % 5.5 % 5.1 % 5.4 % 5.1 % |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Effects of Reinsurance | Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated: March 31, 2024 Direct Assumed Ceded Total, Assets Premiums receivable $ 252 $ 12 $ (248) $ 16 Reinsurance recoverable, net of allowance for credit losses — — 11,812 11,812 Total $ 252 $ 12 $ 11,564 $ 11,828 Liabilities Future policy benefits and contract owner account balances $ 46,936 $ 933 $ — $ 47,869 Liability for funds withheld under reinsurance agreements 107 — — 107 Total $ 47,043 $ 933 $ — $ 47,976 December 31, 2023 Direct Assumed Ceded Total, Assets Premiums receivable $ 193 $ 9 $ (219) $ (17) Reinsurance recoverable, net of allowance for credit losses — — 11,999 11,999 Total $ 193 $ 9 $ 11,780 $ 11,982 Liabilities Future policy benefits and contract owner account balances $ 47,781 $ 953 $ — $ 48,734 Liability for funds withheld under reinsurance agreements 103 — — 103 Total $ 47,884 $ 953 $ — $ 48,837 Information regarding the effect of reinsurance on the Condensed Consolidated Statements of Operations is as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Premiums: Direct premiums $ 1,029 $ 908 Reinsurance assumed 7 10 Reinsurance ceded (236) (233) Net premiums $ 800 $ 685 Fee income: Gross fee income $ 608 $ 562 Reinsurance assumed 4 4 Reinsurance ceded (99) (102) Net fee income $ 513 $ 464 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 1,181 $ 1,108 Reinsurance assumed 19 19 Reinsurance ceded (349) (376) Net interest credited and other benefits to contract owners / policyholders $ 851 $ 751 |
Separate Accounts (Tables)
Separate Accounts (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Separate Account, Liability | The following tables present a rollforward of separate account liabilities for the Wealth Solutions stabilizer and deferred annuity business, including a reconciliation to the Condensed Consolidated Balance Sheets, for the periods indicated: March 31, 2024 December 31, 2023 Wealth Solutions Stabilizer Wealth Solutions Deferred Annuity Total Wealth Solutions Stabilizer Wealth Solutions Deferred Annuity Total Balance at January 1 $ 7,175 $ 82,310 $ 89,485 $ 7,196 $ 69,152 $ 76,348 Premiums and deposits 281 2,586 2,867 940 10,052 10,992 Fee income (8) (116) (124) (34) (426) (460) Surrenders, withdrawals and benefits (379) (2,969) (3,348) (1,342) (9,631) (10,973) Net transfers (from) to the separate account — (392) (392) — (518) (518) Investment performance — 6,241 6,241 415 13,681 14,096 Balance at end of period $ 7,069 $ 87,660 $ 94,729 $ 7,175 $ 82,310 $ 89,485 Reconciliation to Condensed Consolidated Balance Sheets: Other 3,907 3,648 Total Separate Account liabilities $ 98,636 $ 93,133 |
Fair Value, Separate Account Investment | The aggregate fair value of assets, by major investment asset category, supporting separate accounts was as follows for the periods indicated: March 31, 2024 December 31, 2023 U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 902 $ 1,015 Corporate and foreign debt securities 2,688 2,528 Mortgage-backed securities 3,191 3,231 Equity securities (including mutual funds) 91,493 85,916 Cash, cash equivalents and short-term investments 289 399 Receivable for securities and accruals 73 44 Total $ 98,636 $ 93,133 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Earnings Before Income Taxes from Segments to Consolidated | The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated: Three Months Ended March 31, 2024 2023 Adjusted operating earnings before income taxes by segment: Wealth Solutions $ 186 $ 132 Health Solutions 59 94 Investment Management 53 42 Corporate (64) (69) Total including Allianz noncontrolling interest 235 200 Less: Earning (loss) attributable to Allianz noncontrolling interest 11 8 Total $ 224 $ 192 Adjustments: Net investment gains (losses) 63 (9) Income (loss) related to businesses exited or to be exited through reinsurance or divestment (32) (33) Income (loss) attributable to noncontrolling interests 37 46 Dividend payments made to preferred shareholders 17 14 Other adjustments (22) (70) Total adjustments to income (loss) before income taxes 63 (51) Income (loss) before income taxes $ 287 $ 141 |
Reconciliation of Revenue from Segments to Total Revenues | The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated: Three Months Ended March 31, 2024 2023 Adjusted operating revenues by segment: Wealth Solutions $ 719 $ 684 Health Solutions 905 774 Investment Management 234 229 Corporate 4 11 Total $ 1,863 $ 1,697 Adjustments: Net investment gains (losses) $ 47 $ (14) Revenues related to businesses exited or to be exited through reinsurance or divestment 24 30 Revenues attributable to noncontrolling interests 65 60 Other adjustments 52 60 Total adjustments to revenues 188 137 Total revenues $ 2,051 $ 1,835 |
Schedule of Intersegment Revenues Included in Investment Management Segment | The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated: Three Months Ended March 31, 2024 2023 Investment Management intersegment revenues $ 20 $ 22 |
Summary of Financial Information for Segments | The summary below presents Total assets for the Company’s segments as of the dates indicated: March 31, 2024 December 31, 2023 Wealth Solutions $ 126,883 $ 122,318 Health Solutions 3,395 3,336 Investment Management 1,656 1,600 Corporate 25,418 25,527 Total assets, before consolidation (1) 157,352 152,781 Consolidation of investment entities 4,279 4,304 Total assets $ 161,631 $ 157,085 (1) Total assets, before consolidation include the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Share-based Incentive Compens_2
Share-based Incentive Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans for the periods indicated: Three Months Ended March 31, 2024 2023 Restricted Stock Unit (RSU) awards $ 23 $ 37 Performance Stock Unit (PSU) awards 16 26 Total share-based compensation expense 39 63 Income tax benefit 10 15 After-tax share-based compensation expense $ 29 $ 48 |
Schedule of Share-based Compensation, Activity | The following table summarizes RSU and PSU awards activity 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 Weighted Average Grant Date Fair Value Outstanding as of January 1, 2024 2.0 $ 67.06 2.2 $ 61.17 Adjustment for PSU performance factor — — (0.1) 46.94 Granted 0.8 67.51 0.7 59.21 Vested (0.7) 65.20 (0.5) 52.71 Forfeited — * 69.87 — * 44.96 Outstanding as of March 31, 2024 2.1 $ 67.69 2.3 $ 63.57 *Less than 0.1 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the number of options under the Omnibus Plans for the periods indicated: Stock Options (awards in millions) Number of Awards Weighted Average Exercise Price Outstanding as of January 1, 2024 1.2 $ 44.79 Granted — — Exercised — * 47.48 Forfeited — — Outstanding as of March 31, 2024 1.2 $ 44.68 Vested, exercisable, as of March 31, 2024 1.2 $ 44.68 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 97.8 0.6 97.2 Common shares issued 9.7 — 9.7 Common shares acquired - share repurchase — 5.4 (5.4) Share-based compensation 2.1 0.7 1.4 Treasury stock retirement (6.0) (6.0) — Balance, December 31, 2023 103.6 0.7 102.9 Common shares issued — * — — Common shares acquired - share repurchase — 2.4 (2.4) Share-based compensation 1.3 0.5 0.8 Balance, March 31, 2024 104.9 3.6 101.3 *Less than 0.1 |
Schedule of Dividends Declared | Dividends declared per share of Common Stock were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Dividends declared per share of Common Stock $ 0.40 $ 0.20 The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated: Series A Series B Three Months Ended March 31, Per Share Aggregate Per Share Aggregate 2024 $ 38.790 $ 13 $ 13.375 $ 4 2023 30.625 10 13.375 4 |
Schedule of Preferred Stock Issued and Outstanding | Preferred stock issued and outstanding are as follows: March 31, 2024 December 31, 2023 Series Issued Outstanding Issued Outstanding 7.758% Non-cumulative Preferred Stock, Series A 325,000 325,000 325,000 325,000 5.35% Non-cumulative Preferred Stock, Series B 300,000 300,000 300,000 300,000 Total 625,000 625,000 625,000 625,000 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: Three Months Ended March 31, (in millions, except for per share data) 2024 2023 Earnings Net income (loss) available to common shareholders: Net income (loss) $ 288 $ 129 Less: Preferred stock dividends 17 14 Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 37 46 Net income (loss) available to common shareholders $ 234 $ 69 Weighted average common shares outstanding Basic 102.1 97.7 Dilutive Effects: Warrants (1) — 8.9 RSUs 1.2 1.2 PSUs 0.8 1.2 Stock Options 0.4 0.6 Diluted 104.5 109.6 Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share (2) : Basic $ 2.29 $ 0.70 Diluted $ 2.24 $ 0.63 (1) See the Shareholders' Equity Note to the Consolidated Financial Statements in Part II, Item 8. of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for additional information on warrants settled. (2) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. Diluted earnings per share is computed assuming the issuance of restricted stock units, stock options, performance share units and warrants using the treasury stock method. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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: March 31, 2024 2023 Fixed maturities, net of impairment $ (2,498) $ (2,635) Derivatives (1) 67 109 Change in current discount rate (853) (855) Deferred income tax asset (liability) (2) 813 833 Total (2,471) (2,548) Pension and other postretirement benefits liability, net of tax 2 3 AOCI $ (2,469) $ (2,545) (1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $14. |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated: Three Months Ended March 31, 2024 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ (145) $ 30 $ (115) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 16 (3) 13 Change in unrealized gains (losses) on available-for-sale securities (129) 27 (102) Derivatives: Derivatives 8 (1) (2) 6 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (4) 1 (3) Change in unrealized gains (losses) on derivatives 4 (1) 3 Change in current discount rate 38 (8) 30 Change in Accumulated other comprehensive income (loss) $ (87) $ 18 $ (69) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information Three Months Ended March 31, 2023 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ 661 $ (139) $ 522 Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (1) — (1) Change in unrealized gains (losses) on available-for-sale securities 660 (139) 521 Derivatives: Derivatives (12) (1) 3 (9) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives (17) 4 (13) Change in current discount rate 2 — 2 Change in Accumulated other comprehensive income (loss) $ 645 $ (135) $ 510 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Financial services and software subscriptions and services revenue is disaggregated by type of service in the following table: Three Months Ended March 31, 2024 2023 Wealth Solutions: Advisory and recordkeeping and administration $ 143 $ 121 Distribution and shareholder servicing 34 29 Investment Management: Advisory, asset management and recordkeeping and administration 242 229 Distribution and shareholder servicing 39 32 Health Solutions: Recordkeeping and administration 5 6 Software subscriptions and services 54 47 Corporate: Recordkeeping and administration 2 12 Total financial services and software subscriptions and services revenue 519 476 Revenue from other sources (1) 82 66 Total Fee income and Other revenue $ 601 $ 542 (1) Primarily consists of revenue from insurance contracts and financial instruments. |
Financing Agreements (Tables)
Financing Agreements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of the periods indicated: Issuer Maturity March 31, 2024 December 31, 2023 3.976% Senior Notes, due 2025 (2)(3) Voya Financial, Inc. 02/15/2025 $ 393 $ 390 3.65% Senior Notes, due 2026 (2)(3) Voya Financial, Inc. 06/15/2026 445 446 5.7% Senior Notes, due 2043 (2)(3) Voya Financial, Inc. 07/15/2043 396 396 4.8% Senior Notes, due 2046 (2)(3) Voya Financial, Inc. 06/15/2046 297 297 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 Voya Financial, Inc. 01/23/2048 336 336 7.63% Voya Holdings Inc. debentures, due 2026 (1) Voya Holdings, Inc. 08/15/2026 139 139 6.97% Voya Holdings Inc. debentures, due 2036 (1) Voya Holdings, Inc. 08/15/2036 79 79 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 Equitable of Iowa Capital Trust II 04/01/2027 13 13 1.00% Windsor Property Loan Voya Retirement Insurance and Annuity Company 06/14/2027 2 2 Subtotal 2,100 2,098 Less: Current portion of long-term debt 393 1 Total $ 1,707 $ 2,097 (1) Guaranteed by ING Group. (2) Interest is paid semi-annually in arrears. (3) Guaranteed by Voya Holdings. |
Schedule of Line of Credit Facilities | The following table summarizes the Company's credit facilities as of March 31, 2024: ($ in millions) Obligor / Applicant Business Supported Secured / Unsecured Committed / Uncommitted Expiration Capacity Utilization Unused Commitment Voya Financial, Inc. Other Unsecured Committed 05/01/2028 $ 500 $ — $ 500 Voya Financial, Inc. Other Unsecured Committed 04/07/2025 12 (2) 12 (1) — Total $ 512 $ 12 $ 500 (1) Amount utilized as collateral for outstanding Aetna Notes. (2) In March of 2024, the Company decreased the capacity of its letter of credit, expiring in 2025, from $200 to $12. This reduction was due to the reduced collateral requirements resulting from the maturity of a portion of the Aetna Notes. Additionally, the full capacity was not expected to be utilized through its expiration. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restricted Assets | 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 the dates indicated: March 31, 2024 December 31, 2023 Fixed maturity collateral pledged to FHLB (1) $ 1,803 $ 1,956 FHLB restricted stock (2) 63 64 Fixed maturities-state and other deposits 37 37 Cash and cash equivalents 15 25 Securities pledged (3) 1,227 1,160 Total restricted assets $ 3,145 $ 3,242 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $912 and $842 as of March 31, 2024 and December 31, 2023, respectively. In addition, as of March 31, 2024 and December 31, 2023, the Company delivered securities as collateral of $201 and $201, respectively, and repurchase agreements of $114 and $117, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. |
Consolidated and Nonconsolida_2
Consolidated and Nonconsolidated Investment Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Consolidated Investment Entities [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 27,701 $ 27,701 $ 28,611 $ 28,611 Equity securities 219 219 236 236 Mortgage loans on real estate 5,118 4,831 5,218 4,941 Policy loans 349 349 352 352 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,185 2,185 2,165 2,165 Derivatives 378 378 311 311 Embedded derivatives on reinsurance 59 59 61 61 Other investments 64 64 64 64 Assets held in separate accounts 98,636 98,636 93,133 93,133 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 32,196 $ 33,978 $ 32,848 $ 34,856 Funding agreements with fixed maturities 1,200 1,206 1,175 1,178 Supplementary contracts, immediate annuities and other 607 545 628 571 Stabilizer and MCGs 8 8 9 9 Derivatives 332 332 371 371 Embedded derivative on reinsurance 47 47 49 49 Short-term debt 393 387 1 1 Long-term debt 1,707 1,617 2,097 1,998 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of March 31, 2024: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 180 $ — $ — $ — $ 180 Corporate loans — 1,500 — — 1,500 Limited partnerships/corporations — — — 2,881 2,881 VOE Cash and cash equivalents 1 — — — 1 Other investments (1) — — — 24 24 Total assets $ 181 $ 1,500 $ — $ 2,905 $ 4,586 Liabilities VIEs CLO notes $ — $ 1,368 $ — $ — $ 1,368 Total liabilities $ — $ 1,368 $ — $ — $ 1,368 (1) VOE - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets . The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2023: Level 1 Level 2 Level 3 NAV Total Assets VIEs Cash and cash equivalents $ 181 $ — $ — $ — $ 181 Corporate loans — 1,404 — — 1,404 Limited partnerships/corporations — — — 2,861 2,861 Total assets $ 181 $ 1,404 $ — $ 2,861 $ 4,446 Liabilities VIEs CLO notes $ — $ 1,332 $ — $ — $ 1,332 Total liabilities $ — $ 1,332 $ — $ — $ 1,332 |
Intangible Assets, Goodwill and
Intangible Assets, Goodwill and Other (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows: Wealth Solutions Health Solutions Investment Management Corporate (1) Consolidated Balance as of January 1, 2023 $ 17 $ 24 $ 286 $ — $ 327 Additions from business combinations — 319 — 102 421 Balance as of December 31, 2023 $ 17 $ 343 $ 286 $ 102 $ 748 Additions from business combinations (2) — — — — — Balance as of March 31, 2024 $ 17 $ 343 $ 286 $ 102 $ 748 (1) Corporate includes goodwill that was acquired by the parent company and not pushed to a subsidiary within the Company’s reportable segments. The carrying value of goodwill within Corporate is allocated to Wealth Solutions, Health Solutions, and Investment Management reporting units as $72, $20 and $10, respectively (2) See the Business, Basis of Presentation and Significant Accounting Policies Note for information on recent business combinations. |
Schedule of Indefinite-Lived Intangible Assets | The following table presents other intangible assets as of the dates indicated: Weighted March 31, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Indefinite-life intangibles: Right to manage client assets N/A $ 345 $ — $ 345 $ 345 $ — $ 345 Management contract rights N/A 5 — 5 5 — 5 Total indefinite-life intangibles $ 350 $ — $ 350 $ 350 $ — $ 350 Finite-life intangibles: Management contract rights 15 years $ 153 $ 14 $ 139 $ 153 $ 11 $ 142 Customer relationship lists 17 years 325 132 193 325 128 197 Trademarks 8 years 15 2 13 15 2 13 Computer software 4 years 528 362 166 501 346 155 Total intangible assets $ 1,371 $ 510 $ 861 $ 1,344 $ 487 $ 857 |
Schedule of Finite-Lived Intangible Assets | The following table presents other intangible assets as of the dates indicated: Weighted March 31, 2024 December 31, 2023 Gross Accumulated Net Gross Accumulated Net Indefinite-life intangibles: Right to manage client assets N/A $ 345 $ — $ 345 $ 345 $ — $ 345 Management contract rights N/A 5 — 5 5 — 5 Total indefinite-life intangibles $ 350 $ — $ 350 $ 350 $ — $ 350 Finite-life intangibles: Management contract rights 15 years $ 153 $ 14 $ 139 $ 153 $ 11 $ 142 Customer relationship lists 17 years 325 132 193 325 128 197 Trademarks 8 years 15 2 13 15 2 13 Computer software 4 years 528 362 166 501 346 155 Total intangible assets $ 1,371 $ 510 $ 861 $ 1,344 $ 487 $ 857 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Millions | 3 Months Ended | ||||
Jan. 24, 2023 USD ($) | Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of operating segments | segment | 3 | ||||
Payments for business acquisitions, net of cash acquired | $ 0 | $ 534 | |||
Goodwill acquired | 748 | $ 748 | $ 327 | ||
Benefitfocus | |||||
Total purchase consideration | $ 595 | ||||
Cash purchase consideration | 583 | ||||
Payments for business acquisitions, net of cash acquired | 558 | ||||
Cash acquired from acquisition | 25 | ||||
Cash acquired | 49 | ||||
Goodwill acquired | 319 | ||||
Lease liabilities assumed | 91 | ||||
Intangible assets acquired | 275 | ||||
Deferred tax assets acquired | 45 | ||||
Customer Relationships | Benefitfocus | |||||
Finite-lived intangible assets acquired | $ 190 | ||||
Acquired finite-lived intangible assets, useful life | 15 years | ||||
Software | Benefitfocus | |||||
Finite-lived intangible assets acquired | $ 70 | ||||
Acquired finite-lived intangible assets, useful life | 5 years | ||||
VFI SLK | |||||
Cash purchase consideration | 53 | ||||
Voya India | |||||
Goodwill acquired | $ 102 | ||||
Voya India | |||||
Noncontrolling interest, ownership percentage by parent | 49% | ||||
SLK | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 51% |
Investments (excluding Consol_3
Investments (excluding Consolidated Investment Entities) - Fixed Maturities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | $ 26,979 | $ 27,690 | |
Securities pledged, Amortized Cost | 1,330 | 1,232 | |
Fixed maturities, allowance for credit losses | 22 | 17 | $ 12 |
Collateral Pledged | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Securities pledged | 1,227 | 1,160 | |
U.S. Treasuries | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 424 | 417 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 3 | 7 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 26 | 21 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 0 | 0 | |
Fixed maturities, Fair Value | 401 | 403 | |
U.S. Government agencies and authorities | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 54 | 54 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 2 | 3 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 1 | 1 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 0 | 0 | |
Fixed maturities, Fair Value | 55 | 56 | |
State, municipalities and political subdivisions | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 785 | 871 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 0 | 1 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 104 | 101 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 0 | 0 | |
Fixed maturities, Fair Value | 681 | 771 | |
U.S. corporate public securities | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 8,165 | 8,402 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 148 | 168 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 974 | 904 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 0 | 0 | 0 |
Fixed maturities, Fair Value | 7,339 | 7,666 | |
U.S. corporate private securities | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 5,046 | 5,040 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 37 | 44 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 363 | 324 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 0 | 0 | |
Fixed maturities, Fair Value | 4,720 | 4,760 | |
Foreign corporate public securities and foreign governments | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 2,797 | 2,928 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 41 | 47 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 273 | 270 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 2 | 3 | 9 |
Fixed maturities, Fair Value | 2,563 | 2,702 | |
Foreign corporate private securities | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 2,845 | 2,916 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 20 | 27 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 152 | 129 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 1 | 2 | 2 |
Fixed maturities, Fair Value | 2,712 | 2,812 | |
Residential mortgage-backed | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 3,586 | 3,695 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 28 | 36 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 276 | 257 | |
Embedded Derivatives | (1) | (2) | |
Fixed maturities, allowance for credit losses | 0 | 0 | |
Fixed maturities, Fair Value | 3,339 | 3,476 | |
Commercial mortgage-backed securities | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 4,059 | 4,147 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 3 | 1 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 584 | 644 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 14 | 9 | $ 0 |
Fixed maturities, Fair Value | 3,464 | 3,495 | |
Other asset-backed securities | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 2,461 | 2,528 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 25 | 16 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 54 | 71 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 5 | 3 | |
Fixed maturities, Fair Value | 2,427 | 2,470 | |
Fixed maturities | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Fixed maturities, Amortized Cost | 30,222 | 30,998 | |
Total fixed maturities, less securities pledged, Amortized Cost | 28,892 | 29,766 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 307 | 350 | |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 307 | 350 | |
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses | 2,807 | 2,722 | |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 2,704 | 2,650 | |
Embedded Derivatives | (1) | (2) | |
Fixed maturities, allowance for credit losses | 22 | 17 | |
Fixed maturities, Fair Value | 27,701 | 28,611 | |
Total fixed maturities, less securities pledged, Fair Value | 26,474 | 27,451 | |
Fixed maturities | Collateral Pledged | |||
Schedule of Available for Sale, including Securities Pledged [Line Items] | |||
Securities pledged, Amortized Cost | 1,330 | 1,232 | |
Securities pledged, Gross Unrealized Capital Gains | 0 | 0 | |
Securities pledged, Gross Unrealized Capital Losses | 103 | 72 | |
Embedded Derivatives | 0 | 0 | |
Fixed maturities, allowance for credit losses | 0 | 0 | |
Securities pledged | $ 1,227 | $ 1,160 |
Investments (excluding Consol_4
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | $ 26,979,000,000 | $ 27,690,000,000 |
Single issuer in excess of total equity | 0 | |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | 759,000,000 | |
After one year through five years, Amortized Cost | 3,796,000,000 | |
After five years through ten years, Amortized Cost | 3,744,000,000 | |
After ten years, Amortized Cost | 11,817,000,000 | |
Fixed maturities, amortized cost | 30,222,000,000 | 30,998,000,000 |
One year or less, Fair Value | 744,000,000 | |
After one year through five years, Fair Value | 3,654,000,000 | |
After five years through ten years, Fair Value | 3,600,000,000 | |
After ten years, Fair Value | 10,473,000,000 | |
Fixed maturities, fair value | 27,701,000,000 | 28,611,000,000 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 7,645,000,000 | |
Without single maturity date, Fair Value | 6,803,000,000 | |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 2,461,000,000 | |
Fixed maturities, amortized cost | 2,461,000,000 | 2,528,000,000 |
Without single maturity date, Fair Value | 2,427,000,000 | |
Fixed maturities, fair value | $ 2,427,000,000 | $ 2,470,000,000 |
Investments (excluding Consol_5
Investments (excluding Consolidated Investment Entities) - Repurchase Agreements and Securities Pledged (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Securities Financing Transaction [Line Items] | ||
Initial collateral required, percent of market value of loaned securities | 102% | |
Payables under securities loan and repurchase agreements, including collateral held | $ 1,220 | $ 1,121 |
U.S. Treasuries | ||
Securities Financing Transaction [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 41 | 14 |
U.S. corporate public securities | ||
Securities Financing Transaction [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 613 | 568 |
Short-term Investments | ||
Securities Financing Transaction [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 15 | 55 |
Foreign corporate public securities and foreign governments | ||
Securities Financing Transaction [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 273 | 238 |
Total collateral held | ||
Securities Financing Transaction [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 942 | 875 |
Collateral Pledged | ||
Securities Financing Transaction [Line Items] | ||
Securities sold under agreements to repurchase, asset | 0 | 0 |
Securities pledged | 1,227 | 1,160 |
Collateral Pledged | Fixed maturities | ||
Securities Financing Transaction [Line Items] | ||
Securities pledged | 1,227 | 1,160 |
Securities pledged | ||
Securities Financing Transaction [Line Items] | ||
Securities pledged/obligations under repurchase agreements | 114 | 117 |
Securities loaned to lending agent | 912 | 842 |
Securities pledged as collateral | 201 | 201 |
Short-term Investments | ||
Securities Financing Transaction [Line Items] | ||
Securities received as collateral | $ 690 | $ 660 |
Investments (excluding Consol_6
Investments (excluding Consolidated Investment Entities) - Allowance for Credit Losses on Available-for-sale Fixed Maturity Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | $ 17 | $ 12 | $ 12 |
Credit losses on securities for which credit losses were not previously recorded | 6 | 11 | |
Reductions for securities sold during the period | (1) | (5) | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) | |
Ending Balance | 22 | 17 | |
U.S. corporate public securities | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 0 | |
Reductions for securities sold during the period | 0 | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 | |
Ending Balance | 0 | 0 | |
Residential mortgage-backed | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 0 | ||
Ending Balance | 0 | 0 | |
Commercial mortgage-backed securities | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 9 | 0 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 5 | 9 | |
Reductions for securities sold during the period | 0 | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 | |
Ending Balance | 14 | 9 | |
Foreign corporate public securities and foreign governments | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 3 | 9 | 9 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 0 | |
Reductions for securities sold during the period | (1) | (5) | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) | |
Ending Balance | 2 | 3 | |
Foreign corporate private securities | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 2 | 2 | 2 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 0 | |
Reductions for securities sold during the period | 0 | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | (1) | 0 | |
Ending Balance | 1 | 2 | |
Other asset-backed securities | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning Balance | 3 | 1 | 1 |
Credit losses on securities for which credit losses were not previously recorded | 1 | 2 | |
Reductions for securities sold during the period | 0 | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 1 | $ 0 | |
Ending Balance | $ 5 | $ 3 |
Investments (excluding Consol_7
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 1,662 | $ 1,221 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 51 | 42 |
More than twelve months below amortized cost, Fair Value | 17,595 | 18,938 |
More than twelve months below amortized cost, Unrealized Capital Loss | 2,756 | 2,680 |
Total, Fair Value | 19,257 | 20,159 |
Total Unrealized Capital Losses | $ 2,807 | 2,722 |
Minimum | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities average duration | 6 years 6 months | |
Maximum | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities average duration | 7 years | |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 120 | 99 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 4 | 3 |
More than twelve months below amortized cost, Fair Value | 115 | 109 |
More than twelve months below amortized cost, Unrealized Capital Loss | 22 | 18 |
Total, Fair Value | 235 | 208 |
Total Unrealized Capital Losses | 26 | 21 |
U.S. Government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | 14 | 0 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 0 | 0 |
More than twelve months below amortized cost, Fair Value | 3 | 3 |
More than twelve months below amortized cost, Unrealized Capital Loss | 1 | 1 |
Total, Fair Value | 17 | 3 |
Total Unrealized Capital Losses | 1 | 1 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | 17 | 20 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 0 | 0 |
More than twelve months below amortized cost, Fair Value | 651 | 731 |
More than twelve months below amortized cost, Unrealized Capital Loss | 104 | 101 |
Total, Fair Value | 668 | 751 |
Total Unrealized Capital Losses | 104 | 101 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | 347 | 321 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 23 | 17 |
More than twelve months below amortized cost, Fair Value | 4,875 | 5,101 |
More than twelve months below amortized cost, Unrealized Capital Loss | 951 | 887 |
Total, Fair Value | 5,222 | 5,422 |
Total Unrealized Capital Losses | 974 | 904 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | 451 | 176 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 12 | 7 |
More than twelve months below amortized cost, Fair Value | 3,229 | 3,365 |
More than twelve months below amortized cost, Unrealized Capital Loss | 351 | 317 |
Total, Fair Value | 3,680 | 3,541 |
Total Unrealized Capital Losses | 363 | 324 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | 144 | 82 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 2 | 2 |
More than twelve months below amortized cost, Fair Value | 1,613 | 1,749 |
More than twelve months below amortized cost, Unrealized Capital Loss | 271 | 268 |
Total, Fair Value | 1,757 | 1,831 |
Total Unrealized Capital Losses | 273 | 270 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | 277 | 189 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 4 | 5 |
More than twelve months below amortized cost, Fair Value | 2,086 | 2,101 |
More than twelve months below amortized cost, Unrealized Capital Loss | 148 | 124 |
Total, Fair Value | 2,363 | 2,290 |
Total Unrealized Capital Losses | 152 | 129 |
Residential mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | 189 | 114 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 4 | 3 |
More than twelve months below amortized cost, Fair Value | 1,321 | 1,354 |
More than twelve months below amortized cost, Unrealized Capital Loss | 272 | 254 |
Total, Fair Value | 1,510 | 1,468 |
Total Unrealized Capital Losses | 276 | 257 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | 21 | 84 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 1 | 2 |
More than twelve months below amortized cost, Fair Value | 3,242 | 3,269 |
More than twelve months below amortized cost, Unrealized Capital Loss | 583 | 642 |
Total, Fair Value | 3,263 | 3,353 |
Total Unrealized Capital Losses | 584 | 644 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | 82 | 136 |
Twelve months or less below amortized cost, Unrealized Capital Loss | 1 | 3 |
More than twelve months below amortized cost, Fair Value | 460 | 1,156 |
More than twelve months below amortized cost, Unrealized Capital Loss | 53 | 68 |
Total, Fair Value | 542 | 1,292 |
Total Unrealized Capital Losses | $ 54 | $ 71 |
Investments (excluding Consol_8
Investments (excluding Consolidated Investment Entities) - Evaluating Securities for Impairments and Debt Restructuring (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) loan | Mar. 31, 2023 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Intent impairments | $ | $ 0 | $ 0 |
Commercial mortgage loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Debt modifcations, number of contracts | loan | 0 | 0 |
Investments (excluding Consol_9
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate | 75% | |
0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 0% | |
Loan to value ratio, maximum | 50% | |
50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 50% | |
Loan to value ratio, maximum | 60% | |
60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 60% | |
Loan to value ratio, maximum | 70% | |
70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 70% | |
Loan to value ratio, maximum | 80% | |
80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to value ratio, minimum | 80% | |
Year of Origination 2024 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 69 | |
Year of Origination 2024 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 33 | |
Year of Origination 2024 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2024 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2024 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2023 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 118 | $ 150 |
Year of Origination 2023 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 257 | 222 |
Year of Origination 2023 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2023 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2023 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2022 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 252 | 252 |
Year of Origination 2022 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 324 | 326 |
Year of Origination 2022 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 73 | 73 |
Year of Origination 2022 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2022 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2021 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 244 | 244 |
Year of Origination 2021 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 203 | 214 |
Year of Origination 2021 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 203 | 209 |
Year of Origination 2021 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2021 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 177 | 168 |
Year of Origination 2020 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 98 | 112 |
Year of Origination 2020 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 10 |
Year of Origination 2020 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 16 | 16 |
Year of Origination 2019 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 2,726 | 238 |
Year of Origination 2019 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 288 | 68 |
Year of Origination 2019 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 18 | 28 |
Year of Origination 2019 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 19 | 0 |
Year of Origination 2018 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 2,586 | |
Year of Origination 2018 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 280 | |
Year of Origination 2018 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 4 | |
Year of Origination 2018 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2018 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 18 | |
Total | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 3,586 | 3,638 |
Total | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 1,203 | 1,222 |
Total | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 294 | 314 |
Total | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 10 |
Total | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 35 | $ 34 |
Investments (excluding Conso_10
Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
>1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 1.5 | |
>1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 1.25 | |
Debt Service Coverage Ratio, maximum | 1.5 | |
>1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 1 | |
Debt Service Coverage Ratio, maximum | 1.25 | |
Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, maximum | 1 | |
Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | $ 5,118 | $ 5,218 |
Year of Origination 2024 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 21 | |
Year of Origination 2024 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 34 | |
Year of Origination 2024 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 44 | |
Year of Origination 2024 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 3 | |
Year of Origination 2024 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 102 | |
Year of Origination 2023 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 157 | 189 |
Year of Origination 2023 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 151 | 116 |
Year of Origination 2023 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 67 | 67 |
Year of Origination 2023 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2023 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 375 | 372 |
Year of Origination 2022 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 203 | 204 |
Year of Origination 2022 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 57 | 68 |
Year of Origination 2022 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 186 | 192 |
Year of Origination 2022 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 203 | 187 |
Year of Origination 2022 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 649 | 651 |
Year of Origination 2021 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 259 | 260 |
Year of Origination 2021 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 14 | 14 |
Year of Origination 2021 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 56 | 64 |
Year of Origination 2021 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 321 | 329 |
Year of Origination 2021 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 650 | 667 |
Year of Origination 2020 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 209 | 211 |
Year of Origination 2020 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 23 | 24 |
Year of Origination 2020 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 21 | 21 |
Year of Origination 2020 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 38 | 50 |
Year of Origination 2020 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 291 | 306 |
Year of Origination 2019 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 2,277 | 203 |
Year of Origination 2019 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 270 | 26 |
Year of Origination 2019 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 328 | 84 |
Year of Origination 2019 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 176 | 21 |
Year of Origination 2019 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 3,051 | 334 |
Year of Origination 2018 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 2,216 | |
Year of Origination 2018 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 264 | |
Year of Origination 2018 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 255 | |
Year of Origination 2018 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 153 | |
Year of Origination 2018 | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 2,888 | |
Total | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 3,126 | 3,283 |
Total | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 549 | 512 |
Total | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 702 | 683 |
Total | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 741 | 740 |
Total | Total | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | $ 5,118 | $ 5,218 |
Investments (excluding Conso_11
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Year of Origination 2024 | Pacific | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | $ 4 | |
Year of Origination 2024 | South Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 43 | |
Year of Origination 2024 | Middle Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 22 | |
Year of Origination 2024 | West South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 13 | |
Year of Origination 2024 | Mountain | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 12 | |
Year of Origination 2024 | East North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2024 | New England | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 6 | |
Year of Origination 2024 | West North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 2 | |
Year of Origination 2024 | East South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2024 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 102 | |
Year of Origination 2023 | Pacific | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 69 | $ 69 |
Year of Origination 2023 | South Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 80 | 77 |
Year of Origination 2023 | Middle Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 12 | 12 |
Year of Origination 2023 | West South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 101 | 101 |
Year of Origination 2023 | Mountain | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 39 | 39 |
Year of Origination 2023 | East North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 41 | 42 |
Year of Origination 2023 | New England | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 3 | 3 |
Year of Origination 2023 | West North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 27 | 26 |
Year of Origination 2023 | East South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 3 | 3 |
Year of Origination 2023 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 375 | 372 |
Year of Origination 2022 | Pacific | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 140 | 140 |
Year of Origination 2022 | South Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 132 | 132 |
Year of Origination 2022 | Middle Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 47 | 47 |
Year of Origination 2022 | West South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 98 | 100 |
Year of Origination 2022 | Mountain | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 113 | 113 |
Year of Origination 2022 | East North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 93 | 93 |
Year of Origination 2022 | New England | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 5 | 5 |
Year of Origination 2022 | West North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 1 | 1 |
Year of Origination 2022 | East South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 20 | 20 |
Year of Origination 2022 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 649 | 651 |
Year of Origination 2021 | Pacific | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 96 | 96 |
Year of Origination 2021 | South Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 63 | 63 |
Year of Origination 2021 | Middle Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 121 | 124 |
Year of Origination 2021 | West South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 148 | 148 |
Year of Origination 2021 | Mountain | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 98 | 111 |
Year of Origination 2021 | East North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 73 | 75 |
Year of Origination 2021 | New England | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 10 | 9 |
Year of Origination 2021 | West North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 40 | 40 |
Year of Origination 2021 | East South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 1 | 1 |
Year of Origination 2021 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 650 | 667 |
Year of Origination 2020 | Pacific | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 63 | 63 |
Year of Origination 2020 | South Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 152 | 155 |
Year of Origination 2020 | Middle Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 17 | 17 |
Year of Origination 2020 | West South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 10 | 10 |
Year of Origination 2020 | Mountain | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 12 | 12 |
Year of Origination 2020 | East North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 15 | 26 |
Year of Origination 2020 | New England | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | West North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 7 | 7 |
Year of Origination 2020 | East South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 15 | 16 |
Year of Origination 2020 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 291 | 306 |
Year of Origination 2019 | Pacific | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 761 | 53 |
Year of Origination 2019 | South Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 680 | 100 |
Year of Origination 2019 | Middle Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 716 | 10 |
Year of Origination 2019 | West South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 219 | 74 |
Year of Origination 2019 | Mountain | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 257 | 45 |
Year of Origination 2019 | East North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 164 | 4 |
Year of Origination 2019 | New England | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 59 | 14 |
Year of Origination 2019 | West North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 155 | 13 |
Year of Origination 2019 | East South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 40 | 21 |
Year of Origination 2019 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 3,051 | 334 |
Year of Origination 2018 | Pacific | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 734 | |
Year of Origination 2018 | South Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 605 | |
Year of Origination 2018 | Middle Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 765 | |
Year of Origination 2018 | West South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 189 | |
Year of Origination 2018 | Mountain | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 214 | |
Year of Origination 2018 | East North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 171 | |
Year of Origination 2018 | New England | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 47 | |
Year of Origination 2018 | West North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 144 | |
Year of Origination 2018 | East South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 19 | |
Year of Origination 2018 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 2,888 | |
Total | Pacific | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 1,133 | 1,155 |
Total | South Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 1,150 | 1,132 |
Total | Middle Atlantic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 935 | 975 |
Total | West South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 589 | 622 |
Total | Mountain | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 531 | 534 |
Total | East North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 386 | 411 |
Total | New England | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 83 | 78 |
Total | West North Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 232 | 231 |
Total | East South Central | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 79 | 80 |
Total | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | $ 5,118 | $ 5,218 |
Investments (excluding Conso_12
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Year of Origination 2024 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | $ 19 | |
Year of Origination 2024 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 71 | |
Year of Origination 2024 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 12 | |
Year of Origination 2024 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2024 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2024 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2024 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2024 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 102 | |
Year of Origination 2023 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 125 | $ 125 |
Year of Origination 2023 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 167 | 164 |
Year of Origination 2023 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 33 | 33 |
Year of Origination 2023 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 18 | 18 |
Year of Origination 2023 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 32 | 32 |
Year of Origination 2023 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2023 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2023 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 375 | 372 |
Year of Origination 2022 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 79 | 79 |
Year of Origination 2022 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 262 | 263 |
Year of Origination 2022 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 254 | 255 |
Year of Origination 2022 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 34 | 34 |
Year of Origination 2022 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 10 | 10 |
Year of Origination 2022 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 10 | 10 |
Year of Origination 2022 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2022 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 649 | 651 |
Year of Origination 2021 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 36 | 36 |
Year of Origination 2021 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 141 | 145 |
Year of Origination 2021 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 335 | 335 |
Year of Origination 2021 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 111 | 123 |
Year of Origination 2021 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2021 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 18 | 18 |
Year of Origination 2021 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 9 | 10 |
Year of Origination 2021 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 650 | 667 |
Year of Origination 2020 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 56 | 57 |
Year of Origination 2020 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 49 | 49 |
Year of Origination 2020 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 72 | 72 |
Year of Origination 2020 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 114 | 128 |
Year of Origination 2020 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 291 | 306 |
Year of Origination 2019 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 712 | 45 |
Year of Origination 2019 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 816 | 82 |
Year of Origination 2019 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 750 | 160 |
Year of Origination 2019 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 493 | 36 |
Year of Origination 2019 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 70 | 11 |
Year of Origination 2019 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 161 | 0 |
Year of Origination 2019 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 49 | 0 |
Year of Origination 2019 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 3,051 | 334 |
Year of Origination 2018 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 780 | |
Year of Origination 2018 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 755 | |
Year of Origination 2018 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 618 | |
Year of Origination 2018 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 463 | |
Year of Origination 2018 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 60 | |
Year of Origination 2018 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 163 | |
Year of Origination 2018 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 49 | |
Year of Origination 2018 | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 2,888 | |
Total | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 1,027 | 1,122 |
Total | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 1,506 | 1,458 |
Total | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 1,456 | 1,473 |
Total | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 770 | 802 |
Total | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 112 | 113 |
Total | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 189 | 191 |
Total | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | 58 | 59 |
Total | Total | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Commercial mortgage loans | $ 5,118 | $ 5,218 |
Investments (excluding Conso_13
Investments (excluding Consolidated Investment Entities) - Allowance for Losses for Commercial Mortgage Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Ending Balance | $ 26 | |
Commercial Portfolio Segment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning Balance | 26 | $ 18 |
Credit losses on mortgage loans for which credit losses were not previously recorded | 0 | 2 |
Increase (decrease) on mortgage loans with an allowance recorded in a previous period | 0 | 9 |
Provision for expected credit losses | 26 | 29 |
Write-offs | 0 | (3) |
Recoveries of amounts previously written-off | 0 | 0 |
Ending Balance | $ 26 | $ 26 |
Investments (excluding Conso_14
Investments (excluding Consolidated Investment Entities) - Past due commercial mortgage loans (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | ||
Loans on non-accrual status | $ 35,000,000 | $ 16,000,000 |
LTV Ratio, nonaccrual | 100% | |
Nonaccrual, interest income | $ 0 | 0 |
Private placement debt | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due, nonaccrual | 90 days | |
Private placement debt | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Commercial mortgage loans | $ 5,083,000,000 | 5,202,000,000 |
Private placement debt | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Commercial mortgage loans | 19,000,000 | 0 |
Private placement debt | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Private placement debt | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Commercial mortgage loans | 16,000,000 | 16,000,000 |
Private placement debt | Total | ||
Financing Receivable, Past Due [Line Items] | ||
Commercial mortgage loans | $ 5,118,000,000 | $ 5,218,000,000 |
Investments (excluding Conso_15
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Net Investment Income [Line Items] | |||
Gross investment income | $ 546,000,000 | $ 563,000,000 | |
Less: Investment expenses | 17,000,000 | 18,000,000 | |
Net investment income | 529,000,000 | 545,000,000 | |
Fixed maturity securities on non-accrual status | 35,000,000 | $ 16,000,000 | |
Fixed maturities | |||
Net Investment Income [Line Items] | |||
Gross investment income | 416,000,000 | 458,000,000 | |
Fixed maturity securities on non-accrual status | 11,000,000 | $ 10,000,000 | |
Equity securities | |||
Net Investment Income [Line Items] | |||
Gross investment income | 5,000,000 | 7,000,000 | |
Mortgage loans on real estate | |||
Net Investment Income [Line Items] | |||
Gross investment income | 61,000,000 | 61,000,000 | |
Policy loans | |||
Net Investment Income [Line Items] | |||
Gross investment income | 6,000,000 | 6,000,000 | |
Short-term investments and cash equivalents | |||
Net Investment Income [Line Items] | |||
Gross investment income | 10,000,000 | 9,000,000 | |
Limited partnerships and other | |||
Net Investment Income [Line Items] | |||
Gross investment income | $ 48,000,000 | $ 22,000,000 |
Investments (excluding Conso_16
Investments (excluding Consolidated Investment Entities) - Net Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | $ 43 | $ (16) |
Fixed maturities | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | (1) | 1 |
Other derivatives, net | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | 1 | 0 |
Standalone derivatives | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | 1 | 0 |
Managed Custody Guarantees | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | 1 | 3 |
Derivatives | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | 136 | (54) |
Mortgage loans on real estate | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | 1 | 0 |
Other investments | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | 2 | (1) |
Fixed maturities, available-for-sale, including securities pledged | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | (20) | 1 |
Fixed maturities, at fair value option | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | (81) | 36 |
Equity securities, at fair value | ||
Realized Gain/(Losses) [Line Items] | ||
Net gains (losses) | $ 3 | $ (2) |
Investments (excluding Conso_17
Investments (excluding Consolidated Investment Entities) - Proceeds and Gross Gains/(Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds on sales | $ 829 | $ 1,306 |
Gross gains | 11 | 20 |
Gross losses | $ 27 | $ 25 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 438,000,000 | $ 374,000,000 |
Derivative Liability, Fair Value, Gross Liability | 387,000,000 | 429,000,000 |
Excluded asset exchange traded contract | 0 | 0 |
Excluded Liability Exchange Traded Contracts | 0 | 1,000,000 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivative [Line Items] | ||
Notional Amount | 177,000,000 | 137,000,000 |
Not Designated as Hedging Instrument | Derivatives | Credit contracts | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 5,000,000 | 2,000,000 |
Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 160,000,000 | 183,000,000 |
Foreign exchange contracts | Not Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,000,000 | 4,000,000 |
Derivative Liability, Fair Value, Gross Liability | 1,000,000 | 2,000,000 |
Foreign exchange contracts | Fair Value Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 100,000,000 | 98,000,000 |
Foreign exchange contracts | Fair Value Hedging | Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,000,000 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 4,000,000 |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 718,000,000 | 718,000,000 |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 38,000,000 | 33,000,000 |
Derivative Liability, Fair Value, Gross Liability | 5,000,000 | 7,000,000 |
Interest rate contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 17,133,000,000 | 16,773,000,000 |
Interest rate contracts | Not Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 330,000,000 | 270,000,000 |
Derivative Liability, Fair Value, Gross Liability | 318,000,000 | 354,000,000 |
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 12,000,000 | 12,000,000 |
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Equity contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional Amount | 285,000,000 | 255,000,000 |
Equity contracts | Not Designated as Hedging Instrument | Derivatives | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 8,000,000 | 4,000,000 |
Derivative Liability, Fair Value, Gross Liability | 3,000,000 | 2,000,000 |
Fixed maturities | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,000,000 | 2,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Embedded derivative on reinsurance | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Not Subject to Master Netting Arrangement | 59,000,000 | 61,000,000 |
Derivative Liability, Not Subject to Master Netting Arrangement | 47,000,000 | 49,000,000 |
Managed custody guarantees | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | 1,000,000 | 1,000,000 |
Managed Custody Guarantees | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Derivative Liability, Fair Value, Gross Liability | $ 7,000,000 | $ 8,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Offsetting Assets and Liabilities [Line Items] | ||
Gross amount recognized, Assets | $ 378,000,000 | $ 311,000,000 |
Gross amount recognized, Liabilities | 332,000,000 | 370,000,000 |
Counterparty netting, Assets | (273,000,000) | (216,000,000) |
Counterparty netting, Liabilities | (273,000,000) | (216,000,000) |
Cash collateral netting, Assets | (96,000,000) | (76,000,000) |
Cash collateral netting, Liabilities | (56,000,000) | (150,000,000) |
Securities collateral netting, Assets | (5,000,000) | (8,000,000) |
Securities collateral netting, Liabilities | (2,000,000) | (3,000,000) |
Net receivables/payables, Assets | 4,000,000 | 11,000,000 |
Net receivables/payables, Liabilities | 1,000,000 | 1,000,000 |
Excluded Liability Exchange Traded Contracts | $ 0 | $ 1,000,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Securities pledged as collateral | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | $ 4 | $ 11 |
Securities pledged as collateral | 201 | 201 |
Over the counter | Cash collateral, included in Payables | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | 99 | 84 |
Cleared derivative contract | Cash collateral, included in Payables | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | $ 57 | $ 147 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net investment income | $ 529 | $ 545 |
Net gains (losses) | 43 | (16) |
Gain (loss) on derivative, net | 133 | (75) |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | (1) | (1) |
Interest rate contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 126 | (56) |
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument | Other Comprehensive Income (Loss) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income | 0 | 0 |
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument | Investment Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income | 0 | 0 |
Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | (2) | 1 |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Other Comprehensive Income (Loss) | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income | 8 | (12) |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Investment Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income | 3 | 3 |
Gain (loss) on derivative, net | 3 | 3 |
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Gain (Loss) on Investments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 0 | 0 |
Foreign exchange contracts | Fair Value Hedging | Investment Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 0 | 0 |
Foreign exchange contracts | Fair Value Hedging | Gain (Loss) on Investments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | (2) | 2 |
Foreign exchange contracts | Fair Value Hedging | Designated as Hedging Instrument | Investment Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 0 | 0 |
Foreign exchange contracts | Fair Value Hedging | Designated as Hedging Instrument | Gain (Loss) on Investments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 3 | (1) |
Embedded derivative on reinsurance | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 0 | (26) |
Embedded derivative on reinsurance | Level 3 | Measured at fair value on a recurring basis | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings | 1 | 1 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 1 | 0 |
Equity contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative, net | 10 | 3 |
Fixed maturities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains (losses) | (1) | 1 |
Gain (loss) on derivative, net | (1) | 1 |
Managed Custody Guarantees | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains (losses) | 1 | 3 |
Gain (loss) on derivative, net | 1 | 3 |
Managed custody guarantees | Level 3 | Measured at fair value on a recurring basis | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | $ 2 | $ 4 |
Fair Value Measurements (excl_3
Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in separate accounts | $ 98,636 | $ 93,133 |
Total assets | 161,631 | 157,085 |
Derivatives | 332 | 371 |
Total liabilities | 155,760 | 151,032 |
Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 27,701 | 28,611 |
U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 401 | 403 |
U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 55 | 56 |
State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 681 | 771 |
U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 7,339 | 7,666 |
U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 4,720 | 4,760 |
Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 2,563 | 2,702 |
Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 2,712 | 2,812 |
Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 3,339 | 3,476 |
Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 3,464 | 3,495 |
Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 2,427 | 2,470 |
Measured at fair value on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,185 | 2,165 |
Assets held in separate accounts | 98,636 | 93,133 |
Total assets | 129,178 | 124,517 |
Contingent consideration | 48 | 51 |
Total liabilities | 435 | 480 |
Measured at fair value on a recurring basis | Stabilizer and MCGs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 8 | 9 |
Measured at fair value on a recurring basis | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 330 | 270 |
Derivatives | 318 | 354 |
Measured at fair value on a recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 40 | 37 |
Derivatives | 6 | 13 |
Measured at fair value on a recurring basis | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 8 | 4 |
Derivatives | 3 | 2 |
Measured at fair value on a recurring basis | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 59 | 61 |
Embedded derivative on reinsurance | 47 | 49 |
Measured at fair value on a recurring basis | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 5 | 2 |
Measured at fair value on a recurring basis | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 27,701 | 28,611 |
Measured at fair value on a recurring basis | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 401 | 403 |
Measured at fair value on a recurring basis | U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 55 | 56 |
Measured at fair value on a recurring basis | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 681 | 771 |
Measured at fair value on a recurring basis | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 7,339 | 7,666 |
Measured at fair value on a recurring basis | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 4,720 | 4,760 |
Measured at fair value on a recurring basis | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 2,563 | 2,702 |
Measured at fair value on a recurring basis | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 2,712 | 2,812 |
Measured at fair value on a recurring basis | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 3,338 | 3,476 |
Measured at fair value on a recurring basis | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 3,465 | 3,495 |
Measured at fair value on a recurring basis | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 2,427 | 2,470 |
Measured at fair value on a recurring basis | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 219 | 236 |
Measured at fair value on a recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,169 | 2,148 |
Assets held in separate accounts | 92,585 | 87,180 |
Total assets | 95,177 | 89,821 |
Contingent consideration | 0 | 0 |
Total liabilities | 1 | 0 |
Measured at fair value on a recurring basis | Level 1 | Stabilizer and MCGs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1 | 7 |
Derivatives | 1 | 0 |
Measured at fair value on a 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 |
Measured at fair value on a 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 |
Measured at fair value on a recurring basis | Level 1 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Embedded derivative on reinsurance | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 302 | 346 |
Measured at fair value on a recurring basis | Level 1 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 302 | 346 |
Measured at fair value on a 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, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a 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, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 120 | 140 |
Measured at fair value on a recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 16 | 17 |
Assets held in separate accounts | 5,691 | 5,605 |
Total assets | 31,513 | 32,162 |
Contingent consideration | 0 | 0 |
Total liabilities | 321 | 362 |
Measured at fair value on a recurring basis | Level 2 | Stabilizer and MCGs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 329 | 263 |
Derivatives | 317 | 354 |
Measured at fair value on a recurring basis | Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 40 | 37 |
Derivatives | 6 | 13 |
Measured at fair value on a recurring basis | Level 2 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 8 | 4 |
Derivatives | 3 | 2 |
Measured at fair value on a recurring basis | Level 2 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 59 | 61 |
Embedded derivative on reinsurance | (10) | (9) |
Measured at fair value on a recurring basis | Level 2 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 5 | 2 |
Measured at fair value on a recurring basis | Level 2 | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 25,370 | 26,175 |
Measured at fair value on a recurring basis | Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 99 | 57 |
Measured at fair value on a 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, Fair Value | 54 | 55 |
Measured at fair value on a recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 681 | 771 |
Measured at fair value on a recurring basis | Level 2 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 7,321 | 7,648 |
Measured at fair value on a recurring basis | Level 2 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 3,265 | 3,234 |
Measured at fair value on a 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, Fair Value | 2,563 | 2,702 |
Measured at fair value on a recurring basis | Level 2 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 2,264 | 2,376 |
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 3,286 | 3,419 |
Measured at fair value on a recurring basis | Level 2 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 3,465 | 3,495 |
Measured at fair value on a recurring basis | Level 2 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 2,372 | 2,418 |
Measured at fair value on a recurring basis | Level 2 | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 0 | 0 |
Assets held in separate accounts | 360 | 348 |
Total assets | 2,488 | 2,534 |
Contingent consideration | 48 | 51 |
Total liabilities | 113 | 118 |
Measured at fair value on a recurring basis | Level 3 | Stabilizer and MCGs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 8 | 9 |
Measured at fair value on a 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 |
Measured at fair value on a 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 |
Measured at fair value on a recurring basis | Level 3 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Embedded derivative on reinsurance | 57 | 58 |
Measured at fair value on a recurring basis | Level 3 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 2,029 | 2,090 |
Measured at fair value on a recurring basis | Level 3 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a 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, Fair Value | 1 | 1 |
Measured at fair value on a recurring basis | Level 3 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 18 | 18 |
Measured at fair value on a recurring basis | Level 3 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 1,455 | 1,526 |
Measured at fair value on a 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, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 448 | 436 |
Measured at fair value on a recurring basis | Level 3 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 52 | 57 |
Measured at fair value on a recurring basis | Level 3 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, Fair Value | 55 | 52 |
Measured at fair value on a recurring basis | Level 3 | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | $ 99 | $ 96 |
Fair Value Measurements (excl_4
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) - Measured at fair value on a recurring basis - Level 3 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Embedded derivative on reinsurance | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | $ (58) | $ (58) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 1 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 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 |
Fair Value, Derivatives, ending balance | (57) | (58) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Managed custody guarantees | ||
Derivatives Rollforward: | ||
Fair Value, Derivatives, beginning balance | (9) | (6) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 2 | 4 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | (1) | (1) |
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 | (8) | (3) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
U.S. corporate public securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 20 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 1 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 21 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
U.S. corporate public securities | Available-for-sale Securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 18 | |
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 | |
Fair Value, Assets, ending balance | 18 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
U.S. corporate private securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 1,801 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 1 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 34 | |
Purchases | 40 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (76) | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 1,800 | |
Change In Unrealized Gains (Losses) Included in Earnings | 1 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 34 | |
U.S. corporate private securities | Available-for-sale Securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 1,526 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (15) | |
Purchases | 67 | |
Issuances | 0 | |
Sales | (9) | |
Settlements | (79) | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | (35) | |
Fair Value, Assets, ending balance | 1,455 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | (19) | |
Foreign corporate private securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 432 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 1 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 4 | |
Purchases | 57 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (53) | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 441 | |
Change In Unrealized Gains (Losses) Included in Earnings | 1 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 4 | |
Foreign corporate private securities | Available-for-sale Securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 436 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (4) | |
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (35) | |
Transfers in to Level 3 | 51 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 448 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | (4) | |
Foreign corporate public securities and foreign governments | Available-for-sale Securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 3 | |
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 | (3) | |
Fair Value, Assets, ending balance | 0 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
Residential mortgage-backed securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 28 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 28 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 56 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
Residential mortgage-backed securities | Available-for-sale Securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 57 | |
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 | (4) | |
Fair Value, Assets, ending balance | 52 | |
Change In Unrealized Gains (Losses) Included in Earnings | (1) | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
Commercial mortgage-backed securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 64 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 1 | |
Purchases | 34 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (1) | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | (21) | |
Fair Value, Assets, ending balance | 77 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 1 | |
Asset-backed Securities [Member] | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 2,349 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 2 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 39 | |
Purchases | 160 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (130) | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | (24) | |
Fair Value, Assets, ending balance | 2,396 | |
Change In Unrealized Gains (Losses) Included in Earnings | 2 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 39 | |
Asset-backed Securities [Member] | Available-for-sale Securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 52 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 5 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (2) | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, Assets, ending balance | 55 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |
Fixed maturities | Available-for-sale Securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 2,090 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (1) | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (19) | |
Purchases | 72 | |
Issuances | 0 | |
Sales | (9) | |
Settlements | (116) | |
Transfers in to Level 3 | 51 | |
Transfers out of Level 3 | (39) | |
Fair Value, Assets, ending balance | 2,029 | |
Change In Unrealized Gains (Losses) Included in Earnings | (1) | |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | (23) | |
Equity securities, at fair value | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 96 | 196 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 3 | (4) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 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 |
Fair Value, Assets, ending balance | 99 | 192 |
Change In Unrealized Gains (Losses) Included in Earnings | 2 | (3) |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
US Government Agencies Debt Securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 1 | |
US Government Agencies Debt Securities | Available-for-sale Securities | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 1 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 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 |
Fair Value, Assets, ending balance | 1 | 1 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Contingent Consideration | ||
Liabilities Rollforward: | ||
Fair Value, Liabilities, Ending Balance | (51) | (112) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 1 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | 0 |
Settlements | 2 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Liabilities, Ending Balance | (48) | (112) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Assets held in separate accounts | ||
Assets Rollforward: | ||
Fair Value, Assets, beginning balance | 348 | 347 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 4 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 16 | 0 |
Issuances | 0 | 0 |
Sales | (3) | (2) |
Settlements | 0 | 0 |
Transfers in to Level 3 | 5 | 0 |
Transfers out of Level 3 | (6) | 0 |
Fair Value, Assets, ending balance | 360 | 349 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
Derivatives Rollforward: | ||
Change In Unrealized Gains (Losses) Included in OCI | $ 0 | $ 0 |
Fair Value Measurements (excl_5
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held in separate accounts | $ 98,636 | $ 93,133 |
Derivatives | 332 | 371 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $26,979 and $27,690 as of 2024 and 2023, respectively; net of allowance for credit losses of $22 and $17 as of 2024 and 2023, respectively) | 27,701 | 28,611 |
Equity securities | 219 | 236 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,185 | 2,165 |
Derivatives | 378 | 311 |
Other investments | 64 | 64 |
Assets held in separate accounts | 98,636 | 93,133 |
Short-term debt | 393 | 1 |
Long-term debt | 1,707 | 2,097 |
Carrying Value | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 332 | 371 |
Carrying Value | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 59 | 61 |
Derivatives | 47 | 49 |
Carrying Value | Stabilizer and MCGs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 8 | 9 |
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 32,196 | 32,848 |
Carrying Value | Funding agreements with fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 1,200 | 1,175 |
Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 607 | 628 |
Carrying Value | Mortgage loans on real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate loans | 5,118 | 5,218 |
Carrying Value | Policy loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate loans | 349 | 352 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $26,979 and $27,690 as of 2024 and 2023, respectively; net of allowance for credit losses of $22 and $17 as of 2024 and 2023, respectively) | 27,701 | 28,611 |
Equity securities | 219 | 236 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,185 | 2,165 |
Derivatives | 378 | 311 |
Other investments | 64 | 64 |
Assets held in separate accounts | 98,636 | 93,133 |
Short-term debt | 387 | 1 |
Long-term debt | 1,617 | 1,998 |
Estimate of Fair Value Measurement | Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 332 | 371 |
Estimate of Fair Value Measurement | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 59 | 61 |
Derivatives | 47 | 49 |
Estimate of Fair Value Measurement | Stabilizer and MCGs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 8 | 9 |
Estimate of Fair Value Measurement | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 33,978 | 34,856 |
Estimate of Fair Value Measurement | Funding agreements with fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 1,206 | 1,178 |
Estimate of Fair Value Measurement | Supplementary contracts, immediate annuities and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 545 | 571 |
Estimate of Fair Value Measurement | Mortgage loans on real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate loans | 4,831 | 4,941 |
Estimate of Fair Value Measurement | Policy loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Corporate loans | $ 349 | $ 352 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired - DAC and VOBA Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | $ 2,250 | ||
Ending balance | 2,222 | ||
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | |||
Beginning balance | 406 | $ 439 | $ 439 |
Deferrals of commissions and expenses | 1 | 4 | |
Net amortization included in Condensed Consolidated Statements of Operations | (9) | (37) | |
Ending balance | 398 | ||
Present Value of Future Insurance Profits, Impairment Loss | 0 | 0 | |
Wealth Solutions | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 695 | 691 | 691 |
Deferrals of commissions and expenses | 16 | 59 | |
Net amortization included in the Consolidated Statements of Operations | (14) | (55) | |
Ending balance | 697 | ||
business exited | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 938 | 1,043 | 1,043 |
Deferrals of commissions and expenses | 0 | 0 | |
Net amortization included in the Consolidated Statements of Operations | (26) | (105) | |
Ending balance | 912 | ||
Other Segments | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 47 | ||
Ending balance | 47 | ||
Health Solutions | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 164 | $ 144 | 144 |
Deferrals of commissions and expenses | 12 | 49 | |
Net amortization included in the Consolidated Statements of Operations | (8) | $ (29) | |
Ending balance | $ 168 |
Reserves for Future Policy Be_3
Reserves for Future Policy Benefits and Contract Owner Account Balances (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) yr | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) yr | |
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Net liability for future policy benefits | $ 9,427 | $ 9,560 | |
Current discount rate | 4.20% | ||
Policyholder Account Balance | $ 38,442 | 39,174 | |
undiscounted expected gross premiums and future benefit payments [Line Items] | |||
Policyholder Account Balance | 38,442 | 39,174 | |
Policyholder Account Balance [Roll Forward] | |||
Policyholder Account Balance, Beginning Balance | 39,174 | ||
Interest credited | 246 | $ 241 | |
Policyholder Account Balance, Ending Balance | 38,442 | 39,174 | |
Net transfers from (to) separate accounts | (439) | (523) | |
Net liability for future policy benefits | 9,427 | 9,560 | |
Employee Benefits, Group | |||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||
Beginning Balance | 68 | 77 | 77 |
Beginning balance at original discount rate | 71 | 84 | 84 |
Effect of change in cash flow assumptions | 0 | (6) | |
Effect of actual variances from expected experience | 15 | 11 | |
Adjusted balance at January 1 | 86 | 89 | |
Interest accrual | 1 | 2 | |
Net premiums collected | 5 | 20 | |
Ending balance at original discount rate | 82 | 71 | |
Effects of changes in discount rate assumptions | (5) | (3) | |
Ending Balance | 77 | 68 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Beginning Balance | 899 | 881 | 881 |
Beginning balance at original discount rate | 918 | 913 | 913 |
Effect of change in cash flow assumptions | 17 | (8) | |
Effect of actual variances from expected experience | 8 | (16) | |
Adjusted balance at January 1 | 943 | 889 | |
Issuances | 32 | 136 | |
Interest accrual | 6 | 24 | |
Benefit payments | 36 | 131 | |
Ending balance at original discount rate | 945 | 918 | |
Effects of changes in discount rate assumptions | 29 | 19 | |
Ending Balance | 916 | 899 | |
Net liability for future policy benefits | 839 | 831 | |
Less: Reinsurance recoverable | 320 | 315 | |
Net additional liability, after reinsurance recoverable | $ 519 | $ 516 | |
Weighted average duration (in years) | yr | 7 | 7 | |
Interest accretion rate | 4% | 4% | |
Current discount rate | 5.20% | 4.90% | |
undiscounted expected gross premiums and future benefit payments [Line Items] | |||
Expected future benefit payments, Undiscounted | $ 1,176 | $ 1,144 | |
Expected future gross premiums, Undiscounted | 281 | 271 | |
Expected future benefit payments, Discounted | 945 | 918 | |
Expected future gross premiums, Discounted | 209 | 214 | |
Policyholder Account Balance [Roll Forward] | |||
Net liability for future policy benefits | 839 | 831 | |
Employee Benefits, Voluntary | |||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||
Beginning Balance | 101 | 97 | 97 |
Beginning balance at original discount rate | 102 | 100 | 100 |
Effect of change in cash flow assumptions | 0 | 6 | |
Effect of actual variances from expected experience | 3 | 8 | |
Adjusted balance at January 1 | 105 | 114 | |
Interest accrual | 1 | 4 | |
Net premiums collected | 4 | 16 | |
Ending balance at original discount rate | 102 | 102 | |
Effects of changes in discount rate assumptions | (3) | (1) | |
Ending Balance | 99 | 101 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Beginning Balance | 307 | 285 | 285 |
Beginning balance at original discount rate | 307 | 294 | 294 |
Effect of change in cash flow assumptions | 1 | 13 | |
Effect of actual variances from expected experience | 4 | 9 | |
Adjusted balance at January 1 | 312 | 316 | |
Issuances | 0 | 0 | |
Interest accrual | 4 | 14 | |
Benefit payments | 8 | 23 | |
Ending balance at original discount rate | 308 | 307 | |
Effects of changes in discount rate assumptions | 10 | 0 | |
Ending Balance | 298 | 307 | |
Net liability for future policy benefits | 199 | 206 | |
Less: Reinsurance recoverable | 0 | 0 | |
Net additional liability, after reinsurance recoverable | $ 199 | $ 206 | |
Weighted average duration (in years) | yr | 15,000,000 | 14,000,000 | |
Interest accretion rate | 5.20% | 5.20% | |
Current discount rate | 5.50% | 5.10% | |
undiscounted expected gross premiums and future benefit payments [Line Items] | |||
Expected future benefit payments, Undiscounted | $ 671 | $ 668 | |
Expected future gross premiums, Undiscounted | 343 | 341 | |
Expected future benefit payments, Discounted | 308 | 307 | |
Expected future gross premiums, Discounted | 214 | 213 | |
Policyholder Account Balance [Roll Forward] | |||
Net liability for future policy benefits | 199 | 206 | |
business exited | |||
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward] | |||
Beginning Balance | 3,145 | 4,244 | 4,244 |
Beginning balance at original discount rate | 2,992 | 4,128 | 4,128 |
Effect of change in cash flow assumptions | 0 | (921) | |
Effect of actual variances from expected experience | (93) | (91) | |
Adjusted balance at January 1 | 2,899 | 3,116 | |
Interest accrual | 41 | 196 | |
Net premiums collected | 79 | 320 | |
Ending balance at original discount rate | 2,861 | 2,992 | |
Effects of changes in discount rate assumptions | 81 | 153 | |
Ending Balance | 2,942 | 3,145 | |
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Beginning Balance | 7,538 | 8,639 | 8,639 |
Beginning balance at original discount rate | 7,404 | 8,644 | 8,644 |
Effect of change in cash flow assumptions | 0 | (805) | |
Effect of actual variances from expected experience | (115) | (123) | |
Adjusted balance at January 1 | 7,289 | 7,716 | |
Issuances | 6 | 17 | |
Interest accrual | 95 | 412 | |
Benefit payments | 173 | 741 | |
Ending balance at original discount rate | 7,217 | 7,404 | |
Effects of changes in discount rate assumptions | 19 | (134) | |
Ending Balance | 7,198 | 7,538 | |
Net liability for future policy benefits | 4,256 | 4,392 | |
Less: Reinsurance recoverable | 4,208 | 4,342 | |
Net additional liability, after reinsurance recoverable | $ 48 | $ 50 | |
Weighted average duration (in years) | yr | 8,000,000 | 8,000,000 | |
Interest accretion rate | 4.90% | 4.90% | |
Current discount rate | 5.40% | 5.10% | |
Policyholder Account Balance | $ 4,510 | $ 4,635 | |
undiscounted expected gross premiums and future benefit payments [Line Items] | |||
Expected future benefit payments, Discounted | 7,217 | 7,404 | |
Policyholder Account Balance | 4,510 | 4,635 | |
Policyholder Account Balance [Roll Forward] | |||
Policyholder Account Balance, Beginning Balance | 4,635 | 5,146 | 5,146 |
Deposits | 71 | 288 | |
Fee income | (93) | (373) | |
Surrenders and withdrawals | 149 | 577 | |
Net transfers (from) to the general account | 1 | 10 | |
Interest credited | 45 | 141 | |
Policyholder Account Balance, Ending Balance | $ 4,510 | $ 4,635 | |
Weighted-average crediting rate | 3.70% | 2.50% | |
Net amount at risk | $ 707 | $ 734 | |
Cash surrender value | 1,416 | 1,491 | |
Net liability for future policy benefits | 4,256 | 4,392 | |
business exited, additional liability | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Beginning Balance | 2,107 | ||
Effect of change in cash flow assumptions | 0 | (44) | |
Effect of actual variances from expected experience | 20 | (100) | |
Adjusted balance at January 1 | 2,021 | 1,963 | |
Interest accrual | 21 | 84 | |
Benefit payments | 107 | 417 | |
Assessments | 43 | 371 | |
Ending Balance | 2,001 | 2,107 | |
Net liability for future policy benefits | 1,978 | 2,001 | |
Less: Reinsurance recoverable | 1,927 | 1,950 | |
Net additional liability, after reinsurance recoverable | 51 | 51 | |
Policyholder Account Balance [Roll Forward] | |||
Net liability for future policy benefits | 1,978 | 2,001 | |
business exited, other | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Net liability for future policy benefits | 1,334 | 1,335 | |
Policyholder Account Balance [Roll Forward] | |||
Net liability for future policy benefits | 1,334 | 1,335 | |
Other Segments | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Net liability for future policy benefits | 821 | 795 | |
Policyholder Account Balance | 926 | 950 | |
undiscounted expected gross premiums and future benefit payments [Line Items] | |||
Policyholder Account Balance | 926 | 950 | |
Policyholder Account Balance [Roll Forward] | |||
Policyholder Account Balance, Beginning Balance | 950 | ||
Policyholder Account Balance, Ending Balance | 926 | 950 | |
Net liability for future policy benefits | 821 | 795 | |
Wealth Solutions | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Policyholder Account Balance | 30,571 | 31,139 | |
undiscounted expected gross premiums and future benefit payments [Line Items] | |||
Policyholder Account Balance | 30,571 | 31,139 | |
Policyholder Account Balance [Roll Forward] | |||
Policyholder Account Balance, Beginning Balance | 31,139 | $ 33,622 | 33,622 |
Deposits | 631 | 2,309 | |
Fee income | (11) | (9) | |
Surrenders and withdrawals | 1,354 | 5,663 | |
Net transfers (from) to the general account | (47) | (5) | |
Interest credited | 213 | 885 | |
Policyholder Account Balance, Ending Balance | $ 30,571 | $ 31,139 | |
Weighted-average crediting rate | 2.80% | 2.80% | |
Net amount at risk | $ 98 | $ 123 | |
Cash surrender value | 30,114 | 30,676 | |
Net transfers from (to) separate accounts | (392) | (518) | |
Non-puttable funding agreement | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Policyholder Account Balance | 1,200 | 1,175 | |
undiscounted expected gross premiums and future benefit payments [Line Items] | |||
Policyholder Account Balance | 1,200 | 1,175 | |
Policyholder Account Balance [Roll Forward] | |||
Policyholder Account Balance, Beginning Balance | 1,175 | ||
Policyholder Account Balance, Ending Balance | 1,200 | 1,175 | |
Business Exited Excluded | |||
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward] | |||
Policyholder Account Balance | 1,235 | 1,275 | |
undiscounted expected gross premiums and future benefit payments [Line Items] | |||
Policyholder Account Balance | 1,235 | 1,275 | |
Policyholder Account Balance [Roll Forward] | |||
Policyholder Account Balance, Beginning Balance | 1,275 | ||
Policyholder Account Balance, Ending Balance | $ 1,235 | $ 1,275 |
Reserves for Future Policy Be_4
Reserves for Future Policy Benefits and Contract Owner Account Balances - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | $ 38,442 | $ 39,174 |
Liability for Future Policy Benefit, Activity [Line Items] | ||
Current discount rate | 4.20% | |
Net transfers from (to) separate accounts | $ (439) | (523) |
Up to 1.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 12,401 | 12,528 |
1.01% - 2.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 692 | 725 |
2.01% - 3.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 11,136 | 11,492 |
3.01% - 4.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 8,891 | 9,031 |
4.01% and Above | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 1,620 | 1,649 |
Renewable beyond 12 months (MYGA) | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 415 | 431 |
Total discretionary rate setting products | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 35,155 | 35,856 |
At GMIR | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 22,160 | 22,739 |
At GMIR | Up to 1.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 108 | 120 |
At GMIR | 1.01% - 2.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 504 | 527 |
At GMIR | 2.01% - 3.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 10,867 | 11,225 |
At GMIR | 3.01% - 4.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 8,731 | 8,873 |
At GMIR | 4.01% and Above | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 1,538 | 1,566 |
At GMIR | Renewable beyond 12 months (MYGA) | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 412 | 428 |
Up to .50% Above GMIR | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 5,261 | 5,529 |
Up to .50% Above GMIR | Up to 1.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 4,812 | 5,070 |
Up to .50% Above GMIR | 1.01% - 2.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 120 | 131 |
Up to .50% Above GMIR | 2.01% - 3.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 95 | 93 |
Up to .50% Above GMIR | 3.01% - 4.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 152 | 152 |
Up to .50% Above GMIR | 4.01% and Above | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 82 | 83 |
Up to .50% Above GMIR | Renewable beyond 12 months (MYGA) | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
0.51% - 1.00% Above GMIR | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 3,754 | 3,573 |
0.51% - 1.00% Above GMIR | Up to 1.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 3,641 | 3,460 |
0.51% - 1.00% Above GMIR | 1.01% - 2.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 50 | 50 |
0.51% - 1.00% Above GMIR | 2.01% - 3.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 63 | 63 |
0.51% - 1.00% Above GMIR | 3.01% - 4.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
0.51% - 1.00% Above GMIR | 4.01% and Above | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
0.51% - 1.00% Above GMIR | Renewable beyond 12 months (MYGA) | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
1.01% - 1.50% Above GMIR | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 2,154 | 2,337 |
1.01% - 1.50% Above GMIR | Up to 1.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 2,030 | 2,215 |
1.01% - 1.50% Above GMIR | 1.01% - 2.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 9 | 8 |
1.01% - 1.50% Above GMIR | 2.01% - 3.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 107 | 108 |
1.01% - 1.50% Above GMIR | 3.01% - 4.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 8 | 6 |
1.01% - 1.50% Above GMIR | 4.01% and Above | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
1.01% - 1.50% Above GMIR | Renewable beyond 12 months (MYGA) | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
1.51% - 2.00% Above GMIR | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 1,028 | 869 |
1.51% - 2.00% Above GMIR | Up to 1.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 1,022 | 863 |
1.51% - 2.00% Above GMIR | 1.01% - 2.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 3 | 3 |
1.51% - 2.00% Above GMIR | 2.01% - 3.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
1.51% - 2.00% Above GMIR | 3.01% - 4.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | |
1.51% - 2.00% Above GMIR | 4.01% and Above | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
1.51% - 2.00% Above GMIR | Renewable beyond 12 months (MYGA) | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 3 | 3 |
More than 2.00% Above GMIR | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 798 | 809 |
More than 2.00% Above GMIR | Up to 1.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 788 | 800 |
More than 2.00% Above GMIR | 1.01% - 2.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 6 | 6 |
More than 2.00% Above GMIR | 2.01% - 3.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 4 | 3 |
More than 2.00% Above GMIR | 3.01% - 4.00% | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
More than 2.00% Above GMIR | 4.01% and Above | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | 0 | 0 |
More than 2.00% Above GMIR | Renewable beyond 12 months (MYGA) | ||
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items] | ||
Policyholder Account Balance | $ 0 | $ 0 |
Reinsurance - Assets and Liabil
Reinsurance - Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Assets | |||
Premiums receivable, direct | $ 252 | $ 193 | |
Premiums Receivable, assumed | 12 | 9 | |
Premiums receivable, ceded | (248) | (219) | |
Premiums receivable, net of reinsurance | 16 | (17) | |
Reinsurance recoverable, net of allowance for credit losses, ceded | 11,812 | 11,999 | |
Reinsurance recoverable, net of allowance for credit losses, net | 11,812 | 11,999 | |
Total assets, direct | 252 | 193 | |
Total assets, assumed | 12 | 9 | |
Total assets, ceded | 11,564 | 11,780 | |
Premiums Receivable And Reinsurance Recoverables, Including Reinsurance Premium Paid | 11,828 | 11,982 | |
Liabilities | |||
Future policy benefits and contract owner account balances, direct | 46,936 | 47,781 | |
Future policy benefits and contract owner account balances, assumed | 933 | 953 | |
Future policy benefits and contract owner account balances, net | 47,869 | 48,734 | |
Liability for funds withheld under reinsurance agreements, direct | 107 | 103 | |
Liability for funds withheld under reinsurance agreements, net | 107 | 103 | |
Total liabilities, direct | 47,043 | 47,884 | |
Total liabilities, assumed | 933 | 953 | |
Total liabilities, net | 47,976 | $ 48,837 | |
Fee income | $ 513 | $ 464 |
Reinsurance - Effect of Reinusa
Reinsurance - Effect of Reinusance (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Premiums Earned, Net [Abstract] | |||
Direct Premiums Earned | $ 1,029 | $ 908 | |
Assumed Premiums Earned | 7 | 10 | |
Ceded Premiums Earned | 236 | 233 | |
Premiums | 800 | 685 | |
Policyholder Benefits and Claims Incurred, Net [Abstract] | |||
Revenue from Contract with Customer, Including Assessed Tax | 608 | 562 | |
Assumed Insurance Commissions and Fees | 4 | 4 | |
Ceded Insurance Commissions And Fees | 99 | 102 | |
Fee income | 513 | 464 | |
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract] | |||
Policyholder Benefits and Claims Incurred, Direct | 1,181 | 1,108 | |
Policyholder Benefits and Claims Incurred, Assumed | 19 | 19 | |
Policyholder Benefits and Claims Incurred, Ceded | 349 | 376 | |
Policyholder Interest and Other Benefits, Net | $ 851 | $ 751 | |
Deposit asset | $ 1,200 |
Separate Accounts (Details)
Separate Accounts (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | $ 98,636 | $ 93,133 | ||
Liabilities related to separate accounts | 98,636 | 93,133 | ||
Net transfers from (to) separate accounts | (439) | (523) | ||
Wealth Solutions | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liabilities related to separate accounts | 94,729 | 89,485 | $ 76,348 | |
Separate Account, Liability, Premium and Deposit | 2,867 | $ 10,992 | ||
Separate Account, Liability, Policy Charge | 124 | 460 | ||
Separate Account, Liability, Surrender and Withdrawal | 3,348 | 10,973 | ||
Separate Account, Liability, Increase (Decrease) from Invested Performance | 6,241 | 14,096 | ||
Separate Account, Liability, Cash Surrender Value, Amount | 87,637 | 82,286 | ||
Net transfers from (to) separate accounts | (392) | (518) | ||
Wealth Solutions | Wealth Solutions Stabilizer | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liabilities related to separate accounts | 7,069 | 7,175 | 7,196 | |
Separate Account, Liability, Premium and Deposit | 281 | 940 | ||
Separate Account, Liability, Policy Charge | 8 | 34 | ||
Separate Account, Liability, Increase (Decrease) from Invested Performance | 0 | 415 | ||
Separate Account, Liability, Surrender | (379) | (1,342) | ||
Net transfers from (to) separate accounts | 0 | 0 | ||
Wealth Solutions | Deferred Variable Annuity | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liabilities related to separate accounts | 87,660 | 82,310 | $ 69,152 | |
Separate Account, Liability, Premium and Deposit | 2,586 | 10,052 | ||
Separate Account, Liability, Policy Charge | 116 | 426 | ||
Separate Account, Liability, Increase (Decrease) from Invested Performance | 6,241 | $ 13,681 | ||
Separate Account, Liability, Surrender | (2,969) | (9,631) | ||
Net transfers from (to) separate accounts | (392) | (518) | ||
Other Segments | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Liabilities related to separate accounts | 3,907 | 3,648 | ||
U.S. Government agencies and authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 902 | 1,015 | ||
Separate Account, Cash and Cash Equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 289 | 399 | ||
Separate Account, Mortgage-Backed Security | Mortgage-Backed Securities, Issued by Private Enterprises | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 3,191 | 3,231 | ||
Separate Account, Equity Security | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 91,493 | 85,916 | ||
Asset-Backed Securities, Securitized Loans and Receivables | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | 73 | 44 | ||
Debt Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Assets held in separate accounts | $ 2,688 | $ 2,528 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments - Operating Earnings B
Segments - Operating Earnings Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Income (loss) attributable to noncontrolling interests | $ 37 | $ 46 |
Less: Preferred stock dividends | 17 | 14 |
Total adjustments to income (loss) before income taxes | 287 | 141 |
Adjustments | ||
Segment Reporting Information [Line Items] | ||
Net investment gains (losses) and related charges and adjustments | 63 | (9) |
Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (32) | (33) |
Other adjustments | (22) | (70) |
Total adjustments to income (loss) before income taxes | 63 | (51) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating earnings before income taxes | 224 | 192 |
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax | 235 | 200 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 11 | 8 |
Operating Segments | Wealth Solutions | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating earnings before income taxes | 186 | 132 |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating earnings before income taxes | 53 | 42 |
Operating Segments | Health Solutions | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating earnings before income taxes | 59 | 94 |
Operating Segments | Corporate | ||
Segment Reporting Information [Line Items] | ||
Adjusted operating earnings before income taxes | $ (64) | $ (69) |
Segments - Operating Revenues (
Segments - Operating Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Total revenues | $ 2,051 | $ 1,835 |
Adjustments | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 188 | 137 |
Net investment gains (losses) and related charges and adjustments | 47 | (14) |
Revenues related to businesses exited or to be exited through reinsurance or divestment | 24 | 30 |
Revenues attributable to noncontrolling interests | 65 | 60 |
Other adjustments | 52 | 60 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 1,863 | 1,697 |
Operating Segments | Wealth Solutions | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 719 | 684 |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 234 | 229 |
Operating Segments | Health Solutions | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 905 | 774 |
Operating Segments | Corporate | ||
Segment Reporting Information [Line Items] | ||
Total revenues | 4 | 11 |
Intersegment | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total revenues | $ 20 | $ 22 |
Segments - Total Assets (Detail
Segments - Total Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 161,631 | $ 157,085 |
Noncontrolling Interest | ||
Segment Reporting Information [Line Items] | ||
Total assets | 4,279 | 4,304 |
Total | Parent | ||
Segment Reporting Information [Line Items] | ||
Total assets | 157,352 | 152,781 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 25,418 | 25,527 |
Operating Segments | Wealth Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 126,883 | 122,318 |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,656 | 1,600 |
Operating Segments | Health Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,395 | $ 3,336 |
Share-based Incentive Compens_3
Share-based Incentive Compensation Plans - Narrative (Details) | Mar. 31, 2024 shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for grant (in shares) | 7,373,481 |
Share-based Incentive Compens_4
Share-based Incentive Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost | $ 39 | $ 63 |
Income tax benefit | 10 | 15 |
After-tax share-based compensation expense | 29 | 48 |
Restricted Stock Unit (RSU) awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost | 23 | 37 |
Performance Stock Unit (PSU) awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation cost | $ 16 | $ 26 |
Share-based Incentive Compens_5
Share-based Incentive Compensation Plans - Awards Outstanding (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
RSU awards | |
Number of Awards | |
Outstanding, beginning balance (in shares) | shares | 2,000,000 |
Adjustment for PSU performance factor (in shares) | shares | 0 |
Granted (in shares) | shares | 800,000 |
Vested (in shares) | shares | (700,000) |
Forfeited (in shares) | shares | 0 |
Outstanding, ending balance (in shares) | shares | 2,100,000 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (usd per share) | $ / shares | $ 67.06 |
Adjustment for PSU performance factor (usd per share) | $ / shares | 0 |
Granted (usd per share) | $ / shares | 67.51 |
Vested (usd per share) | $ / shares | 65.20 |
Forfeited (usd per share) | $ / shares | 69.87 |
Outstanding, ending balance (usd per share) | $ / shares | $ 67.69 |
PSU awards | |
Number of Awards | |
Outstanding, beginning balance (in shares) | shares | 2,200,000 |
Adjustment for PSU performance factor (in shares) | shares | 100,000 |
Granted (in shares) | shares | 700,000 |
Vested (in shares) | shares | (500,000) |
Forfeited (in shares) | shares | 0 |
Outstanding, ending balance (in shares) | shares | 2,300,000 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (usd per share) | $ / shares | $ 61.17 |
Adjustment for PSU performance factor (usd per share) | $ / shares | 46.94 |
Granted (usd per share) | $ / shares | 59.21 |
Vested (usd per share) | $ / shares | 52.71 |
Forfeited (usd per share) | $ / shares | 44.96 |
Outstanding, ending balance (usd per share) | $ / shares | $ 63.57 |
Stock options | |
Number of Awards | |
Outstanding, beginning balance (in shares) | shares | 1,200,000 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Outstanding, ending balance (in shares) | shares | 1,200,000 |
Vested, exercisable (in shares) | shares | 1,200,000 |
Weighted Average Exercise Price | |
Outstanding, beginning balance (usd per share) | $ / shares | $ 44.79 |
Granted (usd per share) | $ / shares | 0 |
Exercised (usd per share) | $ / shares | 47.48 |
Forfeited (usd per share) | $ / shares | 0 |
Outstanding, ending balance (usd per share) | $ / shares | 44.68 |
Vested, exercisable, weighted average exercise price (usd per share) | $ / shares | $ 44.68 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Rollforward (Details) - shares | 3 Months Ended | 6 Months Ended |
Mar. 31, 2024 | Jun. 30, 2023 | |
Increase (Decrease) in Stockholders' Equity | ||
Common stock, shares issued, beginning balance (in shares) | 103,584,699 | |
Common shares, held in treasury, beginning balance (in shares) | 730,130 | |
Common shares, beginning balance (in shares) | 102,854,569 | |
Common stock acquired - share repurchase (in shares) | 2,400,000 | 5,400,000 |
Share-based compensation programs (in shares) | 800,000 | 1,400,000 |
Treasury Stock retirement (in shares) | 0 | |
Common stock, shares issued, ending balance (in shares) | 104,950,844 | |
Common shares, held in treasury, ending balance (in shares) | 3,659,364 | |
Common shares, ending balance (in shares) | 101,291,480 | |
Common Stock | ||
Increase (Decrease) in Stockholders' Equity | ||
Common stock, shares issued, beginning balance (in shares) | 103,600,000 | 97,800,000 |
Common shares, beginning balance (in shares) | 102,900,000 | 97,200,000 |
Common shares issued (in shares) | 0 | 9,700,000 |
Common stock acquired - share repurchase (in shares) | 0 | 0 |
Share-based compensation programs (in shares) | 1,300,000 | 2,100,000 |
Treasury Stock retirement (in shares) | (6,000,000) | |
Common stock, shares issued, ending balance (in shares) | 104,900,000 | |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity | ||
Common shares, held in treasury, beginning balance (in shares) | (700,000) | (600,000) |
Common shares issued (in shares) | 0 | 0 |
Common stock acquired - share repurchase (in shares) | 2,400,000 | 5,400,000 |
Share-based compensation programs (in shares) | 500,000 | 700,000 |
Treasury Stock retirement (in shares) | (6,000,000) | |
Common shares, held in treasury, ending balance (in shares) | 3,600,000 |
Shareholders' Equity - Common_2
Shareholders' Equity - Common stock Dividends Declared (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Dividends declared per share of Common Stock (usd per share) | $ 0.40 | $ 0.20 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May 06, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Apr. 23, 2024 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||||
Remaining authorized repurchase amount | $ 225 | ||||
Common stock acquired - share repurchase (in shares) | 2,400,000 | 5,400,000 | |||
Payment for share repurchases | $ 172 | ||||
Preferred Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | |||
Preferred Stock, amount of preferred dividends in arrears | $ 0 | ||||
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Amount authorized for repurchase | $ 500 | ||||
Common stock acquired - share repurchase (in shares) | 802,725 | ||||
Payment for share repurchases | $ 56 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2024 | Jun. 30, 2023 | |
Equity [Abstract] | ||
Payment for share repurchases | $ 172 | |
Common stock acquired - share repurchase (in shares) | 2.4 | 5.4 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||
Aggregate (in shares) | $ 17 | $ 14 | |
Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred Stock, shares issued (in shares) | 625,000 | 625,000 | |
Preferred Stock, shares outstanding (in shares) | 625,000 | 625,000 | |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend rate, percentage | 7.758% | ||
Preferred Stock, shares issued (in shares) | 325,000 | 325,000 | |
Preferred Stock, shares outstanding (in shares) | 325,000 | 325,000 | |
Per Share (usd per share) | $ 38.790 | $ 30.625 | |
Aggregate (in shares) | $ 13 | $ 10 | |
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend rate, percentage | 5.35% | ||
Preferred Stock, shares issued (in shares) | 300,000 | 300,000 | |
Preferred Stock, shares outstanding (in shares) | 300,000 | 300,000 | |
Per Share (usd per share) | $ 13.375 | $ 13.375 | |
Aggregate (in shares) | $ 4 | $ 4 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income (loss) available to common shareholders: | ||
Income (loss) from continuing operations | $ 288 | $ 129 |
Less: Preferred stock dividends | 17 | 14 |
Less: Net income (loss) attributable to noncontrolling interest | 37 | 46 |
Net income (loss) available to common shareholders | $ 234 | $ 69 |
Weighted average common shares outstanding | ||
Basic (in shares) | 102.1 | 97.7 |
Dilutive Effects: | ||
Diluted (in shares) | 104.5 | 109.6 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share: | ||
Basic (usd per share) | $ 2.29 | $ 0.70 |
Diluted (usd per share) | $ 2.24 | $ 0.63 |
Warrant | ||
Dilutive Effects: | ||
Dilutive Effects (in shares) | 0 | 8.9 |
RSU awards | ||
Dilutive Effects: | ||
Dilutive Effects (in shares) | 1.2 | 1.2 |
PSU awards | ||
Dilutive Effects: | ||
Dilutive Effects (in shares) | 0.8 | 1.2 |
Stock options | ||
Dilutive Effects: | ||
Dilutive Effects (in shares) | 0.4 | 0.6 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Fixed maturities, net of impairment | $ (2,498) | $ (2,635) | |
DAC/VOBA adjustment on available-for-sale securities | 67 | 109 | |
AOCI, Liability for Future Policy Benefit, before Tax | (853) | (855) | |
Deferred income tax asset (liability)(2) | 813 | 833 | |
Total | (2,471) | (2,548) | |
Pension and other postretirement benefits liability, net of tax | 2 | 3 | |
AOCI | (2,469) | $ (2,400) | $ (2,545) |
Other Contract | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Portion of AOCI expected to be reclassified into earnings within next 12 months | $ 14 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Available-for-sale securities, Before-Tax Amount: | ||
Fixed maturities | $ (145) | $ 661 |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 16 | (1) |
Change in unrealized gains/losses on available-for-sale securities | (129) | 660 |
Available-for-sale securities, Income Tax: | ||
Fixed maturities | 30 | (139) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | (3) | 0 |
Change in unrealized gains/losses on available-for-sale securities | 27 | (139) |
Available-for-sale securities, After-Tax Amount: | ||
Fixed maturities | (115) | 522 |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 13 | (1) |
Change in unrealized gains/losses on available-for-sale securities | (102) | 521 |
Derivatives, Before-Tax Amount: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 8 | (12) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (4) | (5) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax, Total | 4 | (17) |
Derivatives, Income Tax: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (2) | 3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1 | 1 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Total | 1 | (4) |
Derivatives, After-Tax Amount: | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 6 | (9) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (3) | (4) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Total | 3 | (13) |
Change in current discount rate | 38 | 2 |
AOCI, Liability for Future Policy Benefit, Expected Future Policy Benefit, before Tax | (8) | 0 |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax | 30 | 2 |
Other comprehensive income (loss), before tax | (87) | 645 |
Other comprehensive income (loss), tax | 18 | (135) |
Other comprehensive income (loss), after tax | $ (69) | $ 510 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Total financial services and software subscriptions and services revenue | $ 519 | $ 476 | |
Revenue from other sources | 82 | 66 | |
Total fee income and other revenue | 601 | 542 | |
Net receivables | 319 | $ 339 | |
Wealth Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Total financial services and software subscriptions and services revenue | 143 | 121 | |
Wealth Solutions | DistributionFeesMember [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total financial services and software subscriptions and services revenue | 34 | 29 | |
Investment Management | |||
Disaggregation of Revenue [Line Items] | |||
Total financial services and software subscriptions and services revenue | 242 | 229 | |
Investment Management | DistributionFeesMember [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Total financial services and software subscriptions and services revenue | 39 | 32 | |
Health Solutions | |||
Disaggregation of Revenue [Line Items] | |||
Total financial services and software subscriptions and services revenue | 5 | 6 | |
Benefitfocus | |||
Disaggregation of Revenue [Line Items] | |||
Total financial services and software subscriptions and services revenue | 54 | 47 | |
Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Total financial services and software subscriptions and services revenue | $ 2 | $ 12 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Effective tax rate | (0.30%) | 8.50% |
Income tax expense (benefit) | $ (1) | $ 12 |
Net gains (losses) | 43 | (16) |
Unrealized gains (losses) on securities | (125) | 643 |
SLD | ||
Net Investment Income [Line Items] | ||
Income tax expense (benefit) | $ 38 | $ 92 |
Financing Agreements - Schedule
Financing Agreements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 17, 2015 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,100 | $ 2,098 | |
Less: Current portion of long-term debt | 393 | 1 | |
Total long-term debt, excluding current portion | 1,707 | 2,097 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Annual interest rate on debt | 1.875% | ||
Senior Notes | 3.976% Senior Notes, Due 2025 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 393 | 390 | |
Annual interest rate on debt | 3.976% | ||
Senior Notes | 3.65% Senior Notes, due 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 445 | 446 | |
Annual interest rate on debt | 3.65% | ||
Senior Notes | 5.7% Senior Notes, due 2043 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 396 | 396 | |
Annual interest rate on debt | 5.70% | ||
Senior Notes | 4.8% Senior Notes, due 2046 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 297 | 297 | |
Annual interest rate on debt | 4.80% | ||
Junior Subordinated Notes | 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 336 | 336 | |
Annual interest rate on debt | 4.70% | ||
Debentures | 7.63% Voya Holdings Inc. debentures, due 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 139 | 139 | |
Annual interest rate on debt | 7.63% | ||
Debentures | 6.97% Voya Holdings Inc. debentures, due 2036 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 79 | 79 | |
Annual interest rate on debt | 6.97% | ||
Notes payable, other | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 13 | 13 | |
Annual interest rate on debt | 8.42% | ||
Loans payable | 1.00% Windsor Property Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 2 | $ 2 | |
Annual interest rate on debt | 1% |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) - USD ($) | 3 Months Ended | ||||||
Mar. 17, 2015 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | May 03, 2023 | May 01, 2023 | May 16, 2013 | |
Debt Instrument [Line Items] | |||||||
Outstanding par amount of guaranteed debentures | $ 2,100,000,000 | $ 2,098,000,000 | |||||
Maximum borrowing capacity | 512,000,000 | ||||||
Line of credit outstanding | 12,000,000 | ||||||
Business Agreement, Processing and Operation Services Period | 10 years | ||||||
Put Option Agreement, Face Amount | $ 500,000,000 | 100,000,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 500,000,000 | ||||||
Payments of Financing Costs | 0 | $ 0 | |||||
Aetna Notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount of letters of credit outstanding | 12,000,000 | ||||||
Revolving Credit agreement | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 500,000,000 | ||||||
Minimum net worth required for compliance | $ 4,998,000,000 | ||||||
Unsecured and Committed [Member] | Voya Financial, Inc. | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 500,000,000 | ||||||
Line of credit outstanding | 0 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 500,000,000 | ||||||
Unsecured and Committed [Member] | Voya Financial, Inc. Three | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 12,000,000 | 200,000,000 | |||||
Line of credit outstanding | 12,000,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 0 | ||||||
Voya Holdings Debentures | Aetna Notes | |||||||
Debt Instrument [Line Items] | |||||||
Amount of collateral for credit facility | 225,000,000 | ||||||
Amount of collateral deposited to a control account | 213,000,000 | ||||||
Short-term Debt | Revolving Credit agreement | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 25,000,000 | ||||||
Five Point Six Five Percentage Fixed-to-Floating Rate Junior Subordinated Note Due 2053 | |||||||
Debt Instrument [Line Items] | |||||||
Annual interest rate on debt | 5.65% | ||||||
U.S. Treasuries | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||||
Revolving Credit agreement | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit outstanding | 0 | ||||||
Debentures | Voya Holdings Debentures | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding par amount of guaranteed debentures | 218,000,000 | ||||||
Debentures | 7.63% Voya Holdings Inc. debentures, due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding par amount of guaranteed debentures | $ 139,000,000 | 139,000,000 | |||||
Annual interest rate on debt | 7.63% | ||||||
Debentures | 6.97% Voya Holdings Inc. debentures, due 2036 | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding par amount of guaranteed debentures | $ 79,000,000 | $ 79,000,000 | |||||
Annual interest rate on debt | 6.97% | ||||||
Revolving Credit agreement | |||||||
Debt Instrument [Line Items] | |||||||
Amount of letters of credit outstanding | $ 0 | ||||||
Line of credit outstanding | $ 0 | ||||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Annual interest rate on debt | 1.875% | ||||||
Senior Notes | Pre-Capitalized Trust | |||||||
Debt Instrument [Line Items] | |||||||
Annual interest rate on debt | 3.976% | ||||||
Debt Instrument, Face Amount | $ 400,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | |||
Possible losses in excess of amounts accrued | $ 100 | ||
Potential future loss | 91 | ||
Pledged Collateral | 1,803 | $ 1,956 | |
Impairment of right-of-use asset | 0 | $ 2 | |
Securities Loaned | |||
Loss Contingencies [Line Items] | |||
Securities pledged as collateral | 201 | 201 | |
Federal Home Loan Bank | Line of Credit | |||
Loss Contingencies [Line Items] | |||
Non-putable funding agreements issued to FHLB | 1,200 | 1,175 | |
Pledged Collateral | 1,803 | $ 1,956 | |
Acquisition of mortgage loans | |||
Loss Contingencies [Line Items] | |||
Amount of purchase commitments | 66 | ||
Purchase of limited partnership and private placement investments | |||
Loss Contingencies [Line Items] | |||
Amount of purchase commitments | 975 | ||
Purchase of limited partnership and private placement investments | VOEs | |||
Loss Contingencies [Line Items] | |||
Amount of purchase commitments | $ 328 |
Commitments and Contingencies_2
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Fixed maturity collateral pledged to FHLB | $ 1,803 | $ 1,956 |
FHLB restricted stock | 63 | 64 |
Other fixed maturities-state deposits | 37 | 37 |
Cash and cash equivalents | 15 | 25 |
Total restricted assets | 3,145 | 3,242 |
Collateral Pledged | ||
Loss Contingencies [Line Items] | ||
Securities pledged | 1,227 | 1,160 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 912 | 842 |
Securities pledged under repurchase agreements, carrying value | $ 114 | $ 117 |
Consolidated and Nonconsolida_3
Consolidated and Nonconsolidated Investment Entities - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) loan fund CLO | Dec. 31, 2023 USD ($) fund CLO | |
Variable Interest Entity [Line Items] | ||
Consolidated collateral loan obligations | CLO | 7 | 5 |
Limited Partnerships life | 10 years | |
Consolidated funds | fund | 11 | |
Noncontrolling interest | $ 1,544 | $ 1,685 |
Number of investment funds accounted for as voting interest entity | fund | 0 | 0 |
Maximum borrowing capacity | $ 512 | |
Line of credit outstanding | 12 | |
Fair value transfers | $ 0 | |
Number of deconsolidated investment entities | loan | 0 | |
Consolidated Investment Entities | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 343 | $ 316 |
VIE, Corporate Loan Investments | Senior secured corporate loans | ||
Variable Interest Entity [Line Items] | ||
Unpaid principal exceeds fair value, amount | $ 32 | 46 |
Default of collateral assets, percentage | 1% | |
VIE, Corporate Loan Investments | Maximum | Senior secured corporate loans | LIBOR, SOFR, EURIBOR or PRIME | ||
Variable Interest Entity [Line Items] | ||
Loans receivable basis spread | 7.70% | |
VIEs | ||
Variable Interest Entity [Line Items] | ||
Investment in unconsolidated partnerships | $ 2,881 | 2,861 |
VIEs | Senior secured corporate loans | ||
Variable Interest Entity [Line Items] | ||
Default of collateral assets, percentage | 1% | |
VIE, CLO Notes | Senior secured corporate loans | ||
Variable Interest Entity [Line Items] | ||
Weighted average maturity on debt | 12 years | |
VIE, CLO Notes | Maximum | Senior secured corporate loans | LIBOR, EURIBOR or SOFR | ||
Variable Interest Entity [Line Items] | ||
Basis spread on notes | 9.60% | |
VIE, CLO Notes | Minimum | Senior secured corporate loans | LIBOR, EURIBOR or SOFR | ||
Variable Interest Entity [Line Items] | ||
Basis spread on notes | 1% | |
VIE, Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Maximum borrowing capacity | $ 1,313 | 1,330 |
Renewal period for term loan | 3 years | |
Line of credit outstanding | $ 1,216 | 1,198 |
VIE, Private Equity Funds | Maximum | ||
Variable Interest Entity [Line Items] | ||
Basis spread on notes | 2.40% | |
VIE, Private Equity Funds | Minimum | ||
Variable Interest Entity [Line Items] | ||
Basis spread on notes | 1.40% | |
Nonconsolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Amount of ownership interest in unconsolidated CLOs | $ 383 | |
Excluding consolidated VIEs | ||
Variable Interest Entity [Line Items] | ||
Investment in unconsolidated partnerships | $ 1,708 | $ 1,621 |
Consolidated and Nonconsolida_4
Consolidated and Nonconsolidated Investment Entities - Fair Value Hierarchy (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value transfers | $ 0 | |
VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
CLO notes | 1,368 | $ 1,332 |
Measured at fair value on a recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 4,586 | 4,446 |
Total liabilities | 1,368 | 1,332 |
Measured at fair value on a recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 180 | 181 |
Corporate loans | 1,500 | 1,404 |
Assets at NAV | 2,881 | 2,861 |
CLO notes | 1,368 | 1,332 |
Measured at fair value on a recurring basis | VOEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | |
Assets at NAV | 24 | |
Measured at fair value on a recurring basis | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 181 | 181 |
Total liabilities | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 180 | 181 |
Corporate loans | 0 | 0 |
CLO notes | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | VOEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1 | |
Measured at fair value on a recurring basis | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 1,500 | 1,404 |
Total liabilities | 1,368 | 1,332 |
Measured at fair value on a recurring basis | Level 2 | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Corporate loans | 1,500 | 1,404 |
CLO notes | 1,368 | 1,332 |
Measured at fair value on a recurring basis | Level 2 | VOEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | |
Measured at fair value on a recurring basis | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Corporate loans | 0 | 0 |
CLO notes | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | VOEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | |
Measured at fair value on a recurring basis | NAV | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets | 2,905 | 2,861 |
Measured at fair value on a recurring basis | NAV | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets at NAV | 2,881 | $ 2,861 |
Measured at fair value on a recurring basis | NAV | VOEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets at NAV | $ 24 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 748 | $ 327 |
Additions from business combinations | 0 | 421 |
Goodwill, Ending Balance | 748 | |
Wealth | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 17 | 17 |
Additions from business combinations | 0 | 0 |
Goodwill, Ending Balance | 17 | |
Health Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 343 | 24 |
Additions from business combinations | 0 | 319 |
Goodwill, Ending Balance | 343 | |
Investment Management | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 286 | 286 |
Additions from business combinations | 0 | 0 |
Goodwill, Ending Balance | 286 | |
Corporate | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 102 | 0 |
Additions from business combinations | 0 | $ 102 |
Goodwill, Ending Balance | 102 | |
Corporate | Health Solutions | ||
Goodwill [Roll Forward] | ||
Goodwill, Ending Balance | $ 20 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-life intangibles, Gross Carrying Amount | $ 350 | $ 350 | |||
Finite-life intangibles, Gross Carrying Amount | 1,371 | $ 1,344 | |||
Finite-life intangibles, Accumulated Amortization | 510 | 487 | |||
Finite-life intangibles, Net Carrying Amount | 861 | 857 | |||
Amortization of intangible assets | 23 | $ 20 | |||
Goodwill | 748 | 748 | $ 327 | ||
Corporate | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 102 | 102 | $ 0 | ||
Wealth | Corporate | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 72 | ||||
Investment Management | Corporate | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 10 | ||||
Contractual Rights | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-life intangibles, Weighted Average Amortization Lives | 15 years | ||||
Finite-life intangibles, Gross Carrying Amount | $ 153 | 153 | |||
Finite-life intangibles, Accumulated Amortization | 14 | 11 | |||
Finite-life intangibles, Net Carrying Amount | $ 139 | 142 | |||
Customer Relationships | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-life intangibles, Weighted Average Amortization Lives | 17 years | ||||
Finite-life intangibles, Gross Carrying Amount | $ 325 | 325 | |||
Finite-life intangibles, Accumulated Amortization | 132 | 128 | |||
Finite-life intangibles, Net Carrying Amount | $ 193 | 197 | |||
Computer software | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-life intangibles, Weighted Average Amortization Lives | 4 years | ||||
Finite-life intangibles, Gross Carrying Amount | $ 528 | 501 | |||
Finite-life intangibles, Accumulated Amortization | 362 | 346 | |||
Finite-life intangibles, Net Carrying Amount | $ 166 | 155 | |||
Trademarks | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-life intangibles, Weighted Average Amortization Lives | 8 years | ||||
Finite-life intangibles, Gross Carrying Amount | $ 15 | 15 | |||
Finite-life intangibles, Accumulated Amortization | 2 | 2 | |||
Finite-life intangibles, Net Carrying Amount | 13 | $ 13 | |||
Customer Lists | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-life intangibles, Gross Carrying Amount | 345 | 345 | |||
Contractual Rights | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-life intangibles, Gross Carrying Amount | $ 5 | $ 5 |
Uncategorized Items - voya-2024
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 1,118,000,000 |