Document and Entity Information
Document and Entity Information - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 033-23376 | |
Entity Registrant Name | VOYA RETIREMENT INSURANCE & ANNUITY CO | |
Entity Incorporation, State or Country Code | CT | |
Entity Tax Identification Number | 71-0294708 | |
Entity Address, Address Line One | One Orange Way | |
Entity Address, City or Town | Windsor, | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06095-4774 | |
City Area Code | 860 | |
Local Phone Number | 580-4646 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 55,000 | |
Common stock, par value | $ 50 | |
Entity Central Index Key | 0000837010 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments: | ||
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option | $ 18,029 | $ 18,713 |
Fixed maturities, at fair value using the fair value option | 1,235 | 1,328 |
Equity Securities, FV-NI, Current | 68 | 65 |
Other Short-Term Investments | 30 | 86 |
Mortgage loans on real estate, net | 3,954 | 4,026 |
Policy loans | 161 | 161 |
Limited partnerships/corporations | 1,108 | 1,046 |
Derivatives | 259 | 213 |
Other investments | 89 | 88 |
Total investments | 25,797 | 26,524 |
Cash and cash equivalents | 316 | 186 |
Short-term investments under securities loan agreements, including collateral delivered | 783 | 789 |
Accrued investment income | 292 | 283 |
Premiums and Other Receivables, Net | 2,796 | 2,899 |
Deferred policy acquisition costs and Value of business acquired | 917 | 920 |
Deferred Income Tax Assets, Net | 653 | 633 |
Other assets (net of allowance for credit loss of $0 as of 2024 and 2023) | 1,828 | 1,726 |
Assets held in separate accounts | 95,594 | 90,282 |
Total assets | 128,976 | 124,242 |
Liabilities and Shareholder's Equity | ||
Future policy benefits and contract owner account balances | 30,046 | 30,577 |
Payables under securities loan agreements, including collateral held | 762 | 692 |
Related Party [Member] | 118 | 173 |
Derivatives | 275 | 299 |
Other liabilities | 714 | 679 |
Liabilities related to separate accounts | 95,594 | 90,282 |
Total liabilities | 127,509 | 122,702 |
Commitments and Contingencies (Note 13) | ||
Shareholder's equity: | ||
Common Stock, Value, Issued | 3 | 3 |
Additional paid-in capital | 2,770 | 2,770 |
Accumulated other comprehensive income (loss) | (1,601) | (1,531) |
Retained earnings (deficit) | 295 | 298 |
Total shareholder's equity | 1,467 | 1,540 |
Total liabilities and shareholder's equity | 128,976 | 124,242 |
Collateral Pledged | ||
Investments: | ||
Debt Securities, Available-for-Sale, Restricted | $ 864 | $ 798 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 19,886 | $ 20,496 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 16 | 14 |
Less: Allowance for credit losses | 22 | |
Securities pledged, amortized costs | 951 | $ 855 |
Reinsurance Recoverable, Allowance for Credit Loss | 0 | |
Allowance for Credit Loss, Receivable, Other, Current | $ 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 ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Net investment income | $ 376,000,000 | $ 384,000,000 |
Fee income | 272,000,000 | 237,000,000 |
Premiums | 0 | 3,000,000 |
Realized capital gains (losses) | 15,000,000 | (25,000,000) |
Other revenue | 11,000,000 | 6,000,000 |
Total revenues | 674,000,000 | 605,000,000 |
Benefits and expenses: | ||
Interest credited and other benefits to contract owners/policyholders | 182,000,000 | 184,000,000 |
Operating expenses | 304,000,000 | 303,000,000 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 18,000,000 | 19,000,000 |
Total benefits and expenses | 504,000,000 | 506,000,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 170,000,000 | 99,000,000 |
Income tax expense (benefit) | 10,000,000 | 9,000,000 |
Net income (loss) | $ 160,000,000 | $ 90,000,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 160 | $ 90 |
Other comprehensive income (loss), before tax: | ||
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax | 9 | 6 |
Change in unrealized gains (losses) on available-for-sale securities | (97) | 492 |
Other Comprehensive Income (Loss), before Tax | (88) | 498 |
Other Comprehensive Income (Loss), Tax | (18) | 104 |
Other Comprehensive Income (Loss), Net of Tax | (70) | 394 |
Comprehensive income (loss) | $ 90 | $ 484 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit) |
Beginning Balance at Dec. 31, 2022 | $ 927 | $ 3 | $ 2,778 | $ (2,067) | $ 213 |
Comprehensive income (loss): | |||||
Net income (loss) | 90 | 0 | 0 | 0 | 90 |
Ending Balance at Mar. 31, 2023 | 1,411 | 3 | 2,778 | (1,673) | 303 |
Comprehensive income (loss): | |||||
Other comprehensive income (loss), after tax | 394 | 0 | 0 | 394 | 0 |
Comprehensive income (loss) | 484 | ||||
Beginning Balance at Dec. 31, 2023 | 1,540 | 3 | 2,770 | (1,531) | 298 |
Comprehensive income (loss): | |||||
Net income (loss) | 160 | 0 | 0 | 0 | 160 |
Ending Balance at Mar. 31, 2024 | 1,467 | 3 | 2,770 | (1,601) | 295 |
Comprehensive income (loss): | |||||
Dividends | 163 | 0 | 0 | 0 | 163 |
Other comprehensive income (loss), after tax | (70) | $ 0 | $ 0 | $ (70) | $ 0 |
Comprehensive income (loss) | $ 90 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by operating activities | $ 230 | $ 285 |
Proceeds from the sale, maturity, disposal or redemption of: | ||
Fixed maturities | 905 | 1,398 |
Mortgage loans on real estate | 152 | 132 |
Limited partnerships/corporations | 9 | 8 |
Acquisition of: | ||
Fixed maturities | (344) | (969) |
Mortgage loans on real estate | (82) | (53) |
Limited partnerships/corporations | (64) | (31) |
Short-term investments, net | 56 | 247 |
Derivatives, net | (29) | (4) |
Increase (Decrease) in Notes Receivable, Related Parties | (105) | (409) |
Receipts on deposit asset contracts | 65 | 68 |
Other, net | (69) | 38 |
Net cash provided by (used in) investing activities | 690 | 357 |
Cash Flows from Financing Activities: | ||
Deposits received for investment contracts | 498 | 540 |
Maturities and withdrawals from investment contracts | (1,131) | (1,206) |
Dividends paid and distributions of capital | (163) | 0 |
Other, net | 6 | 37 |
Net Cash Provided by (Used in) Financing Activities | (790) | (629) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 130 | 13 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | $ 316 | $ 233 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | Business, Basis of Presentation and Significant Accounting Policies Business Voya Retirement Insurance and Annuity Company ("VRIAC") is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, the "Company") provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands. VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial"). The Company derives its revenue mainly from (a) Investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) Net gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by the Company and other general business expenses, and (c) Amortization of Deferred acquisition costs ("DAC") and Value of business acquired ("VOBA"). In addition, the Company collects broker-dealer commission revenues through Voya Financial Partners, LLC ("VFP"), which are, in turn, paid to broker-dealers and expensed. The Company offers qualified and non-qualified annuity contracts that include a variety of funding and payout options for individuals and employer-sponsored retirement plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as non-qualified deferred compensation plans and related services. The Company's products are offered primarily to public and private school systems, higher education institutions, hospitals and healthcare facilities, not-for-profit organizations, state and local governments, small to mid-sized corporations and individuals. The Company also provides stable value investment options, including separate account guaranteed investment contracts ("GICs") and synthetic GICs, to institutional clients. The Company's products are generally distributed through independent brokers and advisors, third-party administrators and consultants. Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. The Company's products also include programs offered to qualified plans and non-qualified deferred compensation plans that package administrative and record-keeping services, participant education, and retirement readiness planning tools along with a variety of investment options, including proprietary and non-proprietary mutual funds and variable and fixed investment options. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services. The Company has one operating segment. Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, VFP, Voya Institutional Plan Services, LLC ("VIPS"), and Voya Retirement Advisors, LLC ("VRA"). Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K . Adoption of New Pronouncements Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, "Fair Value Measurement (Topic 280): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"), which clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring the fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The provisions of ASU 2022-03 were adopted prospectively on January 1, 2024. The adoption did not have an impact on the Company's financial condition, results of operations, or cash flows. Future Adoption of Accounting Pronouncements Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires: • A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold. • Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold. The amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-09. Segment Disclosures In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-07. Climate Related Disclosures In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures will be phased in beginning with the Company's annual report for the year ending December 31, 2025. While the implementation of this rule is pending the outcome of legal challenges, the Company is currently assessing the impact of adoption on the Consolidated Financial Statements and related disclosures in the event that the stay is lifted. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value Measurement The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2024: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 186 $ 74 $ — $ 260 U.S. Government agencies and authorities — 29 — 29 State, municipalities and political subdivisions — 486 — 486 U.S. corporate public securities — 5,371 14 5,385 U.S. corporate private securities — 2,441 1,126 3,567 Foreign corporate public securities and foreign governments (1) — 1,906 — 1,906 Foreign corporate private securities (1) — 1,853 367 2,220 Residential mortgage-backed securities — 2,392 43 2,435 Commercial mortgage-backed securities — 2,336 — 2,336 Other asset-backed securities — 1,465 39 1,504 Total fixed maturities, including securities pledged 186 18,353 1,589 20,128 Equity securities 11 — 57 68 Derivatives: Interest rate contracts 1 227 — 228 Foreign exchange contracts — 31 — 31 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,129 — — 1,129 Assets held in separate accounts 89,543 5,691 360 95,594 Total assets $ 90,870 $ 24,302 $ 2,006 $ 117,178 Liabilities: Stabilizer and MCGs $ — $ — $ 8 $ 8 Derivatives: Interest rate contracts 1 267 — 268 Foreign exchange contracts — 4 — 4 Credit contracts — 3 — 3 Total liabilities $ 1 $ 274 $ 8 $ 283 (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, 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. Valuation of Financial Assets and Liabilities at Fair Value Certain assets and liabilities are measured at estimated fair value on the Company's Condensed Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant's perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available. The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows: U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve. U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings. U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields. U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities. RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security. Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the borrower's ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond. Equity securities : Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers. Derivatives : Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third party sources, such as yield curves, exchange rates, S&P 500 Index prices, 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 projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. These derivatives are classified as Level 3 liabilities. The discount rate used to determine the fair value of the Company's Stabilizer embedded derivative and MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims. Level 3 Financial Instruments The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below. The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated: Three Months Ended March 31, 2024 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of March 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 $ — $ 1 $ — $ — $ — $ — $ — $ — $ 14 $ — $ — U.S. Corporate private securities 1,185 — (13) 55 — (9) (66) — (26) 1,126 — (16) Foreign corporate private securities (1) 354 — (3) — — — (28) 44 — 367 — (4) Residential mortgage-backed securities 48 (1) — — — — — — (4) 43 (1) — Other asset-backed securities 37 — — 3 — — (1) — — 39 — — Total fixed maturities, including securities pledged 1,637 (1) (15) 58 — (9) (95) 44 (30) 1,589 (1) (20) Equity securities, at fair value 54 3 — — — — — — — 57 3 — Stabilizer and MCGs (2) (9) 2 — — (1) — — — — (8) — — Assets held in separate accounts (4) 348 — — 16 — (3) — 5 (6) 360 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis.These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (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. Three Months Ended March 31, 2023 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of March 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 $ 1 $ — $ — $ — $ — $ — $ — $ — $ 14 $ — $ — U.S. Corporate private securities 1,356 — 26 30 — — (48) — 1,364 — 26 Foreign corporate public securities and foreign governments (1) 2 — — — — — — — (2) — — — Foreign corporate private securities (1) 339 1 4 49 — — (41) — — 352 1 4 Residential mortgage-backed securities 20 — — 28 — — — — — 48 — — Other asset-backed securities 52 — — 2 — — (1) — (20) 33 — — Total fixed maturities, including securities pledged 1,782 2 30 109 — — (90) — (22) 1,811 1 30 Equity securities, at fair value 117 (4) — — — — — — — 113 (3) — Stabilizers and MCGs (2) (6) 3 — — — — — — — (3) — — Assets held in separate accounts (4) 347 4 — — — (2) — — — 349 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. For the three months ended March 31, 2024 and 2023, the transfers in and out of Level 3 for fixed maturities were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate. Significant Unobservable Inputs The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices. Other Financial Instruments The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets. The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 20,128 $ 20,128 $ 20,839 $ 20,839 Equity securities 68 68 65 65 Mortgage loans on real estate 3,976 3,750 4,048 3,829 Policy loans 161 161 161 161 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,129 1,129 1,061 1,061 Derivatives 259 259 213 213 Short-term loan to affiliate (2) 400 400 295 295 Other investments 89 89 88 88 Assets held in separate accounts 95,594 95,594 90,282 90,282 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) 26,409 28,358 26,867 28,954 Funding agreements with fixed maturities 696 700 671 672 Supplementary contracts, immediate annuities and other 223 182 231 192 Stabilizer and MCGs 8 8 9 9 Derivatives 275 275 299 299 Short-term debt (3) 37 37 31 31 Long-term debt (3) 1 1 1 1 (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 Condensed Consolidated Balance Sheets. (3) Included in Other Liabilities on the Condensed Consolidated Balance Sheets. The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 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 | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Deferred Policy Acquisition Costs | 5. 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 (1) Wealth Solutions Deferred and Individual Annuities Balance as of January 1, 2023 $ 578 $ 348 Deferrals of commissions and expenses 56 3 Amortization expense (45) (30) Balance as of December 31, 2023 $ 589 $ 321 Deferrals of commissions and expenses 14 1 Amortization expense (11) (7) Balance as of March 31, 2024 $ 592 $ 315 (1) There was no loss recognition for VOBA during the periods presented. The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2024 December 31, 2023 DAC: Wealth Solutions Deferred and Individual Annuities $ 592 $ 589 Other 10 10 VOBA 315 321 Total $ 917 $ 920 |
Reserves for Future Policy Bene
Reserves for Future Policy Benefits and Contract Owner Account Balances | 3 Months Ended |
Mar. 31, 2024 | |
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure | 6. Reserves for Contract Owner Account Balances The following table presents a rollforward of Contract owner account balances for the periods indicated: Wealth Solutions Deferred Group and Individual Annuity March 31, 2024 December 31, 2023 Balance at January 1 $ 25,991 $ 27,951 Deposits 611 2,223 Fee income (11) (9) Surrenders, withdrawals and benefits (1,141) (4,900) Net transfers (from) to the general account (2) (47) (9) Interest credited 178 735 Ending Balance $ 25,581 $ 25,991 Weighted-average crediting rate 2.8 % 2.7 % Net amount at risk (1) $ 93 $ 116 Cash surrender value $ 25,223 $ 25,631 (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. Where a contract has both a living and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together. (2) Net transfers (from) to the general account includes transfers of $(439) and $(524) for 2024 and 2023, respectively related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets. The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and contract owner accounts balances on the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2024 December 31, 2023 Wealth Solutions Deferred group and individual annuity (Contract owner account balances) $ 25,581 $ 25,991 Non-puttable funding agreements $ 696 671 Other (Future policy benefits and Contract owner account balances) 3,769 3,915 Ending balance $ 30,046 $ 30,577 (1) Primarily related to reinsured business The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"): Account Value (1) Excess of crediting rate over GMIR At GMIR Up to .50% Above GMIR 0.51% - 1.00% 1.01% - 1.50% Above GMIR 1.51% - 2.00% Above GMIR More than 2.00% Above GMIR Total As of March 31, 2024 Up to 1.00% $ 11 $ 4,412 $ 3,632 $ 2,018 $ 1,015 $ 784 $ 11,872 1.01% - 2.00% 134 68 41 6 — 1 250 2.01% - 3.00% 6,080 35 1 — — — 6,116 3.01% - 4.00% 7,585 — — — — — 7,585 4.01% and Above 4 — — — — — 4 Renewable beyond 12 months (MYGA) (2) 385 — — — 3 — 388 Total discretionary rate setting products $ 14,199 $ 4,515 $ 3,674 $ 2,024 $ 1,018 $ 785 $ 26,215 As of December 31, 2023 Up to 1.00% $ 11 $ 4,663 $ 3,451 $ 2,204 $ 858 $ 797 $ 11,984 1.01% - 2.00% 141 73 44 6 — 1 265 2.01% - 3.00% 6,275 36 1 — — — 6,312 3.01% - 4.00% 7,708 — — — — — 7,708 4.01% and Above 4 — — — — — 4 Renewable beyond 12 months (MYGA) (2) 398 — — — 3 — 401 Total discretionary rate setting products $ 14,537 $ 4,772 $ 3,496 $ 2,210 $ 861 $ 798 $ 26,674 (1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. (2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2024 and December 31, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months. |
Other Income and Expenses
Other Income and Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholder’s equity included the following components of Accumulated other comprehensive income ("AOCI") as of the dates indicated: March 31, 2024 2023 Fixed maturities, net of impairment $ (1,928) $ (2,037) Derivatives (1) 60 97 Change in current discount rate (324) (343) Deferred income tax asset (liability) (2) 589 608 Total (1,603) (1,675) Pension and other postretirement benefits liability, net of tax 2 2 AOCI $ (1,601) $ (1,673) (1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $14 (2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI. Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated: Three Months Ended March 31, 2024 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (113) $ 23 $ (90) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 13 (3) 10 Change in unrealized gains (losses) on available-for-sale securities (100) 20 (80) Derivatives: Derivatives 7 (1) (1) 6 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (4) 1 (3) Change in unrealized gains (losses) on derivatives 3 — 3 Change in current discount rate 9 (2) 7 Change in Accumulated other comprehensive income (loss) $ (88) $ 18 $ (70) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended March 31, 2023 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 497 $ (104) $ 393 Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 10 (2) 8 Change in unrealized gains (losses) on available-for-sale securities 507 (106) 401 Derivatives: Derivatives (10) (1) 2 (8) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives (15) 3 (12) Change in current discount rate 6 (1) 5 Change in Accumulated other comprehensive income (loss) $ 498 $ (104) $ 394 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Revenue from Contract with Cust
Revenue from Contract with Customer | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers Financial services revenue is disaggregated by type of service in the following table: Three months ended March 31, 2024 2023 Advisory and recordkeeping & administration $ 133 $ 112 Distribution and shareholder servicing 20 18 Total financial services revenue 153 130 Revenue from other sources (1) 130 113 Total Fee income and Other revenue $ 283 $ 243 (1) Primarily consists of revenue from insurance contracts and financial instruments. Receivables of $72 and $94 are included in Other assets on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company's effective tax rate for the three months ended March 31, 2024 was 5.9%. The effective tax rate differed from the statutory rate of 21% primarily due to the Security Life of Denver Company capital loss carryback, the effect of the dividends received deduction ("DRD") and tax credits. On January 4, 2021, the Company completed a series of transactions pursuant to a Master Transaction Agreement with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired Voya Financial's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2023 and 2022 tax years, which are included in a carryback claim for Voya Financial. The Company recorded a $13 and $23 tax benefit in 2024 and 2023, respectively, resulting in a decrease to the effective tax rate (the "Security Life of Denver Company capital loss carryback"). The Company's effective tax rate for the three months ended March 31, 2023 was 9.1%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits. Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of March 31, 2024, the Company had year-to-date losses on securities of $97 in Other comprehensive income, which increased the related DTA. However, operating income remained positive for the period and was largely consistent with the 2023 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgement regarding the realization of DTAs and did not establish a valuation allowance. For more information related to the valuation allowance, refer to the Income Taxes Note to the Consolidated Financial Statements included in Part II, Item 8 of the Annual Report on Form 10-K . Tax Sharing Agreement The results of the Company's operations are included in the consolidated tax return of Voya Financial. Generally, the Company's consolidated financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC Topic 740) as if the Company were a separate taxpayer rather than a member of Voya Financial's consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. If the Company instead were to follow a separate taxpayer approach without any exceptions, there would be no impact to income tax expense (benefit) for the periods indicated above. Also, any current tax benefit related to the Company's tax attributes realized by virtue of its inclusion in the consolidated tax return of Voya Financial would have been recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial will pay the Company for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated. Tax Regulatory Matters For the tax years 2022 through 2024, the Company participates in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2023 tax year, the Company is in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year. For the 2024 tax year, the Company is in the Compliance Maintenance Bridge Plus ("Bridge Plus") phase of CAP. In the Bridge Plus phase, the IRS will review the tax return and issue either a full or partial acceptance letter upon completion of review. Tax Legislative Matters In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). The IRS has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. The Company is not subject to the CAMT based on this guidance and will continue to evaluate the applicability as more guidance is provided. |
Financing Agreements
Financing Agreements | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements Reciprocal Loan Agreement The Company maintains a reciprocal loan agreement with Voya Financial, an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which expires on April 1, 2026, either party can borrow from the other up to 3.0% of the Company’s statutory admitted assets as of the preceding December 31. Interest on any borrowing by either the Company or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities. Under this agreement, the Company incurre d immaterial interest expense for the three months ended March 31, 2024 and 2023. The Company earned $6 and $4 of interest income for the three months ended March 31, 2024 and 2023. As of March 31, 2024, the Company had $400 outstanding receivables and VIPS had an outstanding payable of $37 under the reciprocal loan agreement. As of December 31, 2023, the Company had $295 outstanding receivables and VIPS had a $31 outstanding payable under the reciprocal loan agreement. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments. As of March 31, 2024, the Company had off-balance sheet commitments to acquire mortgage loans of $54 and purchase limited partnerships and private placement investments of $641. 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: March 31, 2024 December 31, 2023 Fixed maturity collateral pledged to FHLB (1) $ 1,108 $ 1,205 FHLB restricted stock (2) 33 33 Other fixed maturities-state deposits 12 11 Cash and cash equivalents 2 2 Securities pledged (3) 864 798 Total restricted assets $ 2,019 $ 2,049 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $710 and $645 as of March 31, 2024 and December 31, 2023, respectively. In addition, as of March 31, 2024 and December 31, 2023, the Company delivered securities as collateral of $154 and $153, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. Federal Home Loan Bank Funding The Company is a member of the Federal Home Loan Bank of Boston ("FHLB") and is required to pledge collateral to back funding agreements issued to the FHLB. As of March 31, 2024 and December 31, 2023, the Company had $696 and $671, respectively, in non-putable funding agreements, which are included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, assets with a market value of approximately $1,108 and $1,205, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. Litigation, Regulatory Matters and Contingencies Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. 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 March 31, 2024, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, 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
Related Party | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. Related Party Transactions Operating Agreements The Company has operating agreements whereby the Company provides or receives services from affiliated entities. For the three months ended March 31, 2024, revenues with affiliated entities related to these agreements were $21. For the three months ended March 31, 2023, revenues with affiliated entities related to these agreements were $19. For the three months ended March 31, 2024, expenses with affiliated entities related to the aforementioned operating agreements were $150. For the three months ended March 31, 2023, expenses with affiliated entities related to the aforementioned operating agreements were $160. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, VFP, Voya Institutional Plan Services, LLC ("VIPS"), and Voya Retirement Advisors, LLC ("VRA"). Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2023 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K . |
Adoption of New Pronouncements | Adoption of New Pronouncements Equity Securities Subject to Contractual Sale Restrictions In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, "Fair Value Measurement (Topic 280): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"), which clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring the fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The provisions of ASU 2022-03 were adopted prospectively on January 1, 2024. The adoption did not have an impact on the Company's financial condition, results of operations, or cash flows. Future Adoption of Accounting Pronouncements Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires: • A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold. • Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold. The amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-09. Segment Disclosures In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-07. Climate Related Disclosures In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures will be phased in beginning with the Company's annual report for the year ending December 31, 2025. While the implementation of this rule is pending the outcome of legal challenges, the Company is currently assessing the impact of adoption on the Consolidated Financial Statements and related disclosures in the event that the stay is lifted. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | The Company primarily enters into the following types of derivatives: Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates, or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of March 31, 2024 and December 31, 2023. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments Classified by Contractual Maturity Date | Available-for-sale and FVO fixed maturities were as follows as of December 31, 2023: Amortized Gross Gross Embedded Derivatives (2) Allowance 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 Condensed Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2024, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Fair Due to mature: One year or less $ 607 $ 595 After one year through five years 2,922 2,806 After five years through ten years 2,868 2,723 After ten years 8,884 7,729 Mortgage-backed securities 5,270 4,771 Other asset-backed securities 1,521 1,504 Fixed maturities, including securities pledged $ 22,072 $ 20,128 |
Schedule of Securities Borrowed Under Securities Lending Transactions | March 31, 2024 December 31, 2023 U.S. Treasuries $ 32 $ 12 U.S. corporate public securities 487 438 Short-term Investments 15 31 Foreign corporate public securities and foreign governments 200 189 Total (1) $ 734 $ 670 |
Financing Receivable, Allowance for Credit Loss | The following tables present a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented: Three Months Ended March 31, 2024 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, 2024 $ 9 $ 3 $ 1 $ 1 $ 14 Credit losses on securities for which credit losses were not previously recorded 4 — — — 4 Reductions for securities sold during the period — (2) — — (2) Increase (decrease) on securities with allowance recorded in previous period — — — — — Balance as of March 31, 2024 $ 13 $ 1 $ 1 $ 1 $ 16 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 For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K . |
Schedule of Unrealized Loss on Investments | The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated: As of March 31, 2024 Twelve Months or Less Below Amortized Cost More Than Twelve Months Below Amortized Cost Total Fair Unrealized Capital Losses Fair Unrealized Capital Losses Fair Unrealized Capital Losses U.S. Treasuries $ 57 $ 2 $ 114 $ 27 $ 171 $ 29 U.S. Government, agencies and authorities 13 — 17 3 30 3 State, municipalities and political subdivisions 11 — 472 73 483 73 U.S. corporate public securities 207 17 4,069 799 4,276 816 U.S. corporate private securities 320 9 2,541 280 2,861 289 Foreign corporate public securities and foreign governments 110 2 1,257 217 1,367 219 Foreign corporate private securities 220 4 1,739 121 1,959 125 Residential mortgage-backed 147 3 777 131 924 134 Commercial mortgage-backed 16 — 2,234 372 2,250 372 Other asset-backed 47 — 270 30 317 30 Total $ 1,148 $ 37 $ 13,490 $ 2,053 $ 14,638 $ 2,090 As of December 31, 2023 Twelve Months or Less Below Amortized Cost 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 |
Mortgage Loans by Loan to Value Ratio | The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2024 $ 53 $ 25 $ — $ — $ — $ 78 2023 90 177 — — — 267 2022 214 281 72 — — 567 2021 191 169 194 — — 554 2020 144 82 — — 11 237 Prior 1,993 248 13 — 19 2,273 Total $ 2,685 $ 982 $ 279 $ — $ 30 $ 3,976 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 |
Mortgage Loans by Debt Service Coverage Ratio | The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2024 $ 16 $ 25 $ 34 $ 3 $ 78 2023 109 109 49 — 267 2022 172 46 169 180 567 2021 204 13 45 292 554 2020 173 19 16 29 237 Prior 1,668 200 266 139 2,273 Total $ 2,342 $ 412 $ 579 $ 643 $ 3,976 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2023 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2023 $ 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 |
Mortgage Loans by Geographic Location of Collateral | The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2024 $ 2 $ 34 $ 15 $ 10 $ 10 $ — $ 5 $ 2 $ — $ 78 2023 50 64 10 75 16 28 2 20 2 267 2022 114 118 45 87 100 81 1 1 20 567 2021 77 43 101 143 84 59 10 36 1 554 2020 53 127 13 8 8 10 — 6 12 237 Prior 484 509 583 170 193 138 46 123 27 2,273 Total $ 780 $ 895 $ 767 $ 493 $ 411 $ 316 $ 64 $ 188 $ 62 $ 3,976 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 2,146 Total $ 793 $ 878 $ 794 $ 525 $ 416 $ 334 $ 59 $ 187 $ 62 $ 4,048 |
Mortgage Loans by Property Type of Collateral | The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2024 $ 14 $ 55 $ 9 $ — $ — $ — $ — $ 78 2023 81 125 24 13 24 — — 267 2022 72 231 222 25 10 7 — 567 2021 22 120 310 87 — 7 8 554 2020 49 37 60 91 — — — 237 Prior 505 665 523 367 50 126 37 2,273 Total $ 743 $ 1,233 $ 1,148 $ 583 $ 84 $ 140 $ 45 $ 3,976 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 on Financing Receivables | The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: March 31, 2024 December 31, 2023 Allowance for credit losses, beginning of the period $ 22 $ 14 Credit losses on mortgage loans for which credit losses were not previously recorded — 2 Increase (decrease) on mortgage loans with an allowance recorded in a previous period — 8 Provision for expected credit losses 22 24 Write-offs — (2) Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 22 $ 22 |
Financing Receivable, Past Due | The following table presents past due commercial mortgage loans as of the dates indicated: March 31, 2024 December 31, 2023 Delinquency: Current $ 3,946 $ 4,037 30-59 days past due 19 — 60-89 days past due — — Greater than 90 days past due 11 11 Total $ 3,976 $ 4,048 |
Net Investment Income | Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended March 31, 2024 2023 Fixed maturities $ 304 $ 333 Equity securities 1 3 Mortgage loans on real estate 48 48 Policy loans 2 2 Short-term investments and cash equivalents 3 2 Limited partnerships and other 34 14 Gross investment income 392 402 Less: Investment expenses 16 18 Net investment income $ 376 $ 384 |
Realized Gain (Loss) on Investments | Net gains (losses) were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Fixed maturities, available-for-sale, including securities pledged $ (16) $ (9) Fixed maturities, at fair value option (63) 11 Equity securities, at fair value 2 (4) Derivatives 90 (28) Embedded derivatives - fixed maturities (1) 1 Other derivatives 1 — Managed custody guarantees 1 3 Mortgage loans 1 — Other investments — 1 Net gains (losses) $ 15 $ (25) |
Gain (Loss) on Securities | Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Proceeds on sales $ 596 $ 880 Gross gains 7 12 Gross losses 21 21 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: 2024 2023 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain 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) Three Months Ended March 31, Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 7 $ — $ (10) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 2 — 2 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Net investment income Net gains (losses) Net investment income Net gains (losses) Three Months Ended March 31, Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 376 $ 15 $ 384 $ (25) Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 2 — 2 — The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain (Loss) Recognized on Derivative Three Months Ended March 31, 2024 2023 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 89 $ (27) Foreign exchange contracts Net gains (losses) 1 — Credit contracts Net gains (losses) — (1) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (1) 1 Managed custody guarantees Net gains (losses) 1 3 Total $ 90 $ (24) |
Derivative Financial Instrument
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts and fair values of derivatives were as follows as of the dates indicated: March 31, 2024 December 31, 2023 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 10 $ — $ — $ 10 $ — $ — Foreign exchange contracts 597 31 4 597 27 6 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 11,427 228 268 11,125 186 290 Foreign exchange contracts 46 — — 66 — 2 Credit contracts 130 — 3 101 — 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A — — N/A 1 — Managed custody guarantees (3) N/A — 7 N/A — 8 Stabilizers (3) N/A — 1 N/A — 1 Total $ 259 $ 283 $ 214 $ 308 (1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. (3) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. N/A - Not Applicable |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: 2024 2023 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain 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) Three Months Ended March 31, Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 7 $ — $ (10) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 2 — 2 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Net investment income Net gains (losses) Net investment income Net gains (losses) Three Months Ended March 31, Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 376 $ 15 $ 384 $ (25) Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 2 — 2 — The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain (Loss) Recognized on Derivative Three Months Ended March 31, 2024 2023 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 89 $ (27) Foreign exchange contracts Net gains (losses) 1 — Credit contracts Net gains (losses) — (1) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (1) 1 Managed custody guarantees Net gains (losses) 1 3 Total $ 90 $ (24) |
Derivatives Not Designated as Hedging Instruments | Derivative Financial Instruments The Company primarily enters into the following types of derivatives: Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates, or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of March 31, 2024 and December 31, 2023. The notional amounts and fair values of derivatives were as follows as of the dates indicated: March 31, 2024 December 31, 2023 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Cash flow hedges: Interest rate contracts $ 10 $ — $ — $ 10 $ — $ — Foreign exchange contracts 597 31 4 597 27 6 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 11,427 228 268 11,125 186 290 Foreign exchange contracts 46 — — 66 — 2 Credit contracts 130 — 3 101 — 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A — — N/A 1 — Managed custody guarantees (3) N/A — 7 N/A — 8 Stabilizers (3) N/A — 1 N/A — 1 Total $ 259 $ 283 $ 214 $ 308 (1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. (3) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. N/A - Not Applicable The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated: Gross Amount Recognized (1) Counterparty Netting (2) Cash Collateral Netting (2) Securities Collateral Netting (2) Net receivables/ payables March 31, 2024 Derivative assets $ 259 $ (229) $ (24) $ (4) $ 2 Derivative liabilities 275 (229) (44) (2) — December 31, 2023 Derivative assets 213 (184) (17) (8) 4 Derivative liabilities 299 (184) (111) (3) 1 (1) As of March 31, 2024 and December 31, 2023 gross amounts exclude asset and liability exchange traded contracts of $0 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 Condensed Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Condensed Consolidated Balance Sheets. As of March 31, 2024, the Company held $26 and pledged $46 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2023, the Company held $17 and delivered $112 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2024, the Company delivered $154 of securities and held $4 of securities as collateral. As of December 31, 2023, the Company delivered $153 of securities and held $10 securities as collateral. The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated: 2024 2023 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Location of Gain 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) Three Months Ended March 31, Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 7 $ — $ (10) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 2 — 2 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Three Months Ended March 31, 2024 2023 Net investment income Net gains (losses) Net investment income Net gains (losses) Three Months Ended March 31, Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded $ 376 $ 15 $ 384 $ (25) Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 2 — 2 — The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain (Loss) Recognized on Derivative Three Months Ended March 31, 2024 2023 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 89 $ (27) Foreign exchange contracts Net gains (losses) 1 — Credit contracts Net gains (losses) — (1) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (1) 1 Managed custody guarantees Net gains (losses) 1 3 Total $ 90 $ (24) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2024: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 186 $ 74 $ — $ 260 U.S. Government agencies and authorities — 29 — 29 State, municipalities and political subdivisions — 486 — 486 U.S. corporate public securities — 5,371 14 5,385 U.S. corporate private securities — 2,441 1,126 3,567 Foreign corporate public securities and foreign governments (1) — 1,906 — 1,906 Foreign corporate private securities (1) — 1,853 367 2,220 Residential mortgage-backed securities — 2,392 43 2,435 Commercial mortgage-backed securities — 2,336 — 2,336 Other asset-backed securities — 1,465 39 1,504 Total fixed maturities, including securities pledged 186 18,353 1,589 20,128 Equity securities 11 — 57 68 Derivatives: Interest rate contracts 1 227 — 228 Foreign exchange contracts — 31 — 31 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,129 — — 1,129 Assets held in separate accounts 89,543 5,691 360 95,594 Total assets $ 90,870 $ 24,302 $ 2,006 $ 117,178 Liabilities: Stabilizer and MCGs $ — $ — $ 8 $ 8 Derivatives: Interest rate contracts 1 267 — 268 Foreign exchange contracts — 4 — 4 Credit contracts — 3 — 3 Total liabilities $ 1 $ 274 $ 8 $ 283 (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, 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. |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [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 (1) Wealth Solutions Deferred and Individual Annuities Balance as of January 1, 2023 $ 578 $ 348 Deferrals of commissions and expenses 56 3 Amortization expense (45) (30) Balance as of December 31, 2023 $ 589 $ 321 Deferrals of commissions and expenses 14 1 Amortization expense (11) (7) Balance as of March 31, 2024 $ 592 $ 315 (1) There was no loss recognition for VOBA during the periods presented. The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2024 December 31, 2023 DAC: Wealth Solutions Deferred and Individual Annuities $ 592 $ 589 Other 10 10 VOBA 315 321 Total $ 917 $ 920 |
Reserves for Future Policy Be_2
Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract] | |
Liability for Future Policy Benefit, Activity | The following table presents a rollforward of Contract owner account balances for the periods indicated: Wealth Solutions Deferred Group and Individual Annuity March 31, 2024 December 31, 2023 Balance at January 1 $ 25,991 $ 27,951 Deposits 611 2,223 Fee income (11) (9) Surrenders, withdrawals and benefits (1,141) (4,900) Net transfers (from) to the general account (2) (47) (9) Interest credited 178 735 Ending Balance $ 25,581 $ 25,991 Weighted-average crediting rate 2.8 % 2.7 % Net amount at risk (1) $ 93 $ 116 Cash surrender value $ 25,223 $ 25,631 (1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. Where a contract has both a living and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together. (2) Net transfers (from) to the general account includes transfers of $(439) and $(524) for 2024 and 2023, respectively related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets. The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and contract owner accounts balances on the Condensed Consolidated Balance Sheets for the periods indicated: March 31, 2024 December 31, 2023 Wealth Solutions Deferred group and individual annuity (Contract owner account balances) $ 25,581 $ 25,991 Non-puttable funding agreements $ 696 671 Other (Future policy benefits and Contract owner account balances) 3,769 3,915 Ending balance $ 30,046 $ 30,577 (1) Primarily related to reinsured business The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"): Account Value (1) Excess of crediting rate over GMIR At GMIR Up to .50% Above GMIR 0.51% - 1.00% 1.01% - 1.50% Above GMIR 1.51% - 2.00% Above GMIR More than 2.00% Above GMIR Total As of March 31, 2024 Up to 1.00% $ 11 $ 4,412 $ 3,632 $ 2,018 $ 1,015 $ 784 $ 11,872 1.01% - 2.00% 134 68 41 6 — 1 250 2.01% - 3.00% 6,080 35 1 — — — 6,116 3.01% - 4.00% 7,585 — — — — — 7,585 4.01% and Above 4 — — — — — 4 Renewable beyond 12 months (MYGA) (2) 385 — — — 3 — 388 Total discretionary rate setting products $ 14,199 $ 4,515 $ 3,674 $ 2,024 $ 1,018 $ 785 $ 26,215 As of December 31, 2023 Up to 1.00% $ 11 $ 4,663 $ 3,451 $ 2,204 $ 858 $ 797 $ 11,984 1.01% - 2.00% 141 73 44 6 — 1 265 2.01% - 3.00% 6,275 36 1 — — — 6,312 3.01% - 4.00% 7,708 — — — — — 7,708 4.01% and Above 4 — — — — — 4 Renewable beyond 12 months (MYGA) (2) 398 — — — 3 — 401 Total discretionary rate setting products $ 14,537 $ 4,772 $ 3,496 $ 2,210 $ 861 $ 798 $ 26,674 (1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. (2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2024 and December 31, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months. |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Three Months Ended March 31, 2024 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (113) $ 23 $ (90) Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 13 (3) 10 Change in unrealized gains (losses) on available-for-sale securities (100) 20 (80) Derivatives: Derivatives 7 (1) (1) 6 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (4) 1 (3) Change in unrealized gains (losses) on derivatives 3 — 3 Change in current discount rate 9 (2) 7 Change in Accumulated other comprehensive income (loss) $ (88) $ 18 $ (70) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended March 31, 2023 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 497 $ (104) $ 393 Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 10 (2) 8 Change in unrealized gains (losses) on available-for-sale securities 507 (106) 401 Derivatives: Derivatives (10) (1) 2 (8) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives (15) 3 (12) Change in current discount rate 6 (1) 5 Change in Accumulated other comprehensive income (loss) $ 498 $ (104) $ 394 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Shareholder’s equity included the following components of Accumulated other comprehensive income ("AOCI") as of the dates indicated: March 31, 2024 2023 Fixed maturities, net of impairment $ (1,928) $ (2,037) Derivatives (1) 60 97 Change in current discount rate (324) (343) Deferred income tax asset (liability) (2) 589 608 Total (1,603) (1,675) Pension and other postretirement benefits liability, net of tax 2 2 AOCI $ (1,601) $ (1,673) (1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $14 |
Revenue from Contract with Cu_2
Revenue from Contract with Customer (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table] | Financial services revenue is disaggregated by type of service in the following table: Three months ended March 31, 2024 2023 Advisory and recordkeeping & administration $ 133 $ 112 Distribution and shareholder servicing 20 18 Total financial services revenue 153 130 Revenue from other sources (1) 130 113 Total Fee income and Other revenue $ 283 $ 243 (1) Primarily consists of revenue from insurance contracts and financial instruments. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restricted Assets | The components of the fair value of the restricted assets were as follows as of the dates indicated: March 31, 2024 December 31, 2023 Fixed maturity collateral pledged to FHLB (1) $ 1,108 $ 1,205 FHLB restricted stock (2) 33 33 Other fixed maturities-state deposits 12 11 Cash and cash equivalents 2 2 Securities pledged (3) 864 798 Total restricted assets $ 2,019 $ 2,049 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $710 and $645 as of March 31, 2024 and December 31, 2023, respectively. In addition, as of March 31, 2024 and December 31, 2023, the Company delivered securities as collateral of $154 and $153, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Policy Acquisition Cost | $ 917 | $ 920 | ||
Present Value of Future Insurance Profits, Net | 315 | 321 | $ 348 | |
Revenue from other sources (non-financial services revenue) | 130 | $ 113 | ||
Total Fee income and Other revenue | 283 | 243 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 153 | 130 | ||
Accounts Receivable, after Allowance for Credit Loss | 72 | 94 | ||
Recordkeeping Administration | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 133 | 112 | ||
Distribution Fees | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 20 | $ 18 | ||
Retirement | ||||
Deferred Policy Acquisition Cost | $ 592 | $ 589 | $ 578 |
Investments - Fixed Maturities
Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Securities pledged, amortized costs | $ 951 | $ 855 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 16 | 14 | $ 7 |
U.S. Treasuries | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 288 | 297 | |
Fixed maturities, Gross Unrealized Capital Gains | 1 | 3 | |
Fixed maturities, Gross Unrealized Capital Losses | 29 | 25 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 260 | 275 | |
US Treasury and Government | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 32 | 32 | |
Fixed maturities, Gross Unrealized Capital Gains | 0 | 0 | |
Fixed maturities, Gross Unrealized Capital Losses | 3 | 2 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 29 | 30 | |
State, municipalities and political subdivisions | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 559 | 623 | |
Fixed maturities, Gross Unrealized Capital Gains | 0 | 1 | |
Fixed maturities, Gross Unrealized Capital Losses | 73 | 70 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 486 | 554 | |
U.S. corporate public securities | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 6,137 | 6,291 | |
Fixed maturities, Gross Unrealized Capital Gains | 64 | 73 | |
Fixed maturities, Gross Unrealized Capital Losses | 816 | 759 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 5,385 | 5,605 | |
U.S. corporate private securities | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 3,831 | 3,861 | |
Fixed maturities, Gross Unrealized Capital Gains | 25 | 31 | |
Fixed maturities, Gross Unrealized Capital Losses | 289 | 256 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 3,567 | 3,636 | |
Foreign corporate public securities and foreign governments | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 2,103 | 2,214 | |
Fixed maturities, Gross Unrealized Capital Gains | 23 | 27 | |
Fixed maturities, Gross Unrealized Capital Losses | 219 | 216 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 1 | 3 | 6 |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 1,906 | 2,022 | |
Foreign corporate private securities | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 2,331 | 2,385 | |
Fixed maturities, Gross Unrealized Capital Gains | 15 | 20 | |
Fixed maturities, Gross Unrealized Capital Losses | 125 | 105 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 1 | 1 | 1 |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 2,220 | 2,299 | |
Residential mortgage-backed | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 2,550 | 2,631 | |
Fixed maturities, Gross Unrealized Capital Gains | 19 | 24 | |
Fixed maturities, Gross Unrealized Capital Losses | 134 | 124 | |
Embedded Derivatives | 0 | (1) | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 2,435 | 2,532 | |
Commercial mortgage-backed | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 2,720 | 2,781 | |
Fixed maturities, Gross Unrealized Capital Gains | 1 | 1 | |
Fixed maturities, Gross Unrealized Capital Losses | 372 | 415 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 13 | 9 | $ 0 |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 2,336 | 2,358 | |
Other asset-backed securities | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 1,521 | 1,564 | |
Fixed maturities, Gross Unrealized Capital Gains | 14 | 8 | |
Fixed maturities, Gross Unrealized Capital Losses | 30 | 43 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 1 | 1 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 1,504 | 1,528 | |
Embedded derivatives - fixed maturities | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 22,072 | 22,679 | |
Total fixed maturities, less securities pledged, Amortized Cost | 21,121 | 21,824 | |
Fixed maturities, Gross Unrealized Capital Gains | 162 | 188 | |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 162 | 188 | |
Fixed maturities, Gross Unrealized Capital Losses | 2,090 | 2,015 | |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 2,003 | 1,958 | |
Embedded Derivatives | 0 | (1) | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 16 | 14 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 20,128 | 20,839 | |
Total fixed maturities, less securities pledged, Fair Value | 19,264 | 20,041 | |
Collateral Pledged | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Securities pledged | 864 | 798 | |
Collateral Pledged | Embedded derivatives - fixed maturities | |||
Available-for-sale Securities Including Securities Pledged [Line Items] | |||
Securities pledged, amortized costs | 951 | 855 | |
Securities pledged, Gross Unrealized Capital Gains | 0 | 0 | |
Available-for-sale Securities, Pledged as Collateral, Debt Securities, Unrecognized Holding Loss | 87 | 57 | |
Embedded Derivatives | 0 | 0 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | |
Securities pledged | $ 864 | $ 798 |
Investments - Debt Maturities (
Investments - Debt Maturities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Fixed Maturities, single issuers in excess of total equity | not | not |
Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | $ 607 | |
After one year through five years, Amortized Cost | 2,922 | |
After five years through ten years, Amortized Cost | 2,868 | |
After ten years, Amortized Cost | 8,884 | |
Debt Securities, Available-for-Sale, Amortized Cost | 22,072 | $ 22,679 |
One year or less, Fair Value | 595 | |
After one year through five years, Fair Value | 2,806 | |
After five years through ten years, Fair Value | 2,723 | |
After ten years, Fair Value | 7,729 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 20,128 | 20,839 |
Mortgage-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 5,270 | |
Without single maturity date, Fair Value | 4,771 | |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 1,521 | |
Debt Securities, Available-for-Sale, Amortized Cost | 1,521 | 1,564 |
Without single maturity date, Fair Value | 1,504 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 1,504 | $ 1,528 |
Investments - Repurchase Agreem
Investments - Repurchase Agreement, Securities Lending, VIEs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Initial collateral required, percent of market value of loaned securities | 102% | |
Payables under securities loan agreements, including collateral held | $ 762 | $ 692 |
Collateral Pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Debt Securities, Available-for-Sale, Restricted | 864 | 798 |
Securities pledged as collateral | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Fair value of loaned securities | 710 | 645 |
Collateral Securities Repledged, Delivered, or Used | 154 | 153 |
Cash collateral, included in Payables | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Securities received as collateral | 513 | 499 |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 32 | 12 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 487 | 438 |
Short-term Investments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 15 | 31 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 200 | 189 |
Payables under securities loan agreements | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Payables under securities loan agreements, including collateral held | 734 | 670 |
Fixed maturities | Collateral Pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-Sale, Restricted | $ 864 | $ 798 |
Investments - Allowance for cre
Investments - Allowance for credit losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | $ 16 | $ 14 | $ 7 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded | 4 | 10 | ||
Reductions for securities sold during the period | (2) | (2) | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | (1) | ||
Residential mortgage-backed | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | ||
Commercial mortgage-backed | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 13 | 9 | 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded | 4 | $ 9 | ||
Reductions for securities sold during the period | 0 | 0 | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | 0 | ||
Foreign corporate public securities and foreign governments | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 1 | 3 | 6 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded | 0 | 0 | ||
Reductions for securities sold during the period | (2) | (2) | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | (1) | ||
Foreign corporate private securities | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 1 | 1 | 1 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded | 0 | 0 | ||
Reductions for securities sold during the period | 0 | 0 | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | 0 | ||
U.S. corporate private securities | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | ||
U.S. corporate public securities | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 0 | 0 | ||
Other Asset-backed Securities [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | 1 | 1 | $ 0 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded | 0 | 1 | ||
Reductions for securities sold during the period | 0 | 0 | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal) | 0 | $ 0 | ||
Fixed maturities | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest | $ 16 | $ 14 |
Investments - Unrealized Capita
Investments - Unrealized Capital Losses (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 1,148 | $ 863 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 37 | 33 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 13,490 | 14,464 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,053 | 1,982 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 14,638 | 15,327 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 2,090 | 2,015 |
Minimum | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Fixed Maturities Average Duration | 6 years 6 months | |
Maximum | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Fixed Maturities Average Duration | 7 years | |
U.S. Treasuries | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 57 | 60 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 2 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 114 | 105 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 27 | 23 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 171 | 165 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 29 | 25 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 11 | 16 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 472 | 528 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 73 | 70 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 483 | 544 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 73 | 70 |
U.S. corporate public securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 207 | 215 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 17 | 13 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,069 | 4,233 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 799 | 746 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 4,276 | 4,448 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 816 | 759 |
U.S. corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 320 | 128 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 9 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,541 | 2,653 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 280 | 251 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,861 | 2,781 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 289 | 256 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 110 | 70 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 2 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,257 | 1,385 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 217 | 215 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,367 | 1,455 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 219 | 216 |
Foreign corporate private securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 220 | 151 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 4 | 4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,739 | 1,744 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 121 | 101 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,959 | 1,895 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 125 | 105 |
Residential mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 147 | 74 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 3 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 777 | 803 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 131 | 122 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 924 | 877 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 134 | 124 |
Commercial mortgage-backed | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 16 | 52 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 0 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,234 | 2,252 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 372 | 412 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,250 | 2,304 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 372 | 415 |
Other asset-backed securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 47 | 97 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 0 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 270 | 744 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 30 | 40 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 317 | 841 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 30 | 43 |
US Government Corporations and Agencies Securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 13 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 17 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 30 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 3 | |
US Treasury and Government | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | 0 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 17 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 17 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 2 |
Investments - OTTI (Details)
Investments - OTTI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings | $ 0 | $ 0 |
Investments - Troubled Debt Res
Investments - Troubled Debt Restructuring (Details) - loan | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial Portfolio Segment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructuring, number of contracts | 0 | 0 |
Investments - Loans by Loan to
Investments - Loans by Loan to Value (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate | 75% | ||
0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Loans Receivable, Loan to Value Ratio, Minimum | 0% | 0% | |
Loans Receivable, Loan to Value Ratio, Maximum | 50% | 50% | |
50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Loans Receivable, Loan to Value Ratio, Minimum | 50% | 50% | |
Loans Receivable, Loan to Value Ratio, Maximum | 60% | 60% | |
60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Loans Receivable, Loan to Value Ratio, Minimum | 60% | 60% | |
Loans Receivable, Loan to Value Ratio, Maximum | 70% | 70% | |
70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Loans Receivable, Loan to Value Ratio, Minimum | 70% | 70% | |
Loans Receivable, Loan to Value Ratio, Maximum | 80% | 80% | |
>80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Loans Receivable, Loan to Value Ratio, Minimum | 80% | 80% | |
Year of Origination 2024 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 53 | ||
Year of Origination 2024 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 25 | ||
Year of Origination 2024 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | ||
Year of Origination 2024 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | ||
Year of Origination 2024 | >80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | ||
Year of Origination 2024 | Total Segment | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 78 | ||
Year of Origination 2023 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 90 | $ 113 | |
Year of Origination 2023 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 177 | 152 | |
Year of Origination 2023 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2023 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2023 | >80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2023 | Total Segment | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 267 | 265 | |
Year of Origination 2022 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 214 | 215 | |
Year of Origination 2022 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 281 | 282 | |
Year of Origination 2022 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 72 | 73 | |
Year of Origination 2022 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2022 | >80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2022 | Total Segment | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 567 | 570 | |
Year of Origination 2021 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 191 | 191 | |
Year of Origination 2021 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 169 | 181 | |
Year of Origination 2021 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 194 | 197 | |
Year of Origination 2021 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2021 | >80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2021 | Total Segment | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 554 | 569 | |
Year of Origination 2020 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 144 | 137 | |
Year of Origination 2020 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 82 | 93 | |
Year of Origination 2020 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2020 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 10 | |
Year of Origination 2020 | >80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 11 | 11 | |
Year of Origination 2020 | Total Segment | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 237 | 251 | |
Year of Origination 2019 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,993 | 173 | |
Year of Origination 2019 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 248 | 54 | |
Year of Origination 2019 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 13 | 20 | |
Year of Origination 2019 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Year of Origination 2019 | >80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 19 | 0 | |
Year of Origination 2019 | Total Segment | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,273 | 247 | |
Year of Origination 2018 | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,878 | ||
Year of Origination 2018 | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 246 | ||
Year of Origination 2018 | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 3 | ||
Year of Origination 2018 | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | ||
Year of Origination 2018 | >80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 19 | ||
Year of Origination 2018 | Total Segment | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,146 | ||
Total Segment | 0% - 50% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,685 | 2,707 | |
Total Segment | 50% - 60% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 982 | 1,008 | |
Total Segment | 60% - 70% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 279 | 293 | |
Total Segment | 70% - 80% | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 10 | |
Total Segment | >80% and above | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 30 | 30 | |
Total Segment | Total Segment | |||
Schedule of Loans by Loan to Value Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 3,976 | $ 4,048 |
Investments - Loans by Debt Ser
Investments - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | |
Greater than 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Loans Receivable, Debt Service Coverage Ratio, Minimum | 150% | 150% | |
Greater than 1.5x | Year of Origination 2024 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 16 | ||
Greater than 1.5x | Year of Origination 2023 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 109 | $ 133 | |
Greater than 1.5x | Year of Origination 2022 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 172 | 173 | |
Greater than 1.5x | Year of Origination 2021 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 204 | 205 | |
Greater than 1.5x | Year of Origination 2020 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 173 | 175 | |
Greater than 1.5x | Year of Origination 2019 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,668 | 151 | |
Greater than 1.5x | Year of Origination 2018 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,619 | ||
Greater than 1.5x | Total Segment | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 2,342 | 2,456 | |
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% | |
1.25x - 1.5x | Year of Origination 2024 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 25 | ||
1.25x - 1.5x | Year of Origination 2023 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 109 | 83 | |
1.25x - 1.5x | Year of Origination 2022 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 46 | 54 | |
1.25x - 1.5x | Year of Origination 2021 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 13 | 12 | |
1.25x - 1.5x | Year of Origination 2020 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 19 | 20 | |
1.25x - 1.5x | Year of Origination 2019 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 200 | 19 | |
1.25x - 1.5x | Year of Origination 2018 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 197 | ||
1.25x - 1.5x | Total Segment | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 412 | 385 | |
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% | |
1.0x - 1.25x | Year of Origination 2024 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 34 | ||
1.0x - 1.25x | Year of Origination 2023 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 49 | 49 | |
1.0x - 1.25x | Year of Origination 2022 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 169 | 172 | |
1.0x - 1.25x | Year of Origination 2021 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 45 | 51 | |
1.0x - 1.25x | Year of Origination 2020 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 16 | 16 | |
1.0x - 1.25x | Year of Origination 2019 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 266 | 62 | |
1.0x - 1.25x | Year of Origination 2018 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 212 | ||
1.0x - 1.25x | Total Segment | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 579 | 562 | |
Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Loans Receivable, Debt Service Coverage Ratio, Maximum | 100% | 100% | |
Less than 1.0x | Year of Origination 2024 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 3 | ||
Less than 1.0x | Year of Origination 2023 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 | |
Less than 1.0x | Year of Origination 2022 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 180 | 171 | |
Less than 1.0x | Year of Origination 2021 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 292 | 301 | |
Less than 1.0x | Year of Origination 2020 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 29 | 40 | |
Less than 1.0x | Year of Origination 2019 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 139 | 15 | |
Less than 1.0x | Year of Origination 2018 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 118 | ||
Less than 1.0x | Total Segment | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 643 | 645 | |
Total Segment | Year of Origination 2024 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 78 | ||
Total Segment | Year of Origination 2023 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 267 | 265 | |
Total Segment | Year of Origination 2022 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 567 | 570 | |
Total Segment | Year of Origination 2021 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 554 | 569 | |
Total Segment | Year of Origination 2020 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 237 | 251 | |
Total Segment | Year of Origination 2019 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,273 | 247 | |
Total Segment | Year of Origination 2018 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,146 | ||
Total Segment | Total Segment | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 3,976 | $ 4,048 |
Investments - Loans by U.S. Reg
Investments - Loans by U.S. Region (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Year of Origination 2024 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 2 | |
Year of Origination 2024 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 34 | |
Year of Origination 2024 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 15 | |
Year of Origination 2024 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 10 | |
Year of Origination 2024 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 10 | |
Year of Origination 2024 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | |
Year of Origination 2024 | New England | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 5 | |
Year of Origination 2024 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2 | |
Year of Origination 2024 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | |
Year of Origination 2024 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 78 | |
Year of Origination 2023 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 50 | $ 51 |
Year of Origination 2023 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 64 | 61 |
Year of Origination 2023 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 10 | 9 |
Year of Origination 2023 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 75 | 75 |
Year of Origination 2023 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 16 | 16 |
Year of Origination 2023 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 28 | 29 |
Year of Origination 2023 | New England | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2 | 2 |
Year of Origination 2023 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 20 | 20 |
Year of Origination 2023 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2 | 2 |
Year of Origination 2023 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 267 | 265 |
Year of Origination 2022 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 114 | 114 |
Year of Origination 2022 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 118 | 118 |
Year of Origination 2022 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 45 | 46 |
Year of Origination 2022 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 87 | 89 |
Year of Origination 2022 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 100 | 100 |
Year of Origination 2022 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 81 | 81 |
Year of Origination 2022 | New England | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1 | 1 |
Year of Origination 2022 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1 | 1 |
Year of Origination 2022 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 20 | 20 |
Year of Origination 2022 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 567 | 570 |
Year of Origination 2021 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 77 | 76 |
Year of Origination 2021 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 43 | 44 |
Year of Origination 2021 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 101 | 103 |
Year of Origination 2021 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 143 | 143 |
Year of Origination 2021 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 84 | 96 |
Year of Origination 2021 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 59 | 60 |
Year of Origination 2021 | New England | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 10 | 10 |
Year of Origination 2021 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 36 | 36 |
Year of Origination 2021 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1 | 1 |
Year of Origination 2021 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 554 | 569 |
Year of Origination 2020 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 53 | 53 |
Year of Origination 2020 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 127 | 130 |
Year of Origination 2020 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 13 | 14 |
Year of Origination 2020 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 8 | 8 |
Year of Origination 2020 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 8 | 8 |
Year of Origination 2020 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 10 | 20 |
Year of Origination 2020 | New England | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 6 | 6 |
Year of Origination 2020 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 12 | 12 |
Year of Origination 2020 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 237 | 251 |
Year of Origination 2019 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 484 | 43 |
Year of Origination 2019 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 509 | 69 |
Year of Origination 2019 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 583 | 6 |
Year of Origination 2019 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 170 | 52 |
Year of Origination 2019 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 193 | 34 |
Year of Origination 2019 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 138 | 4 |
Year of Origination 2019 | New England | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 46 | 13 |
Year of Origination 2019 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 123 | 10 |
Year of Origination 2019 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 27 | 16 |
Year of Origination 2019 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,273 | 247 |
Year of Origination 2018 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 456 | |
Year of Origination 2018 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 456 | |
Year of Origination 2018 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 616 | |
Year of Origination 2018 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 158 | |
Year of Origination 2018 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 162 | |
Year of Origination 2018 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 140 | |
Year of Origination 2018 | New England | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 33 | |
Year of Origination 2018 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 114 | |
Year of Origination 2018 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 11 | |
Year of Origination 2018 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,146 | |
Total Segment | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 780 | 793 |
Total Segment | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 895 | 878 |
Total Segment | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 767 | 794 |
Total Segment | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 493 | 525 |
Total Segment | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 411 | 416 |
Total Segment | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 316 | 334 |
Total Segment | New England | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 64 | 59 |
Total Segment | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 188 | 187 |
Total Segment | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 62 | 62 |
Total Segment | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 3,976 | $ 4,048 |
Investments - Loans by Property
Investments - Loans by Property Type (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Year of Origination 2024 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 14 | |
Year of Origination 2024 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 55 | |
Year of Origination 2024 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 9 | |
Year of Origination 2024 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | |
Year of Origination 2024 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | |
Year of Origination 2024 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | |
Year of Origination 2024 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | |
Year of Origination 2024 | Total Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 78 | |
Year of Origination 2023 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 81 | $ 82 |
Year of Origination 2023 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 125 | 122 |
Year of Origination 2023 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 24 | 24 |
Year of Origination 2023 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 13 | 13 |
Year of Origination 2023 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 24 | 24 |
Year of Origination 2023 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2023 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2023 | Total Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 267 | 265 |
Year of Origination 2022 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 72 | 72 |
Year of Origination 2022 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 231 | 233 |
Year of Origination 2022 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 222 | 224 |
Year of Origination 2022 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 25 | 25 |
Year of Origination 2022 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 10 | 10 |
Year of Origination 2022 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 7 | 6 |
Year of Origination 2022 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2022 | Total Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 567 | 570 |
Year of Origination 2021 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 22 | 22 |
Year of Origination 2021 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 120 | 122 |
Year of Origination 2021 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 310 | 310 |
Year of Origination 2021 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 87 | 99 |
Year of Origination 2021 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2021 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 7 | 8 |
Year of Origination 2021 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 8 | 8 |
Year of Origination 2021 | Total Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 554 | 569 |
Year of Origination 2020 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 49 | 49 |
Year of Origination 2020 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 37 | 37 |
Year of Origination 2020 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 60 | 60 |
Year of Origination 2020 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 91 | 105 |
Year of Origination 2020 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Year of Origination 2020 | Total Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 237 | 251 |
Year of Origination 2019 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 505 | 29 |
Year of Origination 2019 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 665 | 56 |
Year of Origination 2019 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 523 | 124 |
Year of Origination 2019 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 367 | 29 |
Year of Origination 2019 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 50 | 9 |
Year of Origination 2019 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 126 | 0 |
Year of Origination 2019 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 37 | 0 |
Year of Origination 2019 | Total Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,273 | 247 |
Year of Origination 2018 | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 559 | |
Year of Origination 2018 | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 625 | |
Year of Origination 2018 | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 414 | |
Year of Origination 2018 | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 342 | |
Year of Origination 2018 | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 42 | |
Year of Origination 2018 | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 127 | |
Year of Origination 2018 | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 37 | |
Year of Origination 2018 | Total Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 2,146 | |
Total Segment | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 743 | 813 |
Total Segment | Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,233 | 1,195 |
Total Segment | Apartments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 1,148 | 1,156 |
Total Segment | Office | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 583 | 613 |
Total Segment | Hotel/Motel | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 84 | 85 |
Total Segment | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 140 | 141 |
Total Segment | Mixed Use | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 45 | 45 |
Total Segment | Total Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 3,976 | $ 4,048 |
Investments - Allowance for Los
Investments - Allowance for Losses for Commercial Mortgage Loans (Details) - Commercial Portfolio Segment - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 22 | $ 22 | $ 14 | |
Credit losses on mortgage loans for which credit losses were not previously recorded | 0 | $ 2 | ||
Increase (decrease) on mortgage loans with allowance recorded in previous period | 0 | 8 | ||
Premium Receivable, Credit Loss Expense (Reversal) | 22 | 24 | ||
Write-offs | 0 | (2) | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery | $ 0 | $ 0 |
Investments - Past due commerci
Investments - Past due commercial mortgage loans (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | $ 30 | $ 11 |
Financing Receivable, Loan to Value Ratio, Nonaccrual | 100% | |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | 0 |
Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Threshold Past Due, Nonaccrual | 90 days | |
Current | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 3,946 | 4,037 |
30 to 59 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 19 | 0 |
60 to 89 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 0 | 0 |
Greater than 90 Days Past Due | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | 11 | 11 |
Total Segment | Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss | $ 3,976 | $ 4,048 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | $ 392 | $ 402 | |
Less: investment expense | 16 | 18 | |
Net investment income | 376 | 384 | |
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 30 | $ 11 | |
Fixed maturities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 304 | 333 | |
Financing Receivable, Excluding Accrued Interest, Nonaccrual | 8 | $ 7 | |
Equity securities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 1 | 3 | |
Mortgage loans on real estate | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 48 | 48 | |
Policy loans | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 2 | 2 | |
Short-term investments and cash equivalents | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 3 | 2 | |
Other | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | $ 34 | $ 14 |
Investments - Net Realized Capi
Investments - Net Realized Capital Gains (Losses) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | $ 15,000,000 | $ (25,000,000) |
Embedded derivatives - fixed maturities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | (1,000,000) | 1,000,000 |
Other derivatives, net | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | 1,000,000 | 0 |
Managed Custody Guarantees | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | 1,000,000 | 3,000,000 |
Derivatives | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | 90,000,000 | (28,000,000) |
Mortgages [Member] | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | 1,000,000 | 0 |
Other investments | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | 0 | 1,000,000 |
Fixed Maturities, Available-for-sale, Including Securities Pledged | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | (16,000,000) | (9,000,000) |
Fixed Maturities, at Fair Value Using the Fair Value Option | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | (63,000,000) | 11,000,000 |
Equity securities | ||
Available-for-sale Securities Including Securities Pledged [Line Items] | ||
Realized capital gains (losses) | $ 2,000,000 | $ (4,000,000) |
Investments - Proceeds and Gros
Investments - Proceeds and Gross Gains/(Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Available for Sale Securities, Gross Realized Gains (Losses), Proceeds on Sales | $ 596 | $ 880 |
Debt Securities, Available-for-Sale, Realized Gain | 7 | 12 |
Debt Securities, Available-for-Sale, Realized Loss | $ 21 | $ 21 |
Derivative Financial Instrume_2
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | $ 259 | $ 214 |
Derivatives, Liability Fair Value | 283 | 308 |
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 10 | 10 |
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 0 | 0 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 597 | 597 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash flow hedges | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 31 | 27 |
Derivatives, Liability Fair Value | 4 | 6 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 130 | 101 |
Not Designated as Hedging Instrument | Credit contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 3 | 1 |
Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 11,427 | 11,125 |
Not Designated as Hedging Instrument | Interest rate contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 228 | 186 |
Derivatives, Liability Fair Value | 268 | 290 |
Not Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 46 | 66 |
Not Designated as Hedging Instrument | Foreign exchange contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 0 | 2 |
Not Designated as Hedging Instrument | Fixed maturities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 1 |
Derivatives, Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Managed Custody Guarantees | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | 7 | 8 |
Not Designated as Hedging Instrument | Stabilizer | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, Asset Fair Value | 0 | 0 |
Derivatives, Liability Fair Value | $ 1 | $ 1 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Offsetting Assets and liabilities [Line Items] | ||
Asset Fair Value | $ 259,000,000 | $ 213,000,000 |
Liability Fair Value | 275,000,000 | 299,000,000 |
Counterparty netting, Assets | (229,000,000) | (184,000,000) |
Counterparty netting, Liabilities | (229,000,000) | (184,000,000) |
Cash collateral netting, Assets | (24,000,000) | (17,000,000) |
Cash collateral netting, Liabilities | (44,000,000) | (111,000,000) |
Securities collateral netting, Assets | (4,000,000) | (8,000,000) |
Securities collateral netting, Liabilities | (2,000,000) | (3,000,000) |
Net receivables | 2,000,000 | 4,000,000 |
Net payables | 0 | 1,000,000 |
Excluded assets exchange traded contract | 0 | 0 |
excluded Liability Exchange Traded Contracts | $ 0 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Securities pledged as collateral | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | $ 4 | $ 10 |
Collateral Securities Repledged, Delivered, or Used | 154 | 153 |
Over the Counter | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | 26 | 17 |
Exchange Cleared | Payables under securities loan agreement, including collateral held | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral held for securities loan agreement | $ 46 | $ 112 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivatives, Fair Value [Line Items] | ||
Net Investment Income | $ 376,000,000 | $ 384,000,000 |
Derivative, Gain (Loss) on Derivative, Net | 90,000,000 | (24,000,000) |
Realized capital gains (losses) | 15,000,000 | (25,000,000) |
Interest rate contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 89,000,000 | (27,000,000) |
Interest rate contracts | Cash flow hedges | Designated as Hedging Instrument | Other Comprehensive Income (Loss) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Interest rate contracts | Cash flow hedges | Designated as Hedging Instrument | Investment Income | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Foreign exchange contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 1,000,000 | 0 |
Foreign exchange contracts | Cash flow hedges | Designated as Hedging Instrument | Other Comprehensive Income (Loss) | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 7,000,000 | (10,000,000) |
Foreign exchange contracts | Cash flow hedges | Designated as Hedging Instrument | Investment Income | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 2,000,000 | 2,000,000 |
Foreign exchange contracts | Cash flow hedges | Designated as Hedging Instrument | Gain (Loss) on Investments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 |
Fixed maturities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | (1,000,000) | 1,000,000 |
Realized capital gains (losses) | (1,000,000) | 1,000,000 |
Managed Custody Guarantees | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 1,000,000 | 3,000,000 |
Realized capital gains (losses) | 1,000,000 | 3,000,000 |
Credit contracts | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ (1,000,000) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets: | ||
Derivatives | $ 259 | $ 213 |
Assets held in separate accounts | 95,594 | 90,282 |
Liabilities: | ||
Derivatives | 275 | 299 |
Assets measured on recurring basis | ||
Assets: | ||
Fixed maturities, including securities pledged | 20,128 | 20,839 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,129 | 1,061 |
Assets held in separate accounts | 95,594 | 90,282 |
Total assets, fair value | 117,178 | 112,460 |
Liabilities: | ||
Total liabilities, fair value | 283 | 308 |
Assets measured on recurring basis | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 8 | 9 |
Assets measured on recurring basis | Interest rate contracts | ||
Assets: | ||
Derivatives | 228 | 186 |
Liabilities: | ||
Derivatives | 268 | 290 |
Assets measured on recurring basis | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 31 | 27 |
Liabilities: | ||
Derivatives | 4 | 8 |
Assets measured on recurring basis | Credit contracts | ||
Liabilities: | ||
Derivatives | 3 | 1 |
Assets measured on recurring basis | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 260 | 275 |
Assets measured on recurring basis | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 29 | 30 |
Assets measured on recurring basis | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 486 | 554 |
Assets measured on recurring basis | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 5,385 | 5,605 |
Assets measured on recurring basis | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 3,567 | 3,636 |
Assets measured on recurring basis | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,906 | 2,022 |
Assets measured on recurring basis | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,220 | 2,299 |
Assets measured on recurring basis | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,435 | 2,532 |
Assets measured on recurring basis | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,336 | 2,358 |
Assets measured on recurring basis | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,504 | 1,528 |
Assets measured on recurring basis | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | 68 | 65 |
Assets measured on recurring basis | Level 1 | ||
Assets: | ||
Fixed maturities, including securities pledged | 186 | 221 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,129 | 1,061 |
Assets held in separate accounts | 89,543 | 84,329 |
Total assets, fair value | 90,870 | 85,628 |
Liabilities: | ||
Total liabilities, fair value | 1 | 0 |
Assets measured on recurring basis | Level 1 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 1 | Interest rate contracts | ||
Assets: | ||
Derivatives | 1 | 6 |
Liabilities: | ||
Derivatives | 1 | 0 |
Assets measured on recurring basis | Level 1 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | Credit contracts | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 186 | 221 |
Assets measured on recurring basis | Level 1 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 1 | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | 11 | 11 |
Assets measured on recurring basis | Level 2 | ||
Assets: | ||
Fixed maturities, including securities pledged | 18,353 | 18,981 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 0 | 0 |
Assets held in separate accounts | 5,691 | 5,605 |
Total assets, fair value | 24,302 | 24,793 |
Liabilities: | ||
Total liabilities, fair value | 274 | 299 |
Assets measured on recurring basis | Level 2 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 0 | 0 |
Assets measured on recurring basis | Level 2 | Interest rate contracts | ||
Assets: | ||
Derivatives | 227 | 180 |
Liabilities: | ||
Derivatives | 267 | 290 |
Assets measured on recurring basis | Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 31 | 27 |
Liabilities: | ||
Derivatives | 4 | 8 |
Assets measured on recurring basis | Level 2 | Credit contracts | ||
Liabilities: | ||
Derivatives | 3 | 1 |
Assets measured on recurring basis | Level 2 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 74 | 54 |
Assets measured on recurring basis | Level 2 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 29 | 30 |
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 486 | 554 |
Assets measured on recurring basis | Level 2 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 5,371 | 5,592 |
Assets measured on recurring basis | Level 2 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,441 | 2,451 |
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,906 | 2,022 |
Assets measured on recurring basis | Level 2 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,853 | 1,945 |
Assets measured on recurring basis | Level 2 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,392 | 2,484 |
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 2,336 | 2,358 |
Assets measured on recurring basis | Level 2 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,465 | 1,491 |
Assets measured on recurring basis | Level 2 | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | 0 | 0 |
Assets measured on recurring basis | Level 3 | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,589 | 1,637 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 0 | 0 |
Assets held in separate accounts | 360 | 348 |
Total assets, fair value | 2,006 | 2,039 |
Liabilities: | ||
Total liabilities, fair value | 8 | 9 |
Assets measured on recurring basis | Level 3 | Stabilizer and MCGs | ||
Liabilities: | ||
Product guarantees | 8 | 9 |
Assets measured on recurring basis | Level 3 | Interest rate contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | Credit contracts | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. Treasuries | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | US Treasury and Government | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | State, municipalities and political subdivisions | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | U.S. corporate public securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 14 | 13 |
Assets measured on recurring basis | Level 3 | U.S. corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 1,126 | 1,185 |
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | Foreign corporate private securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 367 | 354 |
Assets measured on recurring basis | Level 3 | Residential mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 43 | 48 |
Assets measured on recurring basis | Level 3 | Commercial mortgage-backed | ||
Assets: | ||
Fixed maturities, including securities pledged | 0 | 0 |
Assets measured on recurring basis | Level 3 | Other asset-backed securities | ||
Assets: | ||
Fixed maturities, including securities pledged | 39 | 37 |
Assets measured on recurring basis | Level 3 | Equity securities | ||
Liabilities: | ||
Equity Securities, FV-NI | $ 57 | $ 54 |
Fair Value Measurements - Level
Fair Value Measurements - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stabilizer (Investment Only) and MCG Contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Derivatives, beginning balance | $ (9) | $ (6) |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 2 | 3 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 0 | 0 |
Issues | (1) | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales | 0 | 0 |
Settlements | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers, Net | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair Value, Derivatives, ending balance | (8) | (3) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Change in Unrealized Gain (Loss) | 0 | 0 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
U.S. corporate public securities | Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, assets, beginning balance | 13 | 13 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 1 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 1 | 0 |
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, assets, ending balance | 14 | 14 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
U.S. corporate private securities | Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, assets, beginning balance | 1,185 | 1,356 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (13) | 26 |
Purchases | 55 | 30 |
Issuances | 0 | |
Sales | (9) | 0 |
Settlements | (66) | (48) |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | (26) | |
Fair Value, assets, ending balance | 1,126 | 1,364 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (16) | 26 |
Foreign corporate private securities | Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, assets, beginning balance | 354 | 339 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 1 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | (3) | 4 |
Purchases | 49 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | (28) | (41) |
Transfers in to Level 3 | 44 | 0 |
Transfers out of Level 3 | 0 | |
Fair Value, assets, ending balance | 367 | 352 |
Change in Unrealized Gains (Losses) Included in Earnings | 1 | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (4) | 4 |
Residential mortgage-backed | Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, assets, beginning balance | 48 | 20 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (1) | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 28 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | (4) | 0 |
Fair Value, assets, ending balance | 43 | 48 |
Change in Unrealized Gains (Losses) Included in Earnings | (1) | 0 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Foreign corporate public securities and foreign governments | Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, assets, beginning balance | 2 | |
Transfers out of Level 3 | (2) | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | |
Other asset-backed securities | Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, assets, beginning balance | 37 | 52 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 3 | 2 |
Issuances | 0 | |
Sales | 0 | |
Settlements | (1) | (1) |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | (20) | |
Fair Value, assets, ending balance | 39 | 33 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Fixed maturities | Available-for-sale Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, assets, beginning balance | 1,637 | 1,782 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | (1) | 2 |
Total Realized/Unrealized Gains (Losses) Included in OCI | (15) | 30 |
Purchases | 58 | 109 |
Issuances | 0 | |
Sales | (9) | 0 |
Settlements | (95) | (90) |
Transfers in to Level 3 | 44 | 0 |
Transfers out of Level 3 | (30) | (22) |
Fair Value, assets, ending balance | 1,589 | 1,811 |
Change in Unrealized Gains (Losses) Included in Earnings | (1) | 1 |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (20) | 30 |
Equity securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, assets, beginning balance | 54 | 117 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 3 | (4) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | |
Purchases | 0 | |
Issuances | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers in to Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair Value, assets, ending balance | 57 | 113 |
Change in Unrealized Gains (Losses) Included in Earnings | 3 | (3) |
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 |
Assets held in separate accounts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, assets, beginning balance | 348 | 347 |
Total Realized/Unrealized Gains (Losses) Included in Net Income | 0 | 4 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 |
Purchases | 16 | 0 |
Issuances | 0 | 0 |
Sales | (3) | (2) |
Settlements | 0 | 0 |
Transfers in to Level 3 | 5 | 0 |
Transfers out of Level 3 | (6) | 0 |
Fair Value, assets, ending balance | 360 | 349 |
Change in Unrealized Gains (Losses) Included in Earnings | 0 | 0 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | $ 20,128 | $ 20,839 |
Equity Securities, FV-NI | 68 | 65 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,129 | 1,061 |
Derivative assets | 259 | 213 |
Short Term Loan Affiliate | 400 | 295 |
Other investments | 89 | 88 |
Assets held in separate accounts | 95,594 | 90,282 |
Short-term Debt | 37 | 31 |
Long-term debt | 1 | 1 |
Fair Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 28,358 | 28,954 |
Fair Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 700 | 672 |
Fair Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 182 | 192 |
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 8 | 9 |
Fair Value | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 3,750 | 3,829 |
Fair Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 161 | 161 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 20,128 | 20,839 |
Equity Securities, FV-NI | 68 | 65 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement | 1,129 | 1,061 |
Derivative assets | 259 | 213 |
Short Term Loan Affiliate | 400 | 295 |
Other investments | 89 | 88 |
Assets held in separate accounts | 95,594 | 90,282 |
Short-term Debt | 37 | 31 |
Long-term debt | 1 | 1 |
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 26,409 | 26,867 |
Carrying Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 696 | 671 |
Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 223 | 231 |
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 8 | 9 |
Carrying Value | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 3,976 | 4,048 |
Carrying Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 161 | 161 |
Derivative assets | 259 | 213 |
Other investments | 89 | 88 |
Assets held in separate accounts | 95,594 | 90,282 |
Derivatives liabilities | 275 | 299 |
Other derivatives | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | 275 | 299 |
Other derivatives | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives liabilities | $ 275 | $ 299 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items] | |||
Deferred Policy Acquisition Cost | $ 917 | $ 920 | |
Present Value of Future Insurance Profits, Net | 315 | 321 | $ 348 |
Deferrals of commissions and expenses | 1 | 3 | |
Present Value of Future Insurance Profits, Amortization Expense | (7) | (30) | |
Present Value of Future Insurance Profits, Impairment Loss | 0 | 0 | |
Retirement | |||
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items] | |||
Deferred Policy Acquisition Cost | 592 | 589 | $ 578 |
Deferrals of commissions and expenses | 14 | 56 | |
As of December 31, 2023 | (11) | (45) | |
Other [Domain] | |||
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items] | |||
Deferred Policy Acquisition Cost | $ 10 | $ 10 |
Reserves for Future Policy Be_3
Reserves for Future Policy Benefits and Contract Owner Account Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | $ 30,046 | $ 30,577 | |
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 14,199 | 14,537 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 4,515 | 4,772 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 3,674 | 3,496 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 2,024 | 2,210 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 1,018 | 861 | |
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 785 | 798 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 11,872 | 11,984 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 11 | 11 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 4,412 | 4,663 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 3,632 | 3,451 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 2,018 | 2,204 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 1,015 | 858 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 784 | 797 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 250 | 265 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 134 | 141 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 68 | 73 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 41 | 44 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 6 | 6 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 1 | 1 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 6,116 | 6,312 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 6,080 | 6,275 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 35 | 36 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 1 | 1 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 7,585 | 7,708 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 7,585 | 7,708 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 4 | 4 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 4 | 4 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 388 | 401 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 385 | 398 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200 | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 3 | 3 | |
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 0 | 0 | |
Total discretionary rate setting products | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 26,215 | 26,674 | |
Retirement | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 25,581 | 25,991 | $ 27,951 |
Policyholder Account Balance, Premium Received | 611 | 2,223 | |
Policyholder Account Balance, Policy Charge | (11) | (9) | |
Policyholder Account Balance, Surrender and Withdrawal | (1,141) | (4,900) | |
Net transfers (from) to the general account | (47) | (9) | |
Transfer to (from) Policyholder Account Balance (to) from Separate Account | (392) | 515 | |
Policyholder Account Balance, Interest Expense | $ 178 | $ 735 | |
Policyholder Account Balance, Weighted Average Crediting Rate | 2.80% | 2.70% | |
Policyholder Account Balance, Net Amount at Risk | $ 93 | $ 116 | |
Policyholder Account Balance, Cash Surrender Value | 25,223 | 25,631 | |
Retirement | VRIAC-managed institutional/mutual fund plan assets | |||
Policyholder Account Balance [Line Items] | |||
Transfer to (from) Policyholder Account Balance (to) from Separate Account | (439) | (524) | |
Other Segments | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | 3,769 | 3,915 | |
non-puttable funding agreement | |||
Policyholder Account Balance [Line Items] | |||
Policyholder Account Balance | $ 696 | $ 671 |
Reinsurance (Details)
Reinsurance (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Insurance [Abstract] | |||
Reinsurance Payable | $ 2,899 | ||
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 2,796 | 2,899 | |
Direct Premiums Earned | 1 | $ 3 | |
Ceded Premiums Earned | (1) | 0 | |
Premiums | 0 | 3 | |
Policyholder Benefits and Claims Incurred, Direct | 206 | 220 | |
Policyholder Benefits and Claims Incurred, Assumed | 1 | 1 | |
Policyholder Benefits and Claims Incurred, Ceded | (25) | (37) | |
Policyholder Interest and Other Benefits, Net | 182 | $ 184 | |
Premiums receivable and reinsurance recoverable, net | (2) | ||
Premiums Receivable, Net | $ 2,798 | $ 0 |
Separate Account Liability (Det
Separate Account Liability (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | $ 95,594 | $ 90,282 | |
Liabilities related to separate accounts | 95,594 | 90,282 | |
Retirement | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities related to separate accounts | 93,807 | 88,615 | $ 75,569 |
Separate Account, Liability, Policyholder Behavior | 2,863 | 10,976 | |
Policyholder Account Balance, Policy Charge | 11 | 9 | |
Separate Account, Liability, Policy Charge | (121) | (448) | |
Separate Account, Liability, Increase (Decrease) from Invested Performance | 6,160 | 13,920 | |
Separate Account, Liability, Surrender and Withdrawal | 3,318 | 10,887 | |
Transfer to (from) Policyholder Account Balance (to) from Separate Account | (392) | 515 | |
Separate Account, Liability, Cash Surrender Value, Amount | 86,718 | 81,420 | |
Other Segments | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities related to separate accounts | 1,787 | 1,667 | |
Wealth Solutions Stabilizer | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Separate Account, Liability, Policyholder Behavior | 281 | ||
Policyholder Account Balance, Policy Charge | (8) | ||
Separate Account, Liability, Surrender and Withdrawal | (2,939) | ||
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 392 | ||
Wealth Solutions Stabilizer | Retirement | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities related to separate accounts | 7,069 | 7,175 | 7,196 |
Separate Account, Liability, Policyholder Behavior | 940 | ||
Separate Account, Liability, Policy Charge | (34) | ||
Separate Account, Liability, Increase (Decrease) from Invested Performance | 0 | 415 | |
Separate Account, Liability, Surrender and Withdrawal | 379 | 1,342 | |
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 0 | 0 | |
Deferred Variable Annuity | Retirement | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Liabilities related to separate accounts | 86,738 | 81,440 | $ 68,373 |
Separate Account, Liability, Policyholder Behavior | 2,582 | 10,036 | |
Separate Account, Liability, Policy Charge | (113) | (414) | |
Separate Account, Liability, Increase (Decrease) from Invested Performance | 6,160 | 13,505 | |
Separate Account, Liability, Surrender and Withdrawal | 3,318 | 9,545 | |
Transfer to (from) Policyholder Account Balance (to) from Separate Account | 515 | ||
US Treasury and Government | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 902 | 1,015 | |
Corporate Debt Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 2,688 | 2,528 | |
Separate Account, Mortgage-Backed Security | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 3,191 | 3,231 | |
Separate Account, Equity Security | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 88,451 | 83,065 | |
Separate Account, Cash and Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | 289 | 399 | |
Asset-Backed Securities, Securitized Loans and Receivables | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Assets held in separate accounts | $ 73 | $ 44 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Fixed maturities | $ (113) | $ 497 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 23 | (104) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | (90) | 393 |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 13 | 10 |
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | (3) | (2) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 10 | 8 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax | 20 | (106) |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | (80) | 401 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 6 | (8) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1 | (2) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 7 | (10) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 4 | 5 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1 | 1 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 3 | 4 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 3 | (12) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 0 | (3) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 3 | (15) |
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax | 9 | 6 |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, Tax | (2) | (1) |
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax | 7 | 5 |
Unrealized gains (losses) on securities | (100) | 507 |
Other Comprehensive Income (Loss), before Tax | (88) | 498 |
Other Comprehensive Income (Loss), Tax | 18 | (104) |
Other Comprehensive Income (Loss), Net of Tax | $ (70) | $ 394 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Fixed maturities, net of impairment | $ (1,928) | $ (2,037) | |
Deferred income tax asset (liability)(2) | 589 | 608 | |
Accumulated Other Comprehensive Income (Loss), Unrealized Capital Gains (Losses), Adjustment, Net of Tax | (1,603) | (1,675) | |
Pension and other postretirement benefits liability, net of tax | 2 | 2 | |
Accumulated other comprehensive income (loss) | (1,601) | $ (1,531) | (1,673) |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 14 | ||
Accumulated Other Comprehensive Income (Loss), Deferred Acquisition Costs and Value Of Business Acquired (VOBA), Available for Sale Securities Adjustment, before Tax | 60 | 97 | |
AOCI, Liability for Future Policy Benefit, before Tax | $ (324) | $ (343) |
Revenue from Contract with Cu_3
Revenue from Contract with Customer (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 153 | $ 130 | |
Revenue from other sources (non-financial services revenue) | 130 | 113 | |
Total Fee income and Other revenue | 283 | 243 | |
Accounts Receivable, after Allowance for Credit Loss | 72 | $ 94 | |
Distribution Fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 20 | 18 | |
Recordkeeping Administration | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 133 | $ 112 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Effective tax rate | 5.90% | 9.10% |
Statutory tax rate | 21% | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 170 | $ 99 |
Income tax expense (benefit) | 10 | 9 |
Other Comprehensive Income (Loss), before Tax | (88) | 498 |
SLD [Member] | ||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||
Income tax expense (benefit) | $ 13 | $ 23 |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) - Reciprocal Loan Agreement - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Voya Financial, Inc. | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Percentage of Statutory admitted assets that can be borrowed under Reciprocal Loan Agreement | 3% | ||
Interest Income, Operating | $ 6 | $ 4 | |
Other Receivables | 400 | $ 295 | |
VIPS | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Other Receivables | $ 37 | $ 31 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | ||
Pledged Collateral | $ 1,108 | $ 1,205 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Securities Pledged under repurchase agreements | 154 | 153 |
Acquisition of mortgage loans | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitment | 54 | |
Purchase of limited partnerships and private placement investments | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitment | 641 | |
Federal Home Loan Bank of Boston | Line of Credit | ||
Loss Contingencies [Line Items] | ||
Non-putable funding agreements issued to FHLB | 696 | 671 |
Pledged Collateral | $ 1,108 | $ 1,205 |
Commitments and Contingencies_2
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
FHLB restricted stock | $ 33 | $ 33 |
Debt Securities, Trading | 12 | 11 |
Restricted Cash and Cash Equivalents | 2 | 2 |
Total restricted assets | 2,019 | 2,049 |
Pledged Collateral | 1,108 | 1,205 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 710 | 645 |
Collateral Pledged | ||
Loss Contingencies [Line Items] | ||
Securities pledged | $ 864 | $ 798 |
Related Party - Narrative (Deta
Related Party - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Revenues | $ 674 | $ 605 |
Other Affiliates | ||
Related Party Transaction [Line Items] | ||
Revenues | 21 | 19 |
Other Expenses | $ 150 | $ 160 |
Uncategorized Items - vriac-202
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 186,000,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 220,000,000 |