Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | San Antonio, Texas |
Auditor Firm ID | 42 |
Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Mar. 10, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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, State or Province | CT | ||
Entity Address, City or Town | Windsor | ||
Entity Address, Postal Zip Code | 06095-4774 | ||
City Area Code | 860 | ||
Local Phone Number | 580-4646 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 55,000 | ||
Common stock, par value | $ 50 | $ 50 | |
Entity Central Index Key | 0000837010 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information_2
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor Information [Abstract] | |
Auditor Location | San Antonio, Texas |
Auditor Name | Ernst & Young LLP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Investments: | ||
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option | $ 18,713 | $ 19,772 |
Fixed maturities, at fair value using the fair value option | 1,328 | 1,255 |
Equity Securities, FV-NI, Current | 65 | 133 |
Short-term investments | 86 | 248 |
Financing Receivable, Allowance for Credit Loss, Current | 22 | 14 |
Financing Receivable, after Allowance for Credit Loss, Current | 4,026 | 4,213 |
Policy loans | 161 | 159 |
Limited partnerships/corporations | 1,046 | 1,043 |
Derivatives | 213 | 322 |
Other Investments | 88 | 132 |
Total investments | 26,524 | 28,069 |
Cash and cash equivalents | 186 | 220 |
Short-term investments under securities loan agreements, including collateral delivered | 789 | 939 |
Accrued investment income | 283 | 289 |
Premiums and Other Receivables, Net | 2,899 | 3,032 |
Reinsurance Recoverable, Allowance for Credit Loss | 0 | |
Deferred policy acquisition costs and Value of business acquired | 920 | 938 |
Deferred Income Tax Assets, Net | 633 | 774 |
Other assets (net of allowance for credit loss of $0 as of 2023 and 2022) | 1,726 | 1,681 |
Separate Account Asset | 90,282 | 77,639 |
Total assets | 124,242 | 113,581 |
Liabilities and Shareholder's Equity | ||
Future policy benefits and contract owner account balances | 30,577 | 32,942 |
Payables under securities loan agreements, including collateral held | 692 | 921 |
Related Party Deposit Liabilities | 173 | 134 |
Derivatives | 299 | 331 |
Other liabilities | 679 | 687 |
Liabilities related to separate accounts | 90,282 | 77,639 |
Total liabilities | 122,702 | 112,654 |
Commitments and Contingencies (Note 15) | ||
Shareholder's equity: | ||
Common Stock, Value, Issued | 3 | 3 |
Additional paid-in capital | 2,770 | 2,778 |
Accumulated other comprehensive income (loss) | (1,531) | (2,067) |
Retained earnings (deficit) | 298 | 213 |
Total shareholder's equity | 1,540 | 927 |
Total liabilities and shareholder's equity | 124,242 | 113,581 |
Collateral Pledged | ||
Investments: | ||
Debt Securities, Available-for-Sale, Restricted | $ 798 | $ 792 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 20,496 | $ 22,218 |
Fixed maturities, allowance for credit losses | 14 | 7 |
Financing Receivable, Allowance for Credit Loss, Current | 22 | 14 |
Allowance for Credit Loss, Receivable, Other, Current | 0 | |
Securities pledged, amortized costs | 855 | $ 894 |
Reinsurance Recoverable, Allowance for Credit Loss | $ 0 | |
Common stock, par value | $ 50 | |
Common stock, shares authorized | 100,000 | |
Common stock, shares issued | 55,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Net investment income | $ 1,523,000,000 | $ 1,619,000,000 | $ 1,949,000,000 |
Fee income | 993,000,000 | 979,000,000 | 1,088,000,000 |
Net realized capital gains (losses): | |||
Realized capital gains (losses) | (134,000,000) | (429,000,000) | 166,000,000 |
Benefits and expenses: | |||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 76,000,000 | 81,000,000 | 112,000,000 |
Interest expense | 3,000,000 | 1,000,000 | 0 |
Total benefits and expenses | 2,029,000,000 | 1,944,000,000 | (159,000,000) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 400,000,000 | 282,000,000 | 952,000,000 |
Income tax expense (benefit) | 13,000,000 | (51,000,000) | 156,000,000 |
Net income (loss) | 387,000,000 | 333,000,000 | 796,000,000 |
Premiums | 29,000,000 | 16,000,000 | (2,450,000,000) |
Other Nonoperating Income (Expense) | 18,000,000 | 41,000,000 | 40,000,000 |
Revenues | 2,429,000,000 | 2,226,000,000 | 793,000,000 |
Interest credited and other benefits to contract owners/policyholders | 817,000,000 | 730,000,000 | (1,485,000,000) |
Operating expenses | $ 1,133,000,000 | $ 1,132,000,000 | $ 1,214,000,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 387 | $ 333 | $ 796 |
Other comprehensive income (loss), before tax: | |||
Change in current discount rate | 16 | 41 | 39 |
Unrealized gains (losses) on securities | 661 | (4,635) | (1,303) |
Pension and other postretirement benefits liability | 1 | ||
Other comprehensive income (loss), before tax | 677 | (4,594) | (1,264) |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 141 | (965) | (265) |
Other comprehensive income (loss), after tax | 536 | (3,629) | (999) |
Comprehensive income (loss) | $ 923 | $ (3,296) | $ (203) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Millions | Total | Accounting Standards Update 2018-12 | Common Stock | Common Stock Accounting Standards Update 2018-12 | Additional Paid-In Capital | Additional Paid-In Capital Accounting Standards Update 2018-12 | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Accounting Standards Update 2018-12 | Retained Earnings (Deficit) | Retained Earnings (Deficit) Accounting Standards Update 2018-12 |
Beginning Balance at Dec. 31, 2020 | $ 4,897 | $ 621 | $ 3 | $ 0 | $ 2,873 | $ 0 | $ 1,882 | $ 679 | $ 139 | $ (58) |
Comprehensive income (loss): | ||||||||||
Net income (loss) | 796 | 0 | 0 | 0 | 796 | |||||
Other comprehensive income (loss), after tax | (999) | 0 | 0 | (999) | 0 | |||||
Comprehensive income (loss) | (203) | |||||||||
Dividends paid and distributions of capital | (235) | 0 | 318 | 0 | (553) | |||||
Ending Balance at Dec. 31, 2021 | 5,080 | 3 | 3,191 | 1,562 | 324 | |||||
Comprehensive income (loss): | ||||||||||
Net income (loss) | 333 | 0 | 0 | 0 | 333 | |||||
Other comprehensive income (loss), after tax | (3,629) | 0 | 0 | (3,629) | 0 | |||||
Comprehensive income (loss) | (3,296) | |||||||||
Dividends paid and distributions of capital | (857) | 0 | (413) | 0 | (444) | |||||
Contribution of capital | 0 | |||||||||
Ending Balance at Dec. 31, 2022 | 927 | 3 | 2,778 | (2,067) | 213 | |||||
Comprehensive income (loss): | ||||||||||
Net income (loss) | 387 | 0 | 0 | 0 | 387 | |||||
Other comprehensive income (loss), after tax | 536 | 0 | 0 | 536 | ||||||
Comprehensive income (loss) | 923 | |||||||||
Dividends paid and distributions of capital | (310) | 0 | (8) | 0 | (302) | |||||
Contribution of capital | 0 | |||||||||
Ending Balance at Dec. 31, 2023 | $ 1,540 | $ 3 | $ 2,770 | $ (1,531) | $ 298 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 387,000,000 | $ 333,000,000 | $ 796,000,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Future policy benefits, claims reserves and interest credited | 538,000,000 | 449,000,000 | 492,000,000 |
Deferred income tax (benefit) expense | (1,000,000) | (50,000,000) | 200,000,000 |
Net (gains) losses | 134,000,000 | 429,000,000 | (166,000,000) |
(Gains) losses on limited partnerships/corporations | 29,000,000 | (34,000,000) | 147,000,000 |
Deferred Policy Acquisition Costs, Period Increase (Decrease) | 17,000,000 | (23,000,000) | (54,000,000) |
Change in: | |||
Premiums receivable and reinsurance recoverable | 205,000,000 | 200,000,000 | (228,000,000) |
Other receivables and asset accruals | 4,000,000 | 9,000,000 | 10,000,000 |
Due to/from affiliates | 30,000,000 | 48,000,000 | 33,000,000 |
Other payables and accruals | (25,000,000) | (147,000,000) | 447,000,000 |
Other, net | 2,000,000 | (13,000,000) | (27,000,000) |
Net cash provided by operating activities | 1,320,000,000 | 1,315,000,000 | 1,464,000,000 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 4,781,000,000 | 5,351,000,000 | 4,865,000,000 |
Equity securities | 64,000,000 | 5,000,000 | 158,000,000 |
Mortgage loans on real estate | 451,000,000 | 597,000,000 | 606,000,000 |
Limited partnerships/corporations | 102,000,000 | 82,000,000 | 318,000,000 |
Acquisition of: | |||
Fixed maturities | (3,191,000,000) | (6,084,000,000) | (5,776,000,000) |
Equity securities | 0 | 0 | 178,000,000 |
Mortgage loans on real estate | (296,000,000) | (588,000,000) | (690,000,000) |
Limited partnerships/corporations | (113,000,000) | (179,000,000) | (238,000,000) |
Derivatives, net | 65,000,000 | 264,000,000 | (54,000,000) |
Short-term investments, net | 162,000,000 | (248,000,000) | 15,000,000 |
Short-term loan to affiliate, net | (295,000,000) | 130,000,000 | 523,000,000 |
Receipts on deposit asset contracts | 240,000,000 | 119,000,000 | 70,000,000 |
Other, net | (36,000,000) | 7,000,000 | (50,000,000) |
Net cash provided by (used in) investing activities | 1,934,000,000 | (544,000,000) | (431,000,000) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 1,559,000,000 | 4,388,000,000 | 4,281,000,000 |
Maturities and withdrawals from investment contracts | (4,536,000,000) | (4,530,000,000) | (4,718,000,000) |
Dividends paid and distributions of capital | (310,000,000) | (857,000,000) | (552,000,000) |
Capital contribution from parent | 0 | 0 | 20,000,000 |
Proceeds from (Payments for) Other Financing Activities | (1,000,000) | 12,000,000 | 12,000,000 |
Net cash (used in) financing activities | (3,288,000,000) | (987,000,000) | (957,000,000) |
Net increase (decrease) in cash and cash equivalents | (34,000,000) | (216,000,000) | 76,000,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance | 186,000,000 | 220,000,000 | 436,000,000 |
Supplemental disclosure of cash flow information: | |||
Income taxes paid (received), net | (6,000,000) | 46,000,000 | (92,000,000) |
Noncash capital contribution from parent | $ 298,000,000 | ||
Contribution of capital | $ 0 | $ 0 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 50% - 60% >60% - 70% >70% - 80% >80% and above Total 2023 $ 113 $ 152 $ — $ — $ — $ 265 2022 215 282 73 — — 570 2021 191 181 197 — — 569 2020 137 93 — 10 11 251 2019 173 54 20 — — 247 Prior 1,878 246 3 — 19 2,146 Total $ 2,707 $ 1,008 $ 293 $ 10 $ 30 $ 4,048 As of December 31, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 210 $ 283 $ 63 $ — $ — $ 556 2021 187 229 239 10 — 665 2020 98 170 24 10 — 302 2019 167 72 20 — — 259 2018 123 34 3 — — 160 Prior 1,866 399 20 — — 2,285 Total $ 2,651 $ 1,187 $ 369 $ 20 $ — $ 4,227 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 133 $ 83 $ 49 $ — $ 265 2022 173 54 172 171 570 2021 205 12 51 301 569 2020 175 20 16 40 251 2019 151 19 62 15 247 Prior 1,619 197 212 118 2,146 Total $ 2,456 $ 385 $ 562 $ 645 $ 4,048 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 278 $ 89 $ 171 $ 18 $ 556 2021 212 24 248 181 665 2020 211 9 10 72 302 2019 161 40 53 5 259 2018 93 21 46 — 160 Prior 1,569 331 171 214 2,285 Total $ 2,524 $ 514 $ 699 $ 490 $ 4,227 *No commercial mortgage loans were secured by land or construction loans The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 51 $ 61 $ 9 $ 75 $ 16 $ 29 $ 2 $ 20 $ 2 $ 265 2022 114 118 46 89 100 81 1 1 20 570 2021 76 44 103 143 96 60 10 36 1 569 2020 53 130 14 8 8 20 — 6 12 251 2019 43 69 6 52 34 4 13 10 16 247 Prior 456 456 616 158 162 140 33 114 11 2146 Total $ 793 $ 878 $ 794 $ 525 $ 416 $ 334 $ 59 $ 187 $ 62 $ 4,048 As of December 31, 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 $ 114 $ 115 $ 46 $ 87 $ 101 $ 73 $ 1 $ 1 $ 18 $ 556 2021 79 53 112 139 97 117 9 37 22 665 2020 64 143 14 14 8 30 — 6 23 302 2019 47 73 6 54 34 5 14 10 16 259 2018 28 55 49 7 7 9 — 5 — 160 Prior 485 466 607 196 172 192 34 116 17 2,285 Total $ 817 $ 905 $ 834 $ 497 $ 419 $ 426 $ 58 $ 175 $ 96 $ 4,227 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 82 $ 122 $ 24 $ 13 $ 24 $ — $ — $ 265 2022 72 233 224 25 10 6 — 570 2021 22 122 310 99 — 8 8 569 2020 49 37 60 105 — — — 251 2019 29 56 124 29 9 — — 247 Prior 559 625 414 342 42 127 37 2,146 Total $ 813 $ 1,195 $ 1,156 $ 613 $ 85 $ 141 $ 45 $ 4,048 As of December 31, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 72 $ 227 $ 216 $ 25 $ 10 $ 6 $ — $ 556 2021 23 144 382 100 — 8 8 665 2020 50 48 80 124 — — — 302 2019 29 58 128 33 11 — — 259 2018 34 69 30 11 — 16 — 160 Prior 633 620 456 372 48 117 39 2,285 Total $ 841 $ 1,166 $ 1,292 $ 665 $ 69 $ 147 $ 47 $ 4,227 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2023 December 31, 2022 Allowance for credit losses, balance at January 1 $ 14 $ 11 Credit losses on mortgage loans for which credit losses were not previously recorded 2 2 Increase (decrease) on mortgage loans with allowance recorded in previous period 8 1 Provision for expected credit losses 24 14 Write-offs (2) — Allowance for credit losses, end of period $ 22 $ 14 The following table presents past due commercial mortgage loans as of the dates indicated: December 31, 2023 December 31, 2022 Delinquency: Current $ 4,037 $ 4,227 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due 11 — Total $ 4,048 $ 4,227 Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of December 31, 2023, the Company had one loan in non-accrual status, with an LTV ratio of 100%. As of December 31, 2022 the Company had no commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the year ended December 31, 2023 was immaterial. There was no interest income recognized on loans in non-accrual status for the year ended December 31, 2022. Net Investment Income The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2023 2022 2021 Fixed maturities $ 1,285 $ 1,411 $ 1,453 Equity securities 10 10 12 Mortgage loans on real estate 196 181 179 Policy loans 8 8 8 Short-term investments and cash equivalents 10 4 3 Limited partnerships and other 82 77 364 Gross investment income 1,591 1,691 2,019 Less: Investment expenses 68 72 70 Net investment income $ 1,523 $ 1,619 $ 1,949 As of December 31, 2023 and 2022, the Company had $7 and $8 respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Net Gains (Losses) Net gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Net gains (losses) are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net gains (losses) were as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Fixed maturities, available-for-sale, including securities pledged $ (27) $ (22) $ 515 Fixed maturities, at fair value option (100) (576) (562) Equity securities, at fair value (4) (26) 6 Derivatives 11 185 (18) Embedded derivatives - fixed maturities (1) (5) (4) Other derivatives — 1 2 Managed custody guarantees (2) (5) 3 Stabilizers (1) 19 30 Mortgage loans (10) — 99 Other investments — — 95 Net gains (losses) $ (134) $ (429) $ 166 Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Proceeds on sales $ 3,356 $ 3,601 $ 5,275 Gross gains 51 68 538 Gross losses 47 76 8 " id="sjs-B4" xml:space="preserve">Investments Fixed Maturities Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of December 31, 2023: Amortized Gross Gross Embedded Derivatives (2) Allowance for credit losses Fair Fixed maturities: U.S. Treasuries $ 297 $ 3 $ 25 $ — $ — $ 275 U.S. Government agencies and authorities 32 — 2 — — 30 State, municipalities and political subdivisions 623 1 70 — — 554 U.S. corporate public securities 6,291 73 759 — — 5,605 U.S. corporate private securities 3,861 31 256 — — 3,636 Foreign corporate public securities and foreign governments (1) 2,214 27 216 — 3 2,022 Foreign corporate private securities (1) 2,385 20 105 — 1 2,299 Residential mortgage-backed securities 2,631 24 124 1 — 2,532 Commercial mortgage-backed securities 2,781 1 415 — 9 2,358 Other asset-backed securities 1,564 8 43 — 1 1,528 Total fixed maturities, including securities pledged 22,679 188 2,015 1 14 20,839 Less: Securities pledged 855 — 57 — — 798 Total fixed maturities $ 21,824 $ 188 $ 1,958 $ 1 $ 14 $ 20,041 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2022: Amortized Gross Gross Embedded Derivatives (2) Allowance for credit losses Fair Fixed maturities: U.S. Treasuries $ 404 $ 4 $ 31 $ — $ — $ 377 U.S. Government agencies and authorities 33 — 3 — — 30 State, municipalities and political subdivisions 691 1 92 — — 600 U.S. corporate public securities 6,938 32 1,032 — — 5,938 U.S. corporate private securities 3,885 11 328 — — 3,568 Foreign corporate public securities and foreign governments (1) 2,380 9 317 — 6 2,066 Foreign corporate private securities (1) 2,617 6 184 — 1 2,438 Residential mortgage-backed securities 3,023 21 153 2 — 2,893 Commercial mortgage-backed securities 2,978 — 379 — — 2,599 Other asset-backed securities 1,418 1 109 — — 1,310 Total fixed maturities, including securities pledged 24,367 85 2,628 2 7 21,819 Less: Securities pledged 894 3 105 — — 792 Total fixed maturities $ 23,473 $ 82 $ 2,523 $ 2 $ 7 $ 21,027 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2023, 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 $ 611 $ 602 After one year through five years 3,069 2,961 After five years through ten years 2,998 2,876 After ten years 9,025 7,982 Mortgage-backed securities 5,412 4,890 Other asset-backed securities 1,564 1,528 Fixed maturities, including securities pledged $ 22,679 $ 20,839 As of December 31, 2023 and 2022, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholder's equity. Repurchase Agreements and Securities Pledged As of December 31, 2023 and 2022, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements. The Company engages in securities lending whereby the initial collateral is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. Securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. The following table presents Securities pledged as of the dates indicated: December 31, 2023 December 31, 2022 Securities loaned to lending agent (1) $ 645 $ 690 Securities pledged as collateral (1)(2) 153 102 Total $ 798 $ 792 (1) Included in Securities pledged on the Consolidated Balance Sheets. (2) See Collateral within the Derivatives Note to these Consolidated Financial Statements for more information. The following table presents collateral held by asset class pledged under securities lending as of the dates indicated: December 31, 2023 December 31, 2022 U.S. Treasuries $ 12 $ 51 U.S. corporate public securities 438 466 Foreign corporate public securities and foreign governments 189 201 Short-term Investments 31 — Total (1) $ 670 $ 718 (1) As of December 31, 2023 and 2022, liabilities to return cash collateral were $499 and $615, respectively, and included in Payables under securities loan agreements, including collateral held on the Consolidated Balance Sheets. The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program. Allowance for credit losses The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented: Year Ended December 31, 2023 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, 2023 $ — $ 6 $ 1 $ — $ 7 Credit losses on securities for which credit losses were not previously recorded 9 — — 1 10 Reductions for securities sold during the period — (2) — — (2) Increase (decrease) on securities with allowance recorded in previous period — (1) — — (1) Balance as of December 31, 2023 $ 9 $ 3 $ 1 $ 1 $ 14 Year Ended December 31, 2022 Residential mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Total Balance as of January 1, 2022 $ 1 $ — $ 47 $ 48 Credit losses on securities for which credit losses were not previously recorded — 6 — 6 Reductions for securities sold during the period — — (49) (49) Increase (decrease) on securities with allowance recorded in previous period (1) — 3 2 Balance as of December 31, 2022 $ — $ 6 $ 1 $ 7 For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements. Unrealized Capital Losses The following table present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated: As of December 31, 2023 Twelve Months or Less More Than Twelve Months Below Amortized Cost Total Fair Unrealized Capital Losses Fair Unrealized Capital Losses Fair Unrealized Capital Losses U.S. Treasuries $ 60 $ 2 $ 105 $ 23 $ 165 $ 25 U.S. Government, agencies and authorities — — 17 2 17 2 State, municipalities and political subdivisions 16 — 528 70 544 70 U.S. corporate public securities 215 13 4,233 746 4,448 759 U.S. corporate private securities 128 5 2,653 251 2,781 256 Foreign corporate public securities and foreign governments 70 1 1,385 215 1,455 216 Foreign corporate private securities 151 4 1,744 101 1,895 105 Residential mortgage-backed 74 2 803 122 877 124 Commercial mortgage-backed 52 3 2,252 412 2,304 415 Other asset-backed 97 3 744 40 841 43 Total $ 863 $ 33 $ 14,464 $ 1,982 $ 15,327 $ 2,015 As of December 31, 2022 Twelve Months or Less More Than Twelve Months Total Fair Unrealized Capital Losses Fair Unrealized Capital Losses Fair Unrealized Capital Losses U.S. Treasuries $ 223 $ 30 $ 2 $ 1 $ 225 $ 31 U.S. Government, agencies and authorities 30 3 — — 30 3 State, municipalities and political subdivisions 545 85 15 7 560 92 U.S. corporate public securities 4,290 613 998 419 5,288 1,032 U.S. corporate private securities 2,819 264 331 64 3,150 328 Foreign corporate public securities and foreign governments 1,509 201 298 116 1,807 317 Foreign corporate private securities 2,203 173 52 11 2,255 184 Residential mortgage-backed 1,065 78 328 75 1,393 153 Commercial mortgage-backed 1,792 252 759 127 2,551 379 Other asset-backed 912 68 360 41 1,272 109 Total $ 15,388 $ 1,767 $ 3,143 $ 861 $ 18,531 $ 2,628 As of December 31, 2023, the average duration of our fixed maturities portfolio, including securities pledged, is between 6.5 and 7 years. As of December 31, 2023 and 2022, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. Evaluating Securities for Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired. For the years ended December 31, 2023, 2022 and 2021 intent impairments included in the Consolidated Statements of Operations, but excluding impairments included in Other comprehensive income (loss), were $23, $17 and $2 respectively. The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company's previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. Debt Restructuring Upon the adoption of ASU 2022-02 as of January 1, 2023, the Company no longer identifies certain debt modifications as troubled debt restructuring, but instead evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the year ended December 31, 2023, the Company had no material debt modifications that require such disclosure. Mortgage Loans on Real Estate The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2023 $ 113 $ 152 $ — $ — $ — $ 265 2022 215 282 73 — — 570 2021 191 181 197 — — 569 2020 137 93 — 10 11 251 2019 173 54 20 — — 247 Prior 1,878 246 3 — 19 2,146 Total $ 2,707 $ 1,008 $ 293 $ 10 $ 30 $ 4,048 As of December 31, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 210 $ 283 $ 63 $ — $ — $ 556 2021 187 229 239 10 — 665 2020 98 170 24 10 — 302 2019 167 72 20 — — 259 2018 123 34 3 — — 160 Prior 1,866 399 20 — — 2,285 Total $ 2,651 $ 1,187 $ 369 $ 20 $ — $ 4,227 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 133 $ 83 $ 49 $ — $ 265 2022 173 54 172 171 570 2021 205 12 51 301 569 2020 175 20 16 40 251 2019 151 19 62 15 247 Prior 1,619 197 212 118 2,146 Total $ 2,456 $ 385 $ 562 $ 645 $ 4,048 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 278 $ 89 $ 171 $ 18 $ 556 2021 212 24 248 181 665 2020 211 9 10 72 302 2019 161 40 53 5 259 2018 93 21 46 — 160 Prior 1,569 331 171 214 2,285 Total $ 2,524 $ 514 $ 699 $ 490 $ 4,227 *No commercial mortgage loans were secured by land or construction loans The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 51 $ 61 $ 9 $ 75 $ 16 $ 29 $ 2 $ 20 $ 2 $ 265 2022 114 118 46 89 100 81 1 1 20 570 2021 76 44 103 143 96 60 10 36 1 569 2020 53 130 14 8 8 20 — 6 12 251 2019 43 69 6 52 34 4 13 10 16 247 Prior 456 456 616 158 162 140 33 114 11 2146 Total $ 793 $ 878 $ 794 $ 525 $ 416 $ 334 $ 59 $ 187 $ 62 $ 4,048 As of December 31, 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 $ 114 $ 115 $ 46 $ 87 $ 101 $ 73 $ 1 $ 1 $ 18 $ 556 2021 79 53 112 139 97 117 9 37 22 665 2020 64 143 14 14 8 30 — 6 23 302 2019 47 73 6 54 34 5 14 10 16 259 2018 28 55 49 7 7 9 — 5 — 160 Prior 485 466 607 196 172 192 34 116 17 2,285 Total $ 817 $ 905 $ 834 $ 497 $ 419 $ 426 $ 58 $ 175 $ 96 $ 4,227 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 82 $ 122 $ 24 $ 13 $ 24 $ — $ — $ 265 2022 72 233 224 25 10 6 — 570 2021 22 122 310 99 — 8 8 569 2020 49 37 60 105 — — — 251 2019 29 56 124 29 9 — — 247 Prior 559 625 414 342 42 127 37 2,146 Total $ 813 $ 1,195 $ 1,156 $ 613 $ 85 $ 141 $ 45 $ 4,048 As of December 31, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 72 $ 227 $ 216 $ 25 $ 10 $ 6 $ — $ 556 2021 23 144 382 100 — 8 8 665 2020 50 48 80 124 — — — 302 2019 29 58 128 33 11 — — 259 2018 34 69 30 11 — 16 — 160 Prior 633 620 456 372 48 117 39 2,285 Total $ 841 $ 1,166 $ 1,292 $ 665 $ 69 $ 147 $ 47 $ 4,227 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2023 December 31, 2022 Allowance for credit losses, balance at January 1 $ 14 $ 11 Credit losses on mortgage loans for which credit losses were not previously recorded 2 2 Increase (decrease) on mortgage loans with allowance recorded in previous period 8 1 Provision for expected credit losses 24 14 Write-offs (2) — Allowance for credit losses, end of period $ 22 $ 14 The following table presents past due commercial mortgage loans as of the dates indicated: December 31, 2023 December 31, 2022 Delinquency: Current $ 4,037 $ 4,227 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due 11 — Total $ 4,048 $ 4,227 Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of December 31, 2023, the Company had one loan in non-accrual status, with an LTV ratio of 100%. As of December 31, 2022 the Company had no commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the year ended December 31, 2023 was immaterial. There was no interest income recognized on loans in non-accrual status for the year ended December 31, 2022. Net Investment Income The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2023 2022 2021 Fixed maturities $ 1,285 $ 1,411 $ 1,453 Equity securities 10 10 12 Mortgage loans on real estate 196 181 179 Policy loans 8 8 8 Short-term investments and cash equivalents 10 4 3 Limited partnerships and other 82 77 364 Gross investment income 1,591 1,691 2,019 Less: Investment expenses 68 72 70 Net investment income $ 1,523 $ 1,619 $ 1,949 As of December 31, 2023 and 2022, the Company had $7 and $8 respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Net Gains (Losses) Net gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Net gains (losses) are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net gains (losses) were as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Fixed maturities, available-for-sale, including securities pledged $ (27) $ (22) $ 515 Fixed maturities, at fair value option (100) (576) (562) Equity securities, at fair value (4) (26) 6 Derivatives 11 185 (18) Embedded derivatives - fixed maturities (1) (5) (4) Other derivatives — 1 2 Managed custody guarantees (2) (5) 3 Stabilizers (1) 19 30 Mortgage loans (10) — 99 Other investments — — 95 Net gains (losses) $ (134) $ (429) $ 166 Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Proceeds on sales $ 3,356 $ 3,601 $ 5,275 Gross gains 51 68 538 Gross losses 47 76 8 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | The notional amounts and fair values of derivatives were as follows as of the dates indicated: December 31, 2023 December 31, 2022 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1 ) Cash flow hedges: Interest rate contracts $ 10 $ — $ — $ 18 $ — $ — Foreign exchange contracts 597 27 6 596 58 2 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 11,125 186 290 12,470 262 327 Foreign exchange contracts 66 — 2 45 2 — Credit contracts 101 — 1 141 — 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A 1 — N/A 2 — Managed custody guarantees (3) N/A — 8 N/A — 6 Stabilizers (3) N/A — 1 N/A — — Total $ 214 $ 308 $ 324 $ 337 (1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Consolidated Balance Sheets at fair value. (2) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. (3) Included in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets. N/A - Not applicable The Company does not offset any derivative assets and liabilities in the Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated: Gross Amount Recognized (1) Counterparty Netting (2) Cash Collateral Netting (2) Securities Collateral Netting (2) Net receivables/ payables December 31, 2023 Derivative assets $ 213 $ (184) $ (17) $ (8) $ 4 Derivative liabilities 299 (184) (111) (3) 1 December 31, 2022 Derivative assets 321 (263) (51) (6) 1 Derivative liabilities 331 (263) (64) (1) 3 (1) As of December 31, 2023, gross amounts do not exclude asset and liability exchange traded contracts. As of December 31, 2022, gross amounts exclude asset and liability exchange traded contracts of $1 and $0, respectively. (2) Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements. Collateral Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Consolidated Balance Sheets. As of December 31, 2023, the Company held $17 and pledged $112 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2022, the Company held $50 and $62 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2023, the Company delivered $153 of securities and held $10 securities as collateral. As of December 31, 2022, the Company delivered $102 of securities and held $7 securities as collateral. The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Net gains (losses) Net investment income Net investment income and Net gains (losses) Net investment income Net investment income and Net gains (losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ (36) $ (2) $ 58 $ (1) $ 33 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 8 — 9 — 3 The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Net investment income Net gains (losses) Net investment income Net gains (losses) Net investment income Net gains (losses) Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 1,523 $ (134) $ 1,619 $ (429) $ 1,949 $ 166 Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 8 — 9 — 8 (5) The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations areas follows for the periods indicated: Location of Gain (Loss) Recognized on Derivative Year Ended December 31, 2023 2022 2021 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 10 $ 184 $ (16) Foreign exchange contracts Net gains (losses) (1) 4 1 Credit contracts Net gains (losses) 2 (3) 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (1) (5) (4) Managed custody guarantees Net gains (losses) (2) (5) 4 Stabilizers Net gains (losses) (1) 19 30 Total $ 7 $ 194 $ 17 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2023: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 221 $ 54 $ — $ 275 U.S. Government agencies and authorities — 30 — 30 State, municipalities and political subdivisions — 554 — 554 U.S. corporate public securities — 5,592 13 5,605 U.S. corporate private securities — 2,451 1,185 3,636 Foreign corporate public securities and foreign governments (1) — 2,022 — 2,022 Foreign corporate private securities (1) — 1,945 354 2,299 Residential mortgage-backed securities — 2,484 48 2,532 Commercial mortgage-backed securities — 2,358 — 2,358 Other asset-backed securities — 1,491 37 1,528 Total fixed maturities, including securities pledged 221 18,981 1,637 20,839 Equity securities 11 — 54 65 Derivatives: Interest rate contracts 6 180 — 186 Foreign exchange contracts — 27 — 27 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,061 — — 1,061 Assets held in separate accounts 84,329 5,605 348 90,282 Total assets $ 85,628 $ 24,793 $ 2,039 $ 112,460 Liabilities: Stabilizer and MCGs $ — $ — $ 9 $ 9 Derivatives: Interest rate contracts — 290 — 290 Foreign exchange contracts — 8 — 8 Credit contracts — 1 — 1 Total liabilities $ — $ 299 $ 9 $ 308 (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, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 291 $ 86 $ — $ 377 U.S. Government agencies and authorities — 30 — 30 State, municipalities and political subdivisions — 600 — 600 U.S. corporate public securities — 5,925 13 5,938 U.S. corporate private securities — 2,212 1,356 3,568 Foreign corporate public securities and foreign governments (1) — 2,064 2 2,066 Foreign corporate private securities (1) — 2,099 339 2,438 Residential mortgage-backed securities — 2,873 20 2,893 Commercial mortgage-backed securities — 2,599 — 2,599 Other asset-backed securities — 1,258 52 1,310 Total fixed maturities, including securities pledged 291 19,746 1,782 21,819 Equity securities 16 — 117 133 Derivatives: Interest rate contracts 1 261 — 262 Foreign exchange contracts — 60 — 60 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,407 — — 1,407 Assets held in separate accounts 72,065 5,227 347 77,639 Total assets $ 73,780 $ 25,294 $ 2,246 $ 101,320 Liabilities: Stabilizer and MCGs $ — $ — $ 6 $ 6 Derivatives: Interest rate contracts 2 325 — 327 Foreign exchange contracts — 2 — 2 Credit contracts — 2 — 2 Total liabilities $ 2 $ 329 $ 6 $ 337 (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 Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant's perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available. The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows: U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve. U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings. U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields. U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities. RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security. Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the borrower's ability to compete in its relevant market. Using this data, the model generates estimated market values which the Company considers reflective of the fair value of each privately placed bond. Equity securities : Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers. Derivatives : Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third party sources, such as yield curves, exchange rates, S&P 500 Index prices, 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. Stabilizer and MCGs: The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are 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. 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 table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2023 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of December 31 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 $ 13 $ — $ — $ — $ — $ — $ — $ — $ — $ 13 $ — $ — U.S. Corporate private securities 1,356 — 20 109 — (3) (162) 57 (192) 1,185 1 18 Foreign corporate public securities and foreign governments (1) 2 — — — — — — — (2) — — — Foreign corporate private securities (1) 339 2 7 100 — (8) (125) 41 (2) 354 2 6 Residential mortgage-backed securities 20 (3) — 29 — — — 2 — 48 (3) — Other asset-backed securities 52 — — 10 — — (5) — (20) 37 — — Total fixed maturities, including securities pledged 1,782 (1) 27 248 — (11) (292) 100 (216) 1,637 — 24 Equity securities, at fair value 117 (3) — — — — (60) — — 54 — — Stabilizer and MCGs (2) (6) (1) — — (2) — — — — (9) — — Assets held in separate accounts (4) 347 1 — 8 — (21) — 14 (1) 348 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations. (3) The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (3) For financial instruments still held as of December 31, amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the 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 table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2022 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of December 31 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) $ 9 $ — $ — $ — $ — $ — $ 13 $ — $ (1) U.S. Corporate private securities 1,379 — (277) 296 — — (155) 123 (10) 1,356 — (274) Foreign corporate public securities and foreign governments (1) — — — 2 — — — — — 2 — — Foreign corporate private securities (1) 272 (19) (32) 142 — — (30) 110 (104) 339 (3) (32) Residential mortgage-backed securities 34 (16) — 3 — — — — (1) 20 (16) — Other asset-backed securities 33 — (3) 55 — (30) (3) — — 52 — (3) Total fixed maturities, including securities pledged 1,723 (35) (313) 507 — (30) (188) 233 (115) 1,782 (19) (310) Equity securities, at fair value 114 (21) — 24 — — — — — 117 (21) — Stabilizer and MCGs (2) (20) 16 — — (2) — — — — (6) — — Assets held in separate accounts (4) 316 (35) — 191 — (27) — 6 (104) 347 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations. (3) The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (3) For financial instruments still held as of December 31, amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the 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. For the years ended December 31, 2023 and 2022, 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. 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 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: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 20,839 $ 20,839 $ 21,819 $ 21,819 Equity securities 65 65 133 133 Mortgage loans on real estate 4,048 3,829 4,227 3,996 Policy loans 161 161 159 159 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,061 1,061 1,407 1,407 Derivatives 213 213 322 322 Short-term loan to affiliate (2) 295 295 — — Other investments 88 88 132 132 Assets held in separate accounts 90,282 90,282 77,639 77,639 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) 26,867 28,954 29,047 30,098 Funding agreements with fixed maturities 671 672 731 733 Supplementary contracts, immediate annuities and other 231 192 251 192 Stabilizer and MCGs 9 9 6 6 Derivatives 299 299 331 331 Short-term debt (3) 31 31 32 32 Long-term debt (3) 1 1 2 2 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. (2) Included in Other Assets on the Consolidated Balance Sheets. (3) Included in Other Liabilities on the Consolidated Balance Sheets. The following table presents the classification of financial instruments which are not carried at fair value on the Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 Short-term loan to affiliate 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 | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired The following table presents a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Wealth Solutions Deferred and Individual Annuities Balance as of January 1, 2021 $ 568 $ 426 Deferrals of commissions and expenses 55 4 Amortization expense (50) (55) Balance as of December 31, 2021 $ 573 $ 375 Deferrals of commissions and expenses 54 4 Amortization expense (49) (31) Balance as of December 31, 2022 $ 578 $ 348 Deferrals of commissions and expenses 56 3 Amortization expense (45) (30) Balance as of December 31, 2023 $ 589 $ 321 The following table shows a reconciliation of DAC and VOBA balances to the Consolidated Balance Sheets for the periods indicated: December 31, 2023 December 31, 2022 DAC: Wealth Solutions Deferred and Individual Annuities $ 589 $ 578 Other 10 12 VOBA 321 348 Total $ 920 $ 938 There was no loss recognition for VOBA during 2023, 2022 and 2021. The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results or changes in best estimates of future results. Year Amount 2024 $ 23 2025 21 2026 20 2027 18 2028 17 |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance As of December 31, 2023, the Company has reinsurance treaties with 3 unaffiliated reinsurers covering a significant portion of the mortality risks and guaranteed death benefits under its variable contracts. Premiums receivable and reinsurance recoverable was comprised of the following as of the dates indicated: December 31, 2023 2022 Premiums receivable $ — $ (1) Reinsurance recoverable, net of allowance for credit losses 2,899 3,033 Total $ 2,899 $ 3,032 |
Capital Contributions, Dividend
Capital Contributions, Dividends and Statutory Information | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Capital Contributions, Dividends and Statutory Information | Capital Contributions, Dividends and Statutory Information Connecticut insurance law imposes restrictions on a Connecticut insurance company's ability to pay dividends to its parent. These restrictions are based in part on the prior year's statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the Connecticut Insurance Commissioner. Under Connecticut insurance law, an extraordinary dividend or distribution is defined as a dividend or distribution that, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (1) ten percent (10%) of VRIAC's earned statutory surplus at the prior year end or (2) VRIAC's prior year statutory net gain from operations. Connecticut law also prohibits a Connecticut insurer from declaring or paying a dividend except out of its earned surplus unless prior insurance regulatory approval is obtained. During the year ended December 31, 2023, VRIAC declared and paid an ordinary dividend to its Parent in the aggregate amount of $310. During the year ended December 31, 2022, VRIAC declared and paid an ordinary dividend to its Parent in the aggregate amount of $48, as well as an extraordinary dividend in the aggregate amount of $809. During the years ended December 31, 2023 and 2022, VRIAC did not receive capital contributions from its Parent. The Company is subject to minimum risk-based capital ("RBC") requirements established by the Department. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital ("TAC"), as defined by the National Association of Insurance Commissioners ("NAIC"), to RBC requirements, as defined by the NAIC. The Company exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein. The Company is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Department. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. Certain assets that are not admitted under statutory accounting principles are charged directly to surplus. Depending on the regulations of the Department, the entire amount or a portion of an insurance company's asset balance can be non-admitted depending on specific rules regarding admissibility. The most significant non-admitted assets of the Company are typically a portion of deferred tax assets in excess of prescribed thresholds. Statutory net income was $577, $549 and $794 for the years ended December 31, 2023, 2022 and 2021, respectively. Statutory capital and surplus was $2.0 billion and $1.8 billion for the years ended December 31, 2023 and 2022, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [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. December 31, 2023 2022 2021 (2) Fixed maturities, net of impairment $ (1,827) $ (2,544) $ 2,126 Derivatives (1) 57 111 77 Change in current discount rate (335) (349) (391) Deferred income tax asset (liability) 571 712 (253) Total (1,534) (2,070) 1,559 Pension and other postretirement benefits liability, net of tax 3 3 3 AOCI $ (1,531) $ (2,067) $ 1,562 (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 December 31, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $15. (2) Upon adoption of ASU 2018-12 on January 1, 2023, the DAC/VOBA adjustments on available-for-sale securities were reversed as of the January 1, 2021 transition date and in subsequent periods. Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated: Year Ended December 31, 2023 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ 694 $ (146) $ 548 Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations 21 (4) 17 Change in unrealized gains (losses) on available-for-sale securities 715 (150) 565 Derivatives: Derivatives (36) (1) 8 (28) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (18) 4 (14) Change in unrealized gains (losses) on derivatives (54) 12 (42) Change in current discount rate 16 (3) 13 Change in Accumulated other comprehensive income (loss) $ 677 $ (141) $ 536 (1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) consisted of the following for the periods indicated: Year Ended December 31, 2023 2022 2021 Current tax expense (benefit): Federal $ 14 $ — $ (45) Total current tax expense (benefit) 14 — (45) Deferred tax expense (benefit): Federal (1) (51) 201 Total deferred tax expense (benefit) (1) (51) 201 Total income tax expense (benefit) $ 13 $ (51) $ 156 Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated: Year Ended December 31, 2023 2022 2021 Income (loss) before income taxes $ 400 $ 282 $ 952 Tax rate 21.0 % 21.0 % 21.0 % Income tax expense (benefit) at federal statutory rate 84 59 200 Tax effect of: Dividends received deduction (36) (42) (33) Security Life of Denver Company capital loss carryback (1) (23) — — Tax credits (11) (67) (11) Other (1) (1) — Income tax expense (benefit) $ 13 $ (51) $ 156 Effective tax rate 3.2 % (18.1) % 16.4 % (1) See Other Tax Matters section below Temporary Differences The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of the dates indicated, are presented below. December 31, 2023 2022 Deferred tax assets Net unrealized investment losses $ 372 $ 511 Loss carryforwards 183 224 Current discount rate (1) 70 73 Tax credits 65 59 Insurance reserves 61 — Compensation and benefits 57 55 Investments 19 48 Total gross assets 827 970 Less: Valuation allowance — — Assets, net of valuation allowance $ 827 $ 970 Deferred tax liabilities Deferred policy acquisition costs $ (178) $ (181) Insurance reserves — (3) Other liabilities (16) (12) Total gross liabilities (194) (196) Net deferred income tax asset (liability) $ 633 $ 774 (1) Current discount rate is a result of the adoption of ASU 2018-12. See the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements for additional information The following table sets forth the federal and credit carryforwards for tax purposes as of the dates indicated: December 31, 2023 2022 Federal net operating loss carryforward $ 873 (1) $ 1,065 Credit carryforward 65 (2) 59 (1) NOL not subject to expiration (2) Expires between 2025 and 2032 Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTA") will not be realized. As of December 31, 2023 and 2022, the Company had no valuation allowance. However, the application of intra-period tax allocation rules to benefits associated with capital deferred tax assets resulted in a valuation allowance as of December 31, 2023 and 2022 of $128 and $128, respectively, in continuing operations, offset by a corresponding benefit in Other comprehensive income. 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 December 31, 2023, the Company had year-to-date gains primarily on securities of $661 in Other comprehensive income, decreasing the related DTAs. Additionally, operating income remained positive for the period and was largely consistent with the 2022 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgement regarding the realization of deferred tax assets and did not establish a valuation allowance in 2023. Other Tax Matters On January 4, 2021, Voya Financial completed a series of transactions pursuant to a Master Transaction Agreement ("MTA") with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired the Voya Financial's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2022 tax year, which were included in a carryback claim for Voya Financial in accordance with the MTA and resulted in a $23 tax benefit to the Company and decrease to the effective tax rate (the "Security Life of Denver Company capital loss carryback"). Tax Sharing Agreement As of December 31, 2023 and 2022, the Company had a (payable)/receivable to/from Voya Financial of $(16) and $4, respectively, for federal income taxes under the intercompany 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 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. However, 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. Unrecognized Tax Benefits The Company had no unrecognized tax benefits as of December 31, 2023 and 2022. Interest and Penalties The Company recognizes accrued interest and penalties related to unrecognized tax benefits in current income taxes and Income tax expense on the Consolidated Balance Sheets and the Consolidated Statements of Operations, respectively. The Company had no accrued interest as of December 31, 2023 and 2022. Tax Regulatory Matters For the tax years 2021 through 2023, 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 2023 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. Tax Legislative Matters |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Defined Benefit Plan Voya Services Company sponsors the Voya Retirement Plan (the "Retirement Plan"). Substantially all employees of Voya Services Company and its affiliates (excluding certain employees) are eligible to participate. The Retirement Plan is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation (“PBGC”). Beginning January 1, 2012, the Retirement Plan adopted a cash balance pension formula instead of a final average pay ("FAP") formula, allowing all eligible employees to participate in the Retirement Plan. Participants will earn an annual credit equal to 4% of eligible compensation. Interest is credited monthly based on a 30-year U.S. Treasury securities bond rate published by the Internal Revenue Service in the preceding August of each year. The accrued vested cash pension balance benefit is portable; participants can take it if they leave the Company. The costs allocated to the Company for its employees' participation in the Retirement Plan were $12, $14 and $13 for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in Operating expenses in the Consolidated Statements of Operations. Defined Contribution Plan Voya Services Company sponsors the Voya Savings Plan (the "Savings Plan"). Substantially all employees of Voya Services Company and its affiliates (excluding certain employees, including but not limited to Career Agents) are eligible to participate, including the Company's employees other than Company agents. Career Agents are certain, full-time insurance salespeople who have entered into a career agent agreement with the Company and certain other individuals who meet specified eligibility criteria ("Career Agents"). The Savings Plan is a tax qualified defined contribution plan. Savings Plan benefits are not guaranteed by the PBGC. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pre-tax basis. Voya Services Company matches such pre-tax contributions, up to a maximum of 6% of eligible compensation. Matching contributions are subject to a 4-year graded vesting schedule. Contributions made to the Savings Plan are subject to certain limits imposed by applicable law. The costs allocated to the Company for the Savings Plan were $21, $19 and $18, for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in Operating expenses in the Consolidated Statements of Operations. Non-Qualified Retirement Plans The Company, in conjunction with Voya Services Company, offers certain eligible employees (other than Career Agents) a Supplemental Executive Retirement Plan and an Excess Plan (collectively, the "SERPs"). Benefit accruals under Aetna Financial Services SERPs ceased, effective as of December 31, 2001 and participants began accruing benefits under Voya Services SERPs. Benefits under the SERPs are determined based on an eligible employee's years of service and average annual compensation for the highest five years during the last ten years of employment. Effective January 1, 2012, the Supplemental Executive Retirement Plan was amended to coordinate with the amendment of the Retirement Plan from its current final average pay formula to a cash balance formula. The Company, in conjunction with Voya Services Company, sponsors the Pension Plan for Certain Producers of Voya Retirement Insurance and Annuity Company (the "Agents Non-Qualified Plan"). This plan covers Career Agents. The Agents Non-Qualified Plan was frozen effective January 1, 2002. In connection with the termination, all benefit accruals ceased and all accrued benefits were frozen. The SERPs and Agents Non-Qualified Plan are non-qualified defined benefit pension plans, which means all the SERPs benefits are payable from the general assets of the Company and Agents Non-Qualified Plan benefits are payable from the general assets of the Company and Voya Services Company. These non-qualified defined benefit pension plans are not guaranteed by the PBGC. Obligations and Funded Status The following table summarizes the benefit obligations for the SERPs and Agents Non-Qualified Plan as of December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Change in benefit obligation: Benefit obligation, January 1 $ 61 $ 78 Interest cost 3 2 Benefits paid (5) (6) Actuarial (gains) losses on obligation 1 (13) Benefit obligation, December 31 $ 60 $ 61 (1) Includes actuarial loss of $1 due to change in discount rate for the year ended December 31, 2023. The discount rate decreased 0.19% during 2023 driven by a decrease in corporate AA yields. Amounts recognized on the Consolidated Balance Sheets in Other liabilities and in AOCI were as follows as of December 31, 2023 and 2022: December 31, 2023 2022 Accrued benefit cost $ (60) $ (61) Net amount recognized $ (60) $ (61) (1) Accrued benefit cost is included in Other liabilities on the Consolidated Balance Sheets. Assumptions The discount rate used in the measurement of the December 31, 2023 and 2022 benefit obligation for the SERPs and Agents Non-Qualified Plan, were as follows: 2023 2022 Discount rate 5.28 % 5.47 % In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries, including a discounted cash flow analysis of the Company's pension obligation and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the SERPs and Agents Non-Qualified Plan. The weighted-average discount rate used in calculating the net pension cost was as follows: 2023 2022 2021 Discount rate 5.47 % 3.00 % 2.67 % Since the benefit plans of the Company are unfunded, an assumption for return on plan assets is not required. Net Periodic Benefit Costs Net periodic benefit costs for the SERPs and Agents Non-Qualified Plan were as follows for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Interest cost $ 3 $ 2 $ 2 Net (gain) loss recognition 1 (13) (3) Net periodic (benefit) cost $ 4 $ (11) $ (1) Expected Future Benefit Payments The following table summarizes the expected benefit payments related to the SERPs and Agents Non-Qualified Plan for the years indicated: 2024 $ 6 2025 6 2026 6 2027 5 2028 5 2029-2033 23 In 2024, the Company is expected to contribute $6 to the SERPs and Agents Non-Qualified Plan. Share Based Compensation Plans Certain employees of the Company participate in the 2013, 2014 and 2019 Omnibus Employee Incentive Plans ("the Omnibus Plans") sponsored by Voya Financial. The Omnibus Plans each permit the granting of a wide range of equity-based awards, including restricted stock units ("RSUs"), performance share units ("PSUs"), and stock options. The Company was allocated compensation expense from Voya Financial of $34, $35 and $34 for the years ended December 31, 2023, 2022 and 2021, respectively. The Company recognized tax benefits of $7, $8 and $8 for the years ended 2023, 2022 and 2021, respectively. All excess tax benefits and tax deficiencies related to share-based compensation are reported in Net Income. Other Benefit Plans In addition, the Company, in conjunction with Voya Services Company, sponsors the following benefit plans: • The Voya 401(k) Plan for VRIAC Agents, which allows participants to defer a specified percentage of eligible compensation on a pre-tax basis. Effective January 1, 2006, the Company match equals 60% of a participant's pre-tax deferral contribution, with a maximum of 6% of the participant's eligible pay. A request for a determination letter on the qualified status of the Voya 401(k) Plan for VRIAC Agents was filed with the IRS on January 1, 2014. A favorable determination letter was received dated August 28, 2014. • The Producers' Incentive Savings Plan, which allows participants to defer up to a specified portion of their eligible compensation on a pre-tax basis. The Company matches such pre-tax contributions at specified amounts. • The Producers' Deferred Compensation Plan, which allows participants to defer up to a specified portion of their eligible compensation on a pre-tax basis. • Certain health care and life insurance benefits for retired employees and their eligible dependents. The postretirement health care plan is contributory, with retiree contribution levels adjusted annually and the Company subsidizes a portion of the monthly per-participant premium. Prior to April 1, 2017, coverage for Medicare eligible retirees was provided through a fully insured Medicare Advantage plan. Effective April 1, 2017, the fully insured Medicare Advantage Plan was replaced with access to individual coverage through a private exchange. The Company's premium subsidy ended and was replaced with a monthly HRA contribution. The Company continues to offer access to medical coverage until retirees become eligible for Medicare. The life insurance plan provides a flat amount of noncontributory coverage and optional contributory coverage. • The Voya Financial Deferred Compensation Savings Plan, which is a non-qualified deferred compensation plan that includes a 401(k) excess component. The benefit charges incurred by the Company related to these plans were immaterial for the years ended December 31, 2023, 2022, and 2021. |
Financing Agreements
Financing Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
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 became effective in June 2001 and 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. During the years ended December 31, 2023, 2022, and 2021, interest on any borrowing by either the Company or Voya Financial was charged at a rate based on the prevailing market rate for similar third-party borrowings for securities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases All of the Company's expenses for leased and subleased office properties are paid for by an affiliate and allocated back to the Company, as all remaining operating leases were executed by Voya Services Company as of December 31, 2008, which resulted in the Company no longer being party to any operating leases. For the years ended December 31, 2023, 2022 and 2021, rent expense for leases was $2, $3 and $3, respectively. 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 December 31, 2023 the Company had off-balance sheet commitments to acquire mortgage loans of $56 and purchase limited partnerships and private placement investments of $689. 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: December 31, 2023 2022 Fixed maturity collateral pledged to FHLB (1) $ 1,205 $ 997 FHLB restricted stock (2) 33 35 Other fixed maturities-state deposits 11 11 Cash and cash equivalents 2 2 Securities pledged (3) 798 792 Total restricted assets $ 2,049 $ 1,837 (1) Included in Fixed maturities, available for sale, at fair value, on the Consolidated Balance Sheets. (2) Included in Other investments on the Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $645 and $690 as of December 31, 2023 and 2022, respectively. In addition, as of December 31, 2023 and 2022, the Company delivered securities as collateral of $153 and $102, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the 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 December 31, 2023 and 2022, the Company had $671 and $730, respectively, in non-putable funding agreements, which are included in Future policy benefits and contract owner account balances on the Consolidated Balance sheets. As of December 31, 2023 and 2022, assets with a market value of approximately $1,205 and $997, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available for sale, at fair value on the Consolidated Balance Sheets. Litigation, Regulatory Matters and Loss Contingencies Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including negligence, breach of contract, fraud, violation of regulation or statute, breach of fiduciary duty, negligent misrepresentation, failure to supervise, elder abuse and other torts. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of December 31, 2023, 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. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. The court largely dismissed the claims for breach of fiduciary duty. The remaining claims concern allegations of breaches of the ERISA prohibited transactions rule and a claim for failure to monitor the Voya Small Cap Growth fund. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions Operating Agreements VRIAC has certain agreements whereby it generates revenues and incurs expenses with affiliated entities. The agreements are as follows: • Investment Advisory agreement with Voya Investment Management LLC ("VIM"), an affiliate, in which VIM provides asset management, administrative and accounting services for VRIAC's general account. VRIAC incurs a fee, which is paid quarterly, based on the value of the assets under management. For the years ended December 31, 2023, 2022 and 2021, expenses were incurred in the amounts of $64, $68 and $69, respectively. • Services agreements with Voya Services Company and other insurance and non-insurance company affiliates for administrative, management, financial and information technology services. For the years ended December 31, 2023, 2022 and 2021, expenses were incurred in the amounts of $457, $454 and $505, respectively. • Intercompany agreement with VIM, as amended pursuant to which VIM agreed, effective January 1, 2010, to pay the Company, on a monthly basis, a portion of the revenues VIM earns as investment adviser to certain U.S. registered investment companies that are investment options under certain of the Company's variable insurance products. For the years ended December 31, 2023, 2022 and 2021, revenue under the VIM intercompany agreement was $52, $56 and $67, respectively. • Variable annuity, fixed insurance and mutual fund products issued by VRIAC are sold by Voya Financial Advisors, an affiliate of VRIAC. For the years ended December 31, 2023, 2022 and 2021 commission expenses incurred by VRIAC were $72, $72 and $84, respectively. Management and service contracts and all cost sharing arrangements with other affiliated companies are allocated in accordance with the Company's expense and cost allocation methods. Revenues and expenses recorded as a result of transactions and agreements with affiliates may not be the same as those incurred if the Company was not a wholly owned subsidiary of its Parent. Investment Advisory and Other Fees VFP acts as a distributor of insurance products issued by its affiliates, which may in turn invest in mutual fund products issued by certain of its affiliates. For each of the years ended December 31, 2023, 2022 and 2021, distribution revenues received by VFP related to affiliated mutual fund products were $24, $26, and $31. |
Schedule I. Summary of Investme
Schedule I. Summary of Investments | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I Summary of Investments - Other Than Investments in Affiliates | Voya Retirement Insurance and Annuity Company and Subsidiaries (A wholly owned subsidiary of Voya Holdings Inc.) Schedule I Summary of Investments – Other than Investments in Affiliates As of December 31, 2023 (In millions) Type of Investments Cost Fair Value Amount Shown on Consolidated Balance Sheets Fixed maturities U.S. Treasuries $ 297 $ 275 $ 275 U.S. Government agencies and authorities 32 30 30 State, municipalities and political subdivisions 623 554 554 U.S. corporate public securities 6,291 5,605 5,605 U.S. corporate private securities 3,861 3,636 3,636 Foreign corporate public securities and foreign governments (1) 2,214 2,022 2,022 Foreign corporate private securities (1) 2,385 2,299 2,299 Residential mortgage-backed securities 2,631 2,532 2,532 Commercial mortgage-backed securities 2,781 2,358 2,358 Other asset-backed securities 1,564 1,528 1,528 Total fixed maturities, including securities pledged 22,679 20,839 20,839 Equity securities 65 65 65 Mortgage loans on real estate 4,048 3,829 4,026 Policy loans 161 161 161 Short-term investments 86 86 86 Limited partnerships/corporations 1,046 1,046 1,046 Derivatives (3) 213 213 Other investments 88 88 88 Total investments $ 28,170 $ 26,327 $ 26,524 (1) Primarily U.S. dollar denominated. |
Schedule IV - Reinsurance Infor
Schedule IV - Reinsurance Information | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance Information | Voya Retirement Insurance and Annuity Company and Subsidiaries (A wholly owned subsidiary of Voya Holdings Inc.) Schedule IV Reinsurance Years Ended December 31, 2023, 2022 and 2021 (In millions) Gross Ceded Assumed Net Percentage Year Ended December 31, 2023 Life insurance in force $ 5,903 $ 6,055 $ 152 $ — NM** Premiums: Accident and health insurance — * — * — — * — % Annuity contracts 31 2 — 29 — % Total premiums $ 31 $ 2 $ — $ 29 — % Year Ended December 31, 2022 Life insurance in force $ 6,371 $ 6,536 $ 165 $ — NM** Premiums: Accident and health insurance — * — * — — * — % Annuity contracts 18 2 — 16 — % Total premiums $ 18 $ 2 * $ — $ 16 — % Year Ended December 31, 2021 Life insurance in force $ 7,006 $ 7,184 $ 178 $ — NM** Premiums: Accident and health insurance — * — * — — * — % Annuity contracts 9 2,459 — (2,450) — % Total premiums $ 9 $ 2,459 * $ — $ (2,450) — % * Less than $1 ** Not meaningful |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). |
Estimates and Assumptions | Significant Accounting Policies Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Consolidated Financial Statements. The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability or contain significant accounting estimates: • Valuation of investments and derivatives; • Investment impairments; • Income taxes; and • |
Fair Value Measurement | Fair Value Measurement The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. |
Investments | The Company's fixed maturities are generally designated as available-for-sale. In addition, the Company has fixed maturities accounted for using the fair value option ("FVO"). Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income ("AOCI") and presented net of Deferred income taxes. Trading securities are valued at fair value, with the changes in fair value recorded in Net gains (losses) and interest income recorded in Net investment income in the Consolidated Statements of Operations. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Net gains (losses). Changes in fair value associated with derivatives purchased to hedge CMOs are also recorded in Net gains (losses). Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out ("FIFO") basis. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income. Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. Short-term Investments : Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value. Mortgage Loans on Real Estate : The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, net of allowance for credit losses. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Accrued interest receivable is reported in Accrued investment income on the Consolidated Balance Sheets. Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of debt type, capital market factors, and market vacancy rates, and loan-specific risk characteristics such as debt service coverage ratios (“DSC”), loan-to-value (“LTV”), collateral size, seniority of the loan, segmentation, and property types. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The change in the allowance for credit losses is recorded in Net gains (losses). Loans are written off against the allowance when management believes the uncollectability of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously written-off and expected to be written-off. Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved. For those mortgages that are determined to require foreclosure, expected credit losses are based on the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets. Policy Loans : Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy. Limited Partnerships/Corporations : The Company uses the equity method of accounting for investments in limited partnership interests, which consist primarily of private equity and hedge funds. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, typically not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income. Other Investments : Other investments are comprised primarily of the Company's investment in outstanding common stock of an affiliate, Voya Special Investments, Inc., which is accounted for as an equity method investment. Other investments also include Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Securities Pledged : The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at an agreed-upon percentage of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. See also Repurchase Agreements below. Investment Impairments The Company evaluates its available-for-sale investments quarterly to determine whether a decline in fair value below the amortized cost basis has resulted from credit loss or other factors. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. A severe unrealized loss position on a fixed maturity may not have any impact on (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs. When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net gains (losses) as impairments in the Consolidated Statements of Operations. For available-for-sale securities that do not meet the intent impairment criteria but the Company has determined that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss allowance is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in Other comprehensive income (loss). The Company uses the following methodology and significant inputs in determining whether a credit loss exists: • When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security. • When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions. • The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. Changes in the allowance for credit losses are recorded in Net gains (losses) as impairments. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. |
Derivatives | Derivatives The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset. However, in accordance with the Chicago Mercantile Exchange ("CME") rules related to the variation margin payments, the Company is required to adjust the derivative balances with the variation margin payments related to its cleared derivatives executed through CME. The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Net gains (losses) in the Consolidated Statements of Operations. Gains (losses) and net investment income related to derivatives are reflected as adjustments to reconcile Net cash flows from operating activities, and the net cash activity from derivatives is reflected in Net cash flows from investing activities, in the Consolidated Statements of Cash Flows. Any noncash activity, to the extent it is material, is excluded and reflected in a noncash supplementary schedule related to investing and financing activities. To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. • Fair Value Hedge : For derivative instruments that are designated and qualify as a fair value hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the Consolidated Statements of Operations as impacted by the hedged item. • Cash Flow Hedge : For derivative instruments that are designated and qualify as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is reported as a component of AOCI. Those amounts are subsequently reclassified to earnings when the hedged item affects earnings, and are reported in the same line item in the Consolidated Statements of Operations as impacted by the hedged item. Even if a derivative qualifies for hedge accounting treatment, there may be an element of ineffectiveness of the hedge. The ineffective portion of a hedging relationship subject to hedge accounting is recognized in Net gains (losses). When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Net gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date, or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Net gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Net gains (losses). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired DAC represents policy acquisition costs that have been capitalized and are subject to amortization. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. DAC/VOBA amortization is recorded in Net amortization of Deferred policy acquisition costs and Value of business acquired in the Consolidated Statements of Operations. Amortization Methodologies The Company amortizes DAC/VOBA related to deferred annuity contracts on a constant level basis over the expected term of the related contracts. Contracts are grouped for amortization purposes by market type and issue year cohort using assumptions on a basis consistent with those used in estimating the associated liability or other related balance, where applicable. The principal assumption deemed critical to the DAC/VOBA amortization is the estimated contract term, which incorporates mortality and persistency, and represents management’s best estimate of future outcome. The Company periodically reviews this assumption against actual experience and, based on additional information that becomes available, updates the assumption. Changes in contract term estimates are reflected prospectively in amortization expense as of the beginning of the reporting period in which the change is made. VOBA is subject to recoverability testing; DAC is not. The Company performs testing to assess the recoverability of VOBA on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If VOBA is not deemed recoverable, charges will be applied against the VOBA balance before an additional reserve is established. Internal Replacements Contract owners may periodically exchange one contract for another, or make modifications to an existing contract. These transactions are identified as internal replacements. Internal replacements that are determined to result in substantially unchanged contracts are accounted for as continuations of the replaced contracts. Any costs associated with the issuance of the new contracts are considered maintenance costs and expensed as incurred. Unamortized DAC/VOBA related to the replaced contracts continue to be deferred and amortized in connection with the new contracts. Internal replacements that are determined to result in contracts that are substantially changed are accounted for as extinguishments of the replaced contracts, and any unamortized DAC/VOBA related to the replaced contracts are written off to Net amortization of Deferred policy acquisition costs and Value of business acquired in the Consolidated Statements of Operations. Contract Costs Associated with Certain Revenue Contracts Contract cost assets represent costs incurred to obtain or fulfill contracts for non-insurance financial services that are expected to be recovered and, thus, have been capitalized and are subject to amortization. Capitalized contract costs include incremental costs of obtaining a contract and fulfillment costs that relate directly to a contract and generate or enhance resources of the Company that are used to satisfy performance obligations. Capitalized contract costs are amortized on a straight-line basis over the estimated lives of the contracts, which typically range from 5 to 15 years. Capitalized contract costs are included in Other assets on the Consolidated Balance Sheets, and costs expensed as incurred are included in Operating expenses in the Consolidated Statements of Operations. As of December 31, 2023 and 2022, contract cost assets were $99 and $100, respectively. For the years ended December 31, 2023, 2022 and 2021, amortization expenses of $21, $22 and $23, respectively, were recorded in Operating expenses in the Consolidated Statements of Operations. There was no impairment loss in relation to the contract costs capitalized. |
Future Policy Benefits and Contract Owner Accounts | Future Policy Benefits and Contract Owner Account Balances Future Policy Benefits The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Reserves for payout contracts with life contingencies are equal to the present value of future payments. Principal assumptions used to establish liabilities for future policy benefits include interest rate, mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, inflation, and benefit utilization. Other than interest rate assumptions, these assumptions are based on Company experience and periodically reviewed against industry standards. The Company reviews these assumptions at least annually and updates them if necessary. In addition to assumption updates, the Company adjusts reserves for actual experience in the period in which the experience occurs. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Remeasurements of the reserves as a result of assumption updates and adjustments for actual experience are recognized in Interest credited and other benefits to contract owners/policyholders in the Consolidated Statements of Operations. Interest rates used in discounting the reserves are based on an upper-medium grade (low-credit-risk) fixed-income instrument yield derived from observable market data. A 30-year forward rate is used for periods beyond the last observable market point. Reserves are remeasured quarterly to reflect changes in the discount rate, with the resulting change recorded in AOCI. Locked-in interest rates used to determine interest accretion on reserves for new contracts sold after January 1, 2021 are based on the upper-medium grade (low-credit-risk) fixed-income instrument yield applicable at the time the contract was issued. Locked-in interest accretion rates for contracts in force as of the January 1, 2021 transition date for ASU 2018-12 are based on the locked-in interest rates in effect for those contracts immediately before the transition date. Interest accretion is recorded in Interest credited and other benefits to contract owners/policyholders. Contract Owner Account Balances Contract owner account balances relate to investment-type contracts, as follows: • Account balances for funding agreements with fixed maturities are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract. • Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and range up to 4.5%. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate. |
Product Guarantees and Additional Reserves | Product Guarantees and Additional Reserves The Company calculates additional reserve liabilities for certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Stabilizer and MCG: Guaranteed credited rates give rise to an embedded derivative in the stabilizer ("Stabilizer") products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Future policy benefits and contract owner account balances. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Net gains (losses) in the Consolidated Statements of Operations. The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. The liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks. The discount rate used to determine the fair value of the liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). |
Separate Accounts | Separate Accounts Separate account assets and liabilities generally represent funds maintained to meet specific investment objectives of contract owners or participants who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contract owners. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company or its affiliates. Separate account assets supporting variable options under variable annuity contracts are invested, as designated by the contract owner or participant under a contract, in shares of mutual funds that are managed by the Company, or its affiliates, or in other selected mutual funds not managed by the Company, or its affiliates. The Company reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if: • Such separate accounts are legally recognized; • Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities; • Investments are directed by the contract owner or participant; and • All investment performance, net of contract fees and assessments, is passed through to the contract owner. The Company reports separate account assets that meet the above criteria at fair value on the Consolidated Balance Sheets based on the fair value of the underlying investments. The underlying investments include mutual funds, short term investments, cash and fixed maturities. Separate account liabilities equal separate account assets. Investment income and net realized and unrealized capital gains (losses) of the separate accounts, however, are not reflected in the Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts. |
Repurchase Agreements | Repurchase Agreements The Company engages in dollar repurchase agreements with MBS ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. The Company enters into dollar roll transactions by selling existing MBS and concurrently entering into an agreement to repurchase similar securities within a short time frame at a lower price. Under repurchase agreements, the Company borrows cash from a counterparty at an agreed upon interest rate for an agreed upon time frame and pledges collateral in the form of securities. At the end of the agreement, the counterparty returns the collateral to the Company, and the Company, in turn, repays the loan amount along with the additional agreed upon interest. The Company's policy requires that at all times during the term of the dollar roll and repurchase agreements that cash or other collateral types obtained is sufficient to allow the Company to fund substantially all of the cost of purchasing replacement assets. Cash received is generally invested in short-term investments, which are included in Short-term investments under securities loan agreements, including collateral delivered, with the offsetting obligation to repay the loan included within Payables under securities loan agreements, including collateral held, on the Consolidated Balance Sheets. The carrying value of the securities pledged in dollar rolls and repurchase agreement transactions is included in Securities pledged on the Consolidated Balance Sheets. |
Recognition of Insurance Revenue and Related Benefits | Recognition of Revenue Insurance Revenue and Related Benefits Premiums related to payouts contracts with life contingencies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Interest credited and other benefits to contract owners/policyholders in the Consolidated Statements of Operations when incurred. Amounts received as payment for investment-type, fixed annuities, and payout contracts without life contingencies are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges and are reported in Fee income in the Consolidated Statements of Operations. Surrender charges are reported in Other revenue in the Consolidated Statements of Operations. In addition, the Company earns investment income from the investment of contract deposits in the Company's general account portfolio, which is reported in Net investment income in the Consolidated Statements of Operations. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances. Revenue from Contracts with Customers Revenue for various financial services is measured based on consideration specified in a contract with a customer and is recognized when the Company has satisfied a performance obligation, unless the transaction price includes variable consideration that is constrained; in such case, we recognize revenue when the uncertainty associated with the constrained amount is subsequently resolved. For advisory and recordkeeping and administration ("R&A") services, the Company recognizes revenue as services are provided, generally over time. The Company provides distribution services at a point in time and recognizes the related revenue as consideration is received. Revenue from shareholder servicing is recognized as services are provided over time. Contract terms are typically less than one year, and consideration is variable. Revenue for financial service is recorded in Fee income and Other revenue in the Consolidated Statements of Operations. For a description of principal activities from which the Company generates revenue, see the Business section above for further information. See the Revenue from Contracts with Customers Note in these Consolidated Financial Statements for revenue disaggregated by type of service. |
Income Tax | Income Taxes The Company uses certain assumptions and estimates in determining (a) the income taxes payable or refundable to/from Voya Financial, Inc. for the current year, (b) the provision for income taxes and (c) the deferred income tax assets and liabilities. The provision for income taxes is based on income and expense reported in the financial statements after adjustments for permanent differences between our financial statements and consolidated federal income tax return. Permanent differences include the dividends received deduction. As a result of permanent differences, the effective tax rate reflected in the financial statements may be different than the actual rate in the income tax return. Current income tax receivable or payable is recognized within Other assets or Other liabilities, respectively, in the Consolidated Balance Sheets. Temporary differences between the Company's financial statements and income tax return create deferred tax assets and liabilities. Deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards and tax credit carryforwards. The Company's deferred tax assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including the nature and character of the deferred tax assets and liabilities, the amount and character of book income or losses in recent years, projected future taxable income and future reversals of temporary differences, tax planning strategies we would employ to avoid a tax benefit from expiring unused, and the length of time carryforwards can be utilized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not to be sustained under examination by the applicable taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the applicable taxing authority. For items that meet the more-likely-than-not recognition threshold, the Company measures the tax position as the largest amount of benefit that is more than 50% likely to be realized upon ultimate resolution with the applicable tax authority that has full knowledge of all relevant information. |
Reinsurance | Reinsurance The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for long-duration reinsurance agreements are consistent with those used for the underlying contracts with the exception of the interest accretion rate on reinsurance recoverable assets associated with in-force business reinsured. Ceded Future policy benefits and contract owner account balances are reported gross on the Consolidated Balance Sheets. For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded in Premiums receivable and reinsurance recoverable or Other liabilities, as appropriate, on the Consolidated Balance Sheets. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in Other liabilities, and deposits made are included in Other assets on the Consolidated Balance Sheets. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company reviews assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance at least annually and updates them if necessary. In addition to the assumption updates, the Company adjusts these assets or liabilities for actual experience in the period in which the experience occurs. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. Reinsurance recoverable and deposit asset balances are reported net of the allowance for credit losses in the Company’s Consolidated Balance Sheets. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of capital market factors, counterparty financial information and ratings, and reinsurance agreement-specific risk characteristics such as collateral type, collateral size, and covenant strength. The allowance for credit losses is a valuation account that is deducted from the reinsurance recoverable balance to present the net amount expected to be collected on the reinsurance recoverable. The change in the allowance for credit losses is recorded in Policyholder benefits in the Consolidated Statements of Operations. Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in Premiums receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Interest credited and other benefits to contract owners/policyholders are reported net of reinsurance ceded. The Company currently has a significant concentration of ceded reinsurance with a subsidiary of Lincoln National Corporation ("Lincoln") and Security Life of Denver ("SLD") arising from the disposition of its individual life and annuity business. |
Employee Benefits Plans | Employee Benefits Plans The Company, in conjunction with Voya Services Company, sponsors non-qualified defined benefit pension plans covering eligible employees, sales representatives, and other individuals. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in respect of non-qualified defined benefit pension plans is the present value of the projected pension benefit obligation ("PBO") at the balance sheet date, together with adjustments for unrecognized past service costs. This liability is included in Other liabilities on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans on the Consolidated Balance Sheets. Net periodic benefit cost for the non-qualified defined benefit pension plans is determined using management estimates and actuarial assumptions to derive service cost and interest cost for a particular year and is included in Operating expenses in the Consolidated Statements of Operations. The obligations and expenses associated with these plans require use of assumptions, such as discount rate and rate of future compensation increases and healthcare cost trend rates, as well as assumptions regarding participant demographics, such as age of retirement, withdrawal rates, and mortality. Management determines these assumptions based on a variety of factors, such as currently available market and industry data and expected benefit payout streams. Actual results could vary significantly from assumptions based on changes, such as economic and market conditions, demographics of participants in the plans, and amendments to benefits provided under the plans. These differences may have a significant effect on the Company's Consolidated Financial Statements and liquidity. Actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations. |
Contingencies | Contingencies A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company's best estimate of the ultimate outcome. |
Adoption of New Pronouncements and Future Adoption of Accounting Pronouncements | Adoption of New Pronouncements Long-Duration Contracts The following section provides a description of the Company's adoption of ASU 2018-12 issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements: 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, measured on a retrospective catch-up basis and recognized in the period the update is made. The rate used is required to be updated quarterly, with related changes in the liability recorded in 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. Changes in the instrument-specific credit risk 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. An accounting election may be made to apply the DAC requirements to VOBA. The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholder’s equity. This increase was primarily driven by the removal of DAC/VOBA and premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of future policy benefits and reinsurance recoverable using the discount rate at January 1, 2021. Total shareholder’s equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. Disclosures and post-transition comparative information have been restated to conform to the requirements of ASU 2018-12. The following tables provide additional information related to the transition adjustments: DAC VOBA Wealth Solutions Deferred and Individual Annuities Balance, December 31, 2020 $ 129 $ 40 Adjustment for removal of related balances in AOCI 439 386 Balance, January 1, 2021 $ 568 $ 426 The following table presents information on transition adjustments, net of tax, related to the adoption of ASU 2018-12 for retained earnings and AOCI to arrive at the opening balances as of January 1, 2021: Total Shareholder's equity December 31, 2020 $ 4,897 AOCI Reversal of AOCI adjustments 1,018 Effect of remeasurement of liability at current discount rate (339) Total AOCI adjustments $ 679 Retained Earnings Establishment of MRBs $ (61) Other adjustments 3 Total Retained earnings $ (58) Total adjustment for the adoption of ASU 2018-12 $ 621 Total Shareholder's equity January 1, 2021 $ 5,518 The following table provides a description of the Company's adoption of new ASUs issued by the FASB and the impact of the adoption on the Company's financial statements: Standard Description of Requirements Effective Date and Method of Adoption Effect on the Financial Statements or Other Significant Matters 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. January 1, 2023 on a prospective basis. Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosure changes have been included in the Investments Note to these Consolidated Financial Statements. 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. The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024. Effective December 31, 2023, the Company completed its implementation of ASU 2020-04 and applied the expedient provided for qualifying contract modifications. Adoption of the guidance did not have a material impact on the Company’s financial condition, results of operations, or cash flows. 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 ASU 2023-09, Improvements to Income Tax Disclosures This standard, issued in December 2023, requires the following disclosures: • A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold. • Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold. The amendments are effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-09. ASU 2023-07, Improvements to Reportable Segment Disclosure This standard, issued in November 2023, requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses, including: • Significant expenses regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of profit/loss • Amount and composition of “other segment items” (difference between revenue less significant expenses disclosed, and each reported measure of segment profit/loss) • May report additional measures of profit/loss if the CODM uses more than one measure; however, at least one should be the measure that is most consistent with the principles used in measuring corresponding financial statement amounts • Title and position of the CODM and how the CODM uses the reported measure(s) in assessing segment performance and resource allocation An entity with a single reportable segment must provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in ASC 280. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-07. 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; however, the Company does not expect the adoption to have a material impact on the Company's financial condition and results of operations. |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The following table provides a description of the Company's adoption of new ASUs issued by the FASB and the impact of the adoption on the Company's financial statements: Standard Description of Requirements Effective Date and Method of Adoption Effect on the Financial Statements or Other Significant Matters 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. January 1, 2023 on a prospective basis. Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosure changes have been included in the Investments Note to these Consolidated Financial Statements. 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. The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024. Effective December 31, 2023, the Company completed its implementation of ASU 2020-04 and applied the expedient provided for qualifying contract modifications. Adoption of the guidance did not have a material impact on the Company’s financial condition, results of operations, or cash flows. 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 ASU 2023-09, Improvements to Income Tax Disclosures This standard, issued in December 2023, requires the following disclosures: • A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold. • Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold. The amendments are effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-09. ASU 2023-07, Improvements to Reportable Segment Disclosure This standard, issued in November 2023, requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses, including: • Significant expenses regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of profit/loss • Amount and composition of “other segment items” (difference between revenue less significant expenses disclosed, and each reported measure of segment profit/loss) • May report additional measures of profit/loss if the CODM uses more than one measure; however, at least one should be the measure that is most consistent with the principles used in measuring corresponding financial statement amounts • Title and position of the CODM and how the CODM uses the reported measure(s) in assessing segment performance and resource allocation An entity with a single reportable segment must provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in ASC 280. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-07. 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; however, the Company does not expect the adoption to have a material impact on the Company's financial condition and results of operations. |
Investments (Tables)
Investments (Tables) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Marketable Securities | Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of December 31, 2023: Amortized Gross Gross Embedded Derivatives (2) Allowance for credit losses Fair Fixed maturities: U.S. Treasuries $ 297 $ 3 $ 25 $ — $ — $ 275 U.S. Government agencies and authorities 32 — 2 — — 30 State, municipalities and political subdivisions 623 1 70 — — 554 U.S. corporate public securities 6,291 73 759 — — 5,605 U.S. corporate private securities 3,861 31 256 — — 3,636 Foreign corporate public securities and foreign governments (1) 2,214 27 216 — 3 2,022 Foreign corporate private securities (1) 2,385 20 105 — 1 2,299 Residential mortgage-backed securities 2,631 24 124 1 — 2,532 Commercial mortgage-backed securities 2,781 1 415 — 9 2,358 Other asset-backed securities 1,564 8 43 — 1 1,528 Total fixed maturities, including securities pledged 22,679 188 2,015 1 14 20,839 Less: Securities pledged 855 — 57 — — 798 Total fixed maturities $ 21,824 $ 188 $ 1,958 $ 1 $ 14 $ 20,041 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2022: Amortized Gross Gross Embedded Derivatives (2) Allowance for credit losses Fair Fixed maturities: U.S. Treasuries $ 404 $ 4 $ 31 $ — $ — $ 377 U.S. Government agencies and authorities 33 — 3 — — 30 State, municipalities and political subdivisions 691 1 92 — — 600 U.S. corporate public securities 6,938 32 1,032 — — 5,938 U.S. corporate private securities 3,885 11 328 — — 3,568 Foreign corporate public securities and foreign governments (1) 2,380 9 317 — 6 2,066 Foreign corporate private securities (1) 2,617 6 184 — 1 2,438 Residential mortgage-backed securities 3,023 21 153 2 — 2,893 Commercial mortgage-backed securities 2,978 — 379 — — 2,599 Other asset-backed securities 1,418 1 109 — — 1,310 Total fixed maturities, including securities pledged 24,367 85 2,628 2 7 21,819 Less: Securities pledged 894 3 105 — — 792 Total fixed maturities $ 23,473 $ 82 $ 2,523 $ 2 $ 7 $ 21,027 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations. | |
Investments Classifed by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2023, 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 $ 611 $ 602 After one year through five years 3,069 2,961 After five years through ten years 2,998 2,876 After ten years 9,025 7,982 Mortgage-backed securities 5,412 4,890 Other asset-backed securities 1,564 1,528 Fixed maturities, including securities pledged $ 22,679 $ 20,839 | |
Schedule of Securities Borrowed Under Securities Lending Transactions | The following table presents collateral held by asset class pledged under securities lending as of the dates indicated: December 31, 2023 December 31, 2022 U.S. Treasuries $ 12 $ 51 U.S. corporate public securities 438 466 Foreign corporate public securities and foreign governments 189 201 Short-term Investments 31 — Total (1) $ 670 $ 718 | |
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: Year Ended December 31, 2023 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, 2023 $ — $ 6 $ 1 $ — $ 7 Credit losses on securities for which credit losses were not previously recorded 9 — — 1 10 Reductions for securities sold during the period — (2) — — (2) Increase (decrease) on securities with allowance recorded in previous period — (1) — — (1) Balance as of December 31, 2023 $ 9 $ 3 $ 1 $ 1 $ 14 Year Ended December 31, 2022 Residential mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Total Balance as of January 1, 2022 $ 1 $ — $ 47 $ 48 Credit losses on securities for which credit losses were not previously recorded — 6 — 6 Reductions for securities sold during the period — — (49) (49) Increase (decrease) on securities with allowance recorded in previous period (1) — 3 2 Balance as of December 31, 2022 $ — $ 6 $ 1 $ 7 For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements. | |
Schedule of Unrealized Loss on Investments | As of December 31, 2023 Twelve Months or Less More Than Twelve Months Below Amortized Cost Total Fair Unrealized Capital Losses Fair Unrealized Capital Losses Fair Unrealized Capital Losses U.S. Treasuries $ 60 $ 2 $ 105 $ 23 $ 165 $ 25 U.S. Government, agencies and authorities — — 17 2 17 2 State, municipalities and political subdivisions 16 — 528 70 544 70 U.S. corporate public securities 215 13 4,233 746 4,448 759 U.S. corporate private securities 128 5 2,653 251 2,781 256 Foreign corporate public securities and foreign governments 70 1 1,385 215 1,455 216 Foreign corporate private securities 151 4 1,744 101 1,895 105 Residential mortgage-backed 74 2 803 122 877 124 Commercial mortgage-backed 52 3 2,252 412 2,304 415 Other asset-backed 97 3 744 40 841 43 Total $ 863 $ 33 $ 14,464 $ 1,982 $ 15,327 $ 2,015 As of December 31, 2022 Twelve Months or Less More Than Twelve Months Total Fair Unrealized Capital Losses Fair Unrealized Capital Losses Fair Unrealized Capital Losses U.S. Treasuries $ 223 $ 30 $ 2 $ 1 $ 225 $ 31 U.S. Government, agencies and authorities 30 3 — — 30 3 State, municipalities and political subdivisions 545 85 15 7 560 92 U.S. corporate public securities 4,290 613 998 419 5,288 1,032 U.S. corporate private securities 2,819 264 331 64 3,150 328 Foreign corporate public securities and foreign governments 1,509 201 298 116 1,807 317 Foreign corporate private securities 2,203 173 52 11 2,255 184 Residential mortgage-backed 1,065 78 328 75 1,393 153 Commercial mortgage-backed 1,792 252 759 127 2,551 379 Other asset-backed 912 68 360 41 1,272 109 Total $ 15,388 $ 1,767 $ 3,143 $ 861 $ 18,531 $ 2,628 | |
Mortgage Loans by Loan to Value Ratio | The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2023 $ 113 $ 152 $ — $ — $ — $ 265 2022 215 282 73 — — 570 2021 191 181 197 — — 569 2020 137 93 — 10 11 251 2019 173 54 20 — — 247 Prior 1,878 246 3 — 19 2,146 Total $ 2,707 $ 1,008 $ 293 $ 10 $ 30 $ 4,048 | As of December 31, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 210 $ 283 $ 63 $ — $ — $ 556 2021 187 229 239 10 — 665 2020 98 170 24 10 — 302 2019 167 72 20 — — 259 2018 123 34 3 — — 160 Prior 1,866 399 20 — — 2,285 Total $ 2,651 $ 1,187 $ 369 $ 20 $ — $ 4,227 |
Mortgage Loans by Debt Service Coverage Ratio | The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 133 $ 83 $ 49 $ — $ 265 2022 173 54 172 171 570 2021 205 12 51 301 569 2020 175 20 16 40 251 2019 151 19 62 15 247 Prior 1,619 197 212 118 2,146 Total $ 2,456 $ 385 $ 562 $ 645 $ 4,048 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 278 $ 89 $ 171 $ 18 $ 556 2021 212 24 248 181 665 2020 211 9 10 72 302 2019 161 40 53 5 259 2018 93 21 46 — 160 Prior 1,569 331 171 214 2,285 Total $ 2,524 $ 514 $ 699 $ 490 $ 4,227 *No commercial mortgage loans were secured by land or construction loans | |
Mortgage Loans by Geographic Location of Collateral | l mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2023 $ 51 $ 61 $ 9 $ 75 $ 16 $ 29 $ 2 $ 20 $ 2 $ 265 2022 114 118 46 89 100 81 1 1 20 570 2021 76 44 103 143 96 60 10 36 1 569 2020 53 130 14 8 8 20 — 6 12 251 2019 43 69 6 52 34 4 13 10 16 247 Prior 456 456 616 158 162 140 33 114 11 2146 Total $ 793 $ 878 $ 794 $ 525 $ 416 $ 334 $ 59 $ 187 $ 62 $ 4,048 | As of December 31, 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 $ 114 $ 115 $ 46 $ 87 $ 101 $ 73 $ 1 $ 1 $ 18 $ 556 2021 79 53 112 139 97 117 9 37 22 665 2020 64 143 14 14 8 30 — 6 23 302 2019 47 73 6 54 34 5 14 10 16 259 2018 28 55 49 7 7 9 — 5 — 160 Prior 485 466 607 196 172 192 34 116 17 2,285 Total $ 817 $ 905 $ 834 $ 497 $ 419 $ 426 $ 58 $ 175 $ 96 $ 4,227 |
Mortgage Loans by Property Type of Collateral | The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively. As of December 31, 2023 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2023 $ 82 $ 122 $ 24 $ 13 $ 24 $ — $ — $ 265 2022 72 233 224 25 10 6 — 570 2021 22 122 310 99 — 8 8 569 2020 49 37 60 105 — — — 251 2019 29 56 124 29 9 — — 247 Prior 559 625 414 342 42 127 37 2,146 Total $ 813 $ 1,195 $ 1,156 $ 613 $ 85 $ 141 $ 45 $ 4,048 | |
Allowance for Credit Losses for Commercial Mortgage Loans | The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2023 December 31, 2022 Allowance for credit losses, balance at January 1 $ 14 $ 11 Credit losses on mortgage loans for which credit losses were not previously recorded 2 2 Increase (decrease) on mortgage loans with allowance recorded in previous period 8 1 Provision for expected credit losses 24 14 Write-offs (2) — Allowance for credit losses, end of period $ 22 $ 14 | |
Financing Receivable, Past Due | The following table presents past due commercial mortgage loans as of the dates indicated: December 31, 2023 December 31, 2022 Delinquency: Current $ 4,037 $ 4,227 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due 11 — Total $ 4,048 $ 4,227 | |
Net Investment Income | The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2023 2022 2021 Fixed maturities $ 1,285 $ 1,411 $ 1,453 Equity securities 10 10 12 Mortgage loans on real estate 196 181 179 Policy loans 8 8 8 Short-term investments and cash equivalents 10 4 3 Limited partnerships and other 82 77 364 Gross investment income 1,591 1,691 2,019 Less: Investment expenses 68 72 70 Net investment income $ 1,523 $ 1,619 $ 1,949 | |
Realized Gain (Loss) on Investments | Net gains (losses) were as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Fixed maturities, available-for-sale, including securities pledged $ (27) $ (22) $ 515 Fixed maturities, at fair value option (100) (576) (562) Equity securities, at fair value (4) (26) 6 Derivatives 11 185 (18) Embedded derivatives - fixed maturities (1) (5) (4) Other derivatives — 1 2 Managed custody guarantees (2) (5) 3 Stabilizers (1) 19 30 Mortgage loans (10) — 99 Other investments — — 95 Net gains (losses) $ (134) $ (429) $ 166 | |
Gain (Loss) on Investments | Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Proceeds on sales $ 3,356 $ 3,601 $ 5,275 Gross gains 51 68 538 Gross losses 47 76 8 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, 2023 December 31, 2022 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1 ) Cash flow hedges: Interest rate contracts $ 10 $ — $ — $ 18 $ — $ — Foreign exchange contracts 597 27 6 596 58 2 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 11,125 186 290 12,470 262 327 Foreign exchange contracts 66 — 2 45 2 — Credit contracts 101 — 1 141 — 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A 1 — N/A 2 — Managed custody guarantees (3) N/A — 8 N/A — 6 Stabilizers (3) N/A — 1 N/A — — Total $ 214 $ 308 $ 324 $ 337 (1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Consolidated Balance Sheets at fair value. (2) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. (3) Included in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets. N/A - Not applicable |
Offsetting Assets and Liabilities | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Net gains (losses) Net investment income Net investment income and Net gains (losses) Net investment income Net investment income and Net gains (losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ (36) $ (2) $ 58 $ (1) $ 33 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 8 — 9 — 3 The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Year Ended December 31, 2023 2022 2021 Net investment income Net gains (losses) Net investment income Net gains (losses) Net investment income Net gains (losses) Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 1,523 $ (134) $ 1,619 $ (429) $ 1,949 $ 166 Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 8 — 9 — 8 (5) The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations areas follows for the periods indicated: Location of Gain (Loss) Recognized on Derivative Year Ended December 31, 2023 2022 2021 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 10 $ 184 $ (16) Foreign exchange contracts Net gains (losses) (1) 4 1 Credit contracts Net gains (losses) 2 (3) 2 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (1) (5) (4) Managed custody guarantees Net gains (losses) (2) (5) 4 Stabilizers Net gains (losses) (1) 19 30 Total $ 7 $ 194 $ 17 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 221 $ 54 $ — $ 275 U.S. Government agencies and authorities — 30 — 30 State, municipalities and political subdivisions — 554 — 554 U.S. corporate public securities — 5,592 13 5,605 U.S. corporate private securities — 2,451 1,185 3,636 Foreign corporate public securities and foreign governments (1) — 2,022 — 2,022 Foreign corporate private securities (1) — 1,945 354 2,299 Residential mortgage-backed securities — 2,484 48 2,532 Commercial mortgage-backed securities — 2,358 — 2,358 Other asset-backed securities — 1,491 37 1,528 Total fixed maturities, including securities pledged 221 18,981 1,637 20,839 Equity securities 11 — 54 65 Derivatives: Interest rate contracts 6 180 — 186 Foreign exchange contracts — 27 — 27 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,061 — — 1,061 Assets held in separate accounts 84,329 5,605 348 90,282 Total assets $ 85,628 $ 24,793 $ 2,039 $ 112,460 Liabilities: Stabilizer and MCGs $ — $ — $ 9 $ 9 Derivatives: Interest rate contracts — 290 — 290 Foreign exchange contracts — 8 — 8 Credit contracts — 1 — 1 Total liabilities $ — $ 299 $ 9 $ 308 (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, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 291 $ 86 $ — $ 377 U.S. Government agencies and authorities — 30 — 30 State, municipalities and political subdivisions — 600 — 600 U.S. corporate public securities — 5,925 13 5,938 U.S. corporate private securities — 2,212 1,356 3,568 Foreign corporate public securities and foreign governments (1) — 2,064 2 2,066 Foreign corporate private securities (1) — 2,099 339 2,438 Residential mortgage-backed securities — 2,873 20 2,893 Commercial mortgage-backed securities — 2,599 — 2,599 Other asset-backed securities — 1,258 52 1,310 Total fixed maturities, including securities pledged 291 19,746 1,782 21,819 Equity securities 16 — 117 133 Derivatives: Interest rate contracts 1 261 — 262 Foreign exchange contracts — 60 — 60 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,407 — — 1,407 Assets held in separate accounts 72,065 5,227 347 77,639 Total assets $ 73,780 $ 25,294 $ 2,246 $ 101,320 Liabilities: Stabilizer and MCGs $ — $ — $ 6 $ 6 Derivatives: Interest rate contracts 2 325 — 327 Foreign exchange contracts — 2 — 2 Credit contracts — 2 — 2 Total liabilities $ 2 $ 329 $ 6 $ 337 (1) Primarily U.S. dollar denominated. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2023 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of December 31 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 $ 13 $ — $ — $ — $ — $ — $ — $ — $ — $ 13 $ — $ — U.S. Corporate private securities 1,356 — 20 109 — (3) (162) 57 (192) 1,185 1 18 Foreign corporate public securities and foreign governments (1) 2 — — — — — — — (2) — — — Foreign corporate private securities (1) 339 2 7 100 — (8) (125) 41 (2) 354 2 6 Residential mortgage-backed securities 20 (3) — 29 — — — 2 — 48 (3) — Other asset-backed securities 52 — — 10 — — (5) — (20) 37 — — Total fixed maturities, including securities pledged 1,782 (1) 27 248 — (11) (292) 100 (216) 1,637 — 24 Equity securities, at fair value 117 (3) — — — — (60) — — 54 — — Stabilizer and MCGs (2) (6) (1) — — (2) — — — — (9) — — Assets held in separate accounts (4) 347 1 — 8 — (21) — 14 (1) 348 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations. (3) The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (3) For financial instruments still held as of December 31, amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the 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 table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Year Ended December 31, 2022 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of December 31 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) $ 9 $ — $ — $ — $ — $ — $ 13 $ — $ (1) U.S. Corporate private securities 1,379 — (277) 296 — — (155) 123 (10) 1,356 — (274) Foreign corporate public securities and foreign governments (1) — — — 2 — — — — — 2 — — Foreign corporate private securities (1) 272 (19) (32) 142 — — (30) 110 (104) 339 (3) (32) Residential mortgage-backed securities 34 (16) — 3 — — — — (1) 20 (16) — Other asset-backed securities 33 — (3) 55 — (30) (3) — — 52 — (3) Total fixed maturities, including securities pledged 1,723 (35) (313) 507 — (30) (188) 233 (115) 1,782 (19) (310) Equity securities, at fair value 114 (21) — 24 — — — — — 117 (21) — Stabilizer and MCGs (2) (20) 16 — — (2) — — — — (6) — — Assets held in separate accounts (4) 316 (35) — 191 — (27) — 6 (104) 347 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations. (3) The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. (3) For financial instruments still held as of December 31, amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the 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. |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 20,839 $ 20,839 $ 21,819 $ 21,819 Equity securities 65 65 133 133 Mortgage loans on real estate 4,048 3,829 4,227 3,996 Policy loans 161 161 159 159 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,061 1,061 1,407 1,407 Derivatives 213 213 322 322 Short-term loan to affiliate (2) 295 295 — — Other investments 88 88 132 132 Assets held in separate accounts 90,282 90,282 77,639 77,639 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) 26,867 28,954 29,047 30,098 Funding agreements with fixed maturities 671 672 731 733 Supplementary contracts, immediate annuities and other 231 192 251 192 Stabilizer and MCGs 9 9 6 6 Derivatives 299 299 331 331 Short-term debt (3) 31 31 32 32 Long-term debt (3) 1 1 2 2 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. (2) Included in Other Assets on the Consolidated Balance Sheets. (3) Included in Other Liabilities on the Consolidated Balance Sheets. |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following table presents a rollforward of DAC and VOBA for the periods indicated: DAC VOBA Wealth Solutions Deferred and Individual Annuities Balance as of January 1, 2021 $ 568 $ 426 Deferrals of commissions and expenses 55 4 Amortization expense (50) (55) Balance as of December 31, 2021 $ 573 $ 375 Deferrals of commissions and expenses 54 4 Amortization expense (49) (31) Balance as of December 31, 2022 $ 578 $ 348 Deferrals of commissions and expenses 56 3 Amortization expense (45) (30) Balance as of December 31, 2023 $ 589 $ 321 The following table shows a reconciliation of DAC and VOBA balances to the Consolidated Balance Sheets for the periods indicated: December 31, 2023 December 31, 2022 DAC: Wealth Solutions Deferred and Individual Annuities $ 589 $ 578 Other 10 12 VOBA 321 348 Total $ 920 $ 938 There was no loss recognition for VOBA during 2023, 2022 and 2021. The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results or changes in best estimates of future results. |
Intangible Assets Arising from Insurance Contracts Acquired in Business Combination | Year Amount 2024 $ 23 2025 21 2026 20 2027 18 2028 17 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Insurance [Abstract] | |
Schedule of Reinsurance Recoverable | Premiums receivable and reinsurance recoverable was comprised of the following as of the dates indicated: December 31, 2023 2022 Premiums receivable $ — $ (1) Reinsurance recoverable, net of allowance for credit losses 2,899 3,033 Total $ 2,899 $ 3,032 |
Effects of Reinsurance | Information regarding the effect of reinsurance on the Consolidated Statements of Operations is as follows for the periods indicated: Year ended December 31, 2023 2022 2021 Premiums: Direct premiums $ 31 $ 18 $ 9 Reinsurance ceded (2) (2) (2,459) Net premiums $ 29 $ 16 $ (2,450) Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 920 $ 886 $ 899 Reinsurance assumed 4 4 4 Reinsurance ceded (107) (160) (2,388) Net interest credited and other benefits to contract owners / policyholders $ 817 $ 730 $ (1,485) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Shareholder's equity included the following components of AOCI as of the dates indicated. December 31, 2023 2022 2021 (2) Fixed maturities, net of impairment $ (1,827) $ (2,544) $ 2,126 Derivatives (1) 57 111 77 Change in current discount rate (335) (349) (391) Deferred income tax asset (liability) 571 712 (253) Total (1,534) (2,070) 1,559 Pension and other postretirement benefits liability, net of tax 3 3 3 AOCI $ (1,531) $ (2,067) $ 1,562 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated: Year Ended December 31, 2023 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ 694 $ (146) $ 548 Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations 21 (4) 17 Change in unrealized gains (losses) on available-for-sale securities 715 (150) 565 Derivatives: Derivatives (36) (1) 8 (28) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (18) 4 (14) Change in unrealized gains (losses) on derivatives (54) 12 (42) Change in current discount rate 16 (3) 13 Change in Accumulated other comprehensive income (loss) $ 677 $ (141) $ 536 (1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information Year Ended December 31, 2022 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ (4,731) $ 994 $ (3,737) Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations 62 (13) 49 Change in unrealized gains (losses) on available-for-sale securities (4,669) 981 (3,688) Derivatives: Derivatives 54 (1) (11) 43 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (20) 4 (16) Change in unrealized gains (losses) on derivatives 34 (7) 27 Change in current discount rate 41 (9) 32 Change in Accumulated other comprehensive income (loss) $ (4,594) $ 965 $ (3,629) (1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. Year Ended December 31, 2021 Before-Tax Amount Income Tax (Benefit) After-Tax Amount Available-for-sale securities: Fixed maturities $ (755) $ 159 $ (596) Other (2) — (2) Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations (549) 115 (434) Change in unrealized gains (losses) on available-for-sale securities (1,306) 274 (1,032) Derivatives: Derivatives 25 (1) (5) 20 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (21) 4 (17) Change in unrealized gains (losses) on derivatives 4 (1) 3 Change in current discount rate 39 (8) 31 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (1) (2) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in Accumulated other comprehensive income (loss) $ (1,264) $ 265 $ (999) . (1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following for the periods indicated: Year Ended December 31, 2023 2022 2021 Current tax expense (benefit): Federal $ 14 $ — $ (45) Total current tax expense (benefit) 14 — (45) Deferred tax expense (benefit): Federal (1) (51) 201 Total deferred tax expense (benefit) (1) (51) 201 Total income tax expense (benefit) $ 13 $ (51) $ 156 |
Schedule of Effective Income Tax Rate Reconciliation | Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated: Year Ended December 31, 2023 2022 2021 Income (loss) before income taxes $ 400 $ 282 $ 952 Tax rate 21.0 % 21.0 % 21.0 % Income tax expense (benefit) at federal statutory rate 84 59 200 Tax effect of: Dividends received deduction (36) (42) (33) Security Life of Denver Company capital loss carryback (1) (23) — — Tax credits (11) (67) (11) Other (1) (1) — Income tax expense (benefit) $ 13 $ (51) $ 156 Effective tax rate 3.2 % (18.1) % 16.4 % (1) See Other Tax Matters section below |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of the dates indicated, are presented below. December 31, 2023 2022 Deferred tax assets Net unrealized investment losses $ 372 $ 511 Loss carryforwards 183 224 Current discount rate (1) 70 73 Tax credits 65 59 Insurance reserves 61 — Compensation and benefits 57 55 Investments 19 48 Total gross assets 827 970 Less: Valuation allowance — — Assets, net of valuation allowance $ 827 $ 970 Deferred tax liabilities Deferred policy acquisition costs $ (178) $ (181) Insurance reserves — (3) Other liabilities (16) (12) Total gross liabilities (194) (196) Net deferred income tax asset (liability) $ 633 $ 774 (1) Current discount rate is a result of the adoption of ASU 2018-12. See the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements for additional information |
Summary of Operating Loss Carryforwards | December 31, 2023 2022 Federal net operating loss carryforward $ 873 (1) $ 1,065 Credit carryforward 65 (2) 59 (1) NOL not subject to expiration (2) Expires between 2025 and 2032 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following table summarizes the benefit obligations for the SERPs and Agents Non-Qualified Plan as of December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Change in benefit obligation: Benefit obligation, January 1 $ 61 $ 78 Interest cost 3 2 Benefits paid (5) (6) Actuarial (gains) losses on obligation 1 (13) Benefit obligation, December 31 $ 60 $ 61 |
Schedule of Amounts Recognized in Consolidated Balance Sheets | Amounts recognized on the Consolidated Balance Sheets in Other liabilities and in AOCI were as follows as of December 31, 2023 and 2022: December 31, 2023 2022 Accrued benefit cost $ (60) $ (61) Net amount recognized $ (60) $ (61) |
Schedule of Weighted Average Assumptions Used | The discount rate used in the measurement of the December 31, 2023 and 2022 benefit obligation for the SERPs and Agents Non-Qualified Plan, were as follows: 2023 2022 Discount rate 5.28 % 5.47 % The weighted-average discount rate used in calculating the net pension cost was as follows: 2023 2022 2021 Discount rate 5.47 % 3.00 % 2.67 % |
Schedule of Net Periodic Benefit Costs | Net Periodic Benefit Costs Net periodic benefit costs for the SERPs and Agents Non-Qualified Plan were as follows for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Interest cost $ 3 $ 2 $ 2 Net (gain) loss recognition 1 (13) (3) Net periodic (benefit) cost $ 4 $ (11) $ (1) |
Schedule of Expected Benefit Payments | Expected Future Benefit Payments The following table summarizes the expected benefit payments related to the SERPs and Agents Non-Qualified Plan for the years indicated: 2024 $ 6 2025 6 2026 6 2027 5 2028 5 2029-2033 23 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Business and Investments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) Rate shares | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Common stock, shares issued | shares | 55,000 |
Rate required of collateral as a percent of market value of loans securities | Rate | 102% |
Impairment, Long-Lived Asset, Held-for-Use | $ | $ 32 |
Commercial portfolio segment | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Financing receivable, threshold period past due | 60 days |
Financing receivable, threshold past due, nonaccrual | 90 days |
Business, Basis of Presentati_4
Business, Basis of Presentation and Significant Accounting Policies - Assumptions, Contract Costs and Future Policy Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Capitalized Contract Cost, Net | $ 99 | $ 100 | |
Capitalized Contract Cost, Amortization | 21 | $ 22 | $ 23 |
Capitalized Contract Cost, Impairment Loss | $ 0 | ||
Investment Contract | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Credited interest rate maximum on fixed annuities and payout contracts without life contingencies | 4.50% | ||
Minimum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Maximum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Business, Basis of Presentati_5
Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 533 | $ 548 | $ 604 |
Revenue from other sources (non-financial services revenue) | 478 | 472 | 524 |
Total fee income and other revenue | 1,011 | 1,020 | 1,128 |
Capitalized Contract Cost, Impairment Loss | 0 | ||
Accounting Standards Update 2014-09 | |||
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss | 94 | 90 | |
Recordkeeping & administration | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 460 | 473 | 514 |
Distribution & shareholder servicing | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 73 | $ 75 | $ 90 |
Business, Basis of Presentati_6
Business, Basis of Presentation and Significant Accounting Policies - Accounting Policy Adoption (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | $ 4,897 | $ 1,540 | $ 927 | $ 5,080 | |
Accumulated other comprehensive income (loss) | (1,531) | (2,067) | 1,562 | ||
Retained earnings (deficit) | 298 | 213 | |||
Deferred Policy Acquisition Cost | 920 | 938 | |||
Present Value of Future Insurance Profits, Net | 426 | 321 | 348 | 375 | |
Retirement | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Policy Acquisition Cost | 568 | 589 | 578 | 573 | |
Previously Reported | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,897 | ||||
Present Value of Future Insurance Profits, Net | 40 | ||||
Previously Reported | Retirement | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Policy Acquisition Cost | 129 | ||||
Revision of Prior Period, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 5,518 | ||||
Present Value of Future Insurance Profits, Net | 426 | ||||
Revision of Prior Period, Adjustment | Retirement | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Policy Acquisition Cost | $ 568 | ||||
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 621 | ||||
Accumulated Other Comprehensive Income (Loss) | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 1,882 | (1,531) | (2,067) | 1,562 | |
Accumulated Other Comprehensive Income (Loss) | Revision of Prior Period, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1,018 | ||||
Liability for Future Policy Benefit, Remeasurement Gain (Loss) | (339) | ||||
Present Value of Future Insurance Profits, Net | 386 | ||||
Accumulated Other Comprehensive Income (Loss) | Revision of Prior Period, Adjustment | Retirement | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Policy Acquisition Cost | 439 | ||||
Accumulated Other Comprehensive Income (Loss) | Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 679 | ||||
Retained Earnings (Deficit) | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity Attributable to Parent | 139 | $ 298 | $ 213 | $ 324 | |
Retained Earnings (Deficit) | Revision of Prior Period, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk | (61) | ||||
Other Adjustments | 3 | ||||
Retained Earnings (Deficit) | Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (58) |
Business, Basis of Presentati_7
Business, Basis of Presentation and Significant Accounting Policies (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Prior Period Restatment [Line Items] | |
Impairment, Long-Lived Asset, Held-for-Use | $ 32 |
Impairment of Long Lived Assets [Line Items] | |
Impairment, Long-Lived Asset, Held-for-Use | $ 32 |
Investments - Fixed Maturities
Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged, Amortized Cost | $ 855 | $ 894 |
Fixed maturities, allowance for credit losses | 14 | 7 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 297 | 404 |
Gross Unrealized Capital Gains | 3 | 4 |
Gross Unrealized Capital Losses | 25 | 31 |
Embedded Derivatives | 0 | 0 |
Fixed maturities including securities pledged, Fair Value | 275 | 377 |
Fixed maturities, allowance for credit losses | 0 | 0 |
U.S. Government agencies and authorities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 32 | 33 |
Gross Unrealized Capital Gains | 0 | 0 |
Gross Unrealized Capital Losses | 2 | 3 |
Embedded Derivatives | 0 | 0 |
Fixed maturities including securities pledged, Fair Value | 30 | 30 |
Fixed maturities, allowance for credit losses | 0 | 0 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 623 | 691 |
Gross Unrealized Capital Gains | 1 | 1 |
Gross Unrealized Capital Losses | 70 | 92 |
Embedded Derivatives | 0 | 0 |
Fixed maturities including securities pledged, Fair Value | 554 | 600 |
Fixed maturities, allowance for credit losses | 0 | 0 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 6,291 | 6,938 |
Gross Unrealized Capital Gains | 73 | 32 |
Gross Unrealized Capital Losses | 759 | 1,032 |
Embedded Derivatives | 0 | 0 |
Fixed maturities including securities pledged, Fair Value | 5,605 | 5,938 |
Fixed maturities, allowance for credit losses | 0 | 0 |
U.S. corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 3,861 | 3,885 |
Gross Unrealized Capital Gains | 31 | 11 |
Gross Unrealized Capital Losses | 256 | 328 |
Embedded Derivatives | 0 | 0 |
Fixed maturities including securities pledged, Fair Value | 3,636 | 3,568 |
Fixed maturities, allowance for credit losses | 0 | 0 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,214 | 2,380 |
Gross Unrealized Capital Gains | 27 | 9 |
Gross Unrealized Capital Losses | 216 | 317 |
Embedded Derivatives | 0 | 0 |
Fixed maturities including securities pledged, Fair Value | 2,022 | 2,066 |
Fixed maturities, allowance for credit losses | 3 | 6 |
Foreign corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,385 | 2,617 |
Gross Unrealized Capital Gains | 20 | 6 |
Gross Unrealized Capital Losses | 105 | 184 |
Embedded Derivatives | 0 | 0 |
Fixed maturities including securities pledged, Fair Value | 2,299 | 2,438 |
Fixed maturities, allowance for credit losses | 1 | 1 |
Residential mortgage-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,631 | 3,023 |
Gross Unrealized Capital Gains | 24 | 21 |
Gross Unrealized Capital Losses | 124 | 153 |
Embedded Derivatives | 1 | 2 |
Fixed maturities including securities pledged, Fair Value | 2,532 | 2,893 |
Fixed maturities, allowance for credit losses | 0 | 0 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 2,781 | 2,978 |
Gross Unrealized Capital Gains | 1 | 0 |
Gross Unrealized Capital Losses | 415 | 379 |
Embedded Derivatives | 0 | 0 |
Fixed maturities including securities pledged, Fair Value | 2,358 | 2,599 |
Fixed maturities, allowance for credit losses | 9 | 0 |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 1,564 | 1,418 |
Gross Unrealized Capital Gains | 8 | 1 |
Gross Unrealized Capital Losses | 43 | 109 |
Embedded Derivatives | 0 | 0 |
Fixed maturities including securities pledged, Fair Value | 1,528 | 1,310 |
Fixed maturities, allowance for credit losses | 1 | 0 |
Fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 22,679 | 24,367 |
Total fixed maturities, less securities pledged, Amortized Cost | 21,824 | 23,473 |
Gross Unrealized Capital Gains | 188 | 85 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 188 | 82 |
Gross Unrealized Capital Losses | 2,015 | 2,628 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 1,958 | 2,523 |
Embedded Derivatives | 1 | 2 |
Fixed maturities including securities pledged, Fair Value | 20,839 | 21,819 |
Total fixed maturities, less securities pledged, Fair Value | 20,041 | 21,027 |
Fixed maturities, allowance for credit losses | 14 | 7 |
OTTI | 14 | 7 |
Collateral Pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged, Gross Unrealized Capital Losses | 798 | 792 |
Collateral Pledged | Fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged, Amortized Cost | 855 | 894 |
Securities pledged, Gross Unrealized Capital Gains | 0 | 3 |
Securities pledged, Gross Unrealized Capital Losses | 57 | 105 |
Embedded Derivatives | 0 | 0 |
Securities pledged, Gross Unrealized Capital Losses | 798 | 792 |
Fixed maturities, allowance for credit losses | $ 0 | $ 0 |
Investments - Debt Maturities (
Investments - Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
One year or less, Amortized cost | $ 611 | |
After one year through five years, Amortized Cost | 3,069 | |
After five years through ten years, Amortized Cost | 2,998 | |
After ten years, Amortized Cost | 9,025 | |
Debt Securities, Available-for-Sale, Amortized Cost, Total | 22,679 | $ 24,367 |
One year or less, Fair value | 602 | |
After one year through five years, Fair Value | 2,961 | |
After five years through ten years, Fair Value | 2,876 | |
After ten years, Fair Value | 7,982 | |
Fixed maturities including securities pledged, Fair Value | 20,839 | 21,819 |
Mortgage-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 5,412 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 4,890 | |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 1,564 | |
Debt Securities, Available-for-Sale, Amortized Cost, Total | 1,564 | 1,418 |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | 1,528 | |
Fixed maturities including securities pledged, Fair Value | $ 1,528 | $ 1,310 |
Investments - Fixed Maturitie_2
Investments - Fixed Maturities and Equity Securities, Repurchase Agreement, Securities Lending, VIEs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Rate required of collateral as a percent of market value of loans securities | 102% | |
Payables under securities loan agreements, including collateral held | $ 692 | $ 921 |
Collateral Pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities Sold under Agreements to Repurchase, Asset | 0 | |
Securities pledged, Gross Unrealized Capital Losses | 798 | 792 |
Securities pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Fair value of loaned securities | 645 | 690 |
Collateral Securities Repledged, Delivered, or Used | 153 | 102 |
Payables under securities loan agreement, including collateral held | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 499 | 615 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 12 | 51 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 438 | 466 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 189 | 201 |
Payables under securities loan agreements | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 670 | 718 |
Fixed maturities | Collateral Pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities pledged, Gross Unrealized Capital Losses | 798 | 792 |
Short-term investments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | $ 31 | $ 0 |
Investments - Allowance for cre
Investments - Allowance for credit losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance as of January 1, 2020 | $ 7 | $ 48 |
Credit losses on securities for which credit losses were not previously recorded | 10 | 6 |
Increase (decrease) on securities with allowance recorded in previous period | (1) | 2 |
Balance at December 31, 2020 | 14 | 7 |
Financing Receivable, Allowance for Credit Loss, Sale | (2) | 49 |
Residential mortgage-backed securities | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance as of January 1, 2020 | 0 | 1 |
Credit losses on securities for which credit losses were not previously recorded | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | (1) | |
Balance at December 31, 2020 | 0 | |
Financing Receivable, Allowance for Credit Loss, Sale | 0 | |
Commercial mortgage-backed securities | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance as of January 1, 2020 | 0 | |
Credit losses on securities for which credit losses were not previously recorded | 9 | |
Reductions for securities sold during the period | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | |
Balance at December 31, 2020 | 9 | 0 |
Foreign corporate private securities | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance as of January 1, 2020 | 1 | 47 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 3 |
Balance at December 31, 2020 | 1 | 1 |
Financing Receivable, Allowance for Credit Loss, Sale | 0 | 49 |
Other asset-backed securities | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance as of January 1, 2020 | 0 | |
Credit losses on securities for which credit losses were not previously recorded | 1 | |
Reductions for securities sold during the period | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | |
Balance at December 31, 2020 | 1 | 0 |
Foreign corporate public securities and foreign governments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance as of January 1, 2020 | 6 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 6 |
Increase (decrease) on securities with allowance recorded in previous period | (1) | 0 |
Balance at December 31, 2020 | 3 | 6 |
Financing Receivable, Allowance for Credit Loss, Sale | $ (2) | $ 0 |
Investments - Unrealized Capita
Investments - Unrealized Capital Losses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 33 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,982 | $ 861 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 2,015 | 2,628 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 15,388 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 15,327 | 18,531 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 863 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 14,464 | 3,143 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 1,767 | |
Minimum | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fixed Maturities Average Duration | 6 years 6 months | |
Maximum | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Fixed Maturities Average Duration | 7 years | |
U.S. Treasuries | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 23 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 25 | 31 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 223 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 165 | 225 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 60 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 105 | 2 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 30 | |
State, municipalities and political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 70 | 7 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 70 | 92 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 545 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 544 | 560 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 16 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 528 | 15 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 85 | |
U.S. corporate public securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 13 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 746 | 419 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 759 | 1,032 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 4,290 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 4,448 | 5,288 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 215 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 4,233 | 998 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 613 | |
U.S. corporate private securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 5 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 251 | 64 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 256 | 328 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 2,819 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 2,781 | 3,150 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 128 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,653 | 331 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 264 | |
Foreign corporate public securities and foreign governments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 215 | 116 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 216 | 317 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 1,509 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 1,455 | 1,807 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 70 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,385 | 298 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 201 | |
Foreign corporate private securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 4 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 101 | 11 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 105 | 184 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 2,203 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 1,895 | 2,255 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 151 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,744 | 52 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 173 | |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 122 | 75 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 124 | 153 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 1,065 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 877 | 1,393 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 74 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 803 | 328 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 78 | |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 412 | 127 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 415 | 379 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 1,792 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 2,304 | 2,551 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 52 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 2,252 | 759 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 252 | |
Other asset-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 40 | 41 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 43 | 109 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 912 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 841 | 1,272 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 97 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 744 | 360 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 68 | |
U.S. Government agencies and authorities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 3 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 30 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | $ 30 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 3 | |
US Government Corporations and Agencies Securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 2 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | 17 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | $ 17 |
Investments - OTTI (Details)
Investments - OTTI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings | $ 23 | $ 17 | $ 2 |
Investments - Troubled Debt Res
Investments - Troubled Debt Restructuring (Details) - loan | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Nonaccrual, Number Of Loans | 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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate | 75% | |
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral | 100% | |
Benchmark debt service coverage ratio, less than indicates property's operations income is less than debt payments | 100% | |
Mortgage loans, before Allowance for Credit Loss | $ 4,048 | $ 4,227 |
0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 0% | 0% |
Loan to Value Ratio, maximum | 50% | 50% |
Mortgage loans, before Allowance for Credit Loss | $ 2,707 | $ 2,651 |
>50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 50% | 50% |
Loan to Value Ratio, maximum | 60% | 60% |
Mortgage loans, before Allowance for Credit Loss | $ 1,008 | $ 1,187 |
>60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 60% | 60% |
Loan to Value Ratio, maximum | 70% | 70% |
Mortgage loans, before Allowance for Credit Loss | $ 293 | $ 369 |
>70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 70% | 70% |
Loan to Value Ratio, maximum | 80% | 80% |
Mortgage loans, before Allowance for Credit Loss | $ 10 | $ 20 |
>80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 80% | 80% |
Mortgage loans, before Allowance for Credit Loss | $ 30 | $ 0 |
Year of Origination 2021 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 569 | 665 |
Year of Origination 2021 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 191 | 187 |
Year of Origination 2021 | >50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 181 | 229 |
Year of Origination 2021 | >60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 197 | 239 |
Year of Origination 2021 | >70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 10 |
Year of Origination 2021 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 251 | 302 |
Year of Origination 2020 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 137 | 98 |
Year of Origination 2020 | >50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 93 | 170 |
Year of Origination 2020 | >60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 24 |
Year of Origination 2020 | >70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 10 | 10 |
Year of Origination 2020 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 11 | 0 |
Year of Origination 2019 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 247 | 259 |
Year of Origination 2019 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 173 | 167 |
Year of Origination 2019 | >50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 54 | 72 |
Year of Origination 2019 | >60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 20 | 20 |
Year of Origination 2019 | >70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2018 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 2,146 | 160 |
Year of Origination 2018 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 1,878 | 123 |
Year of Origination 2018 | >50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 246 | 34 |
Year of Origination 2018 | >60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 3 | 3 |
Year of Origination 2018 | >70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2018 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 19 | 0 |
Year of Origination 2017 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 2,285 | |
Year of Origination 2017 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 1,866 | |
Year of Origination 2017 | >50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 399 | |
Year of Origination 2017 | >60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 20 | |
Year of Origination 2017 | >70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | |
Year of Origination 2017 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | |
Year of Origination 2023 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 265 | 556 |
Year of Origination 2023 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 113 | |
Year of Origination 2023 | >50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 152 | |
Year of Origination 2023 | >60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | |
Year of Origination 2023 | >70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | |
Year of Origination 2023 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | |
Year of Origination 2022 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 570 | 556 |
Year of Origination 2022 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 215 | 210 |
Year of Origination 2022 | >50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 282 | 283 |
Year of Origination 2022 | >60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 73 | 63 |
Year of Origination 2022 | >70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2022 | >80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | $ 0 | $ 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, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | $ 4,048 | $ 4,227 | |
>1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 150% | 150% | |
Mortgage loans, before Allowance for Credit Loss | $ 2,456 | 2,524 | |
>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% | |
Mortgage loans, before Allowance for Credit Loss | $ 385 | $ 514 | |
>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% | |
Mortgage loans, before Allowance for Credit Loss | $ 562 | $ 699 | |
Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Loans Receivable, Debt Service Coverage Ratio, Maximum | 100% | 100% | |
Mortgage loans, before Allowance for Credit Loss | $ 645 | 490 | |
Year of Origination 2023 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 265 | 556 | |
Year of Origination 2023 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 133 | ||
Year of Origination 2023 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 83 | ||
Year of Origination 2023 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 49 | ||
Year of Origination 2023 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 0 | ||
Year of Origination 2022 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 570 | 556 | |
Year of Origination 2022 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 173 | 278 | |
Year of Origination 2022 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 54 | 89 | |
Year of Origination 2022 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 172 | 171 | |
Year of Origination 2022 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 171 | 18 | |
Year of Origination 2021 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 569 | 665 | |
Year of Origination 2021 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 205 | 212 | |
Year of Origination 2021 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 12 | 24 | |
Year of Origination 2021 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 51 | 248 | |
Year of Origination 2021 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 301 | 181 | |
Year of Origination 2020 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 251 | 302 | |
Year of Origination 2020 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 175 | 211 | |
Year of Origination 2020 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 20 | 9 | |
Year of Origination 2020 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 16 | 10 | |
Year of Origination 2020 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 40 | 72 | |
Year of Origination 2019 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 247 | 259 | |
Year of Origination 2019 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 151 | 161 | |
Year of Origination 2019 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 19 | 40 | |
Year of Origination 2019 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 62 | 53 | |
Year of Origination 2019 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 15 | 5 | |
Year of Origination 2018 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 2,146 | 160 | |
Year of Origination 2018 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 1,619 | 93 | |
Year of Origination 2018 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 197 | 21 | |
Year of Origination 2018 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 212 | 46 | |
Year of Origination 2018 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | $ 118 | 0 | |
Year of Origination 2017 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 2,285 | ||
Year of Origination 2017 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 1,569 | ||
Year of Origination 2017 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 331 | ||
Year of Origination 2017 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | 171 | ||
Year of Origination 2017 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Mortgage loans, before Allowance for Credit Loss | $ 214 |
Investments - Loans by U.S. Reg
Investments - Loans by U.S. Region (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | $ 4,048 | $ 4,227 |
Pacific | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 793 | 817 |
South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 878 | 905 |
Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 794 | 834 |
West South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 525 | 497 |
Mountain | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 416 | 419 |
East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 334 | 426 |
East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 59 | 58 |
West North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 187 | 175 |
East South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 62 | 96 |
Year of Origination 2021 | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 569 | 665 |
Year of Origination 2021 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 76 | 64 |
Year of Origination 2021 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 44 | 143 |
Year of Origination 2021 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 103 | 14 |
Year of Origination 2021 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 143 | 14 |
Year of Origination 2021 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 96 | 8 |
Year of Origination 2021 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 60 | 30 |
Year of Origination 2021 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 10 | 0 |
Year of Origination 2021 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 36 | 6 |
Year of Origination 2021 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 1 | 23 |
Year of Origination 2020 | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 251 | 302 |
Year of Origination 2020 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 53 | 47 |
Year of Origination 2020 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 130 | 73 |
Year of Origination 2020 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 14 | 6 |
Year of Origination 2020 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 8 | 54 |
Year of Origination 2020 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 8 | 34 |
Year of Origination 2020 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 20 | 5 |
Year of Origination 2020 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 14 |
Year of Origination 2020 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 6 | 10 |
Year of Origination 2020 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 12 | 16 |
Year of Origination 2019 | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 247 | 259 |
Year of Origination 2019 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 43 | 28 |
Year of Origination 2019 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 69 | 55 |
Year of Origination 2019 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 6 | 49 |
Year of Origination 2019 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 52 | 7 |
Year of Origination 2019 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 34 | 7 |
Year of Origination 2019 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 4 | 9 |
Year of Origination 2019 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 13 | 0 |
Year of Origination 2019 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 10 | 5 |
Year of Origination 2019 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 16 | 0 |
Year of Origination 2018 | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 2,146 | 160 |
Year of Origination 2018 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 456 | 485 |
Year of Origination 2018 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 456 | 466 |
Year of Origination 2018 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 616 | 607 |
Year of Origination 2018 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 158 | 196 |
Year of Origination 2018 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 162 | 172 |
Year of Origination 2018 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 140 | 192 |
Year of Origination 2018 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 33 | 34 |
Year of Origination 2018 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 114 | 116 |
Year of Origination 2018 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 11 | 17 |
Year of Origination 2017 | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 2,285 | |
Year of Origination 2022 | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 570 | 556 |
Year of Origination 2022 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 114 | 79 |
Year of Origination 2022 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 118 | 53 |
Year of Origination 2022 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 46 | 112 |
Year of Origination 2022 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 89 | 139 |
Year of Origination 2022 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 100 | 97 |
Year of Origination 2022 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 81 | 117 |
Year of Origination 2022 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 1 | 9 |
Year of Origination 2022 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 1 | 37 |
Year of Origination 2022 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 20 | 22 |
Year of Origination 2023 | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 265 | 556 |
Year of Origination 2023 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 51 | 114 |
Year of Origination 2023 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 61 | 115 |
Year of Origination 2023 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 9 | 46 |
Year of Origination 2023 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 75 | 87 |
Year of Origination 2023 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 16 | 101 |
Year of Origination 2023 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 29 | 73 |
Year of Origination 2023 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 2 | 1 |
Year of Origination 2023 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 20 | 1 |
Year of Origination 2023 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | $ 2 | $ 18 |
Investments - Loans by Property
Investments - Loans by Property Type (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | $ 4,048 | $ 4,227 |
Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 813 | 841 |
Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 1,195 | 1,166 |
Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 1,156 | 1,292 |
Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 613 | 665 |
Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 85 | 69 |
Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 141 | 147 |
Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 45 | 47 |
Year of Origination 2023 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 265 | 556 |
Year of Origination 2023 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 82 | |
Year of Origination 2023 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 122 | |
Year of Origination 2023 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 24 | |
Year of Origination 2023 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 13 | |
Year of Origination 2023 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 24 | |
Year of Origination 2023 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | |
Year of Origination 2023 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | |
Year of Origination 2022 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 570 | 556 |
Year of Origination 2022 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 72 | 72 |
Year of Origination 2022 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 233 | 227 |
Year of Origination 2022 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 224 | 216 |
Year of Origination 2022 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 25 | 25 |
Year of Origination 2022 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 10 | 10 |
Year of Origination 2022 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 6 | 6 |
Year of Origination 2022 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2021 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 569 | 665 |
Year of Origination 2021 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 22 | 23 |
Year of Origination 2021 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 122 | 144 |
Year of Origination 2021 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 310 | 382 |
Year of Origination 2021 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 99 | 100 |
Year of Origination 2021 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2021 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 8 | 8 |
Year of Origination 2021 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 8 | 8 |
Year of Origination 2020 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 251 | 302 |
Year of Origination 2020 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 49 | 50 |
Year of Origination 2020 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 37 | 48 |
Year of Origination 2020 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 60 | 80 |
Year of Origination 2020 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 105 | 124 |
Year of Origination 2020 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 247 | 259 |
Year of Origination 2019 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 29 | 29 |
Year of Origination 2019 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 56 | 58 |
Year of Origination 2019 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 124 | 128 |
Year of Origination 2019 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 29 | 33 |
Year of Origination 2019 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 9 | 11 |
Year of Origination 2019 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2018 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 2,146 | 160 |
Year of Origination 2018 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 559 | 34 |
Year of Origination 2018 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 625 | 69 |
Year of Origination 2018 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 414 | 30 |
Year of Origination 2018 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 342 | 11 |
Year of Origination 2018 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 42 | 0 |
Year of Origination 2018 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 127 | 16 |
Year of Origination 2018 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | $ 37 | $ 0 |
Investments - Allowance for Loa
Investments - Allowance for Loan Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance as of January 1, 2020 | $ 7 | $ 48 |
Credit losses on securities for which credit losses were not previously recorded | 10 | 6 |
Increase (decrease) on securities with allowance recorded in previous period | (1) | 2 |
Balance at December 31, 2020 | 14 | 7 |
Commercial portfolio segment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance as of January 1, 2020 | 14 | 11 |
Credit losses on securities for which credit losses were not previously recorded | 2 | 2 |
Increase (decrease) on securities with allowance recorded in previous period | 8 | 1 |
Premium Receivable, Credit Loss Expense (Reversal) | 24 | 14 |
Write-offs | (2) | 0 |
Balance at December 31, 2020 | $ 22 | $ 14 |
Investments - Past due commerci
Investments - Past due commercial mortgage loans (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Nonaccrual, Interest Income | $ 0 | |
Commercial portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, threshold past due, nonaccrual | 90 days | |
Commercial Mortgage Loans in Non-accrual Status | loan | 1 | |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | $ 4,037 | $ 4,227 |
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 | 11 | 0 |
Total Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Past due commercial mortgage loans | $ 4,048 | $ 4,227 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | $ 1,591 | $ 1,691 | $ 2,019 |
Less: Investment expenses | 68 | 72 | 70 |
Net investment income | 1,523 | 1,619 | 1,949 |
Fixed maturities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 1,285 | 1,411 | 1,453 |
Financing Receivable, Nonaccrual | 7 | 8 | |
Equity securities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 10 | 10 | 12 |
Mortgage loans on real estate | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 196 | 181 | 179 |
Policy loans | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 8 | 8 | 8 |
Short-term investments and cash equivalents | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 10 | 4 | 3 |
Limited partnerships and other | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | $ 82 | $ 77 | $ 364 |
Investments - Net Realized Capi
Investments - Net Realized Capital Gains (Losses) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Proceeds from sale of investments | |||
Proceeds on sales | $ 3,356,000,000 | $ 3,601,000,000 | $ 5,275,000,000 |
Debt Securities, Available-for-Sale, Realized Gain | 51,000,000 | 68,000,000 | 538,000,000 |
Debt Securities, Available-for-Sale, Realized Loss | 47,000,000 | 76,000,000 | 8,000,000 |
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | (134,000,000) | (429,000,000) | 166,000,000 |
Mortgage loans on real estate | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | (10,000,000) | 0 | 99,000,000 |
Fixed maturities | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | (1,000,000) | (5,000,000) | (4,000,000) |
Other derivatives, net | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | 0 | 1,000,000 | 2,000,000 |
Standalone derivatives | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | (2,000,000) | (5,000,000) | 3,000,000 |
Stabilizer | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | (1,000,000) | 19,000,000 | 30,000,000 |
Derivatives | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | 11,000,000 | 185,000,000 | (18,000,000) |
Other investments | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | 0 | 0 | 95,000,000 |
Fixed maturities, available-for-sale, including securities pledged | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | (27,000,000) | (22,000,000) | 515,000,000 |
Fixed maturities, at fair value using the fair value option | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | (100,000,000) | (576,000,000) | (562,000,000) |
Equity Securities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Realized capital gains (losses) | $ (4,000,000) | $ (26,000,000) | $ 6,000,000 |
Investments - Loans by Proper_2
Investments - Loans by Property Type (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | $ 4,048 | $ 4,227 |
Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 85 | 69 |
Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 1,195 | 1,166 |
Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 1,156 | 1,292 |
Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 613 | 665 |
Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 141 | 147 |
Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 45 | 47 |
Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 813 | 841 |
Year of Origination 2018 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 2,146 | 160 |
Year of Origination 2018 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 42 | 0 |
Year of Origination 2018 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 625 | 69 |
Year of Origination 2018 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 414 | 30 |
Year of Origination 2018 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 342 | 11 |
Year of Origination 2018 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 127 | 16 |
Year of Origination 2018 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 37 | 0 |
Year of Origination 2018 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 559 | 34 |
Year of Origination 2023 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 265 | 556 |
Year of Origination 2023 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 24 | |
Year of Origination 2023 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 122 | |
Year of Origination 2023 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 24 | |
Year of Origination 2023 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 13 | |
Year of Origination 2023 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | |
Year of Origination 2023 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | |
Year of Origination 2023 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 82 | |
Year of Origination 2022 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 570 | 556 |
Year of Origination 2022 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 10 | 10 |
Year of Origination 2022 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 233 | 227 |
Year of Origination 2022 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 224 | 216 |
Year of Origination 2022 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 25 | 25 |
Year of Origination 2022 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 6 | 6 |
Year of Origination 2022 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2022 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 72 | 72 |
Year of Origination 2021 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 569 | 665 |
Year of Origination 2021 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2021 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 122 | 144 |
Year of Origination 2021 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 310 | 382 |
Year of Origination 2021 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 99 | 100 |
Year of Origination 2021 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 8 | 8 |
Year of Origination 2021 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 8 | 8 |
Year of Origination 2021 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 22 | 23 |
Year of Origination 2020 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 251 | 302 |
Year of Origination 2020 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 37 | 48 |
Year of Origination 2020 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 60 | 80 |
Year of Origination 2020 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 105 | 124 |
Year of Origination 2020 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 49 | 50 |
Year of Origination 2019 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 247 | 259 |
Year of Origination 2019 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 9 | 11 |
Year of Origination 2019 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 56 | 58 |
Year of Origination 2019 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 124 | 128 |
Year of Origination 2019 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 29 | 33 |
Year of Origination 2019 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2019 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | $ 29 | 29 |
Year of Origination 2017 | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 2,285 | |
Year of Origination 2017 | Hotel/Motel | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 48 | |
Year of Origination 2017 | Industrial | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 620 | |
Year of Origination 2017 | Apartments | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 456 | |
Year of Origination 2017 | Office | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 372 | |
Year of Origination 2017 | Other | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 117 | |
Year of Origination 2017 | Mixed Use | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | 39 | |
Year of Origination 2017 | Retail | ||
Real Estate Properties [Line Items] | ||
Mortgage loans, before Allowance for Credit Loss | $ 633 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | $ 214 | $ 324 |
Liability Fair Value | 308 | 337 |
Designated as Hedging Instrument | Cash flow hedges | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 10 | 18 |
Designated as Hedging Instrument | Cash flow hedges | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 597 | 596 |
Designated as Hedging Instrument | Derivatives | Cash flow hedges | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | 0 | 0 |
Designated as Hedging Instrument | Derivatives | Cash flow hedges | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 27 | 58 |
Liability Fair Value | 6 | 2 |
Not Designated as Hedging Instrument | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 11,125 | 12,470 |
Not Designated as Hedging Instrument | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 66 | 45 |
Not Designated as Hedging Instrument | Fixed maturities | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 1 | 2 |
Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Managed custody guarantees(3) | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | 8 | 6 |
Not Designated as Hedging Instrument | Stabilizer | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | 1 | 0 |
Not Designated as Hedging Instrument | Credit Default Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 101 | 141 |
Not Designated as Hedging Instrument | Derivatives | Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 186 | 262 |
Liability Fair Value | 290 | 327 |
Not Designated as Hedging Instrument | Derivatives | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 2 |
Liability Fair Value | 2 | 0 |
Not Designated as Hedging Instrument | Derivatives | Credit Default Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | $ 1 | $ 2 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Assets and liabilities [Line Items] | ||
Excluded assets exchange traded contract | $ 0 | $ 1 |
excluded Liability Exchange Traded Contracts | $ 0 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Payables under securities loan agreement, including collateral held | Over the Counter | ||
Derivatives, Fair Value [Line Items] | ||
Net cash collateral | $ 17 | $ 50 |
Payables under securities loan agreement, including collateral held | Exchange Cleared | ||
Derivatives, Fair Value [Line Items] | ||
Net cash collateral | 112 | 62 |
Securities pledged | ||
Derivatives, Fair Value [Line Items] | ||
Net cash collateral | 10 | 7 |
Collateral Securities Repledged, Delivered, or Used | $ 153 | $ 102 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 7,000,000 | $ 194,000,000 | $ 17,000,000 |
Net investment income | 1,523,000,000 | 1,619,000,000 | 1,949,000,000 |
Realized capital gains (losses) | (134,000,000) | (429,000,000) | 166,000,000 |
Fixed maturities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1,000,000) | (5,000,000) | (4,000,000) |
Realized capital gains (losses) | (1,000,000) | (5,000,000) | (4,000,000) |
Managed custody guarantees(3) | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (2,000,000) | (5,000,000) | 4,000,000 |
Stabilizer | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1,000,000) | 19,000,000 | 30,000,000 |
Realized capital gains (losses) | (1,000,000) | 19,000,000 | 30,000,000 |
Not Designated as Hedging Instrument | Credit Default Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 2,000,000 | (3,000,000) | 2,000,000 |
Not Designated as Hedging Instrument | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 10,000,000 | 184,000,000 | (16,000,000) |
Not Designated as Hedging Instrument | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (1,000,000) | 4,000,000 | 1,000,000 |
Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash flow hedges | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (2,000,000) | (1,000,000) |
Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash flow hedges | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | (36,000,000) | 58,000,000 | 33,000,000 |
Investment Income | Designated as Hedging Instrument | Cash flow hedges | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Investment Income | Designated as Hedging Instrument | Cash flow hedges | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 8,000,000 | 9,000,000 | 3,000,000 |
Net realized gains (losses) on derivatives | 8,000,000 | 9,000,000 | 8,000,000 |
Net gains (losses) | Designated as Hedging Instrument | Cash flow hedges | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net realized gains (losses) on derivatives | $ 0 | $ 0 | $ (5,000,000) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Vaue Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Derivatives | $ 213 | $ 322 |
Separate Account Asset | 90,282 | 77,639 |
Liabilities: | ||
Derivatives | 299 | 331 |
Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 20,839 | 21,819 |
Cash, Cash Equivalents, and Short-term Investments | 1,061 | 1,407 |
Separate Account Asset | 90,282 | 77,639 |
Total assets, fair value | 112,460 | 101,320 |
Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 308 | 337 |
Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 221 | 291 |
Cash, Cash Equivalents, and Short-term Investments | 1,061 | 1,407 |
Separate Account Asset | 84,329 | 72,065 |
Total assets, fair value | 85,628 | 73,780 |
Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 2 |
Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 18,981 | 19,746 |
Cash, Cash Equivalents, and Short-term Investments | 0 | 0 |
Separate Account Asset | 5,605 | 5,227 |
Total assets, fair value | 24,793 | 25,294 |
Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 299 | 329 |
Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 1,637 | 1,782 |
Cash, Cash Equivalents, and Short-term Investments | 0 | 0 |
Separate Account Asset | 348 | 347 |
Total assets, fair value | 2,039 | 2,246 |
Liabilities: | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 9 | 6 |
Fixed maturities | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 20,839 | 21,819 |
U.S. Treasuries | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 275 | 377 |
U.S. Treasuries | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 275 | 377 |
U.S. Treasuries | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 221 | 291 |
U.S. Treasuries | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 54 | 86 |
U.S. Treasuries | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
U.S. Government agencies and authorities | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 30 | 30 |
U.S. Government agencies and authorities | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 30 | 30 |
U.S. Government agencies and authorities | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
U.S. Government agencies and authorities | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 30 | 30 |
U.S. Government agencies and authorities | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 554 | 600 |
State, municipalities and political subdivisions | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 554 | 600 |
State, municipalities and political subdivisions | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
State, municipalities and political subdivisions | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 554 | 600 |
State, municipalities and political subdivisions | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
U.S. corporate public securities | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 5,605 | 5,938 |
U.S. corporate public securities | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 5,605 | 5,938 |
U.S. corporate public securities | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
U.S. corporate public securities | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 5,592 | 5,925 |
U.S. corporate public securities | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 13 | 13 |
U.S. corporate private securities | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 3,636 | 3,568 |
U.S. corporate private securities | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 3,636 | 3,568 |
U.S. corporate private securities | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
U.S. corporate private securities | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,451 | 2,212 |
U.S. corporate private securities | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 1,185 | 1,356 |
Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,022 | 2,066 |
Foreign corporate public securities and foreign governments | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,022 | 2,066 |
Foreign corporate public securities and foreign governments | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
Foreign corporate public securities and foreign governments | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,022 | 2,064 |
Foreign corporate public securities and foreign governments | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 2 |
Foreign corporate private securities | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,299 | 2,438 |
Foreign corporate private securities | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,299 | 2,438 |
Foreign corporate private securities | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
Foreign corporate private securities | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 1,945 | 2,099 |
Foreign corporate private securities | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 354 | 339 |
Residential mortgage-backed securities | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,532 | 2,893 |
Residential mortgage-backed securities | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,532 | 2,893 |
Residential mortgage-backed securities | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
Residential mortgage-backed securities | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,484 | 2,873 |
Residential mortgage-backed securities | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 48 | 20 |
Commercial mortgage-backed securities | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,358 | 2,599 |
Commercial mortgage-backed securities | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,358 | 2,599 |
Commercial mortgage-backed securities | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
Commercial mortgage-backed securities | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 2,358 | 2,599 |
Commercial mortgage-backed securities | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
Asset-backed Securities [Member] | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 1,528 | 1,310 |
Asset-backed Securities [Member] | Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 1,528 | 1,310 |
Asset-backed Securities [Member] | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 0 | 0 |
Asset-backed Securities [Member] | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 1,491 | 1,258 |
Asset-backed Securities [Member] | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities including securities pledged, Fair Value | 37 | 52 |
Equity Securities [Member] | Assets measured on recurring basis | ||
Assets: | ||
Equity Securities, FV-NI | 65 | 133 |
Equity Securities [Member] | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Equity Securities, FV-NI | 11 | 16 |
Equity Securities [Member] | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Equity Securities, FV-NI | 0 | 0 |
Equity Securities [Member] | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Equity Securities, FV-NI | 54 | 117 |
Stabilizer and MCGs | Assets measured on recurring basis | ||
Liabilities: | ||
Guaranteed benefit derivatives | 9 | 6 |
Stabilizer and MCGs | Assets measured on recurring basis | Level 1 | ||
Liabilities: | ||
Guaranteed benefit derivatives | 0 | 0 |
Stabilizer and MCGs | Assets measured on recurring basis | Level 2 | ||
Liabilities: | ||
Guaranteed benefit derivatives | 0 | 0 |
Stabilizer and MCGs | Assets measured on recurring basis | Level 3 | ||
Liabilities: | ||
Guaranteed benefit derivatives | 9 | 6 |
Interest Rate Contract [Member] | Assets measured on recurring basis | ||
Assets: | ||
Derivatives | 186 | 262 |
Liabilities: | ||
Derivatives | 290 | 327 |
Interest Rate Contract [Member] | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 6 | 1 |
Liabilities: | ||
Derivatives | 0 | 2 |
Interest Rate Contract [Member] | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 180 | 261 |
Liabilities: | ||
Derivatives | 290 | 325 |
Interest Rate Contract [Member] | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Foreign Exchange Contract [Member] | Assets measured on recurring basis | ||
Assets: | ||
Derivatives | 27 | 60 |
Liabilities: | ||
Derivatives | 8 | 2 |
Foreign Exchange Contract [Member] | Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Foreign Exchange Contract [Member] | Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 27 | 60 |
Liabilities: | ||
Derivatives | 8 | 2 |
Foreign Exchange Contract [Member] | Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Credit Default Swap [Member] | Assets measured on recurring basis | ||
Liabilities: | ||
Derivatives | 1 | 2 |
Credit Default Swap [Member] | Assets measured on recurring basis | Level 1 | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Credit Default Swap [Member] | Assets measured on recurring basis | Level 2 | ||
Liabilities: | ||
Derivatives | 1 | 2 |
Credit Default Swap [Member] | Assets measured on recurring basis | Level 3 | ||
Liabilities: | ||
Derivatives | $ 0 | $ 0 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Separate Account Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 348 | $ 347 | $ 316 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 1 | (35) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases | 8 | 191 | |
Issuances | 0 | 0 | |
Sales | (21) | (27) | |
Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 14 | 6 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1) | (104) | |
Change in Unrealized Gains (Losses) Included in Earnings(3) | 0 | 0 | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Stabilizer (Investment Only) and MCG Contracts [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | (9) | (6) | (20) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | 16 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |
Purchases | 0 | 0 | |
Issuances | (2) | (2) | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | |
Change in Unrealized Gains (Losses) Included in Earnings(3) | 0 | 0 | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
U.S. corporate public securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 13 | 13 | 5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1) | ||
Purchases | 9 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||
Change in Unrealized Gains (Losses) Included in Earnings(3) | 0 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | (1) | |
U.S. corporate private securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,185 | 1,356 | 1,379 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 20 | (277) | |
Purchases | 109 | 296 | |
Issuances | 0 | ||
Sales | (3) | 0 | |
Settlements | (162) | (155) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 57 | 123 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (192) | (10) | |
Change in Unrealized Gains (Losses) Included in Earnings(3) | 1 | 0 | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 18 | (274) | |
Foreign corporate public securities and foreign governments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2 | ||
Purchases | 2 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (2) | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Foreign corporate private securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 354 | 339 | 272 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 2 | (19) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 7 | (32) | |
Purchases | 100 | 142 | |
Issuances | 0 | ||
Sales | (8) | 0 | |
Settlements | (125) | (30) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 41 | 110 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (2) | (104) | |
Change in Unrealized Gains (Losses) Included in Earnings(3) | 2 | (3) | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 6 | (32) | |
Residential mortgage-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 48 | 20 | 34 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (3) | (16) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | ||
Purchases | 29 | 3 | |
Issuances | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 2 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (1) | ||
Change in Unrealized Gains (Losses) Included in Earnings(3) | (3) | (16) | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Other asset-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 37 | 52 | 33 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (3) | ||
Purchases | 10 | 55 | |
Issuances | 0 | ||
Sales | (30) | ||
Settlements | (5) | (3) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (20) | 0 | |
Change in Unrealized Gains (Losses) Included in Earnings(3) | 0 | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | (3) | |
Fixed maturities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,637 | 1,782 | 1,723 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (1) | (35) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 27 | (313) | |
Purchases | 248 | 507 | |
Issuances | 0 | ||
Sales | (11) | (30) | |
Settlements | (292) | (188) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 100 | 233 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (216) | (115) | |
Change in Unrealized Gains (Losses) Included in Earnings(3) | (19) | ||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 24 | (310) | |
Equity Securities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 54 | 117 | $ 114 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (3) | (21) | |
Purchases | 24 | ||
Settlements | (60) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | ||
Change in Unrealized Gains (Losses) Included in Earnings(3) | (21) | ||
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | $ 213 | $ 322 |
Other Investments | 88 | 132 |
Separate Account Asset | 90,282 | 77,639 |
Derivatives liabilities | 299 | 331 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities including securities pledged, Fair Value | 20,839 | 21,819 |
Equity Securities, FV-NI | 65 | 133 |
Cash, Cash Equivalents, and Short-term Investments | 1,061 | 1,407 |
Derivative assets | 213 | 322 |
Other Investments | 88 | 132 |
Separate Account Asset | 90,282 | 77,639 |
Short Term Loan Affiliate | 295 | 0 |
Short-term Debt | 31 | 32 |
Long-term Debt, Fair Value | 1 | 2 |
Carrying value | Derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | 299 | 331 |
Carrying value | Investment Contract, without a Fixed Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 26,867 | 29,047 |
Carrying value | Investment Contract, with a Fixed Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 671 | 731 |
Carrying value | Supplementary Contracts and Immediate Annuities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 231 | 251 |
Carrying value | Stabilizer and MCGs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 9 | 6 |
Carrying value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 161 | 159 |
Carrying value | Mortgage loans on real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 4,048 | 4,227 |
Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities including securities pledged, Fair Value | 20,839 | 21,819 |
Equity Securities, FV-NI | 65 | 133 |
Cash, Cash Equivalents, and Short-term Investments | 1,061 | 1,407 |
Derivative assets | 213 | 322 |
Other Investments | 88 | 132 |
Separate Account Asset | 90,282 | 77,639 |
Short Term Loan Affiliate | 295 | 0 |
Short-term Debt | 31 | 32 |
Long-term Debt, Fair Value | 1 | 2 |
Fair value | Derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | 299 | 331 |
Fair value | Investment Contract, without a Fixed Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 28,954 | 30,098 |
Fair value | Investment Contract, with a Fixed Maturity [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 672 | 733 |
Fair value | Supplementary Contracts and Immediate Annuities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 192 | 192 |
Fair value | Stabilizer and MCGs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 9 | 6 |
Fair value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 161 | 159 |
Fair value | Mortgage loans on real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 3,829 | $ 3,996 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | $ 938 | ||
Amortization: | |||
Ending balance | 920 | $ 938 | |
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | |||
Beginning balance | 348 | 375 | $ 426 |
Present Value of Future Insurance Profits, Addition from Acquisition | 3 | 4 | 4 |
Present Value of Future Insurance Profits, Amortization Expense | 30 | 31 | 55 |
Ending balance | 321 | 348 | 375 |
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | |||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Amortization | (76) | (81) | (112) |
Estimated amount of VOBA amortization expense, net of interest: | |||
2020 | 23 | ||
2021 | 21 | ||
2022 | 20 | ||
2023 | 18 | ||
2024 | 17 | ||
Retirement | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 578 | 573 | 568 |
Deferred Policy Acquisition Cost, Capitalization | 56 | 54 | 55 |
Amortization: | |||
Deferred Policy Acquisition Costs, Amortization Expense | 45 | 49 | 50 |
Ending balance | 589 | 578 | $ 573 |
Other | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | 12 | ||
Amortization: | |||
Ending balance | $ 10 | $ 12 |
Reserves for Contract Onwer Acc
Reserves for Contract Onwer Account Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | $ 30,577 | $ 32,942 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 11,984 | 12,784 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 265 | 309 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 6,312 | 7,200 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 7,708 | 8,329 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 4 | 4 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 401 | 394 | |
Total discretionary rate setting products | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 26,674 | 29,020 | |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 14,537 | 21,507 | |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 11 | 5,349 | |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 141 | 246 | |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 6,275 | 7,188 | |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 7,708 | 8,329 | |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 4 | 4 | |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 398 | 391 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 4,772 | 2,895 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 4,663 | 2,857 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 73 | 27 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 36 | 11 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 3,496 | 1,938 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 3,451 | 1,903 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 44 | 34 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 1 | 1 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 2,210 | 1,113 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 2,204 | 1,112 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 6 | 1 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 861 | 1,464 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 858 | 1,461 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 3 | 3 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 798 | 103 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 797 | 102 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 1 | 1 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Retirement | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | 25,991 | 27,951 | $ 27,095 |
Policyholder Account Balance, Premium Received | 2,223 | 2,850 | |
Policyholder Account Balance, Policy Charge | (9) | (8) | |
Policyholder Account Balance, Surrender and Withdrawal | (4,900) | (3,874) | |
Transfer to (from) Policyholder Account Balance (to) from General Account | (9) | 1,174 | |
Policyholder Account Balance, Interest Expense | $ 735 | $ 714 | |
Policyholder Account Balance, Weighted Average Crediting Rate | 2.70% | 2.60% | |
Policyholder Account Balance, Net Amount at Risk | $ 116 | $ 154 | |
Policyholder Account Balance, Cash Surrender Value | 25,631 | 27,567 | |
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 515 | 2,006 | |
Retirement | VRIAC-managed institutional/mutual fund plan assets | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Transfer to (from) Policyholder Account Balance (to) from Separate Account | (524) | (802) | |
Other Segments | |||
Reserves for Contract Onwer Account Balances (Table) [Line Items] | |||
Policyholder Account Balance | $ 4,586 | $ 4,991 |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effects of Reinsurance [Line Items] | |||
Policyholder Benefits and Claims Incurred, Ceded | $ (107,000,000) | $ (160,000,000) | $ (2,388,000,000) |
Realized capital gains (losses) | $ (134,000,000) | $ (429,000,000) | $ 166,000,000 |
Reinsurance - Premiums Receivab
Reinsurance - Premiums Receivable and Reinsurance Recoverable (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Insurance [Abstract] | ||
Premiums receivable | $ 0 | $ (1) |
Reinsurance recoverable, net of allowance for credit losses | 2,899 | 3,033 |
Total | $ 2,899 | $ 3,032 |
Reinsurance - Effects of Reinsu
Reinsurance - Effects of Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Insurance [Abstract] | |||
Direct Premiums Earned | $ 31 | $ 18 | $ 9 |
Assumed Premiums Earned | 0 | 0 | 0 |
Ceded Premiums Earned | (2) | (2) | (2,459) |
Total premiums, net | 29 | 16 | (2,450) |
Policyholder Benefits and Claims Incurred, Direct | 920 | 886 | 899 |
Policyholder Benefits and Claims Incurred, Assumed | 4 | 4 | 4 |
Policyholder Benefits and Claims Incurred, Ceded | 107 | 160 | 2,388 |
Policyholder Interest and Other Benefits, Net | 817 | 730 | $ (1,485) |
Effects of Reinsurance [Line Items] | |||
Reinsurance recoverable, net of allowance for credit losses | $ 2,899 | $ 3,033 |
Separate Account Liability (Det
Separate Account Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Separate Account, Liability [Line Items] | |||
Liabilities related to separate accounts | $ 90,282 | $ 77,639 | |
Separate Account Asset | 90,282 | 77,639 | |
Cash Surrender Value | |||
Separate Account, Liability [Line Items] | |||
Separate Account, Liability, Cash Surrender Value, Amount | 81,420 | 68,345 | |
U.S. Government agencies and authorities | |||
Separate Account, Liability [Line Items] | |||
Separate Account Asset | 1,015 | 1,586 | |
Corporate Debt Securities | |||
Separate Account, Liability [Line Items] | |||
Separate Account Asset | 2,528 | 2,307 | |
Separate Account, Mortgage-Backed Security | |||
Separate Account, Liability [Line Items] | |||
Separate Account Asset | 3,231 | 3,434 | |
Separate Account, Equity Security | |||
Separate Account, Liability [Line Items] | |||
Separate Account Asset | 83,065 | 69,774 | |
Separate Account, Cash and Cash Equivalents | |||
Separate Account, Liability [Line Items] | |||
Separate Account Asset | 399 | 311 | |
Asset-Backed Securities, Securitized Loans and Receivables | |||
Separate Account, Liability [Line Items] | |||
Separate Account Asset | 44 | 227 | |
Retirement | |||
Separate Account, Liability [Line Items] | |||
Separate Account, Liability, Surrender and Withdrawal | 10,887 | 9,415 | |
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 515 | 2,006 | |
Liabilities related to separate accounts | 88,615 | 75,569 | $ 93,943 |
Separate Account, Liability, Policyholder Behavior | 10,976 | 10,115 | |
Policyholder Account Balance, Policy Charge | 9 | 8 | |
Separate Account, Liability, Increase (Decrease) from Invested Performance | 13,920 | (16,622) | |
Separate Account, Liability, Policy Charge | (448) | (446) | |
Other Segments | |||
Separate Account, Liability [Line Items] | |||
Liabilities related to separate accounts | 1,667 | 2,070 | |
Wealth Solutions Stabilizer | |||
Separate Account, Liability [Line Items] | |||
Separate Account, Liability, Surrender and Withdrawal | (1,342) | ||
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 0 | ||
Separate Account, Liability, Policyholder Behavior | 940 | ||
Policyholder Account Balance, Policy Charge | (34) | ||
Wealth Solutions Stabilizer | Retirement | |||
Separate Account, Liability [Line Items] | |||
Separate Account, Liability, Surrender and Withdrawal | 1,024 | ||
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 0 | ||
Liabilities related to separate accounts | 7,175 | 7,196 | 8,091 |
Separate Account, Liability, Policyholder Behavior | 957 | ||
Separate Account, Liability, Increase (Decrease) from Invested Performance | 415 | (794) | |
Separate Account, Liability, Policy Charge | (34) | ||
Deferred Variable Annuity | Retirement | |||
Separate Account, Liability [Line Items] | |||
Separate Account, Liability, Surrender and Withdrawal | 9,545 | 8,391 | |
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 2,006 | 515 | |
Liabilities related to separate accounts | 81,440 | 68,373 | $ 85,852 |
Separate Account, Liability, Policyholder Behavior | 10,036 | 9,158 | |
Separate Account, Liability, Increase (Decrease) from Invested Performance | 13,505 | (15,828) | |
Separate Account, Liability, Policy Charge | $ (414) | $ (412) |
Capital Contributions, Divide_2
Capital Contributions, Dividends and Statutory Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends Payable [Line Items] | |||
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded | 10% | ||
Capital contribution from parent | $ 0 | $ 0 | $ 20 |
Statutory net income (loss) | 577 | 549 | $ 794 |
Statutory capital and surplus | 2,000 | 1,800 | |
Contribution of capital | 0 | 0 | |
Parent Company | |||
Dividends Payable [Line Items] | |||
Dividends paid to parent company | $ 310 | 48 | |
Parent Company | CONNECTICUT | |||
Dividends Payable [Line Items] | |||
Dividends paid to parent company | $ 809 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | $ 15 | ||
Derivatives(1) | (57) | $ (111) | $ (77) |
Deferred income tax asset (liability) | 571 | 712 | (253) |
Total | (1,534) | (2,070) | 1,559 |
Pension and other postretirement benefits liability, net of tax | 3 | 3 | 3 |
AOCI | (1,531) | (2,067) | 1,562 |
Fixed maturities, net of impairment | (1,827) | (2,544) | 2,126 |
AOCI, Liability for Future Policy Benefit, before Tax | (335) | (349) | (391) |
Change in OTTI, Income Tax | 0 | ||
Other Comprehensive Income (Loss), Tax | (141) | 965 | 265 |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax | 13 | 32 | 31 |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, Tax | (3) | (9) | (8) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | (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) | ||
Other Comprehensive Income (Loss), before Tax | 677 | (4,594) | (1,264) |
Other Comprehensive Income (Loss), Net of Tax | 536 | (3,629) | (999) |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, before Tax, Portion Attributable to Parent, Total | 715 | (4,669) | (1,306) |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | (150) | 981 | 274 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax, Total | 565 | (3,688) | (1,032) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | $ (12) | $ 7 | $ 1 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Net unrealized gains/losses on securities | $ 694 | $ (4,731) | $ (755) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 21 | 62 | (549) |
Other Comprehensive Income (Loss), Available-for-Sale Securities Adjustment, before Tax, Portion Attributable to Parent, Total | 715 | (4,669) | (1,306) |
Other Comprehensive Income (Loss), Other Investments Adjustment, before Tax | (2) | ||
Net unrealized gains/losses on securities | (146) | 994 | 159 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (4) | ||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | (150) | 981 | 274 |
Other Comprehensive Income (Loss), Deferred Acquisition Costs, Value of Business Acquired (VOBA), and Sales Inducements Adjustment for Available-for-sale Securities, Tax | (13) | 115 | |
Net unrealized gains/losses on securities | 548 | (3,737) | (596) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 17 | ||
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax, Total | 565 | (3,688) | (1,032) |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, Net of Tax, Portion Attributable to Parent | 2 | ||
Other Comprehensive Income (Loss), Deferred Acquisition Costs, Value of Business Acquired (VOBA), and Sales Inducements Adjustment for Available-for-sale Securities, Net of Tax | 49 | (434) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (36) | 54 | 25 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 18 | 20 | 21 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (54) | 34 | 4 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (8) | 11 | 5 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 4 | 4 | 4 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | (12) | 7 | 1 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | (28) | 43 | 20 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 14 | 16 | 17 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | (42) | 27 | 3 |
Change in current discount rate | 16 | 41 | 39 |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, Tax | 3 | 9 | 8 |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax | $ 13 | $ 32 | 31 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (1) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent | 1 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 1 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent | $ (1) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax expense (benefit): | |||
Federal | $ 14 | $ 0 | $ (45) |
Deferred tax expense (benefit): | |||
Federal | (1) | (51) | 201 |
Total deferred tax expense (benefit) | (1) | (51) | 201 |
Income tax expense (benefit) | $ 13 | $ (51) | $ 156 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax rate | 21% | 21% | 21% |
Income tax expense (benefit) at federal statutory rate | $ 84 | $ 59 | $ 200 |
Dividends received deduction | (36) | (42) | (33) |
Tax credit | (11) | (67) | (11) |
Other | (1) | (1) | 0 |
Income tax expense (benefit) | $ 13 | $ (51) | $ 156 |
Effective tax rate | 3.20% | (18.10%) | 16.40% |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 400 | $ 282 | $ 952 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (23) | $ 0 | $ 0 |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Insurance reserves | $ 372 | $ 511 | |
Investments | 19 | 48 | |
Loss carryforwards | 183 | 224 | |
Deferred Tax Assets, Tax Deferred Expense, Other | 70 | 73 | |
Deferred Tax Assets, Tax Credit Carryforwards | 65 | 59 | |
Total gross assets | 827 | 970 | |
Insurance reserves | 0 | (3) | |
Deferred policy acquisition costs | (178) | (181) | |
Other liabilities | (16) | (12) | |
Total gross liabilities | (194) | (196) | |
Deferred Tax Assets, Net | 633 | 774 | |
Federal net operating loss carryforward | 873 | 1,065 | |
Tax Credit Carryforward, Amount | 65 | 59 | |
Other comprehensive income (loss), before tax | 677 | (4,594) | $ (1,264) |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | 61 | 0 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 57 | 55 | |
Valuation allowance, deferred tax assets | 0 | 0 | |
Deferred Tax Assets, Net of Valuation Allowance | $ 827 | $ 970 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowances (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Valuation Allowance [Line Items] | ||
Valuation allowance, deferred tax assets | $ 0 | $ 0 |
Tax valuation allowance allocated to Net income (loss) | ||
Valuation Allowance [Line Items] | ||
Valuation allowance, deferred tax assets | $ 128 | $ 128 |
Income Taxes - Tax Sharing Agre
Income Taxes - Tax Sharing Agreement (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Valuation allowance, deferred tax assets | $ 0 | $ 0 |
Voya Financial, Inc. | ||
Related Party Transaction [Line Items] | ||
Income taxes payable | $ (16) | $ (4) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (23) | $ 0 | $ 0 |
Benefit Plans - Defined Benefit
Benefit Plans - Defined Benefit Plans (Details) - Qualified plan - Pension plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Annual credit earned by participants due to transition from old formula to new formula, percentage of annual pay | 4% | ||
Operating expenses | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Costs allocated to the Company for employees' participation in the Retirement Plan | $ 12 | $ 14 | $ 13 |
Benefit Plans - Defined Contrib
Benefit Plans - Defined Contribution Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, cost allocated | $ 21 | $ 19 | $ 18 |
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Award vesting period | 4 years |
Benefit Plans - Non-Qualified R
Benefit Plans - Non-Qualified Retirement Plans (Details) - Nonqualified plan - Pension plan | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Non-Qualified Retirement Plans [Abstract] | |
Non-qualified retirement plan, number of years of highest average annual compensation used to determine benefits | 5 years |
Maximum | |
Non-Qualified Retirement Plans [Abstract] | |
Non-qualified retirement plan, number of years of highest average annual compensation used to determine benefits | 10 years |
Benefit Plans - Obligations and
Benefit Plans - Obligations and Funded Status (Details) - Nonqualified plan - Pension plan - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation | $ 61 | $ 78 | $ 61 | |
Interest cost | 2 | $ 2 | 3 | |
Benefits paid | (6) | (5) | ||
Actuarial (gains) losses on obligation | $ (13) | 1 | ||
Benefit obligation | 60 | |||
Amounts Recognized in Consolidated Balance Sheets [Abstract] | ||||
Accrued benefit cost | (60) | $ (61) | ||
Accumulated other comprehensive income: | ||||
Net amount recognized | $ (60) | $ (61) |
Benefit Plans - Assumptions (De
Benefit Plans - Assumptions (Details) - Nonqualified plan - Pension plan | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 5.28% | 5.47% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 5.47% | 3% | 2.67% |
Benefit Plans - Net Periodic Be
Benefit Plans - Net Periodic Benefit Costs (Details) - Nonqualified plan - Pension plan - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Periodic Benefit Costs [Abstract] | |||||
Interest cost | $ 2 | $ 2 | $ 3 | ||
Net (gain) loss recognition | 1 | $ (13) | $ (3) | ||
Net periodic benefit cost | $ 4 | $ (11) | $ (1) |
Benefit Plans - Expected Future
Benefit Plans - Expected Future Benefit Payments (Details) - Pension plan - Nonqualified plan $ in Millions | Dec. 31, 2023 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, 2021 | $ 6 |
Defined Benefit Plan, Expected Future Benefit Payment, 2022 | 6 |
Defined Benefit Plan, Expected Future Benefit Payment, 2025-2029 | 23 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 6 |
Defined Benefit Plan, Expected Future Benefit Payment, 2023 | 5 |
Defined Benefit Plan, Expected Future Benefit Payment, 2024 | 5 |
Defined Benefit Plan, Expected Future Benefit Payment, 2020 | $ 6 |
Benefit Plans - Stock Option an
Benefit Plans - Stock Option and Share Plans (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Option and Share Plans [Abstract] | |||||
Allocated stock option and share plan expenses | $ 34 | $ 35 | $ 34 | ||
Tax benefit from allocated stock option and share plan expenses | $ 8 | $ 8 | $ 7 | ||
ING 401(k) Plan for VRIAC Agents | |||||
Stock Option and Share Plans [Abstract] | |||||
Maximum annual contribution per employee | 60% | ||||
Company match, percentage of participant's eligible compensation | 6% |
Financing Agreements (Details)
Financing Agreements (Details) - Voya Financial, Inc. - Reciprocal Loan Agreement - Related Party - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Affiliated entity | |||
Debt Instrument [Line Items] | |||
Other Receivables | $ 295 | $ 0 | |
Interest Income, Operating | 18 | 5 | $ 1 |
Other Receivables | 295 | 0 | |
Loans Payable | |||
Debt Instrument [Line Items] | |||
Accounts Payable, Other | $ 31 | $ 31 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Operating Lease, Expense | $ 2 | $ 3 | $ 3 |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 0 | ||
Loan Purchase Commitments | |||
Loss Contingencies [Line Items] | |||
Long-term Purchase Commitment, Amount | 56 | ||
Investment Purchase Commitment | |||
Loss Contingencies [Line Items] | |||
Long-term Purchase Commitment, Amount | 689 | ||
Federal Home Loan Bank of Boston | Line of Credit | |||
Loss Contingencies [Line Items] | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 671 | $ 730 |
Commitments and Contingencies_2
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Federal Home Loan Bank | $ 1,205 | $ 997 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 33 | 35 |
Debt Securities, Trading | 11 | 11 |
Restricted Cash and Cash Equivalents | 2 | 2 |
Total restricted assets | 2,049 | 1,837 |
Federal Home Loan Bank of Boston | Line of Credit | ||
Loss Contingencies [Line Items] | ||
Pledged Financial Instruments, Not Separately Reported, Securities for Federal Home Loan Bank | 1,205 | 997 |
Collateral Pledged | ||
Loss Contingencies [Line Items] | ||
Securities pledged, Gross Unrealized Capital Losses | 798 | 792 |
Securities pledged | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 645 | 690 |
Securities Pledged under repurchase agreements | $ 153 | $ 102 |
Related Party Transactions - Op
Related Party Transactions - Operating Agreements and Investment Advisory and Other Fees (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Earning related to agreements | $ 993 | $ 979 | $ 1,088 |
Voya Investment Management LLC | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 64 | 68 | 69 |
Earning related to agreements | 52 | 56 | 67 |
Voya Services Company | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 457 | 454 | 505 |
Voya Financial Advisors, Inc | |||
Related Party Transaction [Line Items] | |||
Commission expenses incurred | 72 | 72 | 84 |
Affiliated entity | Voya Financial Partners, LLC (VFP) | |||
Related Party Transaction [Line Items] | |||
Distribution revenues | $ 24 | $ 26 | $ 31 |
Related Party Transactions - Re
Related Party Transactions - Reinsurance Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Affiliated entity | Voya Financial Partners, LLC (VFP) | |||
Related Party Transaction [Line Items] | |||
Distribution revenues | $ 24 | $ 26 | $ 31 |
Related Party Transactions - Fi
Related Party Transactions - Financing Agreements (Details) | Dec. 31, 2023 |
Affiliated entity | Reciprocal Loan Agreement | Voya Financial, Inc. | |
Related Party Transaction [Line Items] | |
Maximum borrowing capacity, percentage | 3% |
Schedule I. Summary of Invest_2
Schedule I. Summary of Investments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | $ 28,170 |
Fair Value | 26,327 |
Amount Shown on Consolidated Balance Sheets | 26,524 |
U.S. Treasuries | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 297 |
Fair Value | 275 |
Amount Shown on Consolidated Balance Sheets | 275 |
U.S. Government agencies and authorities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 32 |
Fair Value | 30 |
Amount Shown on Consolidated Balance Sheets | 30 |
State, municipalities and political subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 623 |
Fair Value | 554 |
Amount Shown on Consolidated Balance Sheets | 554 |
U.S. corporate public securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 6,291 |
Fair Value | 5,605 |
Amount Shown on Consolidated Balance Sheets | 5,605 |
U.S. corporate private securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 3,861 |
Fair Value | 3,636 |
Amount Shown on Consolidated Balance Sheets | 3,636 |
Foreign corporate public securities and foreign governments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 2,214 |
Fair Value | 2,022 |
Amount Shown on Consolidated Balance Sheets | 2,022 |
Foreign corporate private securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 2,385 |
Fair Value | 2,299 |
Amount Shown on Consolidated Balance Sheets | 2,299 |
Residential mortgage-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 2,631 |
Fair Value | 2,532 |
Amount Shown on Consolidated Balance Sheets | 2,532 |
Commercial mortgage-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 2,781 |
Fair Value | 2,358 |
Amount Shown on Consolidated Balance Sheets | 2,358 |
Other asset-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1,564 |
Fair Value | 1,528 |
Amount Shown on Consolidated Balance Sheets | 1,528 |
Embedded derivatives - fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 22,679 |
Fair Value | 20,839 |
Amount Shown on Consolidated Balance Sheets | 20,839 |
Equity Securities [Member] | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 65 |
Fair Value | 65 |
Amount Shown on Consolidated Balance Sheets | 65 |
Mortgage loans on real estate | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 4,048 |
Fair Value | 3,829 |
Amount Shown on Consolidated Balance Sheets | 4,026 |
Policy loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 161 |
Fair Value | 161 |
Amount Shown on Consolidated Balance Sheets | 161 |
Short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 86 |
Fair Value | 86 |
Amount Shown on Consolidated Balance Sheets | 86 |
Limited partnerships/corporations | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1,046 |
Fair Value | 1,046 |
Amount Shown on Consolidated Balance Sheets | 1,046 |
Derivatives | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | (3) |
Fair Value | 213 |
Amount Shown on Consolidated Balance Sheets | 213 |
Other investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 88 |
Fair Value | 88 |
Amount Shown on Consolidated Balance Sheets | $ 88 |
Schedule IV - Reinsurance Inf_2
Schedule IV - Reinsurance Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Life insurance in force, gross | $ 5,903 | $ 6,371 | $ 7,006 |
Life insurance in force, ceded | 6,055 | 6,536 | 7,184 |
Life insurance in force, assumed | 152 | 165 | 178 |
Life insurance in force, net | 0 | 0 | 0 |
Total premiums, gross | 31 | 18 | 9 |
Total premiums, ceded | 2 | 2 | 2,459 |
Total premiums, assumed | 0 | 0 | 0 |
Total premiums, net | $ 29 | $ 16 | $ (2,450) |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Premium, Percentage Assumed to Net | 0% | 0% | 0% |
Accident and health insurance | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Total premiums, gross | $ 0 | $ 0 | $ 0 |
Total premiums, ceded | 0 | 0 | 0 |
Total premiums, assumed | 0 | 0 | 0 |
Total premiums, net | $ 0 | $ 0 | $ 0 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Premium, Percentage Assumed to Net | 0% | 0% | 0% |
Annuities | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Total premiums, gross | $ 31 | $ 18 | $ 9 |
Total premiums, ceded | 2 | 2 | 2,459 |
Total premiums, assumed | 0 | 0 | 0 |
Total premiums, net | $ 29 | $ 16 | $ (2,450) |
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Premium, Percentage Assumed to Net | 0% | 0% | 0% |
Revenue from Contract with Cust
Revenue from Contract with Customer (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Revenue from other sources (non-financial services revenue) | $ 478 | $ 472 | $ 524 |
Revenue from Contract with Customer, Excluding Assessed Tax | 533 | 548 | 604 |
Total fee income and other revenue | $ 1,011 | $ 1,020 | $ 1,128 |
Uncategorized Items - vriac-202
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 360,000,000 |
Security Life of Denver Company [Member] | ||
Income Tax Expense (Benefit) | us-gaap_IncomeTaxExpenseBenefit | 23 |
Voya Financial, Inc. [Member] | Reciprocal Loan Agreement [Member] | Affiliated Entity [Member] | Related Party [Member] | ||
Interest Expense | us-gaap_InterestExpense | 3,000,000 |
Interest Expense | us-gaap_InterestExpense | 1,000,000 |
Interest Expense | us-gaap_InterestExpense | $ 0 |