Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 033-23376 | |
Entity Registrant Name | VOYA RETIREMENT INSURANCE & ANNUITY CO | |
Entity Incorporation, State or Country Code | CT | |
Entity Tax Identification Number | 71-0294708 | |
Entity Address, Address Line One | One Orange Way | |
Entity Address, City or Town | Windsor | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06095-4774 | |
City Area Code | 860 | |
Local Phone Number | 580-4646 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 55,000 | |
Common stock, par value | $ 50 | |
Entity Central Index Key | 0000837010 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investments: | ||
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option | $ 20,222 | $ 24,360 |
Fixed maturities, at fair value using the fair value option | 1,206 | 1,253 |
Equity Securities, FV-NI, Current | 139 | 141 |
Financing Receivable, before Allowance for Credit Loss, Current | 4,194 | 4,233 |
Less: Allowance for credit losses | 11 | 11 |
Mortgage loans on real estate, net | 4,183 | 4,222 |
Policy loans | 162 | 171 |
Limited partnerships/corporations | 1,033 | 980 |
Derivatives | 379 | 149 |
Other investments | 134 | 143 |
Total investments | 28,208 | 32,218 |
Cash and cash equivalents | 207 | 436 |
Short-term investments under securities loan agreements, including collateral delivered | 934 | 808 |
Accrued investment income | 312 | 285 |
Premiums receivable and reinsurance recoverable | 3,445 | 3,598 |
Reinsurance Recoverable, Allowance for Credit Loss | 5 | 0 |
Deferred policy acquisition costs, Value of business acquired and Sales inducements to contract owners | 1,603 | 422 |
Short-term loan to affiliate | 104 | 130 |
Current income tax recoverable | 2 | 0 |
Deferred Income Tax Assets, Net | 553 | 0 |
Due from affiliates | 60 | 70 |
Property and equipment | 38 | 72 |
Other assets (net of allowance for credit loss of $2 as of 2022 and $0 as of 2021) | 1,769 | 1,635 |
Assets held in separate accounts | 73,547 | 96,964 |
Total assets | 110,777 | 136,638 |
Liabilities and Shareholder's Equity | ||
Future policy benefits and contract owner account balances | 33,734 | 32,926 |
Payable for securities purchased | 210 | 0 |
Payables under securities loan agreements, including collateral held | 957 | 811 |
Due to affiliates | 113 | 110 |
Derivatives | 327 | 144 |
Taxes Payable | 0 | 42 |
Accrued Income Taxes, Current | 0 | 227 |
Other liabilities | 472 | 384 |
Liabilities related to separate accounts | 73,547 | 96,964 |
Total liabilities | 109,360 | 131,608 |
Commitments and Contingencies (Note 10) | ||
Shareholder's equity: | ||
Common Stock, Value, Issued | 3 | 3 |
Additional paid-in capital | 2,778 | 3,191 |
Accumulated other comprehensive income (loss) | (1,495) | 1,423 |
Retained earnings (deficit) | 131 | 413 |
Total shareholder's equity | 1,417 | 5,030 |
Total liabilities and shareholder's equity | 110,777 | 136,638 |
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid | 3,440 | 3,598 |
Allowance for Credit Loss, Receivable, Other, Current | 2 | 0 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 26 | 48 |
Fixed maturities, amortized cost | 22,962 | 22,349 |
Collateral Pledged | ||
Investments: | ||
Debt Securities, Available-for-Sale, Restricted | $ 750 | $ 799 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Securities pledged, amortized costs | $ 864 | $ 725 |
Common stock, par value | $ 50 | |
Common stock, shares issued | 55,000 | |
Fixed maturities, amortized cost | $ 22,962 | 22,349 |
Equity securities, cost | $ 139 | $ 141 |
Common stock, shares authorized | 100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Net investment income | $ 366 | $ 514 | $ 1,235 | $ 1,485 |
Fee income | 237 | 280 | 746 | 810 |
Premiums | 3 | 10 | 14 | (2,431) |
Broker-dealer commission revenue | 0 | 1 | 1 | 2 |
Net realized capital gains (losses): | ||||
Other than Temporary Impairment Losses, Investments | (8) | 0 | (15) | 0 |
Other net gains (losses) | (62) | (88) | (373) | 317 |
Total net gains (losses) | (70) | (88) | (388) | 317 |
Other revenue | 8 | 8 | 36 | 25 |
Total revenues | 544 | 725 | 1,644 | 208 |
Benefits and expenses: | ||||
Interest credited and other benefits to contract owners/policyholders | 181 | 206 | 574 | (1,674) |
Operating expenses | 269 | 312 | 868 | 904 |
Broker-dealer commission expense | 0 | 1 | 1 | 2 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | (29) | 5 | 39 | 83 |
Total benefits and expenses | 422 | 524 | 1,483 | (685) |
Income (loss) before income taxes | 122 | 201 | 161 | 893 |
Income tax expense (benefit) | 14 | 31 | (1) | 154 |
Net income (loss) | 108 | 170 | 162 | 739 |
Net investment income | 366 | 514 | 1,235 | 1,485 |
Fee income | 237 | 280 | 746 | 810 |
Premiums | 3 | 10 | 14 | (2,431) |
Broker-dealer commission revenue | 0 | 1 | 1 | 2 |
Other than Temporary Impairment Losses, Investments | 8 | 0 | 15 | 0 |
Other net gains (losses) | (62) | (88) | (373) | 317 |
Realized capital gains (losses) | (70) | (88) | (388) | 317 |
Other revenue | 8 | 8 | 36 | 25 |
Revenues | 544 | 725 | 1,644 | 208 |
Interest credited and other benefits to contract owners/policyholders | 181 | 206 | 574 | (1,674) |
Operating expenses | 269 | 312 | 868 | 904 |
Broker-dealer commission expense | 0 | 1 | 1 | 2 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | (29) | 5 | 39 | 83 |
Interest Expense | 1 | 0 | 1 | 0 |
Benefits, Losses and Expenses | 422 | 524 | 1,483 | (685) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 122 | 201 | 161 | 893 |
Income tax expense (benefit) | 14 | 31 | (1) | 154 |
Net income (loss) | $ 108 | $ 170 | $ 162 | $ 739 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 108 | $ 170 | $ 162 | $ 739 |
Other comprehensive income (loss), before tax: | ||||
Unrealized gains (losses) on securities | (932) | (97) | (3,694) | (409) |
Other comprehensive income (loss), before tax | (932) | (97) | (3,694) | (410) |
Income tax expense (benefit) related to items of other comprehensive income (loss) | (196) | (20) | (776) | (86) |
Other comprehensive income (loss), after tax | (736) | (77) | (2,918) | (324) |
Comprehensive income (loss) | (628) | 93 | (2,756) | 415 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | $ 0 | $ 0 | $ 0 | $ (1) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholder's Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit) |
Beginning Balance at Dec. 31, 2020 | $ 4,897,000,000 | $ 3,000,000 | $ 2,873,000,000 | $ 1,882,000,000 | $ 139,000,000 |
Comprehensive income (loss): | |||||
Net income (loss) | 739,000,000 | 0 | 0 | 0 | 739,000,000 |
Ending Balance at Sep. 30, 2021 | 5,078,000,000 | 3,000,000 | 3,191,000,000 | 1,558,000,000 | 326,000,000 |
Comprehensive income (loss): | |||||
Dividends | (557,000,000) | (5,000,000) | (552,000,000) | ||
Adjustments to Additional Paid in Capital, Other | 323,000,000 | 323,000,000 | |||
Other comprehensive income (loss), after tax | (324,000,000) | 0 | 0 | (324,000,000) | 0 |
Comprehensive income (loss) | 415,000,000 | ||||
Beginning Balance at Jun. 30, 2021 | 4,985,000,000 | 3,000,000 | 3,191,000,000 | 1,635,000,000 | 156,000,000 |
Comprehensive income (loss): | |||||
Net income (loss) | 170,000,000 | 0 | 0 | 0 | 170,000,000 |
Ending Balance at Sep. 30, 2021 | 5,078,000,000 | 3,000,000 | 3,191,000,000 | 1,558,000,000 | 326,000,000 |
Comprehensive income (loss): | |||||
Other comprehensive income (loss), after tax | (77,000,000) | 0 | 0 | (77,000,000) | 0 |
Comprehensive income (loss) | 93,000,000 | ||||
Beginning Balance at Dec. 31, 2021 | 5,030,000,000 | 3,000,000 | 3,191,000,000 | 1,423,000,000 | 413,000,000 |
Comprehensive income (loss): | |||||
Net income (loss) | 162,000,000 | 0 | 0 | 0 | 162,000,000 |
Ending Balance at Sep. 30, 2022 | 1,417,000,000 | 3,000,000 | 2,778,000,000 | (1,495,000,000) | 131,000,000 |
Comprehensive income (loss): | |||||
Dividends | (857,000,000) | (413,000,000) | (444,000,000) | ||
Other comprehensive income (loss), after tax | (2,918,000,000) | 0 | 0 | (2,918,000,000) | 0 |
Comprehensive income (loss) | (2,756,000,000) | ||||
Beginning Balance at Jun. 30, 2022 | 2,045,000,000 | 3,000,000 | 2,778,000,000 | (759,000,000) | 23,000,000 |
Comprehensive income (loss): | |||||
Net income (loss) | 108,000,000 | 0 | 0 | 0 | 108,000,000 |
Ending Balance at Sep. 30, 2022 | 1,417,000,000 | 3,000,000 | 2,778,000,000 | (1,495,000,000) | 131,000,000 |
Comprehensive income (loss): | |||||
Other comprehensive income (loss), after tax | (736,000,000) | $ 0 | $ 0 | $ (736,000,000) | $ 0 |
Comprehensive income (loss) | $ (628,000,000) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 1,020 | $ 1,001 |
Proceeds from the sale, maturity, disposal or redemption of: | ||
Fixed maturities | 3,352 | 3,166 |
Equity securities | 0 | 128 |
Proceeds from Sale of Loans Held-for-investment | 506 | 433 |
Limited partnerships/corporations | 61 | 281 |
Acquisition of: | ||
Fixed maturities | (4,574) | (4,053) |
Mortgage loans on real estate | (464) | (447) |
Limited partnerships/corporations | (129) | (180) |
Payments to Acquire Trading Securities Held-for-investment | 0 | (33) |
Equity securities | 0 | (178) |
Derivatives, net | 166 | (12) |
Short-term loan to affiliate, net | 26 | 653 |
Collateral received (delivered), net | 20 | (15) |
Proceeds from Other Deposits | 85 | 49 |
Other, net | 21 | (89) |
Net cash used in investing activities | (930) | (253) |
Cash Flows from Financing Activities: | ||
Deposits received for investment contracts | 3,763 | 3,018 |
Maturities and withdrawals from investment contracts | (3,305) | (3,291) |
Proceeds from loans with affiliates, net | 80 | 60 |
Payments of Distributions to Affiliates | (857) | (552) |
Proceeds from Contributions from Parent | 0 | 20 |
Net cash used in financing activities | (319) | (745) |
Net increase (decrease) in cash and cash equivalents | (229) | 3 |
Cash and cash equivalents, beginning of period | 436 | 360 |
Cash and cash equivalents, end of period | 207 | 363 |
Proceeds from Contributions from Parent | 0 | 20 |
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment | 0 | 29 |
Payments for (Proceeds from) Short-term Investments | $ 0 | 15 |
Other Significant Noncash Transaction, Value of Consideration Given | $ 298 |
Schedule of Significant non cas
Schedule of Significant non cash transaction - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from Contributions from Parent | $ 0 | $ 20 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Business, Basis of Presentation and Significant Accounting Policies Business Voya Retirement Insurance and Annuity Company ("VRIAC") is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, the "Company") provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands. VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial"). The Company derives its revenue mainly from (a) Investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) Net gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by us and other general business expenses, and (c) Amortization of Deferred acquisition costs ("DAC") and Value of business acquired ("VOBA"). In addition, the Company collects broker-dealer commission revenues through Voya Financial Partners, LLC ("VFP"), which are, in turn, paid to broker-dealers and expensed. The Company offers qualified and non-qualified annuity contracts that include a variety of funding and payout options for individuals and employer-sponsored retirement plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as non-qualified deferred compensation plans and related services. The Company's products are offered primarily to public and private school systems, higher education institutions, hospitals and healthcare facilities, not-for-profit organizations, state and local governments, small to mid-sized corporations and individuals. The Company also provides stable value investment options, including separate account guaranteed investment contracts (e.g., GICs) and synthetic GICs, to institutional clients. Pension risk transfer group annuity solutions were previously offered to institutional plan sponsors who needed to transfer their defined benefit plan obligations to the Company. The Company discontinued sales of these solutions to better align business activities to the Company's priorities. This business was transferred as part of the Individual Life Transaction described below. The Company's products are generally distributed through independent brokers and advisors, third-party administrators and consultants. Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. The Company's products also include programs offered to qualified plans and non-qualified deferred compensation plans that package administrative and record-keeping services, participant education, and retirement readiness planning tools along with a variety of investment options, including proprietary and non-proprietary mutual funds and variable and fixed investment options. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services. The Company has one operating segment. On January 4, 2021, VRIAC's ultimate parent, Voya Financial completed a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019 with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the shares of the capital stock of Security Life of Denver Company ("SLD") and Security Life of Denver International Limited ("SLDI"), including the capital stock of several subsidiaries of SLD and SLDI. Concurrently with the sale, SLD entered into reinsurance agreements with ReliaStar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York (“RLNY”), and VRIAC, each of which is a direct or indirect wholly owned subsidiary of Voya Financial. The reinsurance agreements along with the sale of the legal entities noted above (referred to as the "Individual Life Transaction") resulted in the disposition of substantially all of Voya Financial's life insurance and legacy non-retirement annuity businesses and related assets. See the Reinsurance Note in Part II, Item 8. of our Annual Report on Form 10-K for more information regarding the Individual Life Transaction. Effective as of March 1, 2021, VRIAC acquired 49.9% of the issued and outstanding common stock of Voya Special Investments, Inc. from Voya Financial. The investment has been accounted for as an equity method investment and recognized within Other investments in Condensed Consolidated Balance Sheets. Also, effective as of March 1, 2021, the Company acquired $80 of SLD issued surplus notes and $73 of Resolution (Life U.S. Intermediate Holdings Ltd.) issued preferred shares from affiliated entities, which were received in connection with the Individual Life Transaction. On June 9, 2021, Voya Financial completed the sale of the independent financial planning channel of Voya Financial Advisors, Inc. ("VFA") to Cetera Financial Group, Inc. (“Cetera”), one of the nation’s largest networks of independently managed broker-dealers. VFA is one of the channels through which VRIAC distributes its products. In connection with this transaction, VFA transferred more than 800 independent financial professionals serving retail customers with approximately $38 billion in assets under advisement to Cetera, while retaining approximately 500 field and phone-based financial professionals who support our business. Impairment of Long-lived Assets The carrying value of long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss is recognized whenever the carrying amount of an asset exceeds its estimated fair value. The amount of the impairment loss is calculated as the excess of the asset’s carrying value over its fair value. During the second quarter of 2022, the Company had a triggering event related to a decrease in the market price of its office building. Consequently, the Company determined its fair value, based on an appraisal, to be lower than its carrying value. As a result, the Company recognized an impairment loss of $32, which is included in Operating expenses in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022. 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. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. 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 VRIAC and its wholly owned subsidiaries, VFP, Voya Institutional Plan Services ("VIPS"), and Voya Retirement Advisors ("VRA"). Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2022, and its results of operations, comprehensive income, and changes in shareholder's equity for the three and nine months ended September 30, 2022 and 2021, and its statements of cash flows for the nine months ended September 30, 2022 and 2021, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2021 Consolidated Balance Sheets are 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 . Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This standard, issued in June 2022, 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 fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03. ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities have the option to apply the amendments involving the recognition and measurement of TDRs using a modified retrospective transition method; the other amendments are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-02. ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January, 2021 the Financial Accounting Standards Board ("FASB") issued ASU 2021-01 which clarified the scope of relief related to ASU 2020-04. The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company expects that it may elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating its options under this guidance as the reference rate reform adoption process continues. To date, the adoption of the ASU has not had an impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses. Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: • Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts. The effect of updating cash flow assumptions will be measured on a retrospective catch-up basis and presented in the Statement of Operations in the period in which the update is made. The rate used to discount these liabilities will be required to be updated quarterly, with related changes in the liability recorded in Accumulated other comprehensive income ("AOCI"). • Fair value measurement of contract guarantee features qualifying as Market Risk Benefits ("MRB"), with changes in fair value recognized in the Statement of Operations, except for changes in the instrument-specific credit risk, which will be recorded in AOCI. • Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. Elimination of adjustments in AOCI related to DAC and balances amortized on a basis consistent with DAC. DAC will no longer be subjected to loss recognition testing. The amendments are Evaluation of the implications of these requirements and related potential financial statement impacts is continuing, in accordance with an established governance framework and implementation plan, which includes design and testing of internal controls related to new processes. The Company does not plan to early adopt the ASU and expects to apply a modified retrospective transition method for the liability for future policy benefits and DAC. The Company expects the January 1, 2021 transition impact will increase Total shareholder’s equity by $0.5 billion to $0.7 billion, primarily driven by a positive impact to AOCI resulting from the reversal of DAC/VOBA adjustment balances of approximately $1.0 billion after tax, offset by an unfavorable impact to AOCI of between $0.2 billion and $0.4 billion after tax, resulting from the remeasurement of Future policy benefits and Reinsurance recoverable using January 1, 2021 discount rates. The expected transition effect on Total shareholder's equity will also include an unfavorable impact on Retained earnings (deficit) of approximately $0.1 billion after tax associated with the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The majority of the ASU 2018-12 transition impact of between $0.2 billion and $0.4 billion associated with Future policy benefits and Reinsurance recoverable and approximately 20% of the $0.1 billion transition impact associated with the establishment of MRB liabilities are related to business that was reinsured to Resolution Life US in January 2021. The ultimate effects the standard will have on the financial statements are highly dependent on policyholder behavior, actuarial assumptions and macroeconomic conditions, particularly interest rates and spreads, which may materially change ASU 2018-12-related equity impacts in periods subsequent to transition. The Company estimates the impact of ASU 2018-12 will shift to a reduction of Total shareholder’s equity as of September 30, 2022, primarily related to a negative impact in AOCI resulting from the reversal of DAC/VOBA adjustment balances, which have declined significantly since January 2021 due to increases in interest rates and spreads. While rising interest rates since January 1, 2021 will result in a less unfavorable impact on AOCI due to remeasurement of the liability for Future policy benefits, this will be materially offset by the impact from remeasurement of Reinsurance recoverable. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
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. Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. 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 notional amounts and fair values of derivatives were as follows as of the dates indicated: September 30, 2022 December 31, 2021 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 18 $ — $ — $ 18 $ — $ — Foreign exchange contracts 579 104 — 567 14 15 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 12,823 270 324 10,514 135 129 Foreign exchange contracts 45 5 — 34 — — Credit contracts 143 — 3 110 — — Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 2 — N/A 7 — Within products (2) N/A — 8 N/A — 28 Managed custody guarantees (2) N/A — 9 N/A — 1 Total $ 381 $ 344 $ 156 $ 173 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. (2) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. N/A - Not Applicable Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of September 30, 2022 and December 31, 2021. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815. Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates indicated: September 30, 2022 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 143 $ — $ 3 Foreign exchange contracts 624 109 — Interest rate contracts 8,360 267 324 376 327 Counterparty netting (1) (268) (268) Cash collateral netting (1) (97) (56) Securities collateral netting (1) (11) (1) Net receivables/payables $ — $ 2 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2021 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 110 $ — $ — Foreign exchange contracts 601 14 15 Interest rate contracts 9,576 135 129 149 144 Counterparty netting (1) (140) (140) Cash collateral netting (1) (7) (2) Securities collateral netting (1) (2) (1) Net receivables/payables $ — $ 1 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. Collateral Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the 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 September 30, 2022, the Company held $104 and pledged $79 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2021, the Company held $8 and delivered $2 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of September 30, 2022, the Company delivered $97 of securities and held $11 of securities as collateral. As of December 31, 2021, the Company delivered $60 of securities and held $2 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: Three Months Ended September 30, 2022 2021 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income/(loss) Net investment income and Other net gains/(losses) Net investment income/(loss) Net investment income and Other net gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (1) $ 54 $ — $ 20 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 2 — 2 Nine Months Ended September 30, 2022 2021 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income/(loss) Net investment income and Other net gains/(losses) Net investment income/(loss) Net investment income and Other net gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (2) $ 105 $ (1) $ 30 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 7 — 1 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: Three Months Ended September 30, 2022 2021 Net investment income/(loss) Other net gains/(losses) Net investment income/(loss) Other net gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 366 $ (62) $ 514 $ (88) Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 2 — 2 — Nine Months Ended September 30, 2022 2021 Net investment income/(loss) Other net gains/(losses) Net investment income/(loss) Other net gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 1,235 $ (373) $ 1,485 $ 317 Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 7 — 6 (5) 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 or (Loss) Recognized in Income on Derivative Three Months Ended September 30, 2022 2021 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net gains (losses) $ 121 $ 3 Foreign exchange contracts Other net gains (losses) 3 2 Credit contracts Other net gains (losses) 1 — Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net gains (losses) (2) (1) Within products Other net gains (losses) 2 2 Managed custody guarantees Other net gains (losses) (6) (1) Total $ 119 $ 5 Location of Gain or (Loss) Recognized in Income on Derivative Nine Months Ended September 30, 2022 2021 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net gains (losses) $ 178 $ (41) Foreign exchange contracts Other net gains (losses) 7 1 Credit contracts Other net gains (losses) (3) 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net gains (losses) (5) (3) Within products Other net gains (losses) 21 35 Managed custody guarantees Other net gains (losses) (8) 3 Total $ 190 $ (4) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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 September 30, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 398 $ 151 $ — $ 549 U.S. Government agencies and authorities — 17 — 17 State, municipalities and political subdivisions — 616 — 616 U.S. corporate public securities — 6,221 7 6,228 U.S. corporate private securities — 2,168 1,298 3,466 Foreign corporate public securities and foreign governments (1) — 2,002 — 2,002 Foreign corporate private securities (1) — 2,120 306 2,426 Residential mortgage-backed securities — 2,878 21 2,899 Commercial mortgage-backed securities — 2,689 — 2,689 Other asset-backed securities — 1,233 53 1,286 Total fixed maturities, including securities pledged 398 20,095 1,685 22,178 Equity securities 15 8 116 139 Derivatives: Interest rate contracts 3 267 — 270 Foreign exchange contracts — 109 — 109 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,141 — — 1,141 Assets held in separate accounts 67,736 5,472 339 73,547 Total assets $ 69,293 $ 25,951 $ 2,140 $ 97,384 Percentage of Level to Total 71 % 27 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 8 $ 8 Stabilizer and MCGs — — 9 9 Other derivatives: Interest rate contracts — 324 — 324 Credit contracts — 3 — 3 Total liabilities $ — $ 327 $ 17 $ 344 (1) Primarily U.S. dollar denominated. 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, 2021: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 510 $ 181 $ — $ 691 U.S. Government agencies and authorities — 20 — 20 State, municipalities and political subdivisions — 803 — 803 U.S. corporate public securities — 8,264 5 8,269 U.S. corporate private securities — 2,560 1,379 3,939 Foreign corporate public securities and foreign governments (1) — 2,591 — 2,591 Foreign corporate private securities (1) — 2,431 272 2,703 Residential mortgage-backed securities — 3,130 34 3,164 Commercial mortgage-backed securities — 2,881 — 2,881 Other asset-backed securities — 1,318 33 1,351 Total fixed maturities, including securities pledged 510 24,179 1,723 26,412 Equity securities 27 — 114 141 Derivatives: Interest rate contracts — 135 — 135 Foreign exchange contracts — 14 — 14 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,244 — — 1,244 Assets held in separate accounts 91,474 5,174 316 96,964 Total assets $ 93,255 $ 29,502 $ 2,153 $ 124,910 Percentage of Level to total 74 % 24 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 9 $ 9 Stabilizer and MCGs — — 20 20 Other derivatives: Interest rate contracts — 129 — 129 Foreign exchange contracts — 15 — 15 Total liabilities $ — $ 144 $ 29 $ 173 (1) Primarily U.S. dollar denominated. 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. 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, London Interbank Offered Rates ("LIBOR"), 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. Guaranteed benefit derivatives : The index-crediting feature in the Company's FIA contract is an embedded derivative that is required to be accounted for separately from the host contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of risk neutral scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities. The discount rate used to determine the fair value of the embedded derivatives and stand-alone derivative includes an adjustment for 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 Company, 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 derivatives is based on market observable inputs and is classified as Level 2. Level 3 Financial Instruments The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated: Three Months Ended September 30, 2022 Fair Value as of July 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of September 30 Change In Unrealized Gains (Losses) Included in Earnings (3) Change in Unrealized Gains (Losses) Included in OCI (3) Net Income OCI Fixed maturities, including securities pledged: U.S. Corporate public securities $ 8 $ — $ (1) $ 1 $ — $ — $ (1) $ — $ — $ 7 $ — $ (1) U.S. Corporate private securities 1,323 — (71) 63 — — (28) 11 — 1,298 — (72) Foreign corporate public securities and foreign governments (1) 4 — — — — — — — (4) — — — Foreign corporate private securities (1) 303 (2) (8) 20 — — (3) — (4) 306 (3) (9) Residential mortgage-backed securities 22 (2) — 2 — — — — (1) 21 (2) — Other asset-backed securities 47 — (2) 13 — — (1) — (4) 53 — (2) Total fixed maturities, including securities pledged 1,707 (4) (82) 99 — — (33) 11 (13) 1,685 (5) (84) Equity securities, at fair value 121 (5) — — — — — — — 116 (5) — Derivatives: Guaranteed benefit derivatives: Stabilizer and MCGs (2) (4) (5) — — — — — — — (9) — — FIA (2) (9) 1 — — — — — — — (8) — — Assets held in separate accounts (4) 349 (9) — 32 — (16) — — (17) 339 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total 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 (loss) 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. Nine Months Ended September 30, 2022 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of September 30 Change in Unrealized Gains (Losses) Included in Earnings (3) Change in Unrealized Gains (Losses) Included in OCI (3) Net Income OCI Fixed maturities, including securities pledged: U.S. Corporate public securities $ 5 $ — $ (1) $ 4 $ — $ — $ (1) $ — $ — $ 7 $ — $ (1) U.S. Corporate private securities 1,379 — (283) 199 — — (111) 124 (10) 1,298 — (282) Foreign corporate private securities (1) 272 (21) (32) 101 — — (21) 110 (103) 306 (5) (33) Residential mortgage-backed securities 34 (14) — 2 — — — — (1) 21 (14) — Other asset-backed securities 33 — (6) 39 — (10) (3) — — 53 — (5) Total fixed maturities, including securities pledged 1,723 (35) (322) 345 — (10) (136) 234 (114) 1,685 (19) (321) Equity securities, at fair value 114 (22) — 24 — — — — — 116 (22) — Derivatives: Guaranteed benefit derivatives: Stabilizer and MCGs (2) (20) 12 — — (1) — — — — (9) — — FIA (2) (9) 1 — — — — — — — (8) — — Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreements — — — 7 — — (7) — — — — — Assets held in separate accounts (4) 316 (35) — 164 — (20) — 6 (92) 339 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total 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 (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated: Three Months Ended September 30, 2021 Fair Value as of July 1 Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of September 30 Change In Unrealized Gains (Losses) Included in Earnings (3) Change in Unrealized Gains (Losses) Included in OCI (3) Net Income OCI Fixed maturities, including securities pledged: U.S. Corporate public securities $ 18 $ — $ — $ 6 $ — $ — $ (1) $ — $ — $ 23 $ — $ 1 U.S. Corporate private securities 1,413 8 (6) 116 — (15) (113) — (30) 1,373 — (5) Foreign corporate public securities and foreign governments (1) 7 — — 15 — — — — (7) 15 — — Foreign corporate private securities (1) 264 (13) 19 27 — — (4) — — 293 — 19 Residential mortgage-backed securities 31 (4) — 15 — — — — (2) 40 (4) — Commercial mortgage-backed securities — — — 9 — — — — — 9 — — Other asset-backed securities 52 — — 7 — — (17) — (7) 35 — — Total fixed maturities, including securities pledged 1,785 (9) 13 195 — (15) (135) — (46) 1,788 (4) 15 Fixed maturities, trading, at fair value 33 — — — — (29) — — — 4 — — Equity securities, at fair value 145 — — — — — — — — 145 — — Derivatives: Guaranteed benefit derivatives: Stabilizer and MCGs (2) (15) 1 — — (1) — — — — (15) — — FIA (2) (10) — — — (1) — 1 — — (10) — — Assets held in separate accounts (4) 293 1 — 53 — (5) — — (30) 312 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) 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. Nine Months Ended September 30, 2021 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of September 30 Change in Unrealized Gains (Losses) Included in Earnings (3) Change in Unrealized Gains (Losses) Included in OCI (3) Net Income OCI Fixed maturities, including securities pledged: U.S. Corporate public securities $ 57 $ — $ 1 $ 5 $ — $ (9) $ (1) $ — $ (30) $ 23 $ — $ 1 U.S. Corporate private securities 1,286 13 (38) 148 — (99) (126) 283 (94) 1,373 — (26) Foreign corporate public securities and foreign governments (1) — — — 15 — — — — — 15 — — Foreign corporate private securities (1) 295 (10) 20 27 — (22) (17) — — 293 2 17 Residential mortgage-backed securities 33 (8) — 21 — (7) — 1 — 40 (8) — Commercial mortgage-backed securities — — — 9 — — — — — 9 — — Other asset-backed securities 37 — (2) 14 — — (32) 18 — 35 — (1) Total fixed maturities, including securities pledged 1,708 (5) (19) 239 — (137) (176) 302 (124) 1,788 (6) (9) Fixed maturities, trading, at fair value — — — 33 — (29) — — — 4 — — Equity securities, at fair value 99 8 — 75 — (30) (7) — — 145 (1) — Derivatives: Guaranteed benefit derivatives: Stabilizer and MCGs (2) (53) 38 — — (1) — 1 — — (15) — — FIA (2) (10) — — — (1) — 1 — — (10) — — Assets held in separate accounts (4) 222 4 — 157 — (6) — — (65) 312 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) 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 and nine months ended September 30, 2022 and 2021, the transfers in and out of Level 3 for fixed maturities and separate accounts 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. 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. 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: September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 22,178 $ 22,178 $ 26,412 $ 26,412 Equity securities 139 139 141 141 Mortgage loans on real estate 4,194 3,921 4,233 4,495 Policy loans 162 162 171 171 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,141 1,141 1,244 1,244 Derivatives 379 379 149 149 Short-term loan to affiliate 104 104 130 130 Other investments 134 134 143 143 Assets held in separate accounts 73,547 73,547 96,964 96,964 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) 29,454 30,133 28,128 35,256 Funding agreements with fixed maturities 731 729 925 925 Supplementary contracts, immediate annuities and other 255 194 257 267 Derivatives: Guaranteed benefit derivatives: FIA 8 8 9 9 Stabilizer and MCGs 9 9 20 20 Other derivatives 327 327 144 144 Short-term debt (2) 100 100 19 19 Long-term debt (2) 2 2 2 2 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above. (2) Included in Other Liabilities on the Condensed Consolidated Balance Sheets. 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, immediate annuities and other Level 3 Short-term debt and Long-term debt Level 2 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Value of Business Acquired | 9 Months Ended |
Sep. 30, 2022 | |
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 tables present a rollforward of DAC and VOBA for the periods indicated: 2022 DAC VOBA Total Balance as of January 1, 2022 $ 270 $ 139 $ 409 Deferrals of commissions and expenses 41 3 44 Amortization: Amortization, excluding unlocking (2) (52) (31) (83) Unlocking (1) (2) 2 — Interest accrued 26 18 (3) 44 Net amortization included in the Condensed Consolidated Statements of Operations (28) (11) (39) Change due to unrealized capital gains/losses on available-for-sale securities 669 508 1,177 Balance as of September 30, 2022 $ 952 $ 639 $ 1,591 2021 DAC VOBA Total Balance as of January 1, 2021 $ 122 $ 40 $ 162 Deferrals of commissions and expenses 41 3 44 Amortization: Amortization, excluding unlocking (2) (79) (79) (158) Unlocking (1) 9 21 30 Interest accrued 26 19 (3) 45 Net amortization included in the Condensed Consolidated Statements of Operations (44) (39) (83) Change due to unrealized capital gains/losses on available-for-sale securities 120 115 235 Balance as of September 30, 2021 $ 239 $ 119 $ 358 (1) Includes the impacts of annual review of assumptions which typically occurs in the third quarter; and retrospective and prospective unlocking. (2) There was no loss recognition during 2022. During the nine months ended September 30, 2021 the Company recognized $2 of loss recognition related to DAC. (3) Interest accrued at the following rates for VOBA: 7.0% during 2022 and 5.5% to 7.0% during 2021. |
Other Income and Expenses
Other Income and Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholder’s equity included the following components of AOCI as of the dates indicated: September 30, 2022 2021 Fixed maturities, net of impairments $ (2,830) $ 2,343 Derivatives (1) 163 80 DAC/VOBA adjustment on available-for-sale securities (2) 610 (616) Unrealized capital gains (losses), before tax (2,057) 1,807 Deferred income tax asset (liability) 560 (251) Net unrealized capital gains (losses) (1,497) 1,556 Pension and other postretirement benefits liability, net of tax 2 2 AOCI $ (1,495) $ 1,558 (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 September 30, 2022, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $19. (2) Upon adoption of ASU 2018-12 on January 1, 2023, the DAC/VOBA adjustments on available-for-sale securities will be reversed as of the January 1, 2021 transition date and in subsequent periods. 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 September 30, 2022 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (1,260) $ 265 $ (995) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (5) 1 (4) DAC/VOBA and Sales inducements 288 (60) 228 Change in unrealized gains (losses) on available-for-sale securities (977) 206 (771) Derivatives: Derivatives 51 (1) (11) 40 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (6) 1 (5) Change in unrealized gains (losses) on derivatives 45 (10) 35 Change in Accumulated other comprehensive income (loss) $ (932) $ 196 $ (736) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Nine Months Ended September 30, 2022 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (5,028) $ 1,056 $ (3,972) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 72 (15) 57 DAC/VOBA and Sales inducements 1,177 (1) (247) 930 Change in unrealized gains (losses) on available-for-sale securities (3,779) 794 (2,985) Derivatives: Derivatives 100 (2) (21) 79 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (15) 3 (12) Change in unrealized gains (losses) on derivatives 85 (18) 67 Change in Accumulated other comprehensive income (loss) $ (3,694) $ 776 $ (2,918) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended September 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (134) $ 28 $ (106) Other (1) — (1) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (16) 3 (13) DAC/VOBA and Sales inducements 40 (8) 32 Change in unrealized gains (losses) on available-for-sale securities (111) 23 (88) Derivatives: Derivatives 19 (1) (4) 15 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 14 (3) 11 Change in Accumulated other comprehensive income (loss) $ (97) $ 20 $ (77) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Nine Months Ended September 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (553) $ 117 $ (436) Other (2) — (2) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (533) 112 (421) DAC/VOBA and Sales inducements 238 (1) (50) 188 Premium deficiency reserve adjustment 434 (91) 343 Change in unrealized gains (losses) on available-for-sale securities (416) 88 (328) Derivatives: Derivatives 23 (2) (5) 18 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (16) 3 (13) Change in unrealized gains (losses) on derivatives 7 (2) 5 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in Accumulated other comprehensive income (loss) $ (410) $ 86 $ (324) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company's effective tax rates for the three and nine months ended September 30, 2022 were 11.5% and (0.6)%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction ("DRD") and tax credits. The Company's effective tax rates for the three and nine months ended September 30, 2021 were 15.4% and 17.2%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits. In August 2022, the Inflation Reduction Act ("IRA of 2022") was signed into law creating the corporate alternative minimum tax ("CAMT"). The IRA of 2022 has tasked the U.S. Department of Treasury with issuing regulations at a future date. As these regulations have not yet been issued, the Company is uncertain as to whether it will qualify for the CAMT and will continue to evaluate the applicability as more guidance is provided. 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 September 30, 2022, the Company had year-to-date losses on securities of $3,694 in Other comprehensive income primarily driven by increases in interest rates. The Company determined that the increase in unrealized losses on fixed income investments will be offset in future years by the ordinary income produced from these investments as they reach maturity. Additionally, operating income remained positive for the period and was largely consistent with the 2021 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgement regarding the realization of DTAs and did not establish a valuation allowance. 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 Sharing Agreement The results of the Company's operations are included in the consolidated tax return of Voya Financial. Generally, the Company's consolidated financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC Topic 740) as if the Company were a separate taxpayer rather than a member of Voya Financial's consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. If the Company instead were to follow a separate taxpayer approach without any exceptions, there would be no impact to income tax expense (benefit) for the periods indicated above. Also, any current tax benefit related to the Company's tax attributes realized by virtue of its inclusion in the consolidated tax return of Voya Financial would have been recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial will pay the Company for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated. Tax Regulatory Matters For the tax years 2020 through 2022, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2020 tax year, the Company was 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. |
Financing Agreements
Financing Agreements | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements Reciprocal Loan Agreement The Company maintains a reciprocal loan agreement with Voya Financial, an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which expires on April 1, 2026, either party can borrow from the other up to 3.0% of the Company’s statutory admitted assets as of the preceding December 31. Interest on any borrowing by either the Company or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities. Under this agreement, the Company incurre d $1 and $1 interest expense for the three and nine months ended September 30, 2022. The Company earned $1 and $4 of interest income for the three months and nine months ended September 30, 2022, respectively. The Company incurred immaterial interest expense for the three and nine months ended September 30, 2021. The Company earned $1 interest income for the three and nine months ended September 30, 2021. As of September 30, 2022, VRIAC had $104 outstanding receivables and VIPS had an outstanding payable of $99. As of December 31, 2021, VRIAC had an outstanding receivable of $130 and VIPS had a $19 outstanding payable from/to Voya Financial under the reciprocal loan agreement. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 September 30, 2022, the Company had off-balance sheet commitments to acquire mortgage loans of $129 and purchase limited partnerships and private placement investments of $707. 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, letter of credit ("LOC") and derivative transactions as described further in this note. The components of the fair value of the restricted assets were as follows as of the dates indicated: September 30, 2022 December 31, 2021 Fixed maturity collateral pledged to FHLB (1) $ 888 $ 1,124 FHLB restricted stock (2) 35 47 Other fixed maturities-state deposits 11 14 Cash and cash equivalents 3 3 Securities pledged (3) 750 799 Total restricted assets $ 1,687 $ 1,987 (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 $653 and $739 as of September 30, 2022 and December 31, 2021, respectively. In addition, as of September 30, 2022 and December 31, 2021, the Company delivered securities as collateral of $97 and $60, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. Federal Home Loan Bank Funding The Company is a member of the Federal Home Loan Bank of Boston ("FHLB") and is required to pledge collateral to back funding agreements issued to the FHLB. As of September 30, 2022 and December 31, 2021, the Company had $731 and $925, respectively, in non-putable funding agreements, which are included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, assets with a market value of approximately $888 and $1,124, 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 Loss Contingencies Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including negligence, breach of contract, fraud, violation of regulation or statute, breach of fiduciary duty, negligent misrepresentation, failure to supervise, elder abuse and other torts. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of September 30, 2022, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, as not material to the Company. 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, which include the Company, 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. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. Finally, industry wide, life insurers continue to be exposed to class action litigation related to the cost of insurance rates and periodic deductions from cash value. Common allegations include that insurance companies have breached the terms of their universal life insurance policies by establishing or increasing the cost of insurance rates using cost factors not permitted by the contract, thereby unjustly enriching themselves. This litigation is generally known as cost of insurance litigation. |
Related Party
Related Party | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions Operating Agreements The Company has operating agreements whereby the Company provides or receives services from affiliated entities. For the three and nine months ended September 30, 2022, revenues with affiliated entities related to these agreements were $20 and $64. For the three and nine months ended September 30, 2021, revenues with affiliated entities related to these agreements were $25 and $73. For the three and nine months ended September 30, 2022, expenses with affiliated entities related to the aforementioned operating agreements, as amended, were $142 and $450. For the three and nine months ended September 30, 2021, expenses with affiliated entities related to the aforementioned operating agreements, as amended, were $154 and $484 |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | 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. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. 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 VRIAC and its wholly owned subsidiaries, VFP, Voya Institutional Plan Services ("VIPS"), and Voya Retirement Advisors ("VRA"). Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2022, and its results of operations, comprehensive income, and changes in shareholder's equity for the three and nine months ended September 30, 2022 and 2021, and its statements of cash flows for the nine months ended September 30, 2022 and 2021, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2021 Consolidated Balance Sheets are 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 . | |
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. Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. 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. | |
Financing Receivable, before Allowance for Credit Loss, Current | $ 4,194 | $ 4,233 |
Adoption of New Pronouncements | Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This standard, issued in June 2022, 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 fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03. ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities have the option to apply the amendments involving the recognition and measurement of TDRs using a modified retrospective transition method; the other amendments are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-02. ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January, 2021 the Financial Accounting Standards Board ("FASB") issued ASU 2021-01 which clarified the scope of relief related to ASU 2020-04. The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company expects that it may elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating its options under this guidance as the reference rate reform adoption process continues. To date, the adoption of the ASU has not had an impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses. Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: • Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts. The effect of updating cash flow assumptions will be measured on a retrospective catch-up basis and presented in the Statement of Operations in the period in which the update is made. The rate used to discount these liabilities will be required to be updated quarterly, with related changes in the liability recorded in Accumulated other comprehensive income ("AOCI"). • Fair value measurement of contract guarantee features qualifying as Market Risk Benefits ("MRB"), with changes in fair value recognized in the Statement of Operations, except for changes in the instrument-specific credit risk, which will be recorded in AOCI. • Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. Elimination of adjustments in AOCI related to DAC and balances amortized on a basis consistent with DAC. DAC will no longer be subjected to loss recognition testing. The amendments are Evaluation of the implications of these requirements and related potential financial statement impacts is continuing, in accordance with an established governance framework and implementation plan, which includes design and testing of internal controls related to new processes. The Company does not plan to early adopt the ASU and expects to apply a modified retrospective transition method for the liability for future policy benefits and DAC. The Company expects the January 1, 2021 transition impact will increase Total shareholder’s equity by $0.5 billion to $0.7 billion, primarily driven by a positive impact to AOCI resulting from the reversal of DAC/VOBA adjustment balances of approximately $1.0 billion after tax, offset by an unfavorable impact to AOCI of between $0.2 billion and $0.4 billion after tax, resulting from the remeasurement of Future policy benefits and Reinsurance recoverable using January 1, 2021 discount rates. The expected transition effect on Total shareholder's equity will also include an unfavorable impact on Retained earnings (deficit) of approximately $0.1 billion after tax associated with the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The majority of the ASU 2018-12 transition impact of between $0.2 billion and $0.4 billion associated with Future policy benefits and Reinsurance recoverable and approximately 20% of the $0.1 billion transition impact associated with the establishment of MRB liabilities are related to business that was reinsured to Resolution Life US in January 2021. The ultimate effects the standard will have on the financial statements are highly dependent on policyholder behavior, actuarial assumptions and macroeconomic conditions, particularly interest rates and spreads, which may materially change ASU 2018-12-related equity impacts in periods subsequent to transition. The Company estimates the impact of ASU 2018-12 will shift to a reduction of Total shareholder’s equity as of September 30, 2022, primarily related to a negative impact in AOCI resulting from the reversal of DAC/VOBA adjustment balances, which have declined significantly since January 2021 due to increases in interest rates and spreads. While rising interest rates since January 1, 2021 will result in a less unfavorable impact on AOCI due to remeasurement of the liability for Future policy benefits, this will be materially offset by the impact from remeasurement of Reinsurance recoverable. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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. Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. 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. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Details of Impairment of Long-Lived Assets Held and Used by Asset | 32 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Classified by Contractual Maturity Date | Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of September 30, 2022: Amortized Gross Gross Embedded Derivatives (2) Fair Allowance for credit losses Fixed maturities: U.S. Treasuries $ 564 $ 13 $ 28 $ — $ 549 $ — U.S. Government agencies and authorities 20 — 3 — 17 — State, municipalities and political subdivisions 705 1 90 — 616 — U.S. corporate public securities 7,396 31 1,198 — 6,228 1 U.S. corporate private securities 3,841 6 381 — 3,466 — Foreign corporate public securities and foreign governments (1) 2,382 5 376 — 2,002 9 Foreign corporate private securities (1) 2,686 2 250 — 2,426 12 Residential mortgage-backed securities 3,028 24 153 2 2,899 2 Commercial mortgage-backed securities 2,997 3 310 — 2,689 1 Other asset-backed securities 1,413 1 127 — 1,286 1 Total fixed maturities, including securities pledged 25,032 86 2,916 2 22,178 26 Less: Securities pledged 864 5 119 — 750 — Total fixed maturities $ 24,168 $ 81 $ 2,797 $ 2 $ 21,428 $ 26 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2021: Amortized Gross Gross Embedded Derivatives (2) Fair Allowance for credit losses Fixed maturities: U.S. Treasuries $ 554 $ 137 $ — $ — $ 691 $ — U.S. Government agencies and authorities 20 — — — 20 — State, municipalities and political subdivisions 716 88 1 — 803 — U.S. corporate public securities 7,314 994 39 — 8,269 — U.S. corporate private securities 3,620 334 15 — 3,939 — Foreign corporate public securities and foreign governments (1) 2,352 253 14 — 2,591 — Foreign corporate private securities (1) 2,563 188 1 — 2,703 47 Residential mortgage-backed securities 3,081 97 20 7 3,164 1 Commercial mortgage-backed securities 2,766 130 15 — 2,881 — Other asset-backed securities 1,341 16 6 — 1,351 — Total fixed maturities, including securities pledged 24,327 2,237 111 7 26,412 48 Less: Securities pledged 725 74 — — 799 — Total fixed maturities $ 23,602 $ 2,163 $ 111 $ 7 $ 25,613 $ 48 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net gains (losses) in the Condensed Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2022, 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 Fair Due to mature: One year or less $ 504 $ 485 After one year through five years 3,183 2,973 After five years through ten years 3,707 3,340 After ten years 10,200 8,506 Mortgage-backed securities 6,025 5,588 Other asset-backed securities 1,413 1,286 Fixed maturities, including securities pledged $ 25,032 $ 22,178 |
U.S. and Foreign Corporate Securities by Industry | The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Gross Unrealized Capital Gains Gross Unrealized Capital Losses Fair Value September 30, 2022 Communications $ 940 $ 8 $ 134 $ 814 Financial 3,259 12 461 2,810 Industrial and other companies 6,761 9 953 5,817 Energy 1,376 8 147 1,237 Utilities 2,728 5 344 2,389 Transportation 884 1 114 771 Total $ 15,948 $ 43 $ 2,153 $ 13,838 December 31, 2021 Communications $ 883 $ 154 $ 2 $ 1,035 Financial 2,713 275 13 2,975 Industrial and other companies 7,004 713 26 7,691 Energy 1,385 216 14 1,587 Utilities 2,658 310 10 2,958 Transportation 854 71 1 924 Total $ 15,497 $ 1,739 $ 66 $ 17,170 |
Schedule of Securities Borrowed Under Securities Lending Transactions | The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated: September 30, 2022 December 31, 2021 U.S. Treasuries $ 19 $ 42 U.S. corporate public securities 495 479 Foreign corporate public securities and foreign governments 171 243 Equity securities 1 — Payables under securities loan agreements $ 686 $ 764 |
Financing Receivable, Allowance for Credit Loss | The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented: Nine Months Ended September 30, 2022 U.S. corporate public securities Residential mortgage-backed 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, 2022 $ — $ 1 $ — $ — $ 47 $ — $ 48 Credit losses on securities for which credit losses were not previously recorded 1 1 1 9 — 1 13 Initial allowance for credit losses recognized on financial assets accounted for as PCD — — — — — — — Reductions for securities sold during the period — — — — (37) — (37) Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost — — — — — — — Increase (decrease) on securities with allowance recorded in previous period — — — — 2 — 2 Write-offs — — — — — — — Recoveries of amounts previously written-off — — — — — — — Balance at September 30, 2022 $ 1 $ 2 $ 1 $ 9 $ 12 $ 1 $ 26 Year Ended December 31, 2021 Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total Balance as of January 1, 2021 $ 1 $ — $ 11 $ 2 $ 14 Credit losses on securities for which credit losses were not previously recorded 1 — 35 — 36 Initial allowance for credit losses recognized on financial assets accounted for as PCD — — — — — Reductions for securities sold during the period — — — — — Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost — — — — — Increase (decrease) on securities with allowance recorded in previous period (1) — 1 (2) (2) Write-offs — — — — — Recoveries of amounts previously written-off — — — — — Balance as of December 31, 2021 $ 1 $ — $ 47 $ — $ 48 |
Schedule of Unrealized Loss on Investments | The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of September 30, 2022: Twelve More Than Twelve Total Fair Unrealized Number of securities Fair Unrealized Number of securities Fair Unrealized Number of securities U.S. Treasuries $ 253 $ 28 21 $ 6 $ — * 2 $ 259 $ 28 23 U.S. Government, agencies and authorities 17 3 2 — — — 17 3 2 State, municipalities and political subdivisions 582 89 295 2 1 4 584 90 299 U.S. corporate public securities 4,922 862 1,068 712 336 283 5,634 1,198 1,351 U.S. corporate private securities 2,918 343 331 205 38 18 3,123 381 349 Foreign corporate public securities and foreign governments 1,684 288 406 192 88 71 1,876 376 477 Foreign corporate private securities 2,289 248 218 12 2 3 2,301 250 221 Residential mortgage-backed 1,267 100 435 316 53 177 1,583 153 612 Commercial mortgage-backed 2,255 260 471 358 50 84 2,613 310 555 Other asset-backed 1,122 109 349 141 18 82 1,263 127 431 Total $ 17,309 $ 2,330 3,596 $ 1,944 $ 586 724 $ 19,253 $ 2,916 4,320 *Less than $1 The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are not credit related. The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2021: Twelve Months or Less Below Amortized Cost More Than Twelve Total Fair Unrealized Number Fair Unrealized Number Fair Unrealized Number U.S. Treasuries $ 7 $ — * 4 $ 7 $ — * 2 $ 14 $ — * 6 State, municipalities and political subdivisions 33 1 21 — — — 33 1 21 U.S. corporate public securities 1,237 32 290 110 7 138 1,347 39 428 U.S. corporate private securities 325 2 35 94 13 8 419 15 43 Foreign corporate public securities and foreign governments 425 13 90 21 1 17 446 14 107 Foreign corporate private securities 54 1 7 10 — * 1 64 1 8 Residential mortgage-backed 400 11 181 241 9 96 641 20 277 Commercial mortgage-backed 780 8 178 155 7 27 935 15 205 Other asset-backed 577 4 183 70 2 48 647 6 231 Total $ 3,838 $ 72 989 $ 708 $ 39 337 $ 4,546 $ 111 1,326 *Less than $1 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table identifies the Company's intent impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Three Months Ended September 30, 2022 2021 Impairment No. of Securities Impairment No. of Securities Foreign corporate public securities and foreign governments (1) $ — * 1 $ — — Residential mortgage-backed 8 66 — * 2 Commercial mortgage-backed — * 2 — — Total $ 8 69 $ — * 2 (1) Primarily U.S. dollar denominated. *Less than $1 Nine Months Ended September 30, 2022 2021 Impairment No. of Securities Impairment No. of Securities Foreign corporate public securities and foreign governments (1) $ — * 1 $ — — Residential mortgage-backed 15 76 — * 9 Commercial mortgage-backed — * 2 — * 1 Total $ 15 79 $ — * 10 (1) Primarily U.S. dollar denominated. *Less than $1 |
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: As of September 30, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 139 $ 238 $ 63 $ — $ — $ 440 2021 192 238 222 10 — 662 2020 94 185 25 10 — 314 2019 147 109 20 — — 276 2018 122 37 2 — — 161 2017 518 190 4 — — 712 2016 and prior 1,395 218 16 — — 1,629 Total $ 2,607 $ 1,215 $ 352 $ 20 $ — $ 4,194 As of December 31, 2021 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 215 $ 273 $ 182 $ — $ — $ 670 2020 114 202 69 — — 385 2019 150 145 61 — — 356 2018 127 43 3 — — 173 2017 543 202 3 — — 748 2016 and prior 1,451 434 16 — — 1,901 Total $ 2,600 $ 1,299 $ 334 $ — $ — $ 4,233 |
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: As of September 30, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 283 $ 52 $ 105 $ — $ 440 2021 286 211 85 80 662 2020 223 18 30 43 314 2019 178 36 43 19 276 2018 95 19 47 — 161 2017 418 78 66 150 712 2016 and prior 1,197 247 109 76 1,629 Total $ 2,680 $ 661 $ 485 $ 368 $ 4,194 * No commercial mortgage loans were secured by land or construction loans As of December 31, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2021 $ 556 $ 23 $ 34 $ 57 $ 670 2020 342 15 23 5 385 2019 206 43 84 23 356 2018 96 3 49 25 173 2017 355 139 93 161 748 2016 and prior 1,505 154 166 76 1,901 Total $ 3,060 $ 377 $ 449 $ 347 $ 4,233 * 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: As of September 30, 2022 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 2022 $ 51 $ 105 $ 30 $ 78 $ 95 $ 61 $ 1 $ 1 $ 18 $ 440 2021 79 53 114 137 96 116 9 36 22 662 2020 64 144 14 14 19 30 — 6 23 314 2019 47 89 6 54 34 4 14 11 17 276 2018 28 55 50 7 7 9 — 5 — 161 2017 85 81 283 126 43 54 5 35 — 712 2016 and prior 411 390 348 73 131 141 30 81 24 1,629 Total $ 765 $ 917 $ 845 $ 489 $ 425 $ 415 $ 59 $ 175 $ 104 $ 4,194 As of December 31, 2021 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 2021 $ 79 $ 58 $ 120 $ 132 $ 96 $ 118 $ 9 $ 36 $ 22 $ 670 2020 70 159 25 33 34 30 1 12 21 385 2019 48 106 10 103 34 12 15 11 17 356 2018 32 60 53 8 6 9 — 5 — 173 2017 87 82 311 129 44 55 4 36 — 748 2016 and prior 438 437 414 92 179 165 52 99 25 1,901 Total $ 754 $ 902 $ 933 $ 497 $ 393 $ 389 $ 81 $ 199 $ 85 $ 4,233 |
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: As of September 30, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 22 $ 200 $ 195 $ 13 $ 10 $ — $ — $ 440 2021 23 146 378 99 — 8 8 662 2020 50 49 91 124 — — — 314 2019 29 58 139 39 11 — — 276 2018 35 69 30 11 — 16 — 161 2017 89 338 169 113 3 — — 712 2016 and prior 552 308 303 263 45 118 40 1,629 Total $ 800 $ 1,168 $ 1,305 $ 662 $ 69 $ 142 $ 48 $ 4,194 As of December 31, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 24 $ 159 $ 368 $ 104 $ — $ 7 $ 8 $ 670 2020 51 72 124 138 — — — 385 2019 30 66 173 67 20 — — 356 2018 35 72 31 15 3 17 — 173 2017 90 355 184 116 3 — — 748 2016 and prior 631 408 335 280 63 144 40 1,901 Total $ 861 $ 1,132 $ 1,215 $ 720 $ 89 $ 168 $ 48 $ 4,233 |
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: September 30, 2022 December 31, 2021 Allowance for credit losses, beginning of the period $ 11 $ 67 Credit losses on mortgage loans for which credit losses were not previously recorded 1 1 Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution — (7) Increase (decrease) on mortgage loans with allowance recorded in previous period (1) (50) Provision for expected credit losses 11 11 Write-offs — — Recoveries of amounts previously written off — — Allowance for credit losses, end of period $ 11 $ 11 |
Financing Receivable, Past Due | The following table presents past due commercial mortgage loans as of the dates indicated: September 30, 2022 December 31, 2021 Delinquency: Current $ 4,194 $ 4,233 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — — Total $ 4,194 $ 4,233 |
Net Investment Income | Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed maturities $ 351 $ 364 $ 1,060 $ 1,101 Equity securities 2 2 7 9 Mortgage loans on real estate 45 44 134 134 Policy loans 2 2 6 6 Short-term investments and cash equivalents 1 1 2 3 Limited partnerships and other (16) 118 80 284 Gross investment income 385 531 1,289 1,537 Less: Investment expenses 19 17 54 52 Net investment income $ 366 $ 514 $ 1,235 $ 1,485 |
Realized Gain (Loss) on Investments | Net gains (losses) were as follows for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Fixed maturities, available-for-sale, including securities pledged $ 13 $ 2 $ (49) $ 522 Fixed maturities, at fair value option (196) (108) (504) (395) Equity securities, at fair value (4) — (25) 7 Derivatives 125 4 182 (44) Embedded derivatives - fixed maturities (2) (1) (5) (3) Guaranteed benefit derivatives (5) 2 11 39 Mortgage loans (1) 12 3 96 Other investments — 1 (1) 95 Net gains (losses) $ (70) $ (88) $ (388) $ 317 On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net gains (losses) in the Condensed Consolidated Statements of Operations. |
Gain (Loss) on Securities | Proceeds from the sale of fixed maturities, available-for-sale and trading, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Proceeds on sales $ 723 $ 279 $ 2,167 $ 4,141 Gross gains 16 16 34 517 Gross losses 12 1 45 3 |
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: Three Months Ended September 30, 2022 2021 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income/(loss) Net investment income and Other net gains/(losses) Net investment income/(loss) Net investment income and Other net gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (1) $ 54 $ — $ 20 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 2 — 2 Nine Months Ended September 30, 2022 2021 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income/(loss) Net investment income and Other net gains/(losses) Net investment income/(loss) Net investment income and Other net gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (2) $ 105 $ (1) $ 30 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 7 — 1 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: Three Months Ended September 30, 2022 2021 Net investment income/(loss) Other net gains/(losses) Net investment income/(loss) Other net gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 366 $ (62) $ 514 $ (88) Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 2 — 2 — Nine Months Ended September 30, 2022 2021 Net investment income/(loss) Other net gains/(losses) Net investment income/(loss) Other net gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 1,235 $ (373) $ 1,485 $ 317 Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 7 — 6 (5) 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 or (Loss) Recognized in Income on Derivative Three Months Ended September 30, 2022 2021 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net gains (losses) $ 121 $ 3 Foreign exchange contracts Other net gains (losses) 3 2 Credit contracts Other net gains (losses) 1 — Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net gains (losses) (2) (1) Within products Other net gains (losses) 2 2 Managed custody guarantees Other net gains (losses) (6) (1) Total $ 119 $ 5 Location of Gain or (Loss) Recognized in Income on Derivative Nine Months Ended September 30, 2022 2021 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net gains (losses) $ 178 $ (41) Foreign exchange contracts Other net gains (losses) 7 1 Credit contracts Other net gains (losses) (3) 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net gains (losses) (5) (3) Within products Other net gains (losses) 21 35 Managed custody guarantees Other net gains (losses) (8) 3 Total $ 190 $ (4) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: September 30, 2022 December 31, 2021 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 18 $ — $ — $ 18 $ — $ — Foreign exchange contracts 579 104 — 567 14 15 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 12,823 270 324 10,514 135 129 Foreign exchange contracts 45 5 — 34 — — Credit contracts 143 — 3 110 — — Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 2 — N/A 7 — Within products (2) N/A — 8 N/A — 28 Managed custody guarantees (2) N/A — 9 N/A — 1 Total $ 381 $ 344 $ 156 $ 173 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. (2) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. N/A - Not Applicable |
Offsetting Assets and Liabilities | Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates indicated: September 30, 2022 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 143 $ — $ 3 Foreign exchange contracts 624 109 — Interest rate contracts 8,360 267 324 376 327 Counterparty netting (1) (268) (268) Cash collateral netting (1) (97) (56) Securities collateral netting (1) (11) (1) Net receivables/payables $ — $ 2 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2021 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 110 $ — $ — Foreign exchange contracts 601 14 15 Interest rate contracts 9,576 135 129 149 144 Counterparty netting (1) (140) (140) Cash collateral netting (1) (7) (2) Securities collateral netting (1) (2) (1) Net receivables/payables $ — $ 1 |
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: Three Months Ended September 30, 2022 2021 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income/(loss) Net investment income and Other net gains/(losses) Net investment income/(loss) Net investment income and Other net gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (1) $ 54 $ — $ 20 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 2 — 2 Nine Months Ended September 30, 2022 2021 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income/(loss) Net investment income and Other net gains/(losses) Net investment income/(loss) Net investment income and Other net gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (2) $ 105 $ (1) $ 30 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 7 — 1 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: Three Months Ended September 30, 2022 2021 Net investment income/(loss) Other net gains/(losses) Net investment income/(loss) Other net gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 366 $ (62) $ 514 $ (88) Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 2 — 2 — Nine Months Ended September 30, 2022 2021 Net investment income/(loss) Other net gains/(losses) Net investment income/(loss) Other net gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded $ 1,235 $ (373) $ 1,485 $ 317 Derivatives: Qualifying for hedge accounting Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 7 — 6 (5) 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 or (Loss) Recognized in Income on Derivative Three Months Ended September 30, 2022 2021 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net gains (losses) $ 121 $ 3 Foreign exchange contracts Other net gains (losses) 3 2 Credit contracts Other net gains (losses) 1 — Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net gains (losses) (2) (1) Within products Other net gains (losses) 2 2 Managed custody guarantees Other net gains (losses) (6) (1) Total $ 119 $ 5 Location of Gain or (Loss) Recognized in Income on Derivative Nine Months Ended September 30, 2022 2021 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net gains (losses) $ 178 $ (41) Foreign exchange contracts Other net gains (losses) 7 1 Credit contracts Other net gains (losses) (3) 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net gains (losses) (5) (3) Within products Other net gains (losses) 21 35 Managed custody guarantees Other net gains (losses) (8) 3 Total $ 190 $ (4) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 398 $ 151 $ — $ 549 U.S. Government agencies and authorities — 17 — 17 State, municipalities and political subdivisions — 616 — 616 U.S. corporate public securities — 6,221 7 6,228 U.S. corporate private securities — 2,168 1,298 3,466 Foreign corporate public securities and foreign governments (1) — 2,002 — 2,002 Foreign corporate private securities (1) — 2,120 306 2,426 Residential mortgage-backed securities — 2,878 21 2,899 Commercial mortgage-backed securities — 2,689 — 2,689 Other asset-backed securities — 1,233 53 1,286 Total fixed maturities, including securities pledged 398 20,095 1,685 22,178 Equity securities 15 8 116 139 Derivatives: Interest rate contracts 3 267 — 270 Foreign exchange contracts — 109 — 109 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,141 — — 1,141 Assets held in separate accounts 67,736 5,472 339 73,547 Total assets $ 69,293 $ 25,951 $ 2,140 $ 97,384 Percentage of Level to Total 71 % 27 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 8 $ 8 Stabilizer and MCGs — — 9 9 Other derivatives: Interest rate contracts — 324 — 324 Credit contracts — 3 — 3 Total liabilities $ — $ 327 $ 17 $ 344 (1) Primarily U.S. dollar denominated. 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, 2021: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 510 $ 181 $ — $ 691 U.S. Government agencies and authorities — 20 — 20 State, municipalities and political subdivisions — 803 — 803 U.S. corporate public securities — 8,264 5 8,269 U.S. corporate private securities — 2,560 1,379 3,939 Foreign corporate public securities and foreign governments (1) — 2,591 — 2,591 Foreign corporate private securities (1) — 2,431 272 2,703 Residential mortgage-backed securities — 3,130 34 3,164 Commercial mortgage-backed securities — 2,881 — 2,881 Other asset-backed securities — 1,318 33 1,351 Total fixed maturities, including securities pledged 510 24,179 1,723 26,412 Equity securities 27 — 114 141 Derivatives: Interest rate contracts — 135 — 135 Foreign exchange contracts — 14 — 14 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,244 — — 1,244 Assets held in separate accounts 91,474 5,174 316 96,964 Total assets $ 93,255 $ 29,502 $ 2,153 $ 124,910 Percentage of Level to total 74 % 24 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives: FIA $ — $ — $ 9 $ 9 Stabilizer and MCGs — — 20 20 Other derivatives: Interest rate contracts — 129 — 129 Foreign exchange contracts — 15 — 15 Total liabilities $ — $ 144 $ 29 $ 173 (1) Primarily U.S. dollar denominated. |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following tables present a rollforward of DAC and VOBA for the periods indicated: 2022 DAC VOBA Total Balance as of January 1, 2022 $ 270 $ 139 $ 409 Deferrals of commissions and expenses 41 3 44 Amortization: Amortization, excluding unlocking (2) (52) (31) (83) Unlocking (1) (2) 2 — Interest accrued 26 18 (3) 44 Net amortization included in the Condensed Consolidated Statements of Operations (28) (11) (39) Change due to unrealized capital gains/losses on available-for-sale securities 669 508 1,177 Balance as of September 30, 2022 $ 952 $ 639 $ 1,591 2021 DAC VOBA Total Balance as of January 1, 2021 $ 122 $ 40 $ 162 Deferrals of commissions and expenses 41 3 44 Amortization: Amortization, excluding unlocking (2) (79) (79) (158) Unlocking (1) 9 21 30 Interest accrued 26 19 (3) 45 Net amortization included in the Condensed Consolidated Statements of Operations (44) (39) (83) Change due to unrealized capital gains/losses on available-for-sale securities 120 115 235 Balance as of September 30, 2021 $ 239 $ 119 $ 358 |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Nine Months Ended September 30, 2022 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (5,028) $ 1,056 $ (3,972) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 72 (15) 57 DAC/VOBA and Sales inducements 1,177 (1) (247) 930 Change in unrealized gains (losses) on available-for-sale securities (3,779) 794 (2,985) Derivatives: Derivatives 100 (2) (21) 79 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (15) 3 (12) Change in unrealized gains (losses) on derivatives 85 (18) 67 Change in Accumulated other comprehensive income (loss) $ (3,694) $ 776 $ (2,918) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended September 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (134) $ 28 $ (106) Other (1) — (1) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (16) 3 (13) DAC/VOBA and Sales inducements 40 (8) 32 Change in unrealized gains (losses) on available-for-sale securities (111) 23 (88) Derivatives: Derivatives 19 (1) (4) 15 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 14 (3) 11 Change in Accumulated other comprehensive income (loss) $ (97) $ 20 $ (77) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Nine Months Ended September 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (553) $ 117 $ (436) Other (2) — (2) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (533) 112 (421) DAC/VOBA and Sales inducements 238 (1) (50) 188 Premium deficiency reserve adjustment 434 (91) 343 Change in unrealized gains (losses) on available-for-sale securities (416) 88 (328) Derivatives: Derivatives 23 (2) (5) 18 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (16) 3 (13) Change in unrealized gains (losses) on derivatives 7 (2) 5 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in Accumulated other comprehensive income (loss) $ (410) $ 86 $ (324) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Shareholder’s equity included the following components of AOCI as of the dates indicated: September 30, 2022 2021 Fixed maturities, net of impairments $ (2,830) $ 2,343 Derivatives (1) 163 80 DAC/VOBA adjustment on available-for-sale securities (2) 610 (616) Unrealized capital gains (losses), before tax (2,057) 1,807 Deferred income tax asset (liability) 560 (251) Net unrealized capital gains (losses) (1,497) 1,556 Pension and other postretirement benefits liability, net of tax 2 2 AOCI $ (1,495) $ 1,558 (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 September 30, 2022, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $19. (2) Upon adoption of ASU 2018-12 on January 1, 2023, the DAC/VOBA adjustments on available-for-sale securities will be reversed as of the January 1, 2021 transition date and in subsequent periods. Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated: |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restricted Assets | The components of the fair value of the restricted assets were as follows as of the dates indicated: September 30, 2022 December 31, 2021 Fixed maturity collateral pledged to FHLB (1) $ 888 $ 1,124 FHLB restricted stock (2) 35 47 Other fixed maturities-state deposits 11 14 Cash and cash equivalents 3 3 Securities pledged (3) 750 799 Total restricted assets $ 1,687 $ 1,987 (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 $653 and $739 as of September 30, 2022 and December 31, 2021, respectively. In addition, as of September 30, 2022 and December 31, 2021, the Company delivered securities as collateral of $97 and $60, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Jun. 09, 2021 USD ($) professional | Mar. 01, 2021 USD ($) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Schedule of Equity Transactions [Line Items] | |||||||
Number of Operating Segments | segment | 1 | ||||||
Policyholder Benefits and Claims Incurred, Ceded | $ 49 | $ 32 | $ 108 | $ 2,592 | |||
Common stock, shares issued | shares | 55,000 | 55,000 | |||||
Realized capital gains (losses) | $ (70) | $ (88) | $ (388) | $ 317 | |||
Reinsurance Payable | 1 | 1 | $ 3 | ||||
Retained earnings (deficit) | $ 131 | $ 131 | $ 413 | ||||
Voya Special Investments, Inc | |||||||
Schedule of Equity Transactions [Line Items] | |||||||
Common stock, shares issued | shares | 0.499 | ||||||
Security Life of Denver Company | |||||||
Schedule of Equity Transactions [Line Items] | |||||||
Notes Issued | $ 80 | ||||||
Resolution (Life U.S. Intermediate Holdings Ltd.) | |||||||
Schedule of Equity Transactions [Line Items] | |||||||
Preferred Stock, Shares Issued | shares | 73,000,000 | ||||||
Discontinued Operations, Disposed of by Sale | Independent Financial Planning Channel | Cetera Financial Group, Inc | |||||||
Schedule of Equity Transactions [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Number Of Financial Professionals Transferred | professional | 800 | ||||||
Disposal Group, Including Discontinued Operation, Assets | $ 38,000 | ||||||
Disposal Group, Including Discontinued Operation, Number Of Financial Professionals Retained | professional | 500 |
Investments - Fixed Maturities
Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged, amortized costs | $ 864 | $ 725 |
Fixed Maturities, single issuers in excess of total equity | no | |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | $ 564 | 554 |
Fixed maturities, Gross Unrealized Capital Gains | 13 | 137 |
Fixed maturities, Gross Unrealized Capital Losses | 28 | 0 |
Embedded Derivatives | 0 | 0 |
Fair Value | 549 | 691 |
OTTI | 0 | 0 |
US Treasury and Government | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 20 | 20 |
Fixed maturities, Gross Unrealized Capital Gains | 0 | 0 |
Fixed maturities, Gross Unrealized Capital Losses | 3 | 0 |
Embedded Derivatives | 0 | 0 |
Fair Value | 17 | 20 |
OTTI | 0 | 0 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 705 | 716 |
Fixed maturities, Gross Unrealized Capital Gains | 1 | 88 |
Fixed maturities, Gross Unrealized Capital Losses | 90 | 1 |
Embedded Derivatives | 0 | 0 |
Fair Value | 616 | 803 |
OTTI | 0 | 0 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 7,396 | 7,314 |
Fixed maturities, Gross Unrealized Capital Gains | 31 | 994 |
Fixed maturities, Gross Unrealized Capital Losses | 1,198 | 39 |
Embedded Derivatives | 0 | 0 |
Fair Value | 6,228 | 8,269 |
OTTI | 1 | 0 |
U.S. corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 3,841 | 3,620 |
Fixed maturities, Gross Unrealized Capital Gains | 6 | 334 |
Fixed maturities, Gross Unrealized Capital Losses | 381 | 15 |
Embedded Derivatives | 0 | 0 |
Fair Value | 3,466 | 3,939 |
OTTI | 0 | 0 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,382 | 2,352 |
Fixed maturities, Gross Unrealized Capital Gains | 5 | 253 |
Fixed maturities, Gross Unrealized Capital Losses | 376 | 14 |
Embedded Derivatives | 0 | 0 |
Fair Value | 2,002 | 2,591 |
OTTI | 9 | 0 |
Foreign corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,686 | 2,563 |
Fixed maturities, Gross Unrealized Capital Gains | 2 | 188 |
Fixed maturities, Gross Unrealized Capital Losses | 250 | 1 |
Embedded Derivatives | 0 | 0 |
Fair Value | 2,426 | 2,703 |
OTTI | 12 | 47 |
Residential mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 3,028 | 3,081 |
Fixed maturities, Gross Unrealized Capital Gains | 24 | 97 |
Fixed maturities, Gross Unrealized Capital Losses | 153 | 20 |
Embedded Derivatives | 2 | 7 |
Fair Value | 2,899 | 3,164 |
OTTI | 2 | 1 |
Commercial mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,997 | 2,766 |
Fixed maturities, Gross Unrealized Capital Gains | 3 | 130 |
Fixed maturities, Gross Unrealized Capital Losses | 310 | 15 |
Embedded Derivatives | 0 | 0 |
Fair Value | 2,689 | 2,881 |
OTTI | 1 | 0 |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 1,413 | 1,341 |
Fixed maturities, Gross Unrealized Capital Gains | 1 | 16 |
Fixed maturities, Gross Unrealized Capital Losses | 127 | 6 |
Embedded Derivatives | 0 | 0 |
Fair Value | 1,286 | 1,351 |
OTTI | 1 | 0 |
Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 25,032 | 24,327 |
Fixed maturities, Gross Unrealized Capital Gains | 86 | 2,237 |
Fixed maturities, Gross Unrealized Capital Losses | 2,916 | 111 |
Embedded Derivatives | 2 | 7 |
Fair Value | 22,178 | 26,412 |
OTTI | 26 | 48 |
Total fixed maturities, less securities pledged, Amortized Cost | 24,168 | 23,602 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 81 | 2,163 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 2,797 | 111 |
Total fixed maturities, less securities pledged, Fair Value | 21,428 | 25,613 |
Collateral Pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged | 750 | 799 |
Securities Sold under Agreements to Repurchase, Asset | 0 | |
Collateral Pledged | Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
OTTI | 0 | 0 |
Securities pledged, amortized costs | 864 | 725 |
Securities pledged, Gross Unrealized Capital Gains | 5 | 74 |
Securities pledged, Gross Unrealized Capital Losses | 119 | 0 |
Securities pledged | $ 750 | $ 799 |
Investments - Debt Maturities (
Investments - Debt Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | $ 504 | |
One year or less, Fair Value | 485 | |
After one year through five years, Amortized Cost | 3,183 | |
After one year through five years, Fair Value | 2,973 | |
After five years through ten years, Amortized Cost | 3,707 | |
After five years through ten years, Fair Value | 3,340 | |
After ten years, Amortized Cost | 10,200 | |
After ten years, Fair Value | 8,506 | |
Amortized Cost | 25,032 | $ 24,327 |
Fixed maturities, including securities pledged | $ 22,178 | $ 26,412 |
Mortgage-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Percent Collateralized Mortgage Backed Securities including Interest-Only Strip or Principal-Only Strip | 45% | 45.10% |
Without single maturity date, Amortized Cost | $ 6,025 | |
Without single maturity date, Fair Value | 5,588 | |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 1,413 | |
Without single maturity date, Fair Value | 1,286 | |
Amortized Cost | 1,413 | $ 1,341 |
Fixed maturities, including securities pledged | $ 1,286 | $ 1,351 |
Investments - Composition of US
Investments - Composition of US and Foreign Corporate Securities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Communications | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | $ 940 | $ 883 |
Gross Unrealized Capital Gains | 8 | 154 |
Gross Unrealized Capital Losses | 134 | 2 |
Fair Value | 814 | 1,035 |
Financial | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 3,259 | 2,713 |
Gross Unrealized Capital Gains | 12 | 275 |
Gross Unrealized Capital Losses | 461 | 13 |
Fair Value | 2,810 | 2,975 |
Industrial and other companies | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 6,761 | 7,004 |
Gross Unrealized Capital Gains | 9 | 713 |
Gross Unrealized Capital Losses | 953 | 26 |
Fair Value | 5,817 | 7,691 |
Energy | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 1,376 | 1,385 |
Gross Unrealized Capital Gains | 8 | 216 |
Gross Unrealized Capital Losses | 147 | 14 |
Fair Value | 1,237 | 1,587 |
Utilities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 2,728 | 2,658 |
Gross Unrealized Capital Gains | 5 | 310 |
Gross Unrealized Capital Losses | 344 | 10 |
Fair Value | 2,389 | 2,958 |
Transportation | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 884 | 854 |
Gross Unrealized Capital Gains | 1 | 71 |
Gross Unrealized Capital Losses | 114 | 1 |
Fair Value | 771 | 924 |
Total | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Amortized Cost | 15,948 | 15,497 |
Gross Unrealized Capital Gains | 43 | 1,739 |
Gross Unrealized Capital Losses | 2,153 | 66 |
Fair Value | $ 13,838 | $ 17,170 |
Investments - Repurchase Agreem
Investments - Repurchase Agreement, Securities Lending, VIEs (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Initial collateral required, percent of market value of loaned securities | 102% | |
Securities received as collateral | $ 76 | $ 87 |
Payables under securities loan agreements, including collateral held | 957 | 811 |
Securities pledged as collateral | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Fair value of loaned securities | 653 | 739 |
Short-term Investments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities received as collateral | 610 | 677 |
Cash collateral, included in Payables | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 610 | 677 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 19 | 42 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 495 | 479 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 171 | 243 |
Payables under securities loan agreements | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 686 | 764 |
Equity securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | $ 1 | $ 0 |
Investments - Allowance for cre
Investments - Allowance for credit losses (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2022 | $ 48 | $ 14 |
Credit losses on securities for which credit losses were not previously recorded | 13 | 36 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | (37) | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 2 | (2) |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Balance at September 30, 2022 | 26 | 48 |
Residential mortgage-backed | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2022 | 1 | 1 |
Credit losses on securities for which credit losses were not previously recorded | 1 | 1 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Balance at September 30, 2022 | 2 | 1 |
Commercial mortgage-backed | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2022 | 0 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 1 | 0 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Balance at September 30, 2022 | 1 | 0 |
Foreign corporate private securities | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2022 | 47 | 11 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 35 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | (37) | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 2 | 1 |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Balance at September 30, 2022 | 12 | 47 |
Other Asset-backed Securities [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2022 | 0 | 2 |
Credit losses on securities for which credit losses were not previously recorded | 1 | 0 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (2) |
Write-offs | 0 | 0 |
Recoveries of amounts previously written-off | 0 | 0 |
Balance at September 30, 2022 | 1 | 0 |
Foreign corporate public securities and foreign governments | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2022 | 0 | |
Credit losses on securities for which credit losses were not previously recorded | 9 | |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | |
Reductions for securities sold during the period | 0 | |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | |
Write-offs | 0 | |
Recoveries of amounts previously written-off | 0 | |
Balance at September 30, 2022 | 9 | 0 |
U.S. corporate private securities | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2022 | 0 | |
Credit losses on securities for which credit losses were not previously recorded | 1 | |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | |
Reductions for securities sold during the period | 0 | |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | |
Write-offs | 0 | |
Recoveries of amounts previously written-off | 0 | |
Balance at September 30, 2022 | $ 1 | $ 0 |
Investments - Unrealized Capita
Investments - Unrealized Capital Losses (Details) $ in Millions | Sep. 30, 2022 USD ($) securities | Dec. 31, 2021 USD ($) securities |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 3,596 | 989 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 2,916 | $ 111 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 2,330 | $ 72 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 4,320 | 1,326 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 724 | 337 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 1,944 | $ 708 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 17,309 | 3,838 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 586 | 39 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 19,253 | $ 4,546 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 21 | 4 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 28 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 28 | $ 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 23 | 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 2 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 6 | $ 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 253 | 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 259 | $ 14 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 295 | 21 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 90 | $ 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 89 | $ 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 299 | 21 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 4 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 582 | 33 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 584 | $ 33 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 1,068 | 290 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 1,198 | $ 39 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 862 | $ 32 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 1,351 | 428 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 283 | 138 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 712 | $ 110 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 4,922 | 1,237 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 336 | 7 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 5,634 | $ 1,347 |
U.S. corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 331 | 35 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 381 | $ 15 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 343 | $ 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 349 | 43 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 18 | 8 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 205 | $ 94 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 2,918 | 325 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 38 | 13 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 3,123 | $ 419 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 406 | 90 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 376 | $ 14 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 288 | $ 13 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 477 | 107 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 71 | 17 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 192 | $ 21 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,684 | 425 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 88 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 1,876 | $ 446 |
Foreign corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 218 | 7 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 250 | $ 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 248 | $ 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 221 | 8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 3 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 12 | $ 10 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 2,289 | 54 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 2,301 | $ 64 |
Residential mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 435 | 181 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 153 | $ 20 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 100 | $ 11 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 612 | 277 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 177 | 96 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 316 | $ 241 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,267 | 400 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 53 | 9 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 1,583 | $ 641 |
Commercial mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 471 | 178 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 310 | $ 15 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 260 | $ 8 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 555 | 205 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 84 | 27 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 358 | $ 155 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 2,255 | 780 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 50 | 7 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 2,613 | $ 935 |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 349 | 183 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 127 | $ 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 109 | $ 4 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 431 | 231 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 82 | 48 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 141 | $ 70 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,122 | 577 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 18 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 1,263 | $ 647 |
US Government Corporations and Agencies Securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities | 2 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 3 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities | 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 17 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 17 |
Investments - Unrealized Capi_2
Investments - Unrealized Capital Losses 1 (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) securities | |
Available-for-sale Securities Including Securities Pledged [Line Items] | |
Available For Sale Securities Change in Loss Position | $ 2,805 |
Fair value decline below amortized cost greater than 20% | |
Available-for-sale Securities Including Securities Pledged [Line Items] | |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | $ 5 |
More than twelve months below amortized cost, Number of Securities | securities | 5 |
Investments - OTTI (Details)
Investments - OTTI (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) securities | Sep. 30, 2021 USD ($) securities | Sep. 30, 2022 USD ($) securities | Sep. 30, 2021 USD ($) securities | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 8 | $ 0 | $ 15 | $ 0 |
No. of Securities | securities | 69 | 2 | 79 | 10 |
Foreign corporate public securities and foreign governments | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
No. of Securities | securities | 1 | 0 | 1 | 0 |
Residential mortgage-backed | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 8 | $ 0 | $ 15 | $ 0 |
No. of Securities | securities | 66 | 2 | 76 | 9 |
Commercial mortgage-backed | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
No. of Securities | securities | 2 | 0 | 2 | 1 |
Investments - Troubled Debt Res
Investments - Troubled Debt Restructuring (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans and Leases Receivable, Loan to Value, Benchmark Ratio | 100% | ||
Loans and Leases Receivable, Debt Service Coverage, Benchmark Ratio | 100% | ||
Private Placement | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Pre-modification carrying value | $ | $ 91 | ||
Post-modification carrying value | $ | $ 67 | ||
Private Placement | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring, number of contracts | 0 | 6 | |
Commercial Mortgage Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring, number of contracts | 0 | ||
Commercial Portfolio Segment | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring, number of contracts | 0 |
Investments - Loans by Loan to
Investments - Loans by Loan to Value (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 4,194 | $ 4,233 |
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate | 75% | |
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral | 100% | |
0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 2,607 | $ 2,600 |
Loans Receivable, Loan to Value Ratio, Minimum | 0% | 0% |
Loans Receivable, Loan to Value Ratio, Maximum | 50% | 50% |
50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 1,215 | $ 1,299 |
Loans Receivable, Loan to Value Ratio, Minimum | 50% | 50% |
Loans Receivable, Loan to Value Ratio, Maximum | 60% | 60% |
60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 352 | $ 334 |
Loans Receivable, Loan to Value Ratio, Minimum | 60% | 60% |
Loans Receivable, Loan to Value Ratio, Maximum | 70% | 70% |
70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 20 | $ 0 |
Loans Receivable, Loan to Value Ratio, Minimum | 70% | 70% |
Loans Receivable, Loan to Value Ratio, Maximum | 80% | 80% |
>80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 | $ 0 |
Loans Receivable, Loan to Value Ratio, Minimum | 80% | 80% |
Year of Origination 2020 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 314 | $ 385 |
Year of Origination 2020 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 94 | 114 |
Year of Origination 2020 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 185 | 202 |
Year of Origination 2020 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 25 | 69 |
Year of Origination 2020 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 10 | 0 |
Year of Origination 2020 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 276 | 356 |
Year of Origination 2019 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 147 | 150 |
Year of Origination 2019 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 109 | 145 |
Year of Origination 2019 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 20 | 61 |
Year of Origination 2019 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2018 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 161 | 173 |
Year of Origination 2018 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 122 | 127 |
Year of Origination 2018 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 37 | 43 |
Year of Origination 2018 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2 | 3 |
Year of Origination 2018 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2018 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2017 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 712 | 748 |
Year of Origination 2017 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 518 | 543 |
Year of Origination 2017 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 190 | 202 |
Year of Origination 2017 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4 | 3 |
Year of Origination 2017 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2017 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2016 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,629 | 1,901 |
Year of Origination 2016 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,395 | 1,451 |
Year of Origination 2016 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 218 | 434 |
Year of Origination 2016 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 16 | 16 |
Year of Origination 2016 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2016 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2021 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 662 | 670 |
Year of Origination 2021 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 192 | 215 |
Year of Origination 2021 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 238 | 273 |
Year of Origination 2021 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 222 | 182 |
Year of Origination 2021 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 10 | 0 |
Year of Origination 2021 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | $ 0 |
Year of Origination 2022 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 440 | |
Year of Origination 2022 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 139 | |
Year of Origination 2022 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 238 | |
Year of Origination 2022 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 63 | |
Year of Origination 2022 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Year of Origination 2022 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 0 |
Investments - Loans by Debt Ser
Investments - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | $ 4,194 | $ 4,233 |
Loans and Leases Receivable, Debt Service Coverage, Benchmark Ratio | 100% | |
Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 150% | 150% |
Commercial mortgage loans | $ 2,680 | $ 3,060 |
1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 125% | 125% |
Loans Receivable, Debt Service Coverage Ratio, Maximum | 150% | 150% |
Commercial mortgage loans | $ 661 | $ 377 |
1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 100% | 100% |
Loans Receivable, Debt Service Coverage Ratio, Maximum | 125% | 125% |
Commercial mortgage loans | $ 485 | $ 449 |
Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Loans Receivable, Debt Service Coverage Ratio, Maximum | 100% | 100% |
Commercial mortgage loans | $ 368 | $ 347 |
Year of Origination 2020 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 314 | 385 |
Year of Origination 2020 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 223 | 342 |
Year of Origination 2020 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 18 | 15 |
Year of Origination 2020 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 30 | 23 |
Year of Origination 2020 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 43 | 5 |
Year of Origination 2019 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 276 | 356 |
Year of Origination 2019 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 178 | 206 |
Year of Origination 2019 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 36 | 43 |
Year of Origination 2019 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 43 | 84 |
Year of Origination 2019 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 19 | 23 |
Year of Origination 2018 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 161 | 173 |
Year of Origination 2018 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 95 | 96 |
Year of Origination 2018 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 19 | 3 |
Year of Origination 2018 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 47 | 49 |
Year of Origination 2018 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 25 |
Year of Origination 2017 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 712 | 748 |
Year of Origination 2017 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 418 | 355 |
Year of Origination 2017 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 78 | 139 |
Year of Origination 2017 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 66 | 93 |
Year of Origination 2017 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 150 | 161 |
Year of Origination 2016 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 1,629 | 1,901 |
Year of Origination 2016 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 1,197 | 1,505 |
Year of Origination 2016 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 247 | 154 |
Year of Origination 2016 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 109 | 166 |
Year of Origination 2016 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 76 | 76 |
Year of Origination 2021 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 662 | 670 |
Year of Origination 2021 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 286 | 556 |
Year of Origination 2021 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 211 | 23 |
Year of Origination 2021 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 85 | 34 |
Year of Origination 2021 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 80 | $ 57 |
Year of Origination 2022 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 440 | |
Year of Origination 2022 | Greater than 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 283 | |
Year of Origination 2022 | 1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 52 | |
Year of Origination 2022 | 1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | 105 | |
Year of Origination 2022 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial mortgage loans | $ 0 |
Investments - Loans by U.S. Reg
Investments - Loans by U.S. Region (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 4,194 | $ 4,233 |
Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 765 | 754 |
South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 917 | 902 |
Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 845 | 933 |
West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 489 | 497 |
Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 425 | 393 |
East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 415 | 389 |
New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 59 | 81 |
West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 175 | 199 |
East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 104 | 85 |
Year of Origination 2020 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 314 | 385 |
Year of Origination 2020 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 64 | 70 |
Year of Origination 2020 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 144 | 159 |
Year of Origination 2020 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 14 | 25 |
Year of Origination 2020 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 14 | 33 |
Year of Origination 2020 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 19 | 34 |
Year of Origination 2020 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 30 | 30 |
Year of Origination 2020 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 1 |
Year of Origination 2020 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | 12 |
Year of Origination 2020 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 23 | 21 |
Year of Origination 2019 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 276 | 356 |
Year of Origination 2019 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 47 | 48 |
Year of Origination 2019 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 89 | 106 |
Year of Origination 2019 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | 10 |
Year of Origination 2019 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 54 | 103 |
Year of Origination 2019 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 34 | 34 |
Year of Origination 2019 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 4 | 12 |
Year of Origination 2019 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 14 | 15 |
Year of Origination 2019 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 11 | 11 |
Year of Origination 2019 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 17 | 17 |
Year of Origination 2018 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 161 | 173 |
Year of Origination 2018 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 28 | 32 |
Year of Origination 2018 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 55 | 60 |
Year of Origination 2018 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 50 | 53 |
Year of Origination 2018 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 7 | 8 |
Year of Origination 2018 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 7 | 6 |
Year of Origination 2018 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 9 | 9 |
Year of Origination 2018 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 5 | 5 |
Year of Origination 2018 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 712 | 748 |
Year of Origination 2017 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 85 | 87 |
Year of Origination 2017 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 81 | 82 |
Year of Origination 2017 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 283 | 311 |
Year of Origination 2017 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 126 | 129 |
Year of Origination 2017 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 43 | 44 |
Year of Origination 2017 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 54 | 55 |
Year of Origination 2017 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 5 | 4 |
Year of Origination 2017 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 35 | 36 |
Year of Origination 2017 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2016 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1,629 | 1,901 |
Year of Origination 2016 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 411 | 438 |
Year of Origination 2016 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 390 | 437 |
Year of Origination 2016 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 348 | 414 |
Year of Origination 2016 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 73 | 92 |
Year of Origination 2016 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 131 | 179 |
Year of Origination 2016 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 141 | 165 |
Year of Origination 2016 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 30 | 52 |
Year of Origination 2016 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 81 | 99 |
Year of Origination 2016 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 24 | 25 |
Year of Origination 2021 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 662 | 670 |
Year of Origination 2021 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 79 | 79 |
Year of Origination 2021 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 53 | 58 |
Year of Origination 2021 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 114 | 120 |
Year of Origination 2021 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 137 | 132 |
Year of Origination 2021 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 96 | 96 |
Year of Origination 2021 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 116 | 118 |
Year of Origination 2021 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 9 | 9 |
Year of Origination 2021 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 36 | 36 |
Year of Origination 2021 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 22 | $ 22 |
Year of Origination 2022 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 440 | |
Year of Origination 2022 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 51 | |
Year of Origination 2022 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 105 | |
Year of Origination 2022 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 30 | |
Year of Origination 2022 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 78 | |
Year of Origination 2022 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 95 | |
Year of Origination 2022 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 61 | |
Year of Origination 2022 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1 | |
Year of Origination 2022 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1 | |
Year of Origination 2022 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 18 |
Investments - Loans by Property
Investments - Loans by Property Type (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Investment Holdings [Line Items] | ||
Commercial mortgage loans | $ 4,194 | $ 4,233 |
Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 800 | 861 |
Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,168 | 1,132 |
Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,305 | 1,215 |
Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 662 | 720 |
Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 69 | 89 |
Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 142 | 168 |
Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 48 | 48 |
Year of Origination 2020 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 314 | 385 |
Year of Origination 2020 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 50 | 51 |
Year of Origination 2020 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 49 | 72 |
Year of Origination 2020 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 91 | 124 |
Year of Origination 2020 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 124 | 138 |
Year of Origination 2020 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 276 | 356 |
Year of Origination 2019 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 29 | 30 |
Year of Origination 2019 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 58 | 66 |
Year of Origination 2019 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 139 | 173 |
Year of Origination 2019 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 39 | 67 |
Year of Origination 2019 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 11 | 20 |
Year of Origination 2019 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 161 | 173 |
Year of Origination 2018 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 35 | 35 |
Year of Origination 2018 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 69 | 72 |
Year of Origination 2018 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 30 | 31 |
Year of Origination 2018 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 11 | 15 |
Year of Origination 2018 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 3 |
Year of Origination 2018 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 16 | 17 |
Year of Origination 2018 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 712 | 748 |
Year of Origination 2017 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 89 | 90 |
Year of Origination 2017 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 338 | 355 |
Year of Origination 2017 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 169 | 184 |
Year of Origination 2017 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 113 | 116 |
Year of Origination 2017 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 3 | 3 |
Year of Origination 2017 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2016 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,629 | 1,901 |
Year of Origination 2016 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 552 | 631 |
Year of Origination 2016 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 308 | 408 |
Year of Origination 2016 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 303 | 335 |
Year of Origination 2016 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 263 | 280 |
Year of Origination 2016 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 45 | 63 |
Year of Origination 2016 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 118 | 144 |
Year of Origination 2016 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 40 | 40 |
Year of Origination 2021 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 662 | 670 |
Year of Origination 2021 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 23 | 24 |
Year of Origination 2021 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 146 | 159 |
Year of Origination 2021 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 378 | 368 |
Year of Origination 2021 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 99 | 104 |
Year of Origination 2021 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2021 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 8 | 7 |
Year of Origination 2021 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 8 | $ 8 |
Year of Origination 2022 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 440 | |
Year of Origination 2022 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 22 | |
Year of Origination 2022 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 200 | |
Year of Origination 2022 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 195 | |
Year of Origination 2022 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 13 | |
Year of Origination 2022 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 10 | |
Year of Origination 2022 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2022 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | $ 0 |
Investments - Allowance for Los
Investments - Allowance for Losses for Commercial Mortgage Loans (Details) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2022 | $ 48 | $ 14 |
Credit losses on mortgage loans for which credit losses were not previously recorded | 13 | 36 |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 |
Increase (decrease) on mortgage loans with allowance recorded in previous period | 2 | (2) |
Write-offs | 0 | 0 |
Recoveries of amounts previously written off | 0 | 0 |
Balance at September 30, 2022 | $ 26 | 48 |
Financing Receivable, Nonaccrual, Number Of Loans | loan | 0 | |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | |
Commercial Portfolio Segment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance as of January 1, 2022 | 11 | 67 |
Credit losses on mortgage loans for which credit losses were not previously recorded | 1 | 1 |
Accounts Receivable, Sale | 0 | (7) |
Increase (decrease) on mortgage loans with allowance recorded in previous period | (1) | (50) |
Premium Receivable, Credit Loss Expense (Reversal) | 11 | 11 |
Write-offs | 0 | 0 |
Recoveries of amounts previously written off | 0 | 0 |
Balance at September 30, 2022 | $ 11 | $ 11 |
Troubled debt restructuring, number of contracts | loan | 0 |
Investments - Past due commerci
Investments - Past due commercial mortgage loans (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 loan | Dec. 31, 2021 USD ($) | |
Financing Receivable, Past Due [Line Items] | ||||
Past due commercial mortgage loans | $ 4,194 | $ 4,233 | ||
Commercial Mortgage Loans | ||||
Financing Receivable, Past Due [Line Items] | ||||
Troubled debt restructuring, number of contracts | loan | 0 | |||
Private Placement | ||||
Financing Receivable, Past Due [Line Items] | ||||
Troubled debt restructuring, number of contracts | loan | 0 | 6 | ||
Current | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due commercial mortgage loans | $ 4,194 | 4,233 | ||
30 to 59 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due commercial mortgage loans | 0 | 0 | ||
60 to 89 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due commercial mortgage loans | 0 | 0 | ||
Greater than 90 Days Past Due | ||||
Financing Receivable, Past Due [Line Items] | ||||
Past due commercial mortgage loans | $ 0 | $ 0 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jun. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||
Gross investment income | $ 385 | $ 531 | $ 1,289 | $ 1,537 | ||
Less: investment expense | 19 | 17 | 54 | 52 | ||
Net investment income | 366 | 514 | 1,235 | 1,485 | ||
Discontinued Operation, Equity Method Investment Retained after Disposal, Ownership Interest after Disposal | 9.99% | |||||
Realized capital gains (losses) | (70) | (88) | (388) | 317 | ||
Discontinued Operations | ||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||
Realized capital gains (losses) | $ 95 | |||||
Fixed maturities | ||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||
Gross investment income | 351 | 364 | 1,060 | 1,101 | ||
Investments in fixed maturities that did not produce net income | 12 | 12 | $ 0 | |||
Equity securities | ||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||
Gross investment income | 2 | 2 | 7 | 9 | ||
Mortgage loans on real estate | ||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||
Gross investment income | 45 | 44 | 134 | 134 | ||
Realized capital gains (losses) | (1) | 12 | 3 | 96 | ||
Policy loans | ||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||
Gross investment income | 2 | 2 | 6 | 6 | ||
Short-term investments and cash equivalents | ||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||
Gross investment income | 1 | 1 | 2 | 3 | ||
Other | ||||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||||
Gross investment income | (16) | 118 | 80 | 284 | ||
Realized capital gains (losses) | $ 0 | $ 1 | $ (1) | $ 95 |
Investments - Net Realized Capi
Investments - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | $ (70) | $ (88) | $ (388) | $ 317 |
Proceeds from sale of investments | ||||
Proceeds on sales | 723 | 279 | 2,167 | 4,141 |
Gross gains | 16 | 16 | 34 | 517 |
Gross losses | 12 | 1 | 45 | 3 |
Embedded derivatives - fixed maturities | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (2) | (1) | (5) | (3) |
Guaranteed benefit derivatives | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (5) | 2 | 11 | 39 |
Derivatives | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 125 | 4 | 182 | (44) |
Other investments | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 0 | 1 | (1) | 95 |
Mortgages [Member] | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (1) | 12 | 3 | 96 |
Fixed Maturities, Available-for-sale, Including Securities Pledged | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | 13 | 2 | (49) | 522 |
Fixed Maturities, at Fair Value Using the Fair Value Option | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | (196) | (108) | (504) | (395) |
Equity securities | ||||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||||
Realized capital gains (losses) | $ (4) | $ 0 | $ (25) | $ 7 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | $ 381 | $ 156 |
Derivatives, Liability Fair Value | 344 | 173 |
Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 143 | 110 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 8,360 | 9,576 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 624 | 601 |
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 18 | 18 |
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 0 | 0 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 579 | 567 |
Derivatives, Asset Fair Value | 104 | 14 |
Derivatives, Liability Fair Value | 0 | 15 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 143 | 110 |
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 3 | 0 |
Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 12,823 | 10,514 |
Derivatives, Asset Fair Value | 270 | 135 |
Derivatives, Liability Fair Value | 324 | 129 |
Not Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 45 | 34 |
Derivatives, Asset Fair Value | 5 | 0 |
Derivatives, Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Fixed maturities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 2 | 7 |
Derivatives, Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Within products | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 8 | 28 |
Not Designated as Hedging Instrument | Managed Custody Guarantees | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | $ 9 | $ 1 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Offsetting Assets and liabilities [Line Items] | ||
Asset Fair Value | $ 376 | $ 149 |
Liability Fair Value | 327 | 144 |
Counterparty netting, Assets | (268) | (140) |
Counterparty netting, Liabilities | (268) | (140) |
Cash collateral netting, Assets | (97) | (7) |
Cash collateral netting, Liabilities | (56) | (2) |
Securities collateral netting, Assets | (11) | (2) |
Securities collateral netting, Liabilities | (1) | (1) |
Net receivables | 0 | 0 |
Net payables | 2 | 1 |
Foreign exchange contracts | ||
Offsetting Assets and liabilities [Line Items] | ||
Notional Amount | 624 | 601 |
Asset Fair Value | 109 | 14 |
Liability Fair Value | 0 | 15 |
Interest rate contracts | ||
Offsetting Assets and liabilities [Line Items] | ||
Notional Amount | 8,360 | 9,576 |
Asset Fair Value | 267 | 135 |
Liability Fair Value | 324 | 129 |
Credit contracts | ||
Offsetting Assets and liabilities [Line Items] | ||
Notional Amount | 143 | 110 |
Asset Fair Value | 0 | 0 |
Liability Fair Value | $ 3 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Securities pledged as collateral | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | $ 11 | $ 2 |
Collateral Securities Repledged, Delivered, or Used | 97 | 60 |
Over the Counter | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | 104 | 8 |
Exchange Cleared | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | $ 79 | $ 2 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivatives, Fair Value [Line Items] | ||||
Net Investment Income | $ 366 | $ 514 | $ 1,235 | $ 1,485 |
Other net gains (losses) | (62) | (88) | (373) | 317 |
Derivative, Gain (Loss) on Derivative, Net | 119 | 5 | 190 | (4) |
Interest rate contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (1) | 0 | (2) | (1) |
Interest rate contracts | Investment Income | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Interest rate contracts | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 121 | 3 | 178 | (41) |
Foreign exchange contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 54 | 20 | 105 | 30 |
Foreign exchange contracts | Investment Income | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 2 | 2 | 7 | 1 |
Net realized gains (losses) on derivatives | 2 | 2 | 7 | 6 |
Foreign exchange contracts | Other Net Realized Capital Gains (Losses) | Designated as Hedging Instrument | Cash flow hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Net realized gains (losses) on derivatives | 0 | 0 | 0 | (5) |
Foreign exchange contracts | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 3 | 2 | 7 | 1 |
Fixed maturities | Other Net Realized Capital Gains (Losses) | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (2) | (1) | (5) | (3) |
Product | Other Net Realized Capital Gains (Losses) | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 2 | 2 | 21 | 35 |
Managed Custody Guarantees | Gain (Loss) on Investments | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (6) | (1) | (8) | 3 |
Credit contracts | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 1 | $ 0 | $ (3) | $ 1 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |||||
Reinsurance Payable | $ (1) | $ (1) | $ (3) | ||
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid | 3,440 | 3,440 | 3,598 | ||
Direct Premiums Earned | 3 | $ 11 | 16 | $ 28 | |
Assumed Premiums Earned | 0 | 0 | 0 | 0 | |
Ceded Premiums Earned | 0 | (1) | (2) | (2,459) | |
Premiums | 3 | 10 | 14 | (2,431) | |
Policyholder Benefits and Claims Incurred, Direct | 230 | 238 | 679 | 911 | |
Policyholder Benefits and Claims Incurred, Assumed | 0 | 0 | 3 | 7 | |
Policyholder Benefits and Claims Incurred, Ceded | (49) | (32) | (108) | (2,592) | |
Policyholder Interest and Other Benefits, Net | 181 | $ 206 | 574 | $ (1,674) | |
Premiums receivable and reinsurance recoverable, net | $ 3,441 | $ 3,441 | $ 3,601 |
Reinsurance (Text)
Reinsurance (Text) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | ||
Deposit assets | $ 1,300 | $ 1,400 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Derivatives | $ 379 | $ 149 |
Assets held in separate accounts | 73,547 | 96,964 |
Liabilities: | ||
Derivatives | 327 | 144 |
U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 549 | 691 |
US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 17 | 20 |
State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 616 | 803 |
U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 6,228 | 8,269 |
U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,466 | 3,939 |
Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,002 | 2,591 |
Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,426 | 2,703 |
Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,899 | 3,164 |
Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,689 | 2,881 |
Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,286 | 1,351 |
Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities, including securities pledged | 22,178 | 26,412 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,141 | 1,244 |
Assets held in separate accounts | 73,547 | 96,964 |
Total assets, fair value | $ 97,384 | $ 124,910 |
Percentage of Level to total assets | 100% | 100% |
Liabilities: | ||
Total liabilities, fair value | $ 344 | $ 173 |
Assets measured on recurring basis | FIA | ||
Liabilities: | ||
Product guarantees | 8 | 9 |
Assets measured on recurring basis | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 9 | 20 |
Assets measured on recurring basis | Interest rate contracts | ||
Assets: | ||
Derivatives | 270 | 135 |
Liabilities: | ||
Derivatives | 324 | 129 |
Assets measured on recurring basis | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 109 | 14 |
Liabilities: | ||
Derivatives | 15 | |
Assets measured on recurring basis | Credit contracts | ||
Liabilities: | ||
Derivatives | 3 | |
Assets measured on recurring basis | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 549 | 691 |
Assets measured on recurring basis | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 17 | 20 |
Assets measured on recurring basis | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 616 | 803 |
Assets measured on recurring basis | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 6,228 | 8,269 |
Assets measured on recurring basis | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,466 | 3,939 |
Assets measured on recurring basis | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,002 | 2,591 |
Assets measured on recurring basis | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,426 | 2,703 |
Assets measured on recurring basis | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,899 | 3,164 |
Assets measured on recurring basis | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,689 | 2,881 |
Assets measured on recurring basis | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,286 | 1,351 |
Assets measured on recurring basis | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | 139 | 141 |
Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities, including securities pledged | 398 | 510 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,141 | 1,244 |
Assets held in separate accounts | 67,736 | 91,474 |
Total assets, fair value | $ 69,293 | $ 93,255 |
Percentage of Level to total assets | 71% | 74% |
Liabilities: | ||
Total liabilities, fair value | $ 0 | $ 0 |
Assets measured on recurring basis | Level 1 | FIA | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 1 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 1 | Interest rate contracts | ||
Assets: | ||
Derivatives | 3 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | |
Assets measured on recurring basis | Level 1 | Credit contracts | ||
Liabilities: | ||
Derivatives | 0 | |
Assets measured on recurring basis | Level 1 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 398 | 510 |
Assets measured on recurring basis | Level 1 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | 15 | 27 |
Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities, including securities pledged | 20,095 | 24,179 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 0 | 0 |
Assets held in separate accounts | 5,472 | 5,174 |
Total assets, fair value | $ 25,951 | $ 29,502 |
Percentage of Level to total assets | 27% | 24% |
Liabilities: | ||
Total liabilities, fair value | $ 327 | $ 144 |
Assets measured on recurring basis | Level 2 | FIA | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 2 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 2 | Interest rate contracts | ||
Assets: | ||
Derivatives | 267 | 135 |
Liabilities: | ||
Derivatives | 324 | 129 |
Assets measured on recurring basis | Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 109 | 14 |
Liabilities: | ||
Derivatives | 15 | |
Assets measured on recurring basis | Level 2 | Credit contracts | ||
Liabilities: | ||
Derivatives | 3 | |
Assets measured on recurring basis | Level 2 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 151 | 181 |
Assets measured on recurring basis | Level 2 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 17 | 20 |
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 616 | 803 |
Assets measured on recurring basis | Level 2 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 6,221 | 8,264 |
Assets measured on recurring basis | Level 2 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,168 | 2,560 |
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,002 | 2,591 |
Assets measured on recurring basis | Level 2 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,120 | 2,431 |
Assets measured on recurring basis | Level 2 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,878 | 3,130 |
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,689 | 2,881 |
Assets measured on recurring basis | Level 2 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,233 | 1,318 |
Assets measured on recurring basis | Level 2 | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | 8 | 0 |
Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,685 | 1,723 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 0 | 0 |
Assets held in separate accounts | 339 | 316 |
Total assets, fair value | $ 2,140 | $ 2,153 |
Percentage of Level to total assets | 2% | 2% |
Liabilities: | ||
Total liabilities, fair value | $ 17 | $ 29 |
Assets measured on recurring basis | Level 3 | FIA | ||
Liabilities: | ||
Product guarantees | 8 | 9 |
Assets measured on recurring basis | Level 3 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 9 | 20 |
Assets measured on recurring basis | Level 3 | Interest rate contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | |
Assets measured on recurring basis | Level 3 | Credit contracts | ||
Liabilities: | ||
Derivatives | 0 | |
Assets measured on recurring basis | Level 3 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 7 | 5 |
Assets measured on recurring basis | Level 3 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,298 | 1,379 |
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 306 | 272 |
Assets measured on recurring basis | Level 3 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 21 | 34 |
Assets measured on recurring basis | Level 3 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 53 | 33 |
Assets measured on recurring basis | Level 3 | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | $ 116 | $ 114 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Assets held in separate accounts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | $ 349 | $ 293 | $ 316 | $ 222 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (9) | 1 | (35) | 4 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 32 | 53 | 164 | 157 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (16) | (5) | (20) | (6) |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 6 | 0 |
Transfers out of Level 3 | (17) | (30) | (92) | (65) |
Fair Value, assets, ending balance | 339 | 312 | 339 | 312 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
Cash and Cash Equivalents | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Derivatives, beginning balance | 0 | |||
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | |||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |||
Purchases | 7 | |||
Issues | 0 | |||
Sales | 0 | |||
Settlements | (7) | |||
Transfers in to Level 3 | 0 | |||
Transfers out of Level 3 | 0 | |||
Fair Value, Derivatives, ending balance | 0 | 0 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | |||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | |||
Stabilizer (Investment Only) and MCG Contracts | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Derivatives, beginning balance | (4) | (15) | (20) | (53) |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (5) | 1 | 12 | 38 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issues | 0 | (1) | (1) | (1) |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 1 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Derivatives, ending balance | (9) | (15) | (9) | (15) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
FIA | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Derivatives, beginning balance | (9) | (10) | (9) | (10) |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 1 | 0 | 1 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issues | 0 | (1) | 0 | (1) |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 1 | 0 | 1 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Derivatives, ending balance | (8) | (10) | (8) | (10) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
U.S. corporate public securities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 8 | 18 | 5 | 57 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (1) | 0 | (1) | 1 |
Purchases | 1 | 6 | 4 | 5 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (9) |
Settlements | (1) | (1) | (1) | (1) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | (30) |
Fair Value, assets, ending balance | 7 | 23 | 7 | 23 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (1) | 1 | (1) | 1 |
U.S. corporate private securities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 1,323 | 1,413 | 1,379 | 1,286 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 8 | 0 | 13 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (71) | (6) | (283) | (38) |
Purchases | 63 | 116 | 199 | 148 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (15) | 0 | (99) |
Settlements | (28) | (113) | (111) | (126) |
Transfers in to Level 3 | 11 | 0 | 124 | 283 |
Transfers out of Level 3 | 0 | (30) | (10) | (94) |
Fair Value, assets, ending balance | 1,298 | 1,373 | 1,298 | 1,373 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (72) | (5) | (282) | (26) |
Foreign corporate public securities and foreign governments | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 4 | 7 | 0 | |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | |
Purchases | 0 | 15 | 15 | |
Issuances | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | |
Transfers in to Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | (4) | 7 | 0 | |
Fair Value, assets, ending balance | 0 | 15 | 0 | 15 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | |
Foreign corporate private securities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 303 | 264 | 272 | 295 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (2) | (13) | (21) | (10) |
Total Realized/Unrealized Gains (Losses) Included in OCI | (8) | 19 | (32) | 20 |
Purchases | 20 | 27 | 101 | 27 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (22) |
Settlements | (3) | (4) | (21) | (17) |
Transfers in to Level 3 | 0 | 0 | 110 | 0 |
Transfers out of Level 3 | (4) | 0 | (103) | 0 |
Fair Value, assets, ending balance | 306 | 293 | 306 | 293 |
Change in Unrealized Gains (Losses) Included in Earnings | (3) | 0 | (5) | 2 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (9) | 19 | (33) | 17 |
Residential mortgage-backed | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 22 | 31 | 34 | 33 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (2) | (4) | (14) | (8) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 2 | 15 | 2 | 21 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (7) |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 1 |
Transfers out of Level 3 | (1) | (2) | (1) | 0 |
Fair Value, assets, ending balance | 21 | 40 | 21 | 40 |
Change in Unrealized Gains (Losses) Included in Earnings | (2) | (4) | (14) | (8) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | 0 | 0 |
Commercial mortgage-backed | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 9 | 9 | ||
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 | 9 | 9 | ||
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Commercial mortgage-backed | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | ||
Other asset-backed securities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 47 | 52 | 33 | 37 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (2) | 0 | (6) | (2) |
Purchases | 13 | 7 | 39 | 14 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (10) | 0 |
Settlements | (1) | (17) | (3) | (32) |
Transfers in to Level 3 | 0 | 0 | 0 | 18 |
Transfers out of Level 3 | (4) | (7) | 0 | 0 |
Fair Value, assets, ending balance | 53 | 35 | 53 | 35 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (2) | 0 | (5) | (1) |
Fixed maturities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Transfers in to Level 3 | 0 | |||
Fixed maturities | Available-for-sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 1,707 | 1,785 | 1,723 | 1,708 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (4) | (9) | (35) | (5) |
Total Realized/Unrealized Gains (Losses) Included in OCI | (82) | 13 | (322) | (19) |
Purchases | 99 | 195 | 345 | 239 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (15) | (10) | (137) |
Settlements | (33) | (135) | (136) | (176) |
Transfers in to Level 3 | 11 | 0 | 234 | 302 |
Transfers out of Level 3 | (13) | (46) | (114) | (124) |
Fair Value, assets, ending balance | 1,685 | 1,788 | 1,685 | 1,788 |
Change in Unrealized Gains (Losses) Included in Earnings | (5) | (4) | (19) | (6) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (84) | 15 | (321) | (9) |
Equity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 121 | 145 | 114 | 99 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (5) | 0 | (22) | 8 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 24 | 75 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (30) |
Settlements | 0 | 0 | 0 | (7) |
Transfers in to Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, assets, ending balance | 116 | 145 | 116 | 145 |
Change in Unrealized Gains (Losses) Included in Earnings | (5) | 0 | (22) | (1) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | 0 | $ 0 | 0 |
Fixed Maturities, Trading | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, assets, beginning balance | 33 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 0 | 33 | ||
Issuances | 0 | 0 | ||
Sales | (29) | (29) | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, assets, ending balance | 4 | 4 | ||
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | $ 0 |
Fair Value Measurements - Other
Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | $ 22,178 | $ 26,412 |
Equity securities | 139 | 141 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,141 | 1,244 |
Derivative assets | 379 | 149 |
Other investments | 134 | 143 |
Assets held in separate accounts | 73,547 | 96,964 |
Short-term Debt | 100 | 19 |
Short Term Loan Affiliate | 104 | 130 |
Long-term debt | 2 | 2 |
Fair Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 30,133 | 35,256 |
Fair Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 729 | 925 |
Fair Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 194 | 267 |
Fair Value | FIA | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 8 | 9 |
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 9 | 20 |
Fair Value | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 3,921 | 4,495 |
Fair Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 162 | 171 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 22,178 | 26,412 |
Equity securities | 139 | 141 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,141 | 1,244 |
Derivative assets | 379 | 149 |
Other investments | 134 | 143 |
Assets held in separate accounts | 73,547 | 96,964 |
Short-term Debt | 19 | |
Short Term Loan Affiliate | 104 | 130 |
Long-term debt | 2 | 2 |
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 29,454 | 28,128 |
Carrying Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 731 | 925 |
Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 255 | 257 |
Carrying Value | FIA | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 8 | 9 |
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 9 | 20 |
Carrying Value | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 4,194 | 4,233 |
Carrying Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 162 | 171 |
Derivative assets | 379 | 149 |
Other investments | 134 | 143 |
Assets held in separate accounts | 73,547 | 96,964 |
Derivatives liabilities | 327 | 144 |
Other derivatives | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | 327 | 144 |
Other derivatives | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | $ 327 | $ 144 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | $ 270 | $ 122 | ||
Deferrals of commissions and expenses | 41 | 41 | ||
Amortization: | ||||
Amortization, excluding unlocking(2) | (52) | (79) | ||
Unlocking | (2) | 9 | ||
Interest accrued | 26 | 26 | ||
Net amortization included in the Condensed Consolidated Statements of Operations | (28) | 44 | ||
Change due to unrealized capital gains/losses on available-for-sale securities | 669 | 120 | ||
Ending balance | $ 952 | $ 239 | 952 | 239 |
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | ||||
Beginning balance | 139 | 40 | ||
Deferrals of commissions and expenses | 3 | 3 | ||
Amortization, excluding unlocking(2) | (31) | (79) | ||
Unlocking | 2 | (21) | ||
Interest accrued | 18 | 19 | ||
Net amortization included in the Condensed Consolidated Statements of Operations | (11) | 39 | ||
Change due to unrealized capital gains/losses on available-for-sale securities | 508 | 115 | ||
Ending balance | 639 | 119 | 639 | 119 |
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | ||||
Beginning balance | 409 | 162 | ||
Deferrals of commissions and expenses | 44 | 44 | ||
Amortization, excluding unlocking(2) | (83) | (158) | ||
Unlocking | 0 | (30) | ||
Interest accrued | 44 | 45 | ||
Net amortization included in the Condensed Consolidated Statements of Operations | 29 | (5) | (39) | (83) |
Change due to unrealized capital gains/losses on available-for-sale securities | 1,177 | 235 | ||
Ending balance | $ 1,591 | $ 358 | 1,591 | $ 358 |
Deferred Policy Acquisition Costs, Impairment Loss | $ 2 | |||
Minimum | ||||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | ||||
Value of Business Acquired (VOBA), Interest accrued percentage | 7% | 550% | ||
Maximum | ||||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | ||||
Value of Business Acquired (VOBA), Interest accrued percentage | 7% | 7% |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Fixed maturities | $ (1,260) | $ (134) | $ (5,028) | $ (553) |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 265 | 28 | 1,056 | 117 |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | (995) | (106) | (3,972) | (436) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | (5) | (16) | 72 | (533) |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 1 | 3 | (15) | 112 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | (4) | (13) | 57 | (421) |
DAC/VOBA and Sales inducements | 288 | 40 | 1,177 | 238 |
DAC/VOBA and Sales inducements | (60) | (8) | (247) | (50) |
Other Comprehensive Income (Loss), Deferred Acquisition Costs, Value of Business Acquired (VOBA), and Sales Inducements Adjustment for Available-for-sale Securities, Net of Tax | 228 | 32 | 930 | 188 |
Change in unrealized gains (losses) on available-for-sale securities | (977) | (111) | (3,779) | (416) |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | 206 | 23 | 794 | 88 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | (771) | (88) | (2,985) | (328) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 40 | 15 | 79 | 18 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 11 | 4 | 21 | 5 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 51 | 19 | 100 | 23 |
Other comprehensive income (loss), before tax | (932) | (97) | (3,694) | (410) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 196 | 20 | 776 | 86 |
Other comprehensive income (loss), after tax | (736) | (77) | (2,918) | (324) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 6 | 5 | (15) | 16 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1 | 1 | 3 | 3 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 5 | 4 | (12) | 13 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 35 | 11 | 67 | 5 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 10 | 3 | 18 | 2 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 45 | 14 | 85 | 7 |
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (1) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 0 | |||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (1) | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | $ 0 | 0 | $ 0 | (1) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 0 | |||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | (1) | |||
Premium deficiency reserve adjustment | 434 | |||
Premium deficiency reserve adjustment | (91) | |||
Other Comprehensive Income (Loss), Premium Deficiency Reserve, Adjustment for Available-for-sale Securities, Net of Tax | 343 | |||
Other Comprehensive Income (Loss), Debt Securities, Available-for-Sale, Other, Before Adjustment And Tax | (1) | (2) | ||
Other Comprehensive Income, Other, Net of Tax | $ (1) | $ (2) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Fixed maturities, net of impairments | $ (2,830) | $ 2,343 | |
Derivatives | 163 | 80 | |
DAC/VOBA adjustment on available-for-sale securities(2) | 610 | (616) | |
Unrealized capital gains (losses), before tax | (2,057) | 1,807 | |
Deferred income tax asset (liability) | 560 | (251) | |
Accumulated Other Comprehensive Income (Loss), Unrealized Capital Gains (Losses), Adjustment, Net of Tax | (1,497) | 1,556 | |
Pension and other postretirement benefits liability, net of tax | 2 | 2 | |
Accumulated other comprehensive income (loss) | (1,495) | $ 1,423 | $ 1,558 |
Other Contract | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | $ 19 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||
Effective tax rate | 11.50% | 15.40% | (0.60%) |
Statutory tax rate | 21% |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | ||||
Short-term loan to affiliate | $ 104 | $ 104 | $ 130 | |
Due to affiliates | $ 113 | $ 113 | 110 | |
Voya Financial, Inc. | Affiliated Entity | Reciprocal Loan Agreement | ||||
Short-term Debt [Line Items] | ||||
Percentage of Statutory admitted assets that can be borrowed under Reciprocal Loan Agreement | 3% | 3% | ||
Short-term loan to affiliate | $ 104 | $ 104 | 130 | |
Due to affiliates | 99 | 99 | $ 19 | |
Interest Income, Related Party | $ 1 | 4 | ||
Voya Retirement Insurance and Annuity Company | Affiliated Entity | Reciprocal Loan Agreement | ||||
Short-term Debt [Line Items] | ||||
Interest Expense, Related Party | $ 1 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Pledged Collateral | $ 888 | $ 1,124 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Securities Pledged under repurchase agreements | 97 | 60 |
Acquisition of mortgage loans | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitment | 129 | |
Purchase of limited partnerships and private placement investments | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitment | 707 | |
Federal Home Loan Bank of Boston | Line of Credit | ||
Loss Contingencies [Line Items] | ||
Non-putable funding agreements issued to FHLB | 731 | 925 |
Pledged Collateral | $ 888 | $ 1,124 |
Commitments and Contingencies_2
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
FHLB restricted stock | $ 35 | $ 47 |
Debt Securities, Trading | 11 | 14 |
Restricted Cash and Cash Equivalents | 3 | 3 |
Total restricted assets | 1,687 | 1,987 |
Pledged Collateral | 888 | 1,124 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 653 | 739 |
Collateral Pledged | ||
Loss Contingencies [Line Items] | ||
Securities pledged | $ 750 | $ 799 |
Related Party - Narrative (Deta
Related Party - Narrative (Details) - Other Affiliates - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transaction [Line Items] | ||||
Revenue with affiliated entities | $ 20 | $ 25 | $ 64 | $ 73 |
Expenses with affiliated entities | $ 142 | $ 154 | $ 450 | $ 484 |