VOYA FINANCIAL, INC., 10-K filed on 2/23/2018
Annual Report
Document and Entity Information (USD $)
In Billions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Feb. 16, 2018
Jun. 30, 2017
Document and Entity Information [Abstract]
 
 
 
Entity Registrant Name
Voya Financial, Inc. 
 
 
Entity Central Index Key
0001535929 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2017 
 
 
Document Fiscal Year Focus
2017 
 
 
Document Fiscal Period Focus
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding
 
172,003,659 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 6.6 
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Investments:
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016)
$ 48,329 
$ 47,394 
Fixed maturities, at fair value using the fair value option
3,018 
3,065 
Equity securities, available-for-sale, at fair value
380 
258 
Short-term investments
471 
391 
Mortgage loans on real estate, net of valuation allowance of $3 as of 2017 and 2016
8,686 
8,003 
Policy loans
1,888 
1,943 
Limited partnerships/corporations
784 
536 
Derivatives
397 
737 
Other investments
47 
47 
Securities pledged (amortized cost of $1,823 as of 2017 and $1,261 as of 2016)
2,087 
1,409 
Total investments
66,087 
63,783 
Cash and cash equivalents
1,218 
2,096 
Short-term investments under securities loan agreements, including collateral delivered
1,626 
586 
Accrued investment income
667 
666 
Premium receivable and reinsurance recoverable
7,632 
7,287 
Deferred policy acquisition costs, Value of business acquired
3,374 
3,997 
Current income taxes
4 
164 
Deferred income taxes
781.0 
1,570.0 
Other assets
1,310 
1,486 
Assets related to consolidated investment entities:
 
 
Assets held in consolidated investment entities
3,176 
4,056 
Assets held in separate accounts
77,605 
66,185 
Assets held for sale
59,052 
62,709 
Total assets
222,532 
214,585 
Liabilities and Shareholders' Equity:
 
 
Future policy benefits
15,647 
14,575 
Contract owner account balances
50,158 
50,273 
Payables under securities loan agreement, including collateral held
1,866 
969 
Short-term debt
337 
0 
Long-term debt
3,123 
3,550 
Derivatives
149 
297 
Pension and other post-employment provisions
550 
674 
Other liabilities
2,076 
2,023 
Liabilities related to consolidated investment entities:
 
 
Collateralized loan obligations notes, at fair value using the fair value option
1,047 
1,967 
Other liabilities
658 
528 
Liabilities related to separate accounts
77,605 
66,185 
Liabilities held for sale
58,277 
59,576 
Total liabilities
211,493 
200,617 
Shareholders' equity:
 
 
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 270,078,294 and 268,079,931 shares issued as of 2017 and 2016, respectively; 171,982,673 and 194,639,273 shares outstanding as of 2017 and 2016, respectively)
3 
3 
Treasury stock (at cost; 98,095,621 and 73,440,658 shares as of 2017 and 2016, respectively)
(3,827)
(2,796)
Additional paid-in capital
23,821 
23,609 
Accumulated other comprehensive income (loss)
2,731 
1,921 
Retained earnings (deficit):
 
 
Appropriated-consolidated investment entities
0 
0 
Unappropriated
(12,719)
(9,742)
Total Voya Financial, Inc. shareholders' equity
10,009 
12,995 
Noncontrolling interest
1,030 
973 
Total shareholder's equity
11,039 
13,968 
Total liabilities and shareholder's equity
222,532 
214,585 
Limited partnerships/corporations, at fair value
 
 
Assets related to consolidated investment entities:
 
 
Assets held in consolidated investment entities
1,795 
1,936 
Cash and cash equivalents
 
 
Assets related to consolidated investment entities:
 
 
Assets held in consolidated investment entities
217 
133 
Corporate loans, at fair value using the fair value option
 
 
Assets related to consolidated investment entities:
 
 
Assets held in consolidated investment entities
1,089 
1,953 
Other assets
 
 
Assets related to consolidated investment entities:
 
 
Assets held in consolidated investment entities
$ 75 
$ 34 
Condensed Consolidated Balance Sheets Parenthetical (USD $)
In Millions, except Share data, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
 
 
Fixed maturities, available-for-sale, cost
$ 44,366 
$ 44,743 
 
 
Equity securities, available-for-sale, cost
353 
229 
 
 
Mortgage loans on real estate, valuation allowance
3 
3 
 
 
Securities pledged amortized cost
$ 1,823 
$ 1,261 
 
 
Common stock, shares authorized
900,000,000 
900,000,000 
 
 
Common stock, shares issued
270,078,294 
268,079,931 
 
 
Common stock, shares outstanding
171,982,673 
194,639,273 
209,100,000 
241,900,000 
Common stock, par value
$ 0.01 
$ 0.01 
 
 
Treasury stock
98,095,621 
73,440,658 
 
 
Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:
 
 
 
Net investment income
$ 3,294 
$ 3,354 
$ 3,343 
Fee income
2,627 
2,471 
2,470 
Premiums
2,121 
2,795 
2,554 
Net realized gains (losses):
 
 
 
Total other-than-temporary impairments
(30)
(32)
(78)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
(9)
2 
5 
Net other-than-temporary impairments recognized in earnings
(21)
(34)
(83)
Other net realized capital gains (losses)
(206)
(329)
(477)
Total net realized capital gains (losses)
(227)
(363)
(560)
Other revenue
371 
342 
385 
Net investment income
432 
189 
551 
Changes in fair value related to collateralized loan obligations
0 
0 
(27)
Total revenues
8,618 
8,788 
8,716 
Benefits and expenses:
 
 
 
Policyholder benefits
3,030 
3,710 
3,161 
Interest credited to contract owner account balances
1,606 
1,604 
1,537 
Operating expenses
2,654 
2,655 
2,684 
Net amortization of Deferred policy acquisition costs and Value of business acquired
529 
415 
377 
Interest expense
184 
288 
197 
Interest expense
80 
102 
272 
Other expense
7 
4 
12 
Total benefits and expenses
8,090 
8,778 
8,240 
Income (loss) from continuing operations before income taxes
528 
10 
476 
Income tax expense (benefit)
740 
(29)
84 
Income (loss) from continuing operations
(212)
39 
392 
Income (loss) from discontinued operations, net of tax
(2,580)
(337)
146 
Net income (loss)
(2,792)
(298)
538 
Less: Net income (loss) attributable to noncontrolling interest
200 
29 
130 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$ (2,992)
$ (327)
$ 408 
Net income (loss) per common share:
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Basic (usd per share)
$ (2.24)
$ 0.05 
$ 1.16 
Net income (loss) available to common shareholders, Basic (usd per share)
$ (16.25)
$ (1.63)
$ 1.81 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share)
$ (2.24)
$ 0.05 
$ 1.15 
Net income (loss) available to common shareholders, Diluted (usd per share)
$ (16.25)
$ (1.61)
$ 1.80 
Cash dividends declared per share of common stock (usd per share)
$ 0.04 
$ 0.04 
$ 0.04 
Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$ (3,083)
$ 214 
$ 219 
$ (142)
$ (375)
$ (251)
$ 137 
$ 191 
$ (2,792)
$ (298)
$ 538 
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
 
 
 
 
 
 
 
 
1,191 
749 
(2,581)
Other-than-temporary impairments
 
 
 
 
 
 
 
 
(2)
24 
19 
Pension and other postretirement benefits liability
 
 
 
 
 
 
 
 
(15)
(10)
(14)
Other comprehensive income (loss), before tax
 
 
 
 
 
 
 
 
1,174 
763 
(2,576)
Income tax expense (benefit) related to items of other comprehensive income (loss)
 
 
 
 
 
 
 
 
364 
267 
(897)
Other comprehensive income (loss), after tax
 
 
 
 
 
 
 
 
810 
496 
(1,679)
Comprehensive income (loss)
 
 
 
 
 
 
 
 
(1,982)
198 
(1,141)
Less: Comprehensive income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
200 
29 
130 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
$ (2,182)
$ 169 
$ (1,271)
Consolidated Statements of Changes in Shareholder's Equity (USD $)
In Millions, unless otherwise specified
Total
Common Stock
Treasury stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Deficit), Appropriated
Retained Earnings (Deficit), Unappropriated
Parent
Noncontrolling Interest
Balance at Dec. 31, 2014
$ 18,562 
$ 3 
$ (807)
$ 23,650 
$ 3,104 
$ 20 
$ (9,823)
$ 16,147 
$ 2,415 
Increase (Decrease) in Stockholders' Equity
 
 
 
 
 
 
 
 
 
Adjustment for adoption of ASU (Accounting Standards Update 2015-02)
(1,592)
0 
0 
0 
0 
9 
0 
9 
(1,601)
Adjustment for adoption of ASU (Accounting Standards Update 2014-13)
(18)
0 
0 
0 
0 
(18)
0 
(18)
0 
Balance- As adjusted
14,667 
3 
(2,302)
23,717 
1,425 
0 
(9,415)
13,428 
1,239 
Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
Net income (loss)
538 
0 
0 
0 
0 
0 
408 
408 
130 
Other comprehensive income (loss), after tax
(1,679)
0 
0 
0 
(1,679)
0 
0 
(1,679)
0 
Less: Comprehensive income (loss) attributable to noncontrolling interest
130 
 
 
 
 
 
 
 
130 
Comprehensive income (loss)
(1,141)
 
 
 
 
 
 
(1,271)
 
Reclassification of noncontrolling interest
1 
0 
0 
0 
0 
(11)
0 
(11)
12 
Common stock acquired - Share repurchase
(1,491)
0 
(1,491)
0 
0 
0 
0 
(1,491)
0 
Dividends on common stock
(9)
0 
0 
(9)
0 
0 
0 
(9)
0 
Share-based compensation
72 
0 
(4)
76 
0 
0 
0 
72 
0 
Contributions from (Distributions to) noncontrolling interest, net
283 
0 
0 
0 
0 
0 
0 
0 
283 
Balance at Dec. 31, 2015 (Scenario, Previously Reported [Member])
16,277 
3 
(2,302)
23,717 
1,425 
9 
(9,415)
13,437 
2,840 
Increase (Decrease) in Stockholders' Equity
 
 
 
 
 
 
 
 
 
Adjustment for adoption of ASU (Accounting Standards Update 2016-09)
15 
0 
0 
0 
0 
0 
15 
15 
0 
Balance- As adjusted
13,983 
3 
(2,796)
23,609 
1,921 
0 
(9,727)
13,010 
973 
Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
Net income (loss)
(298)
0 
0 
0 
0 
0 
(327)
(327)
29 
Other comprehensive income (loss), after tax
496 
0 
0 
0 
496 
0 
0 
496 
0 
Less: Comprehensive income (loss) attributable to noncontrolling interest
29 
 
 
 
 
 
 
 
29 
Comprehensive income (loss)
198 
 
 
 
 
 
 
169 
 
Noncontrolling Interest, Decrease from Deconsolidation
(70)
0 
0 
0 
0 
0 
0 
0 
(70)
Common stock issuance
1 
0 
0 
1 
0 
0 
0 
1 
0 
Common stock acquired - Share repurchase
(687)
0 
(487)
(200)
0 
0 
0 
(687)
0 
Dividends on common stock
(8)
0 
0 
(8)
0 
0 
0 
(8)
0 
Share-based compensation
92 
0 
(7)
99 
0 
0 
0 
92 
0 
Contributions from (Distributions to) noncontrolling interest, net
(225)
0 
0 
0 
0 
0 
0 
0 
(225)
Balance at Dec. 31, 2016 (Scenario, Previously Reported [Member])
13,968 
3 
(2,796)
23,609 
1,921 
0 
(9,742)
12,995 
973 
Balance at Dec. 31, 2016
13,968 
 
 
 
 
 
 
 
 
Balance at Sep. 30, 2016
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity
 
 
 
 
 
 
 
 
 
Adjustment for adoption of ASU (Accounting Standards Update 2016-09)
15 
0 
0 
0 
0 
0 
15 
15 
0 
Balance- As adjusted
13,983 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
Net income (loss)
(375)
 
 
 
 
 
 
 
 
Balance at Dec. 31, 2016 (Scenario, Previously Reported [Member])
13,968 
3 
(2,796)
23,609 
1,921 
0 
(9,742)
12,995 
973 
Balance at Dec. 31, 2016
13,968 
 
 
 
 
 
 
 
 
Comprehensive income (loss)
 
 
 
 
 
 
 
 
 
Net income (loss)
(2,792)
0 
0 
0 
0 
0 
(2,992)
(2,992)
200 
Other comprehensive income (loss), after tax
810 
0 
0 
0 
810 
0 
0 
810 
0 
Less: Comprehensive income (loss) attributable to noncontrolling interest
200 
 
 
 
 
 
 
 
200 
Comprehensive income (loss)
(1,982)
 
 
 
 
 
 
(2,182)
 
Noncontrolling Interest, Decrease from Deconsolidation
38 
0 
0 
0 
0 
0 
0 
0 
38 
Common stock issuance
3 
0 
0 
3 
0 
0 
0 
3 
0 
Common stock acquired - Share repurchase
(923)
0 
(1,023)
100 
0 
0 
0 
(923)
0 
Dividends on common stock
(8)
0 
0 
(8)
0 
0 
0 
(8)
0 
Share-based compensation
109 
0 
(8)
117 
0 
0 
0 
109 
0 
Contributions from (Distributions to) noncontrolling interest, net
(181)
0 
0 
0 
0 
0 
0 
0 
(181)
Balance at Dec. 31, 2017
$ 11,039 
$ 3 
$ (3,827)
$ 23,821 
$ 2,731 
$ 0 
$ (12,719)
$ 10,009 
$ 1,030 
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities:
 
 
 
Net income (loss)
$ (2,792)
$ (298)
$ 538 
Adjustments to reconcile net income (loss) to net cash proviced by operating activities:
 
 
 
(Income) loss from discontinued operations, net of tax
2,580 
337 
(146)
Capitalization of deferred policy acquisition costs, value of business acquired and sales inducements
(243)
(264)
(272)
Net amortization of deferred policy acquisition costs, value of business acquired and sales inducements
534 
420 
381 
Future policy benefits, claims reserves and interest credited
899 
1,298 
757 
Deferred income tax expense (benefit)
862 
(151)
(107)
Net realized capital losses
227 
363 
560 
Share-based compensation
117 
99 
76 
(Gains) losses on consolidated investment entities
(343)
(57)
129 
(Gains) losses on limited partnerships/corporations
(31)
(29)
18 
Change in:
 
 
 
Premiums receivable and reinsurance recoverable
(345)
363 
(533)
Other receivables and assets accruals
298 
(18)
68 
Other payables and accruals
(41)
(190)
(497)
(Increase) decrease in cash held by consolidated investment entities
(557)
(260)
243 
Other, net
2 
44 
(55)
Net cash provided by (used in) operating activities - discontinued operations
411 
1,934 
2,088 
Net cash provided by operating activities
1,578 
3,591 
3,248 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
Fixed maturities
8,325 
8,112 
8,327 
Equity securities, available-for-sale
54 
104 
76 
Mortgage loans on real estate
955 
747 
1,088 
Limited partnerships/corporations
236 
306 
258 
Acquisition of:
 
 
 
Fixed maturities
(8,719)
(9,839)
(8,759)
Equity securities, available-for-sale
(47)
(47)
(137)
Mortgage loans on real estate
(1,638)
(1,481)
(1,381)
Limited partnerships/corporations
(332)
(367)
(417)
Short-term investments, net
(80)
31 
468 
Derivatives, net
213 
(24)
(141)
Sales from consolidated investment entities
2,047 
2,304 
5,432 
Purchases within consolidated investment entities
(2,036)
(1,727)
(7,521)
Collateral (delivered) received, net
(148)
(22)
39 
Other, net
3 
20 
57 
Net cash provided by (used in) investing activities - discontinued operations
(1,261)
(1,800)
(1,663)
Net cash used in investing activities
(2,428)
(3,683)
(4,274)
Cash Flows from Financing Activities:
 
 
 
Deposits received for investment contracts
5,061 
5,891 
5,298 
Maturities and withdrawals from investment contracts
(5,372)
(5,412)
(4,587)
Proceeds from issuance of debt with maturities of more than three months
399 
798 
0 
Repayment of debt with maturities of more than three months
(490)
(708)
(31)
Debt issuance costs
(3)
(16)
(7)
Borrowings of consolidated investment entities
967 
126 
1,373 
Repayments of borrowings of consolidated investment entities
(804)
(455)
(479)
Contributions from (distributions to) participants in consolidated investment entities
449 
51 
662 
Proceeds from issuance of common stock, net
3 
1 
0 
Share-based compensation
(8)
(7)
(5)
Common stock acquired - Share repurchase
(923)
(687)
(1,487)
Dividends paid
(8)
(8)
(9)
Net cash provided by (used in) financing activities - discontinued operations
384 
916 
280 
Net cash (used in) provided by financing activities
(345)
490 
1,008 
Net increase (decrease) in cash and cash equivalents
(1,195)
398 
(18)
Cash and cash equivalents, beginning of period
2,911 
2,513 
2,531 
Cash and cash equivalents, end of period
1,716 
2,911 
2,513 
Less: Cash and cash equivalents of discontinued operations, end of period
498 
815 
696 
Cash and cash equivalents of continuing operations, end of period
1,218 
2,096 
1,817 
Supplemental cash flow information:
 
 
 
Income taxes paid, net
(154)
69 
78 
Interest paid
174 
190 
179 
Decrease of assets due to deconsolidation of consolidated investment entities
0 
7,497 
0 
Decrease of liabilities due to deconsolidation of consolidated investment entities
0 
5,905 
0 
Decrease of equity due to deconsolidation of consolidated investment entities
0 
1,592 
0 
Elimination of appropriated retained earnings
$ 0 
$ 18 
$ 0 
Business, Basis of Presentation and Significant Accounting Policies
Business, Basis of Presentation and Significant Accounting Policies
Business, Basis of Presentation and Significant Accounting Policies

Business

Voya Financial, Inc. and its subsidiaries (collectively the "Company") is a financial services organization in the United States that offers a broad range of retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products.

On December 20, 2017, the Company entered into a Master Transaction Agreement ("MTA") with VA Capital Company LLC ("VA Capital") and Athene Holding Ltd ("Athene"), pursuant to which Venerable Holdings, Inc. ("Venerable"), a wholly owned subsidiary of VA Capital, will acquire two of the Company's subsidiaries, Voya Insurance and Annuity Company ("VIAC") and Directed Services, LLC ("DSL"). This transaction is expected to close during the second or third quarter of 2018 and will result in the disposition of substantially all of the Company's Closed Block Variable Annuity ("CBVA") and Annuities businesses (collectively, the "Transaction"). The assets and liabilities related to the businesses to be sold have been classified as held for sale in the accompanying Consolidated Balance Sheets and as discontinued operations in the accompanying Consolidated Statements of Operations and Consolidated Statements of Cash Flows and are reported separately for all periods presented.  See the Business Held for Sale and Discontinued Operations Note to these Consolidated Financial Statements.

Pursuant to the Transaction, the Company no longer considers its CBVA and Annuities businesses as reportable segments. Additionally, the Company evaluated its segment presentation and determined that the retained CBVA and Annuities policies that are not included in the disposed businesses described above ("Retained Business") are insignificant. As such, the Company reported the results of the Retained Business in Corporate.

The Company provides its principal products and services through four segments: Retirement, Investment Management, Individual Life and Employee Benefits. In addition, the Company includes in Corporate the financial data not directly related to its segments and other business activities that do not have an ongoing meaningful impact to the Company's results. See the Segments Note to these Consolidated Financial Statements.

Prior to May 2013, the Company was an indirect, wholly owned subsidiary of ING Groep N.V. ("ING Group" or "ING"), a global financial services holding company based in The Netherlands. In May 2013, Voya Financial, Inc. completed its initial public offering ("IPO") of common stock, including the issuance and sale of common stock by Voya Financial, Inc. and the sale of shares of common stock owned indirectly by ING Group. Between October 2013 and March 2015, ING Group completed the sale of its remaining shares of common stock of Voya Financial, Inc. in a series of registered public offerings. ING Group continues to hold certain warrants to purchase shares of Voya Financial, Inc. common stock as described further in the Shareholders' Equity Note to these Consolidated Financial Statements.

Basis of Presentation

The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP").

The Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as other (voting interest entities ("VOEs")) and variable interest entities ("VIEs") in which the Company has a controlling financial interest. See the Consolidated Investment Entities Note to these Consolidated Financial Statements. Intercompany transactions and balances have been eliminated.

Certain reclassifications have been made to prior year financial information to conform to the current year classifications.

Significant Accounting Policies

Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates.

The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates:

•
Reserves for future policy benefits;
•
Deferred policy acquisition costs ("DAC"), value of business acquired ("VOBA") and other intangibles (collectively, "DAC/VOBA and other intangibles");
•
Valuation of investments and derivatives;
•
Impairments;
•
Income taxes;
•
Contingencies; and
•
Employee benefit plans.

Fair Value Measurement

The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows.

Investments

The accounting policies for the Company's principal investments are as follows:

Fixed Maturities and Equity Securities: The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the fair value option ("FVO"). Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income (loss) ("AOCI") and presented net of related changes in DAC/VOBA and other intangibles and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets.

The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out ("FIFO") basis.

Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income in the Consolidated Statements of Operations.

Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis.

Short-term Investments: Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value.

Assets Held in Separate Accounts: Assets held in separate accounts are reported at the fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments, cash and fixed maturities.

Mortgage Loans on Real Estate: The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, less impairment write-downs and allowance for losses. If a mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lower of either the present value of expected cash flows from the loan, discounted at the loan's original purchase yield, or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets.

Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt.

Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due.

Commercial loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved.

The Company records an allowance for probable losses incurred on non-impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loan.

Policy Loans: Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy.

Limited Partnerships/Corporations: The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which primarily consist of investments in private equity funds, hedge funds and other VIEs for which the Company is not the primary beneficiary. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, generally not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income.

Other Investments: Other investments are comprised primarily of Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value.

Securities Lending: The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

Corporate Loans: Corporate loans held by consolidated collateralized loan obligations ("CLO" or "CLO entities") are reported in Corporate loans, at fair value using the fair value option on the Consolidated Balance Sheets. Changes in the fair value of the loans are recorded in Changes in fair value related to collateralized loan obligations in the Consolidated Statements of Operations. The fair values for corporate loans are determined using independent commercial pricing services. In the event that the third-party pricing source is unable to price an investment, other relevant factors are considered.

Impairments

The Company evaluates its available-for-sale investments quarterly to determine whether there has been an other-than-temporary decline in fair value below the amortized cost basis. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the length of time and the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. An extended and severe unrealized loss position on a fixed maturity may not have any impact on: (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. In contrast, for certain equity securities, the Company gives greater weight and consideration to a decline in market value and the likelihood such market value decline will recover.

When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs.

When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations as an other-than-temporary impairment ("OTTI"). If the Company does not intend to sell the security, and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that there has been an other-than-temporary decline in fair value below the amortized cost basis, the OTTI is bifurcated into the amount representing the present value of the decrease in cash flows expected to be collected ("credit impairment") and the amount related to other factors ("noncredit impairment"). The credit impairment is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations. The noncredit impairment is recorded in Other comprehensive income (loss).

The Company uses the following methodology and significant inputs to determine the amount of the OTTI credit loss:

•
When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies.
•
Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security.
•
When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions.
•
The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment.

In periods subsequent to the recognition of the credit related impairment components of OTTI on a fixed maturity, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into Net investment income over the remaining term of the fixed maturity in a prospective manner based on the amount and timing of estimated future cash flows.

Derivatives

The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement.

The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its universal life-type and annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship.

•
Fair Value Hedge: For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
•
Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Other net realized capital gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date, or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Other net realized capital gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Other net realized capital gains (losses).

The Company also has investments in certain fixed maturities and has issued certain universal life-type and annuity products that contain embedded derivatives for which fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Embedded derivatives within certain universal life-type and annuity products are included in Future policy benefits on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

In addition, the Company has entered into coinsurance with funds withheld reinsurance arrangements that contain embedded derivatives, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivatives within coinsurance with funds withheld reinsurance arrangements are reported with the host contract in Other liabilities on the Consolidated Balance Sheets, and changes in the fair value of embedded derivatives are recorded in Policyholder benefits in the Consolidated Statements of Operations.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. Cash and cash equivalents of VIEs and VOEs are not available for general use by the Company.

Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation, and are included in Other assets on the Consolidated Balance Sheets. Expenditures for replacements and major improvements are capitalized; maintenance and repair expenditures are expensed as incurred. Depreciation on property and equipment is provided on a straight-line basis over the estimated useful lives of the assets, which generally range from 3 to 40 years, with the exception of land and artwork which are not depreciated. Depreciation expense is included in Operating expenses in the Consolidated Statements of Operations.

As of December 31, 2017 and 2016, total cost basis of property and equipment was $376 and $373, respectively. As of December 31, 2017 and 2016, total accumulated depreciation was $269 and $261, respectively. For the years ended December 31, 2017, 2016 and 2015, depreciation expense was $19, $25 and $24, respectively.

Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies.

Collectively, the Company refers to DAC, VOBA, deferred sales inducements ("DSI") and unearned revenue ("URR") as "DAC/VOBA and other intangibles." (See respective "Sales Inducements" and "Recognition of Insurance Revenue and Related Benefits" sections below). DAC/VOBA and other intangibles are adjusted for the impact of unrealized capital gains (losses) on investments, as if such gains (losses) have been realized, with corresponding adjustments included in AOCI.

Amortization Methodologies
The Company amortizes DAC and VOBA related to certain traditional life insurance contracts and certain accident and health insurance contracts over the premium payment period in proportion to the present value of expected gross premiums. Assumptions as to mortality, morbidity, persistency and interest rates, which include provisions for adverse deviation, are consistent with the assumptions used to calculate reserves for future policy benefits.

These assumptions are "locked-in" at issue and not revised unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Recoverability testing is performed for current issue year products to determine if gross premiums are sufficient to cover DAC or VOBA, estimated benefits and related expenses. In subsequent periods, the recoverability of DAC or VOBA is determined by assessing whether future gross premiums are sufficient to amortize DAC or VOBA, as well as provide for expected future benefits and related expenses. If a premium deficiency is deemed to be present, charges will be applied against the DAC and VOBA balances before an additional reserve is established. Absent such a premium deficiency, variability in amortization after policy issuance or acquisition relates only to variability in premium volumes.

The Company amortizes DAC and VOBA related to universal life-type contracts and fixed and variable deferred annuity contracts, except for deferred annuity contracts within the CBVA business, over the estimated lives of the contracts in relation to the emergence of estimated gross profits. Assumptions as to mortality, persistency, interest crediting rates, fee income, returns associated with separate account performance, impact of hedge performance, expenses to administer the business and certain economic variables, such as inflation, are based on the Company's experience and overall capital markets. At each valuation date, estimated gross profits are updated with actual gross profits, and the assumptions underlying future estimated gross profits are evaluated for continued reasonableness. Adjustments to estimated gross profits require that amortization rates be revised retroactively to the date of the contract issuance ("unlocking"). For deferred annuity contracts within the CBVA business, the Company amortizes DAC/VOBA and DSI in relation to the emergence of estimated gross revenue.

For universal life-type contracts and fixed and variable deferred annuity contracts, recoverability testing is performed for current issue year products to determine if gross profits are sufficient to cover DAC/VOBA and other intangibles, estimated benefits and related expenses. In subsequent years, the Company performs testing to assess the recoverability of DAC/VOBA and other intangibles on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If DAC/VOBA or other intangibles are not deemed recoverable from future gross profits, charges will be applied against the DAC/VOBA or other intangible balances before an additional reserve is established.

During the year ended December 31, 2017, as a result of the held for sale classification of substantially all of the Annuities and CBVA businesses discussed above, the Company has evaluated and redefined its contract groupings for loss recognition testing in those businesses. This has resulted in the establishment of premium deficiency reserves for the Retained Business of $43, which was recorded as an increase in Policyholder benefits in the Consolidated Statements of Operations, with a corresponding increase to Future policy benefits on the Consolidated Balance Sheets.

During the year ended December 31, 2016, for its continuing operations, the Company's reviews resulted in loss recognition in its Retained Business of $8 before income taxes, of which $7 was recorded to Net amortization of DAC and VOBA in the Consolidated Statements of Operations, with a corresponding decrease to Deferred policy acquisition costs and Value of business acquired on the Consolidated Balance Sheets. The remaining loss recognition of $1 was related to the establishment of premium deficiency reserves which was recorded as an increase in Policyholder benefits in the Consolidated Statements of Operations, with a corresponding increase to Future policy benefits on the Consolidated Balance Sheets.

During the year ended December 31, 2016, for its discontinued operations, the Company's reviews resulted in loss recognition of $313, before income taxes, of which $78 and $19 were related to DAC/VOBA and Sales Inducements, respectively and reported as a loss in Income (loss) from discontinued operations, net of tax with a corresponding decrease in Assets held for sale in the Consolidated Balance Sheets. The loss recognition also included the establishment of $216 of premium deficiency reserves related to the continued decline in earned rates in the current interest rate environment, which was reported as a loss in Income (loss) from discontinued operations, net of tax, with an offsetting increase in Liabilities held for sale on the Consolidated Balance Sheets.

The Company had no loss recognition for the year ended December 31 2015.

Internal Replacements
Contract owners may periodically exchange one contract for another, or make modifications to an existing contract. These transactions are identified as internal replacements. Internal replacements that are determined to result in substantially unchanged contracts are accounted for as continuations of the replaced contracts. Any costs associated with the issuance of the new contracts are considered maintenance costs and expensed as incurred. Unamortized DAC/VOBA and other intangibles related to the replaced contracts continue to be deferred and amortized in connection with the new contracts. Internal replacements that are determined to result in contracts that are substantially changed are accounted for as extinguishments of the replaced contracts, and any unamortized DAC/VOBA and other intangibles related to the replaced contracts are written off to the same account in which amortization is reported in the Consolidated Statements of Operations.

Assumptions
Changes in assumptions can have a significant impact on DAC/VOBA and other intangible balances, amortization rates, reserve levels, and results of operations. Assumptions are management’s best estimate of future outcome.

Several assumptions are considered significant in the estimation of gross profits associated with the Company's variable products. One significant assumption is the assumed return associated with the variable account performance. To reflect the volatility in the equity markets, this assumption involves a combination of near-term expectations and long-term assumptions regarding market performance. The overall return on the variable account is dependent on multiple factors, including the relative mix of the underlying sub-accounts among bond funds and equity funds, as well as equity sector weightings. The Company uses a reversion to the mean approach, which assumes that the market returns over the entire mean reversion period are consistent with a long-term level of equity market appreciation. The Company monitors market events and only changes the assumption when sustained deviations are expected. This methodology incorporates a 9% long-term equity return assumption, a 14% cap and a five-year look-forward period.

Other significant assumptions used in the estimation of gross profits include mortality, and for products with credited rates include interest rate spreads and credit losses. Estimated gross revenues and gross profits of variable annuity contracts are sensitive to mortality and estimated policyholder behavior assumptions, such as surrender, lapse and annuitization rates.

Sales Inducements

DSI represents benefits paid to contract owners for a specified period that are incremental to the amounts the Company credits on similar contracts without sales inducements and are higher than the contract's expected ongoing crediting rates for periods after the inducement. The Company defers sales inducements and amortizes DSI over the estimated lives of the related contracts using the same methodology and assumptions used to amortize DAC. The amortization of DSI is included in Interest credited to contract owner account balances in the Consolidated Statements of Operations. Each year, or more frequently if circumstances indicate a potentially significant recoverability issue exists, the Company reviews DSI to determine the recoverability of these balances.

For the years ended December 31, 2017, 2016 and 2015, the Company capitalized $1 of sales inducements. For the years ended December 31, 2017 and 2016 the Company amortized $5 of DSI. For the year ended December 31, 2015, the Company amortized $4 of DSI. See "Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles" above for loss recognition on Sales Inducements during 2017 and 2016.

Future Policy Benefits and Contract Owner Account Balances

Future Policy Benefits
The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. The principal assumptions used to establish liabilities for future policy benefits are based on Company experience and periodically reviewed against industry standards. These assumptions include mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, investment returns, inflation, benefit utilization and expenses. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations.

•
Reserves for traditional life insurance contracts (term insurance, participating and non-participating whole life insurance and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. Assumptions as to interest rates, mortality, expenses and persistency are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Interest rates used to calculate the present value of these reserves ranged from 2.3% to 7.7%.
•
Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality and expenses are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue and policy duration. Interest rates used to calculate the present value of future benefits ranged from 2.7% to 8.3%.

Although assumptions are "locked-in" upon the issuance of traditional life insurance contracts, certain accident and health insurance contracts and payout contracts with life contingencies, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do not include a provision for adverse deviation. See "Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles" above for premium deficiency reserves established during 2017 and 2016.

Contract Owner Account Balances
Contract owner account balances relate to universal life-type and investment-type contracts, as follows:

•
Account balances for guaranteed investment contracts and funding agreements with fixed maturities (collectively referred to as "GICs") are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract.
•
Account balances for universal life-type contracts, including variable universal life ("VUL") contracts, are equal to cumulative deposits, less charges, withdrawals and account values released upon death, plus credited interest thereon.
•
Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and ranged up to 7.5% for the years 2017, 2016 and 2015. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate.
•
For fixed-indexed annuity ("FIA") and indexed universal life ("IUL") contracts, the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value.

Product Guarantees and Additional Reserves
The Company calculates additional reserve liabilities for certain universal life-type products, certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations.

Universal and Variable Life: Reserves for universal life ("UL") and VUL secondary guarantees and paid-up guarantees are calculated by estimating the expected value of death benefits payable and recognizing those benefits ratably over the accumulation period based on total expected assessments. The reserve for such products recognizes the portion of contract assessments received in early years used to compensate the Company for benefits provided in later years. Assumptions used, such as the interest rate, lapse rate and mortality, are consistent with assumptions used in estimating gross profits for purposes of amortizing DAC. Reserves for UL and VUL secondary guarantees and paid-up guarantees are recorded in Future policy benefits on the Consolidated Balance Sheets.

The Company also calculates a benefit ratio for each block of business that meets the requirements for additional reserves and calculates an additional reserve by accumulating amounts equal to the benefit ratio multiplied by the assessments for each period, reduced by excess benefits during the period. The additional reserve is accumulated at interest rates consistent with the DAC model for the period. The calculated reserve includes provisions for UL contracts that produce expected gains from the insurance benefit function followed by losses from that function in later years. Additional reserves are recorded in Future policy benefits on the Consolidated Balance Sheets.

URR relates to UL and VUL products and represents policy charges for benefits or services to be provided in future periods (see "Recognition of Insurance Revenue and Related Benefits" below). The URR balance is recorded in Contract owner account balances on the Consolidated Balance Sheets.

GMDB and GMIB: Reserves for annuity guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") are determined by estimating the value of expected benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. Expected experience is based on a range of scenarios. Assumptions used, such as the long-term equity market return, lapse rate and mortality, are consistent with assumptions used in estimating gross revenues for the purpose of amortizing DAC. The assumptions of investment performance and volatility are consistent with the historical experience of the appropriate underlying equity index, such as the Standard & Poor's ("S&P") 500 Index. In addition, the reserve for the GMIB incorporates assumptions for the likelihood and timing of the potential annuitizations that may be elected by the contract owner. In general, the Company assumes that GMIB annuitization rates will be higher for policies with more valuable ("in the money") guarantees, where the notional benefit amount is in excess of the account value. Reserves for GMDB and GMIB are recorded in Future policy benefits. Changes in reserves for GMDB and GMIB are reported in Policyholder benefits.

GMWBL, GMWB, GMAB, FIA and IUL: The Company issues certain products that contain embedded derivatives that are measured at estimated fair value separately from the host contracts. These products include deferred variable annuity contracts containing guaranteed minimum withdrawal benefits with life payouts ("GMWBL"), guaranteed minimum withdrawal benefits without life contingencies ("GMWB"), and guaranteed minimum accumulation benefits ("GMAB") features and FIA and IUL contracts. Embedded derivatives associated with GMAB, GMWB and GMWBL are recorded in Future policy benefits. Embedded derivatives associated with FIA and IUL contracts are recorded in Contract owner account balances. Changes in estimated fair value, that are not related to attributed fees or premiums collected or payments made, are reported in Other net realized capital gains (losses).

At inception of the contracts containing the GMWBL, GMWB and GMAB features, the Company projects a fee to be attributed to the embedded derivative portion of the guarantee equal to the present value of projected future guaranteed benefits. After inception, the estimated fair value of the GMWBL, GMWB and GMAB embedded derivatives is determined based on the present value of projected future guaranteed benefits, minus the present value of projected attributed fees. A risk neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk free rates. The projection of future guaranteed benefits and future attributed fees requires the use of assumptions for capital markets (e.g., implied volatilities, correlation among indices, risk-free swap curve, etc.) and policyholder behavior (e.g., lapse, benefit utilization, mortality, etc.).

The estimated fair value of the embedded derivative in the FIA contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed contract value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the anticipated life of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths, annuitizations and maturities.

The estimated fair value of the embedded derivative in the IUL contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed account value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the current index term of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths and maturities.

Stabilizer and MCG: Guaranteed credited rates give rise to an embedded derivative in the Stabilizer products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Contract owner account balances on the Consolidated Balance Sheets. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions.

The liabilities for the GMWBL, GMWB, GMAB, FIA, IUL and Stabilizer embedded derivatives and the MCG stand-alone derivative (collectively, "guaranteed benefit derivatives") include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks.

The discount rate used to determine the fair value of the liabilities for the GMWBL, GMWB, GMAB, FIA, IUL and Stabilizer embedded derivatives and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk").

Separate Accounts

Separate account assets and liabilities generally represent funds maintained to meet specific investment objectives of contract owners or participants who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contract owners. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company.

Separate account assets supporting variable options under variable annuity contracts are invested, as designated by the contract owner or participant under a contract, in shares of mutual funds that are managed by the Company or in other selected mutual funds not managed by the Company.

The Company reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if:

•
Such separate accounts are legally recognized;
•
Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities;
•
Investments are directed by the contract owner or participant; and
•
All investment performance, net of contract fees and assessments, is passed through to the contract owner.

The Company reports separate account assets that meet the above criteria at fair value on the Consolidated Balance Sheets based on the fair value of the underlying investments. Separate account liabilities equal separate account assets. Investment income and net realized and unrealized capital gains (losses) of the separate accounts, however, are not reflected in the Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts.

Short-term and Long-term Debt

Short-term and long-term debt are carried on the Consolidated Balance Sheets at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium and any direct and incremental costs attributable to issuance. Discounts, premiums and direct and incremental costs are amortized as a component of Interest expense in the Consolidated Statements of Operations over the life of the debt using the effective interest method of amortization.

Collateralized Loan Obligations Notes

CLO notes issued by consolidated CLO entities are recorded in Corporate loans, at fair value using the fair value option on the Consolidated Balance Sheets. Changes in the fair value of the notes are recorded in Changes in fair value related to collateralized loan obligations in the Company's Consolidated Statements of Operations.

Repurchase Agreements

The Company engages in dollar repurchase agreements with MBS ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements.

The Company enters into dollar roll transactions by selling existing MBS and concurrently entering into an agreement to repurchase similar securities within a short time frame at a lower price. Under repurchase agreements, the Company borrows cash from a counterparty at an agreed upon interest rate for an agreed upon time frame and pledges collateral in the form of securities. At the end of the agreement, the counterparty returns the collateral to the Company, and the Company, in turn, repays the loan amount along with the additional agreed upon interest.

The Company's policy requires that at all times during the term of the dollar roll and repurchase agreements that cash or other collateral types obtained is sufficient to allow the Company to fund substantially all of the cost of purchasing replacement assets. Cash received is invested in Short-term investments, with the offsetting obligation to repay the loan included within Other liabilities on the Consolidated Balance Sheets. The carrying value of the securities pledged in dollar rolls and repurchase agreement transactions and the related repurchase obligation are included in Securities pledged and Short-term debt, respectively, on the Consolidated Balance Sheets.

The primary risk associated with short-term collateralized borrowings is that the counterparty will be unable to perform under the terms of the contract. The Company's exposure is limited to the excess of the net replacement cost of the securities over the value of the short-term investments. The Company believes the counterparties to the dollar rolls and repurchase agreements are financially responsible and that the counterparty risk is minimal. 

Recognition of Insurance Revenue and Related Benefits

Premiums related to traditional life insurance contracts and payout contracts with life contingencies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Policyholder benefits in the Consolidated Statements of Operations when incurred.

Amounts received as payment for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and FIA contracts are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges and are reported in Fee income. Surrender charges are reported in Other revenue. In addition, the Company earns investment income from the investment of contract deposits in the Company's general account portfolio, which is reported in Net investment income in the Consolidated Statements of Operations. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are established as a URR liability and amortized into revenue over the expected life of the related contracts in proportion to estimated gross profits in a manner consistent with DAC for these contracts. URR is reported in Contract owner account balances and amortized into Fee income. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances.

Performance-based Capital Allocations on Private Equity Funds

Under asset management arrangements for certain of its sponsored private equity funds, the Company, as General Partner, is entitled to receive performance-based capital allocations ("carried interest") when the return on assets under management for such funds exceeds prescribed investment return hurdles or other performance targets. Carried interest is accrued quarterly based on measuring cumulative fund performance against the stated performance hurdle, as if the fund was liquidated at its estimated fair value as of the applicable balance sheet date.

Carried interest is subject to adjustment to the extent that subsequent fund performance causes the fund’s cumulative investment return to fall below specified investment return hurdles. In such a circumstance, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to the performance-based capital allocation and, if such allocations have been distributed to the Company but are subject to recoupment by the fund, a liability is established for the potential repayment obligation.

Income Taxes

The Company files a consolidated federal income tax return, which includes many of its subsidiaries, in accordance with the Internal Revenue Code of 1986, as amended.

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent, such as the dividends received deduction which is estimated using information from the prior period and current year results. Other differences are temporary, reversing over time, such as the valuation of insurance reserves, and create deferred tax assets and liabilities.

The Company's deferred tax assets and liabilities resulting from temporary differences between financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse.

Deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards and tax credit carryforwards. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including:

•
The nature, frequency and severity of book income or losses in recent years;
•
The nature and character of the deferred tax assets and liabilities;
•
The nature and character of income by life and non-life subgroups;
•
The recent cumulative book income (loss) position after adjustment for permanent differences;
•
Taxable income in prior carryback years;
•
Projected future taxable income, exclusive of reversing temporary differences and carryforwards;
•
Projected future reversals of existing temporary differences;
•
The length of time carryforwards can be utilized;
•
Prudent and feasible tax planning strategies the Company would employ to avoid a tax benefit from expiring unused; and
•
Tax rules that would impact the utilization of the deferred tax assets.

In establishing unrecognized tax benefits, the Company determines whether a tax position is more likely than not to be sustained under examination by the appropriate taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the appropriate taxing authority. Tax positions that do not meet the more likely than not standard are not recognized in the Consolidated Financial Statements. Tax positions that meet this standard are recognized in the Consolidated Financial Statements. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with the tax authority that has full knowledge of all relevant information.

Reinsurance

The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured.

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for both long and short-duration reinsurance agreements are consistent with those used for the underlying contracts. Ceded Future policy benefits and Contract owner account balances are reported gross on the Consolidated Balance Sheets.

Long-duration: For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded as a component of the reinsurance asset or liability. Any difference between actual and expected net cost of reinsurance is recognized in the current period and included as a component of profits used to amortize DAC.

Short-duration: For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid are recorded as ceded premiums and ceded unearned premiums and are reflected as a component of Premiums in the Consolidated Statements of Operations and Other assets on the Consolidated Balance Sheets, respectively. Ceded unearned premiums are amortized through premiums over the remaining contract period in proportion to the amount of protection provided.

For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid in excess of the related insurance liabilities ceded are recognized immediately as a loss. Any gains on such retroactive agreements are deferred in Other liabilities and amortized over the remaining life of the underlying contracts.

Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. The S&P ratings for the Company's reinsurers with the largest reinsurance recoverable balances are A-rated or better, including Lincoln National Corporation ("Lincoln"), Hannover Life Reassurance Company of America ("Hannover US") and Hannover Re (Ireland) Limited ("HLRI") (collectively, "Hannover Re") and various subsidiaries of Reinsurance Group of America Incorporated (collectively, "RGA").

Only those reinsurance recoverable balances deemed probable of recovery are recognized as assets on the Company's Consolidated Balance Sheets and are stated net of allowances for uncollectible reinsurance. Amounts currently recoverable and payable under reinsurance agreements are included in Premium receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Policyholder benefits are reported net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in Other revenue.

The Company has entered into coinsurance funds withheld reinsurance arrangements that contain embedded derivatives for which carrying value is estimated based on the change in the fair value of the assets supporting the funds withheld payable under the agreements.

Employee Benefits Plans

The Company sponsors and/or administers various plans that provide defined benefit pension and other postretirement benefit plans covering eligible employees, sales representatives and other individuals. The plans are generally funded through payments, determined by periodic actuarial calculations, to trustee-administered funds.

A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in respect of defined benefit pension plans is the present value of the projected pension benefit obligation ("PBO") at the balance sheet date, less the fair value of plan assets, together with adjustments for unrecognized past service costs. This liability is included in Pension and other postretirement provisions on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans and the accumulated postretirement benefit obligation ("APBO") for other postretirement plans on the Consolidated Balance Sheets.

Net periodic benefit cost is determined using management estimates and actuarial assumptions to derive service cost, interest cost and expected return on plan assets for a particular year. The obligations and expenses associated with these plans require use of assumptions, such as discount rate, expected rate of return on plan assets, rate of future compensation increases and healthcare cost trend rates, as well as assumptions regarding participant demographics, such as age of retirements, withdrawal rates and mortality. Management determines these assumptions based on a variety of factors, such as historical performance of the plan and its assets, currently available market and industry data and expected benefit payout streams. Actual results could vary significantly from assumptions based on changes, such as economic and market conditions, demographics of participants in the plans and amendments to benefits provided under the plans. These differences may have a significant effect on the Company's Consolidated Financial Statements and liquidity. Differences between the expected return and the actual return on plan assets and actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations.

For postretirement healthcare and other benefits to retirees, the entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued in Other liabilities over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations.

Share-based Compensation

The Company grants certain employees and directors share-based compensation awards under various plans. Share-based compensation plans are subject to certain vesting conditions. The Company measures the cost of its share-based awards at their grant date fair value, which in the case of restricted stock units ("RSUs ") and performance share units ("PSUs") is based upon the market value of the Company's common stock on the date of grant. In 2016 and 2017, the Company granted certain PSU awards, which are subject to attainment of specified total shareholder return ("TSR") targets relative to a specified peer group. The number of TSR-based PSU awards expected to be earned, based on achievement of the market condition, is factored into the grant date Monte Carlo valuation for the award. Fair value of stock options is determined using a Black-Scholes options valuation methodology. Compensation expense is principally related to the granting of performance share units, restricted stock units and stock options and is recognized in Operating expenses in the Consolidated Statements of Operations over the requisite service period. The majority of awards granted are provided in the first quarter of each year.

The liability related to the cash-settled awards is recorded within Other liabilities on the Consolidated Balance Sheets. Unlike equity-settled awards, which have a fixed grant-date fair value, the fair value of unvested cash-settled awards is remeasured at the end of each reporting period until the awards vest.

Excess tax benefits recorded in Additional paid-in capital in 2016 and prior years are accounted for in a single pool available to all share-based compensation awards. Excess tax benefits in Additional paid-in capital are not recognized until the benefits result in a reduction in taxes payable. The Company uses tax law ordering when determining when excess tax benefits have been realized.

On a prospective basis from January 1, 2017, all excess tax benefits and tax deficiencies related to share-based compensation are reported in Net income (loss), rather than Additional paid-in capital.

Earnings per Common Share

Basic earnings per common share ("EPS") is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed assuming the issuance of nonvested shares, restricted stock units, stock options, performance share units and warrants using the treasury stock method. Basic and diluted earnings per share are calculated using unrounded, actual amounts. Under the treasury stock method, the Company utilizes the average market price to determine the amount of cash that would be available to repurchase shares if the common shares vested. The net incremental share count issued represents the potential dilutive or anti-dilutive securities.

For any period where a loss from earnings available to common shareholders is experienced, shares used in the diluted EPS calculation represent basic shares, as using diluted shares would be anti-dilutive to the calculation.

Consolidation and Noncontrolling Interests

As of January 1, 2016, the Company changed its method for determining whether consolidation is required for VIEs and VOEs upon the adoption of Accounting Standards Update ("ASU") 2015-02, "Consolidation (Accounting Standards Codification ("ASC") Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02") (See "Adoption of New Pronouncements" below).

In the normal course of business, the Company invests in, provides investment management services to, and has transactions with, various CLO entities, private equity funds, real estate funds, funds-of-hedge funds, single strategy hedge funds, insurance entities, securitizations and other investment entities. In certain instances, the Company serves as the investment manager, making day-to-day investment decisions concerning the assets of these entities. These entities are considered to be either VIEs or VOEs, and the consolidation guidance requires an assessment involving judgments and analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest.

The Company consolidates entities in which it, directly or indirectly, is determined to have a controlling financial interest. Consolidation conclusions are reviewed quarterly to identify whether any reconsideration events have occurred.

VIEs: The Company consolidates VIEs for which it is the primary beneficiary at the time it becomes involved with a VIE. An entity is a VIE if it has equity investors who, as a group, lack the characteristics of a controlling financial interest or it does not have sufficient equity at risk to finance its expected activities without additional subordinated financial support from other parties. The primary beneficiary (a) has the power to direct the activities of the entity that most significantly impact the entity's economic performance and (b) has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity.

VOEs: For entities determined not to be VIEs, the Company consolidates entities in which it holds greater than 50% of the voting interest, or, for limited partnerships, when the Company owns a majority of the limited partnership's kick-out rights through voting interests.

Noncontrolling interest represents the interests of shareholders, other than the Company, in consolidated entities. In the Consolidated Statements of Operations, Net income (loss) attributable to noncontrolling interest represents such shareholders' interests in the earnings and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled.

Contingencies

A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company's best estimate of the ultimate outcome.

Adoption of New Pronouncements

Interests Held through Related Parties
In October 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-17, "Consolidation (ASC Topic 810): Interests Held through Related Parties That Are under Common Control" ("ASU 2016-17"), which changes how a single decision maker of a VIE should treat indirect interests in the entity that are held through related parties under common control when determining whether it is the primary beneficiary of the VIE.
The provisions of ASU 2016-17 were adopted by the Company, retrospectively, on January 1, 2017. The adoption had no effect on the Company's financial condition, results of operations, or cash flows.
Share-Based Compensation
In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (ASC Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), which simplifies the accounting for share-based payment award transactions with respect to:
•
The income tax consequences of awards,
•
The impact of forfeitures on the recognition of expense for awards,
•
Classification of awards as either equity or liabilities, and
•
Classification on the statement of cash flows.

The provisions of ASU 2016-09 were adopted by the Company on January 1, 2017 using the transition method prescribed for each applicable provision:

•
On a prospective basis, all excess tax benefits and tax deficiencies related to share-based compensation are reported in Net income (loss), rather than Additional paid-in capital. Prior year excess tax benefits remain in Additional paid-in capital.
•
The provision that removed the requirement to delay recognition of excess tax benefits until they reduce taxes payable was required to be adopted on a modified retrospective basis. Upon adoption, this provision resulted in a $15 increase in Deferred income tax assets with a corresponding increase to Retained earnings on the Consolidated Balance Sheet as of January 1, 2017, to record previously unrecognized excess tax benefits.
•
The Company elected to retrospectively adopt the requirement to present cash inflows related to excess tax benefits as operating activities, which resulted in a $5 reclassification of Share-based compensation cash flows from financing activities to operating activities in the Consolidated Statement of Cash Flows for the twelve months ended December 31, 2016.
•
The Company also elected to continue its existing accounting policy of including estimated forfeitures in the calculation of share-based compensation expense.

The adoption of the remaining provisions of ASU 2016-09 had no effect on the Company's financial condition, results of operations, or cash flows.

Debt Instruments
In March 2016, the FASB issued ASU 2016-06, "Derivatives and Hedging (ASC Topic 815): Contingent Put and Call Options in Debt Instruments" ("ASU 2016-06"), which clarifies that an entity is only required to follow the four-step decision sequence when assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts for purposes of bifurcating an embedded derivative. The entity does not need to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks.

The provisions of ASU 2016-06 were adopted by the Company on January 1, 2017 using a modified retrospective approach. The adoption had no effect on the Company's financial condition, results of operations, or cash flows.

Consolidation
In February 2015, the FASB issued ASU 2015-02, "Consolidation (ASC Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02"), which:

•
Modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or VOEs, including the requirement to consider the rights of all equity holders at risk to determine if they have the power to direct the entity’s most significant activities.
•
Eliminates the presumption that a general partner should consolidate a limited partnership. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights.
•
Affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships.
•
Provides a new scope exception for registered money market funds and similar unregistered money market funds, and ends the deferral granted to investment companies from applying the VIE guidance.

The Company adopted the provisions of ASU 2015-02 on January 1, 2016 using the modified retrospective approach. The impact to the Company’s January 1, 2016 Consolidated Balance Sheet was the deconsolidation of $7.5 billion of Assets related to consolidated investment entities (comprised mainly of $2.5 billion of Limited partnerships/corporations, at fair value, $0.3 billion of Cash and cash equivalents, $4.6 billion of Corporate loans, at fair value using the fair value option, and $0.1 billion of Other assets related to consolidated investment entities) and $5.9 billion of liabilities (comprised of $4.6 billion of Collateralized loan obligations notes, at fair value using the fair value option, and $1.3 billion of Other liabilities related to consolidated investment entities), with a related adjustment to Noncontrolling interest of $1.6 billion and elimination of $9 Appropriated retained earnings related to consolidated investment entities.

The adoption of ASU 2015-02 did not result in consolidation of any entities that were not previously consolidated. Limited partnerships previously accounted for as VOEs became VIEs under the new guidance as the limited partners do not hold substantive kick-out rights or participating rights.

The adoption of ASU 2015-02 had no impact to net income available to Voya Financial, Inc.’s common shareholders.

Collateralized Financing Entities
In August 2014, the FASB issued ASU 2014-13, "Consolidation (ASC Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity" ("ASU 2014-13"), which allows an entity to elect to measure the financial assets and financial liabilities of a consolidated collateralized financing entity using either:
•
ASC Topic 820, whereby both the financial assets and liabilities are measured using the requirements of ASC Topic 820, with any difference reflected in earnings and attributed to the reporting entity in the statement of operations.
•
The measurement alternative, whereby both the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities.

The Company adopted the provisions of ASU 2014-13 on January 1, 2016, using the measurement alternative under the modified retrospective method. Subsequent to the adoption of ASU 2014-13, the impact to the Company’s January 1, 2016 Consolidated Balance Sheet was an increase of $18 in Collateralized loan obligations notes, at fair value using the fair value option, related to consolidated investment entities, with an offsetting decrease to Appropriated retained earnings of $18, resulting in the elimination of Appropriated retained earnings related to consolidated investment entities. As a result of adoption of ASU 2014-13, CLO liabilities are measured based on the fair value of the assets of the CLOs; therefore, the changes in fair value related to consolidated CLOs is zero. The changes in fair value of the Company’s interest in the CLOs are presented in Net investment income on the Consolidated Statements of Operations.

Future Adoption of Accounting Pronouncements

Reclassification of Certain Tax Effects
    
In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (ASC Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted Tax Cuts and Jobs Act of 2017 ("Tax Reform"). Stranded tax effects arise because generally accepted accounting principles require that the impact of a change in tax laws or rates on deferred tax liabilities and assets be reported in net income, even if related to items recognized within accumulated other comprehensive income. The amount of the reclassification would be based on the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate, applied to deferred tax liabilities and assets reported within accumulated other comprehensive income.

The provisions of ASU 2018-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Initial adoption of ASU 2018-02 may be reported either in the period of adoption or on a retrospective basis in each period in which the effect of the change in the U.S. federal corporate income tax rate resulting from Tax Reform is recognized. The Company is currently evaluating the provisions of ASU 2018-02.

Derivatives & Hedging
In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic ASC 815): Targeted Improvements to Accounting for Hedging Activities " ("ASU 2017-12"), which enables entities to better portray risk management activities in their financial statements, as follows:

•
Expands an entity's ability to hedge nonfinancial and financial risk components and reduces complexity in accounting for fair value hedges of interest rate risk,
•
Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item,
•
Eases certain documentation and assessment requirements and modifies the accounting for components excluded from
the assessment of hedge effectiveness, and
•
Modifies required disclosures.

The provisions of ASU 2017-12 are effective for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. Initial adoption of ASU 2017-12 is required to be reported using a modified retrospective approach, with the exception of the presentation and disclosure requirements, which are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2017-12.

Debt Securities
In March 2017, the FASB issued ASU 2017-08, "Receivables-Nonrefundable Fees and Other Costs (ASC Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08), which shortens the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date.

The provisions of ASU 2017-08 are effective for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. Initial adoption of ASU 2017-08 is required to be reported using a modified retrospective approach. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2017-08.

Retirement Benefits
In March 2017, the FASB issued ASU 2017-07, "Compensation-Retirement Benefits (ASC Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" ("ASU 2017-07"), which requires employers to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the same line item as other compensation costs arising from services rendered by employees during the period. Other components of net benefit costs are required to be presented in the statement of operations separately from service costs. In addition, only service costs are eligible for capitalization in assets, when applicable.

The provisions of ASU 2017-07 are effective for annual periods beginning after December 15, 2017, including interim periods, with early adoption permitted. Initial adoption of ASU 2017-07 is required to be reported retrospectively for the presentation of service costs and other components in the statement of operations and prospectively for the capitalization of service costs in assets. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018.

Derecognition of Nonfinancial Assets
In February 2017, the FASB issued ASU 2017-05, "Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (ASC Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance & Accounting for Partial Sales of Nonfinancial Assets" ("ASU 2017-05"), which requires entities to apply certain recognition and measurement principles in ASU 2014-09, "Revenue from Contracts with Customers (ASC Topic 606)" (see "Revenue from Contracts with Customers" below) when they derecognize nonfinancial assets and in substance nonfinancial assets through sale or transfer, and the counterparty is not a customer.

The provisions of ASU 2017-05 are effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted, using either a retrospective or modified retrospective method. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018.

Statement of Cash Flows
In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (ASC Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on eight specific cash flow issues.

The provisions of ASU 2016-15 are effective retrospectively for fiscal years beginning after December 15, 2017, including interim periods, with early adoption permitted. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018.

Financial Instruments - Credit Losses
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which:

•
Introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments,
•
Modifies the impairment model for available-for-sale debt securities, and
•
Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination.

The provisions of ASU 2016-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. Initial adoption of ASU 2016-13 is required to be reported on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption, except for certain provisions that are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-13.

Leases
In February 2016, the FASB issued ASU 2016-02, "Leases (ASC Topic 842)" ("ASU 2016-02"), which requires lessees to recognize a right-of-use asset and a lease liability for all leases with terms of more than 12 months. The lease liability will be measured as the present value of the lease payments, and the asset will be based on the liability. For income statement purposes, expense recognition will depend on the lessee's classification of the lease as either finance, with a front-loaded amortization expense pattern similar to current capital leases, or operating, with a straight-line expense pattern similar to current operating leases. Lessor accounting will be similar to the current model, and lessors will be required to classify leases as operating, direct financing, or sales-type.

ASU 2016-02 also replaces the sale-leaseback guidance to align with the new revenue recognition standard, addresses statement of operation and statement of cash flow classification, and requires additional disclosures for all leases.

The provisions of ASU 2016-02 are effective on a modified retrospective basis for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-02.

Financial Instruments - Recognition and Measurement
In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (ASC Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"), which requires:

•
Equity investments (except those consolidated or accounted for under the equity method) to be measured at fair value with changes in fair value recognized in net income.
•
Elimination of the disclosure of methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost.
•
The use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes.
•
Separate presentation in other comprehensive income of the portion of the total change in fair value of a liability resulting from a change in own credit risk if the liability is measured at fair value under the fair value option.
•
Separate presentation on the balance sheet or financial statement notes of financial assets and financial liabilities by measurement category and form of financial asset.

The provisions of ASU 2016-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption only permitted for certain provisions. Initial adoption of ASU 2016-01 is required to be reported on a modified retrospective basis, with a cumulative-effect adjustment to the balance sheet as of the beginning of the year of adoption, except for certain provisions that are required to be applied prospectively. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018.

Revenue from Contracts with Customers
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (ASC Topic 606)" ("ASU 2014-09"), which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when, or as, the entity satisfies a performance obligation under the contract. ASU 2014-09 also updated the accounting for certain costs associated with obtaining and fulfilling contracts with customers and requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In addition, the FASB issued various amendments during 2016 to clarify the provisions and implementation guidance of ASU 2014-09. Revenue recognition for insurance contracts and financial instruments is explicitly scoped out of the guidance.

The provisions of ASU 2014-09 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted as of January 1, 2017. Initial adoption of ASU 2014-09 is required to be reported using either a retrospective or modified retrospective approach.

The Company plans to adopt ASU 2014-09 on January 1, 2018 on a modified retrospective basis. As the scope of ASU 2014-09 excludes insurance contracts and financial instruments, the guidance does not apply to a significant portion of the Company’s business. Based on review to date, the Company anticipates that the adoption of ASU 2014-09 will result in the deferral of costs to obtain and fulfill certain financial services contracts in the Retirement segment and Corporate, with a related cumulative impact on retained earnings upon adoption, net of tax, of approximately $80; however, finalization of implementation efforts will continue into the first quarter of 2018.
Business Held for Sale and Discontinued Operations
Business Held for Sale and Discontinued Operations
Business Held for Sale and Discontinued Operations

As noted in the Business, Basis of Presentation and Significant Accounting Policies Note, on December 20, 2017, the Company entered into a MTA with VA Capital and Athene (the "Buyers") pursuant to which Venerable will acquire two of the Company’s subsidiaries, VIAC and DSL. The Transaction is expected to close during the second or third quarter of 2018, subject to conditions specified in the MTA, including the receipt of required regulatory approvals, and other conditions. In addition, this transaction will result in the disposition of substantially all of the Company’s CBVA and Annuities businesses.

The purchase price in the transaction will be equal to the difference between the Required Adjusted Book Value (as defined in the MTA) and the Statutory capital in VIAC at closing, after giving effect to certain restructuring and other pre-sale transactions, including the reinsurance of the fixed and fixed indexed annuity business of VIAC. The purchase price for DSL is expected to approximate its carrying value. After the closing, the Company, through its other insurance subsidiaries, will continue to own surplus notes issued by VIAC in an aggregate principal amount of $350 and will acquire a 9.99% equity interest in VA Capital. The receivable for the surplus notes and VIAC's corresponding liability are included in Other assets and Liabilities held for sale, respectively, on the Company's Consolidated Balance Sheets. In the summary of major categories of assets and liabilities held for sale below, VIAC's corresponding liability for the surplus notes is included in Notes payable.

Under the terms of the Transaction, VIAC will, prior to the closing of the transaction, undertake certain restructuring transactions with several current affiliates in order to transfer businesses and assets into and out of VIAC.

In connection with the closing, Voya Investment Management Co., LLC ("Voya IM") or its affiliated advisors, will enter into one or more agreements to perform asset management services for Venerable as part of the transaction. As part of the agreements, Voya IM will serve as the preferred asset management partner for Venerable. Under the agreements, subject to certain criteria, Voya IM will manage certain assets, including, for at least five years following the closing of the transaction, certain general account assets. The Company has also agreed to provide certain transitional services to Venerable for up to 24 months after the closing of the Transaction.

The MTA provides for a $105 reverse termination fee that would be payable by VA Capital to the Company if the MTA is terminated in certain circumstances.

The MTA contains limits on the amount of additional capital we could be required to contribute to meet any increases in the Required Adjusted Book Value and on the amount of capital in excess of such amount that VA Capital could be required to compensate us for if such excess capital were to become trapped in VIAC prior to Transaction closing, in each case subject to certain termination rights.

The Company has determined that the CBVA and Annuities businesses to be disposed of meet the criteria to be classified as held for sale and that the sale represents a strategic shift that will have a major effect on the Company’s operations.  Accordingly, the results of operations of the businesses to be sold have been presented as discontinued operations in the accompanying Consolidated Statements of Operations and Consolidated Statements of Cash Flows, and the assets and liabilities of the businesses have been classified as held for sale and segregated for all periods presented in the Consolidated Balance Sheets. A business classified as held for sale is recorded at the lower of its carrying value or estimated fair value less cost to sell. If the carrying value exceeds its estimated fair value less cost to sell, a loss is recognized. Transactions between the businesses held for sale and businesses in continuing operations that are expected to continue to exist after the disposal are not eliminated to appropriately reflect the continuing operations and the assets, liabilities and results of the businesses held for sale.

The results of discontinued operations are reported in "Income (loss) from discontinued operations, net of tax" in the accompanying Consolidated Statements of Operations for all periods presented. In addition, Income (loss) from discontinued operations, net of tax, for the year ended December 31, 2017 includes the estimated loss on sale, net of tax of $2,423. The estimated loss on sale includes estimated transaction costs of $31 that are expected to be incurred through and upon closing of the Transaction as well as the loss of $692 of deferred tax assets. The estimated loss on sale represents the excess of the estimated carrying value of the businesses held for sale over the estimated purchase price, which approximates fair value, less cost to sell. As noted above, the purchase price in the transaction is equal to the difference between the Required Adjusted Book Value and the Statutory capital in VIAC at closing. The Required Adjusted Book Value is based on, subject to certain adjustments, the Conditional Trail Expectation ("CTE") 95 standard which is a statistical tail risk measure under the Standard & Poor’s ("S&P") model which follows the Risk Based capital C-3 Phase II guidelines as stipulated by the National Association of Insurance Commissioners ("NAIC").

The estimated purchase price and estimated carrying value of VIAC as of the future date of closing, and therefore the estimated loss on sale related to the Transaction are subject to adjustment in future quarters until closing, and may be influenced by, but not limited to the following factors:

•
Market fluctuations related to equity securities, interest rates, volatility, credit spreads and foreign exchange rates;
•
The performance of the businesses held for sale and the impact of interest and equity market changes on the Variable Annuity Hedge Program and any other hedging activity the Company may engage in within VIAC;
•
Changes in the terms of the Transaction, including as the result of subsequent negotiations or as necessary to obtain regulatory approval;
•
Other changes in the terms of the Transaction due to unanticipated developments; and
•
Changes in key customers and policyholder behavior as a result of the Transaction or other factors.

The Company is required to remeasure the estimated fair value and loss on sale at the end of each quarter until closing of the Transaction. Changes in the estimated loss on sale that occur prior to closing of the Transaction will be reported as an adjustment to Income (loss) from discontinued operations, net of tax, in future quarters prior to closing.




The following table summarizes the major categories of assets and liabilities classified as held for sale in the accompanying Consolidated Balance Sheets as of December 31, 2017 and 2016:
 
As of December 31,
 
2017
 
2016
Assets:
 
 
 
Investments:
 
 
 
Fixed maturities, available-for-sale, at fair value
$
21,904

 
$
22,075

Fixed maturities, at fair value using the fair value option
615

 
647

Short-term investments
352

 
430

Mortgage loans on real estate, net of valuation allowance
4,212

 
3,722

Derivatives
1,514

 
976

Other investments(1)
351

 
258

Securities pledged
861

 
748

Total investments
29,809

 
28,856

Cash and cash equivalents
498

 
815

Short-term investments under securities loan agreements, including collateral delivered
473

 
202

Deferred policy acquisition costs and Value of business acquired
805

 
890

Sales Inducements
196

 
206

Deferred income taxes
404

 
520

Other assets(2)
396

 
286

Assets held in separate accounts
28,894

 
30,934

Write-down of businesses held for sale to fair value less cost to sell
(2,423
)
 
—

Total assets held for sale
$
59,052

 
$
62,709

 
 
 
 
Liabilities:
 
 
 
Future policy benefits and contract owner account balances
$
27,065

 
$
27,205

Payables under securities loan agreement, including collateral held
1,152

 
872

Derivatives
782

 
174

Notes payable
350

 
350

Other liabilities
34

 
41

Liabilities related to separate accounts
28,894

 
30,934

Total liabilities held for sale
$
58,277

 
$
59,576

(1) Includes Other investments, Equity securities, Limited Partnerships/corporations and Policy loans.
(2) Includes Other assets, Accrued investment income, Premium receivable and reinsurance recoverable.
 










The following table summarizes the components of Income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Revenues:
 
 
 
 
 
Net investment income
$
1,266

 
$
1,288

 
$
1,217

Fee income
801

 
889

 
1,011

Premiums
190

 
720

 
470

Total net realized capital gains (losses)
(1,234
)
 
(900
)
 
(173
)
Other revenue
19

 
19

 
22

Total revenues
1,042

 
2,016

 
2,547

Benefits and expenses:
 
 
 
 
 
Interest credited and other benefits to contract owners/policyholders
978

 
2,199

 
1,812

Operating expenses
250

 
283

 
319

Net amortization of Deferred policy acquisition costs and Value of business acquired
127

 
136

 
286

Interest expense
22

 
22

 
22

Total benefits and expenses
1,377

 
2,640

 
2,439

Income (loss) from discontinued operations before income taxes
(335
)
 
(624
)
 
108

Income tax expense (benefit)
(178
)
 
(287
)
 
(38
)
Loss on sale, net of tax
(2,423
)
 
—

 
—

Income (loss) from discontinued operations, net of tax
$
(2,580
)
 
$
(337
)
 
$
146


For additional information on certain assets, liabilities and other financial information related to businesses held for sale, see the Derivatives Note, Fair Value Measurements (excluding Consolidated Investments Entities) Note and the Guaranteed Benefit Features Note to these Consolidated Financial Statements.
Investments (excluding Consolidated Investment Entities)
Investments (excluding Consolidated Investment Entities)
Investments (excluding Consolidated Investment Entities)

Fixed Maturities and Equity Securities

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2017:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)(4)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,047

 
$
477

 
$
2

 
$
—

 
$
2,522

 
$
—

U.S. Government agencies and authorities
223

 
52

 
—

 
—

 
275

 
—

State, municipalities and political subdivisions
1,856

 
68

 
11

 
—

 
1,913

 
—

U.S. corporate public securities
20,857

 
2,451

 
50

 
—

 
23,258

 
—

U.S. corporate private securities
5,628

 
255

 
50

 
—

 
5,833

 
—

Foreign corporate public securities and foreign governments(1)
5,241

 
493

 
18

 
—

 
5,716

 
—

Foreign corporate private securities(1)
4,974

 
251

 
64

 
—

 
5,161

 
10

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
2,990

 
164

 
30

 
21

 
3,145

 
—

Non-Agency
1,257

 
110

 
4

 
16

 
1,379

 
16

Total Residential mortgage-backed securities
4,247

 
274

 
34

 
37

 
4,524

 
16

Commercial mortgage-backed securities
2,646

 
69

 
11

 
—

 
2,704

 
—

Other asset-backed securities
1,488

 
43

 
3

 
—

 
1,528

 
3

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
49,207

 
4,433

 
243

 
37

 
53,434

 
29

Less: Securities pledged
1,823

 
284

 
20

 
—

 
2,087

 
—

Total fixed maturities
47,384

 
4,149

 
223

 
37

 
51,347

 
29

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
272

 
1

 
—

 
—

 
273

 
—

Preferred stock
81

 
26

 
—

 
—

 
107

 
—

Total equity securities
353

 
27

 
—

 
—

 
380

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
47,737

 
$
4,176

 
$
223

 
$
37

 
$
51,727

 
$
29

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) Represents OTTI reported as a component of Other comprehensive income (loss).
(4) Amount excludes $441 of net unrealized gains on impaired available-for-sale securities.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2016:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)(4)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,150

 
$
407

 
$
2

 
$
—

 
$
2,555

 
$
—

U.S. Government agencies and authorities
227

 
41

 
—

 
—

 
268

 
—

State, municipalities and political subdivisions
1,647

 
23

 
39

 
—

 
1,631

 
—

U.S. corporate public securities
21,873

 
1,722

 
178

 
—

 
23,417

 
6

U.S. corporate private securities
5,076

 
174

 
113

 
—

 
5,137

 
—

Foreign corporate public securities and foreign governments(1)
5,161

 
293

 
69

 
—

 
5,385

 
—

Foreign corporate private securities(1)
4,954

 
206

 
52

 
—

 
5,108

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
3,720

 
209

 
42

 
32

 
3,919

 
—

Non-Agency
845

 
97

 
6

 
23

 
959

 
25

Total Residential mortgage-backed securities
4,565

 
306

 
48

 
55

 
4,878

 
25

Commercial mortgage-backed securities
2,320

 
59

 
24

 
—

 
2,355

 
—

Other asset-backed securities
1,096

 
43

 
5

 
—

 
1,134

 
4

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
49,069

 
3,274

 
530

 
55

 
51,868

 
35

Less: Securities pledged
1,261

 
160

 
12

 
—

 
1,409

 
—

Total fixed maturities
47,808

 
3,114

 
518

 
55

 
50,459

 
35

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
152

 
—

 
—

 
—

 
152

 
—

Preferred stock
77

 
29

 
—

 
—

 
106

 
—

Total equity securities
229

 
29

 
—

 
—

 
258

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
48,037

 
$
3,143

 
$
518

 
$
55

 
$
50,717

 
$
35

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) Represents OTTI reported as a component of Other comprehensive income (loss).
(4) Amount excludes $408 of net unrealized gains on impaired available-for-sale securities.

The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2017, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date.
 
Amortized
Cost
 
Fair
Value
Due to mature:
 
 
 
One year or less
$
988

 
$
1,001

After one year through five years
8,389

 
8,703

After five years through ten years
10,352

 
10,762

After ten years
21,097

 
24,212

Mortgage-backed securities
6,893

 
7,228

Other asset-backed securities
1,488

 
1,528

Fixed maturities, including securities pledged
$
49,207

 
$
53,434



The investment portfolio is monitored to maintain a diversified portfolio on an ongoing basis. Credit risk is mitigated by monitoring concentrations by issuer, sector and geographic stratification and limiting exposure to any one issuer.
As of December 31, 2017 and 2016, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s Total shareholders' equity.

The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Fair
Value
December 31, 2017
 
 
 
 
 
 
 
Communications
$
2,587

 
$
341

 
$
4

 
$
2,924

Financial
5,094

 
487

 
5

 
5,576

Industrial and other companies
16,478

 
1,391

 
98

 
17,771

Energy
4,268

 
459

 
45

 
4,682

Utilities
6,243

 
607

 
22

 
6,828

Transportation
1,295

 
121

 
4

 
1,412

Total
$
35,965

 
$
3,406

 
$
178

 
$
39,193

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Communications
$
2,765

 
$
258

 
$
17

 
$
3,006

Financial
5,143

 
370

 
28

 
5,485

Industrial and other companies
17,129

 
948

 
189

 
17,888

Energy
4,509

 
310

 
75

 
4,744

Utilities
5,629

 
397

 
77

 
5,949

Transportation
1,210

 
83

 
12

 
1,281

Total
$
36,385

 
$
2,366

 
$
398

 
$
38,353



Fixed Maturities and Equity Securities

The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the FVO. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in AOCI and presented net of related changes in DAC, VOBA and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets.

The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain CMOs, primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of December 31, 2017 and 2016, approximately 43.2% and 46.4%, respectively, of the Company's CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs.

Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions.

Repurchase Agreements

As of December 31, 2017 and 2016, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

Securities Lending

As of December 31, 2017 and 2016, the fair value of loaned securities was $1,854 and $1,133, respectively, and is included in Securities pledged on the Consolidated Balance Sheets. As of December 31, 2017 and 2016, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $1,589 and $425, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Consolidated Balance Sheets. As of December 31, 2017 and 2016, liabilities to return collateral of $1,589 and $425, respectively, are included in Payables under securities loan agreements, including collateral held on the Consolidated Balance Sheets.

During the first quarter of 2016 under an amendment to the securities lending program, the Company began accepting non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected in the Company’s Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of December 31, 2017 and 2016, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $308 and $743, respectively.

The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated:
 
December 31, 2017 (1)(2)
 
December 31, 2016 (1)(2)
U.S. Treasuries
$
587

 
$
701

U.S. Government agencies and authorities
5

 
4

U.S. corporate public securities
967

 
294

Short-term Investments
—

 
1

Foreign corporate public securities and foreign governments
338

 
168

Payables under securities loan agreements
$
1,897

 
$
1,168


(1) As of December 31, 2017 and 2016, borrowings under securities lending transactions include cash collateral of $1,589 and $425, respectively.
(2) As of December 31, 2017 and 2016, borrowings under securities lending transactions include non-cash collateral of $308 and $743, respectively.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.

Unrealized Capital Losses

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2017:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
166

 
$
2

 
$
—

 
$
—

 
$
15

 
$
—

 
$
181

 
$
2

State, municipalities and political subdivisions
356

 
9

 
6

 
—

 
35

 
2

 
397

 
11

U.S. corporate public securities
1,399

 
47

 
8

 
—

 
114

 
3

 
1,521

 
50

U.S. corporate private securities
1,068

 
46

 
—

 
—

 
84

 
4

 
1,152

 
50

Foreign corporate public securities and foreign governments
463

 
17

 
6

 
—

 
26

 
1

 
495

 
18

Foreign corporate private securities
493

 
64

 
9

 
—

 
8

 
—

 
510

 
64

Residential mortgage-backed
967

 
32

 
6

 
—

 
81

 
2

 
1,054

 
34

Commercial mortgage-backed
756

 
10

 
18

 
—

 
86

 
1

 
860

 
11

Other asset-backed
374

 
3

 
4

 
—

 
27

 
—

 
405

 
3

Total
$
6,042

 
$
230

 
$
57

 
$
—

 
$
476

 
$
13

 
$
6,575

 
$
243

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2016:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
209

 
$
2

 
$
—

 
$
—

 
$
—

 
$
—

 
$
209

 
$
2

State, municipalities and political subdivisions
945

 
38

 
2

 
—

 
49

 
1

 
996

 
39

U.S. corporate public securities
4,568

 
175

 
14

 
—

 
112

 
3

 
4,694

 
178

U.S. corporate private securities
1,596

 
109

 
10

 
1

 
87

 
3

 
1,693

 
113

Foreign corporate public securities and foreign governments
1,274

 
63

 
6

 
2

 
139

 
4

 
1,419

 
69

Foreign corporate private securities
1,026

 
52

 
—

 
—

 
—

 
—

 
1,026

 
52

Residential mortgage-backed
1,389

 
47

 
1

 
—

 
21

 
1

 
1,411

 
48

Commercial mortgage-backed
680

 
22

 
—

 
—

 
23

 
2

 
703

 
24

Other asset-backed
430

 
5

 
—

 
—

 
—

 
—

 
430

 
5

Total
$
12,117

 
$
513

 
$
33

 
$
3

 
$
431

 
$
14

 
$
12,581

 
$
530



Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 97.3% and 96.9% of the average book value as of December 31, 2017 and 2016, respectively.

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
6,126

 
$
196

 
$
148

 
$
82

 
1,098

 
38

More than six months and twelve months or less below amortized cost
48

 
—

 
1

 
—

 
14

 
—

More than twelve months below amortized cost
448

 
—

 
12

 
—

 
87

 
—

Total
$
6,622

 
$
196

 
$
161

 
$
82

 
1,199

 
38

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
12,536

 
$
195

 
$
466

 
$
53

 
1,694

 
63

More than six months and twelve months or less below amortized cost
45

 
—

 
2

 
—

 
13

 
—

More than twelve months below amortized cost
335

 
—

 
9

 
—

 
38

 
1

Total
$
12,916

 
$
195

 
$
477

 
$
53

 
1,745

 
64



Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
183

 
$
—

 
$
2

 
$
—

 
29

 
—

State, municipalities and political subdivisions
408

 
—

 
11

 
—

 
103

 
—

U.S. corporate public securities
1,553

 
18

 
45

 
5

 
232

 
2

U.S. corporate private securities
1,129

 
73

 
28

 
22

 
73

 
2

Foreign corporate public securities and foreign governments
506

 
7

 
16

 
2

 
84

 
1

Foreign corporate private securities
490

 
84

 
16

 
48

 
35

 
6

Residential mortgage-backed
1,075

 
13

 
29

 
5

 
334

 
25

Commercial mortgage-backed
871

 
—

 
11

 
—

 
164

 
—

Other asset-backed
407

 
1

 
3

 
—

 
145

 
2

Total
$
6,622

 
$
196

 
$
161

 
$
82

 
1,199

 
38

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
211

 
$
—

 
$
2

 
$
—

 
25

 
—

State, municipalities and political subdivisions
1,034

 
1

 
39

 
—

 
198

 
1

U.S. corporate public securities
4,811

 
61

 
163

 
15

 
547

 
17

U.S. corporate private securities
1,699

 
107

 
84

 
29

 
111

 
3

Foreign corporate public securities and foreign governments
1,471

 
17

 
64

 
5

 
186

 
10

Foreign corporate private securities
1,078

 
—

 
52

 
—

 
64

 
2

Residential mortgage-backed
1,452

 
7

 
45

 
3

 
365

 
28

Commercial mortgage-backed
727

 
—

 
24

 
—

 
124

 
2

Other asset-backed
433

 
2

 
4

 
1

 
125

 
1

Total
$
12,916

 
$
195

 
$
477

 
$
53

 
1,745

 
64



The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated:
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2017
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
—

 
$
—

 
$
—

 
$
—

Non-agency RMBS > 90% - 100%
—

 
—

 
—

 
—

Non-agency RMBS 80% - 90%
13

 
—

 
—

 
—

Non-agency RMBS < 80%
211

 
1

 
4

 
—

Agency RMBS
878

 
12

 
26

 
4

Other ABS (Non-RMBS)
380

 
1

 
2

 
1

Total RMBS and Other ABS
$
1,482

 
$
14

 
$
32

 
$
5

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2017
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
Non-agency RMBS 10% +
$
162

 
$
—

 
$
2

 
$
—

Non-agency RMBS > 5% - 10%
11

 
—

 
—

 
—

Non-agency RMBS > 0% - 5%
25

 
1

 
1

 
—

Non-agency RMBS 0%
26

 
—

 
1

 
—

Agency RMBS
878

 
12

 
26

 
4

Other ABS (Non-RMBS)
380

 
1

 
2

 
1

Total RMBS and Other ABS
$
1,482

 
$
14

 
$
32

 
$
5

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2017
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
1,104

 
$
6

 
$
20

 
$
2

Floating Rate
378

 
8

 
12

 
3

Total
$
1,482

 
$
14

 
$
32

 
$
5

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.

 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2016
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
—

 
$
—

 
$
—

 
$
—

Non-agency RMBS > 90% - 100%
—

 
—

 
—

 
—

Non-agency RMBS 80% - 90%
5

 
—

 
—

 
—

Non-agency RMBS < 80%
149

 
4

 
8

 
1

Agency RMBS
1,347

 
3

 
39

 
3

Other ABS (Non-RMBS)
384

 
2

 
2

 
—

Total RMBS and Other ABS
$
1,885

 
$
9

 
$
49

 
$
4

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2016
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
92

 
$
—

 
$
5

 
$
—

Non-agency RMBS > 5% - 10%
9

 
—

 
—

 
—

Non-agency RMBS > 0% - 5%
25

 
—

 
2

 
—

Non-agency RMBS 0%
28

 
4

 
1

 
1

Agency RMBS
1,347

 
3

 
39

 
3

Other ABS (Non-RMBS)
384

 
2

 
2

 
—

Total RMBS and Other ABS
$
1,885

 
$
9

 
$
49

 
$
4

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2016
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
1,393

 
$
3

 
$
34

 
$
2

Floating Rate
492

 
6

 
15

 
2

Total
$
1,885

 
$
9

 
$
49

 
$
4


(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.

Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows, after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired (typically pre-2008) indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on the valuation of a particular security within the trust will also be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary.
Troubled Debt Restructuring

The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the year ended December 31, 2017, the Company did not have any new commercial mortgage loan troubled debt restructuring and had one private placement troubled debt restructuring with a pre-modification and post-modification carrying value of $22. For the year ended December 31, 2016, the Company had no new troubled debt restructurings for commercial mortgage loans or private placement bonds.

As of December 31, 2017, the Company held no commercial mortgage troubled debt restructured loans.

As of December 31, 2017 and 2016, the Company did not have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default.

Mortgage Loans on Real Estate
 
The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Impaired
 
Non Impaired
 
Total
 
Impaired
 
Non Impaired
 
Total
Commercial mortgage loans
$
4

 
$
8,685

 
$
8,689

 
$
5

 
$
8,001

 
$
8,006

Collective valuation allowance for losses
N/A

 
(3
)
 
(3
)
 
N/A

 
(3
)
 
(3
)
Total net commercial mortgage loans
$
4

 
$
8,682

 
$
8,686

 
$
5

 
$
7,998

 
$
8,003


N/A - Not Applicable

There were no impairments taken on the mortgage loan portfolio for the years ended December 31, 2017 and 2016.

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:
 
December 31, 2017
 
December 31, 2016
Collective valuation allowance for losses, balance at January 1
$
3

 
$
3

Addition to (reduction of) allowance for losses
—

 
—

Collective valuation allowance for losses, end of period
$
3

 
$
3



The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
Impaired loans without allowances for losses
$
4

 
$
5

Less: Allowances for losses on impaired loans
—

 
—

Impaired loans, net
$
4

 
$
5

Unpaid principal balance of impaired loans
$
6

 
$
6



For the years ended December 31, 2017 and 2016, the Company did not have any impaired loans with allowances for losses.
 
 
 
 

The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The Company's policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current.

There were no mortgage loans in the Company's portfolio in process of foreclosure as of December 31, 2017 and 2016.

There were no loans 30 days or less in arrears, with respect to principal and interest as of December 31, 2017 and 2016.

The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Impaired loans, average investment during the period (amortized cost)(1)
$
4

 
$
11

 
$
36

Interest income recognized on impaired loans, on an accrual basis(1)
—

 
—

 
2

Interest income recognized on impaired loans, on a cash basis(1)
—

 
—

 
2

Interest income recognized on troubled debt restructured loans, on an accrual basis
—

 
—

 
2


(1) Includes amounts for Troubled debt restructured loans.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.

The following table presents the LTV ratios as of the dates indicated:
 
December 31, 2017(1)
 
December 31, 2016(1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
849

 
$
950

>50% - 60%
2,125

 
1,976

>60% - 70%
5,144

 
4,544

>70% - 80%
551

 
523

>80% and above
20

 
13

Total Commercial mortgage loans
$
8,689

 
$
8,006


(1)Balances do not include collective valuation allowance for losses.

The following table presents the DSC ratios as of the dates indicated:
 
December 31, 2017(1)
 
December 31, 2016(1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
7,013

 
$
6,421

>1.25x - 1.5x
655

 
824

>1.0x - 1.25x
893

 
597

Less than 1.0x
105

 
105

Commercial mortgage loans secured by land or construction loans
23

 
59

Total Commercial mortgage loans
$
8,689

 
$
8,006


(1)Balances do not include collective valuation allowance for losses.

Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:
 
December 31, 2017(1)
 
December 31, 2016(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
2,024

 
23.4
 
$
2,055

 
25.7
%
South Atlantic
1,716

 
19.7
 
1,703

 
21.3
%
Middle Atlantic
1,612

 
18.5
 
1,169

 
14.6
%
West South Central
959

 
11.0
 
801

 
10.0
%
Mountain
859

 
9.9
 
729

 
9.1
%
East North Central
884

 
10.2
 
885

 
11.1
%
New England
161

 
1.8
 
170

 
2.1
%
West North Central
391

 
4.5
 
371

 
4.6
%
East South Central
83

 
1.0
 
123

 
1.5
%
Total Commercial mortgage loans
$
8,689

 
100.0
 
$
8,006

 
100.0
%

(1) Balances do not include collective valuation allowance for losses.

 
December 31, 2017(1)
 
December 31, 2016(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Retail
$
2,587

 
29.7
 
$
2,607

 
32.6
%
Industrial
2,108

 
24.3
 
1,708

 
21.3
%
Apartments
1,849

 
21.3
 
1,620

 
20.2
%
Office
1,384

 
15.9
 
1,267

 
15.8
%
Hotel/Motel
309

 
3.6
 
332

 
4.2
%
Other
364

 
4.2
 
388

 
4.9
%
Mixed Use
88

 
1.0
 
84

 
1.0
%
Total Commercial mortgage loans
$
8,689

 
100.0
 
$
8,006

 
100.0
%

(1) Balances do not include collective valuation allowance for losses.

The following table presents mortgages by year of origination as of the dates indicated:
 
December 31, 2017(1)
 
December 31, 2016(1)
Year of Origination:
 
 
 
2017
$
1,525

 
$
—

2016
1,428

 
1,434

2015
1,250

 
1,286

2014
1,303

 
1,333

2013
1,287

 
1,371

2012
818

 
1,084

2011 and prior
1,078

 
1,498

Total Commercial mortgage loans
$
8,689

 
$
8,006


(1) Balances do not include collective valuation allowance for losses.

Evaluating Securities for Other-Than-Temporary Impairments

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities and equity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired.

The following table identifies the Company's credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
State, municipalities and political subdivisions
1

 
3

 
—

 
2

 
—

 
—

U.S. corporate public securities
1

 
3

 
8

 
3

 
29

 
24

Foreign corporate public securities and foreign governments(1)
2

 
3

 
17

 
4

 
44

 
12

Foreign corporate private securities(1)
15

 
2

 
2

 
2

 
1

 
1

Residential mortgage-backed
2

 
47

 
7

 
80

 
6

 
59

Other
—

 
3

 
—

 
1

 
3

 
5

Total
$
21

 
61

 
$
34

 
92

 
$
83

 
101


(1) Primarily U.S. dollar denominated.

The above tables include $19, $8 and $8 of write-downs related to credit impairments for the years ended December 31, 2017, 2016 and 2015, respectively, in Other-than-temporary impairments, which are recognized in the Consolidated Statements of Operations. The remaining $2, $26 and $75 in write-downs for the years ended December 31, 2017, 2016 and 2015, respectively, are related to intent impairments.

The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
1

 
3

 
7

 
2

 
29

 
23

Foreign corporate public securities and foreign governments(1)
—

 
—

 
16

 
3

 
43

 
11

Residential mortgage-backed
1

 
12

 
3

 
20

 
2

 
11

Other
—

 
3

 
—

 
1

 
1

 
2

Total
$
2

 
18

 
$
26

 
26

 
$
75

 
47



The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities or cost for equity securities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

The following table identifies the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Balance at January 1
$
33

 
$
46

 
$
53

Additional credit impairments:
 
 
 
 
 
On securities not previously impaired
15

 
—

 
—

On securities previously impaired
1

 
2

 
4

Reductions:
 
 
 
 
 
Increase in cash flows
1

 
—

 
1

Securities sold, matured, prepaid or paid down
8

 
15

 
10

Balance at December 31
$
40

 
$
33

 
$
46



Net Investment Income

The following table summarizes Net investment income for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Fixed maturities
$
2,698

 
$
2,860

 
$
2,851

Equity securities, available-for-sale
9

 
11

 
9

Mortgage loans on real estate
388

 
372

 
394

Policy loans
100

 
108

 
110

Short-term investments and cash equivalents
10

 
5

 
3

Other
145

 
62

 
37

Gross investment income
3,350

 
3,418

 
3,404

Less: investment expenses
56

 
64

 
61

Net investment income
$
3,294

 
$
3,354

 
$
3,343



As of December 31, 2017 and 2016, the Company had $5 and $8, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Consolidated Statements of Operations.

Net Realized Capital Gains (Losses)

Net realized capital gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related other-than-temporary impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. The cost of the investments on disposal is generally determined based on FIFO methodology.

Net realized capital gains (losses) were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Fixed maturities, available-for-sale, including securities pledged
$
7

 
$
(98
)
 
$
(90
)
Fixed maturities, at fair value option
(282
)
 
(296
)
 
(336
)
Equity securities, available-for-sale
(1
)
 
1

 
(4
)
Derivatives
98

 
32

 
(68
)
Embedded derivatives - fixed maturities
(18
)
 
(19
)
 
(16
)
Guaranteed benefit derivatives
(22
)
 
9

 
(46
)
Other investments
(9
)
 
8

 
—

Net realized capital gains (losses)
$
(227
)
 
$
(363
)
 
$
(560
)
After-tax net realized capital gains (losses)
$
(120
)
 
$
(268
)
 
$
(370
)


Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Proceeds on sales
$
4,905

 
$
4,742

 
$
4,932

Gross gains
93

 
91

 
91

Gross losses
56

 
157

 
104

Derivative Financial Instruments
Derivative Financial Instruments
Derivative Financial Instruments

The Company enters into the following types of derivatives:

Interest rate caps and floors: The Company uses interest rate cap contracts to hedge the interest rate exposure arising from duration mismatches between assets and liabilities. Interest rate caps are also used to hedge interest rate exposure if rates rise above a specified level. The Company uses interest rate floor contracts to hedge interest rate exposure if rates decrease below a specified level. The Company pays an upfront premium to purchase these caps and floors. The Company utilizes these contracts in non-qualifying hedging relationships.

Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Credit default swaps: Credit default swaps are used to reduce credit loss exposure with respect to certain assets that the Company owns or to assume credit exposure on certain assets that the Company does not own. Payments are made to, or received from, the counterparty at specified intervals. In the event of a default on the underlying credit exposure, the Company will either receive a payment (purchased credit protection) or will be required to make a payment (sold credit protection) equal to the par minus recovery value of the swap contract. Credit default swaps are also used to hedge credit exposure associated with certain variable annuity guarantees. The Company utilizes these contracts in non-qualifying hedging relationships. 

Total return swaps: The Company uses total return swaps as a hedge against a decrease in variable annuity account values, which are invested in certain indices. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of assets or a market index and the LIBOR rate, calculated by reference to an agreed upon notional principal amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships.
 
Currency forwards: The Company used currency forward contracts to hedge policyholder liabilities associated with the variable annuity contracts which are linked to foreign indices. The currency fluctuations may result in a decrease in account values, which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also utilizes currency forward contracts to hedge currency exposure related to its invested assets. The Company utilizes these contracts in non-qualifying hedging relationships.

Forwards: The Company uses forward contracts to hedge certain invested assets against movement in interest rates, particularly mortgage rates. The Company uses To Be Announced mortgage-backed securities as an economic hedge against rate movements. The Company utilizes forward contracts in non-qualifying hedging relationships.

Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may correlate to a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. Such increases may result in increased payments to the holders of fixed index annuity ("FIA") contracts.

Swaptions: A swaption is an option to enter into a swap with a forward starting effective date. The Company uses swaptions to hedge the interest rate exposure associated with the minimum crediting rate and book value guarantees embedded in the retirement products that the Company offers. Increases in interest rates will generate losses on assets that are backing such liabilities. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium when it purchases the swaption. The Company utilizes these contracts in non-qualifying hedging relationships.

Options: The Company uses options to manage the equity, interest rate and equity volatility risk of the economic liabilities associated with certain variable annuity minimum guaranteed benefits and/or to mitigate certain rebalancing costs resulting from increased volatility. The Company also uses equity options to hedge against an increase in various equity indices, and interest rate options to hedge against an increase in the interest rate benchmarked crediting strategies within FIA contracts. Such increases may result in increased payments to the holders of the FIA and IUL contracts. The Company pays an upfront premium to purchase these options. The Company utilizes these options in non-qualifying hedging relationships.

Currency Options: The Company uses currency option contracts to hedge currency exposure related to its invested assets.  The Company utilizes these contracts in non-qualifying hedging relationships.
Variance swaps: The Company uses variance swaps to manage equity volatility risk on the economic liabilities associated with certain minimum guaranteed living benefits and/or to mitigate certain rebalancing costs resulting from increased volatility. An increase in the equity volatility results in higher valuations of such liabilities. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on the changes in equity volatility over a defined period. The Company utilizes equity variance swaps in non-qualifying hedging relationships.

Managed custody guarantees ("MCGs"): The Company issues certain credited rate guarantees on variable fixed income portfolios that represent stand-alone derivatives. The market value is partially determined by, among other things, levels of or changes in interest rates, prepayment rates and credit ratings/spreads.

Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives.

The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and equity market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset. However, in accordance with the Chicago Mercantile Exchange ("CME") rule changes related to the variation margin payments, effective the first quarter of 2017, the Company is required to adjust the derivative balances with the variation margin payments related to its cleared derivatives executed through CME.

The notional amounts and fair values of derivatives from continuing operations were as follows as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting (1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
56

 
$
—

 
$
—

 
$
106

 
$
4

 
$
—

Foreign exchange contracts
625

 
—

 
60

 
324

 
28

 
7

Derivatives: Non-qualifying for hedge accounting (1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
27,482

 
173

 
58

 
39,570

 
550

 
247

Foreign exchange contracts
85

 
—

 
2

 
368

 
30

 
27

Equity contracts
1,526

 
198

 
19

 
917

 
95

 
—

Credit contracts
1,983

 
26

 
10

 
3,051

 
30

 
16

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
37

 
—

 
N/A

 
55

 
—

Within products
N/A

 
—

 
306

 
N/A

 
—

 
291

Within reinsurance agreements
N/A

 
—

 
129

 
N/A

 
—

 
79

Total
 
 
$
434

 
$
584

 
 
 
$
792

 
$
667

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value.
N/A - Not Applicable


The notional amounts and fair values of derivatives for businesses held for sale were as follows as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting (1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
18

 
$
—

 
$
—

 
$
18

 
$
1

 
$
—

Foreign exchange contracts
227

 
—

 
24

 
157

 
12

 
4

Derivatives: Non-qualifying for hedge accounting (1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
28,412

 
470

 
88

 
38,830

 
530

 
108

Foreign exchange contracts
17

 
—

 
—

 
1,205

 
31

 
12

Equity contracts
34,637

 
1,043

 
664

 
28,043

 
399

 
50

Credit contracts
431

 
1

 
6

 
204

 
3

 
—

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
11

 
—

 
N/A

 
16

 
—

Within products
N/A

 
—

 
3,400

 
N/A

 
—

 
3,499

Total
 
 
$
1,525

 
$
4,182

 
 
 
$
992

 
$
3,673

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value.
N/A - Not Applicable

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of December 31, 2017 and 2016. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815.

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) for continuing operations and businesses held for sale are presented in the tables below as of the dates indicated:
 
December 31, 2017
Continuing operations:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
1,983

 
$
26

 
$
10

Equity contracts
1,382

 
197

 
19

Foreign exchange contracts
710

 
—

 
62

Interest rate contracts
24,490

 
173

 
57

 
 
 
396

 
148

Counterparty netting(1)
 
 
(100
)
 
(100
)
Cash collateral netting(1)
 
 
(251
)
 
—

Securities collateral netting(1)
 
 
(37
)
 
(40
)
Net receivables/payables
 
 
$
8

 
$
8

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2017
Businesses held for sale:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
431

 
$
1

 
$
6

Equity contracts
28,131

 
1,023

 
662

Foreign exchange contracts
244

 
—

 
24

Interest rate contracts
27,025

 
471

 
88

 
 
 
1,495

 
780

Counterparty netting(1)
 
 
(776
)
 
(776
)
Cash collateral netting(1)
 
 
(676
)
 
(4
)
Securities collateral netting(1)
 
 
(31
)
 
—

Net receivables/payables
 
 
$
12

 
$
—

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.


 
December 31, 2016
Continuing operations:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
3,051

 
$
30

 
$
16

Equity contracts
782

 
94

 
—

Foreign exchange contracts
692

 
58

 
34

Interest rate contracts
32,898

 
555

 
245

 
 
 
737

 
295

Counterparty netting(1)
 
 
(250
)
 
(250
)
Cash collateral netting(1)
 
 
(399
)
 
(6
)
Securities collateral netting(1)
 
 
(20
)
 
(14
)
Net receivables/payables
 
 
$
68

 
$
25


(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2016
Businesses held for sale:

 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
204

 
$
3

 
$
—

Equity contracts
21,545

 
378

 
49

Foreign exchange contracts
1,362

 
43

 
16

Interest rate contracts
35,444

 
530

 
108

 
 
 
954

 
173

Counterparty netting(1)
 
 
(161
)
 
(161
)
Cash collateral netting(1)
 
 
(685
)
 
(15
)
Securities collateral netting(1)
 
 
(52
)
 
—

Net receivables/payables
 
 
$
56

 
$
(3
)
(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Collateral

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Consolidated Balance Sheets.

Continuing operations: As of December 31, 2017, the Company held $174 and $73 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2016, the Company held $154 and $234 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2017, the Company delivered $233 of securities and held $38 of securities as collateral. As of December 31, 2016, the Company delivered $276 of securities and held $20 of securities as collateral.

Businesses held for sale: As of December 31, 2017, the Company held $666 and $22 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2016, the Company held $655 and $23 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2017, the Company delivered $477 of securities and held $34 of securities as collateral. As of December 31, 2016, the Company delivered $477 of securities and held $52 of securities as collateral.

Net realized gains (losses) on derivatives from continuing operations were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
Interest rate contracts
$
1

 
$
1

 
$
1

Foreign exchange contracts
26

 
2

 
2

Fair value hedges:
 
 
 
 
 
Interest rate contracts
—

 
(3
)
 
(6
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
Interest rate contracts
1

 
35

 
(56
)
Foreign exchange contracts
(8
)
 
(4
)
 
6

Equity contracts
61

 
(11
)
 
(18
)
Credit contracts
17

 
12

 
3

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
Within fixed maturity investments(2)
(18
)
 
(19
)
 
(16
)
Within products(2)
(22
)
 
9

 
(46
)
Within reinsurance agreements(3)
(57
)
 
(25
)
 
125

Total
$
1

 
$
(3
)
 
$
(5
)

(1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2017, 2016 and 2015, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) Changes in value are included in Policyholder benefits in the Consolidated Statements of Operations.

Net realized gains (losses) on derivatives from discontinued operations were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Derivatives: Qualifying for hedge accounting
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
Foreign exchange contracts
$
10

 
$
1

 
$
1

Derivatives: Non-qualifying for hedge accounting
 
 
 
 
 
Interest rate contracts
125

 
(6
)
 
137

Foreign exchange contracts
(38
)
 
91

 
56

Equity contracts
(1,376
)
 
(1,145
)
 
(277
)
Credit contracts
—

 
(15
)
 
1

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
Within fixed maturity investments
(5
)
 
(5
)
 
(5
)
Within products
203

 
324

 
39

Total
$
(1,081
)
 
$
(755
)
 
$
(48
)

Credit Default Swaps

The Company has entered into various credit default swaps. When credit default swaps are sold, the Company assumes credit exposure to certain assets that it does not own. Credit default swaps may also be purchased to reduce credit exposure in the Company’s portfolio. Credit default swaps involve a transfer of credit risk from one party to another in exchange for periodic payments. As of December 31, 2017, the fair values of credit default swaps of $26 and $10 were included in Derivatives assets and Derivatives liabilities, respectively, on the Consolidated Balance Sheets. As of December 31, 2016, the fair values of credit default swaps of $30 and $16 were included in Derivatives assets and Derivatives liabilities, respectively, on the Consolidated Balance Sheets. As of December 31, 2017, the maximum potential future net exposure to the Company was $1,516 on credit default swap protection sold. As of December 31, 2016, the maximum potential future net exposure to the Company was $1,516, net of purchased protection of $500 on credit default swap protection sold. These instruments are typically written for a maturity period of 5 years and contain no recourse provisions. If the Company's current debt and claims paying ratings were downgraded in the future, the terms in the Company's derivative agreements may be triggered, which could negatively impact overall liquidity.
Fair Value Measurements (excluding Consolidated Investment Entities)
Fair Value Measurements (excluding Consolidated Investment Entities)
Fair Value Measurements (excluding Consolidated Investment Entities)

Fair Value Measurement

The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique, pursuant to ASU 2011-04, "Fair Value Measurements (ASC Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP" ("ASU 2011-04"). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the Consolidated Balance Sheets are categorized as follows:

•
Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Company defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
•
Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:
a) Quoted prices for similar assets or liabilities in active markets;
b) Quoted prices for identical or similar assets or liabilities in non-active markets;
c) Inputs other than quoted market prices that are observable; and
d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.
•
Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability.

When available, the estimated fair value of financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, including discounted cash flow methodologies, matrix pricing or other similar techniques.
The following table presents the Company’s hierarchy for its assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2017:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
1,921

 
$
601

 
$
—

 
$
2,522

U.S. Government agencies and authorities
—

 
275

 
—

 
275

State, municipalities and political subdivisions
—

 
1,913

 
—

 
1,913

U.S. corporate public securities
—

 
23,201

 
57

 
23,258

U.S. corporate private securities
—

 
4,706

 
1,127

 
5,833

Foreign corporate public securities and foreign governments(1)
—

 
5,705

 
11

 
5,716

Foreign corporate private securities(1)
—

 
4,992

 
169

 
5,161

Residential mortgage-backed securities
—

 
4,482

 
42

 
4,524

Commercial mortgage-backed securities
—

 
2,687

 
17

 
2,704

Other asset-backed securities
—

 
1,436

 
92

 
1,528

Total fixed maturities, including securities pledged
1,921

 
49,998

 
1,515

 
53,434

Equity securities, available-for-sale
278

 
—

 
102

 
380

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
173

 
—

 
173

Foreign exchange contracts
—

 
—

 
—

 
—

Equity contracts
—

 
44

 
154

 
198

Credit contracts
—

 
21

 
5

 
26

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
3,277

 
38

 
—

 
3,315

Assets held in separate accounts
72,535

 
5,059

 
11

 
77,605

Total assets
$
78,011

 
$
55,333

 
$
1,787

 
$
135,131

Percentage of Level to total
58
%
 
41
%
 
1
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
40

 
$
40

IUL
—

 
—

 
159

 
159

GMWBL/GMWB/GMAB
—

 
—

 
10

 
10

Stabilizer and MCGs
—

 
—

 
97

 
97

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
58

 
—

 
58

Foreign exchange contracts
—

 
62

 
—

 
62

Equity contracts
—

 
19

 
—

 
19

Credit contracts
—

 
10

 
—

 
10

Embedded derivative on reinsurance
—

 
129

 
—

 
129

Total liabilities
$
—

 
$
278

 
$
306

 
$
584

(1) Primarily U.S. dollar denominated.
The following table presents the Company’s hierarchy for its assets and liabilities related to businesses held for sale measured at fair value on a recurring basis as of December 31, 2017:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
993

 
$
8

 
$
—

 
$
1,001

U.S. Government agencies and authorities
—

 
32

 
—

 
32

State, municipalities and political subdivisions
—

 
587

 
—

 
587

U.S. corporate public securities
—

 
9,760

 
22

 
9,782

U.S. corporate private securities
—

 
2,524

 
503

 
3,027

Foreign corporate public securities and foreign governments(1)
—

 
2,825

 
—

 
2,825

Foreign corporate private securities(1)
—

 
2,500

 
83

 
2,583

Residential mortgage-backed securities
—

 
1,889

 
32

 
1,921

Commercial mortgage-backed securities
—

 
1,067

 
10

 
1,077

Other asset-backed securities
—

 
498

 
47

 
545

Total fixed maturities, including securities pledged
993

 
21,690

 
697

 
23,380

Equity securities, available-for-sale
12

 
—

 
11

 
23

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
470

 
—

 
470

Foreign exchange contracts
—

 
—

 
—

 
—

Equity contracts
19

 
918

 
106

 
1,043

Credit contracts
—

 
1

 
—

 
1

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
1,111

 
212

 
—

 
1,323

Assets held in separate accounts
28,894

 
—

 
—

 
28,894

Total assets
$
31,029

 
$
23,291

 
$
814

 
$
55,134

Percentage of Level to total
56
%
 
42
%
 
2
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
2,242

 
$
2,242

GMWBL/GMWB/GMAB
—

 
—

 
1,158

 
1,158

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
88

 
—

 
88

Foreign exchange contracts
—

 
24

 
—

 
24

Equity contracts
2

 
651

 
11

 
664

Credit contracts
—

 
6

 
—

 
6

Total liabilities
$
2

 
$
769

 
$
3,411

 
$
4,182




The following table presents the Company’s hierarchy for its assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2016:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
1,944

 
$
611

 
$
—

 
$
2,555

U.S. Government agencies and authorities
—

 
268

 
—

 
268

State, municipalities and political subdivisions
—

 
1,631

 
—

 
1,631

U.S. corporate public securities
—

 
23,405

 
12

 
23,417

U.S. corporate private securities
—

 
4,224

 
913

 
5,137

Foreign corporate public securities and foreign governments(1)
—

 
5,373

 
12

 
5,385

Foreign corporate private securities(1)
—

 
4,803

 
305

 
5,108

Residential mortgage-backed securities
—

 
4,821

 
57

 
4,878

Commercial mortgage-backed securities
—

 
2,339

 
16

 
2,355

Other asset-backed securities
—

 
1,081

 
53

 
1,134

Total fixed maturities, including securities pledged
1,944

 
48,556

 
1,368

 
51,868

Equity securities, available-for-sale
164

 
—

 
94

 
258

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
554

 
—

 
554

Foreign exchange contracts
—

 
58

 
—

 
58

Equity contracts
—

 
18

 
77

 
95

Credit contracts
—

 
19

 
11

 
30

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
2,949

 
124

 
—

 
3,073

Assets held in separate accounts
61,397

 
4,783

 
5

 
66,185

Total assets
$
66,454

 
$
54,112

 
$
1,555

 
$
122,121

Percentage of Level to total
55
%
 
44
%
 
1
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
42

 
$
42

IUL
—

 
—

 
81

 
81

GMWBL/GMWB/GMAB
—

 
—

 
18

 
18

Stabilizer and MCGs
—

 
—

 
150

 
150

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
1

 
246

 
—

 
247

Foreign exchange contracts
—

 
34

 
—

 
34

Equity contracts
—

 
—

 
—

 
—

Credit contracts
—

 
—

 
16

 
16

Embedded derivative on reinsurance
—

 
79

 
—

 
79

Total liabilities
$
1

 
$
359

 
$
307

 
$
667

(1) Primarily U.S. dollar denominated.
The following table presents the Company’s hierarchy for for its assets and liabilities related to businesses held for sale measured at fair value on a recurring basis as of December 31, 2016:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
1,327

 
$
9

 
$
—

 
$
1,336

U.S. Government agencies and authorities
—

 
30

 
—

 
30

State, municipalities and political subdivisions
—

 
505

 
—

 
505

U.S. corporate public securities
—

 
10,265

 
10

 
10,275

U.S. corporate private securities
—

 
2,265

 
406

 
2,671

Foreign corporate public securities and foreign governments(1)
—

 
2,694

 
—

 
2,694

Foreign corporate private securities(1)
—

 
2,542

 
136

 
2,678

Residential mortgage-backed securities
—

 
1,921

 
15

 
1,936

Commercial mortgage-backed securities
—

 
996

 
8

 
1,004

Other asset-backed securities
—

 
310

 
31

 
341

Total fixed maturities, including securities pledged
1,327

 
21,537

 
606

 
23,470

Equity securities, available-for-sale
11

 
—

 
5

 
16

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
531

 
—

 
531

Foreign exchange contracts
—

 
43

 
—

 
43

Equity contracts
23

 
342

 
34

 
399

Credit contracts
—

 
3

 
—

 
3

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
1,377

 
65

 
5

 
1,447

Assets held in separate accounts
30,934

 
—

 
—

 
30,934

Total assets
$
33,672

 
$
22,521

 
$
650

 
$
56,843

Percentage of Level to total
59
%
 
40
%
 
1
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,987

 
$
1,987

GMWBL/GMWB/GMAB
—

 
—

 
1,512

 
1,512

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
1

 
107

 
—

 
108

Foreign exchange contracts
—

 
16

 
—

 
16

Equity contracts
1

 
49

 
—

 
50

Credit contracts
—

 
—

 
—

 
—

Total liabilities
$
2

 
$
172

 
$
3,499

 
$
3,673


Valuation of Financial Assets and Liabilities at Fair Value

Certain assets and liabilities are measured at estimated fair value on the Company’s Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant’s perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available.

The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

Fixed maturities: The fair values for actively traded marketable bonds are determined based upon the quoted market prices and are classified as Level 1 assets. Assets in this category primarily include certain U.S. Treasury securities.

For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows:

U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve.

U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings.

U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields.

U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities.

RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security.


Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3.

Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. As of December 31, 2017, $1.1 billion and $42.1 billion of a total fair value of $53.4 billion in fixed maturities, including securities pledged, related to continuing operations were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. As of December 31, 2017, $0.5 billion and $17.6 billion of a total fair value of $23.4 billion in fixed maturities, including securities pledged, related to businesses held for sale were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. The remaining balances in fixed maturities consisted primarily of privately placed bonds valued using matrix-based pricing. As of December 31, 2016, $1.1 billion and $41.3 billion of a total fair value of $51.9 billion in fixed maturities, including securities pledged, related to continuing operations were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. As of December 31, 2016, $0.5 billion and $18.0 billion of a total fair value of $23.4 billion in fixed maturities, including securities pledged, related to businesses held for sale were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. The remaining balances in fixed maturities consisted primarily of privately placed bonds valued using matrix-based pricing.

All prices and broker quotes obtained go through the review process described above including valuations for which only one broker quote is obtained. After review, for those instruments where the price is determined to be appropriate, the unadjusted price provided is used for financial statement valuation. If it is determined that the price is questionable, another price may be requested from a different vendor. The internal valuation committee then reviews all prices for the instrument again, along with information from the review, to determine which price best represents exit price for the instrument.

Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company’s evaluation of the borrower’s ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond.

Equity securities, available-for-sale: Fair values of publicly traded equity securities are based upon quoted market price and are classified as Level 1 assets. Other equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers and are classified as Level 2 or Level 3 assets.

Derivatives: Derivatives are carried at fair value, which is determined using the Company’s derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates ("LIBOR") and Overnight Index Swap ("OIS") rates.The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company’s valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company’s policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company’s nonperformance risk is also considered and incorporated in the Company’s valuation process. Valuations for the Company’s futures and interest rate forward contracts are based on unadjusted quoted prices from an active exchange and, therefore, are classified as Level 1. The Company also has certain credit default swaps and options that are priced using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments, including those priced by third party vendors, are valued based on market observable inputs and are classified as Level 2.

Cash and cash equivalents, Short-term investments and Short-term investments under securities loan agreement: The carrying amounts for cash reflect the assets’ fair values. The fair values for cash equivalents and most short-term investments are determined based on quoted market prices. These assets are classified as Level 1. Other short-term investments are valued and classified in the fair value hierarchy consistent with the policies described herein, depending on investment type.

Assets held in separate accounts: Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments and cash, the valuations of which are based upon a quoted market price and are included in Level 1. Fixed maturity valuations are obtained from third-party commercial pricing services and brokers and are classified in the fair value hierarchy consistent with the policy described above for fixed maturities.

Guaranteed benefit derivatives: The Company records reserves for annuity contracts containing GMWBL, GMWB and GMAB riders. The guarantee is an embedded derivative and is required to be accounted for separately from the host variable annuity contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of market return scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy.

The index-crediting feature in the Company's FIA and IUL contracts is an embedded derivative that is required to be accounted for separately from the host contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts for FIAs and over the current indexed term for IULs. The cash flow estimates are produced by market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy.

The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of risk neutral scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities.

The discount rate used to determine the fair value of the Company's GMAB, GMWB, GMWBL, FIA, IUL and Stabilizer embedded derivative liabilities and the stand-alone derivative for MCG includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit default swap spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the priority of policyholder claims.

The Company's valuation actuaries are responsible for the policies and procedures for valuing the embedded derivatives, reflecting the capital markets and actuarial valuation inputs and nonperformance risk in the estimate of the fair value of the embedded derivatives. The actuarial and capital market assumptions for each liability are approved by each product's Chief Risk Officer ("CRO"), including an independent annual review by the CRO. Models used to value the embedded derivatives must comply with the Company's governance policies.

Quarterly, an attribution analysis is performed to quantify changes in fair value measurements and a sensitivity analysis is used to analyze the changes. The changes in fair value measurements are also compared to corresponding movements in the hedge target to assess the validity of the attributions. The results of the attribution analysis are reviewed by the valuation actuaries, responsible CFOs, Controllers, CROs and/or others as nominated by management.

Embedded derivatives on reinsurance: The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2.

Transfers in and out of Level 1 and 2

There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2017 and 2016. The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Level 3 Financial Instruments

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.
The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities from continuing operations and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2017
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
12

 
$
—

 
$
—

 
$
29

 
$
—

 
$
—

 
$
(2
)
 
$
18

 
$
—

 
$
57

 
$
—

U.S. corporate private securities
913

 
—

 
16

 
128

 
—

 
(5
)
 
(40
)
 
130

 
(15
)
 
1,127

 
—

Foreign corporate public securities and foreign governments(1)
12

 
—

 
(1
)
 
—

 
—

 
—

 
—

 
—

 
—

 
11

 
—

Foreign corporate private securities(1)
305

 
(14
)
 
(46
)
 
57

 
—

 
(1
)
 
(44
)
 
—

 
(88
)
 
169

 
(14
)
Residential mortgage-backed securities
57

 
(14
)
 
1

 
5

 
—

 
(8
)
 
(1
)
 
2

 
—

 
42

 
(14
)
Commercial mortgage-backed securities
16

 
—

 
—

 
17

 
—

 
—

 
—

 
—

 
(16
)
 
17

 
—

Other asset-backed securities
53

 
—

 
1

 
72

 
—

 
—

 
(3
)
 
—

 
(31
)
 
92

 
—

Total fixed maturities including securities pledged
1,368

 
(28
)
 
(29
)
 
308

 
—

 
(14
)
 
(90
)
 
150

 
(150
)
 
1,515

 
(28
)
 
Year Ended December 31, 2017 (continued)
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
94

 
$
—

 
$
2

 
$
8

 
$
—

 
$
(2
)
 
$
—

 
$
—

 
$
—

 
$
102

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(42
)
 
(2
)
 
—

 
—

 
(1
)
 
—

 
5

 
—

 
—

 
(40
)
 
—

IUL(2)
(81
)
 
(87
)
 
—

 
—

 
(35
)
 
—

 
44

 
—

 
—

 
(159
)
 
—

GMWBL/GMWB/GMAB(2)
(18
)
 
10

 
—

 
—

 
(2
)
 
—

 
—

 
—

 
—

 
(10
)
 
—

Stabilizer and MCGs(2)
(150
)
 
57

 
—

 
—

 
(4
)
 
—

 
—

 
—

 
—

 
(97
)
 
—

Other derivatives, net
72

 
78

 
—

 
31

 
—

 
—

 
(22
)
 
—

 
—

 
159

 
87

Assets held in separate accounts(5)
5

 
—

 
—

 
18

 
—

 
(3
)
 
—

 
2

 
(11
)
 
11

 
—

(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities related to businesses held for sale and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2017
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
10

 
$
—

 
$
1

 
$
15

 
$
—

 
$
(10
)
 
$
—

 
$
6

 
$
—

 
$
22

 
$
—

U.S. corporate private securities
406

 
—

 
9

 
71

 
—

 
(1
)
 
(16
)
 
44

 
(10
)
 
503

 
—

Foreign corporate private securities(1)
136

 
(10
)
 
(21
)
 
13

 
—

 
—

 
(14
)
 
—

 
(21
)
 
83

 
(10
)
Residential mortgage-backed securities
15

 
(3
)
 
(1
)
 
22

 
—

 
—

 
(1
)
 
—

 
—

 
32

 
(3
)
Commercial mortgage-backed securities
8

 
—

 
—

 
10

 
—

 
—

 
—

 
—

 
(8
)
 
10

 
—

Other asset-backed securities
31

 
—

 
—

 
38

 
—

 
—

 
(2
)
 
1

 
(21
)
 
47

 
—

Total fixed maturities including securities pledged
606

 
(13
)
 
(12
)
 
169

 
—

 
(11
)
 
(33
)
 
51

 
(60
)
 
697

 
(13
)
 
Year Ended December 31, 2017 (continued)
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
5

 
$
—

 
$
1

 
$
5

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
11

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(1,987
)
 
(297
)
 
—

 
—

 
(153
)
 
—

 
195

 
—

 
—

 
(2,242
)
 
—

GMWBL/GMWB/GMAB(2)
(1,512
)
 
500

 
—

 
—

 
(146
)
 
—

 
—

 
—

 
—

 
(1,158
)
 
—

Other derivatives, net
34

 
133

 
—

 
41

 
—

 
—

 
(117
)
 
4

 
—

 
95

 
57

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
5

 
—

 
—

 
—

 
—

 
(5
)
 
—

 
—

 
—

 
—

 
—

(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.















The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities from continuing operations and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2016
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
6

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(1
)
 
$
(2
)
 
$
9

 
$
—

 
$
12

 
$
—

U.S. corporate private securities
720

 
—

 
4

 
302

 
—

 
(23
)
 
(135
)
 
63

 
(18
)
 
913

 
—

Foreign corporate public securities and foreign governments(1)
12

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
12

 
—

Foreign corporate private securities(1)
294

 
(2
)
 
12

 
—

 
—

 
—

 
(52
)
 
61

 
(8
)
 
305

 
(2
)
Residential mortgage-backed securities
76

 
(5
)
 
(1
)
 
—

 
—

 
(12
)
 
(1
)
 
—

 
—

 
57

 
(12
)
Commercial mortgage-backed securities
19

 
(1
)
 
1

 
4

 
—

 
—

 
(7
)
 
1

 
(1
)
 
16

 
(1
)
Other asset-backed securities
33

 
—

 
1

 
31

 
—

 
—

 
(3
)
 
1

 
(10
)
 
53

 
—

Total fixed maturities including securities pledged
1,160

 
(8
)
 
17

 
337

 
—

 
(36
)
 
(200
)
 
135

 
(37
)
 
1,368

 
(15
)
 
Year Ended December 31, 2016 (continued)
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
92

 
$
—

 
$
2

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
94

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(41
)
 
(3
)
 
—

 
—

 
(1
)
 
—

 
3

 
—

 
—

 
(42
)
 
—

IUL(2)
(53
)
 
(12
)
 
—

 
—

 
(29
)
 
—

 
13

 
—

 
—

 
(81
)
 
—

GMWBL/GMWB/GMAB(2)
(24
)
 
9

 
—

 
—

 
(3
)
 
—

 
—

 
—

 
—

 
(18
)
 
—

Stabilizer and MCGs(2)
(161
)
 
15

 
—

 
—

 
(4
)
 
—

 
—

 
—

 
—

 
(150
)
 
—

Other derivatives, net
47

 
9

 
—

 
26

 
—

 
—

 
(10
)
 
—

 
—

 
72

 
25

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Assets held in separate accounts(5)
4

 
—

 
—

 
3

 
—

 
—

 
—

 
2

 
(4
)
 
5

 
—


(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities related to businesses held for sale and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2016
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(1
)
 
$
(1
)
 
$
11

 
$
—

 
$
10

 
$
—

U.S. corporate private securities
321

 
—

 
3

 
127

 
—

 
(14
)
 
(42
)
 
18

 
(7
)
 
406

 
—

Foreign corporate public securities and foreign governments(1)
1

 
(1
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(1
)
Foreign corporate private securities(1)
136

 
(1
)
 
8

 
—

 
—

 
—

 
(23
)
 
19

 
(3
)
 
136

 
(1
)
Residential mortgage-backed securities
21

 
(3
)
 
—

 
—

 
—

 
(3
)
 
—

 
—

 
—

 
15

 
(3
)
Commercial mortgage-backed securities
12

 
—

 
—

 
—

 
—

 
—

 
(4
)
 
—

 
—

 
8

 
—

Other asset-backed securities
11

 
—

 
—

 
14

 
—

 
—

 
(3
)
 
9

 
—

 
31

 
—

Total fixed maturities including securities pledged
503

 
(5
)
 
11

 
141

 
—

 
(18
)
 
(73
)
 
57

 
(10
)
 
606

 
(5
)

 
Year Ended December 31, 2016 (continued)
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
5

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
5

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(1,779
)
 
(160
)
 
—

 
—

 
(237
)
 
—

 
189

 
—

 
—

 
(1,987
)
 
—

GMWBL/GMWB/GMAB(2)
(1,849
)
 
484

 
—

 
—

 
(148
)
 
—

 
1

 
—

 
—

 
(1,512
)
 
—

Other derivatives, net
6

 
4

 
—

 
27

 
—

 
—

 
(3
)
 
—

 
—

 
34

 
28

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
—

 
—

 
—

 
5

 


 
—

 
—

 
—

 
—

 
5

 
—

(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
For the years ended December 31, 2017 and 2016, the transfers in and out of Level 3 for fixed maturities, other derivatives and separate accounts were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

Significant Unobservable Inputs

The Company's Level 3 fair value measurements of its fixed maturities, equity securities available-for-sale 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.

Quantitative information about the significant unobservable inputs used in the Company's Level 3 fair value measurements of its guaranteed benefit derivatives is presented in the following sections and table.

Significant unobservable inputs used in the fair value measurements of GMWBLs, GMWBs and GMABs include long-term equity and interest rate implied volatility, correlations between the rate of return on policyholder funds and between interest rates and equity returns, nonperformance risk, mortality and policyholder behavior assumptions, such as benefit utilization, lapses and partial withdrawals. Such inputs are monitored quarterly.

Significant unobservable inputs used in the fair value measurements of FIAs include nonperformance risk and policyholder behavior assumptions, such as lapses and partial withdrawals. Such inputs are monitored quarterly.

Significant unobservable inputs used in the fair value measurements of IULs include nonperformance risk and policyholder behavior assumptions, such as lapses. Such inputs are monitored quarterly.

The significant unobservable inputs used in the fair value measurement of the Stabilizer embedded derivatives and MCG derivative are interest rate implied volatility, nonperformance risk, lapses and policyholder deposits. Such inputs are monitored quarterly.

Following is a description of selected inputs:

Equity/Interest Rate Volatility: A term-structure model is used to approximate implied volatility for the equity indices and swap rates for GMWBL, GMWB and GMAB fair value measurements and swap rates for the Stabilizer and MCG fair value measurements. Where no implied volatility is readily available in the market, an alternative approach is applied based on historical volatility.

Correlations: Integrated interest rate and equity scenarios are used in GMWBL, GMWB and GMAB fair value measurements to better reflect market interest rates and interest rate volatility correlations between equity and fixed income fund groups and between equity fund groups and interest rates. The correlations are based on historical fund returns and swap rates from external sources.

Nonperformance Risk: For the estimate of the fair value of embedded derivatives associated with the Company's product guarantees, the Company uses a blend of observable, similarly rated peer company credit default swap spreads, adjusted to reflect the credit quality of the individual insurance company subsidiary that issued the guarantee and the priority of policyholder claims.

Actuarial Assumptions: Management regularly reviews actuarial assumptions, which are based on the Company's experience and periodically reviewed against industry standards. Industry standards and Company experience may be limited on certain products.

The following table presents the unobservable inputs for Level 3 fair value measurements for continuing operations and businesses held for sale as of December 31, 2017:
 
 
Range(1)
Unobservable Input
 
GMWBL/GMWB/GMAB
 
FIA
 
IUL
 
Stabilizer/MCGs
 
Long-term equity implied volatility
 
15% to 25%

 
—

 
—

 
—

 
Interest rate implied volatility
 
0.1% to 16%

 
—

 
—

 
0.1% to 6.3%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
-13% to 99%

 
—

 
—

 
—

 
Equity and Fixed Income Funds
 
-38% to 62%

 
—

 
—

 
—

 
Interest Rates and Equity Funds
 
-32% to 26%

 
—

 
—

 
—

 
Nonperformance risk
 
0.02% to 1.1%

 
0.02% to 1.1%

 
0.02% to 0.54%

 
0.02% to 1.1%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
70% to 100%

(2)
—

 
—

 
—

 
Partial Withdrawals
 
0% to 3.4%

(2)
0.5% to 7%

 
—

 
—

 
Lapses
 
0.1% to 15.3%

(3)(4)
0% to 56%

(3)
2% to 10%

 
0 % to 50%

(5)
Policyholder Deposits(6)
 
—

 
—

 
—

 
0 % to 50%

(5)
Mortality
 
—

(7)
—

(7)
—

(8)
—

 
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) 
Those GMWBL policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, approximately 45% are taking systematic withdrawals. The Company assumes that at least 70% of all policies will begin systematic withdrawals either immediately or after a delay period, with 100% utilizing by age 95. The utilization function varies by policyholder age, policy duration and tax status. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWBL and GMWB tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWBL and GMWB benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWBL or GMWB benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2017. Due to the benefit utilization assumption for GMWBL/GMWB, the partial withdrawal assumption only applies to GMAB.
 
 
Account Values ($ in billions)
 
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)**
 
< 60
 
$
1.5

 
$
0.2


$
1.7

 
9.0
 
60-69
 
5.0

 
0.6


5.6

 
3.7
 
70+
 
6.0

 
0.7


6.7

 
2.4
 
 
 
$
12.5

 
$
1.5


$
14.0

 
4.4
 

** For population expected to withdraw in future. Excludes policies taking systematic withdrawals and policies the Company assumes will never withdraw until age 95.
(3)
Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period.
(4)
The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2017. Lapse ranges are based on weighted average ranges of underlying account value exposure.
 
 
 
GMWBL/GMWB/GMAB
 
Moneyness
 
Account Value ($ in billions)
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
In the Money**
 
$
0.2

 
0.1% to 4.8%
 
Out of the Money
 
0.1

 
0.6% to 5.2%
Shock Lapse Period
 
 
 
 
 
 
In the Money**
 
$
1.5

 
1.7% to 13.9%
 
Out of the Money
 
0.2

 
13.9% to 15.3%
After Surrender Charge Period
 
 
 
 
 
 
In the Money**
 
$
10.7

 
0.9% to 6.4%
 
Out of the Money
 
1.7

 
6.4% to 7.1%
** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."
(5)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
92
%
 
0-25%
 
0-15%
 
0-30%
 
0-15%
Stabilizer with Recordkeeping Agreements
8
%
 
0-50%
 
0-30%
 
0-50%
 
0-25%
Aggregate of all plans
100
%
 
0-50%
 
0-30%
 
0-50%
 
0-25%

(6) 
Measured as a percentage of assets under management or assets under administration.
(7) 
The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements.
(8) The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements.

The following table presents the unobservable inputs for Level 3 fair value measurements for continuing operations and businesses held for sale as of December 31, 2016:
 
 
Range(1)
 
Unobservable Input
 
GMWBL/GMWB/GMAB
 
FIA
 
IUL
 
Stabilizer/MCGs
 
Long-term equity implied volatility
 
15% to 25%

 
—

 
—

 
—

 
Interest rate implied volatility
 
0.1% to 18%

 
—

 
—

 
0.1% to 7.5%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
-13% to 99%

 
—

 
—

 
—

 
Equity and Fixed Income Funds
 
-38% to 62%

 
—

 
—

 
—

 
Interest Rates and Equity Funds
 
-32% to 26%

 
—

 
—

 
—

 
Nonperformance risk
 
0.25% to 1.6%

 
0.25% to 1.6%

 
0.25% to 0.69%

 
0.25% to 1.6%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 3.4%

(2) 
0% to 10%

 
—

 
—

 
Lapses
 
0.12% to 12.4%

(3) (4) 
0% to 60%

(3) 
2% to 10%

 
0 % to 50%

(5) 
Policyholder Deposits(6)
 
—

 
—

 
—

 
0 % to 50%

(5) 
Mortality
 
—

(7) 
—

(7) 
—

(8) 
—

 
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) Those GMWBL policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, approximately 40% are taking systematic withdrawals. The Company assumes that at least 85% of all policies will begin systematic withdrawals either immediately or after a delay period,with 100% utilizing by age 100. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWBL and GMWB tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWBL and GMWB benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWBL or GMWB benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2016. Due to the benefit utilization assumption for GMWBL/GMWB, the partial withdrawal assumption only applies to GMAB.
 
 
Account Values ($ in billions)
 
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)**
 
< 60
 
$
1.9

 
$
—


$
1.9

 
9.9
 
60-69
 
5.7

 
0.1


5.8

 
4.9
 
70+
 
5.8

 
0.1


5.9

 
3.0
 
 
 
$
13.4

 
$
0.2


$
13.6

 
5.5
 

** For population expected to withdraw in future. Excludes policies taking systematic withdrawals and 15% of policies the Company assumes will never withdraw until age 100.

(3)
Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period.
(4) 
The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2016. Lapse ranges are based on weighted average ranges of underlying account value exposure.
 
 
 
GMWBL/GMWB/GMAB
 
Moneyness
 
Account Value ($ in billions)
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
In the Money**
 
$
2.0

 
0.1% to 4.6%
 
Out of the Money
 
—

 
0.6% to 4.8%
Shock Lapse Period
 
 
 
 
 
 
In the Money**
 
2.8

 
2.4% to 11.8%
 
Out of the Money
 
—

 
11.8% to 12.4%
After Surrender Charge Period
 
 
 
 
 
 
In the Money**
 
$
8.7

 
1.4% to 6.8%
 
Out of the Money
 
0.6

 
6.8% to 7.1%
** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."
(5)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
93
%
 
0-25%
 
0-15%
 
0-30%
 
0-15%
Stabilizer with Recordkeeping Agreements
7
%
 
0-50%
 
0-30%
 
0-50%
 
0-25%
Aggregate of all plans
100
%
 
0-50%
 
0-30%
 
0-50%
 
0-25%

(6) 
Measured as a percentage of assets under management or assets under administration.
(7) The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements.
(8) 
The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements.

Generally, the following will cause an increase (decrease) in the GMWBL, GMWB and GMAB embedded derivative fair value liabilities:

•
An increase (decrease) in long-term equity implied volatility
•
An increase (decrease) in interest rate implied volatility
•
An increase (decrease) in equity-interest rate correlations
•
A decrease (increase) in nonperformance risk
•
A decrease (increase) in mortality
•
An increase (decrease) in benefit utilization
•
A decrease (increase) in lapses

Changes in fund correlations may increase or decrease the fair value depending on the direction of the movement and the mix of funds. Changes in partial withdrawals may increase or decrease the fair value depending on the timing and magnitude of withdrawals.

Generally, the following will cause an increase (decrease) in the FIA and IUL embedded derivative fair value liabilities:

•
A decrease (increase) in nonperformance risk
•
A decrease (increase) in lapses

Generally, the following will cause an increase (decrease) in the derivative and embedded derivative fair value liabilities related to Stabilizer and MCG contracts:

•
An increase (decrease) in interest rate implied volatility
•
A decrease (increase) in nonperformance risk
•
A decrease (increase) in lapses
•
A decrease (increase) in policyholder deposits

The Company notes the following interrelationships:

•
Higher long-term equity implied volatility is often correlated with lower equity returns, which will result in higher in-the-moneyness, which in turn, results in lower lapses due to the dynamic lapse component reducing the lapses. This increases the projected number of policies that are available to use the GMWBL benefit and may also increase the fair value of the GMWBL.
•
Generally, an increase (decrease) in benefit utilization will decrease (increase) lapses for GMWBL and GMWB.
•
Generally, an increase (decrease) in interest rate volatility will increase (decrease) lapses of Stabilizer and MCG contracts due to dynamic participant behavior.

Other Financial Instruments

The following table presents the carrying values and estimated fair values of the Company’s financial instruments from continuing operations as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
53,434

 
$
53,434

 
$
51,868

 
$
51,868

Equity securities, available-for-sale
380

 
380

 
258

 
258

Mortgage loans on real estate
8,686

 
8,748

 
8,003

 
8,185

Policy loans
1,888

 
1,888

 
1,943

 
1,943

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
3,315

 
3,315

 
3,073

 
3,073

Derivatives
397

 
397

 
737

 
737

Notes receivable(1)
350

 
445

 
350

 
432

Other investments
47

 
55

 
47

 
57

Assets held in separate accounts
77,605

 
77,605

 
66,185

 
66,185

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(2)
33,986

 
38,553

 
33,871

 
38,368

Funding agreements with fixed maturities and guaranteed investment contracts
501

 
501

 
473

 
470

Supplementary contracts, immediate annuities and other
1,275

 
1,285

 
1,330

 
1,337

Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
40

 
40

 
42

 
42

IUL
159

 
159

 
81

 
81

GMWBL/GMWB/GMAB
10

 
10

 
18

 
18

Stabilizer and MCGs
97

 
97

 
150

 
150

Other derivatives
149

 
149

 
297

 
297

Short-term debt
337

 
337

 
—

 
—

Long-term debt
3,123

 
3,478

 
3,550

 
3,738

Embedded derivative on reinsurance
129

 
129

 
79

 
79

(1) Included in Other assets on the Consolidated Balance Sheets.
(2) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.


The following table presents the carrying values and estimated fair values of the Company’s financial instruments related to businesses held for sale as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
23,380

 
$
23,380

 
$
23,470

 
$
23,470

Equity securities, available-for-sale
23

 
23

 
16

 
16

Mortgage loans on real estate
4,212

 
4,215

 
3,722

 
3,776

Policy loans
17

 
17

 
19

 
19

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
1,323

 
1,323

 
1,447

 
1,447

Derivatives
1,514

 
1,514

 
976

 
976

Other investments
34

 
34

 
—

 
—

Assets held in separate accounts
28,894

 
28,894

 
30,934

 
30,934

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(1)
19,272

 
18,901

 
19,443

 
19,193

Funding agreements with fixed maturities and guaranteed investment contracts
601

 
601

 
—

 
—

Supplementary contracts, immediate annuities and other
2,651

 
2,908

 
2,549

 
2,783

Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
2,242

 
2,242

 
1,987

 
1,987

GMWBL/GMWB/GMAB
1,158

 
1,158

 
1,512

 
1,512

Other derivatives
782

 
782

 
174

 
174

Notes payable
350

 
445

 
350

 
432

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Consolidated Balance Sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates, in many cases, could not be realized in immediate settlement of the instrument.

ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The following valuation methods and assumptions were used by the Company in estimating the fair value of the following financial instruments, which are not carried at fair value on the Consolidated Balance Sheets:

Mortgage loans on real estate: The fair values for mortgage loans on real estate are estimated on a monthly basis using discounted cash flow analyses and rates currently being offered in the marketplace for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. Mortgage loans on real estate are classified as Level 3.

Policy loans: The fair value of policy loans approximates the carrying value of the loans. Policy loans are collateralized by the cash surrender value of the associated insurance contracts and are classified as Level 2.

Notes receivable: Estimated fair value of the Company’s notes receivable is determined primarily using matrix-based pricing. The model considers the current level of risk-free interest rates, credit quality of the issuer and cash flow characteristics of the security model and is classified as Level 2.  

Other investments: Primarily Federal Home Loan Bank ("FHLB") stock which is carried at cost and periodically evaluated for impairment based on ultimate recovery of par value and is classified as Level 2.

Investment contract liabilities:

Funding agreements without fixed maturities and deferred annuities: Fair value is estimated as the present value of expected cash flows associated with the contract liabilities discounted using risk-free rates plus an adjustment for nonperformance risk. The valuation is consistent with current market parameters. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

Funding agreements with fixed maturities and guaranteed investment contracts: Fair value is estimated by discounting cash flows at rates that are risk-free rates plus an adjustment for nonperformance risk. These liabilities are classified as Level 2.

Supplementary contracts and immediate annuities: Fair value is estimated as the present value of expected cash flows associated with the contract liabilities discounted using risk-free rates plus an adjustment for nonperformance risk. The valuation is consistent with current market parameters. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

Short-term debt and Long-term debt: Estimated fair value of the Company’s short-term and long-term debt is based upon discounted future cash flows using a discount rate approximating the current market rate, incorporating nonperformance risk. Short-term debt and long-term debt is classified as Level 2.

Fair value estimates are made at a specific point in time, based on available market information and judgments about various financial instruments, such as estimates of timing and amounts of future cash flows. Such estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized capital gains (losses). In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instruments. In evaluating the Company’s management of interest rate, price and liquidity risks, the fair values of all assets and liabilities should be taken into consideration, not only those presented above.
Deferred Policy Acquisition Costs and Value of Business Acquired
Deferred Policy Acquisition Costs and Value of Business Acquired
Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:
 
DAC
 
VOBA
 
Total
Balance at January 1, 2015
$
3,013

 
$
665

 
$
3,678

Deferrals of commissions and expenses
260

 
10

 
270

Amortization:
 
 
 
 
 
Amortization, excluding unlocking
(443
)
 
(163
)
 
(606
)
Unlocking(1)
(39
)
 
(6
)
 
(45
)
Interest accrued
192

 
82

(2) 
274

Net amortization included in Consolidated Statements of Operations
(290
)
 
(87
)
 
(377
)
Change in unrealized capital gains/losses on available-for-sale securities
441

 
409

 
850

Balance at December 31, 2015
3,424

 
997

 
4,421

Deferrals of commissions and expenses
255

 
9

 
264

Amortization:
 
 
 
 
 
Amortization, excluding unlocking
(384
)
 
(144
)
 
(528
)
Unlocking(1)
(78
)
 
(78
)
 
(156
)
Interest accrued
193

 
76

(2) 
269

Net amortization included in Consolidated Statements of Operations
(269
)
 
(146
)
 
(415
)
Change in unrealized capital gains/losses on available-for-sale securities
(224
)
 
(49
)
 
(273
)
Balance as of December 31, 2016
3,186

 
811

 
3,997

Deferrals of commissions and expenses
234

 
8

 
242

Amortization:
 
 
 
 
 
Amortization, excluding unlocking
(418
)
 
(152
)
 
(570
)
Unlocking(1)
(123
)
 
(89
)
 
(212
)
Interest accrued
188

 
65

(2) 
253

Net amortization included in Consolidated Statements of Operations
(353
)
 
(176
)
 
(529
)
Change in unrealized capital gains/losses on available-for-sale securities
(249
)
 
(87
)
 
(336
)
Balance as of December 31, 2017
$
2,818

 
$
556

 
$
3,374

(1) 
There was no loss recognition for DAC and VOBA during 2017 and 2015.There was loss recognition of DAC and VOBA of $3 and $4, respectively during 2016. Additionally, the 2017 amounts include unfavorable unlocking for DAC and VOBA of $80 and $140, respectively, associated with consent acceptances received from customers and expected future acceptances of customer consents to changes related to guaranteed minimum interest rate provisions of certain retirement plan contracts with fixed investment options.
(2) 
Interest accrued at the following rates for VOBA: 4.0% to 7.4% during 2017, 4.1% to 7.5% during 2016 and 4.2% to 7.5% during 2015.

The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results.
Year
 
Amount
2018
 
$
67

2019
 
53

2020
 
48

2021
 
44

2022
 
40

Reserves for Future Policy Benefits and Contract Owner Account Balances
Reserves for Future Policy Benefits and Contract Owner Account Balances
Reserves for Future Policy Benefits and Contract Owner Account Balances

Future policy benefits and contract owner account balances were as follows as of December 31, 2017 and 2016:
 
2017
 
2016
Future policy benefits:
 
 
 
Individual and group life insurance contracts
$
8,857

 
$
8,294

Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies
5,941

 
5,443

Accident and health
849

 
838

Total
$
15,647

 
$
14,575

 
 
 
 
Contract owner account balances:
 
 
 
Universal life-type contracts
14,561

 
14,626

Fixed annuities and payout contracts without life contingencies
34,949

 
35,014

GICs and other
$
648

 
$
633

Total
$
50,158

 
$
50,273

Guaranteed Benefit Features
Guaranteed Benefit Features
Guaranteed Benefit Features

The Company issues UL and VUL contracts where the Company contractually guarantees to the contract owner a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse ("no lapse guarantee"), and other provisions that would produce expected gains from the insurance benefit function followed by losses from that function in later years.

In addition, the Company’s Stabilizer and MCG products have guaranteed credited rates. Credited rates are set either quarterly or annually. Most contracts have a zero percent minimum credited rate guarantee, although some contracts have minimum credited rate guarantees up to 3% and allow the contract holder to select either the market value of the account or the book value of the account at termination. The book value of the account is equal to deposits plus interest, less any withdrawals. The fair value is estimated using the income approach.

The Company’s retail variable annuity products, which the Company ceased new sales of in 2010, are substantially classified as discontinued operations in this Annual Report on Form 10-K. These products include separate account options and guarantee the contract owner a return of no less than (i) total deposits made to the contract less any partial withdrawals, (ii) total deposits made to the contract less any partial withdrawals plus a minimum return, or (iii) the highest contract value on a specified date minus any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates.

The Company also has certain indexed annuity products which contain guaranteed withdrawal benefit provisions that are classified as discontinued operations. This provision guarantees an annual withdrawal amount for life that is calculated as a percentage of the benefit base, which equals premium paid at the time of product issue, and can increase by a rollup percentage (mainly 7%, 6% or a percentage linked to indexed credits earned, depending on versions of the benefit) or annual ratchet. The percentage used to determine the guaranteed annual withdrawal amount may vary by age at first withdrawal and depends on whether the benefit is for a single life or joint lives.

The Company’s major source of income from guaranteed benefit features is the base contract mortality, expense and guaranteed death and living benefit rider fees charged to the contract owner, less the costs of administering the product and providing for the guaranteed death and living benefits.
 
The CBVA contracts, which are now substantially reported as discontinued operations, offer one or more of the following guaranteed death and living benefits:

Guaranteed Minimum Death Benefits (GMDB)

•
Standard: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the premiums paid by the customer, adjusted for withdrawals.

•
Ratchet: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Standard or (2) the maximum policy anniversary (or quarterly) value of the variable annuity, adjusted for withdrawals.

•
Rollup: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the aggregate premiums paid by the contract owner, with interest at the contractual rate per annum, adjusted for withdrawals. The Rollup may be subject to a maximum cap on the total benefit.

•
Combo: Guarantees that, upon the death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Ratchet or (2) Rollup.

Guaranteed Minimum Living Benefits

Guaranteed Minimum Income Benefit (GMIB): Guarantees a minimum income payout, exercisable only on a contract anniversary on or after a specified date, in most cases 10 years after purchase of the GMIB rider. The income payout is determined based on contractually established annuity factors multiplied by the benefit base. The benefit base equals the premium paid at the time of product issue and may increase over time based on a number of factors, including a rollup percentage (mainly 7% or 6% depending on the version of the benefit) and ratchet frequency subject to maximum caps which vary by product version (200%, 250% or 300% of initial premium).

Guaranteed Minimum Withdrawal Benefit and Guaranteed Minimum Withdrawal Benefit for Life (GMWB/GMWBL): Guarantees an annual withdrawal amount for a specified period of time (GMWB) or life (GMWBL) that is calculated as a percentage of the benefit base that equals premium paid at the time of product issue and may increase over time based on a number of factors, including a rollup percentage (mainly 7%, 6% or 0%, depending on versions of the benefit) and ratchet frequency (primarily annually or quarterly, depending on versions). The rollup ceases 10 years after purchase of the rider, or in the year when withdrawals occur. The percentage used to determine the guaranteed annual withdrawal amount may vary by age at first withdrawal and depends on versions of the benefit. A joint life-time withdrawal benefit option was available to include coverage for spouses. Most versions of the withdrawal benefit included reset and/or step-up features that may increase the guaranteed withdrawal amount in certain conditions. Earlier versions of the withdrawal benefit guarantee that annual withdrawals of up to 7.0% of eligible premiums may be made until eligible premiums previously paid by the contract owner are returned, regardless of account value performance. Asset allocation requirements apply at all times where withdrawals are guaranteed for life.

Guaranteed Minimum Accumulation Benefit (GMAB): Guarantees that the account value will be at least 100% of the eligible premiums paid by the customer after 10 years, adjusted for withdrawals. The Company offered an alternative design that guaranteed the account value to be at least 200% of the eligible premiums paid by contract owners after 20 years.

The following assumptions and methodologies were used to determine the guaranteed reserves for CBVA contracts for continuing operations and businesses held for sale as of December 31, 2017 and 2016:
Area
 
Assumptions/Basis for Assumptions
Data used
 
Based on 1,000 investment performance scenarios.
 
 
 
Mean investment performance
 
GMDB: The overall blended mean is 7.8% based on a single fund group.
GMIB: The overall blended mean is 8.1% based on a single fund group.

 
GMWBL/GMWB/GMAB: Zero rate curve.
 
 
 
Volatility
 
GMDB: 13.0% for 2017 and 14.2% for 2016.
 
 
GMIB: 14.3% for 2017 and 14.2% for 2016.
 
 
GMWBL/GMWB/GMAB: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter.
 
 
 
Mortality
 
Depending on the type of benefit and gender, the Company uses the 2012 Individual Annuity Mortality Basic table with mortality improvement, further adjusted for company experience.
 
 
 
Lapse rates
 
Vary by benefit type, share class, time remaining in the surrender charge period and in-the-moneyness.
 
 
 
Discount rates
 
GMDB/GMIB: 5.5% for 2017 and 2016.
 
 
GMWBL/GMWB/GMAB: Zero rate curve plus adjustment for nonperformance risk.


Variable annuity contracts containing guaranteed minimum death and living benefits expose the Company to market risk. For example, with a decline in the equity markets, the Company has exposure to increasing claims due to the guaranteed minimum benefits. On the other hand, with an increase in the equity markets, the Company's exposure to risks associated with the guaranteed minimum benefits generally decreases. In order to mitigate the risk associated with guaranteed death and living benefits, the Company enters into reinsurance agreements and derivative positions on various public market indices chosen to closely replicate contract owner variable fund returns.

The calculation of the GMDB, GMIB, GMAB, GMWB and GMWBL liabilities assumes dynamic surrenders and dynamic utilization of the guaranteed living benefit feature.

The liabilities for UL contracts are recorded in the general account. The liabilities for VUL contracts are recorded in separate account liabilities. The liabilities related to the products of variable annuity contracts classified as businesses held for sale containing guaranteed minimum death and living benefits are recorded in Liabilities held for sale as follows as of December 31, 2017, and 2016. The separate account liabilities may include more than one type of guarantee. These liabilities are subject to the requirements for additional reserve liabilities under ASC Topic 944, which are recorded on the Consolidated Balance Sheets in Future policy benefits and Contract owner account balances. The paid and incurred amounts were as follows for the years ended December 31, 2017, 2016 and 2015:
 
Continuing Operations
 
Businesses Held for Sale
 
UL and VUL(1)
 
Stabilizer
and
MCGs(2)
 
Other(3)
 
GMDB(4)
 
GMWBL/GMWB/GMAB
 
GMIB
Separate account liability at December 31, 2017
$
519

 
37,219

 
$
2,308

 
$
28,701

 
$
14,112

 
$
7,247

Separate account liability at December 31, 2016
$
488

 
$
37,577

 
$
2,291

 
$
30,839

 
$
13,845

 
$
9,806

Additional liability balance:
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2015
$
1,095

 
$
103

 
$
54

 
$
374

 
1,508

 
$
1,136

Incurred guaranteed benefits
554

 
58

 
19

 
231

 
342

 
440

Paid guaranteed benefits
(452
)
 
—

 
(3
)
 
(89
)
 
(1
)
 
(162
)
Balance at December 31, 2015
1,197

 
161

 
70

 
516

 
1,849

 
1,414

Incurred guaranteed benefits
614

 
(11
)
 
5

 
128

 
(336
)
 
449

Paid guaranteed benefits
(496
)
 
—

 
(2
)
 
(136
)
 
(1
)
 
(518
)
Balance at December 31, 2016
1,315

 
150

 
73

 
508

 
1,512

 
1,345

Incurred guaranteed benefits
101

 
(53
)
 
(28
)
 
(15
)
 
(354
)
 
(629
)
Paid guaranteed benefits
(235
)
 
—

 
(1
)
 
(107
)
 
—

 
(83
)
Balance at December 31, 2017
$
1,181

 
$
97

 
$
44

 
$
386

 
$
1,158

 
$
633

(1) The additional liability balances as of December 31, 2017, 2016, 2015 and as of January 1, 2015 are presented net of reinsurance of $1,304, $1,006, $935 and $874, respectively.
(2) The Separate account liability at December 31, 2017 and 2016 includes $30.0 billion of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets.
(3) Includes GMDB/GMWBL/GMWB/GMAB/GMIB related to the Retained Business.
(4) The additional liability balances as of December 31, 2017, 2016, 2015 and as of January 1, 2015 are presented net of reinsurance of $22, $29, $33 and $31, respectively.

The Company also calculates additional liabilities for FIA contracts with guaranteed withdrawal benefits, which have all been classified as held for sale. The additional liability represents the expected value of these benefits in excess of the projected account balance, and is accreted based on assessments over the accumulation period of the contract. The additional liability for FIA guaranteed withdrawal benefits was $157 and $147, as of December 31, 2017 and 2016, respectively.

The net amount at risk for the GMDB, GMAB and GMWB benefits is equal to the guaranteed value of these benefits in excess of the account values. The net amount at risk for the GMIB and GMWBL benefits is equal to the excess of the present value of the minimum guaranteed annuity payments available to the contract owner over the current account value. The separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for retail variable annuity contracts classified as continuing operations and businesses held for sale were as follows as of December 31, 2017 and 2016:
 
December 31, 2017
 
In the Event of Death
 
 
At Annuitization, Maturity, or Withdrawal
 
GMDB
 
 
GMAB/GMWB
 
GMIB
 
GMWBL
Annuity Contracts:
 
 
 
 
 
 
 
 
Minimum Return or Contract Value
 
 
 
 
 
 
 
 
Continuing operations:
 
 
 
 
 
 
 
 
Separate account value
$
1,706

 
 
$
26

 
$
290

 
$
286

Net amount at risk, net of reinsurance
$
48

 
 
$
1

 
$
37

 
$
3

Weighted average attained age
68

 
 
71

 
62

 
71

Businesses held for sale:
 
 
 
 
 
 
 
 
Separate account value
$
28,701

 
 
$
525

 
$
7,247

 
$
13,587

Net amount at risk, net of reinsurance
$
3,929

 
 
$
11

 
$
1,656

 
$
1,573

Weighted average attained age
71

 
 
74

 
64

 
69


 
December 31, 2016
 
In the Event of Death
 
 
At Annuitization, Maturity, or Withdrawal
 
GMDB
 
 
GMAB/GMWB
 
GMIB
 
GMWBL
Annuity Contracts:
 
 
 
 
 
 
 
 
Minimum Return or Contract Value
 
 
 
 
 
 
 
 
Continuing operations:
 
 
 
 
 
 
 
 
Separate account value
$
1,674

 
 
$
30

 
$
304

 
$
283

Net amount at risk, net of reinsurance
$
59

 
 
$
1

 
$
60

 
$
9

Weighted average attained age
68

 
 
68

 
62

 
70

Businesses held for sale:
 
 
 
 
 
 
 
 
Separate account value
$
30,839

 
 
$
534

 
$
9,807

 
$
13,311

Net amount at risk, net of reinsurance
$
5,504

 
 
$
14

 
$
2,886

 
$
2,201

Weighted average attained age
71

 
 
73

 
63

 
68



The net amount at risk for the secondary guarantees is equal to the current death benefit in excess of the account values. The general and separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for UL and VUL contracts within the continuing operations were as follows as of December 31, 2017 and 2016:
 
December 31, 2017
 
December 31, 2016
 
Secondary
Guarantees
 
Paid-up
Guarantees
 
Secondary
Guarantees
 
Paid-up
Guarantees
UL and VUL Contracts:
 
 
 
 
 
 
 
Account value (general and separate account)
$
3,234

 
$
—

 
$
3,262

 
$
—

Net amount at risk, net of reinsurance
$
16,485

 
$
—

 
$
16,372

 
$
—

Weighted average attained age
64

 
—

 
63

 
—


Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2017 and 2016:
 
Continuing Operations
 
Businesses Held for Sale
 
December 31, 2017
 
December 31, 2016
 
December 31, 2017
 
December 31, 2016
Equity securities (including mutual funds):
 
 
 
 
 
 
 
Equity funds
$
2,262

 
$
2,127

 
$
21,124

 
$
22,368

Bond funds
243

 
259

 
3,109

 
3,540

Balanced funds
403

 
400

 
4,045

 
4,385

Money market funds
60

 
70

 
350

 
464

Other
15

 
15

 
73

 
83

Total
$
2,983

 
$
2,871

 
$
28,701

 
$
30,840


In addition, the aggregate fair value of fixed income securities supporting separate accounts with Stabilizer benefits as of December 31, 2017 and 2016 was $8.0 billion and $7.2 billion, respectively.
Reinsurance
Reinsurance
Reinsurance

The Company has reinsurance treaties covering a portion of the mortality risks and guaranteed death and living benefits under its life insurance contracts. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements.

The Company reinsures its business through a diversified group of reinsurers. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit ("LOC").

Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated:
 
December 31, 2017
 
Direct
 
Assumed
 
Ceded
 
Total,
Net of
Reinsurance
Assets
 
 
 
 
 
 
 
Premiums receivable
$
110

 
$
405

 
$
(449
)
 
$
66

Reinsurance recoverable
—

 
—

 
7,566

 
7,566

Total
$
110

 
$
405

 
$
7,117

 
$
7,632

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Future policy benefits and contract owner account balances
$
62,005

 
$
3,800

 
$
(7,566
)
 
$
58,239

Liability for funds withheld under reinsurance agreements
791

 
—

 
—

 
791

Total
$
62,796

 
$
3,800

 
$
(7,566
)
 
$
59,030

 
 
 
 
 
 
 
 
 
December 31, 2016
 
Direct
 
Assumed
 
Ceded
 
Total,
Net of
Reinsurance
Assets
 
 
 
 
 
 
 
Premiums receivable
$
105

 
$
358

 
$
(404
)
 
$
59

Reinsurance recoverable
—

 
—

 
7,228

 
7,228

Total
$
105

 
$
358

 
$
6,824

 
$
7,287

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Future policy benefits and contract owner account balances
$
61,566

 
$
3,282

 
$
(7,228
)
 
$
57,620

Liability for funds withheld under reinsurance agreements
729

 
—

 
—

 
729

Total
$
62,295

 
$
3,282

 
$
(7,228
)
 
$
58,349


Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the periods indicated:
 
Year ended December 31,
 
2017
 
2016
 
2015
Premiums:
 
 
 
 
 
Direct premiums
$
2,606

 
$
3,284

 
$
2,975

Reinsurance assumed
1,192

 
1,222

 
1,191

Reinsurance ceded
(1,677
)
 
(1,711
)
 
(1,612
)
Net premiums
$
2,121

 
$
2,795

 
$
2,554

 
 
 
 
 
 
Fee income:
 
 
 
 
 
Gross fee income
$
2,628

 
$
2,472

 
$
2,471

Reinsurance ceded
(1
)
 
(1
)
 
(1
)
Net fee income
$
2,627

 
$
2,471

 
$
2,470

 
 
 
 
 
 
Interest credited and other benefits to contract owners / policyholders:
 
 
 
 
 
Direct interest credited and other benefits to contract owners / policyholders
$
5,124

 
$
5,859

 
$
5,399

Reinsurance assumed
1,929

 
1,213

 
1,068

Reinsurance ceded(1)
(2,417
)
 
(1,758
)
 
(1,769
)
Net interest credited and other benefits to contract owners / policyholders
$
4,636

 
$
5,314

 
$
4,698


(1) Includes $491, $482 and $453 for amounts paid to reinsurers in connection with the Company's UL contracts for the years ended December 31, 2017, 2016 and 2015, respectively.

Effective October 1, 1998, the Company disposed of a block of its individual life insurance business under an indemnity reinsurance arrangement with a subsidiary of Lincoln National Corporation ("Lincoln") for $1.0 billion. Under the agreement, Lincoln contractually assumed from the Company certain policyholder liabilities and obligations, although the Company remains obligated to contract owners. The Lincoln subsidiary established a trust to secure its obligations to the Company under the reinsurance transaction. Of the Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets, $1.5 billion and $1.6 billion as of December 31, 2017 and 2016, respectively, is related to the reinsurance recoverable from the subsidiary of Lincoln under this reinsurance agreement.

Effective January 1, 2009, the Company executed a Master Asset Purchase Agreement (the "MPA") with respect to its individual reinsurance business whereby the Company recaptured business then-reinsured to Scottish Re (U.S.), Inc., Scottish Re Life (Bermuda) Limited and Scottish Re (Dublin) Limited and immediately ceded 100% of such business to Hannover Re on a modified coinsurance, funds withheld, and coinsurance basis. Prior to September 24, 2015 the Company was obligated to maintain collateral for the statutory reserve requirements on the business transferred from the Company to Hannover Re or until Hannover Re elected the option to implement its own facility providing collateral for reinsurance between Security Life of Denver Insurance Company ("SLD") and Security Life of Denver International Limited ("SLDI") ("Hannover Re Buyer Facility Agreement"). Hannover Re exercised this election and consequently, on September 24, 2015, the Company entered into a Hannover Re Buyer Facility Agreement with Hannover Life Reassurance Company of America, Hannover Re (Ireland) Limited, Hannover Ruck SE and SLDI ("Buyer Facility Agreement"). Under the Buyer Facility Agreement, the existing collateral, provided by SLDI through LOCs and a collateral note supporting the reserves on the Hannover Re block, was replaced by a $2.9 billion senior unsecured floating rate note issued by Hannover Ruck SE and deposited into a reserve credit trust established by SLDI for the benefit of SLD. Consequently, the Company has no remaining collateral requirement as of December 31, 2017 and December 31, 2016 with respect to collateral provided by SLDI for the benefit of SLD. Of the Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets, $2.9 billion and $1.9 billion as of December 31, 2017 and 2016, respectively, is related to the reinsurance recoverable from Hannover Re under the MPA.

Effective October 1, 2014, the Company disposed of an in-force block of term life insurance policies to RGA Reinsurance Company, a subsidiary of Reinsurance Group of America, Inc., ("RGA") under an indemnity reinsurance arrangement for $448. Under the agreement, RGA contractually assumed from the Company the policyholder liabilities and obligations related to the policies, although the Company remains obligated to policyholders. As of December 31, 2017 and 2016, the reinsurance recoverable within Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets related to the Term Life Coinsurance Agreement was $542 and $499, respectively.

Effective April 1, 2015, the Company disposed of, via reinsurance, retained group reinsurance policies to Enstar Group Ltd. for $305. In connection with this transaction, the Company recognized a loss of $39, primarily related to intent impairments of assets included in the transaction and other transactions costs. As of December 31, 2017 and 2016, the reinsurance recoverable within Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets related to this transaction was $164 and $198, respectively.

Effective October 1, 2015, the Company disposed of, via reinsurance, an in-force block of term life insurance policies to RGA Reinsurance Company for $419. Under the terms of the agreement, RGA Reinsurance Company contractually assumed from the Company the policyholder liabilities and obligations related to the policies, although the Company remains obligated to policyholders. The Company recognized a loss of $110, composed of $14 in Net realized capital gains on assets included in the transaction, $4 in Other-than-temporary impairments related to intent and $120 of transaction and ongoing expenses recorded in Operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2015. As of December 31, 2017 and 2016, the reinsurance recoverable within Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets related to this agreement was $458 and $452, respectively.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets

Goodwill

Goodwill is the excess of cost over the estimated fair value of net assets acquired. As of December 31, 2017 and 2016, the Company had $31 in goodwill, which was related to the Investment Management segment. There is no accumulated impairment balance associated with this goodwill. The Company performs a goodwill impairment analysis annually as of October 1 and more frequently if facts and circumstances indicate that goodwill may be impaired.

Other Intangible Assets

The Company has the following assets included in Other intangible assets, which have been capitalized and are amortized over their expected economic lives.

The Company recorded Value of Management Contracts ("VMCR") from the acquisition of ReliaStar Life Insurance Company in 2000 that represent the right by the mutual fund advisor company to manage the assets that are held in the mutual funds business.

Customer relationship lists from the acquisition of CitiStreet, LLC in 2008 represent Value of Customer Relationship Acquired ("VOCRA") for contracts with customers that were in place at the time of the acquisition.

In addition, computer software that has been purchased or developed internally for own use is stated at cost, less amortization and any impairment losses. Amortization is calculated on a straight-line basis over its useful life. When assessing potential impairment, the unamortized capitalized costs are compared with the net realizable value of the computer software. The amount by which the unamortized capitalized costs exceed the net realizable value is written off.

The following table presents other intangible assets as of the dates indicated:
 
Weighted
Average
Amortization
Lives
 
December 31, 2017
 
December 31, 2016
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Management contract rights
20 years
 
$
550

 
$
477

 
$
73

 
$
550

 
$
449

 
$
101

Customer relationship lists
20 years
 
116

 
76

 
40

 
116

 
68

 
48

Computer software
3 years
 
382

 
340

 
42

 
356

 
317

 
39

Total intangible assets
 
 
$
1,048

 
$
893

 
$
155

 
$
1,022

 
$
834

 
$
188



Amortization expense related to intangible assets was $62, $63 and $59 for the years ended December 31, 2017, 2016 and 2015, respectively.

The estimated amortization of intangible assets are as follows:
Year
 
Amount
2018
 
$
55

2019
 
46

2020
 
30

2021
 
9

2022
 
6

Thereafter
 
9



Amortization of intangible assets is included in the Consolidated Statements of Operations in Operating expenses.

The Company does not have any indefinite-lived intangibles other than goodwill.
Share-Based Incentive Compensation Plans
Share-based Incentive Compensation Plans
Share-based Incentive Compensation Plans

ING U.S., Inc. 2013 Omnibus Employee Incentive Plan and Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan

The Company has provided equity-based compensation awards to its employees under the ING U.S., Inc. 2013 Omnibus Employee Incentive Plan (the "2013 Omnibus Plan") and the Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan (the "2014 Omnibus Plan"). At inception of the 2013 Omnibus Plan, a total of 7,650,000 shares of Company common stock were reserved and available for issuance under the plan. As of December 31, 2017, common stock reserved and available for issuance under the 2013 Omnibus Plan was 344,885 shares. The 2013 Omnibus Plan is no longer actively used for new grants of equity-based compensation awards.

The 2014 Omnibus Plan was adopted by the Company's Board of Directors and approved by shareholders in 2014, and has substantially the same terms as the 2013 Omnibus Plan, except for certain changes intended to allow certain performance-based compensation awards to comply with the criteria for tax deductibility set forth in Section 162(m) of the Internal Revenue Code. The 2014 Omnibus Plan provides for 17,800,000 shares of common stock to be available for issuance as equity-based compensation awards. As of December 31, 2017, common stock reserved and available for issuance under the 2014 Omnibus Plan was 7,862,649 shares.

The 2013 Omnibus Plan and the 2014 Omnibus Plan (together, the "Omnibus Plans") each permit the granting of a wide range of equity-based awards, including RSUs, which represent the right to receive a number of shares of Company common stock upon vesting; restricted stock, which are shares of Company stock that are issued subject to sale and transfer restrictions until the vesting conditions are met; PSUs, which are RSUs subject to certain performance-based vesting conditions, and under which the number of shares of common stock delivered upon vesting varies with the level of achievement of performance criteria; and stock options. Grants of equity-based awards under the Omnibus Plans are approved in advance by the Compensation and Benefits Committee (the "Committee") of the Board of Directors of the Company, and are subject to such terms and conditions as the Committee may determine, including in respect of vesting and forfeiture, subject to certain limitations provided in the Omnibus Plans. Equity-based awards under the Omnibus Plans may carry dividend equivalent rights, pursuant to which notional dividends accumulate on unvested equity awards and are paid, in cash, upon vesting. Except for stock option awards made during 2015, awards made under the Omnibus Plans, to date, have included dividend equivalent rights. Dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria and service conditions are met.

During each of the years ended December 31, 2017, 2016 and 2015 the Company awarded RSUs and PSUs to its employees under the Omnibus Plans. The PSU awards entitle recipients to receive, upon vesting, a number of shares of common stock that ranges from 0% to 150% of the number of PSUs awarded, depending on the level of achievement of the specified performance conditions. The establishment and the achievement of performance objectives are determined and approved by the Committee. Except under certain termination conditions, RSUs and PSUs generally vest no earlier than one year from the date of the award and no later than three years from the date of the award. In the case of retirement (eligibility for which is based on the employee's age and years of service as provided in the relevant award agreement), awards vest in full, but subject to the satisfaction of any applicable performance criteria.

In December 2015, the Company also awarded contingent stock options under the 2014 Omnibus Plan. These options are subject to vesting conditions based on the achievement of specified performance measures, and generally become exercisable one year following satisfaction of the relevant vesting condition. The options have a term of ten years from the grant date. During the year ended December 31, 2017, all outstanding options vested as the necessary performance conditions were satisfied. The vested options are generally subject to a one year holding period from the dates of vesting and have an exercise price of $37.60 per share

If an award under the Omnibus Plans is forfeited, expired, terminated or otherwise lapses, the shares of Company common stock underlying that award will again become available for issuance. Shares withheld by the Company to pay employee taxes, or which are withheld by or tendered to the Company to pay the exercise price of stock options (or are repurchased from an option holder by the Company with proceeds from the exercise of stock options) are not available for reissuance.

Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan

The Company offers equity-based awards to Voya Financial, Inc. non-employee directors under the Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan ("2013 Director Plan”), which the Company adopted in connection with the IPO. A total of 288,000 shares of Company common stock may be issued under the 2013 Director Plan. The material terms of the 2013 Director Plan are substantially consistent with the material terms of the 2013 Omnibus Plan described above.

During the years ended December 31, 2017, 2016, and 2015, the Company granted 27,261, 34,758 and 19,913 RSUs, respectively, to certain of its non-employee directors. The awards granted in 2017 vest in full on the first anniversary of the grant date, and the awards granted in 2016 and 2015 vest one-third on each of the first, second and third anniversary of the grant date, in each case provided that the grantee remains a director of the Company on the relevant vesting date; however, no shares are delivered in connection with the RSUs until such time as the director's service on the Board is terminated.





Compensation Cost

The fair value of stock options was estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted during 2015:
Expected volatility
 
28.6
%
Expected term (in years)
 
6.02

Strike price
$
37.60

Risk-free interest rate
 
2.1
%
Expected dividend yield
 
0.11
%
Weighted average estimated fair value
$
11.89



The vesting of the stock options was contingent on the satisfaction of performance conditions on or before December 31, 2018; the Company assumed for purposes of the award's fair value that such conditions would be met in full prior to such date. The Company utilized the Simplified Method for the Expected term calculations. At the time of grant, the Company did not have historical exercises on which to base its own estimate. Additionally, exercise data relating to employees of comparable companies was not easily obtainable. Furthermore, because the Company did not have historical stock prices for a period at least equal to the expected term, the Company estimated volatility using a weighted-average consisting 70% of historical peer group volatility and 30% of the historical volatility of the Company common stock. The contractual term for exercising the options is ten years.

The fair value of the TSR component of the PSU awards was estimated using a Monte Carlo simulation. The following is a summary of the significant assumptions used to calculate the fair value of the TSR component of the PSU awards granted during the periods indicated:
 
2017
 
2016
Expected volatility of the Company's common stock
26.67
%
 
24.37
%
Average expected volatility of peer companies
27.43
%
 
25.63
%
Expected term (in years)
2.86

 
2.82

Risk-free interest rate
1.45
%
 
1.05
%
Expected dividend yield
—
%
 
—
%
Average correlation coefficient of peer companies
68
%
 
61
%

The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans, Director Plan, Phantom Plan and ING Group share-based compensation plans for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
RSUs
$
57

 
$
62

 
$
54

PSU awards
44

 
32

 
37

Stock options
16

 
14

 
1

Other (1)
1

 
2

 
15

Total
118

 
110

 
107

Income tax benefit
39

 
38

 
37

Share-based compensation
$
79

 
$
72

 
$
70

(1) Includes compensation cost for legacy plans, under which no new awards are being issued.


Awards Outstanding

The following tables summarize the number of awards under the Omnibus Plans for the periods indicated:
 
RSU Awards
 
PSU Awards
(awards in millions) 
Number of Awards
 
Weighted Average Grant Date Fair Value
 
Number of Awards(1)
 
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2017
3.3

 
$
35.02

 
1.5

 
$
28.88

Adjusted for PSU performance factor
N/A

 
N/A

 
—

*
31.45

Granted
1.4

 
42.30

 
1.2

 
42.32

Vested
(1.6
)
 
34.86

 
(0.4
)
 
31.34

Forfeited
(0.1
)
 
36.86

 
(0.1
)
 
34.00

Outstanding at December 31, 2017
3.0

 
$
38.42

 
2.2

 
$
35.53

 
 
 
 
 
 
 
 
Awards expected to vest as of December 31, 2017
3.0

 
$
38.42

 
2.2

 
$
35.53

* Less than 0.1.
(1)Based upon performance through December 31, 2017, recipients of performance awards would be entitled to between 125.0% and 131.0% of shares at the vesting date depending on the year of grant. The performance awards are included in the preceding table as if the participants earn shares equal to 100% of the units granted.
 
Stock Options
(awards in millions) 
Number of Awards
 
Weighted Average Exercise Price
Outstanding as of January 1, 2017
3.3

 
$
37.60

Granted
—

 
—

Exercised
—

 
—

Forfeited
(0.3
)
 
37.60

Outstanding as of December 31, 2017
3.0

 
$
37.60

Vested, not exercisable, as of December 31, 2017
3.0

 
$
37.60

Vested, exercisable, as of December 31, 2017
—

 
—


 
RSUs
 
PSU Awards
 
Stock Options
Unrecognized compensation cost
$
34

 
$
35

 
$
5

Expected remaining weighted-average period of expense recognition (in years)
1.5

 
1.8

 
0.5



The total grant date fair value of shares vested for the year ended December 31, 2017 was $54, $12 and $36 for RSUs, PSUs and stock options, respectively.
 
 
 
 
 
 
Shareholder's Equity
Shareholder's Equity
Shareholders' Equity

Common Shares

The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:
 
Common Shares
 
(shares in millions) 
Issued
 
Held in Treasury
 
Outstanding
 
Balance, January 1, 2015
263.7

 
21.8

 
241.9

 
Common Shares issued
—

 
—

 
—

 
Common Shares acquired - share repurchase
—

 
34.3

 
(34.3
)
 
Share-based compensation programs
1.6

 
0.1

 
1.5

 
Balance, December 31, 2015
265.3

 
56.2

 
209.1

 
Common Shares issued
—

*
—

 
—

*
Common Shares acquired - share repurchase
—

 
17.0

 
(17.0
)
 
Share-based compensation programs
2.7

 
0.2

 
2.5

 
Balance, December 31, 2016
268.0

 
73.4

 
194.6

 
Common Shares issued
—

*
—

 
—

*
Common Shares acquired - share repurchase
—

 
24.4

 
(24.4
)
 
Share-based compensation programs
2.0

 
0.2

 
1.8

 
Balance, December 31, 2017
270.0

 
98.0

 
172.0

 

* Less than 0.1.

Share Repurchase Program

From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, accelerated repurchase, or automatic repurchase transactions, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date.
On November 3, 2016, the Company entered into a share repurchase arrangement with a third-party financial institution, pursuant to which the Company made an up-front payment of $200 during the fourth quarter of 2016 and received delivery of 5,216,025 shares during the first quarter of 2017.

On March 9, 2017, the Company entered into a share repurchase arrangement with a third-party financial institution, pursuant to which the Company made an up-front payment of $150 and received delivery of 3,986,647 shares during the second quarter of 2017.

On October 26, 2017, the Board of Directors provided share repurchase authorization, increasing the aggregate amount of the Company’s common stock authorized for repurchase by $800. On February 1, 2018, the Board of Directors provided its most recent share repurchase authorization, increasing the aggregate amount of the Company's common stock authorized for repurchase by $500. The current share repurchase authorization expires on December 31, 2018 (unless extended), and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time.

On December 26, 2017, the Company entered into a share repurchase arrangement with a third-party financial institution, pursuant to which the Company made an up-front payment of $500 and received initial delivery of 7,821,666 shares during the fourth quarter of 2017. The transaction is scheduled to terminate during the first quarter of 2018, at which time additional shares may be delivered or returned depending on the daily volume-weighted average prices of the Company’s common stock. The initial delivery of shares was recorded as treasury stock in the Company’s Consolidated Balance Sheets. As of December 31, 2017, any additional shares to be delivered upon final settlement represent a forward contract and were recorded to Additional paid-in capital. The Company reflected the initial shares delivered pursuant to the arrangement as a repurchase of common stock for purposes of calculating earnings per share.

Warrants

On May 7, 2013, the Company issued to ING Group warrants to purchase up to 26,050,846 shares of the Company's common stock equal in the aggregate to 9.99% of the issued and outstanding shares of common stock at that date. The current exercise price of the warrants is $48.75 per share of common stock, subject to adjustments, including for stock dividends, cash dividends in excess of $0.01 per share a quarter, subdivisions, combinations, reclassifications and non-cash distributions. The warrants also provide for, upon the occurrence of certain change of control events affecting the Company, an increase in the number of shares to which a warrant holder will be entitled upon payment of the aggregate exercise price of the warrant. The warrants became exercisable to ING Group and its affiliates on January 1, 2017 and to all other holders starting on the first anniversary of the completion of the IPO (May 7, 2014). The warrants expire on the tenth anniversary of the completion of the IPO (May 7, 2023). The warrants are net share settled, which means that no cash will be payable by a warrant holder in respect of the exercise price of a warrant upon exercise, and are classified as permanent equity. They have been recorded at their fair value determined on the issuance date of May 7, 2013 in the amount of $94 as an addition and reduction to Additional-paid-in-capital. Warrant holders are not entitled to receive dividends. As of December 31, 2017, no warrants have been exercised.
Earnings per Common Share
Earnings per Common Share
Earnings per Common Share

The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:
(in millions, except for per share data) 
Year Ended December 31,
Earnings
2017
 
2016
 
2015
Net income (loss) available to common shareholders
 
 
 
 
 
Income (loss) from continuing operations
$
(212
)
 
$
39

 
$
392

Less: Net income (loss) attributable to noncontrolling interest
200

 
29

 
130

Income (loss) from continuing operations available to common shareholders
(412
)
 
10

 
262

Income (loss) from discontinued operations, net of tax
(2,580
)
 
(337
)
 
146

Net income (loss) available to common shareholders
$
(2,992
)
 
$
(327
)
 
$
408

 
 
 
 
 
 
Weighted-average common shares outstanding
 
 
 
 
 
Basic
184.1

 
200.8

 
225.4

Dilutive Effects: (1)(2)
 
 
 
 
 
RSUs
—

 
1.7

 
1.8

PSU awards
—

 
0.2

 
0.2

Stock Options(3)
—

 
—

 
—

Diluted
184.1

 
202.7

 
227.4

 
 
 
 
 
 
Basic
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
(2.24
)
 
$
0.05

 
$
1.16

Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(14.01
)
 
$
(1.68
)
 
$
0.65

Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(16.25
)
 
$
(1.63
)
 
$
1.81

Diluted
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
(2.24
)
 
$
0.05

 
$
1.15

Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(14.01
)
 
$
(1.66
)
 
$
0.65

Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(16.25
)
 
$
(1.61
)
 
$
1.80

(1) For the years ended December 31, 2017, 2016 and 2015, weighted average shares used for calculating earnings per share excludes the dilutive impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to "out of the moneyness" in the periods presented. For the year ended December 31, 2017, weighted average shares used for calculating earnings per share excludes the dilutive impact of the forward contract related to the share repurchase agreement entered into on December 26, 2017, as the inclusion of this instrument would be antidilutive to the earnings per share calculation. For more information on warrants and the share repurchase agreement, see the Shareholders' Equity Note to these Consolidated Financial Statements.
(2) For the year ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 1.9 and 0.8 shares for stock compensation plans of RSU and PSU awards, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations during the period.
(3) For the year ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share excludes the dilutive impact of stock options, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to the average share price for the periods presented. For more information on stock options, see the Share-based Incentive Compensation Plans Note to these Consolidated Financial Statements.
Insurance Subsidiaries
Insurance Subsidiaries
Insurance Subsidiaries

Principal Insurance Subsidiaries Statutory Equity and Income

Each of Voya Financial, Inc.'s four principal insurance subsidiaries (the "Principal Insurance Subsidiaries") is subject to minimum risk-based capital ("RBC") requirements established by the insurance departments of their respective states of domicile. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital ("TAC"), as defined by the National Association of Insurance Commissioners ("NAIC"), to authorized control level RBC, as defined by the NAIC. Each of the Company's Principal Insurance Subsidiaries exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein.

The Company's Principal Insurance Subsidiaries are each required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of its respective state of domicile. Such statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities and contract owner account balances using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. Certain assets that are not admitted under statutory accounting principles are charged directly to surplus. Depending on the regulations of the insurance department of an insurance company’s state of domicile, the entire amount or a portion of an insurance company’s asset balance can be non-admitted based on the specific rules regarding admissibility. For the years ended December 31, 2017, 2016 and 2015, the Principal Insurance Subsidiaries have no prescribed or permitted practices that materially impact total capital and surplus.

Statutory Net income (loss) for the years ended December 31, 2017, 2016 and 2015 and statutory capital and surplus as of December 31, 2017 and 2016 of the Company's Principal Insurance Subsidiaries are as follows:
 
Statutory Net Income (Loss)
 
Statutory Capital and Surplus
 
2017
 
2016
 
2015
 
2017
 
2016
Subsidiary Name (State of Domicile):
 
 
 
 
 
 
 
 
 
Voya Insurance and Annuity Company ("VIAC") (IA)
$
514

 
$
232

 
$
553

 
$
1,835

 
$
1,906

Voya Retirement Insurance and Annuity Company ("VRIAC") (CT)
195

 
266

 
318

 
1,793

 
1,959

Security Life of Denver Insurance Company (CO)
58

 
93

 
(245
)
 
950

 
897

ReliaStar Life Insurance Company ("RLI") (MN)
234

 
(507
)
 
74

 
1,483

 
1,662



All of the Company's Principal Insurance Subsidiaries have capital and surplus levels that exceed their respective regulatory minimum requirements.

As of December 31, 2017, VIAC had the following surplus notes ("the Surplus Notes") outstanding to its insurance company affiliates.
 
Maturity
 
2017
 
2016
7.979% Security Life of Denver Insurance Company, due 2029 (1)
12/07/2029
 
$
35

 
$
35

6.257% Security Life of Denver International Limited, due 2034 (1)
12/29/2034
 
50

 
50

6.257% ReliaStar Life Insurance Company, due 2034
12/29/2034
 
175

 
175

6.257% Voya Retirement Insurance and Annuity Company, due 2034
12/29/2034
 
175

 
175

(1) Under the Transaction, an affiliate of the buyer will purchase these surplus notes upon closing.

As part of the restructuring associated with the Master Transaction Agreement, effective December 28, 2017 Voya Financial, Inc. ("Voya") and Voya Holdings Inc.("Voya Holdings") entered into an agreement with VIAC in order to provide a joint and several guarantee of VIAC’s payment obligations as the issuer of the Surplus Notes.  Accordingly, on January 9, 2018, Kroll Bond Rating Agency assigned a rating of BBB+, outlook Stable to the Surplus Notes.

Insurance Subsidiaries Dividend Restrictions

The states in which the insurance subsidiaries of Voya Financial, Inc. are domiciled impose certain restrictions on the subsidiaries' ability to pay dividends to their parent. These restrictions are based in part on the prior year's statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or "extraordinary" dividends, are subject to approval by the insurance commissioner of the state of domicile of the insurance subsidiary proposing to pay the dividend.

Under the insurance laws applicable to Voya Financial, Inc.'s insurance subsidiaries domiciled in Connecticut, Iowa and Minnesota, an "extraordinary" dividend or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer's policyholder surplus as of the preceding December 31, or (ii) the insurer's net gain from operations for the twelve-month period ending the preceding December 31, in each case determined in accordance with statutory accounting principles. Under Colorado insurance law, an "extraordinary dividend" or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the lesser of (i) 10% of the insurer's policyholder surplus as of the preceding December 31, or (ii) the insurer's net gain from operations for the twelve-month period ending the preceding December 31, in each case determined in accordance with statutory accounting principles. In addition, under the insurance laws of Connecticut, Iowa and Minnesota, no dividend or other distribution exceeding an amount equal to a domestic insurance company's earned surplus may be paid without the domiciliary insurance regulator's prior approval. The Company's Principal Insurance Subsidiaries domiciled in Colorado, Connecticut and Iowa each have ordinary dividend capacity for 2018. However, as a result of the extraordinary dividends it paid in 2015 and 2016, together with statutory losses incurred in connection with the recapture and cession to one of the Company's Arizona captives of certain term life insurance business in the fourth quarter of 2016, the Company's Principal Insurance Subsidiary domiciled in Minnesota currently has negative earned surplus and therefore does not have capacity at this time to make ordinary dividend payments to Voya Holdings and cannot make an extraordinary dividend payment without domiciliary insurance regulatory approval, which can be granted or withheld at the discretion of the regulator.

Principal Insurance Subsidiaries - Dividends and Return of Capital

The following table summarizes dividends permitted to be paid by the Company's Principal Insurance Subsidiaries to Voya Financial, Inc. or Voya Holdings without the need for insurance regulatory approval for the periods presented:
 
Dividends Permitted without Approval
 
2018
 
2017
 
2016
Subsidiary Name (State of domicile):
 
 
 
 
 
Voya Insurance and Annuity Company (IA)(1)
$
208

 
$
279

 
$
448

Voya Retirement Insurance and Annuity Company (CT)
158

 
266

 
364

Security Life of Denver Insurance Company (CO)
53

 
74

 
55

ReliaStar Life Insurance Company (MN)
—

 
—

 
—

(1) Due to the impending sale of VIAC, the Company does not expect VIAC to pay any ordinary dividends in 2018. The difference between the buyer's capital and statutory capital reflects the purchase price for VIAC and will represent either a capital contribution or extraordinary dividend upon closing.

The following table summarizes dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated:
 
Dividends Paid
 
Extraordinary Distributions Paid
 
Year Ended December 31,
 
Year Ended December 31,
 
2017
 
2016
 
2017
 
2016
Subsidiary Name (State of domicile):
 
 
 
 
 
 
 
Voya Insurance and Annuity Company (IA)
$
278

 
$
373

 
$
250

 
$
—

Voya Retirement Insurance and Annuity Company (CT)
265

 
278

 
—

 
—

Security Life of Denver Insurance Company (CO)
73

 
54

 
—

 
—

ReliaStar Life Insurance Company (MN)
—

 
—

 
231

 
100



Captive Reinsurance Subsidiaries

Voya Financial, Inc.'s special purpose life reinsurance captive insurance company subsidiaries domiciled in Missouri (collectively referred to as the "captive reinsurance subsidiaries") provide reinsurance to the Company’s insurance subsidiaries in order to facilitate the financing of statutory reserves including those associated with Regulation XXX or AG38 and to fund certain statutory annuity reserve requirements. Each of the Company's captive reinsurance subsidiaries, that is domiciled in Missouri, is subject to specific minimum capital requirements set forth in the insurance statutes of Missouri, and is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed in the Missouri insurance statutes or permitted by the Missouri insurance department. There are no prescribed practices material to the Missouri captive reinsurance subsidiaries, except that certain of these subsidiaries have included the value of LOCs and trust notes as admitted assets supporting the statutory reserves ceded to such subsidiaries. The effect of these prescribed practices was to increase statutory capital and surplus by $623 and $577 as of December 31, 2017 and 2016, respectively. The aggregate statutory capital and surplus, including the aforementioned prescribed practices, was $398 and $352 as of December 31, 2017 and 2016, respectively.

The Company's Arizona captives, SLDI and its wholly owned subsidiary RRII, provide reinsurance to the Company's insurance subsidiaries in order to facilitate the financing of statutory reserves including those associated with Regulation XXX or AG38 and to fund certain statutory annuity reserve requirements including the living benefit guarantees under the Company's CBVA business. Arizona state insurance statutes and regulations require the Company's Arizona captives to file financial statements with the Arizona Department of Insurance ("ADOI") and allow the filing of such financial statements on a U.S. GAAP basis modified for certain prescribed practices outlined in the Arizona insurance statutes that are applicable to U.S. GAAP filers. These prescribed practices had no impact on Company's Arizona captives Shareholder's equity as of December 31, 2017 and 2016. In addition, the Arizona captives obtained approval from the ADOI for certain permitted practices, including, for SLDI, taking reinsurance credit for certain ceded reserves where the assets backing the liabilities are held by a wholly owned Principal Insurance Subsidiary of Voya Financial, Inc. SLDI has recorded a receivable for these assets. The effect of the permitted practice was to increase SLDI's Shareholder's equity by $451 and $441 as of December 31, 2017 and 2016, respectively, but has no effect on the Company's consolidated Total shareholders' equity. In the unlikely event that the permitted practice is suspended in the future, the Company has various alternatives which could be executed to allow the reinsurance credit for these ceded reserves. Additionally, RRII has obtained approval from the ADOI to present the U.S. GAAP deferred liability resulting from its assumption of business from a wholly owned Principal Insurance Subsidiary of Voya Financial, Inc. net of related federal income taxes, as a separate component of Shareholder's equity. The effect of the permitted practice was to increase RRII's Shareholder's equity by $2,761 and $2,467 as of December 31, 2017 and 2016 , respectively, but has no effect on SLDI or the Company's Consolidated total shareholders' equity. In conjunction with the Transaction disclosed in the Business Held for Sale and Discontinued Operations Note to these Consolidated Financial Statements, the reinsurance treaty assumed by RRII is expected to be recaptured in 2018 and the associated liability will be released through RRII net income. At that time, the permitted practice will no longer be in effect.

The captive reinsurance subsidiaries may not declare or pay any dividends other than in accordance with their respective insurance reserve financing transaction agreements and their respective governing licensing orders. Likewise, the Company's Arizona captives may not declare or pay dividends other than in accordance with their annual capital and dividend plans as approved by the ADOI, which include minimum capital requirements. The Company's Arizona captives did not make any dividend payments in 2017.
Employee Benefit Arrangements
Employee Benefit Arrangements
Employee Benefit Arrangements

Pension, Other Postretirement Benefit Plans and Other Benefit Plans

Voya Financial, Inc.'s subsidiaries maintain both qualified and non-qualified defined benefit pension plans (the "Plans"). These plans generally cover all employees and certain sales representatives who meet specified eligibility requirements. Pension benefits are based on a formula using compensation and length of service. Annual contributions are paid to the Plans at a rate necessary to adequately fund the accrued liabilities of the Plans calculated in accordance with legal requirements. The Plans comply with applicable regulations concerning investments and funding levels.

The Voya Retirement Plan (the "Retirement Plan") is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation ("PBGC"). Beginning January 1, 2012, the Retirement Plan adopted a cash balance pension formula instead of a final average pay ("FAP") formula, allowing all eligible employees to participate in the Retirement Plan. Participants earn an annual credit equal to 4% of eligible compensation. Interest is credited monthly based on a 30-year U.S. Treasury securities bond rate published by the Internal Revenue Service in the preceding August of each year. The accrued vested cash pension balance benefit is portable; participants can take it if they leave the Company.

During the fourth quarter of 2015, terminated, vested participants of the Retirement Plan were offered an opportunity to receive their retirement plan benefit as a lump sum payment or an annuity. The lump sum payments and related settlement were recorded in the fourth quarter of 2015 and are reflected in the Demographic Data and other line in the net actuarial (gains) losses related to pension and other postretirement benefit obligations table below.

In addition to providing qualified retirement benefit plans, the Company provides certain supplemental retirement benefits to eligible employees, non-qualified pension plans for insurance sales representatives who have entered into a career agent agreement and certain other individuals. These plans are non-qualified defined benefit plans, which means all benefits are payable from the general assets of the sponsoring company.

The Company also offers deferred compensation plans for eligible employees, including eligible career agents and certain other individuals who meet the eligibility criteria. The Company’s deferred compensation commitment for employees is recorded on the Consolidated Balance Sheets in Other liabilities and totaled $305 and $284 as of December 31, 2017 and 2016, respectively.

Voya Financial, Inc.'s subsidiaries also provide other postretirement and post-employment benefits to certain employees. These are primarily postretirement healthcare and life insurance benefits to retired employees and other eligible dependents and post-employment/pre-retirement plans provided to employees and former employees.

Obligations, Funded Status and Net Periodic Benefit Costs

The Company's qualified pension plans were fully funded in compliance with Employee Retirement Income Security Act ("ERISA") guidelines as of December 31, 2016, which is tested annually subsequent to this filing. The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company's defined benefit pension and postretirement healthcare benefit plans for the years ended December 31, 2017 and 2016:
 
Pension Plans
 
Other
Postretirement Benefits
 
2017
 
2016
 
2017
 
2016
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligations, January 1
$
2,116

 
$
2,054

 
$
21

 
$
28

Service cost
24

 
25

 
—

 
—

Interest cost
93

 
96

 
1

 
1

Net actuarial (gains) losses
156

 
33

 
1

 
(2
)
Benefits paid
(98
)
 
(92
)
 
(3
)
 
(3
)
(Gain) loss recognized due to curtailment
3

 
—

 
—

 
—

Plan amendments
—

 
—

 
—

 
(3
)
Benefit obligations, December 31
2,294

 
2,116

 
20

 
21

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan net assets, January 1
1,463

 
1,395

 
—

 
—

Actual return on plan assets
257

 
80

 
—

 
—

Employer contributions
142

 
80

 
3

 
3

Benefits paid
(98
)
 
(92
)
 
(3
)
 
(3
)
Fair value of plan net assets, December 31
1,764

 
1,463

 
—

 
—

Unfunded status at end of year (1)
$
(530
)
 
$
(653
)
 
$
(20
)
 
$
(21
)
(1) Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with ERISA regulations.

The following table summarizes amounts recognized on the Consolidated Balance Sheets and in AOCI as follows as of December 31, 2017 and 2016:
 
Pension Plans
 
Other
Postretirement Benefits
 
2017
 
2016
 
2017
 
2016
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
Accrued benefit cost
$
(530
)
 
$
(653
)
 
$
(20
)
 
$
(21
)
Net amount recognized
$
(530
)
 
$
(653
)
 
$
(20
)
 
$
(21
)
 
 
 
 
 
 
 
 
Accumulated other comprehensive (income) loss:
 
 
 
 
 
 
 
Prior service cost (credit)
$
(10
)
 
$
(21
)
 
$
(15
)
 
$
(18
)
Tax effect
4

 
7

 
5

 
6

Accumulated other comprehensive (income) loss, net of tax
$
(6
)
 
$
(14
)
 
$
(10
)
 
$
(12
)


The following table summarizes information for pension and other postretirement benefit plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2017 and 2016:
 
Pension Plans
 
Other
Postretirement Benefits
 
2017
 
2016
 
2017
 
2016
Projected benefit obligation
$
2,294

 
$
2,116

 
$
20

 
$
21

Accumulated benefit obligation
2,290

 
2,111

 
N/A

 
N/A

Fair value of plan assets
1,764

 
1,463

 
—

 
—



Components of Periodic Net Benefit Cost

Net periodic pension cost and net periodic other postretirement benefit plan cost consist of the following:

▪
Service Cost: Service cost represents the increase in the projected benefit obligation as a result of benefits payable to employees on service rendered during the current year.
▪
Interest Cost (on the Liability): Interest cost represents the increase in the amount of projected benefit obligation at the end of each year due to the time value adjustment.
▪
Expected Return on Plan Assets: Expected return on plan assets represents the anticipated return earned by the pension fund assets in a given year.
▪
Net Loss (Gain) Recognition: Actuarial gains and losses occur as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial losses (gains) on the qualified and nonqualified retirement plans as well as the other postretirement benefit plans.
▪
Amortization of Prior Service Cost: This cost represents the recognition of increases or decreases in Pension and other postretirement provisions on the Consolidated Balance Sheets as a result of changes in plans or initiation of new plans. The increases or decreases in obligation are recognized in AOCI at the time of the particular amendment. The costs are then amortized to Operating expenses in the Consolidated Statements of Operations over the expected service years of the covered employees.
▪
(Gain) Loss Recognized due to Curtailment: Curtailment gains and losses occur as a result of events that significantly reduce the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services.

The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) were as follows for the years ended December 31, 2017, 2016 and 2015:
 
Pension Plans
 
Other Postretirement Benefits
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
24

 
$
25

 
$
26

 
$
—

 
$
—

 
$
—

Interest cost
93

 
96

 
104

 
1

 
1

 
1

Expected return on plan assets
(115
)
 
(104
)
 
(122
)
 
—

 
—

 
—

Amortization of prior service cost (credit)
(10
)
 
(10
)
 
(10
)
 
(4
)
 
(3
)
 
(4
)
(Gain) loss recognized due to curtailment
1

 
—

 
—

 
—

 
—

 
—

Net (gain) loss recognition
14

 
57

 
(62
)
 
1

 
(2
)
 
(1
)
Net periodic (benefit) costs
7

 
64

 
(64
)
 
(2
)
 
(4
)
 
(4
)
 
 
 
 
 
 
 
 
 
 
 
 
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI:
 
 
 
 
 
 
 
 
 
 
 
Amortization of prior service (credit) cost
10

 
10

 
10

 
4

 
—

 
4

(Credit) cost recognized due to curtailment
2

 
—

 
—

 
—

 
—

 
—

Total recognized in AOCI
12

 
10

 
10

 
4

 
—

 
4

Total recognized in net periodic (benefit) costs and AOCI
$
19

 
$
74

 
$
(54
)
 
$
2

 
$
(4
)
 
$
—


The table below summarizes the components of the net actuarial (gains) losses related to Pension and Other postretirement benefit obligations reported within Operating expenses in the Consolidated Statements of Operations for the periods presented:
(Gain)/Loss Recognized
2017
 
2016
 
2015
Discount Rate
$
196

 
$
69

 
$
(133
)
Asset Returns
(142
)
 
24

 
123

Mortality Table Assumptions
(14
)
 
(22
)
 
(32
)
Demographic Data and other
(25
)
 
(16
)
 
(21
)
Total Net Actuarial (Gain)/Loss Recognized
$
15

 
$
55

 
$
(63
)


The estimated prior service cost for the pension plans and other postretirement benefit plans are amortized from AOCI into net periodic (benefit) cost. Such amounts included in AOCI and expected to be recognized as components of periodic (benefit) cost in 2018 are as follows:
 
Pension Plans
 
Other
Postretirement
Benefits
Amortization of prior service cost (credit)
$
(9
)
 
$
(4
)


Assumptions

The discount rates used in determining benefit obligations as of December 31, 2017 and 2016 were as follows:
 
Pension Plans
 
Other
Postretirement Benefits
 
2017
 
2016
 
2017
 
2016
Discount rate
3.85
%
 
4.55
%
 
3.64
%
 
4.55
%


In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries including discounted cash flow analyses of the Company’s pension and other postretirement obligations and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the pension plans and other postretirement benefit plans.

The weighted-average assumptions used in determining net benefit cost for the years ended December 31, 2017, 2016 and 2015 were as follows:
 
Pension Plans
 
Other Postretirement Benefits
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
4.55
%
 
4.81
%
 
4.36
%
 
4.55
%
 
4.81
%
 
4.36
%
Expected rate of return on plan assets
7.50
%
 
7.50
%
 
7.50
%
 
N/A

 
N/A

 
N/A



The expected return on plan assets is updated at least annually using the calculated value approach, taking into consideration the Retirement Plan’s asset allocation, historical returns on the types of assets held in the Retirement Plan's portfolio of assets ("the Fund") and the current economic environment. Based on these factors, it is expected that the Fund’s assets will earn an average percentage per year over the long term. This estimation is based on an active return on a compound basis, with a reduction for administrative expenses and non-Voya investment manager fees paid from the Fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the Plan, and the need for future cash contributions.

The annual assumed rate of increase in the per capita cost of covered benefits (i.e. health care cost trend rate) for the medical rate, within the other postretirement benefit plans, is 7.0%, decreasing gradually to 5.5% over the next five years with an ultimate trend rate of 4.5%.

Assumed healthcare cost trend rates may have a significant effect on the amounts reported for healthcare plans. A one-percentage point change in assumed healthcare cost trend rates would have the following effects:
 
One Percentage
Point Increase
 
One Percentage
Point Decrease
Effect on the aggregate of service and interest cost components
$
—

 
$
—

Effect on accumulated postretirement benefit obligation
1

 
(1
)


Plan Assets

The Retirement Plan is the only defined benefit plan with plan assets in a trust. The primary financial objective of the Retirement Plan is to secure participant retirement benefits. As such, the key objective in the Retirement Plan’s financial management is to promote stability and, to the extent appropriate, growth in funded status (i.e. the ratio of market value of assets to liabilities). The investment strategy for the Fund balances the requirement to generate returns with the need to control risk. The asset mix is recognized as the primary mechanism to influence the reward and risk structure of the Fund in an effort to accomplish the Retirement Plan’s funding objectives. Desirable target allocations amongst identified asset classes are set and, within each asset class, careful consideration is given to balancing the portfolio among industry sectors, geographies, interest rate sensitivity, economic growth, currency and other factors affecting investment returns. The assets are managed by professional investment firms. They are bound by mandates and are measured against benchmarks. Consideration is given to balancing security concentration, investment style and reliance on particular active investment strategies, among other factors. The Company reviews its asset mix of the Fund on a regular basis. Generally, the pension committee of the Company will rebalance the Fund's asset mix to the target mix as individual portfolios approach their minimum or maximum levels. However, the Company has the discretion to deviate from these ranges or to manage investment performance using different criteria.

Derivative contracts may be used for hedging purposes to reduce the Retirement Plan’s exposure to interest rate risk. Treasury futures are used to manage the interest rate risk in the Retirement Plan’s fixed maturity portfolio. The derivatives do not qualify for hedge accounting.

The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2017 and 2016:
 
Actual Asset Allocation
 
2017
 
2016
Equity securities:
 
 
 
Target allocation range
37%-65%

 
37%-65%

Large-cap domestic
25.3
%
 
23.7
%
Small/Mid-cap domestic
6.9
%
 
6.4
%
International commingled funds
12.5
%
 
11.6
%
Limited Partnerships
2.5
%
 
3.4
%
Total equity securities
47.2
%
 
45.1
%
Fixed maturities:
 
 
 
Target allocation range
30%-50%

 
30%-50%

U.S. Treasuries, short term investments, cash and futures
8.0
%
 
6.3
%
U.S. Government agencies and authorities
4.1
%
 
4.2
%
U.S. corporate, state and municipalities
27.4
%
 
29.7
%
Foreign securities
4.1
%
 
4.3
%
Other fixed maturities
0.1
%
 
0.1
%
Total fixed maturities
43.7
%
 
44.6
%
Other investments:
 
 
 
Target allocation range
6%-14%

 
6%-14%

Hedge funds
4.2
%
 
4.8
%
Real estate
4.9
%
 
5.5
%
Total other investments
9.1
%
 
10.3
%
Total
100.0
%
 
100.0
%

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2017:
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
Fixed maturities, short-term investments and cash:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
7

 
$
—

 
$
—

 
$
—

 
$
7

Short-term investment fund(1)
—

 
—

 
—

 
136

 
136

U.S. Government securities
73

 
—

 
—

 
—

 
73

U.S. corporate, state and municipalities
—

 
476

 
7

 
—

 
483

Foreign securities
—

 
72

 
—

 
—

 
72

Other fixed maturities
—

 
1

 
—

 
—

 
1

Total fixed maturities
80

 
549

 
7

 
136

 
772

 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
Large-cap domestic
446

 
—

 
—

 
—

 
446

Small/Mid-cap domestic
121

 
—

 
—

 
—

 
121

International commingled funds(2)
—

 
—

 
—

 
220

 
220

Limited partnerships(3)
—

 
—

 
—

 
43

 
43

Total equity securities
567

 
—

 
—

 
263

 
830

 
 
 
 
 
 
 
 
 
 
Other investments:
 
 
 
 
 
 
 
 
 
Real estate(4)
—

 
—

 
—

 
86

 
86

Limited partnerships(5)
—

 
—

 
—

 
75

 
75

Other
1

 
—

 
—

 
—

 
1

Total other investments
1

 
—

 
—

 
161

 
162

Net, total pension assets
$
648

 
$
549

 
$
7

 
$
560

 
$
1,764


(1) This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon ("Short-term Investment Fund"). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day.
(2) 
International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $111 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $109 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments.
(3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $6 and Pantheon USA has a balance of $37. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2017, Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5, respectively, and there were no significant redemption restrictions.
(4) UBS Trumbull Property Fund ("UBS") uses NAV to calculate fair value. UBS has a balance of $86 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter.
(5) Magnitude Institutional, Ltd. ("MIL") has a balance of $75 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund.

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2016:
 
 
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
Fixed maturities, short term investments and cash:
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
2

 
$
—

 
$
—

 
$
—

 
$
2

  Short-term investment fund(1)
—

 
—

 
—

 
90

 
90

U.S. Government securities
61

 
—

 
—

 
—

 
61

U.S. corporate, state and municipalities
—

 
435

 
—

 
—

 
435

Foreign securities
—

 
63

 
—

 
—

 
63

Other fixed maturities
—

 
1

 
—

 
—

 
1

Total fixed maturities
63

 
499

 
—

 
90

 
652

 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
Large-cap domestic
347

 
—

 
—

 
—

 
347

Small/Mid-cap domestic
94

 
—

 
—

 
—

 
94

International commingled funds(2)
—

 
—

 
—

 
170

 
170

Limited partnerships(3)
—

 
—

 
—

 
49

 
49

Total equity securities
441

 
—

 
—

 
219

 
660

 
 
 
 
 
 
 
 
 
 
Other investments:
 
 
 
 
 
 
 
 
 
Real estate(4)
—

 
—

 
—

 
81

 
81

Limited partnerships(5)
—

 
—

 
—

 
70

 
70

Other
—

 
—

 
—

 
—

 
—

Total other investments
—

 
—

 
—

 
151

 
151

Net, total pension assets
$
504

 
$
499

 
$
—

 
$
460

 
$
1,463


(1) This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day.
(2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $84 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $86 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments.
(3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $7 and Pantheon USA has a balance of $42. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2016, Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5, respectively, and there were no significant redemption restrictions.
(4) UBS uses NAV to calculate fair value. UBS has a balance of $81 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter.
(5) MIL has a balance of $70 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund.

As described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements, pension plan assets are categorized into a three-level fair value hierarchy based upon the inputs available in evaluating each of the assets. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). Certain investments are measured at fair value using the NAV per share as a practical expedient and have not been classified in the fair value hierarchy. The leveling hierarchy is applied to the pension plans assets as follows:

Cash and cash equivalents: The carrying amounts for cash and cash equivalents reflect the assets' fair value. The fair values for cash and cash equivalents are determined based on quoted market prices. These assets are classified as Level 1.

Short-term Investment Funds: Short term investment funds are estimated at NAV. See subscript (1) in Fair Value Hierarchy table footnotes for a description of the fund's redemption policies.

U.S. Government securities, corporate bonds and notes and foreign securities: Fair values for actively traded marketable bonds are determined based upon quoted market prices and are classified as Level 1 assets. Corporate bonds, ABS, U.S. agency bonds, and foreign securities use observable pricing method such as matrix pricing, market corroborated pricing or inputs such as yield curves and indices. These investments are classified as Level 2.

International Commingled Funds: Commingled funds are estimated at NAV per share. See subscript (2) in Fair Value Hierarchy table footnotes for description of the fund's redemption policies.

Equity securities: Fair values are based upon a quoted market price determined in an active market and are included in Level 1.

Real estate: Real estate is estimated at NAV. See subscript (4) in Fair Value Hierarchy table footnotes for more information on real estate.

Limited partnerships: Limited partnerships are estimated at NAV. See subscripts (3) and (5) in Fair Value Hierarchy table footnotes for more information on limited partnerships.

Transfers in and out of Level 1 and 2

There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2017 and 2016. The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected Future Contributions and Benefit Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

The following table summarizes the expected benefit payments for the Company's pension and postretirement plans to be paid for the years indicated:
 
Pension
Benefits
 
Other
Postretirement
Benefits
Gross
2018
$
115

 
$
2

2019
119

 
2

2020
123

 
2

2021
128

 
2

2022
131

 
1

2023-2027
685

 
6



The Company does not expect that it will make a cash contribution to the qualified pension plan in 2018. The Company expects that it will make a cash contribution of approximately $23 to the non-qualified pension plans and approximately $2 to other postretirement plans in 2018.

Defined Contribution Plans

Certain of the Company’s subsidiaries sponsor defined contribution plans. The largest defined contribution plan is the Voya 401(k) Savings Plan (the "Savings Plan"). The assets of the Savings Plan are held in independently administered funds. Substantially all employees of the Company are eligible to participate, other than the Company’s agents. The Savings Plan is a tax qualified defined contribution plan. Savings Plan benefits are not guaranteed by the PBGC. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pretax basis. The Company matches such pretax contributions, up to a maximum of 6% of eligible compensation, subject to IRS limits. Matching contributions are subject to a 4-year graded vesting schedule. Contributions made to the Savings Plan are subject to certain limits imposed by applicable law. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in Other liabilities. The amount of cost recognized for the defined contribution pension plans for the years ended December 31, 2017, 2016 and 2015 was $39, $38 and $36, respectively, and is recorded in Operating expenses in the Consolidated Statements of Operations.
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)

Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated:
 
December 31,
 
2017
 
2016
 
2015
Fixed maturities, net of OTTI
$
5,351

 
$
3,413

 
$
2,123

Equity securities, available-for-sale
35

 
33

 
31

Derivatives
127

 
258

 
259

DAC/VOBA adjustment on available-for-sale securities
(1,471
)
 
(1,083
)
 
(765
)
Premium deficiency reserve
(190
)
 
(54
)
 
—

Sales inducements adjustment on available-for-sale securities
(278
)
 
(169
)
 
(23
)
Other
(18
)
 
(31
)
 
(31
)
Unrealized capital gains (losses), before tax
3,556

 
2,367

 
1,594

Deferred income tax asset (liability)
(840
)
 
(472
)
 
(202
)
Net unrealized capital gains (losses)
2,716

 
1,895

 
1,392

Pension and other postretirement benefits liability, net of tax
15

 
26

 
33

AOCI
$
2,731

 
$
1,921

 
$
1,425



Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated:
 
December 31, 2017
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
1,943

 
$
(647
)
 
$
1,296

Equity securities
2

 
(1
)
 
1

Other
13

 
(5
)
 
8

OTTI
(2
)
 
1

 
(1
)
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations
(3
)
 
1

 
(2
)
DAC/VOBA
(388
)
(1) 
150

 
(238
)
Premium deficiency reserve
(136
)
 
48

 
(88
)
Sales inducements
(109
)
 
39

 
(70
)
Change in unrealized gains/losses on available-for-sale securities
1,320

 
(414
)
 
906

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(106
)
(2) 
37

 
(69
)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations
(25
)
 
9

 
(16
)
Change in unrealized gains/losses on derivatives
(131
)
 
46

 
(85
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations
(15
)
(3) 
4

 
(11
)
Change in pension and other postretirement benefits liability
(15
)
 
4

 
(11
)
Change in Other comprehensive income (loss)
$
1,174

 
$
(364
)
 
$
810


(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.
(3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.



 
December 31, 2016
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
1,168

 
$
(408
)
 
$
760

Equity securities
2

 
(1
)
 
1

Other
—

 
—

 
—

OTTI
24

 
(8
)
 
16

Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations
98

 
(34
)
 
64

DAC/VOBA
(318
)
(1) 
111

 
(207
)
Premium deficiency reserve
(54
)
 
20

 
(34
)
Sales inducements
(146
)
 
50

 
(96
)
Change in unrealized gains/losses on available-for-sale securities
774

 
(270
)
 
504

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
19

(2) 
(7
)
 
12

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations
(20
)
 
7

 
(13
)
Change in unrealized gains/losses on derivatives
(1
)
 
—

 
(1
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations
(10
)
(3) 
3

 
(7
)
Change in pension and other postretirement benefits liability
(10
)
 
3

 
(7
)
Change in Other comprehensive income (loss)
$
763

 
$
(267
)
 
$
496

(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.
(3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.




 
December 31, 2015
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(3,863
)
 
$
1,348

 
$
(2,515
)
Equity securities
2

 
(1
)
 
1

Other
—

 
—

 
—

OTTI
19

 
(7
)
 
12

Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations
122

 
(43
)
 
79

DAC/VOBA
1,076

(1) 
(377
)
 
699

Premium deficiency reserve
—

 
—

 
—

Sales inducements
53

 
(18
)
 
35

Change in unrealized gains/losses on available-for-sale securities
(2,591
)
 
902

 
(1,689
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
44

(2) 
(15
)
 
29

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations
(15
)
 
5

 
(10
)
Change in unrealized gains/losses on derivatives
29

 
(10
)
 
19

 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations
(14
)
(3) 
5

 
(9
)
Change in pension and other postretirement benefits liability
(14
)
 
5

 
(9
)
Change in Other comprehensive income (loss)
$
(2,576
)
 
$
897

 
$
(1,679
)
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.
(3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.
Income Taxes
Income Taxes
Income Taxes

Income tax expense (benefit) consisted of the following for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Current tax expense (benefit):
 
 
 
 
 
Federal
$
(122
)
 
$
122

 
$
202

State
—

 
—

 
(11
)
Total current tax expense (benefit)
(122
)
 
122

 
191

Deferred tax expense (benefit):
 
 
 
 
 
Federal
859

 
(152
)
 
(104
)
State
3

 
1

 
(3
)
Total deferred tax expense (benefit)
862

 
(151
)
 
(107
)
Total income tax expense (benefit)
$
740

 
$
(29
)
 
$
84



Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Income (loss) before income taxes
$
528

 
$
10

 
$
476

Tax Rate
35.0
%
 
35.0
 %
 
35.0
%
Income tax expense (benefit) at federal statutory rate
185

 
4

 
167

Tax effect of:
 
 
 
 
 
Valuation allowance
(28
)
 
1

 
(14
)
Dividend received deduction
(43
)
 
(37
)
 
(33
)
State tax expense (benefit)
4

 
(16
)
 
2

Noncontrolling interest
(70
)
 
(10
)
 
(46
)
Tax credits
14

 
10

 
7

Nondeductible expenses
2

 
2

 
3

  Expirations of federal tax capital loss carryforward
2

 
17

 
—

Effect of Tax Reform
679

* 
—

 
—

Other
(5
)
 
—

 
(2
)
Income tax expense (benefit)
$
740

 
$
(29
)
 
$
84

Effective tax rate
140.2
%
 
(290.0
)%
 
17.6
%

*Effect of Tax Reform includes a tax benefit of $283 related to change in valuation allowance

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act ("Tax Reform"). Tax Reform makes broad changes to U.S. federal tax law, including, but not limited to (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) changing the computations of the dividends received deduction, tax reserves, and deferred acquisition costs; (3) further limiting deductibility of executive compensation; (4) changing how alternative minimum tax credits can be realized; and (5) eliminating the net operating loss ("NOL") carryback and limiting the NOL carryforward deduction to 80% of taxable income for losses arising in taxable years beginning after December 31, 2017.

The SEC staff issued Staff Accounting Bulletin No. 118 ("SAB 118") to address situations where a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting under ASC Topic 740 for certain income tax effects of Tax Reform for the reporting period of enactment. SAB 118 allows the Company to provide a provisional estimate of the impacts of Tax Reform during a measurement period similar to the measurement period used when accounting for business combinations. Adjustments to provisional estimates and additional impacts from Tax Reform must be recorded as they are identified during the measurement period as provided for in SAB 118.

In reliance on SAB 118, the Company provisionally remeasured its deferred tax assets and liabilities based on the 21% tax rate at which they are expected to reverse in the future. The Company continues to analyze the effects of Tax Reform and will record adjustments and additional impacts from Tax Reform as they are identified during the measurement period as provided for in SAB 118.

Temporary Differences

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated:
 
December 31,
 
2017
 
2016
Deferred tax assets
 
 
 
Federal and state loss carryforwards
$
1,030

 
$
1,525

Investments
1,440

 
2,531

Compensation and benefits
369

 
548

Other assets
330

 
397

Total gross assets before valuation allowance
3,169

 
5,001

Less: Valuation allowance
653

 
964

Assets, net of valuation allowance
2,516

 
4,037

 
 
 
 
Deferred tax liabilities
 
 
 
Net unrealized investment gains
(824
)
 
(980
)
Insurance reserves
(342
)
 
(301
)
Deferred policy acquisition costs
(556
)
 
(1,151
)
Other liabilities
(13
)
 
(35
)
Total gross liabilities
(1,735
)
 
(2,467
)
Net deferred income tax asset (liability)
$
781

 
$
1,570



The following table sets forth the federal, state and capital loss carryforwards for tax purposes as of the dates indicated:
 
December 31,
 
2017
 
2016
Federal net operating loss carryforward
$
4,410

(1) 
$
4,112

State net operating loss carryforward
2,228

(1) 
2,209

Federal tax capital loss carryforward
30

(2) 
58

Credit carryforward
254

(3) 
268

(1) Expire between 2018 and 2037.
(2) Expire between 2018 and 2020.
(3) Expire between 2018 and 2035 except for $220 of Alternative Minimum Tax ("AMT"), which does not expire.

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2017 and 2016, the Company had a total valuation allowance of $653 and $964, respectively. As of December 31, 2017 and 2016, $1,007 and $1,318, respectively, of this valuation allowance was allocated to continuing operations, $(354) was allocated to Other comprehensive income (loss) related to realized and unrealized capital losses at the end of each period.

For the year ended December 31, 2017, the decrease in the valuation allowance was $311, all of which was allocated to continuing operations. The net decrease in the valuation allowance was primarily related to the reduction of the U.S. federal corporate rate from 35% to 21%, and expiration of foreign tax credits subject to a valuation allowance.

For the year ended December 31, 2016, the increase in valuation allowance was $1, of which an increase of $6 was allocated to continuing operations, and a decrease of $5 was related to additional paid-in capital. The net increase in the valuation allowance was a result of the generation and expiration of certain capital losses and expiration of foreign tax credits subject to a valuation allowance as well as state apportionment changes for certain state deferred tax assets subject to a valuation allowance.

For the year ended December 31, 2015, the decrease in the valuation allowance was $9, of which a decrease of $14 and an increase of $5 were allocated to continuing operations and Additional paid-in capital, respectively. With respect to the 2015 amount allocated to continuing operations, the decrease was mostly due to the impact of state law changes on certain state deferred tax assets subject to valuation allowance.

Unrecognized Tax Benefits

Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Balance at beginning of period
$
36

 
$
45

 
$
62

Additions for tax positions related to current year
2

 
3

 
3

Additions for tax positions related to prior years
—

 
—

 
—

Reductions for tax positions related to prior years
—

 
(7
)
 
(18
)
Reductions for settlements with taxing authorities
—

 
(1
)
 
(2
)
Reductions for expiring statutes
(1
)
 
(4
)
 
—

Balance at end of period
$
37

 
$
36

 
$
45



The Company had $8 of unrecognized tax benefits as of December 31, 2017 and 2016, and $9 of unrecognized tax benefits as of December 31, 2015, which would affect the Company's effective rate if recognized.

Interest and Penalties

The Company recognizes interest expense and penalties, if applicable, related to unrecognized tax benefits in tax expense net of federal income tax. The total amounts of gross accrued interest and penalties on the Company's Consolidated Balance Sheets as of December 31, 2017 and 2016 was $1 at the end of each period. The Company recognized no gross interest (benefit) related to unrecognized tax in its Consolidated Statements of Operations years ended December 31, 2017 and 2016. For the year ended December 31, 2015 the Company recognized gross interest (benefit) of $(6).

The timing of the payment of the remaining allowance of $37 cannot be reasonably estimated.

Tax Regulatory Matters

The Company is currently under audit by the IRS, and it is expected that the examination of tax year 2016 will be finalized within the next twelve months. The Company and the IRS have agreed to participate in the Compliance Assurance Process for the tax years 2016 through 2018.
Financing Agreements
Financing Agreements
Financing Agreements

Short-term Debt

As of December 31, 2017, the Company had $337 of short-term debt borrowings outstanding consisting entirely of the current portion of long-term debt. As of December 31, 2016, the Company did not have any short-term borrowings outstanding.

Long-term Debt

The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2017 and 2016:
 
Maturity
 
2017
 
2016
7.25% Voya Holdings Inc. debentures, due 2023(1)
08/15/2023
 
$
143

 
$
143

7.63% Voya Holdings Inc. debentures, due 2026(1)
08/15/2026
 
186

 
186

8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
04/01/2027
 
14

 
14

6.97% Voya Holdings Inc. debentures, due 2036(1)
08/15/2036
 
94

 
94

1.00% Windsor Property Loan
06/14/2027
 
5

 
5

5.5% Senior Notes, due 2022
07/15/2022
 
361

 
361

2.9% Senior Notes, due 2018
02/15/2018
 
337

 
825

5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
05/15/2053
 
738

 
738

5.7% Senior Notes, due 2043
07/15/2043
 
395

 
394

3.65% Senior Notes, due 2026
06/15/2026
 
495

 
494

4.8% Senior Notes, due 2046
06/15/2046
 
296

 
296

3.125% Senior Notes, due 2024
07/15/2024
 
396

 
—

Subtotal
 
 
3,460

 
3,550

Less: Current portion of long-term debt
 
 
337

 
—

Total
 
 
$
3,123

 
$
3,550


(1) Guaranteed by ING Group.

Unsecured senior debt, which consists of senior fixed rate notes and guarantees of fixed rate notes, ranks highest in priority, followed by subordinated debt, which consists of junior subordinated debt securities.

As of December 31, 2017, aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows:
2018
$
337

2019
1

2020
1

2021
1

2022
364

Thereafter
2,792

Total
$
3,496



Senior Notes

On July 13, 2012, Voya Financial, Inc. issued $850 of unsecured 5.5% Senior Notes due 2022 (the "2022 Notes") in a private placement with registration rights. The 2022 Notes are guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears, on each January 15 and July 15.
On February 11, 2013, Voya Financial, Inc. issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 (the "2018 Notes") in a private placement with registration rights. The 2018 Notes are guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears, on each February 15 and August 15.

On July 26, 2013, Voya Financial, Inc. issued $400 of unsecured 5.7% Senior Notes due 2043 (the "2043 Notes") in a private placement with registration rights. The 2043 Notes are guaranteed by Voya Holdings. Interest is paid semi-annually on each January 15 and July 15.

The 2022 Notes, 2018 Notes and 2043 Notes were the subject of SEC-registered exchange offers during 2013, pursuant to which the Company's registration obligations with respect to each of these series were satisfied.

On June 13, 2016, Voya Financial, Inc. issued $500 of unsecured 3.65% Senior Notes due 2026 (the "2026 Notes") and $300 of unsecured 4.8% Senior Notes due 2046 (the "2046 Notes") in a registered public offering. The 2026 Notes and 2046 Notes are fully, irrevocably and unconditionally guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears, on each June 15 and December 15.

On July 5, 2017, Voya Financial, Inc. issued $400 of unsecured 3.125% Senior Notes due July 15, 2024 (the "2024 Notes") in a registered public offering. The 2024 Notes are fully, irrevocably and unconditionally guaranteed by Voya Holdings. Interest is paid semi-annually, in arrears on January 15 and July 15 of each year, commencing on January 15, 2018. The offering resulted in aggregate net proceeds to the Company of $395, after deducting commissions and expenses.

During the year ended December 31, 2016, Voya Financial, Inc. repurchased $487 and $173 of the outstanding principal amounts of the 2022 Notes and the 2018 Notes, respectively. In connection with these transactions, the Company incurred a loss on debt extinguishment of $88 for the year ended December 31, 2016, which was recorded in Interest expense in the Consolidated Statements of Operations.

During the year ended December 31, 2017, Voya Financial, Inc. repurchased $90 and redeemed $400 in aggregate principal amounts of the outstanding 2018 Notes, following which, $337 aggregate principal amount of 2018 Notes remained outstanding. In connection with these transactions, the Company incurred a loss on debt extinguishment of $4 for the year ended December 31, 2017, which was recorded in Interest expense in the Consolidated Statements of Operations.

On February 15, 2018, the remaining 2018 Notes matured and Voya Financial paid the principal and interest due.

Put Option Agreement for Senior Debt Issuance

On March 17, 2015, the Company entered into an off-balance sheet ten-year put option agreement with a Delaware trust formed by the Company, in connection with the sale by the trust of $500 aggregate amount of pre-capitalized trust securities redeemable February 15, 2025 ("P-Caps") in a Rule 144A private placement. The trust invested the proceeds from the sale of the P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities. The put option agreement provides Voya Financial, Inc. the right to sell to the trust at any time up to $500 of its 3.976% Senior Notes due 2025 ("3.976% Senior Notes") and receive in exchange a corresponding amount of the principal and interest strips of U.S. Treasury securities held by the trust. The 3.976% Senior Notes will not be issued unless and until the put option is exercised. In return, the Company agreed to pay a semi-annual put premium to the trust at a rate of 1.875% per annum applied to the unexercised portion of the put option, and to reimburse the trust for its expenses. The put premium is recorded in Operating expenses in the Consolidated Statements of Operations. The 3.976% Senior Notes will be fully, irrevocably and unconditionally guaranteed by Voya Holdings. The Company’s obligations under the put option agreement and the expense reimbursement agreement with the trust are also guaranteed by Voya Holdings.

The put option described above will be exercised automatically in full upon the Company’s failure to make certain payments to the trust, including any failure to pay the put option premium or expense reimbursements when due, if the failure to pay is not cured within 30 days, and upon certain bankruptcy events involving the Company or Voya Holdings. The Company is also required to exercise the put option in full: (i) if the Company reasonably believes that its consolidated shareholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI and Noncontrolling interest, has fallen below $3.0 billion, subject to adjustment in certain cases; (ii) upon the occurrence of an event of default under the 3.976% Senior Notes; and (iii) if certain events occur relating to the trust’s status as an "investment company" under the Investment Company Act of 1940.

The Company has a one-time right to unwind a prior voluntary exercise of the put option by repurchasing all of the 3.976% Senior Notes then held by the trust in exchange for a corresponding amount of U.S. Treasury securities. If the put option has been fully exercised, the 3.976% Senior Notes issued may be redeemed by the Company prior to their maturity at par or, if greater, at a make-whole redemption price, in each case plus accrued and unpaid interest to the date of redemption. The P-Caps are to be redeemed by the trust on February 15, 2025 or upon any early redemption of the 3.976% Senior Notes.

Junior Subordinated Notes

On May 16, 2013, Voya Financial, Inc. issued $750 of 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 (the "2053 Notes") in a private placement with registration rights. The 2053 Notes are guaranteed on a junior subordinated basis by Voya Holdings. Interest is paid semi-annually, in arrears, on each May 15 and November 15, at a fixed rate of 5.65% until May 15, 2023. From May 15, 2023, the 2053 Notes will bear interest at an annual rate equal to three-month LIBOR plus 3.58% payable quarterly, in arrears, on February 15, May 15, August 15 and November 15. So long as no event of default with respect to the 2053 Notes has occurred and is continuing, the Company has the right on one or more occasions, to defer the payment of interest on the 2053 Notes for one or more consecutive interest periods for up to five years. During the deferral period, interest will continue to accrue at the then-applicable rate and deferred interest will bear additional interest at the then-applicable rate.

At any time following notice of the Company’s plan to defer interest and during the period interest is deferred, the Company and its subsidiaries generally, with certain exceptions, may not make payments on or redeem or purchase any shares of the Company’s common stock or any of the debt securities or guarantees that rank in liquidation on a parity with or are junior to the 2053 Notes.

The Company may elect to redeem the 2053 Notes (i) in whole at any time or in part on or after May 15, 2023 at a redemption price equal to the principal amount plus accrued and unpaid interest. If the notes are not redeemed in whole, $25 of aggregate principal (excluding the principal amount of 2053 Notes held by the Company, or its affiliates) must remain outstanding after giving effect to the redemption; or (ii) in whole, but not in part, at any time prior to May 15, 2023 within 90 days after the occurrence of a "tax event" or "rating agency event", as defined in the 2053 Notes Offering Memorandum, at a redemption price equal to the principal amount, or, if greater, a "make-whole redemption price," as defined in the 2053 Notes Offering Memorandum, plus, in each case accrued and unpaid interest.

The 2053 Notes were the subject of an SEC-registered exchange offer during 2013, pursuant to which the Company's registration obligations with respect to the 2053 Notes were satisfied.

On January 23, 2018, Voya Financial, Inc. completed an offering, through a private placement, of $350 aggregate principal amount of 4.7% Fixed-to-Floating Rate Junior Subordinated Notes due 2048 (the "2048 Notes"). The 2048 Notes are guaranteed on an unsecured, junior subordinated basis by Voya Holdings. The Company used the net proceeds from the offering to repay at maturity its 2018 Notes and to pay accrued interest thereon. The remaining proceeds after the repayment of the 2018 Notes were used for general corporate purposes.

Interest is paid on the 2048 Notes semi-annually, in arrears, on each January 23 and July 23, at a fixed rate of 4.7% until January 23, 2028. From January 23, 2028, the 2048 Notes bear interest at an annual rate equal to three-month LIBOR plus 2.084% payable quarterly, in arrears, on January 23, April 23, July 23 and October 23. So long as no event of default with respect to the 2048 Notes has occurred and is continuing, the Company has the right on one or more occasions, to defer the payment of interest on the 2048 Notes for one or more consecutive interest periods for up to five years. During the deferral period, interest will continue to accrue at the then-applicable rate and deferred interest will bear additional interest at the then-applicable rate.

At any time following notice of the Company's plan to defer interest and during the period interest is deferred, the Company and its subsidiaries generally, with certain exceptions, may not make payments on or redeem or purchase any shares of the Company's common stock or any of the debt securities or guarantees that rank in liquidation on a parity with or are junior to the 2048 Notes.

The Company may elect to redeem the 2048 Notes (i) in whole at any time or in part on or after January 23, 2028 at a redemption price equal to the principal amount plus accrued and unpaid interest. If the notes are not redeemed in whole, $25 of aggregate principal (excluding the principal amount of the 2048 Notes held by the Company, or its affiliates) must remain outstanding after giving effect to the redemption; or (ii) in whole, but not in part, at any time prior to January 23, 2028 within 90 days after the occurrence of a "tax event", a "rating agency event" or a "regulatory capital event", as defined in the 2048 Notes offering memorandum, at a redemption price equal to (a) with respect to a "rating agency event" 102% of their principal amount and (ii) with respect to a "tax event" or a "regulatory capital event", their principal amount, in each case plus accrued and unpaid interest.

Pursuant to a registration rights agreement that the Company has entered into with respect to the 2048 Notes, the Company has agreed to use commercially reasonable efforts to file a registration statement with respect to the 2048 Notes within 320 days from the closing date.

Aetna Notes

ING Group guarantees various debentures of Voya Holdings that were assumed by Voya Holdings in connection with the Company’s acquisition of Aetna’s life insurance and related businesses in 2000 (the "Aetna Notes"). Concurrent with the completion of the Company’s IPO, the Company entered into a shareholder agreement with ING Group that governs certain aspects of the Company’s continuing relationship. The Company agreed in the shareholder agreement to reduce the aggregate outstanding principal amount of Aetna Notes to:

• no more than $200 as of December 31, 2017;
• no more than $100 as of December 31, 2018;
• and zero as of December 31, 2019.

The reduction in principal amount of Aetna Notes can be accomplished, at the Company’s option, through redemptions, repurchases or other means, but will also be deemed to have been reduced to the extent the Company posts collateral with a third-party collateral agent, for the benefit of ING Group, which may consist of cash collateral; certain investment-grade debt instruments; a LOC meeting certain requirements; or senior debt obligations of ING Group or a wholly owned subsidiary of ING Group (other than the Company or its subsidiaries).

If the Company fails to reduce the outstanding principal amount of the Aetna Notes by the means noted above, the Company agreed to pay a quarterly fee (ranging from 0.75% per quarter for 2017 to 1.25% per quarter for 2019) to ING Group based on the outstanding principal amount of Aetna Notes which exceed the limits set forth above.

During the year ended December 31, 2016, Voya Holdings repurchased $15, $16, and $17 of the outstanding principal amount of 6.97% Debentures due August 15, 2036, 7.63% Debentures due August 15, 2026, and 7.25% Debentures due August 15, 2023, respectively. In connection with these transactions, the Company incurred a loss on debt extinguishment of $17 for the year ended December 31, 2016, which was recorded in Interest expense in the Consolidated Statements of Operations.

As of December 31, 2017 and 2016, the outstanding principal amounts of the Aetna Notes were $426. For the years ended December 31, 2017 and 2016, the amounts of collateral required to avoid the payment of a fee to ING Group were $226 and $127, respectively. On December 30, 2015, the Company exercised its option to establish a control account benefiting ING Group with a third-party collateral agent. During the years ended December 31, 2017 and 2016, the Company deposited $104 and $50 of collateral, respectively, increasing the remaining collateral balance to $231 and $127, respectively. The cash collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account.

On January 16, 2018, Voya Holdings repurchased $10 of the outstanding principal amount of 7.63% Debentures due August 15, 2026. In connection with this transaction, the Company incurred a loss on debt extinguishment of $3 which will be recorded in Interest expense in the Consolidated Statements of Operations in the first quarter of 2018.

Windsor Property Loan

On June 16, 2007, the State of Connecticut acting on behalf of the Department of Economic and Community Development ("DECD") loaned VRIAC $10 (the "DECD Loan") in connection with the development of a corporate office facility located at One Orange Way, Windsor, Connecticut that serves as the principal executive offices of the Company (the "Windsor Property"). In November 2012, VRIAC provided a letter of credit to the DECD in the amount of $11 as security for its repayment obligations with respect to the loan. The letter of credit was cancelled in August 2017. As of December 31, 2017 and 2016, the amount of the loan outstanding was $5, which is reflected in Long-term debt on the Consolidated Balance Sheets.

In August 2017 the loan agreement between VRIAC and the DECD was amended to allow for the substitution of cash as collateral in place of the letter of credit along with a Pledge and Security Agreement between VRIAC and the DECD pursuant to which VRIAC grants the DECD a lien on and security interest in a cash deposit account in the name of VRIAC held at The Bank of New York Mellon ("BNY Mellon"), and a Collateral Account Control Agreement by and among VRIAC, the DECD and BNY Mellon to accommodate the cash deposit account. Upon completion of the amendment documents, on August 1, 2017, $5 in cash was transferred into the cash deposit account. The pledged cash collateral amount is the current outstanding principal amount of $5, reflecting a recent immaterial amount of credit for loan forgiveness, plus an amount to cover a default penalty of 2.5% of the original $10 funding. VRIAC’s monthly payments of principal and interest are processed out of the cash deposit account.

Credit Facilities

The Company maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of December 31, 2017, unsecured and uncommitted credit facilities totaled $496, unsecured and committed credit facilities totaled $6.2 billion and secured facilities totaled $205. Of the aggregate $6.9 billion capacity available, the Company utilized $3.2 billion in credit facilities as of December 31, 2017. Total fees associated with credit facilities for the years ended 2017, 2016 and 2015 were $50, $46 and $89, respectively.

The following table outlines the Company's credit facilities as of December 31, 2017:
 
Secured/ Unsecured
 
Committed/ Uncommitted
 
Expiration
 
Capacity
 
Utilization
 
Unused Commitment
Obligor / Applicant
 
 
 
 
 
 
 
 
 
 
 
Voya Financial, Inc.
Unsecured
 
Committed
 
05/06/2021
 
$
2,250

 
$
—

 
$
2,250

Security Life of Denver International Limited
Unsecured
 
Committed
 
01/24/2018
 
175

 
175

 
—

Voya Financial, Inc. / Langhorne I, LLC
Unsecured
 
Committed
 
01/15/2019
 
500

 
—

 
500

Security Life of Denver International Limited
Unsecured
 
Committed
 
10/29/2023
 
61

 
61

 
—

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
12/31/2025
 
475

 
475

 
—

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
07/01/2037
 
1,525

 
1,292

 
233

Voya Financial, Inc.
Secured
 
Committed
 
02/11/2021
 
195

 
195

 
—

Voya Financial, Inc.
Unsecured
 
Uncommitted
 
Various
 
1

 
1

 
—

Voya Financial, Inc.
Secured
 
Uncommitted
 
Various
 
10

 
1

 
—

Voya Financial, Inc. / Roaring River LLC
Unsecured
 
Committed
 
10/01/2025
 
425

 
328

 
97

Voya Financial, Inc. / Roaring River IV, LLC
Unsecured
 
Committed
 
12/31/2028
 
565

 
295

 
270

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured
 
Uncommitted
 
04/20/2018
 
300

 
45

 
—

Voya Financial, Inc.
Unsecured
 
Committed
 
12/09/2021
 
195

 
161

 
34

Voya Financial, Inc.
Unsecured
 
Uncommitted
 
01/20/2022
 
195

 
168

 
—

Total
 
 
 
 
 
 
$
6,872

 
$
3,197

 
$
3,384

 
 
 
 
 
 
 
 
 
 
 
 
Secured facilities
 
 
 
 
 
 
$
205

 
$
196

 
$
—

Unsecured and uncommitted
 
 
 
 
 
 
496

 
214

 
—

Unsecured and committed
 
 
 
 
 
 
6,171

 
2,787

 
3,384

Total
 
 
 
 
 
 
$
6,872

 
$
3,197

 
$
3,384



Senior Unsecured Credit Facility

Effective May 6, 2016, the Company revised the terms of its Amended and Restated Revolving Credit Agreement ("Amended Credit Agreement"), dated February 14, 2014, by entering into a Second Amended and Restated Revolving Credit Agreement ("Second Amended and Restated Credit Agreement") with a syndicate of banks, a large majority of which participated in the Amended Credit Agreement. The Second Amended and Restated Credit Agreement modifies the Amended Credit Agreement by extending the term of the agreement to May 6, 2021 and reducing the total amount of LOCs that may be issued from $3.0 billion to $2.25 billion. The revolving credit sublimit of $750 present in the Amended Credit Agreement remained unchanged. 

As of December 31, 2017, there were no amounts outstanding as revolving credit borrowings and an immaterial amount of LOCs outstanding under the senior unsecured credit facility.

On January 24, 2018, the Company further amended the Second Amended and Restated Credit Agreement, dated as of May 6, 2016, by entering into a Second Amendment to the Second Amended and Restated Revolving Credit Agreement ("Second Amendment") with the lenders thereunder. The Second Amendment modifies the Second Amended and Restated Credit Agreement by requiring the Company to maintain a minimum net worth in light of the classification of substantially all of its CBVA and Annuities businesses to businesses held for sale. Upon entering into the MTA for the Transaction, the Company recorded an estimated loss on sale in the fourth quarter of 2017. Consequently, Voya Financial, Inc. is now required to maintain a minimum net worth equal to the greater of (i) $6 billion or (ii) 75% of the Company’s actual net worth as of December 31, 2017 (as calculated in the manner set forth in the Second Amended Credit Agreement). The minimum net worth amount may increase upon any future equity issuances by the Company or if the Transaction does not close. The Second Amendment also provides that, upon the closing of the MTA, the total amount of LOCs that may be issued shall be reduced from $2.25 billion to $1.25 billion. The $750 sublimit available for direct borrowings remains unchanged.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies

Leases

The Company leases its office space and certain equipment under operating leases, the longest term of which expires in 2027.

For the years ended December 31, 2017 and 2016, rent expense for leases was $34. For the year ended December 31, 2015 rent expense for leases was $40. The future net minimum payments under non-cancelable leases are as follows as of December 31, 2017:
2018
$
29

2019
27

2020
24

2021
23

2022
23

Thereafter
39

Total minimum lease payments
$
165



Commitments

Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments.

For the continuing business, as of December 31, 2017, the Company had off-balance sheet commitments to acquire mortgage loans of $369 and purchase limited partnerships and private placement investments of $1,212, of which $325 related to consolidated investment entities. For the businesses held for sale, as of December 31, 2017, the Company had off-balance sheet commitments to acquire mortgage loans of $202 and purchase limited partnerships and private placement investments of $400.

Insurance Company Guaranty Fund Assessments

Insurance companies are assessed on the costs of funding the insolvencies of other insurance companies by the various state guaranty associations, generally based on the amount of premiums companies collect in that state.

The Company accrues the cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of premiums written in each state. The Company has estimated this undiscounted liability, which is included in Other liabilities on the Consolidated Balance Sheets, to be $6 and $12 as of December 31, 2017 and 2016, respectively. The Company has also recorded an asset, in Other assets on the Consolidated Balance Sheets of $19 and $21 as of December 31, 2017 and 2016, respectively, for future credits to premium taxes. The Company estimates its liabilities for future assessments under state insurance guaranty association laws. The Company believes the reserves established are adequate for future assessments relating to insurance companies that are currently subject to insolvency proceedings.

Restricted Assets

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, credit facilities and derivative transactions. The components of the fair value of the restricted assets were as follows as of December 31, 2017 and 2016:
 
2017
 
2016
Fixed maturity collateral pledged to FHLB(1)
$
602

 
$
405

FHLB restricted stock(2)
67

 
33

Other fixed maturities-state deposits
175

 
197

Securities pledged(3)
2,087

 
1,409

Total restricted assets
$
2,931

 
$
2,044

(1)Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. Excludes $691 of collateral pledged related to the businesses held for sale as of December 31, 2017.
(2)Included in Other investments on the Consolidated Balance Sheets.
(3) Includes the fair value of loaned securities of $1,854 and $1,133 as of December 31, 2017 and 2016, respectively. In addition, as of December 31, 2017 and 2016, the Company delivered securities as collateral of $233 and $276, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Consolidated Balance Sheets.

Federal Home Loan Bank Funding Agreements

The Company is a member of the FHLB of Des Moines and the FHLB of Topeka and is required to pledge collateral to back funding agreements issued to the FHLB. As of December 31, 2017 and 2016, the Company had $501 and $300, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Consolidated Balance Sheets. As of December 31, 2017 and 2016, assets with a market value of approximately $602 and $405, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.

Litigation, Regulatory Matters and Loss Contingencies    

Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including negligence, breach of contract, fraud, violation of regulation or statute, breach of fiduciary duty, negligent misrepresentation, failure to supervise, elder abuse and other torts.

As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters.

The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies.
While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of December 31, 2017, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $75.

For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company's accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews.

Litigation includes Beeson, et al. v SMMS, Lion Connecticut Holdings, Inc. and ING NAIC (Marin County CA Superior Court, CIV-092545). Thirty-four Plaintiff households (husband/wife/trust) assert that SMMS, which was purchased in 2000 and sold in 2003, breached a duty to monitor the performance of investments that Plaintiffs made with independent financial advisors they met in conjunction with retirement planning seminars presented at Fireman’s Fund Insurance Company. SMMS recommended the advisors to Fireman’s Fund as seminar presenters. Some of the seminars were arranged by SMMS. As a result of the performance of their investments, Plaintiffs claim they incurred damages. Fireman’s Fund has asserted breach of contract and concealment claims against SMMS alleging that SMMS failed to fulfill its ongoing obligation to monitor the financial advisors and the investments they recommended to Plaintiffs and by failing to disclose that a primary purpose of the seminars was to develop business for the financial advisors. The Company denied all claims and vigorously defended this case at trial. During trial, the Court ruled that SMMS had duties to Plaintiffs and Fireman’s Fund that it has breached. On December 12, 2014, the Court issued a Statement of Decision in which it awarded damages in the aggregate of $37 to Plaintiffs. On January 7, 2015, the Court made final the award in favor of the Plaintiffs. The Company appealed that judgment. On February 9, 2016, final judgment in favor of Fireman's Fund was entered in the amount of $13. The company has appealed that judgment.

Litigation also includes Dezelan v. Voya Retirement Insurance and Annuity Company (USDC District of Connecticut, No. 3:16-cv-1251) (filed July 26, 2016), a putative class action in which plaintiff, a participant in a 403(b) Plan, seeks to represent a class of plans whose assets are invested in Voya Retirement Insurance and Annuity Company ("VRIAC") "Group Annuity Contract Stable Value Funds." Plaintiff alleges that VRIAC has violated the Employee Retirement Income Security Act of 1974 ("ERISA") by charging unreasonable fees and setting its own compensation in connection with stable value products. Plaintiff seeks declaratory and injunctive relief, disgorgement of profits, damages and attorney’s fees. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. On July 19, 2017 the district court granted the Company's motion to dismiss, but permitted the plaintiff to file an amended complaint. The plaintiff has filed a first amended complaint, and the Company has moved to dismiss that complaint.

Litigation also includes Patrico v. Voya Financial, Inc., et al (USDC SDNY, No. 1:16-cv-07070) (filed September 9, 2016), a putative class action in which plaintiff, a participant in a 401(k) Plan, seeks to represent a class of plans "for which Voya or its subsidiaries provide recordkeeping, investment management or investment advisory services and for which Financial Engines provides investment advice to plan participants." Plaintiff alleges that the Company and its affiliates have violated ERISA by charging unreasonable fees in connection with in-plan investment advice provided in conjunction with Financial Engines, a third-party investment adviser. Plaintiff seeks declaratory and injunctive relief, disgorgement of profits, damages and attorney’s fees. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. On June 20, 2017, the district court granted the Company's motion to dismiss, but permitted the plaintiff to file an amended complaint. The plaintiff has filed a motion for leave to file a first amended complaint, and the Company opposed that motion.

Litigation also includes Goetz v. Voya Financial and Voya Retirement Insurance and Annuity Company (USDC District of Delaware, No. 1:17-cv-1289) (filed September 8, 2017), a putative class action in which plaintiff, a participant in a 401(k) plan, seeks to represent other participants in the plan as well as a class of similarly situated plans that "contract with [Voya] for recordkeeping and other services." Plaintiff alleges that "Voya" breached its fiduciary duty to the plan and other plan participants by charging unreasonable and excessive recordkeeping fees, and that "Voya" distributed materially false and misleading 404a-5 administrative and fund fee disclosures to conceal its excessive fees. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously.

Contingencies related to Performance-based Capital Allocations on Private Equity Funds

Certain performance-based capital allocations related to sponsored private equity funds ("carried interest") are not final until the conclusion of an investment term specified in the relevant asset management contract. As a result, such carried interest, if accrued or paid to the Company during such term, is subject to later adjustment based on subsequent fund performance. If the fund’s cumulative investment return falls below specified investment return hurdles, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to the performance-based capital allocation.  Should the fund’s cumulative investment return subsequently increase above specified investment return hurdles in future periods, previous reversals could be fully or partially recovered. 

As of December 31, 2017, approximately $66 of previously accrued carried interest would be subject to full or partial reversal in future periods if cumulative fund performance hurdles are not maintained throughout the remaining life of the affected funds. For the year ended December 31, 2017, approximately $25 in previously reversed accrued carried interest, associated with one private equity fund, was recovered as a result of an increase in fund performance.

As of December 31, 2016, approximately $31 of previously accrued carried interest would be subject to full or partial reversal in future periods if cumulative fund performance hurdles are not maintained throughout the remaining life of the affected funds. For the year ended December 31, 2016, approximately $30 in previously accrued carried interest, associated with one private equity fund, was reversed as a result of a decline in fund performance.
Consolidated Investment Entities
Consolidated Investment Entities
Consolidated Investment Entities

In the normal course of business, the Company provides investment management services to, invests in and has transactions with, various types of investment entities which may be considered VIEs or VOEs. The Company evaluates its involvement with each entity to determine whether consolidation is required.

The Company holds variable interests in certain investment entities in the form of debt or equity investments, as well as the right to receive management fees, performance fees, and carried interest. The Company consolidates certain entities under the VIE guidance when it is determined that the Company is the primary beneficiary. Alternatively, certain entities are consolidated under the VOE guidance when control is obtained through voting rights.

The Company has no right to the benefits from, nor does it bear the risks associated with consolidated investment entities beyond the Company’s direct equity and debt investments in and management fees generated from these entities. Such direct investments amounted to approximately $442 and $587 as of December 31, 2017 and 2016, respectively. If the Company were to liquidate, the assets held by consolidated investment entities would not be available to the general creditors of the Company as a result of the liquidation.

Consolidated VIEs and VOEs

Collateral Loan Obligation Entities ("CLOs")

The Company is involved in the design, creation, and the ongoing management of CLOs. These entities are created for the purpose of acquiring diversified portfolios of senior secured floating rate leveraged loans, which are securitized by issuing multiple tranches of collateralized debt; thereby providing investors with a broad array of risk and return profiles. Also known as collateralized financing entities under Topic 810, CLOs are variable interest entities by definition.

In return for providing collateral management services, the Company earns investment management fees and contingent performance fees. In addition to earning fee income, the Company often holds an investment in certain of the CLOs it manages, generally within the unrated and most subordinated tranche of each CLO. The fee income earned and investments held are included in the Company's ongoing consolidation assessment for each CLO. The Company was the primary beneficiary of 4 and 6 CLOs as of December 31, 2017 and 2016, respectively.
 
Limited Partnerships ("LPs")

The Company invests in and manages various limited partnerships, including private equity funds and hedge funds. These entities have been evaluated by the Company and are determined to be VIEs due to the equity holders, as a group, lacking the characteristics of a controlling financial interest.  

In return for serving as the general partner of and providing investment management services to these entities, the Company earns management fees and carried interest in the normal course of business. Additionally, the Company often holds an investment in each limited partnership it manages, generally in the form of general partner and limited partner interests. The fee income, carried interest, and investments held are included in the Company’s ongoing consolidation analysis for each limited partnership. The Company consolidated 14 and 13 funds, which were structured as partnerships, as of December 31, 2017 and 2016, respectively.

Registered Investment Companies

The Company consolidated one and two sponsored investment funds accounted for as VOEs as of December 31, 2017 and 2016, respectively. because it is the majority investor in the funds, and as such, has a controlling financial interest in the funds.

The following table summarizes the components of the consolidated investment entities as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
Assets of Consolidated Investment Entities
 
 
 
VIEs
 
 
 
Cash and cash equivalents
$
216

 
$
133

Corporate loans, at fair value using the fair value option
1,089

 
1,921

Limited partnerships/corporations, at fair value
1,714

 
1,770

Other assets
75

 
32

Total VIE assets
3,094

 
3,856

VOEs
 
 
 
Cash and cash equivalents
1

 
—

Corporate loans, at fair value using the fair value option
—

 
32

Limited partnerships/corporations, at fair value
81

 
166

Other assets
—

 
2

Total VOE assets
82

 
200

Total assets of consolidated investment entities
$
3,176

 
$
4,056

 
 
 
 
Liabilities of Consolidated Investment Entities
 
 
 
VIEs
 
 
 
CLO notes, at fair value using the fair value option
$
1,047

 
$
1,967

Other liabilities
649

 
521

Total VIE liabilities
1,696

 
2,488

VOEs
 
 
 
Other liabilities
9

 
7

Total VOE liabilities
9

 
7

Total liabilities of consolidated investment entities
$
1,705

 
$
2,495


The following tables summarize the impact of consolidation of investment entities into the Consolidated Balance Sheets as of the dates indicated:
 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs
Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Total investments and cash
$
67,709

 
$
—

 
$
—

 
$
(8
)
 
$
(396
)
 
$
67,305

Other assets
15,431

 
—

 
—

 
(36
)
 
(1
)
 
15,394

Assets held in consolidated investment entities
—

 
1,163

 
2,013

 
—

 
—

 
3,176

Assets held in separate accounts
77,605

 
—

 
—

 
—

 
—

 
77,605

Assets held for sale
59,052

 
—

 
—

 
—

 
—

 
59,052

Total assets
$
219,797

 
$
1,163

 
$
2,013

 
$
(44
)
 
$
(397
)
 
$
222,532

 
 
 
 
 
 
 
 
 
 
 
 
Future policy benefits and contract owner account balances
$
65,805

 
$
—

 
$
—

 
$
—

 
$
—

 
$
65,805

Other liabilities
8,101

 
—

 
—

 
—

 
—

 
8,101

Liabilities held in consolidated investment entities
—

 
1,163

 
587

 
(44
)
 
(1
)
 
1,705

Liabilities related to separate accounts
77,605

 
—

 
—

 
—

 
—

 
77,605

Liabilities held for sale
58,277

 
—

 
—

 
—

 
—

 
58,277

Total liabilities
209,788

 
1,163

 
587

 
(44
)
 
(1
)
 
211,493

Equity attributable to common shareholders
10,009

 
—

 
1,426

 
—

 
(1,426
)
 
10,009

Equity attributable to noncontrolling interest in consolidated investment entities
—

 
—

 
—

 
—

 
1,030

 
1,030

Total liabilities and equity
$
219,797

 
$
1,163

 
$
2,013

 
$
(44
)
 
$
(397
)
 
$
222,532

(1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation,which are accounted for using the equity method or fair value option.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds.


 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs
Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Total investments and cash
$
66,466

 
$
—

 
$
—

 
$
(17
)
 
$
(570
)
 
$
65,879

Other assets
15,757

 
—

 
—

 
—

 
(1
)
 
15,756

Assets held in consolidated investment entities
—

 
2,054

 
2,002

 
—

 
—

 
4,056

Assets held in separate accounts
66,185

 
—

 
—

 
—

 
—

 
66,185

Assets held for sale
62,709

 
—

 
—

 
—

 
—

 
62,709

Total assets
$
211,117

 
$
2,054

 
$
2,002

 
$
(17
)
 
$
(571
)
 
$
214,585

 
 
 
 
 
 
 
 
 
 
 
 
Future policy benefits and contract owner account balances
$
64,848

 
$
—

 
$
—

 
$
—

 
$
—

 
$
64,848

Other liabilities
7,513

 
—

 
—

 
—

 
—

 
7,513

Liabilities held in consolidated investment entities
—

 
2,054

 
459

 
(17
)
 
(1
)
 
2,495

Liabilities related to separate accounts
66,185

 
—

 
—

 
—

 
—

 
66,185

Liabilities held for sale
59,576

 
—

 
—

 
—

 
—

 
59,576

Total liabilities
198,122

 
2,054

 
459

 
(17
)
 
(1
)
 
200,617

Equity attributable to common shareholders
12,995

 
—

 
1,543

 
—

 
(1,543
)
 
12,995

Equity attributable to noncontrolling interest in consolidated investment entities
—

 
—

 
—

 
—

 
973

 
973

Total liabilities and equity
$
211,117

 
$
2,054

 
$
2,002

 
$
(17
)
 
$
(571
)
 
$
214,585

(1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds.


















The following tables summarize the impact of consolidation of investment entities into the Consolidated Statements of Operations for the periods indicated:
 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs
Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
$
3,391

 
$
—

 
$
—

 
$
(2
)
 
$
(95
)
 
$
3,294

Fee income
2,675

 
—

 
—

 
(9
)
 
(39
)
 
2,627

Premiums
2,121

 
—

 
—

 
—

 
—

 
2,121

Net realized capital losses
(227
)
 
—

 
—

 
—

 
—

 
(227
)
Other income
371

 
—

 
—

 
—

 
—

 
371

Income related to consolidated investment entities
—

 
82

 
350

 
—

 
—

 
432

Total revenues
8,331

 
82

 
350

 
(11
)
 
(134
)
 
8,618

Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
4,636

 
—

 
—

 
—

 
—

 
4,636

Other expense
3,367

 
—

 
—

 
—

 
—

 
3,367

Operating expenses related to consolidated investment entities
—

 
82

 
55

 
(11
)
 
(39
)
 
87

Total benefits and expenses
8,003

 
82

 
55

 
(11
)
 
(39
)
 
8,090

Income (loss) before income taxes
328

 
—

 
295

 
—

 
(95
)
 
528

Income tax expense (benefit)
740

 
—

 
—

 
—

 
—

 
740

Income (loss) from continuing operations
(412
)
 
—

 
295

 
—

 
(95
)
 
(212
)
Income (loss) from discontinued operations, net of tax
(2,580
)
 
—

 
—

 
—

 
—

 
(2,580
)
Net income (loss)
(2,992
)
 
—

 
295

 
—

 
(95
)
 
(2,792
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
—

 
—

 
200

 
200

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2,992
)
 
$
—

 
$
295

 
$
—

 
$
(295
)
 
$
(2,992
)
(1)The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation.

 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs
Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
$
3,359

 
$
—

 
$
—

 
$
(7
)
 
$
2

 
$
3,354

Fee income
2,520

 
—

 
—

 
(17
)
 
(32
)
 
2,471

Premiums
2,795

 
—

 
—

 
—

 
—

 
2,795

Net realized capital losses
(363
)
 
—

 
—

 
—

 
—

 
(363
)
Other income
342

 
—

 
—

 
—

 
—

 
342

Income related to consolidated investment entities
—

 
118

 
71

 
—

 
—

 
189

Total revenues
8,653

 
118

 
71

 
(24
)
 
(30
)
 
8,788

Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
5,314

 
—

 
—

 
—

 
—

 
5,314

Other expense
3,358

 
—

 
—

 
—

 
—

 
3,358

Operating expenses related to consolidated investment entities
—

 
118

 
44

 
(24
)
 
(32
)
 
106

Total benefits and expenses
8,672

 
118

 
44

 
(24
)
 
(32
)
 
8,778

Income (loss) before income taxes
(19
)
 
—

 
27

 
—

 
2

 
10

Income tax expense (benefit)
(29
)
 
—

 
—

 
—

 
—

 
(29
)
Income (loss) from continuing operations
10

 
—

 
27

 
—

 
2

 
39

Income (loss) from discontinued operations, net of tax
(337
)
 
—

 
—

 
—

 
—

 
(337
)
Net income (loss)
(327
)
 
—

 
27

 
—

 
2

 
(298
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
—

 
—

 
29

 
29

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(327
)
 
$
—

 
$
27

 
$
—

 
$
(27
)
 
$
(327
)
(1)The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation.

 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
$
3,373

 
$
—

 
$
—

 
$
2

 
$
(32
)
 
$
3,343

Fee income
2,544

 
—

 
—

 
(36
)
 
(38
)
 
2,470

Premiums
2,554

 
—

 
—

 
—

 
—

 
2,554

Net realized capital losses
(560
)
 
—

 
—

 
—

 
—

 
(560
)
Other income
391

 
—

 
—

 
(5
)
 
(1
)
 
385

Income related to consolidated investment entities
—

 
312

 
228

 
(16
)
 
—

 
524

Total revenues
8,302

 
312

 
228

 
(55
)
 
(71
)
 
8,716

Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
4,698

 
—

 
—

 
—

 
—

 
4,698

Other expense
3,258

 
—

 
—

 
—

 
—

 
3,258

Operating expenses related to consolidated investment entities
—

 
324

 
54

 
(55
)
 
(39
)
 
284

Total benefits and expenses
7,956

 
324

 
54

 
(55
)
 
(39
)
 
8,240

Income (loss) before income taxes
346

 
(12
)
 
174

 
—

 
(32
)
 
476

Income tax expense (benefit)
84

 
—

 
—

 
—

 
—

 
84

Income (loss) from continuing operations
262

 
(12
)
 
174

 
—

 
(32
)
 
392

Income (loss) from discontinued operations, net of tax
146

 
—

 
—

 
—

 
—

 
146

Net income (loss)
408

 
(12
)
 
174

 
—

 
(32
)
 
538

Less: Net income (loss) attributable to noncontrolling interest
—

 
(12
)
 
—

 
—

 
142

 
130

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
408

 
$
—

 
$
174

 
$
—

 
$
(174
)
 
$
408

(1)The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation.

Fair Value Measurement

Upon consolidation, the Company elected to apply the FVO for financial assets and financial liabilities held by CLOs and continued to measure these assets (primarily corporate loans) and liabilities (debt obligations issued by CLOs) at fair value in subsequent periods. The Company has elected the FVO to more closely align its accounting with the economics of its transactions and allows the Company to more effectively align changes in the fair value of CLO assets with a commensurate change in the fair value of CLO liabilities.

Investments held by consolidated private equity funds are measured and reported at fair value in the Company's Consolidated Financial Statements. Changes in the fair value of consolidated investment entities are recorded as a separate line item within Income (loss) related to consolidated investment entities in the Company's Consolidated Statements of Operations.

The methodology for measuring the fair value of financial assets and liabilities of consolidated investment entities, and the classification of these measurements in the fair value hierarchy is consistent with the methodology and classification applied by the Company to its investment portfolio.

As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply NAV (or its equivalent) per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis depending on the entity and its underlying investments. Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable. In addition, the Company considers both macro and fund specific events that may impact the latest NAV supplied and determines if further adjustments of value should be made. Such changes, if any, are subject to senior management review.

When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

Cash and Cash Equivalents

The carrying amounts for cash reflect the assets’ fair values. The fair value for cash equivalents is determined based on quoted market prices. These assets are classified as Level 1.

CLOs

Corporate loans: Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans maturing at various dates between 2018 and 2026, paying interest at LIBOR , EURIBOR or PRIME plus a spread of up to 10.5%. As of December 31, 2017 and 2016, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $17 and $43, respectively. Less than 1.0% of the collateral assets were in default as of December 31, 2017 and 2016.

The fair values for corporate loans are determined using independent commercial pricing services. Fair value measurement based on pricing services may be classified in Level 2 or Level 3 depending on the type, complexity, observability and liquidity of the asset being measured. The inputs used by independent commercial pricing services, such as benchmark yields and credit risk adjustments, are those that are derived principally from, or corroborated by, observable market data. Hence, the fair value measurement of corporate loans priced by independent pricing service providers is classified within Level 2 of the fair value hierarchy. In addition, there are assets held with CLO portfolios that represent senior level debt of other third party CLOs. These CLO investments are classified within Level 3 of the fair value hierarchy. See description of fair value process for CLO notes below.

CLO notes: The CLO notes are backed by a diversified loan portfolio consisting primarily of senior secured floating rate leveraged loans. Repayment risk is segmented into tranches with credit ratings of these tranches reflecting both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. The most subordinated tranche bears the first loss and receives the residual payments, if any. The interest rates are generally variable rates based on LIBOR plus a pre-defined spread, which varies from 0.2% for the more senior tranches to 6.6% for the more subordinated tranches. CLO notes mature at various dates between 2022 and 2027 and have a weighted average maturity of 8.4 years as of December 31, 2017. The investors in this debt are not affiliated with the Company and have no recourse to the general credit of the Company for this debt.

Subsequent to adoption of ASU 2014-13, the fair values of the CLO notes are measured based on the fair value of the CLO's corporate loans, as the Company uses the measurement alternative available under the ASU and determined that the inputs for measuring financial assets are more observable. The CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the classification of the majority of the CLO financial assets.

The Company reviews the detailed prices, including comparisons to prior periods, for reasonableness. The Company utilizes a formal pricing challenge process to request a review of any price during which time the vendor examines its assumptions and relevant market inputs to determine if a price change is warranted.

As of December 31, 2017 and 2016, the Level 3 assets and liabilities were immaterial.
 
 
 
 
 
 
 

 
 
 
 
 
 
 

The following narrative indicates the sensitivity of inputs:

•
Default Rate: An increase (decrease) in the expected default rate would likely increase (decrease) the discount margin (increase risk premium) used to value the CLO investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes.
•
Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes.
•
Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life ("WAL") would increase (decrease).
•
Discount Margin (spread over LIBOR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes and would decrease (increase) the value of the CLO investments and CLO notes.

Private Equity Funds

As prescribed in ASC Topic 820, the unit of account for these investments is the interest in the investee fund. The Company owns an undivided interest in the fund portfolio and does not have the ability to dispose of individual assets and liabilities in the fund portfolio. Rather, the Company would be required to redeem or dispose of its entire interest in the investee fund. There is no current active market for interests in underlying private equity funds.

Valuation is generally based on the valuations provided by the fund's general partner or investment manager. The valuations typically reflect the fair value of the Company's capital account balance of each fund investment, including unrealized capital gains (losses), as reported in the financial statements of the respective investee fund as of the respective year end or the latest available date. In circumstances where fair values are not provided, the Company seeks to determine the fair value of fund investments based upon other information provided by the fund's general partner or investment manager or from other sources.

The fair value of securities received in-kind from fund investments is determined based on the restrictions around the securities.

•
Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date;
•
Restricted, publicly traded securities may be valued at a discount from the closing public market price on the reporting date, depending on the circumstances; and
•
Privately held securities are valued by the directors/general partner of the investee fund, based on a variety of factors, including the price of recent transactions in the company's securities and the company's earnings, revenue and book value.

In the case of direct investments or co-investments in private equity companies, the Company initially recognizes investments at cost and subsequently adjusts investments to fair value. On a quarterly basis, the Company reviews the general partner or lead investor's valuation of the investee company, taking into account other available information, such as indications of a market value through subsequent issues of capital or transactions between third parties, performance of the investee company during the period and public, comparable companies' analysis, where appropriate.

Investments in these funds typically may not be fully redeemed at NAV within 90 days because of inherent restriction on near term redemptions.

As of December 31, 2017 and 2016, certain private equity funds maintained term loans and revolving lines of credit of $688 and $597, respectively. The term loans renew every three years and the revolving lines of credit renew annually; all loans bear interest at LIBOR/EURIBOR plus 150 - 155 bps. The lines of credit are used for funding transactions before capital is called from investors, as well as for the financing of certain purchases. As of December 31, 2017 and 2016, outstanding borrowings amount to $505 and $431, respectively. The borrowings are reflected in Liabilities related to consolidated investment entities - other liabilities on the Company's Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance.

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2017:
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
VIEs
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
216

 
$
—

 
$
—

 
$
—

 
$
216

Corporate loans, at fair value using the fair value option
—

 
1,089

 
—

 
—

 
1,089

Limited partnerships/corporations, at fair value
—

 
—

 
—

 
1,714

 
1,714

VOEs
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
1

 
—

 
—

 
—

 
1

Corporate loans, at fair value using the fair value option
—

 
—

 
—

 
—

 
—

Limited partnerships/corporations, at fair value
—

 
—

 
—

 
81

 
81

Total assets, at fair value
$
217

 
$
1,089

 
$
—

 
$
1,795

 
$
3,101

Liabilities
 
 
 
 
 
 
 
 
 
VIEs
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
1,047

 
$
—

 
$
—

 
$
1,047

Total liabilities, at fair value
$
—

 
$
1,047

 
$
—

 
$
—

 
$
1,047


The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2016:
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
VIEs
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
133

 
$
—

 
$
—

 
$
—

 
$
133

Corporate loans, at fair value using the fair value option
—

 
1,906

 
15

 
—

 
1,921

Limited partnerships/corporations, at fair value
—

 
—

 
—

 
1,770

 
1,770

VOEs
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
—

 
—

 
—

 
—

 
—

Corporate loans, at fair value using the fair value option
—

 
32

 
—

 
—

 
32

Limited partnerships/corporations, at fair value
—

 
107

 
—

 
59

 
166

Total assets, at fair value
$
133

 
$
2,045

 
$
15

 
$
1,829

 
$
4,022

Liabilities
 
 
 
 
 
 
 
 
 
VIEs
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
1,967

 
$
—

 
$
—

 
$
1,967

Total liabilities, at fair value
$
—

 
$
1,967

 
$
—

 
$
—

 
$
1,967



Transfers of investments out of Level 3 and into Level 2 or Level 1, if any, are recorded as of the beginning of the period in which the transfer occurred. For the years ended December 31, 2017 and 2016, there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 

Deconsolidation of Certain Investment Entities

As of December 31, 2017 the Company determined it was no longer the primary beneficiary of three consolidated CLOs, due to a reduction in the Company’s investment in each CLO. This caused a reduction in the Company's obligation to absorb losses or right to receive benefits of the CLO that could potentially be significant to the CLO. Additionally, during the third quarter of 2017, it was determined that the Company's ownership interest in the Strategic Income Opportunities Fund was less than a majority of the fund's NAV and therefore did not represent a controlling financial interest. As a result of these determinations, the Company deconsolidated four investment entities during the year ended December 31, 2017. Other than deconsolidations due to the adoption of ASU 2015-02 on January 1, 2016, the Company deconsolidated two investment entities during the year ended December 31, 2016.

Nonconsolidated VIEs

CLOs

In addition to the consolidated CLOs, the Company also holds variable interest in certain CLOs that are not consolidated as it has been determined that the Company is not the primary beneficiary. With these CLOs , the Company serves as the investment manager and receives investment management fees and contingent performance fees. Generally, the Company does not hold any interest in the nonconsolidated CLOs but if it does, such ownership has been deemed to be insignificant. The Company has not provided, and is not obligated to provide, any financial or other support to these entities.

The Company reviews its assumptions on a periodic basis to determine if conditions have changed such that the projection of these contingent fees becomes significant enough to reconsider the Company's consolidation status as variable interest holder. As of December 31, 2017 and 2016, the Company held $321 and $110 ownership interests, respectively, in unconsolidated CLOs.
 
 
 
 
Limited Partnerships

The Company manages or holds investments in certain private equity funds and hedge funds. With these entities, the Company serves as the investment manager and is entitled to receive at-market investment management fees and at-market contingent performance fees. The Company does not consolidate any of these investment funds for which it is not considered to be the primary beneficiary.

In addition, the Company does not consolidate the funds in which its involvement takes a form of a limited partner interest and is restricted to a role of a passive investor, as a limited partner's interest does not provide the Company with any substantive kick-out or participating rights, nor does it provide the Company with power to direct the activities of the fund.

The following table presents the carrying amounts of the variable interests in VIEs in which the Company concluded that it holds a variable interest, but is not the primary beneficiary as of the dates indicated. The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE.

Variable Interests on the Consolidated Balance Sheet
 
December 31, 2017
 
December 31, 2016
 
 Carrying Amount
 
Maximum exposure to loss
 
 Carrying Amount
 
Maximum exposure to loss
Fixed maturities, available for sale
$
321

 
$
321

 
$
110

 
$
110

Limited partnership/corporations
784

 
784

 
759

 
759



Securitizations    

The Company invests in various tranches of securitization entities, including RMBS, CMBS and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer, or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and will not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS which are accounted for under the FVO whose change in fair value is reflected in Other net realized gains (losses) in the Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment. Refer to the Investments (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets.
Restructuring
Restructuring
Restructuring

2016 Restructuring

In 2016, the Company began implementing a series of initiatives designed to make it a simpler, more agile company able to deliver an enhanced customer experience ("2016 Restructuring"). These initiatives include an increasing emphasis on less capital-intensive products and the achievement of operational synergies.

On July 31, 2017, the Company executed a variable 5-year information technology services agreement with a third-party service provider at an expected annualized cost of $70 - $90 per year, with a total cumulative 5-year cost of approximately $400, subject to potential reduction as a result of the Organizational Restructuring program discussed below. Included in these costs are approximately $35 of transition costs, which are included in the restructuring amounts below. This initiative, which is a component of the Company’s 2016 Restructuring program, improves expense efficiency and upgrades the Company's technology capabilities. Entry into this agreement resulted in severance, asset write-off, transition and other implementation costs. From inception through completion of these initiatives, the Company expects to incur total restructuring expenses for asset-write off of $16 and transition costs of approximately $35. All anticipated asset write-off costs were incurred in 2017.

In addition to the restructuring expenses incurred above, the reduction in employees from the execution of the contract described above caused the aggregate reduction in employees under the Company's 2016 Restructuring program to trigger an immaterial curtailment and related remeasurement of the Company's qualified defined benefit pension plan and active non-qualified defined benefit plan.

The expected completion date for all 2016 Restructuring initiatives is the end of 2018. As the Company further develops these initiatives, it will incur additional restructuring expenses in one or more periods through the end of 2018. These costs, which include severance and other costs, cannot currently be estimated but could be material.

The summary below presents restructuring expense, pre-tax, by type of costs incurred, for the periods indicated:
 
Year Ended December 31,
 
Cumulative Amounts Incurred to Date
 
2017
 
Severance benefits
$
34

 
$
60

Asset write-off costs
16

 
16

Transition costs
17

 
17

Other costs
15

 
23

Total restructuring expense
$
82

 
$
116


Total 2016 Restructuring expense is reflected in Operating expenses in the Consolidated Statements of Operations, but are excluded from Adjusted operating earnings before income taxes. These expenses are classified as a component of Other adjustments to Income (loss) from continuing operations before income taxes and consequently are not included in the adjusted operating results of the Company's segments.

The following table presents the accrued liability associated with restructuring expenses as of December 31, 2017:
 
Severance Benefits
 
Transition Costs
 
Other Costs
 
Total
Accrued liability as of January 1, 2017
$
21

 
$
—

 
$
2

 
$
23

Provision
39

 
17

 
15

 
71

Payments
(25
)
 
—

 
(14
)
 
(39
)
Other adjustments(1)
(5
)
 
—

 
—

 
(5
)
Accrued liability as of December 31, 2017
$
30

 
$
17

 
$
3

(2) 
$
50

(1) Represents net write-downs of accruals, not associated with payments.
(2) Represents services performed but not yet paid.

Organizational Restructuring

As a result of the Company's entry into the Transaction, it is undertaking further restructuring efforts to reduce expenses associated with its CBVA and fixed and fixed indexed annuities businesses, as well as its corporate and shared services functions.

The Transaction resulted in recognition of severance and other restructuring expenses. For the year ended December 31, 2017, the Company incurred restructuring expenses of $4, primarily related to severance, which are reflected in Income (loss) from discontinued operations, net of tax, in the Consolidated Statements of Operations. There were no payments made in 2017. Through the closing of the Transaction, the Company anticipates incurring additional restructuring expenses, directly related to the disposition. These costs, which include severance, transition and other costs, cannot currently be estimated but could be material. Refer to the Business Held for Sale and Discontinued Operations Note to these Consolidated Financial Statements for further information.

In addition to restructuring expenses associated with discontinued operations, the Company will develop and approve additional Organizational Restructuring initiatives to simplify the organization as a result of the Transaction, and expects to incur restructuring expenses in one or more periods through the end of 2019. These costs, which include severance, transition and other costs, cannot currently be estimated but could be material. These costs will be reported in Operating expenses in the Consolidated Statement of Operations, but excluded from Adjusted operating earnings before income taxes and consequently are not included in the adjusted operating results of the Company's segments.
Segments
Segments
Segments

Pursuant to the Transaction disclosed in the Business Held for Sale and Discontinued Operations note, which will result in the disposition of substantially all of the Company's CBVA and Annuities businesses, the Company evaluated its segments and determined that the retained CBVA and Annuities policies ("Retained Business") that are not components of the disposed businesses under the Transaction are insignificant. As such, the Company will no longer report its CBVA and Annuities businesses as segments and will include the results of the Retained Business in Corporate. The Company revised prior period information to conform to current period presentation.

The Company provides its principal products and services through four segments: Retirement, Investment Management, Individual Life and Employee Benefits. These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. A brief description of these segments follows.

The Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and administrative services to corporate, education, healthcare, other non-profit and government entities, and stable value products to institutional clients where the Company may or may not be providing defined contribution products and services, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers.

The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. Products and services are offered to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and general accounts of the Company's insurance subsidiaries and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers).

The Individual Life segment provides wealth protection and transfer opportunities through universal and variable life products, distributed through a network of independent general agents and managing directors, to meet the needs of a broad range of customers from the middle market through affluent market segments.

The Employee Benefits segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses.

The Company includes in Corporate the following corporate and business activities:

•
corporate operations, corporate level assets and financial obligations; financing and interest expenses, and other items not allocated or directly related to the Company's segments, including items such as expenses of its Strategic Investment Program described below, certain expenses and liabilities of employee benefit plans, certain adjustments to short-term and long-term incentive accruals and intercompany eliminations;

•
investment income on assets backing surplus in excess of amounts held at the segment level;

•
revenues and expenses related to a run-off block of guaranteed investment contracts ("GICs") and funding agreements as well as residual activity on other closed or divested businesses;

•
certain revenues and expenses of the Retained Business; and

•
certain expenses previously allocated to the CBVA and Annuities businesses held for sale.

Measurement

Adjusted operating earnings before income taxes is a measure used by management to evaluate segment performance. The Company believes that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of the Company’s financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. The Company uses the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as it does for the directly comparable U.S. GAAP measure Income (loss) from continuing operations before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as the U.S. GAAP measure of the Company’s consolidated results of operations. Therefore, the Company believes that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing the Company’s financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items:

•
Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest;

•
Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in adjusted operating earnings, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from adjusted operating earnings, including the impacts related to changes in the Company's nonperformance spread;

•
Income (loss) related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes gains and (losses) associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in the Company's core business, which would be obscured by including the effects of business exited, and more closely aligns Adjusted operating earnings before income taxes with how the Company manages its segments;

•
Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than the Company, in consolidated entities. Income (loss) attributable to noncontrolling interest represents such shareholders' interests in the gains and (losses) of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled;

•
Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where the Company repurchases outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations;

•
Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

•
Immediate recognition of net actuarial gains (losses) related to the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and

•
Other items not indicative of normal operations or performance of the Company's segments or may be related to infrequent events including capital or organizational restructurings including certain costs related to debt and equity offerings as well as stock and/or cash based deal contingent awards; expenses associated with the rebranding of Voya Financial, Inc.; severance and other third-party expenses associated with the 2016 Restructuring. These items vary widely in timing, scope and frequency between periods as well as between companies to which the Company is compared. Accordingly, the Company adjusts for these items as management believes that these items distort the ability to make a meaningful evaluation of the current and future performance of the Company's segments. Additionally, with respect to restructuring, these costs represent changes in operations rather than investments in the future capabilities of the Company's operating businesses.

The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) from continuing operations before income taxes for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Income (loss) from continuing operations before income taxes
$
528

 
$
10

 
$
476

Less Adjustments:
 
 
 
 
 
Net investment gains (losses) and related charges and adjustments
(84
)
 
(108
)
 
(55
)
Net guaranteed benefit hedging gains (losses) and related charges and adjustments
46

 
4

 
(69
)
Income (loss) related to businesses exited through reinsurance or divestment
(45
)
 
(14
)
 
(169
)
Income (loss) attributable to noncontrolling interest
200

 
29

 
130

Loss related to early extinguishment of debt
(4
)
 
(104
)
 
(10
)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments
(16
)
 
(55
)
 
63

Other adjustments
(97
)
 
(71
)
 
(58
)
Total adjustments to income (loss) from continuing operations
—

 
(319
)
 
(168
)
 
 
 
 
 
 
Adjusted operating earnings before income taxes by segment:
 
 
 
 
 
Retirement
$
456

 
$
450

 
$
471

Investment Management
248

 
171

 
182

Individual Life
92

 
59

 
173

Employee Benefits
127

 
126

 
146

Corporate (1)
(395
)
 
(477
)
 
(328
)
Total
$
528

 
$
329

 
$
644


(1) Adjusted operating earnings before income taxes for Corporate includes Net investment gains (losses) and Net guaranteed benefit hedging gains (losses) associated with the Retained Business. These amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities.

Adjusted operating revenues is a measure of the Company's segment revenues. Each segment's Adjusted operating revenues are calculated by adjusting Total revenues to exclude the following items:

•
Net investment gains (losses) and related charges and adjustments, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue;

•
Gain (loss) on change in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in Adjusted operating revenues, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from Adjusted operating revenues, including the impacts related to changes in the Company's nonperformance spread;

•
Revenues related to businesses exited through reinsurance or divestment that do not qualify as discontinued operations, which includes revenues associated with transactions to exit blocks of business (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity; these gains and (losses) are often related to infrequent events and do not reflect performance of operating segments. Excluding this activity better reveals trends in the Company's core business, which would be obscured by including the effects of business exited, and more closely aligns Operating revenues with how the Company manages its segments;

•
Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than the Company, in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders' interests in the gains and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; and

•
Other adjustments to Total revenues primarily reflect fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in operating revenues.

The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Total revenues
$
8,618

 
$
8,788

 
$
8,716

 
 
 
 
 
 
Adjustments:
 
 
 
 
 
Net realized investment gains (losses) and related charges and adjustments
(100
)
 
(112
)
 
(121
)
Gain (loss) on change in fair value of derivatives related to guaranteed benefits
52

 
9

 
(63
)
Revenues related to businesses exited through reinsurance or divestment
122

 
96

 
26

Revenues attributable to noncontrolling interest
286

 
133

 
414

Other adjustments
212

 
183

 
223

Total adjustments to revenues
572

 
309

 
479

 
 
 
 
 
 
Adjusted operating revenues by segment:
 
 
 
 
 
Retirement
$
2,538

 
$
3,257

 
$
2,994

Investment Management
731

 
627

 
622

Individual Life
2,563

 
2,528

 
2,617

Employee Benefits
1,767

 
1,616

 
1,507

Corporate(1)
447

 
451

 
497

Total
$
8,046

 
$
8,479

 
$
8,237

(1) Adjusted operating revenues for Corporate includes Net investment gains (losses) and Gains (losses) on change in fair value of derivatives related to guaranteed benefits associated with the Retained Business. These amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities.

Other Segment Information

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Investment management intersegment revenues
$
118

 
$
114

 
$
110



The summary below presents Total assets for the Company’s segments as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
Retirement
$
111,476

 
$
100,104

Investment Management
626

 
513

Individual Life
27,301

 
26,851

Employee Benefits
2,657

 
2,549

Corporate
18,685

 
18,391

Total assets, before consolidation(1)
160,745

 
148,408

Consolidation of investment entities
2,735

 
3,468

Total assets, excluding assets held for sale
163,480

 
151,876

Assets held for sale
59,052

 
62,709

Total assets
$
222,532

 
$
214,585


(1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information

The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, "Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered" ("Rule 3-10"). The condensed consolidating financial information presents the financial position of Voya Financial, Inc. ("Parent Issuer"), Voya Holdings ("Subsidiary Guarantor") and all other subsidiaries ("Non-Guarantor Subsidiaries") of the Company as of December 31, 2017 and 2016, and their results of operations, comprehensive income and cash flows for the years ended December 31, 2017, 2016 and 2015.

The 5.5% senior notes due 2022, the 2.9% senior notes due 2018, the 5.7% senior notes due 2043, the 3.65% senior notes due 2026, the 4.8% senior notes due 2046, the 3.125% senior notes due 2024 (collectively, the "Senior Notes") and the 5.65% fixed-to-floating rate junior subordinated notes due 2053 (the "Junior Subordinated Notes"), each issued by Parent Issuer, are fully and unconditionally guaranteed by Subsidiary Guarantor, a 100% owned subsidiary of Parent Issuer. No other subsidiary of Parent Issuer guarantees the Senior Notes or the Junior Subordinated Notes. Rule 3-10(h) provides that a guarantee is full and unconditional if, when the issuer of a guaranteed security has failed to make a scheduled payment, the guarantor is obligated to make the scheduled payment immediately and, if it does not, any holder of the guaranteed security may immediately bring suit directly against the guarantor for payment of amounts due and payable. In the event that Parent Issuer does not fulfill the guaranteed obligations, any holder of the Senior Notes or the Junior Subordinated Notes may immediately bring a claim against Subsidiary Guarantor for amounts due and payable.

The following condensed consolidating financial information is presented in conformance with the components of the Consolidated Financial Statements. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. Equity in the subsidiaries is therefore reflected in the Parent Issuer's and Subsidiary Guarantor's Investment in subsidiaries and Equity in earnings of subsidiaries. Non-Guarantor Subsidiaries represent all other subsidiaries on a combined basis. The consolidating adjustments presented herein eliminate investments in subsidiaries and intercompany balances and transactions.

Condensed Consolidating Balance Sheet
December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
48,344

 
$
(15
)
 
$
48,329

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,018

 
—

 
3,018

Equity securities, available-for-sale, at fair value
115

 
—

 
265

 
—

 
380

Short-term investments
212

 
—

 
259

 
—

 
471

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
8,686

 
—

 
8,686

Policy loans
—

 
—

 
1,888

 
—

 
1,888

Limited partnerships/corporations
—

 
—

 
784

 
—

 
784

Derivatives
49

 
—

 
445

 
(97
)
 
397

Investments in subsidiaries
12,293

 
7,618

 
—

 
(19,911
)
 
—

Other investments
—

 
1

 
46

 
—

 
47

Securities pledged
—

 
—

 
2,087

 
—

 
2,087

Total investments
12,669

 
7,619

 
65,822

 
(20,023
)
 
66,087

Cash and cash equivalents
244

 
1

 
973

 
—

 
1,218

Short-term investments under securities loan agreements, including collateral delivered
11

 
—

 
1,615

 
—

 
1,626

Accrued investment income
—

 
—

 
667

 
—

 
667

Premium receivable and reinsurance recoverable
—

 
—

 
7,632

 
—

 
7,632

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
3,374

 
—

 
3,374

Current income taxes
—

 
6

 
(2
)
 
—

 
4

Deferred income taxes
406

 
22

 
353

 
—

 
781

Loans to subsidiaries and affiliates
191

 
—

 
418

 
(609
)
 
—

Due from subsidiaries and affiliates
2

 
—

 
3

 
(5
)
 
—

Other assets
16

 
—

 
1,294

 
—

 
1,310

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
—

 
—

 
1,795

 
—

 
1,795

Cash and cash equivalents
—

 
—

 
217

 
—

 
217

Corporate loans, at fair value using the fair value option
—

 
—

 
1,089

 
—

 
1,089

Other assets
—

 
—

 
75

 
—

 
75

Assets held in separate accounts
—

 
—

 
77,605

 
—

 
77,605

Assets held for sale

—

 
—

 
59,052

 
—

 
59,052

Total assets
$
13,539

 
$
7,648

 
$
221,982

 
$
(20,637
)
 
$
222,532




Condensed Consolidating Balance Sheet (Continued)
December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
15,647

 
$
—

 
$
15,647

Contract owner account balances
—

 
—

 
50,158

 
—

 
50,158

Payables under securities loan agreement, including collateral held
—

 
—

 
1,866

 
—

 
1,866

Short-term debt
755

 
68

 
123

 
(609
)
 
337

Long-term debt
2,681

 
438

 
19

 
(15
)
 
3,123

Derivatives
49

 
—

 
197

 
(97
)
 
149

Pension and other postretirement provisions
—

 
—

 
550

 
—

 
550

Due to subsidiaries and affiliates
1

 
—

 
2

 
(3
)
 
—

Other liabilities
44

 
12

 
2,022

 
(2
)
 
2,076

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
1,047

 
—

 
1,047

Other liabilities
—

 
—

 
658

 
—

 
658

Liabilities related to separate accounts
—

 
—

 
77,605

 
—

 
77,605

Liabilities held for sale

—

 
—

 
58,277

 
—

 
58,277

Total liabilities
3,530

 
518

 
208,171

 
(726
)
 
211,493

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
10,009

 
7,130

 
12,781

 
(19,911
)
 
10,009

Noncontrolling interest
—

 
—

 
1,030

 
—

 
1,030

Total shareholders' equity
10,009

 
7,130

 
13,811

 
(19,911
)
 
11,039

Total liabilities and shareholders' equity
$
13,539

 
$
7,648

 
$
221,982

 
$
(20,637
)
 
$
222,532


Condensed Consolidating Balance Sheet
December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
47,409

 
$
(15
)
 
$
47,394

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,065

 
—

 
3,065

Equity securities, available-for-sale, at fair value
93

 
—

 
165

 
—

 
258

Short-term investments
212

 
—

 
179

 
—

 
391

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
8,003

 
—

 
8,003

Policy loans
—

 
—

 
1,943

 
—

 
1,943

Limited partnerships/corporations
—

 
—

 
536

 
—

 
536

Derivatives
56

 
—

 
793

 
(112
)
 
737

Investments in subsidiaries
14,743

 
10,798

 
—

 
(25,541
)
 
—

Other investments
—

 
1

 
46

 
—

 
47

Securities pledged
—

 
—

 
1,409

 
—

 
1,409

Total investments
15,104

 
10,799

 
63,548

 
(25,668
)
 
63,783

Cash and cash equivalents
257

 
2

 
1,837

 
—

 
2,096

Short-term investments under securities loan agreements, including collateral delivered
11

 
—

 
575

 
—

 
586

Accrued investment income
—

 
—

 
666

 
—

 
666

Premium receivable and reinsurance recoverable
—

 
—

 
7,287

 
—

 
7,287

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
3,997

 
—

 
3,997

Current income taxes
31

 
9

 
124

 
—

 
164

Deferred income taxes
527

 
37

 
1,006

 
—

 
1,570

Loans to subsidiaries and affiliates
278

 
—

 
11

 
(289
)
 
—

Due from subsidiaries and affiliates
3

 
—

 
2

 
(5
)
 
—

Other assets
21

 
—

 
1,465

 
—

 
1,486

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
—

 
—

 
1,936

 
—

 
1,936

Cash and cash equivalents
—

 
—

 
133

 
—

 
133

Corporate loans, at fair value using the fair value option
—

 
—

 
1,953

 
—

 
1,953

Other assets
—

 
—

 
34

 
—

 
34

Assets held in separate accounts
—

 
—

 
66,185

 
—

 
66,185

Assets held for sale

—

 
—

 
62,709

 
—

 
62,709

Total assets
$
16,232

 
$
10,847

 
$
213,468

 
$
(25,962
)
 
$
214,585

Condensed Consolidating Balance Sheet (Continued)
December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
14,575

 
$
—

 
$
14,575

Contract owner account balances
—

 
—

 
50,273

 
—

 
50,273

Payables under securities loan agreement, including collateral held
—

 
—

 
969

 
—

 
969

Short-term debt
11

 
211

 
67

 
(289
)
 
—

Long-term debt
3,108

 
437

 
20

 
(15
)
 
3,550

Derivatives
56

 
—

 
353

 
(112
)
 
297

Pension and other postretirement provisions
—

 
—

 
674

 
—

 
674

Due to subsidiaries and affiliates
—

 
—

 
3

 
(3
)
 
—

Other liabilities
62

 
13

 
1,950

 
(2
)
 
2,023

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
1,967

 
—

 
1,967

Other liabilities
—

 
—

 
528

 
—

 
528

Liabilities related to separate accounts
—

 
—

 
66,185

 
—

 
66,185

Liabilities held for sale

—

 
—

 
59,576

 
—

 
59,576

Total liabilities
3,237

 
661

 
197,140

 
(421
)
 
200,617

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
12,995

 
10,186

 
15,355

 
(25,541
)
 
12,995

Noncontrolling interest
—

 
—

 
973

 
—

 
973

Total shareholders' equity
12,995

 
10,186

 
16,328

 
(25,541
)
 
13,968

Total liabilities and shareholders' equity
$
16,232

 
$
10,847

 
$
213,468

 
$
(25,962
)
 
$
214,585







Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
33

 
$
—

 
$
3,274

 
$
(13
)
 
$
3,294

Fee income
—

 
—

 
2,627

 
—

 
2,627

Premiums
—

 
—

 
2,121

 
—

 
2,121

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(30
)
 
—

 
(30
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(9
)
 
—

 
(9
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(21
)
 
—

 
(21
)
Other net realized capital gains (losses)
—

 
—

 
(206
)
 
—

 
(206
)
Total net realized capital gains (losses)
—

 
—

 
(227
)
 
—

 
(227
)
Other revenue
8

 
1

 
362

 
—

 
371

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
432

 
—

 
432

Total revenues
41

 
1

 
8,589

 
(13
)
 
8,618

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
3,030

 
—

 
3,030

Interest credited to contract owner account balances
—

 
—

 
1,606

 
—

 
1,606

Operating expenses
9

 
—

 
2,645

 
—

 
2,654

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
529

 
—

 
529

Interest expense
155

 
37

 
5

 
(13
)
 
184

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
80

 
—

 
80

Other expense
—

 
—

 
7

 
—

 
7

Total benefits and expenses
164

 
37

 
7,902

 
(13
)
 
8,090

Income (loss) from continuing operations before income taxes
(123
)
 
(36
)
 
687

 
—

 
528

Income tax expense (benefit)
113

 
3

 
624

 
—

 
740

Income (loss) from continuing operations
(236
)
 
(39
)
 
63

 
—

 
(212
)
Income (loss) from discontinued operations, net of tax
—

 
—

 
(2,580
)
 
—

 
(2,580
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(236
)
 
(39
)
 
(2,517
)
 
—

 
(2,792
)
Equity in earnings (losses) of subsidiaries, net of tax
(2,756
)
 
(2,623
)
 
—

 
5,379

 
—

Net income (loss) including noncontrolling interest
(2,992
)
 
(2,662
)
 
(2,517
)
 
5,379

 
(2,792
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
200

 
—

 
200

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2,992
)
 
$
(2,662
)
 
$
(2,717
)
 
$
5,379

 
$
(2,992
)
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
19

 
$
—

 
$
3,347

 
$
(12
)
 
$
3,354

Fee income
—

 
—

 
2,471

 
—

 
2,471

Premiums
—

 
—

 
2,795

 
—

 
2,795

Net realized capital gains (losses):
 
 
 
 
 
 
 
 

Total other-than-temporary impairments
—

 
—

 
(32
)
 
—

 
(32
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
2

 
—

 
2

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(34
)
 
—

 
(34
)
Other net realized capital gains (losses)
1

 
—

 
(330
)
 
—

 
(329
)
Total net realized capital gains (losses)
1

 
—

 
(364
)
 
—

 
(363
)
Other revenue
1

 
—

 
341

 
—

 
342

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
189

 
—

 
189

Total revenues
21

 
—

 
8,779

 
(12
)
 
8,788

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
3,710

 
—

 
3,710

Interest credited to contract owner account balances
—

 
—

 
1,604

 
—

 
1,604

Operating expenses
9

 
—

 
2,646

 
—

 
2,655

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
415

 
—

 
415

Interest expense
238

 
57

 
5

 
(12
)
 
288

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
102

 
—

 
102

Other expense
—

 
—

 
4

 
—

 
4

Total benefits and expenses
247

 
57

 
8,486

 
(12
)
 
8,778

Income (loss) from continuing operations before income taxes
(226
)
 
(57
)
 
293

 
—

 
10

Income tax expense (benefit)
(90
)
 
(26
)
 
70

 
17

 
(29
)
Income (loss) from continuing operations
(136
)
 
(31
)
 
223

 
(17
)
 
39

Income (loss) from discontinued operations, net of tax
—

 
—

 
(337
)
 
—

 
(337
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(136
)
 
(31
)
 
(114
)
 
(17
)
 
(298
)
Equity in earnings (losses) of subsidiaries, net of tax
(191
)
 
317

 
—

 
(126
)
 
—

Net income (loss) including noncontrolling interest
(327
)
 
286

 
(114
)
 
(143
)
 
(298
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
29

 
—

 
29

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(327
)
 
$
286

 
$
(143
)
 
$
(143
)
 
$
(327
)
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
4

 
$
—

 
$
3,348

 
$
(9
)
 
$
3,343

Fee income
—

 
—

 
2,470

 
—

 
2,470

Premiums
—

 
—

 
2,554

 
—

 
2,554

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(78
)
 
—

 
(78
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
5

 
—

 
5

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(83
)
 
—

 
(83
)
Other net realized capital gains (losses)
(2
)
 
—

 
(475
)
 
—

 
(477
)
Total net realized capital gains (losses)
(2
)
 
—

 
(558
)
 
—

 
(560
)
Other revenue
3

 
—

 
385

 
(3
)
 
385

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
551

 
—

 
551

Changes in fair value related to collateralized loan obligations
—

 
—

 
(27
)
 
—

 
(27
)
Total revenues
5

 
—

 
8,723

 
(12
)
 
8,716

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
3,161

 
—

 
3,161

Interest credited to contract owner account balances
—

 
—

 
1,537

 
—

 
1,537

Operating expenses
10

 
(1
)
 
2,678

 
(3
)
 
2,684

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
377

 
—

 
377

Interest expense
150

 
51

 
5

 
(9
)
 
197

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
272

 
—

 
272

Other expense
—

 
—

 
12

 
—

 
12

Total benefits and expenses
160

 
50

 
8,042

 
(12
)
 
8,240

Income (loss) from continuing operations before income taxes
(155
)
 
(50
)
 
681

 
—

 
476

Income tax expense (benefit)
(52
)
 
—

 
157

 
(21
)
 
84

Income (loss) from continuing operations
(103
)
 
(50
)
 
524

 
21

 
392

Income (loss) from discontinued operations, net of tax
—

 
—

 
146

 
—

 
146

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(103
)
 
(50
)
 
670

 
21

 
538

Equity in earnings (losses) of subsidiaries, net of tax
511

 
257

 
—

 
(768
)
 
—

Net income (loss) including noncontrolling interest
408

 
207

 
670

 
(747
)
 
538

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
130

 
—

 
130

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
408

 
$
207

 
$
540

 
$
(747
)
 
$
408


Condensed Consolidated Statement of Comprehensive Income
For the Year Ended December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
(2,992
)
 
$
(2,662
)
 
$
(2,517
)
 
$
5,379

 
$
(2,792
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
1,191

 
813

 
1,191

 
(2,004
)
 
1,191

Other-than-temporary impairments
(2
)
 
(5
)
 
(2
)
 
7

 
(2
)
Pension and other postretirement benefits liability
(15
)
 
(3
)
 
(15
)
 
18

 
(15
)
Other comprehensive income (loss), before tax
1,174

 
805

 
1,174

 
(1,979
)
 
1,174

Income tax expense (benefit) related to items of other comprehensive income (loss)
364

 
258

 
364

 
(622
)
 
364

Other comprehensive income (loss), after tax
810

 
547

 
810

 
(1,357
)
 
810

Comprehensive income (loss)
(2,182
)
 
(2,115
)
 
(1,707
)
 
4,022

 
(1,982
)
Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
200

 
—

 
200

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
(2,182
)
 
$
(2,115
)
 
$
(1,907
)
 
$
4,022

 
$
(2,182
)

Condensed Consolidated Statement of Comprehensive Income
For the Year Ended December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
(327
)
 
$
286

 
$
(114
)
 
$
(143
)
 
$
(298
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
749

 
593

 
749

 
(1,342
)
 
749

Other-than-temporary impairments
24

 
20

 
24

 
(44
)
 
24

Pension and other postretirement benefits liability
(10
)
 
(2
)
 
(10
)
 
12

 
(10
)
Other comprehensive income (loss), before tax
763

 
611

 
763

 
(1,374
)
 
763

Income tax expense (benefit) related to items of other comprehensive income (loss)
267

 
214

 
284

 
(498
)
 
267

Other comprehensive income (loss), after tax
496

 
397

 
479

 
(876
)
 
496

Comprehensive income (loss)
169

 
683

 
365

 
(1,019
)
 
198

Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
29

 
—

 
29

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
169

 
$
683

 
$
336

 
$
(1,019
)
 
$
169


Condensed Consolidated Statement of Comprehensive Income
For the Year Ended December 31, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
408

 
$
207

 
$
670

 
$
(747
)
 
$
538

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
(2,581
)
 
(1,875
)
 
(2,581
)
 
4,456

 
(2,581
)
Other-than-temporary impairments
19

 
13

 
19

 
(32
)
 
19

Pension and other postretirement benefits liability
(14
)
 
(3
)
 
(14
)
 
17

 
(14
)
Other comprehensive income (loss), before tax
(2,576
)
 
(1,865
)
 
(2,576
)
 
4,441

 
(2,576
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(897
)
 
(648
)
 
(898
)
 
1,546

 
(897
)
Other comprehensive income (loss), after tax
(1,679
)
 
(1,217
)
 
(1,678
)
 
2,895

 
(1,679
)
Comprehensive income (loss)
(1,271
)
 
(1,010
)
 
(1,008
)
 
2,148

 
(1,141
)
Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
130

 
—

 
130

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
(1,271
)
 
$
(1,010
)
 
$
(1,138
)
 
$
2,148

 
$
(1,271
)


Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2017

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(22
)
 
$
138

 
$
1,694

 
$
(232
)
 
$
1,578

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
8,325

 
—

 
8,325

Equity securities, available-for-sale
25

 
—

 
29

 
—

 
54

Mortgage loans on real estate
—

 
—

 
955

 
—

 
955

Limited partnerships/corporations
—

 
—

 
236

 
—

 
236

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(8,719
)
 
—

 
(8,719
)
Equity securities, available-for-sale
(34
)
 
—

 
(13
)
 
—

 
(47
)
Mortgage loans on real estate
—

 
—

 
(1,638
)
 
—

 
(1,638
)
Limited partnerships/corporations
—

 
—

 
(332
)
 
—

 
(332
)
Short-term investments, net
—

 
—

 
(80
)
 
—

 
(80
)
Derivatives, net
—

 
—

 
213

 
—

 
213

Sales from consolidated investment entities
—

 
—

 
2,047

 
—

 
2,047

Purchases within consolidated investment entities
—

 
—

 
(2,036
)
 
—

 
(2,036
)
Issuance of intercompany loans with maturities more than three months
(34
)
 
—

 
—

 
34

 
—

Maturity of intercompany loans with maturities more than three months
34

 
—

 
—

 
(34
)
 
—

Maturity (issuance) of short-term intercompany loans, net
87

 
—

 
(408
)
 
321

 
—

Return of capital contributions and dividends from subsidiaries
1,020

 
1,024

 
—

 
(2,044
)
 
—

Capital contributions to subsidiaries
(467
)
 
(47
)
 
—

 
514

 
—

Collateral (delivered) received, net
—

 
—

 
(148
)
 
—

 
(148
)
Other, net
—

 
—

 
3

 
—

 
3

Net cash provided by (used in) investing activities - discontinued operations
—

 
—

 
(1,261
)
 
—

 
(1,261
)
Net cash provided by (used in) investing activities
631

 
977

 
(2,827
)
 
(1,209
)
 
(2,428
)
Condensed Consolidating Statement of Cash Flows (Continued)
For the Year Ended December 31, 2017

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
5,061

 
—

 
5,061

Maturities and withdrawals from investment contracts
—

 
—

 
(5,372
)
 
—

 
(5,372
)
Proceeds from issuance of debt with maturities of more than three months
399

 
—

 
—

 
—

 
399

Repayment of debt with maturities of more than three months
(490
)
 
—

 
—

 
—

 
(490
)
Debt issuance costs
(3
)
 
—

 
—

 
—

 
(3
)
Proceeds of intercompany loans with maturities of more than three months
—

 
—

 
34

 
(34
)
 
—

Repayments of intercompany loans with maturities of more than three months
—

 
—

 
(34
)
 
34

 
—

Net (repayments of) proceeds from short-term intercompany loans
408

 
(143
)
 
56

 
(321
)
 
—

Return of capital contributions and dividends to parent
—

 
(1,020
)
 
(1,256
)
 
2,276

 
—

Contributions of capital from parent
—

 
47

 
467

 
(514
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
967

 
—

 
967

Repayments of borrowings of consolidated investment entities
—

 
—

 
(804
)
 
—

 
(804
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
449

 
—

 
449

Proceeds from issuance of common stock, net
3

 
—

 
—

 
—

 
3

Share-based compensation
(8
)
 
—

 
—

 
—

 
(8
)
Common stock acquired - Share repurchase
(923
)
 
—

 
—

 
—

 
(923
)
Dividends paid
(8
)
 
—

 
—

 
—

 
(8
)
Net cash provided by (used in) financing activities - discontinued operations
—

 
—

 
384

 
—

 
384

Net cash provided by (used in) financing activities
(622
)
 
(1,116
)

(48
)

1,441


(345
)
Net increase (decrease) in cash and cash equivalents
(13
)
 
(1
)
 
(1,181
)
 
—

 
(1,195
)
Cash and cash equivalents, beginning of period
257

 
2

 
2,652

 
—

 
2,911

Cash and cash equivalents, end of period
244

 
1

 
1,471

 
—

 
1,716

Less: Cash and cash equivalents of discontinued operations, end of period
—

 
—

 
498

 
—

 
498

Cash and cash equivalents of continuing operations, end of period
$
244

 
$
1

 
$
973

 
$
—

 
$
1,218



Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2016

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(308
)
 
$
173

 
$
3,996

 
$
(270
)
 
$
3,591

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
8,112

 
—

 
8,112

Equity securities, available-for-sale
18

 
—

 
86

 
—

 
104

Mortgage loans on real estate
—

 
—

 
747

 
—

 
747

Limited partnerships/corporations
—

 
—

 
306

 
—

 
306

Acquisition of:
 
 
 
 
 
 
 
 

Fixed maturities
—

 
—

 
(9,839
)
 
—

 
(9,839
)
Equity securities, available-for-sale
(23
)
 
—

 
(24
)
 
—

 
(47
)
Mortgage loans on real estate
—

 
—

 
(1,481
)
 
—

 
(1,481
)
Limited partnerships/corporations
—

 
—

 
(367
)
 
—

 
(367
)
Short-term investments, net
—

 
—

 
31

 
—

 
31

Derivatives, net
1

 
—

 
(25
)
 
—

 
(24
)
Sales from consolidated investments entities
—

 
—

 
2,304

 
—

 
2,304

Purchases within consolidated investment entities
—

 
—

 
(1,727
)
 
—

 
(1,727
)
Maturity (issuance) of short-term intercompany loans, net
52

 
—

 
(11
)
 
(41
)
 
—

Return of capital contributions and dividends from subsidiaries
922

 
760

 
—

 
(1,682
)
 
—

Capital contributions to subsidiaries
(215
)
 
(64
)
 
—

 
279

 
—

Collateral (delivered) received, net
—

 
—

 
(22
)
 
—

 
(22
)
Other, net
—

 
—

 
20

 
—

 
20

Net cash provided by (used in) investing activities - discontinued operations
—

 
—

 
(1,800
)
 
—

 
(1,800
)
Net cash provided by (used in) investing activities
755

 
696

 
(3,690
)
 
(1,444
)
 
(3,683
)
Condensed Consolidating Statement of Cash Flows (Continued)
For the Year Ended December 31, 2016

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
5,891

 
—

 
5,891

Maturities and withdrawals from investment contracts
—

 
—

 
(5,412
)
 
—

 
(5,412
)
Proceeds from issuance of debt with maturities of more than three months
798

 
—

 
—

 
—

 
798

Repayment of debt with maturities of more than three months
(660
)
 
(48
)
 
—

 
—

 
(708
)
Debt issuance costs
(16
)
 
—

 
—

 
—

 
(16
)
Net (repayments of) proceeds from short-term intercompany loans
11

 
5

 
(57
)
 
41

 
—

Return of capital contributions and dividends to parent
—

 
(892
)
 
(1,060
)
 
1,952

 
—

Contributions of capital from parent
—

 
50

 
229

 
(279
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
126

 
—

 
126

Repayments of borrowings of consolidated investment entities
—

 
—

 
(455
)
 
—

 
(455
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
51

 
—

 
51

Proceeds from issuance of common stock, net
1

 
—

 
—

 
—

 
1

Share-based compensation
(7
)
 
—

 
—

 
—

 
(7
)
Common stock acquired - Share repurchase
(687
)
 
—

 
—

 
—

 
(687
)
Dividends paid
(8
)
 
—

 
—

 
—

 
(8
)
Net cash provided by (used in) financing activities - discontinued operations
—

 
—

 
916

 
—

 
916

Net cash provided by (used in) financing activities
(568
)
 
(885
)
 
229

 
1,714

 
490

Net increase (decrease) in cash and cash equivalents
(121
)
 
(16
)
 
535

 
—

 
398

Cash and cash equivalents, beginning of period
378

 
18

 
2,117

 
—

 
2,513

Cash and cash equivalents, end of period
257

 
2

 
2,652

 
—

 
2,911

Less: Cash and cash equivalents of discontinued operations, end of period

—

 
—

 
815

 
—

 
815

Cash and cash equivalents of continuing operations, end of period
$
257

 
$
2

 
$
1,837

 
$
—

 
$
2,096


Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2015

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
130

 
$
260

 
$
3,375

 
$
(517
)
 
$
3,248

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
8,327

 
—

 
8,327

Equity securities, available-for-sale
24

 
—

 
52

 
—

 
76

Mortgage loans on real estate
—

 
—

 
1,088

 
—

 
1,088

Limited partnerships/corporations
—

 
—

 
258

 
—

 
258

Acquisition of:
 
 
 
 
 
 
 
 

Fixed maturities
—

 
—

 
(8,759
)
 
—

 
(8,759
)
Equity securities, available-for-sale
(31
)
 
—

 
(106
)
 
—

 
(137
)
Mortgage loans on real estate
—

 
—

 
(1,381
)
 
—

 
(1,381
)
Limited partnerships/corporations
—

 
—

 
(417
)
 
—

 
(417
)
Short-term investments, net
(212
)
 
—

 
680

 
—

 
468

Derivatives, net
(33
)
 
—

 
(108
)
 
—

 
(141
)
Sales from consolidated investments entities
—

 
—

 
5,432

 
—

 
5,432

Purchases within consolidated investment entities
—

 
—

 
(7,521
)
 
—

 
(7,521
)
Maturity of intercompany loans with maturities more than three months
1

 
—

 
—

 
(1
)
 
—

Maturity (issuance) of short-term intercompany loans, net
(162
)
 
—

 
—

 
162

 
—

Return of capital contributions and dividends from subsidiaries
1,467

 
1,198

 
—

 
(2,665
)
 
—

Capital contributions to subsidiaries
—

 
(15
)
 
—

 
15

 
—

Collateral (delivered) received, net
20

 
—

 
19

 
—

 
39

Other, net
—

 
14

 
43

 
—

 
57

Net cash provided by (used in) investing activities - discontinued operations
—

 
—

 
(1,663
)
 
—

 
(1,663
)
Net cash provided by (used in) investing activities
1,074

 
1,197

 
(4,056
)
 
(2,489
)
 
(4,274
)
Condensed Consolidating Statement of Cash Flows (Continued)
For the Year Ended December 31, 2015

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
5,298

 
—

 
5,298

Maturities and withdrawals from investment contracts
—

 
—

 
(4,587
)
 
—

 
(4,587
)
Repayment of debt with maturities of more than three months
—

 
(31
)
 
—

 
—

 
(31
)
Debt issuance costs
(7
)
 
—

 
—

 
—

 
(7
)
Intercompany loans with maturities of more than three months
—

 
—

 
(1
)
 
1

 
—

Net (repayments of) proceeds from short-term intercompany loans
—

 
57

 
105

 
(162
)
 
—

Return of capital contributions and dividends to parent
—

 
(1,467
)
 
(1,715
)
 
3,182

 
—

Contributions of capital from parent
—

 
—

 
15

 
(15
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
1,373

 
—

 
1,373

Repayments of borrowings of consolidated investment entities
—

 
—

 
(479
)
 
—

 
(479
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
662

 
—

 
662

Share-based compensation
(5
)
 
—

 
—

 
—

 
(5
)
Common stock acquired - Share repurchase
(1,487
)
 
—

 
—

 
—

 
(1,487
)
Dividends paid
(9
)
 
—

 
—

 
—

 
(9
)
Net cash provided by (used in) financing activities - discontinued operations
—

 
—

 
280

 
—

 
280

Net cash provided by (used in) financing activities
(1,508
)
 
(1,441
)
 
951

 
3,006

 
1,008

Net increase (decrease) in cash and cash equivalents
(304
)
 
16

 
270

 
—

 
(18
)
Cash and cash equivalents, beginning of period
682

 
2

 
1,847

 
—

 
2,531

Cash and cash equivalents, end of period
378

 
18

 
2,117

 
—

 
2,513

Less: Cash and cash equivalents of discontinued operations, end of period

—

 
—

 
696

 
—

 
696

Cash and cash equivalents of continuing operations, end of period
$
378

 
$
18

 
$
1,421

 
$
—

 
$
1,817

Selected Consolidated Unaudited Quarterly Financial Data
Selected Consolidated Unaudited Quarterly Financial Data
Selected Consolidated Unaudited Quarterly Financial Data

The unaudited quarterly results of operations for 2017 and 2016 are summarized in the table below:
 
Three Months Ended,
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
($ in millions, except per share amounts)
2017
 
 
 
 
 
 
 
Total revenues
$
2,057

 
$
2,191

 
$
2,184

 
$
2,186

Total benefits and expenses
1,944

 
2,036

 
2,144

 
1,966

Income (loss) from continuing operations before income taxes
113

 
155

 
40

 
220

Income (loss) from discontinued operations, net of tax
(162
)
 
64

 
134

 
(2,616
)
Net income (loss)
(142
)
 
219

 
214

 
(3,083
)
Less: Net income (loss) attributable to noncontrolling interest
1

 
52

 
65

 
82

Net income (loss) available to Voya Financial, Inc.'s common shareholders
(143
)
 
167

 
149

 
(3,165
)
Earnings Per Share
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
0.10

 
$
0.56

 
$
0.08

 
$
(3.06
)
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(0.85
)
 
$
0.34

 
$
0.75

 
$
(14.58
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(0.75
)
 
$
0.90

 
$
0.83

 
$
(17.64
)
Diluted (1)
 
 
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
0.10

 
$
0.55

 
$
0.08

 
$
(3.06
)
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(0.84
)
 
$
0.34

 
$
0.73

 
$
(14.58
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(0.74
)
 
$
0.89

 
$
0.81

 
$
(17.64
)
Cash dividends declared per common share
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01

(1) For the three months ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 3.5 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss from continuing operations in the period.
 
Three Months Ended,
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
($ in millions, except per share amounts)
2016
 
 
 
 
 
 
 
Total revenues
$
2,266

 
$
2,088

 
$
2,110

 
$
2,324

Total benefits and expenses
2,228

 
2,118

 
2,216

 
2,216

Income (loss) from continuing operations before income taxes
38

 
(30
)
 
(106
)
 
108

Income (loss) from discontinued operations, net of tax
149

 
137

 
(145
)
 
(478
)
Net income (loss)
191

 
137

 
(251
)
 
(375
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
(25
)
 
12

 
42

Net income (loss) available to Voya Financial, Inc.'s common shareholders
191

 
162

 
(263
)
 
(417
)
Earnings Per Share
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
0.21

 
$
0.12

 
$
(0.59
)
 
$
0.31

Income (loss) from discontinuing operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
0.72

 
$
0.68

 
$
(0.73
)
 
$
(2.45
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
0.93

 
$
0.80

 
$
(1.32
)
 
$
(2.14
)
Diluted(1)
 
 
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
0.21

 
$
0.12

 
$
(0.59
)
 
$
0.31

Income (loss) from discontinuing operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
0.71

 
$
0.67

 
$
(0.73
)
 
$
(2.43
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
0.92

 
$
0.79

 
$
(1.32
)
 
$
(2.12
)
Cash dividends declared per common share
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01


(1) For the three months ended September 30, 2016, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 1.9 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss from continuing operations in the period.
Schedule I - Summary of Investments
Schedule I - Summary of Investments Other than Investments in Affiliates
Voya Financial, Inc.
Schedule I

Summary of Investments Other than Investments in Affiliates
As of December 31, 2017
(In millions)

Type of Investments
Cost
 
Fair Value
 
Amount
Shown on
Consolidated
Balance Sheet
Fixed maturities:
 
 
 
 
 
U.S. Treasuries
$
2,047

 
$
2,522

 
$
2,522

U.S. Government agencies and authorities
223

 
275

 
275

State, municipalities, and political subdivisions
1,856

 
1,913

 
1,913

U.S. corporate public securities
20,857

 
23,258

 
23,258

U.S. corporate private securities
5,628

 
5,833

 
5,833

Foreign corporate public securities and foreign governments(1)
5,241

 
5,716

 
5,716

Foreign corporate private securities(1)
4,974

 
5,161

 
5,161

Residential mortgage-backed securities
4,247

 
4,524

 
4,524

Commercial mortgage-backed securities
2,646

 
2,704

 
2,704

Other asset-backed securities
1,488

 
1,528

 
1,528

Total fixed maturities, including
securities pledged
49,207

 
53,434

 
53,434

Equity securities, available-for-sale
353

 
380

 
380

Short-term investments
471

 
471

 
471

Mortgage loans on real estate
8,686

 
8,748

 
8,686

Policy loans
1,888

 
1,888

 
1,888

Limited partnerships/corporations
784

 
784

 
784

Derivatives
147

 
397

 
397

Other investments
47

 
55

 
47

Total investments
$
61,583

 
$
66,157

 
$
66,087

(1) Primarily U.S. dollar denominated.
Schedule II - Condensed Financial Information of Parent
Schedule II - Condensed Financial Information of Parent
Schedule II

Condensed Financial Information of Parent
Balance Sheets
December 31, 2017 and 2016
(In millions, except share and per share data)

 
As of December 31,
 
2017
 
2016
Assets
 
 
 
Investments:
 
 
 
Equity securities, available-for-sale, at fair value (cost of $115 as of 2017 and $93 as of 2016)
$
115

 
$
93

Short-term investments
212

 
212

Derivatives
49

 
56

Investments in subsidiaries
12,293

 
14,743

Total investments
12,669

 
15,104

Cash and cash equivalents
244

 
257

Short-term investments under securities loan agreements, including collateral delivered
11

 
11

Loans to subsidiaries and affiliates
191

 
278

Due from subsidiaries and affiliates
2

 
3

Current income taxes
—

 
31

Deferred income taxes
406

 
527

Other assets
16

 
21

Total assets
$
13,539

 
$
16,232

 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
Short-term debt
$
755

 
$
11

Long-term debt
2,681

 
3,108

Derivatives
49

 
56

Due to subsidiaries and affiliates
1

 
—

Other liabilities
44

 
62

Total liabilities
3,530

 
3,237

 
 
 
 
Shareholders' equity:
 
 
 
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 270,078,294 and 268,079,931 shares issued as of 2017 and 2016, respectively; 171,982,673 and 194,639,273 shares outstanding as of 2017 and 2016, respectively)
3

 
3

Treasury stock (at cost; 98,095,621 and 73,440,658 shares as of 2017 and 2016, respectively)
(3,827
)
 
(2,796
)
Additional paid-in capital
23,821

 
23,609

Accumulated other comprehensive income (loss)
2,731

 
1,921

Retained earnings (deficit):
 
 
 
Unappropriated
(12,719
)
 
(9,742
)
Total Voya Financial, Inc. shareholders' equity
10,009

 
12,995

Total liabilities and shareholders' equity
$
13,539

 
$
16,232


The accompanying notes are an integral part of this Condensed Financial Information.
Voya Financial, Inc.
Schedule II

Condensed Financial Information of Parent
Statements of Operations
For the Years Ended December 31, 2017, 2016 and 2015
(In millions)

 
Year Ended December 31,
 
2017
 
2016
 
2015
Revenues:
 
 
 
 
 
Net investment income
$
33

 
$
19

 
$
4

Net realized capital gains (losses)
—

 
1

 
(2
)
Other revenue
8

 
1

 
3

Total revenues
41

 
21

 
5

 
 
 
 
 
 
Expenses:
 
 
 
 
 
Interest expense
155

 
238

 
150

Other expenses
9

 
9

 
10

Total expenses
164

 
247

 
160

Income (loss) before income taxes and equity in earnings (losses) of subsidiaries
(123
)
 
(226
)
 
(155
)
Income tax expense (benefit)
113

 
(90
)
 
(52
)
Net income (loss) before equity in earnings (losses) of subsidiaries
(236
)
 
(136
)
 
(103
)
Equity in earnings (losses) of subsidiaries, net of tax
(2,756
)
 
(191
)
 
511

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2,992
)
 
$
(327
)
 
$
408


The accompanying notes are an integral part of this Condensed Financial Information.
Voya Financial, Inc.
Schedule II

Condensed Financial Information of Parent
Statements of Comprehensive Income
For the Years Ended December 31, 2017, 2016 and 2015
(In millions)

 
Year Ended December 31,
 
2017
 
2016
 
2015
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2,992
)
 
$
(327
)
 
$
408

Other comprehensive income (loss), after tax
810

 
496

 
(1,679
)
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
(2,182
)
 
$
169

 
$
(1,271
)

The accompanying notes are an integral part of this Condensed Financial Information.
Voya Financial, Inc.
Schedule II

Condensed Financial Information of Parent
Statements of Cash Flows
For the Years Ended December 31, 2017, 2016 and 2015
(In millions)

 
Year Ended December 31,
 
2017
 
2016
 
2015
Cash Flows from Operating Activities:
 
 
 
 
 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2,992
)
 
$
(327
)
 
$
408

Adjustments to reconcile Net income (loss) available to Voya Financial, Inc.'s common shareholders to Net cash (used in) provided by operating activities:
 
 
 
 
 
Equity in (earnings) losses of subsidiaries
2,756

 
191

 
(511
)
Dividends from subsidiaries
73

 
55

 
241

Deferred income tax (benefit) expense
131

 
(122
)
 
(4
)
Net realized capital (gains) losses
—

 
(1
)
 
2

Share-based compensation
—

 
—

 
(4
)
Change in:
 
 
 
 
 
Other receivables and asset accruals
32

 
(102
)
 
(17
)
Due from subsidiaries and affiliates
1

 
3

 
6

Due to subsidiaries and affiliates
1

 
—

 
(7
)
Other payables and accruals
(18
)
 
(16
)
 
(2
)
Other, net
(6
)
 
11

 
18

Net cash (used in) provided by operating activities
(22
)
 
(308
)
 
130

 
 
 
 
 
 
Cash Flows from Investing Activities:
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale
25

 
18

 
24

Acquisition of equity securities, available-for-sale
(34
)
 
(23
)
 
(31
)
Short-term investments, net
—

 
—

 
(212
)
Derivatives, net
—

 
1

 
(33
)
Issuance of intercompany loans with maturities more than three months
(34
)
 
—

 
—

Maturity of intercompany loans issued to subsidiaries with maturities more than three months
34

 
—

 
1

Maturity (issuance) of short-term intercompany loans, net
87

 
52

 
(162
)
Return of capital contributions and dividends from subsidiaries
1,020

 
922

 
1,467

Capital contributions to subsidiaries
(467
)
 
(215
)
 
—

Collateral received (delivered), net
—

 
—

 
20

Net cash provided by investing activities
631

 
755

 
1,074


The accompanying notes are an integral part of this Condensed Financial Information.

Voya Financial, Inc.
Schedule II

Condensed Financial Information of Parent
Statements of Cash Flows (Continued)
For the Years Ended December 31, 2017, 2016 and 2015
(In millions)

 
Year Ended December 31,
 
2017
 
2016
 
2015
Cash Flows from Financing Activities:
 
 
 
 
 
Proceeds from issuance of debt with maturities of more than three months
399

 
798

 
—

Repayment of debt with maturities of more than three months
(490
)
 
(660
)
 
—

Debt issuance costs
(3
)
 
(16
)
 
(7
)
Net proceeds from short-term loans to subsidiaries
408

 
11

 
—

Proceeds from issuance of common stock, net
3

 
1

 
—

Share-based compensation
(8
)
 
(7
)
 
(5
)
Common stock acquired - Share repurchase
(923
)
 
(687
)
 
(1,487
)
Dividends paid
(8
)
 
(8
)
 
(9
)
Net cash used in financing activities
(622
)
 
(568
)
 
(1,508
)
Net decrease in cash and cash equivalents
(13
)
 
(121
)
 
(304
)
Cash and cash equivalents, beginning of period
257

 
378

 
682

Cash and cash equivalents, end of period
$
244

 
$
257

 
$
378

 
 
 
 
 
 
Supplemental cash flow information:
 
 
 
 
 
Income taxes paid (received), net
$
(154
)
 
$
64

 
$
77

Interest paid
138

 
156

 
144


The accompanying notes are an integral part of this Condensed Financial Information.
1.    Business and Basis of Presentation

The condensed financial information of Voya Financial, Inc. should be read in conjunction with the consolidated financial statements of Voya Financial, Inc. and its subsidiaries (collectively the "Company") and the notes thereto (the "Consolidated Financial Statements").

The Company is a financial services organization in the United States that offers a broad range of retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products. The Company provides its principal products and services through four segments: Retirement, Investment Management, Individual Life and Employee Benefits. In addition, the Company includes in Corporate the financial data not directly related to its segments and other business activities that do not have an ongoing meaningful impact to the Company's results. See the Segments Note to the Consolidated Financial Statements.

Prior to May 2013, the Company was an indirect, wholly-owned subsidiary of ING Groep N.V. ("ING Group" or "ING"), a global financial services holding company based in The Netherlands. In May 2013, Voya Financial, Inc. completed its initial public offering ("IPO") of common stock, including the issuance and sale of common stock by Voya Financial, Inc. and the sale of shares of common stock owned indirectly by ING Group. Between October 2013 and March 2015, ING Group completed the sale of its remaining shares of common stock of Voya Financial, Inc. in a series of registered public offerings. ING Group continues to hold certain warrants to purchase shares of Voya Financial, Inc. common stock as described further in the Shareholders' Equity Note to the Consolidated Financial Statements.

The accompanying financial information reflects the results of operations, financial position and cash flows for Voya Financial, Inc. The financial information is in conformity with accounting principles generally accepted in the United States, which require management to adopt accounting policies and make certain estimates and assumptions. Investments in subsidiaries are accounted for using the equity method of accounting.

2.    Loans to Subsidiaries

Voya Financial, Inc. maintains reciprocal loan agreements with subsidiaries to facilitate unanticipated short-term cash requirements that arise in the ordinary course of business. Under these loan agreements, the limitations on borrowing are based on the nature of the subsidiary's operations. For reciprocal loan agreements with insurance companies, the amounts that either party may borrow from the other under the agreement vary and are equal to 2%-5% of the insurance subsidiary’s statutory net admitted assets (excluding separate accounts) as of the previous year end depending on the state of domicile. For reciprocal loan agreements with non-insurance subsidiaries, the limits vary and are set by management based on an assessment of the financial position of the subsidiary. During the years ended 2017 and 2016, interest on any borrowing by a subsidiary under a reciprocal loan agreement is charged at a rate based on the prevailing market rate for similar third-party borrowings for securities. Borrowings by Voya Alternative Asset Management LLC ("VAAM") occur to enable VAAM to make capital contributions to the Voya Multi-Strategy Opportunity Fund LLC ("the fund"), the fund that it manages. The applicable variable interest rate is equal to the rate of return on capital invested in the fund, which may be negative over any given period.

Interest income earned on loans to subsidiaries was $8, $9 and $5 for the years ended December 31, 2017, 2016 and 2015, respectively. Interest income is included in Net investment income in the Condensed Statements of Operations.

The following table summarizes the carrying value of Voya Financial, Inc.'s loans to subsidiaries for the periods indicated:
 
 
 
 
 
As of December 31,
Subsidiaries
Rate
 
Maturity Date
 
2017
 
2016
Voya Alternative Asset Management LLC
(4.64
)%
 
06/30/2018
 
$
2

 
$
2

Voya Institutional Plan Services, LLC
2.42
 %
 
01/02/2018
 
20

 
1

Voya Institutional Plan Services, LLC
2.45
 %
 
01/03/2018
 
34

 
14

Voya Institutional Plan Services, LLC
2.46
 %
 
01/04/2018
 
5

 
17

Voya Institutional Plan Services, LLC
2.52
 %
 
01/09/2018
 
1

 
10

Voya Institutional Plan Services, LLC
2.53
 %
 
01/11/2018
 
5

 
1

Voya Institutional Plan Services, LLC
2.53
 %
 
01/12/2018
 
4

 
—

Voya Capital
2.49
 %
 
01/04/2018
 
1

 
3

Voya Investment Management, LLC
2.57
 %
 
01/29/2018
 
51

 
15

Voya Payroll Management, Inc.
2.17
 %
 
07/03/2017
 
—

 
4

Voya Holdings Inc.
2.57
 %
 
01/29/2018
 
68

 
203

Voya Holdings Inc.
2.39
 %
 
01/26/2017
 
—

 
2

Voya Holdings Inc.
2.40
 %
 
01/27/2017
 
—

 
6

Total
 
 
 
 
$
191

 
$
278


3.    Financing Agreements

Short-term Debt

The following table summarizes Voya Financial, Inc.'s short-term debt borrowings for the periods indicated:
 
As of December 31,
 
2017
 
2016
Intercompany financing - Subsidiaries
$
418

 
$
11

Current portion of long-term debt
337

 
—

Total
$
755

 
$
11


Intercompany financing

Under the reciprocal loan agreements with subsidiaries, interest is charged at the prevailing market interest rate for similar third-party borrowings for securities.














Long-term Debt

The following table summarizes Voya Financial, Inc.'s long-term debt securities for the periods indicated:
 
 
 
As of December 31,
 
Maturity
 
2017
 
2016
5.5% Senior Notes, due 2022
07/15/2022
 
$
361

 
$
361

2.9% Senior Notes, due 2018
02/15/2018
 
337

 
825

5.7% Senior Notes, due 2043
07/15/2043
 
395

 
394

3.65% Senior Notes, due 2026
06/15/2026
 
495

 
494

4.8% Senior Notes, due 2046
06/15/2046
 
296

 
296

3.125% Senior Notes, due 2024
07/15/2024
 
396

 
—

5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
05/15/2053
 
738

 
738

Subtotal
 
 
3,018

 
3,108

Less: Current portion of long-term debt
 
 
337

 
—

Total
 
 
$
2,681

 
$
3,108


As of December 31, 2017 and 2016, Voya Financial, Inc. was in compliance with its debt covenants.

As of December 31, 2017, aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows:
2018
$
337

2019
—

2020
—

2021
—

2022
363

Thereafter
2,350

Total
$
3,050


Credit Facilities

Voya Financial, Inc. maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of December 31, 2017, unsecured and uncommitted credit facilities totaled $496, and unsecured and committed facilities totaled $5.9 billion. Voya Financial, Inc. additionally has $205 of secured facilities. Of the aggregate $6.6 billion capacity available, Voya Financial, Inc. utilized $3.0 billion in credit facilities outstanding as of December 31, 2017. Total fees associated with credit facilities in 2017, 2016 and 2015 totaled $39, $38 and $61, respectively.

Guarantees

In the normal course of business, Voya Financial, Inc. enters into indemnification agreements with financial institutions that issue surety bonds on behalf of Voya Financial, Inc. or its subsidiaries in connection with litigation matters.

Voya Financial, Inc. provides credit support to its captive reinsurance subsidiaries through surplus maintenance agreements, pursuant to which it agrees to cause these subsidiaries to maintain particular levels of capital or surplus and which it entered into, in connection with particular credit facility agreements. Since these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these agreements.

•
On January 1, 2014, Voya Financial, Inc. entered into a reimbursement agreement with a third-party bank for its wholly owned subsidiary, Roaring River IV, LLC ("Roaring River IV") to provide up to $565 statutory reserve financing through a trust note which matures December 31, 2028. At inception, the reimbursement agreement requires Voya Financial, Inc. to cause no less than $79 of capital to be maintained in Roaring River IV Holding LLC, the intermediate holding company of Roaring River IV, and $45 of capital to be maintained in Roaring River IV for a total of $124. This amount will vary over time based on a percentage of Roaring River IV in force life insurance. This surplus maintenance agreement is effective for the duration of the related credit facility agreement and the maximum potential obligations are not specified or applicable.

•
Effective January 15, 2014, Voya Financial, Inc. entered into a surplus maintenance agreement with Langhorne I, LLC ("Langhorne I"), a wholly owned captive reinsurance subsidiary, whereby Voya Financial, Inc. agrees to cause Langhorne I to maintain capital of at least $85 in support of its obligations associated with a credit facility arrangement supporting an affiliated reinsurance agreement. While the credit facility was cancelled effective January 18, 2018, this surplus maintenance agreement is effective until such time that the reinsurance is recaptured. The maximum potential obligations are not specified or applicable.

Voya Financial, Inc. and SLDI are parties to a LOC facility agreement with a third-party bank that provides up to $475 of LOC capacity. SLDI has reimbursement obligations to the bank under this agreement, in an aggregate amount of up to $475, which obligations are guaranteed by Voya Financial, Inc. This agreement was entered into to facilitate collateral requirements supporting reinsurance. Voya Financial, Inc.’s guarantee obligations are effective for the duration of SLDI’s reimbursement obligations to the bank.

Roaring River, LLC ("Roaring River") is party to a LOC facility agreement with a third-party bank that provides up to $425 of LOC capacity. Roaring River has reimbursement obligations to the bank under this agreement, in an aggregate amount of up to $425, which obligations are guaranteed by Voya Financial, Inc. This agreement and the related guarantee were entered into to facilitate collateral requirements supporting reinsurance. The guarantee is effective for the duration of Roaring River’s reimbursement obligations to the bank.

Voya Financial, Inc. guarantees the obligations of one of its subsidiaries, Voya Financial Products Inc. ("VFP"), under a credit default swap arrangement under which VFP has written credit protection in the notional amount of $1.0 billion with respect to a portfolio of investment grade corporate debt instruments.

Under the Buyer Facility Agreement put into place by Hannover Re, Voya Financial, Inc. and SLDI have contingent reimbursement obligations and Voya Financial, Inc. has guarantee obligations, up to the full principal amount of the note issued pursuant to the agreement, if SLD or SLDI were to direct the sale or liquidation of the note other than as permitted by the Buyer Facility Agreement, or fails to return reinsurance collateral (including the note) upon termination of the Buyer Facility Agreement or as otherwise required by the Buyer Facility Agreement. In addition, Voya Financial, Inc. has agreed to indemnify Hannover Re for any losses it incurs in the event that SLD or SLDI were to exercise offset rights unrelated to the Hannover Re block.

Voya Financial, Inc. has also entered into a corporate guarantee agreement with a third-party ceding insurer where it guarantees the reinsurance obligations of its subsidiary, SLD, assumed under a reinsurance agreement with the third-party cedent. SLD retrocedes the business to Hannover US who is the claim paying party. The current amount of reserves outstanding as of December 31, 2017 is $21. The maximum potential obligation is not specified or applicable. Since these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees.

Voya Financial, Inc. guarantees the obligations of Voya Holdings under the $13 principal amount Equitable Notes maturing in 2027 as well as $426 combined principal amount of Aetna Notes. From time to time, Voya Financial, Inc. may also have outstanding guarantees of various obligations of its subsidiaries.

Effective April 15, 2016, Voya Financial, Inc. and Voya Holdings entered into a $300 letter of credit facility agreement with a third party bank in order to guarantee the reimbursement obligations of SLDI as borrower.

Effective December 15, 2016, Voya Financial, Inc. entered into a $600 guaranty agreement with a third party bank in order to guarantee the reimbursement obligations of SLDI as borrower. This facility agreement was terminated on July 20, 2017.

Effective July 1, 2017, Voya Financial, Inc. entered into an agreement with its affiliate, SLDI and a third party whereby Voya Financial, Inc. guarantees certain reimbursement and fee payment obligations of SLDI as borrower.

Effective December 28, 2017, Voya Financial, Inc. and Voya Holdings entered into an agreement with VIAC in order to provide a joint and several guarantee of VIAC’s payment obligations as the issuer of certain surplus notes to affiliates of Voya Financial, Inc. The agreement provides for Voya and Voya Holdings to reimburse the applicable holder to the extent that any interest on, principal of, and any redemption payment with respect to such Surplus Note unpaid by VIAC on its scheduled date of payment as a result of certain payment restrictions under the terms of such Surplus Notes and applicable law, including that any such payments may only be made with the prior approval of the commissioner of insurance of the VIAC’s state of domicile.

Effective January 24, 2018, Voya entered into an agreement with a third party bank whereby Voya Financial, Inc. guarantees the payment obligations of SLDI as borrower under a credit facility agreement.

There were no assets or liabilities recognized by Voya Financial, Inc. as of December 31, 2017 and 2016 in relation to these intercompany indemnifications and support agreements. As of December 31, 2017 and 2016, no circumstances existed in which Voya Financial, Inc. was required to currently perform under these indemnifications and support agreements.

4.    Returns of Capital and Dividends

Voya Financial, Inc. received returns of capital and dividends from the following subsidiaries for the periods indicated:
 
Years Ended December 31,
 
2017
 
2016
 
2015
Voya Holdings Inc. (1)
$
1,020

 
$
916

 
$
1,468

Security Life of Denver International Ltd
—

 
30

 
—

Security Life of Denver Insurance Company
73

 
54

 
241

Voya Insurance Management (Bermuda), Ltd (2)
—

 
1

 
—

Total
$
1,093

 
$
1,001

 
$
1,709

(1) The year ended December 31, 2016 includes $24 of non-cash activity.
(2) The entity was dissolved in 2016.

5.    Income Taxes

As of December 31, 2017 and 2016, Voya Financial, Inc. held deferred tax assets related to loss and credit carryforwards, some of which have not been realized by its subsidiaries but have been reimbursed to the subsidiaries by Voya Financial, Inc. pursuant to the intercompany tax sharing agreement. The total deferred tax assets were primarily comprised of federal net operating loss, state net operating loss and credit carryforwards.

Valuation allowances have been applied to these deferred tax assets as of December 31, 2017 and 2016. Character, amount and estimated expiration date of the carryforwards and the related allowances are disclosed in the Income Taxes Note to the Consolidated Financial Statements.

As of December 31, 2017 and 2016, Voya Financial, Inc. has recognized deferred tax assets of $406 and $527, respectively, primarily related to federal net operating loss carryforwards and AMT credit carryforwards.

Tax Sharing Agreement

Voya Financial, Inc. has entered into a federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. The federal tax sharing agreement provides that Voya Financial, Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated.

Voya Financial, Inc. has also entered into a state tax sharing agreement with each of the specific subsidiaries that are parties to the agreement. The state tax agreement applies to situations in which Voya Financial, Inc. and all or some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis.
Schedule III - Supplementary Insurance Information
Schedule III - Supplementary Insurance Information
Voya Financial, Inc.
Schedule III

Supplementary Insurance Information
As of December 31, 2017 and 2016
(In millions)

Segment
 
DAC
and
VOBA
 
Future Policy
Benefits
and
Contract Owner
Account
Balances
 
Unearned
Premiums(1)
2017
 
 
 
 
 
 
Retirement
 
$
882

 
$
33,884

 
$
—

Investment Management
 
1

 
—

 
—

Individual Life
 
2,366

 
19,801

 
—

Employee Benefits
 
84

 
2,146

 
(1
)
Corporate
 
41

 
9,974

 
—

Total
 
$
3,374

 
$
65,805

 
$
(1
)
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
Retirement
 
$
1,165

 
$
34,024

 
$
—

Investment Management
 
2

 
—

 
—

Individual Life
 
2,702

 
19,373

 
—

Employee Benefits
 
75

 
2,099

 
(1
)
Corporate
 
53

 
9,352

 
—

Total
 
$
3,997

 
$
64,848

 
$
(1
)
(1) Represents unearned premiums associated with short-duration products of the Company's accident and health business.
Voya Financial, Inc.
Schedule III

Supplementary Insurance Information
Years Ended December 31, 2017, 2016 and 2015
(In millions)

Segment
 
Net Investment Income (1)(2)
 
Premiums and Fee Income (1)(2)
 
Interest Credited and Other Benefits
to Contract Owners
 
Amortization of DAC and VOBA
 
Other
Operating
Expenses(1)(2)
 
Premiums Written (Excluding Life)
2017
 
 
 
 
 
 
 
 
 
 
 
 
Retirement
 
$
1,918

 
$
750

 
$
1,043

 
$
238

 
$
1,140

 
$
—

Investment Management
 
(33
)
 
675

 
—

 
3

 
558

 
—

Individual Life
 
866

 
1,695

 
1,963

 
266

 
272

 
—

Employee Benefits
 
108

 
1,663

 
1,293

 
11

 
336

 
1,155

Corporate
 
435

 
(35
)
 
337

 
11

 
348

 
—

Total
 
$
3,294

 
$
4,748

 
$
4,636

 
$
529

 
$
2,654

 
$
1,155

2016
 
 
 
 
 
 
 
 
 
 
 
 
Retirement
 
$
1,907

 
$
1,512

 
$
1,797

 
$
198

 
$
1,122

 
$
—

Investment Management
 
(5
)
 
627

 
—

 
3

 
529

 
—

Individual Life
 
875

 
1,663

 
2,001

 
181

 
324

 
—

Employee Benefits
 
110

 
1,509

 
1,169

 
16

 
306

 
974

Corporate
 
467

 
(45
)
 
347

 
17

 
374

 
—

Total
 
$
3,354

 
$
5,266

 
$
5,314

 
$
415

 
$
2,655

 
$
974

2015
 
 
 
 
 
 
 
 
 
 
 
 
Retirement
 
$
1,819

 
$
1,350

 
$
1,425

 
$
183

 
$
1,156

 
$
—

Investment Management
 
(26
)
 
601

 
—

 
4

 
517

 
—

Individual Life
 
908

 
1,722

 
1,940

 
157

 
470

 
—

Employee Benefits
 
109

 
1,405

 
1,051

 
21

 
289

 
880

Corporate
 
533

 
(54
)
 
282

 
12

 
252

 
—

Total
 
$
3,343

 
$
5,024

 
$
4,698

 
$
377

 
$
2,684

 
$
880

(1) Includes the elimination of certain intersegment revenues and expenses, primarily consisting of asset-based management and administration fees, which have been charged by Investment Management and eliminated in Corporate.
(2) Includes the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's management fees expensed by the funds, recorded as operating revenues before the Company's consolidation of its consolidated investment entities and eliminated in the Investment Management segment.
Schedule IV - Reinsurance
Schedule IV - Reinsurance
Voya Financial, Inc.
Schedule IV

Reinsurance
Years Ended December 31, 2017, 2016 and 2015
(In millions)

 
Gross
 
Ceded
 
Assumed
 
Net
 
Percentage
of Assumed
to Net
2017
 
 
 
 
 
 
 
 
 
Life insurance in force
$
761,946

 
$
575,495

 
$
296,751

 
$
483,202

 
61.4
%
 
 
 
 
 
 
 
 
 
 
Premiums:
 
 
 
 
 
 
 
 
 
Life insurance
$
1,280

 
$
1,535

 
$
1,191

 
$
936

 
127.2
%
Accident and health insurance
1,051

 
142

 
1

 
910

 
0.1
%
Annuity contracts
275

 
—

 
—

 
275

 
—
%
Total premiums
$
2,606

 
$
1,677

 
$
1,192

 
$
2,121

 
56.2
%
 
 
 
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
 
 
 
Life insurance in force
$
790,570

 
$
612,356

 
$
318,443

 
$
496,657

 
64.1
%
 
 
 
 
 
 
 
 
 
 
Premiums:
 
 
 
 
 
 
 
 
 
Life insurance
$
1,335

 
$
1,583

 
$
1,221

 
$
973

 
125.5
%
Accident and health insurance
1,056

 
128

 
1

 
929

 
0.1
%
Annuity contracts
893

 
—

 
—

*
893

 
—
%
Total premiums
$
3,284

 
$
1,711

 
$
1,222

 
$
2,795

 
43.7
%
 
 
 
 
 
 
 
 
 
 
2015
 
 
 
 
 
 
 
 
 
Life insurance in force
$
799,341

 
$
642,890

 
$
340,241

 
$
496,692

 
68.5
%
 
 
 
 
 
 
 
 
 
 
Premiums:
 
 
 
 
 
 
 
 
 
Life insurance
$
1,351

 
$
1,476

 
$
1,189

 
$
1,064

 
111.7
%
Accident and health insurance
948

 
136

 
2

 
814

 
0.2
%
Annuity contracts
676

 
—

 
—

*
676

 
—
%
Total premiums
$
2,975

 
$
1,612

 
$
1,191

 
$
2,554

 
46.6
%
*Less than $1.
Schedule V - Valuation and Qualifying Accounts
Schedule V - Valuation and Qualifying Accounts
Voya Financial, Inc.
Schedule V

Valuation and Qualifying Accounts
Years Ended December 31, 2017, 2016 and 2015
(In millions)

 
Balance at January 1,
 
Charged to
Costs and
Expenses
 
Write-offs/
Payments/
Other
 
Balance at December 31,
2017
 
 
 
 
 
 
 
Valuation allowance on deferred tax assets (1)
$
964

 
$
(311
)
 
$
—

 
$
653

Allowance for losses on commercial mortgage loans (1)
3

 
—

 
—

 
3

2016
 
 
 
 
 
 
 
Valuation allowance on deferred tax assets (1)
$
963

 
$
6

 
$
(5
)
 
$
964

Allowance for losses on commercial mortgage loans (1)
3

 
—

 
—

 
3

2015
 
 
 
 
 
 
 
Valuation allowance on deferred tax assets (1)
$
972

 
$
(14
)
 
$
5

 
$
963

Allowance for losses on commercial mortgage loans (1)
3

 
—

 
—

 
3

(1) The table above excludes items related to discontinued operations and businesses held for sale.
Business, Basis of Presentation and Significant Accounting Policies (Policies)
Basis of Presentation 
Basis of Presentation

The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP").

The Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as other (voting interest entities ("VOEs")) and variable interest entities ("VIEs") in which the Company has a controlling financial interest. See the Consolidated Investment Entities Note to these Consolidated Financial Statements. Intercompany transactions and balances have been eliminated.

Certain reclassifications have been made to prior year financial information to conform to the current year classifications.

Estimates and Assumptions 
Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates.

The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates:

•
Reserves for future policy benefits;
•
Deferred policy acquisition costs ("DAC"), value of business acquired ("VOBA") and other intangibles (collectively, "DAC/VOBA and other intangibles");
•
Valuation of investments and derivatives;
•
Impairments;
•
Income taxes;
•
Contingencies; and
•
Employee benefit plans
Fair Value Measurement 
Fair Value Measurement

The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows.
Investments 
Investments

The accounting policies for the Company's principal investments are as follows:

Fixed Maturities and Equity Securities: The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the fair value option ("FVO"). Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income (loss) ("AOCI") and presented net of related changes in DAC/VOBA and other intangibles and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets.

The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out ("FIFO") basis.

Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income in the Consolidated Statements of Operations.

Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis.

Short-term Investments: Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value.

Assets Held in Separate Accounts: Assets held in separate accounts are reported at the fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments, cash and fixed maturities.

Mortgage Loans on Real Estate: The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, less impairment write-downs and allowance for losses. If a mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lower of either the present value of expected cash flows from the loan, discounted at the loan's original purchase yield, or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets.

Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt.

Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due.

Commercial loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved.

The Company records an allowance for probable losses incurred on non-impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loan.

Policy Loans: Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy.

Limited Partnerships/Corporations: The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which primarily consist of investments in private equity funds, hedge funds and other VIEs for which the Company is not the primary beneficiary. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, generally not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income.

Other Investments: Other investments are comprised primarily of Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value.

Securities Lending: The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

Corporate Loans: Corporate loans held by consolidated collateralized loan obligations ("CLO" or "CLO entities") are reported in Corporate loans, at fair value using the fair value option on the Consolidated Balance Sheets. Changes in the fair value of the loans are recorded in Changes in fair value related to collateralized loan obligations in the Consolidated Statements of Operations. The fair values for corporate loans are determined using independent commercial pricing services. In the event that the third-party pricing source is unable to price an investment, other relevant factors are considered.

Impairments

The Company evaluates its available-for-sale investments quarterly to determine whether there has been an other-than-temporary decline in fair value below the amortized cost basis. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the length of time and the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. An extended and severe unrealized loss position on a fixed maturity may not have any impact on: (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. In contrast, for certain equity securities, the Company gives greater weight and consideration to a decline in market value and the likelihood such market value decline will recover.

When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs.

When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations as an other-than-temporary impairment ("OTTI"). If the Company does not intend to sell the security, and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that there has been an other-than-temporary decline in fair value below the amortized cost basis, the OTTI is bifurcated into the amount representing the present value of the decrease in cash flows expected to be collected ("credit impairment") and the amount related to other factors ("noncredit impairment"). The credit impairment is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations. The noncredit impairment is recorded in Other comprehensive income (loss).

The Company uses the following methodology and significant inputs to determine the amount of the OTTI credit loss:

•
When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies.
•
Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security.
•
When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions.
•
The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment.

In periods subsequent to the recognition of the credit related impairment components of OTTI on a fixed maturity, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into Net investment income over the remaining term of the fixed maturity in a prospective manner based on the amount and timing of estimated future cash flows.
Derivatives 
Derivatives

The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement.

The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its universal life-type and annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship.

•
Fair Value Hedge: For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
•
Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Other net realized capital gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date, or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Other net realized capital gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Other net realized capital gains (losses).

The Company also has investments in certain fixed maturities and has issued certain universal life-type and annuity products that contain embedded derivatives for which fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Embedded derivatives within certain universal life-type and annuity products are included in Future policy benefits on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

In addition, the Company has entered into coinsurance with funds withheld reinsurance arrangements that contain embedded derivatives, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivatives within coinsurance with funds withheld reinsurance arrangements are reported with the host contract in Other liabilities on the Consolidated Balance Sheets, and changes in the fair value of embedded derivatives are recorded in Policyholder benefits in the Consolidated Statements of Operations.

Cash and Cash Equivalents 
Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. Cash and cash equivalents of VIEs and VOEs are not available for general use by the Company.
Property and Equipment 
Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation, and are included in Other assets on the Consolidated Balance Sheets. Expenditures for replacements and major improvements are capitalized; maintenance and repair expenditures are expensed as incurred. Depreciation on property and equipment is provided on a straight-line basis over the estimated useful lives of the assets, which generally range from 3 to 40 years, with the exception of land and artwork which are not depreciated. Depreciation expense is included in Operating expenses in the Consolidated Statements of Operations.
Deferred Policy Acquisition Costs and Value of Business Acquired 
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles

DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies.

Collectively, the Company refers to DAC, VOBA, deferred sales inducements ("DSI") and unearned revenue ("URR") as "DAC/VOBA and other intangibles." (See respective "Sales Inducements" and "Recognition of Insurance Revenue and Related Benefits" sections below). DAC/VOBA and other intangibles are adjusted for the impact of unrealized capital gains (losses) on investments, as if such gains (losses) have been realized, with corresponding adjustments included in AOCI.

Amortization Methodologies
The Company amortizes DAC and VOBA related to certain traditional life insurance contracts and certain accident and health insurance contracts over the premium payment period in proportion to the present value of expected gross premiums. Assumptions as to mortality, morbidity, persistency and interest rates, which include provisions for adverse deviation, are consistent with the assumptions used to calculate reserves for future policy benefits.

These assumptions are "locked-in" at issue and not revised unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Recoverability testing is performed for current issue year products to determine if gross premiums are sufficient to cover DAC or VOBA, estimated benefits and related expenses. In subsequent periods, the recoverability of DAC or VOBA is determined by assessing whether future gross premiums are sufficient to amortize DAC or VOBA, as well as provide for expected future benefits and related expenses. If a premium deficiency is deemed to be present, charges will be applied against the DAC and VOBA balances before an additional reserve is established. Absent such a premium deficiency, variability in amortization after policy issuance or acquisition relates only to variability in premium volumes.

The Company amortizes DAC and VOBA related to universal life-type contracts and fixed and variable deferred annuity contracts, except for deferred annuity contracts within the CBVA business, over the estimated lives of the contracts in relation to the emergence of estimated gross profits. Assumptions as to mortality, persistency, interest crediting rates, fee income, returns associated with separate account performance, impact of hedge performance, expenses to administer the business and certain economic variables, such as inflation, are based on the Company's experience and overall capital markets. At each valuation date, estimated gross profits are updated with actual gross profits, and the assumptions underlying future estimated gross profits are evaluated for continued reasonableness. Adjustments to estimated gross profits require that amortization rates be revised retroactively to the date of the contract issuance ("unlocking"). For deferred annuity contracts within the CBVA business, the Company amortizes DAC/VOBA and DSI in relation to the emergence of estimated gross revenue.

For universal life-type contracts and fixed and variable deferred annuity contracts, recoverability testing is performed for current issue year products to determine if gross profits are sufficient to cover DAC/VOBA and other intangibles, estimated benefits and related expenses. In subsequent years, the Company performs testing to assess the recoverability of DAC/VOBA and other intangibles on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If DAC/VOBA or other intangibles are not deemed recoverable from future gross profits, charges will be applied against the DAC/VOBA or other intangible balances before an additional reserve is established.

During the year ended December 31, 2017, as a result of the held for sale classification of substantially all of the Annuities and CBVA businesses discussed above, the Company has evaluated and redefined its contract groupings for loss recognition testing in those businesses. This has resulted in the establishment of premium deficiency reserves for the Retained Business of $43, which was recorded as an increase in Policyholder benefits in the Consolidated Statements of Operations, with a corresponding increase to Future policy benefits on the Consolidated Balance Sheets.

During the year ended December 31, 2016, for its continuing operations, the Company's reviews resulted in loss recognition in its Retained Business of $8 before income taxes, of which $7 was recorded to Net amortization of DAC and VOBA in the Consolidated Statements of Operations, with a corresponding decrease to Deferred policy acquisition costs and Value of business acquired on the Consolidated Balance Sheets. The remaining loss recognition of $1 was related to the establishment of premium deficiency reserves which was recorded as an increase in Policyholder benefits in the Consolidated Statements of Operations, with a corresponding increase to Future policy benefits on the Consolidated Balance Sheets.

During the year ended December 31, 2016, for its discontinued operations, the Company's reviews resulted in loss recognition of $313, before income taxes, of which $78 and $19 were related to DAC/VOBA and Sales Inducements, respectively and reported as a loss in Income (loss) from discontinued operations, net of tax with a corresponding decrease in Assets held for sale in the Consolidated Balance Sheets. The loss recognition also included the establishment of $216 of premium deficiency reserves related to the continued decline in earned rates in the current interest rate environment, which was reported as a loss in Income (loss) from discontinued operations, net of tax, with an offsetting increase in Liabilities held for sale on the Consolidated Balance Sheets.

The Company had no loss recognition for the year ended December 31 2015.

Internal Replacements
Contract owners may periodically exchange one contract for another, or make modifications to an existing contract. These transactions are identified as internal replacements. Internal replacements that are determined to result in substantially unchanged contracts are accounted for as continuations of the replaced contracts. Any costs associated with the issuance of the new contracts are considered maintenance costs and expensed as incurred. Unamortized DAC/VOBA and other intangibles related to the replaced contracts continue to be deferred and amortized in connection with the new contracts. Internal replacements that are determined to result in contracts that are substantially changed are accounted for as extinguishments of the replaced contracts, and any unamortized DAC/VOBA and other intangibles related to the replaced contracts are written off to the same account in which amortization is reported in the Consolidated Statements of Operations.

Assumptions
Changes in assumptions can have a significant impact on DAC/VOBA and other intangible balances, amortization rates, reserve levels, and results of operations. Assumptions are management’s best estimate of future outcome.

Several assumptions are considered significant in the estimation of gross profits associated with the Company's variable products. One significant assumption is the assumed return associated with the variable account performance. To reflect the volatility in the equity markets, this assumption involves a combination of near-term expectations and long-term assumptions regarding market performance. The overall return on the variable account is dependent on multiple factors, including the relative mix of the underlying sub-accounts among bond funds and equity funds, as well as equity sector weightings. The Company uses a reversion to the mean approach, which assumes that the market returns over the entire mean reversion period are consistent with a long-term level of equity market appreciation. The Company monitors market events and only changes the assumption when sustained deviations are expected. This methodology incorporates a 9% long-term equity return assumption, a 14% cap and a five-year look-forward period.

Other significant assumptions used in the estimation of gross profits include mortality, and for products with credited rates include interest rate spreads and credit losses. Estimated gross revenues and gross profits of variable annuity contracts are sensitive to mortality and estimated policyholder behavior assumptions, such as surrender, lapse and annuitization rates.
Sales Inducements 
Sales Inducements

DSI represents benefits paid to contract owners for a specified period that are incremental to the amounts the Company credits on similar contracts without sales inducements and are higher than the contract's expected ongoing crediting rates for periods after the inducement. The Company defers sales inducements and amortizes DSI over the estimated lives of the related contracts using the same methodology and assumptions used to amortize DAC. The amortization of DSI is included in Interest credited to contract owner account balances in the Consolidated Statements of Operations. Each year, or more frequently if circumstances indicate a potentially significant recoverability issue exists, the Company reviews DSI to determine the recoverability of these balances.
Future Policy Benefits and Contract Owner Accounts 
Future Policy Benefits and Contract Owner Account Balances

Future Policy Benefits
The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. The principal assumptions used to establish liabilities for future policy benefits are based on Company experience and periodically reviewed against industry standards. These assumptions include mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, investment returns, inflation, benefit utilization and expenses. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations.

•
Reserves for traditional life insurance contracts (term insurance, participating and non-participating whole life insurance and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. Assumptions as to interest rates, mortality, expenses and persistency are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Interest rates used to calculate the present value of these reserves ranged from 2.3% to 7.7%.
•
Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality and expenses are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue and policy duration. Interest rates used to calculate the present value of future benefits ranged from 2.7% to 8.3%.

Although assumptions are "locked-in" upon the issuance of traditional life insurance contracts, certain accident and health insurance contracts and payout contracts with life contingencies, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do not include a provision for adverse deviation. See "Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles" above for premium deficiency reserves established during 2017 and 2016.

Contract Owner Account Balances
Contract owner account balances relate to universal life-type and investment-type contracts, as follows:

•
Account balances for guaranteed investment contracts and funding agreements with fixed maturities (collectively referred to as "GICs") are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract.
•
Account balances for universal life-type contracts, including variable universal life ("VUL") contracts, are equal to cumulative deposits, less charges, withdrawals and account values released upon death, plus credited interest thereon.
•
Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and ranged up to 7.5% for the years 2017, 2016 and 2015. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate.
•
For fixed-indexed annuity ("FIA") and indexed universal life ("IUL") contracts, the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value.

Product Guarantees and Additional Reserves
The Company calculates additional reserve liabilities for certain universal life-type products, certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations.

Universal and Variable Life: Reserves for universal life ("UL") and VUL secondary guarantees and paid-up guarantees are calculated by estimating the expected value of death benefits payable and recognizing those benefits ratably over the accumulation period based on total expected assessments. The reserve for such products recognizes the portion of contract assessments received in early years used to compensate the Company for benefits provided in later years. Assumptions used, such as the interest rate, lapse rate and mortality, are consistent with assumptions used in estimating gross profits for purposes of amortizing DAC. Reserves for UL and VUL secondary guarantees and paid-up guarantees are recorded in Future policy benefits on the Consolidated Balance Sheets.

The Company also calculates a benefit ratio for each block of business that meets the requirements for additional reserves and calculates an additional reserve by accumulating amounts equal to the benefit ratio multiplied by the assessments for each period, reduced by excess benefits during the period. The additional reserve is accumulated at interest rates consistent with the DAC model for the period. The calculated reserve includes provisions for UL contracts that produce expected gains from the insurance benefit function followed by losses from that function in later years. Additional reserves are recorded in Future policy benefits on the Consolidated Balance Sheets.

URR relates to UL and VUL products and represents policy charges for benefits or services to be provided in future periods (see "Recognition of Insurance Revenue and Related Benefits" below). The URR balance is recorded in Contract owner account balances on the Consolidated Balance Sheets.

GMDB and GMIB: Reserves for annuity guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") are determined by estimating the value of expected benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. Expected experience is based on a range of scenarios. Assumptions used, such as the long-term equity market return, lapse rate and mortality, are consistent with assumptions used in estimating gross revenues for the purpose of amortizing DAC. The assumptions of investment performance and volatility are consistent with the historical experience of the appropriate underlying equity index, such as the Standard & Poor's ("S&P") 500 Index. In addition, the reserve for the GMIB incorporates assumptions for the likelihood and timing of the potential annuitizations that may be elected by the contract owner. In general, the Company assumes that GMIB annuitization rates will be higher for policies with more valuable ("in the money") guarantees, where the notional benefit amount is in excess of the account value. Reserves for GMDB and GMIB are recorded in Future policy benefits. Changes in reserves for GMDB and GMIB are reported in Policyholder benefits.

GMWBL, GMWB, GMAB, FIA and IUL: The Company issues certain products that contain embedded derivatives that are measured at estimated fair value separately from the host contracts. These products include deferred variable annuity contracts containing guaranteed minimum withdrawal benefits with life payouts ("GMWBL"), guaranteed minimum withdrawal benefits without life contingencies ("GMWB"), and guaranteed minimum accumulation benefits ("GMAB") features and FIA and IUL contracts. Embedded derivatives associated with GMAB, GMWB and GMWBL are recorded in Future policy benefits. Embedded derivatives associated with FIA and IUL contracts are recorded in Contract owner account balances. Changes in estimated fair value, that are not related to attributed fees or premiums collected or payments made, are reported in Other net realized capital gains (losses).

At inception of the contracts containing the GMWBL, GMWB and GMAB features, the Company projects a fee to be attributed to the embedded derivative portion of the guarantee equal to the present value of projected future guaranteed benefits. After inception, the estimated fair value of the GMWBL, GMWB and GMAB embedded derivatives is determined based on the present value of projected future guaranteed benefits, minus the present value of projected attributed fees. A risk neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk free rates. The projection of future guaranteed benefits and future attributed fees requires the use of assumptions for capital markets (e.g., implied volatilities, correlation among indices, risk-free swap curve, etc.) and policyholder behavior (e.g., lapse, benefit utilization, mortality, etc.).

The estimated fair value of the embedded derivative in the FIA contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed contract value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the anticipated life of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths, annuitizations and maturities.

The estimated fair value of the embedded derivative in the IUL contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed account value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the current index term of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths and maturities.

Stabilizer and MCG: Guaranteed credited rates give rise to an embedded derivative in the Stabilizer products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Contract owner account balances on the Consolidated Balance Sheets. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions.

The liabilities for the GMWBL, GMWB, GMAB, FIA, IUL and Stabilizer embedded derivatives and the MCG stand-alone derivative (collectively, "guaranteed benefit derivatives") include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks.

The discount rate used to determine the fair value of the liabilities for the GMWBL, GMWB, GMAB, FIA, IUL and Stabilizer embedded derivatives and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk").

Separate Accounts

Separate account assets and liabilities generally represent funds maintained to meet specific investment objectives of contract owners or participants who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contract owners. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company.

Separate account assets supporting variable options under variable annuity contracts are invested, as designated by the contract owner or participant under a contract, in shares of mutual funds that are managed by the Company or in other selected mutual funds not managed by the Company.

The Company reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if:

•
Such separate accounts are legally recognized;
•
Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities;
•
Investments are directed by the contract owner or participant; and
•
All investment performance, net of contract fees and assessments, is passed through to the contract owner.

The Company reports separate account assets that meet the above criteria at fair value on the Consolidated Balance Sheets based on the fair value of the underlying investments. Separate account liabilities equal separate account assets. Investment income and net realized and unrealized capital gains (losses) of the separate accounts, however, are not reflected in the Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts.
Debt 
Short-term and Long-term Debt

Short-term and long-term debt are carried on the Consolidated Balance Sheets at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium and any direct and incremental costs attributable to issuance. Discounts, premiums and direct and incremental costs are amortized as a component of Interest expense in the Consolidated Statements of Operations over the life of the debt using the effective interest method of amortization.

Collateralized Loan Obligations Notes

CLO notes issued by consolidated CLO entities are recorded in Corporate loans, at fair value using the fair value option on the Consolidated Balance Sheets. Changes in the fair value of the notes are recorded in Changes in fair value related to collateralized loan obligations in the Company's Consolidated Statements of Operations.
Repurchase Agreements 
Repurchase Agreements

The Company engages in dollar repurchase agreements with MBS ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements.

The Company enters into dollar roll transactions by selling existing MBS and concurrently entering into an agreement to repurchase similar securities within a short time frame at a lower price. Under repurchase agreements, the Company borrows cash from a counterparty at an agreed upon interest rate for an agreed upon time frame and pledges collateral in the form of securities. At the end of the agreement, the counterparty returns the collateral to the Company, and the Company, in turn, repays the loan amount along with the additional agreed upon interest.

The Company's policy requires that at all times during the term of the dollar roll and repurchase agreements that cash or other collateral types obtained is sufficient to allow the Company to fund substantially all of the cost of purchasing replacement assets. Cash received is invested in Short-term investments, with the offsetting obligation to repay the loan included within Other liabilities on the Consolidated Balance Sheets. The carrying value of the securities pledged in dollar rolls and repurchase agreement transactions and the related repurchase obligation are included in Securities pledged and Short-term debt, respectively, on the Consolidated Balance Sheets.

The primary risk associated with short-term collateralized borrowings is that the counterparty will be unable to perform under the terms of the contract. The Company's exposure is limited to the excess of the net replacement cost of the securities over the value of the short-term investments. The Company believes the counterparties to the dollar rolls and repurchase agreements are financially responsible and that the counterparty risk is minimal. 

Recognition of Insurance Revenue and Related Benefits 
Recognition of Insurance Revenue and Related Benefits

Premiums related to traditional life insurance contracts and payout contracts with life contingencies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Policyholder benefits in the Consolidated Statements of Operations when incurred.

Amounts received as payment for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and FIA contracts are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges and are reported in Fee income. Surrender charges are reported in Other revenue. In addition, the Company earns investment income from the investment of contract deposits in the Company's general account portfolio, which is reported in Net investment income in the Consolidated Statements of Operations. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are established as a URR liability and amortized into revenue over the expected life of the related contracts in proportion to estimated gross profits in a manner consistent with DAC for these contracts. URR is reported in Contract owner account balances and amortized into Fee income. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances.

Performance-based Capital Allocations on Private Equity Funds

Under asset management arrangements for certain of its sponsored private equity funds, the Company, as General Partner, is entitled to receive performance-based capital allocations ("carried interest") when the return on assets under management for such funds exceeds prescribed investment return hurdles or other performance targets. Carried interest is accrued quarterly based on measuring cumulative fund performance against the stated performance hurdle, as if the fund was liquidated at its estimated fair value as of the applicable balance sheet date.

Carried interest is subject to adjustment to the extent that subsequent fund performance causes the fund’s cumulative investment return to fall below specified investment return hurdles. In such a circumstance, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to the performance-based capital allocation and, if such allocations have been distributed to the Company but are subject to recoupment by the fund, a liability is established for the potential repayment obligation.
Income Taxes 
Income Taxes

The Company files a consolidated federal income tax return, which includes many of its subsidiaries, in accordance with the Internal Revenue Code of 1986, as amended.

Items required by tax regulations to be included in the tax return may differ from the items reflected in the financial statements. As a result, the effective tax rate reflected in the financial statements may be different than the actual rate applied on the tax return. Some of these differences are permanent, such as the dividends received deduction which is estimated using information from the prior period and current year results. Other differences are temporary, reversing over time, such as the valuation of insurance reserves, and create deferred tax assets and liabilities.

The Company's deferred tax assets and liabilities resulting from temporary differences between financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse.

Deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards and tax credit carryforwards. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including:

•
The nature, frequency and severity of book income or losses in recent years;
•
The nature and character of the deferred tax assets and liabilities;
•
The nature and character of income by life and non-life subgroups;
•
The recent cumulative book income (loss) position after adjustment for permanent differences;
•
Taxable income in prior carryback years;
•
Projected future taxable income, exclusive of reversing temporary differences and carryforwards;
•
Projected future reversals of existing temporary differences;
•
The length of time carryforwards can be utilized;
•
Prudent and feasible tax planning strategies the Company would employ to avoid a tax benefit from expiring unused; and
•
Tax rules that would impact the utilization of the deferred tax assets.

In establishing unrecognized tax benefits, the Company determines whether a tax position is more likely than not to be sustained under examination by the appropriate taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the appropriate taxing authority. Tax positions that do not meet the more likely than not standard are not recognized in the Consolidated Financial Statements. Tax positions that meet this standard are recognized in the Consolidated Financial Statements. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with the tax authority that has full knowledge of all relevant information.
Reinsurance 
Reinsurance

The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured.

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for both long and short-duration reinsurance agreements are consistent with those used for the underlying contracts. Ceded Future policy benefits and Contract owner account balances are reported gross on the Consolidated Balance Sheets.

Long-duration: For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded as a component of the reinsurance asset or liability. Any difference between actual and expected net cost of reinsurance is recognized in the current period and included as a component of profits used to amortize DAC.

Short-duration: For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid are recorded as ceded premiums and ceded unearned premiums and are reflected as a component of Premiums in the Consolidated Statements of Operations and Other assets on the Consolidated Balance Sheets, respectively. Ceded unearned premiums are amortized through premiums over the remaining contract period in proportion to the amount of protection provided.

For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid in excess of the related insurance liabilities ceded are recognized immediately as a loss. Any gains on such retroactive agreements are deferred in Other liabilities and amortized over the remaining life of the underlying contracts.

Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. The S&P ratings for the Company's reinsurers with the largest reinsurance recoverable balances are A-rated or better, including Lincoln National Corporation ("Lincoln"), Hannover Life Reassurance Company of America ("Hannover US") and Hannover Re (Ireland) Limited ("HLRI") (collectively, "Hannover Re") and various subsidiaries of Reinsurance Group of America Incorporated (collectively, "RGA").

Only those reinsurance recoverable balances deemed probable of recovery are recognized as assets on the Company's Consolidated Balance Sheets and are stated net of allowances for uncollectible reinsurance. Amounts currently recoverable and payable under reinsurance agreements are included in Premium receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Policyholder benefits are reported net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in Other revenue.

The Company has entered into coinsurance funds withheld reinsurance arrangements that contain embedded derivatives for which carrying value is estimated based on the change in the fair value of the assets supporting the funds withheld payable under the agreements.

Employee Benefit Plans 
Employee Benefits Plans

The Company sponsors and/or administers various plans that provide defined benefit pension and other postretirement benefit plans covering eligible employees, sales representatives and other individuals. The plans are generally funded through payments, determined by periodic actuarial calculations, to trustee-administered funds.

A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in respect of defined benefit pension plans is the present value of the projected pension benefit obligation ("PBO") at the balance sheet date, less the fair value of plan assets, together with adjustments for unrecognized past service costs. This liability is included in Pension and other postretirement provisions on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans and the accumulated postretirement benefit obligation ("APBO") for other postretirement plans on the Consolidated Balance Sheets.

Net periodic benefit cost is determined using management estimates and actuarial assumptions to derive service cost, interest cost and expected return on plan assets for a particular year. The obligations and expenses associated with these plans require use of assumptions, such as discount rate, expected rate of return on plan assets, rate of future compensation increases and healthcare cost trend rates, as well as assumptions regarding participant demographics, such as age of retirements, withdrawal rates and mortality. Management determines these assumptions based on a variety of factors, such as historical performance of the plan and its assets, currently available market and industry data and expected benefit payout streams. Actual results could vary significantly from assumptions based on changes, such as economic and market conditions, demographics of participants in the plans and amendments to benefits provided under the plans. These differences may have a significant effect on the Company's Consolidated Financial Statements and liquidity. Differences between the expected return and the actual return on plan assets and actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations.

For postretirement healthcare and other benefits to retirees, the entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued in Other liabilities over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations.
Share-based Compensation 
Share-based Compensation

The Company grants certain employees and directors share-based compensation awards under various plans. Share-based compensation plans are subject to certain vesting conditions. The Company measures the cost of its share-based awards at their grant date fair value, which in the case of restricted stock units ("RSUs ") and performance share units ("PSUs") is based upon the market value of the Company's common stock on the date of grant. In 2016 and 2017, the Company granted certain PSU awards, which are subject to attainment of specified total shareholder return ("TSR") targets relative to a specified peer group. The number of TSR-based PSU awards expected to be earned, based on achievement of the market condition, is factored into the grant date Monte Carlo valuation for the award. Fair value of stock options is determined using a Black-Scholes options valuation methodology. Compensation expense is principally related to the granting of performance share units, restricted stock units and stock options and is recognized in Operating expenses in the Consolidated Statements of Operations over the requisite service period. The majority of awards granted are provided in the first quarter of each year.

The liability related to the cash-settled awards is recorded within Other liabilities on the Consolidated Balance Sheets. Unlike equity-settled awards, which have a fixed grant-date fair value, the fair value of unvested cash-settled awards is remeasured at the end of each reporting period until the awards vest.

Excess tax benefits recorded in Additional paid-in capital in 2016 and prior years are accounted for in a single pool available to all share-based compensation awards. Excess tax benefits in Additional paid-in capital are not recognized until the benefits result in a reduction in taxes payable. The Company uses tax law ordering when determining when excess tax benefits have been realized.

On a prospective basis from January 1, 2017, all excess tax benefits and tax deficiencies related to share-based compensation are reported in Net income (loss), rather than Additional paid-in capital.

Earnings Per Share 
Earnings per Common Share

Basic earnings per common share ("EPS") is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed assuming the issuance of nonvested shares, restricted stock units, stock options, performance share units and warrants using the treasury stock method. Basic and diluted earnings per share are calculated using unrounded, actual amounts. Under the treasury stock method, the Company utilizes the average market price to determine the amount of cash that would be available to repurchase shares if the common shares vested. The net incremental share count issued represents the potential dilutive or anti-dilutive securities.

For any period where a loss from earnings available to common shareholders is experienced, shares used in the diluted EPS calculation represent basic shares, as using diluted shares would be anti-dilutive to the calculation.

Consolidation and Noncontrolling Interests 
Consolidation and Noncontrolling Interests

As of January 1, 2016, the Company changed its method for determining whether consolidation is required for VIEs and VOEs upon the adoption of Accounting Standards Update ("ASU") 2015-02, "Consolidation (Accounting Standards Codification ("ASC") Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02") (See "Adoption of New Pronouncements" below).

In the normal course of business, the Company invests in, provides investment management services to, and has transactions with, various CLO entities, private equity funds, real estate funds, funds-of-hedge funds, single strategy hedge funds, insurance entities, securitizations and other investment entities. In certain instances, the Company serves as the investment manager, making day-to-day investment decisions concerning the assets of these entities. These entities are considered to be either VIEs or VOEs, and the consolidation guidance requires an assessment involving judgments and analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest.

The Company consolidates entities in which it, directly or indirectly, is determined to have a controlling financial interest. Consolidation conclusions are reviewed quarterly to identify whether any reconsideration events have occurred.

VIEs: The Company consolidates VIEs for which it is the primary beneficiary at the time it becomes involved with a VIE. An entity is a VIE if it has equity investors who, as a group, lack the characteristics of a controlling financial interest or it does not have sufficient equity at risk to finance its expected activities without additional subordinated financial support from other parties. The primary beneficiary (a) has the power to direct the activities of the entity that most significantly impact the entity's economic performance and (b) has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity.

VOEs: For entities determined not to be VIEs, the Company consolidates entities in which it holds greater than 50% of the voting interest, or, for limited partnerships, when the Company owns a majority of the limited partnership's kick-out rights through voting interests.

Noncontrolling interest represents the interests of shareholders, other than the Company, in consolidated entities. In the Consolidated Statements of Operations, Net income (loss) attributable to noncontrolling interest represents such shareholders' interests in the earnings and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled.
Contingencies 
Contingencies

A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company's best estimate of the ultimate outcome.
Adoption of New Pronouncements 
Adoption of New Pronouncements

Interests Held through Related Parties
In October 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-17, "Consolidation (ASC Topic 810): Interests Held through Related Parties That Are under Common Control" ("ASU 2016-17"), which changes how a single decision maker of a VIE should treat indirect interests in the entity that are held through related parties under common control when determining whether it is the primary beneficiary of the VIE.
The provisions of ASU 2016-17 were adopted by the Company, retrospectively, on January 1, 2017. The adoption had no effect on the Company's financial condition, results of operations, or cash flows.
Share-Based Compensation
In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (ASC Topic 718): Improvements to Employee Share-Based Payment Accounting" ("ASU 2016-09"), which simplifies the accounting for share-based payment award transactions with respect to:
•
The income tax consequences of awards,
•
The impact of forfeitures on the recognition of expense for awards,
•
Classification of awards as either equity or liabilities, and
•
Classification on the statement of cash flows.

The provisions of ASU 2016-09 were adopted by the Company on January 1, 2017 using the transition method prescribed for each applicable provision:

•
On a prospective basis, all excess tax benefits and tax deficiencies related to share-based compensation are reported in Net income (loss), rather than Additional paid-in capital. Prior year excess tax benefits remain in Additional paid-in capital.
•
The provision that removed the requirement to delay recognition of excess tax benefits until they reduce taxes payable was required to be adopted on a modified retrospective basis. Upon adoption, this provision resulted in a $15 increase in Deferred income tax assets with a corresponding increase to Retained earnings on the Consolidated Balance Sheet as of January 1, 2017, to record previously unrecognized excess tax benefits.
•
The Company elected to retrospectively adopt the requirement to present cash inflows related to excess tax benefits as operating activities, which resulted in a $5 reclassification of Share-based compensation cash flows from financing activities to operating activities in the Consolidated Statement of Cash Flows for the twelve months ended December 31, 2016.
•
The Company also elected to continue its existing accounting policy of including estimated forfeitures in the calculation of share-based compensation expense.

The adoption of the remaining provisions of ASU 2016-09 had no effect on the Company's financial condition, results of operations, or cash flows.

Debt Instruments
In March 2016, the FASB issued ASU 2016-06, "Derivatives and Hedging (ASC Topic 815): Contingent Put and Call Options in Debt Instruments" ("ASU 2016-06"), which clarifies that an entity is only required to follow the four-step decision sequence when assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts for purposes of bifurcating an embedded derivative. The entity does not need to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks.

The provisions of ASU 2016-06 were adopted by the Company on January 1, 2017 using a modified retrospective approach. The adoption had no effect on the Company's financial condition, results of operations, or cash flows.

Consolidation
In February 2015, the FASB issued ASU 2015-02, "Consolidation (ASC Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02"), which:

•
Modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or VOEs, including the requirement to consider the rights of all equity holders at risk to determine if they have the power to direct the entity’s most significant activities.
•
Eliminates the presumption that a general partner should consolidate a limited partnership. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights.
•
Affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships.
•
Provides a new scope exception for registered money market funds and similar unregistered money market funds, and ends the deferral granted to investment companies from applying the VIE guidance.

The Company adopted the provisions of ASU 2015-02 on January 1, 2016 using the modified retrospective approach. The impact to the Company’s January 1, 2016 Consolidated Balance Sheet was the deconsolidation of $7.5 billion of Assets related to consolidated investment entities (comprised mainly of $2.5 billion of Limited partnerships/corporations, at fair value, $0.3 billion of Cash and cash equivalents, $4.6 billion of Corporate loans, at fair value using the fair value option, and $0.1 billion of Other assets related to consolidated investment entities) and $5.9 billion of liabilities (comprised of $4.6 billion of Collateralized loan obligations notes, at fair value using the fair value option, and $1.3 billion of Other liabilities related to consolidated investment entities), with a related adjustment to Noncontrolling interest of $1.6 billion and elimination of $9 Appropriated retained earnings related to consolidated investment entities.

The adoption of ASU 2015-02 did not result in consolidation of any entities that were not previously consolidated. Limited partnerships previously accounted for as VOEs became VIEs under the new guidance as the limited partners do not hold substantive kick-out rights or participating rights.

The adoption of ASU 2015-02 had no impact to net income available to Voya Financial, Inc.’s common shareholders.

Collateralized Financing Entities
In August 2014, the FASB issued ASU 2014-13, "Consolidation (ASC Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity" ("ASU 2014-13"), which allows an entity to elect to measure the financial assets and financial liabilities of a consolidated collateralized financing entity using either:
•
ASC Topic 820, whereby both the financial assets and liabilities are measured using the requirements of ASC Topic 820, with any difference reflected in earnings and attributed to the reporting entity in the statement of operations.
•
The measurement alternative, whereby both the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities.

The Company adopted the provisions of ASU 2014-13 on January 1, 2016, using the measurement alternative under the modified retrospective method. Subsequent to the adoption of ASU 2014-13, the impact to the Company’s January 1, 2016 Consolidated Balance Sheet was an increase of $18 in Collateralized loan obligations notes, at fair value using the fair value option, related to consolidated investment entities, with an offsetting decrease to Appropriated retained earnings of $18, resulting in the elimination of Appropriated retained earnings related to consolidated investment entities. As a result of adoption of ASU 2014-13, CLO liabilities are measured based on the fair value of the assets of the CLOs; therefore, the changes in fair value related to consolidated CLOs is zero. The changes in fair value of the Company’s interest in the CLOs are presented in Net investment income on the Consolidated Statements of Operations.
Future Adoption of Accounting Pronouncements 
Future Adoption of Accounting Pronouncements

Reclassification of Certain Tax Effects
    
In February 2018, the FASB issued ASU 2018-02, "Income Statement-Reporting Comprehensive Income (ASC Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"), which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted Tax Cuts and Jobs Act of 2017 ("Tax Reform"). Stranded tax effects arise because generally accepted accounting principles require that the impact of a change in tax laws or rates on deferred tax liabilities and assets be reported in net income, even if related to items recognized within accumulated other comprehensive income. The amount of the reclassification would be based on the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate, applied to deferred tax liabilities and assets reported within accumulated other comprehensive income.

The provisions of ASU 2018-02 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Initial adoption of ASU 2018-02 may be reported either in the period of adoption or on a retrospective basis in each period in which the effect of the change in the U.S. federal corporate income tax rate resulting from Tax Reform is recognized. The Company is currently evaluating the provisions of ASU 2018-02.

Derivatives & Hedging
In August 2017, the FASB issued ASU 2017-12, "Derivatives and Hedging (Topic ASC 815): Targeted Improvements to Accounting for Hedging Activities " ("ASU 2017-12"), which enables entities to better portray risk management activities in their financial statements, as follows:

•
Expands an entity's ability to hedge nonfinancial and financial risk components and reduces complexity in accounting for fair value hedges of interest rate risk,
•
Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item,
•
Eases certain documentation and assessment requirements and modifies the accounting for components excluded from
the assessment of hedge effectiveness, and
•
Modifies required disclosures.

The provisions of ASU 2017-12 are effective for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. Initial adoption of ASU 2017-12 is required to be reported using a modified retrospective approach, with the exception of the presentation and disclosure requirements, which are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2017-12.

Debt Securities
In March 2017, the FASB issued ASU 2017-08, "Receivables-Nonrefundable Fees and Other Costs (ASC Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities" ("ASU 2017-08), which shortens the amortization period for certain callable debt securities held at a premium by requiring the premium to be amortized to the earliest call date.

The provisions of ASU 2017-08 are effective for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. Initial adoption of ASU 2017-08 is required to be reported using a modified retrospective approach. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2017-08.

Retirement Benefits
In March 2017, the FASB issued ASU 2017-07, "Compensation-Retirement Benefits (ASC Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost" ("ASU 2017-07"), which requires employers to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the same line item as other compensation costs arising from services rendered by employees during the period. Other components of net benefit costs are required to be presented in the statement of operations separately from service costs. In addition, only service costs are eligible for capitalization in assets, when applicable.

The provisions of ASU 2017-07 are effective for annual periods beginning after December 15, 2017, including interim periods, with early adoption permitted. Initial adoption of ASU 2017-07 is required to be reported retrospectively for the presentation of service costs and other components in the statement of operations and prospectively for the capitalization of service costs in assets. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018.

Derecognition of Nonfinancial Assets
In February 2017, the FASB issued ASU 2017-05, "Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (ASC Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance & Accounting for Partial Sales of Nonfinancial Assets" ("ASU 2017-05"), which requires entities to apply certain recognition and measurement principles in ASU 2014-09, "Revenue from Contracts with Customers (ASC Topic 606)" (see "Revenue from Contracts with Customers" below) when they derecognize nonfinancial assets and in substance nonfinancial assets through sale or transfer, and the counterparty is not a customer.

The provisions of ASU 2017-05 are effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted, using either a retrospective or modified retrospective method. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018.

Statement of Cash Flows
In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (ASC Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments provide guidance on eight specific cash flow issues.

The provisions of ASU 2016-15 are effective retrospectively for fiscal years beginning after December 15, 2017, including interim periods, with early adoption permitted. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018.

Financial Instruments - Credit Losses
In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments" ("ASU 2016-13"), which:

•
Introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments,
•
Modifies the impairment model for available-for-sale debt securities, and
•
Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination.

The provisions of ASU 2016-13 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. Initial adoption of ASU 2016-13 is required to be reported on a modified retrospective basis, with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption, except for certain provisions that are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-13.

Leases
In February 2016, the FASB issued ASU 2016-02, "Leases (ASC Topic 842)" ("ASU 2016-02"), which requires lessees to recognize a right-of-use asset and a lease liability for all leases with terms of more than 12 months. The lease liability will be measured as the present value of the lease payments, and the asset will be based on the liability. For income statement purposes, expense recognition will depend on the lessee's classification of the lease as either finance, with a front-loaded amortization expense pattern similar to current capital leases, or operating, with a straight-line expense pattern similar to current operating leases. Lessor accounting will be similar to the current model, and lessors will be required to classify leases as operating, direct financing, or sales-type.

ASU 2016-02 also replaces the sale-leaseback guidance to align with the new revenue recognition standard, addresses statement of operation and statement of cash flow classification, and requires additional disclosures for all leases.

The provisions of ASU 2016-02 are effective on a modified retrospective basis for fiscal years beginning after December 15, 2018, including interim periods, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2016-02.

Financial Instruments - Recognition and Measurement
In January 2016, the FASB issued ASU 2016-01, "Financial Instruments-Overall (ASC Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"), which requires:

•
Equity investments (except those consolidated or accounted for under the equity method) to be measured at fair value with changes in fair value recognized in net income.
•
Elimination of the disclosure of methods and significant assumptions used to estimate the fair value for financial instruments measured at amortized cost.
•
The use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes.
•
Separate presentation in other comprehensive income of the portion of the total change in fair value of a liability resulting from a change in own credit risk if the liability is measured at fair value under the fair value option.
•
Separate presentation on the balance sheet or financial statement notes of financial assets and financial liabilities by measurement category and form of financial asset.

The provisions of ASU 2016-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption only permitted for certain provisions. Initial adoption of ASU 2016-01 is required to be reported on a modified retrospective basis, with a cumulative-effect adjustment to the balance sheet as of the beginning of the year of adoption, except for certain provisions that are required to be applied prospectively. The Company does not currently expect the adoption of this guidance to have a material impact on the Company's financial condition, results of operations, or cash flows; however, finalization of implementation efforts will continue into the first quarter of 2018.

Revenue from Contracts with Customers
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (ASC Topic 606)" ("ASU 2014-09"), which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when, or as, the entity satisfies a performance obligation under the contract. ASU 2014-09 also updated the accounting for certain costs associated with obtaining and fulfilling contracts with customers and requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In addition, the FASB issued various amendments during 2016 to clarify the provisions and implementation guidance of ASU 2014-09. Revenue recognition for insurance contracts and financial instruments is explicitly scoped out of the guidance.

The provisions of ASU 2014-09 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted as of January 1, 2017. Initial adoption of ASU 2014-09 is required to be reported using either a retrospective or modified retrospective approach.

The Company plans to adopt ASU 2014-09 on January 1, 2018 on a modified retrospective basis. As the scope of ASU 2014-09 excludes insurance contracts and financial instruments, the guidance does not apply to a significant portion of the Company’s business. Based on review to date, the Company anticipates that the adoption of ASU 2014-09 will result in the deferral of costs to obtain and fulfill certain financial services contracts in the Retirement segment and Corporate, with a related cumulative impact on retained earnings upon adoption, net of tax, of approximately $80; however, finalization of implementation efforts will continue into the first quarter of 2018.
Business Held for Sale and Discontinued Operations (Tables)
Held for Sale Balance Sheets and Income Statements




The following table summarizes the major categories of assets and liabilities classified as held for sale in the accompanying Consolidated Balance Sheets as of December 31, 2017 and 2016:
 
As of December 31,
 
2017
 
2016
Assets:
 
 
 
Investments:
 
 
 
Fixed maturities, available-for-sale, at fair value
$
21,904

 
$
22,075

Fixed maturities, at fair value using the fair value option
615

 
647

Short-term investments
352

 
430

Mortgage loans on real estate, net of valuation allowance
4,212

 
3,722

Derivatives
1,514

 
976

Other investments(1)
351

 
258

Securities pledged
861

 
748

Total investments
29,809

 
28,856

Cash and cash equivalents
498

 
815

Short-term investments under securities loan agreements, including collateral delivered
473

 
202

Deferred policy acquisition costs and Value of business acquired
805

 
890

Sales Inducements
196

 
206

Deferred income taxes
404

 
520

Other assets(2)
396

 
286

Assets held in separate accounts
28,894

 
30,934

Write-down of businesses held for sale to fair value less cost to sell
(2,423
)
 
—

Total assets held for sale
$
59,052

 
$
62,709

 
 
 
 
Liabilities:
 
 
 
Future policy benefits and contract owner account balances
$
27,065

 
$
27,205

Payables under securities loan agreement, including collateral held
1,152

 
872

Derivatives
782

 
174

Notes payable
350

 
350

Other liabilities
34

 
41

Liabilities related to separate accounts
28,894

 
30,934

Total liabilities held for sale
$
58,277

 
$
59,576

(1) Includes Other investments, Equity securities, Limited Partnerships/corporations and Policy loans.
(2) Includes Other assets, Accrued investment income, Premium receivable and reinsurance recoverable.
 










The following table summarizes the components of Income (loss) from discontinued operations, net of tax in the accompanying Consolidated Statements of Operations for the years ended December 31, 2017, 2016 and 2015:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Revenues:
 
 
 
 
 
Net investment income
$
1,266

 
$
1,288

 
$
1,217

Fee income
801

 
889

 
1,011

Premiums
190

 
720

 
470

Total net realized capital gains (losses)
(1,234
)
 
(900
)
 
(173
)
Other revenue
19

 
19

 
22

Total revenues
1,042

 
2,016

 
2,547

Benefits and expenses:
 
 
 
 
 
Interest credited and other benefits to contract owners/policyholders
978

 
2,199

 
1,812

Operating expenses
250

 
283

 
319

Net amortization of Deferred policy acquisition costs and Value of business acquired
127

 
136

 
286

Interest expense
22

 
22

 
22

Total benefits and expenses
1,377

 
2,640

 
2,439

Income (loss) from discontinued operations before income taxes
(335
)
 
(624
)
 
108

Income tax expense (benefit)
(178
)
 
(287
)
 
(38
)
Loss on sale, net of tax
(2,423
)
 
—

 
—

Income (loss) from discontinued operations, net of tax
$
(2,580
)
 
$
(337
)
 
$
146


For additional information on certain assets, liabilities and other financial information related to businesses held for sale, see the Derivatives Note, Fair Value Measurements (excluding Consolidated Investments Entities) Note and the Guaranteed Benefit Features Note to these Consolidated Financial Statements.
Investments (excluding Consolidated Investment Entities) (Tables)
Marketable Securities 
Fixed Maturities and Equity Securities

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2017:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)(4)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,047

 
$
477

 
$
2

 
$
—

 
$
2,522

 
$
—

U.S. Government agencies and authorities
223

 
52

 
—

 
—

 
275

 
—

State, municipalities and political subdivisions
1,856

 
68

 
11

 
—

 
1,913

 
—

U.S. corporate public securities
20,857

 
2,451

 
50

 
—

 
23,258

 
—

U.S. corporate private securities
5,628

 
255

 
50

 
—

 
5,833

 
—

Foreign corporate public securities and foreign governments(1)
5,241

 
493

 
18

 
—

 
5,716

 
—

Foreign corporate private securities(1)
4,974

 
251

 
64

 
—

 
5,161

 
10

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
2,990

 
164

 
30

 
21

 
3,145

 
—

Non-Agency
1,257

 
110

 
4

 
16

 
1,379

 
16

Total Residential mortgage-backed securities
4,247

 
274

 
34

 
37

 
4,524

 
16

Commercial mortgage-backed securities
2,646

 
69

 
11

 
—

 
2,704

 
—

Other asset-backed securities
1,488

 
43

 
3

 
—

 
1,528

 
3

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
49,207

 
4,433

 
243

 
37

 
53,434

 
29

Less: Securities pledged
1,823

 
284

 
20

 
—

 
2,087

 
—

Total fixed maturities
47,384

 
4,149

 
223

 
37

 
51,347

 
29

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
272

 
1

 
—

 
—

 
273

 
—

Preferred stock
81

 
26

 
—

 
—

 
107

 
—

Total equity securities
353

 
27

 
—

 
—

 
380

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
47,737

 
$
4,176

 
$
223

 
$
37

 
$
51,727

 
$
29

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) Represents OTTI reported as a component of Other comprehensive income (loss).
(4) Amount excludes $441 of net unrealized gains on impaired available-for-sale securities.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2016:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)(4)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,150

 
$
407

 
$
2

 
$
—

 
$
2,555

 
$
—

U.S. Government agencies and authorities
227

 
41

 
—

 
—

 
268

 
—

State, municipalities and political subdivisions
1,647

 
23

 
39

 
—

 
1,631

 
—

U.S. corporate public securities
21,873

 
1,722

 
178

 
—

 
23,417

 
6

U.S. corporate private securities
5,076

 
174

 
113

 
—

 
5,137

 
—

Foreign corporate public securities and foreign governments(1)
5,161

 
293

 
69

 
—

 
5,385

 
—

Foreign corporate private securities(1)
4,954

 
206

 
52

 
—

 
5,108

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
3,720

 
209

 
42

 
32

 
3,919

 
—

Non-Agency
845

 
97

 
6

 
23

 
959

 
25

Total Residential mortgage-backed securities
4,565

 
306

 
48

 
55

 
4,878

 
25

Commercial mortgage-backed securities
2,320

 
59

 
24

 
—

 
2,355

 
—

Other asset-backed securities
1,096

 
43

 
5

 
—

 
1,134

 
4

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
49,069

 
3,274

 
530

 
55

 
51,868

 
35

Less: Securities pledged
1,261

 
160

 
12

 
—

 
1,409

 
—

Total fixed maturities
47,808

 
3,114

 
518

 
55

 
50,459

 
35

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
152

 
—

 
—

 
—

 
152

 
—

Preferred stock
77

 
29

 
—

 
—

 
106

 
—

Total equity securities
229

 
29

 
—

 
—

 
258

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
48,037

 
$
3,143

 
$
518

 
$
55

 
$
50,717

 
$
35

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) Represents OTTI reported as a component of Other comprehensive income (loss).
(4) Amount excludes $408 of net unrealized gains on impaired available-for-sale securities.
Investments Classifed by Contractual Maturity Date 
The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2017, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date.
 
Amortized
Cost
 
Fair
Value
Due to mature:
 
 
 
One year or less
$
988

 
$
1,001

After one year through five years
8,389

 
8,703

After five years through ten years
10,352

 
10,762

After ten years
21,097

 
24,212

Mortgage-backed securities
6,893

 
7,228

Other asset-backed securities
1,488

 
1,528

Fixed maturities, including securities pledged
$
49,207

 
$
53,434

U.S. and Foreign Corporate Securities by Industry 
The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Fair
Value
December 31, 2017
 
 
 
 
 
 
 
Communications
$
2,587

 
$
341

 
$
4

 
$
2,924

Financial
5,094

 
487

 
5

 
5,576

Industrial and other companies
16,478

 
1,391

 
98

 
17,771

Energy
4,268

 
459

 
45

 
4,682

Utilities
6,243

 
607

 
22

 
6,828

Transportation
1,295

 
121

 
4

 
1,412

Total
$
35,965

 
$
3,406

 
$
178

 
$
39,193

 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
Communications
$
2,765

 
$
258

 
$
17

 
$
3,006

Financial
5,143

 
370

 
28

 
5,485

Industrial and other companies
17,129

 
948

 
189

 
17,888

Energy
4,509

 
310

 
75

 
4,744

Utilities
5,629

 
397

 
77

 
5,949

Transportation
1,210

 
83

 
12

 
1,281

Total
$
36,385

 
$
2,366

 
$
398

 
$
38,353

Schedule of Securities Borrowed Under Securities Lending Transactions [Table Text Block] 
The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated:
 
December 31, 2017 (1)(2)
 
December 31, 2016 (1)(2)
U.S. Treasuries
$
587

 
$
701

U.S. Government agencies and authorities
5

 
4

U.S. corporate public securities
967

 
294

Short-term Investments
—

 
1

Foreign corporate public securities and foreign governments
338

 
168

Payables under securities loan agreements
$
1,897

 
$
1,168


(1) As of December 31, 2017 and 2016, borrowings under securities lending transactions include cash collateral of $1,589 and $425, respectively.
(2) As of December 31, 2017 and 2016, borrowings under securities lending transactions include non-cash collateral of $308 and $743, respectively.
Schedule of Unrealized Loss on Investments 
Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2017:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
166

 
$
2

 
$
—

 
$
—

 
$
15

 
$
—

 
$
181

 
$
2

State, municipalities and political subdivisions
356

 
9

 
6

 
—

 
35

 
2

 
397

 
11

U.S. corporate public securities
1,399

 
47

 
8

 
—

 
114

 
3

 
1,521

 
50

U.S. corporate private securities
1,068

 
46

 
—

 
—

 
84

 
4

 
1,152

 
50

Foreign corporate public securities and foreign governments
463

 
17

 
6

 
—

 
26

 
1

 
495

 
18

Foreign corporate private securities
493

 
64

 
9

 
—

 
8

 
—

 
510

 
64

Residential mortgage-backed
967

 
32

 
6

 
—

 
81

 
2

 
1,054

 
34

Commercial mortgage-backed
756

 
10

 
18

 
—

 
86

 
1

 
860

 
11

Other asset-backed
374

 
3

 
4

 
—

 
27

 
—

 
405

 
3

Total
$
6,042

 
$
230

 
$
57

 
$
—

 
$
476

 
$
13

 
$
6,575

 
$
243

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2016:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
209

 
$
2

 
$
—

 
$
—

 
$
—

 
$
—

 
$
209

 
$
2

State, municipalities and political subdivisions
945

 
38

 
2

 
—

 
49

 
1

 
996

 
39

U.S. corporate public securities
4,568

 
175

 
14

 
—

 
112

 
3

 
4,694

 
178

U.S. corporate private securities
1,596

 
109

 
10

 
1

 
87

 
3

 
1,693

 
113

Foreign corporate public securities and foreign governments
1,274

 
63

 
6

 
2

 
139

 
4

 
1,419

 
69

Foreign corporate private securities
1,026

 
52

 
—

 
—

 
—

 
—

 
1,026

 
52

Residential mortgage-backed
1,389

 
47

 
1

 
—

 
21

 
1

 
1,411

 
48

Commercial mortgage-backed
680

 
22

 
—

 
—

 
23

 
2

 
703

 
24

Other asset-backed
430

 
5

 
—

 
—

 
—

 
—

 
430

 
5

Total
$
12,117

 
$
513

 
$
33

 
$
3

 
$
431

 
$
14

 
$
12,581

 
$
530



Schedule of Loan-to-Value, Credit Enhancement and Fixed Floating Rates for RMBS and Other ABS in a Gross Unrealized Loss Position 
The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated:
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2017
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
—

 
$
—

 
$
—

 
$
—

Non-agency RMBS > 90% - 100%
—

 
—

 
—

 
—

Non-agency RMBS 80% - 90%
13

 
—

 
—

 
—

Non-agency RMBS < 80%
211

 
1

 
4

 
—

Agency RMBS
878

 
12

 
26

 
4

Other ABS (Non-RMBS)
380

 
1

 
2

 
1

Total RMBS and Other ABS
$
1,482

 
$
14

 
$
32

 
$
5

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2017
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
Non-agency RMBS 10% +
$
162

 
$
—

 
$
2

 
$
—

Non-agency RMBS > 5% - 10%
11

 
—

 
—

 
—

Non-agency RMBS > 0% - 5%
25

 
1

 
1

 
—

Non-agency RMBS 0%
26

 
—

 
1

 
—

Agency RMBS
878

 
12

 
26

 
4

Other ABS (Non-RMBS)
380

 
1

 
2

 
1

Total RMBS and Other ABS
$
1,482

 
$
14

 
$
32

 
$
5

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2017
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
1,104

 
$
6

 
$
20

 
$
2

Floating Rate
378

 
8

 
12

 
3

Total
$
1,482

 
$
14

 
$
32

 
$
5

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.

 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2016
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
—

 
$
—

 
$
—

 
$
—

Non-agency RMBS > 90% - 100%
—

 
—

 
—

 
—

Non-agency RMBS 80% - 90%
5

 
—

 
—

 
—

Non-agency RMBS < 80%
149

 
4

 
8

 
1

Agency RMBS
1,347

 
3

 
39

 
3

Other ABS (Non-RMBS)
384

 
2

 
2

 
—

Total RMBS and Other ABS
$
1,885

 
$
9

 
$
49

 
$
4

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2016
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
92

 
$
—

 
$
5

 
$
—

Non-agency RMBS > 5% - 10%
9

 
—

 
—

 
—

Non-agency RMBS > 0% - 5%
25

 
—

 
2

 
—

Non-agency RMBS 0%
28

 
4

 
1

 
1

Agency RMBS
1,347

 
3

 
39

 
3

Other ABS (Non-RMBS)
384

 
2

 
2

 
—

Total RMBS and Other ABS
$
1,885

 
$
9

 
$
49

 
$
4

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2016
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
1,393

 
$
3

 
$
34

 
$
2

Floating Rate
492

 
6

 
15

 
2

Total
$
1,885

 
$
9

 
$
49

 
$
4


(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.

Schedule of Mortgage Loans Real Estate and Valuation Allowance 
The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:
 
December 31, 2017
 
December 31, 2016
Collective valuation allowance for losses, balance at January 1
$
3

 
$
3

Addition to (reduction of) allowance for losses
—

 
—

Collective valuation allowance for losses, end of period
$
3

 
$
3

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Impaired
 
Non Impaired
 
Total
 
Impaired
 
Non Impaired
 
Total
Commercial mortgage loans
$
4

 
$
8,685

 
$
8,689

 
$
5

 
$
8,001

 
$
8,006

Collective valuation allowance for losses
N/A

 
(3
)
 
(3
)
 
N/A

 
(3
)
 
(3
)
Total net commercial mortgage loans
$
4

 
$
8,682

 
$
8,686

 
$
5

 
$
7,998

 
$
8,003


N/A - Not Applicable

Impaired Financing Receivables 
The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
Impaired loans without allowances for losses
$
4

 
$
5

Less: Allowances for losses on impaired loans
—

 
—

Impaired loans, net
$
4

 
$
5

Unpaid principal balance of impaired loans
$
6

 
$
6

Past Due Financing Receivables, Impaired Financing Receivables, Troubled Debt Restructurings on Financing Receivables, and Loans in Foreclosure 
 
 
 
 

Interest Income Recognized on Impaired and Restructured Loans 
The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Impaired loans, average investment during the period (amortized cost)(1)
$
4

 
$
11

 
$
36

Interest income recognized on impaired loans, on an accrual basis(1)
—

 
—

 
2

Interest income recognized on impaired loans, on a cash basis(1)
—

 
—

 
2

Interest income recognized on troubled debt restructured loans, on an accrual basis
—

 
—

 
2


(1) Includes amounts for Troubled debt restructured loans.

Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio 
The following table presents the LTV ratios as of the dates indicated:
 
December 31, 2017(1)
 
December 31, 2016(1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
849

 
$
950

>50% - 60%
2,125

 
1,976

>60% - 70%
5,144

 
4,544

>70% - 80%
551

 
523

>80% and above
20

 
13

Total Commercial mortgage loans
$
8,689

 
$
8,006


(1)Balances do not include collective valuation allowance for losses.

The following table presents the DSC ratios as of the dates indicated:
 
December 31, 2017(1)
 
December 31, 2016(1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
7,013

 
$
6,421

>1.25x - 1.5x
655

 
824

>1.0x - 1.25x
893

 
597

Less than 1.0x
105

 
105

Commercial mortgage loans secured by land or construction loans
23

 
59

Total Commercial mortgage loans
$
8,689

 
$
8,006


(1)Balances do not include collective valuation allowance for losses.

Mortgage Loans by Geographic Location of Collateral 
Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:
 
December 31, 2017(1)
 
December 31, 2016(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
2,024

 
23.4
 
$
2,055

 
25.7
%
South Atlantic
1,716

 
19.7
 
1,703

 
21.3
%
Middle Atlantic
1,612

 
18.5
 
1,169

 
14.6
%
West South Central
959

 
11.0
 
801

 
10.0
%
Mountain
859

 
9.9
 
729

 
9.1
%
East North Central
884

 
10.2
 
885

 
11.1
%
New England
161

 
1.8
 
170

 
2.1
%
West North Central
391

 
4.5
 
371

 
4.6
%
East South Central
83

 
1.0
 
123

 
1.5
%
Total Commercial mortgage loans
$
8,689

 
100.0
 
$
8,006

 
100.0
%

(1) Balances do not include collective valuation allowance for losses.

Mortgage Loans by Property Type of Collateral 
 
December 31, 2017(1)
 
December 31, 2016(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Retail
$
2,587

 
29.7
 
$
2,607

 
32.6
%
Industrial
2,108

 
24.3
 
1,708

 
21.3
%
Apartments
1,849

 
21.3
 
1,620

 
20.2
%
Office
1,384

 
15.9
 
1,267

 
15.8
%
Hotel/Motel
309

 
3.6
 
332

 
4.2
%
Other
364

 
4.2
 
388

 
4.9
%
Mixed Use
88

 
1.0
 
84

 
1.0
%
Total Commercial mortgage loans
$
8,689

 
100.0
 
$
8,006

 
100.0
%

(1) Balances do not include collective valuation allowance for losses.

Mortgage Loans by Year of Origination 
The following table presents mortgages by year of origination as of the dates indicated:
 
December 31, 2017(1)
 
December 31, 2016(1)
Year of Origination:
 
 
 
2017
$
1,525

 
$
—

2016
1,428

 
1,434

2015
1,250

 
1,286

2014
1,303

 
1,333

2013
1,287

 
1,371

2012
818

 
1,084

2011 and prior
1,078

 
1,498

Total Commercial mortgage loans
$
8,689

 
$
8,006


(1) Balances do not include collective valuation allowance for losses.

Other than Temporary Impairment, Credit Losses Recognized in Earnings 
The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
1

 
3

 
7

 
2

 
29

 
23

Foreign corporate public securities and foreign governments(1)
—

 
—

 
16

 
3

 
43

 
11

Residential mortgage-backed
1

 
12

 
3

 
20

 
2

 
11

Other
—

 
3

 
—

 
1

 
1

 
2

Total
$
2

 
18

 
$
26

 
26

 
$
75

 
47



The following table identifies the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Balance at January 1
$
33

 
$
46

 
$
53

Additional credit impairments:
 
 
 
 
 
On securities not previously impaired
15

 
—

 
—

On securities previously impaired
1

 
2

 
4

Reductions:
 
 
 
 
 
Increase in cash flows
1

 
—

 
1

Securities sold, matured, prepaid or paid down
8

 
15

 
10

Balance at December 31
$
40

 
$
33

 
$
46

The following table identifies the Company's credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
State, municipalities and political subdivisions
1

 
3

 
—

 
2

 
—

 
—

U.S. corporate public securities
1

 
3

 
8

 
3

 
29

 
24

Foreign corporate public securities and foreign governments(1)
2

 
3

 
17

 
4

 
44

 
12

Foreign corporate private securities(1)
15

 
2

 
2

 
2

 
1

 
1

Residential mortgage-backed
2

 
47

 
7

 
80

 
6

 
59

Other
—

 
3

 
—

 
1

 
3

 
5

Total
$
21

 
61

 
$
34

 
92

 
$
83

 
101


(1) Primarily U.S. dollar denominated.

Net Investment Income 
The following table summarizes Net investment income for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Fixed maturities
$
2,698

 
$
2,860

 
$
2,851

Equity securities, available-for-sale
9

 
11

 
9

Mortgage loans on real estate
388

 
372

 
394

Policy loans
100

 
108

 
110

Short-term investments and cash equivalents
10

 
5

 
3

Other
145

 
62

 
37

Gross investment income
3,350

 
3,418

 
3,404

Less: investment expenses
56

 
64

 
61

Net investment income
$
3,294

 
$
3,354

 
$
3,343



Realized Gain (Loss) on Investments 
Net realized capital gains (losses) were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Fixed maturities, available-for-sale, including securities pledged
$
7

 
$
(98
)
 
$
(90
)
Fixed maturities, at fair value option
(282
)
 
(296
)
 
(336
)
Equity securities, available-for-sale
(1
)
 
1

 
(4
)
Derivatives
98

 
32

 
(68
)
Embedded derivatives - fixed maturities
(18
)
 
(19
)
 
(16
)
Guaranteed benefit derivatives
(22
)
 
9

 
(46
)
Other investments
(9
)
 
8

 
—

Net realized capital gains (losses)
$
(227
)
 
$
(363
)
 
$
(560
)
After-tax net realized capital gains (losses)
$
(120
)
 
$
(268
)
 
$
(370
)
Gain (Loss) on Investments 
Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Proceeds on sales
$
4,905

 
$
4,742

 
$
4,932

Gross gains
93

 
91

 
91

Gross losses
56

 
157

 
104

Schedule of Unrealized Loss on Investments 
Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
6,126

 
$
196

 
$
148

 
$
82

 
1,098

 
38

More than six months and twelve months or less below amortized cost
48

 
—

 
1

 
—

 
14

 
—

More than twelve months below amortized cost
448

 
—

 
12

 
—

 
87

 
—

Total
$
6,622

 
$
196

 
$
161

 
$
82

 
1,199

 
38

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
12,536

 
$
195

 
$
466

 
$
53

 
1,694

 
63

More than six months and twelve months or less below amortized cost
45

 
—

 
2

 
—

 
13

 
—

More than twelve months below amortized cost
335

 
—

 
9

 
—

 
38

 
1

Total
$
12,916

 
$
195

 
$
477

 
$
53

 
1,745

 
64



Schedule of Unrealized Loss on Investments 
Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
183

 
$
—

 
$
2

 
$
—

 
29

 
—

State, municipalities and political subdivisions
408

 
—

 
11

 
—

 
103

 
—

U.S. corporate public securities
1,553

 
18

 
45

 
5

 
232

 
2

U.S. corporate private securities
1,129

 
73

 
28

 
22

 
73

 
2

Foreign corporate public securities and foreign governments
506

 
7

 
16

 
2

 
84

 
1

Foreign corporate private securities
490

 
84

 
16

 
48

 
35

 
6

Residential mortgage-backed
1,075

 
13

 
29

 
5

 
334

 
25

Commercial mortgage-backed
871

 
—

 
11

 
—

 
164

 
—

Other asset-backed
407

 
1

 
3

 
—

 
145

 
2

Total
$
6,622

 
$
196

 
$
161

 
$
82

 
1,199

 
38

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
211

 
$
—

 
$
2

 
$
—

 
25

 
—

State, municipalities and political subdivisions
1,034

 
1

 
39

 
—

 
198

 
1

U.S. corporate public securities
4,811

 
61

 
163

 
15

 
547

 
17

U.S. corporate private securities
1,699

 
107

 
84

 
29

 
111

 
3

Foreign corporate public securities and foreign governments
1,471

 
17

 
64

 
5

 
186

 
10

Foreign corporate private securities
1,078

 
—

 
52

 
—

 
64

 
2

Residential mortgage-backed
1,452

 
7

 
45

 
3

 
365

 
28

Commercial mortgage-backed
727

 
—

 
24

 
—

 
124

 
2

Other asset-backed
433

 
2

 
4

 
1

 
125

 
1

Total
$
12,916

 
$
195

 
$
477

 
$
53

 
1,745

 
64

Derivative Financial Instruments (Tables)
Schedule of Notional Amounts of Outstanding Derivative Positions 
The notional amounts and fair values of derivatives from continuing operations were as follows as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting (1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
56

 
$
—

 
$
—

 
$
106

 
$
4

 
$
—

Foreign exchange contracts
625

 
—

 
60

 
324

 
28

 
7

Derivatives: Non-qualifying for hedge accounting (1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
27,482

 
173

 
58

 
39,570

 
550

 
247

Foreign exchange contracts
85

 
—

 
2

 
368

 
30

 
27

Equity contracts
1,526

 
198

 
19

 
917

 
95

 
—

Credit contracts
1,983

 
26

 
10

 
3,051

 
30

 
16

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
37

 
—

 
N/A

 
55

 
—

Within products
N/A

 
—

 
306

 
N/A

 
—

 
291

Within reinsurance agreements
N/A

 
—

 
129

 
N/A

 
—

 
79

Total
 
 
$
434

 
$
584

 
 
 
$
792

 
$
667

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value.
N/A - Not Applicable


Offsetting Assets and Liabilities 
Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) for continuing operations and businesses held for sale are presented in the tables below as of the dates indicated:
 
December 31, 2017
Continuing operations:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
1,983

 
$
26

 
$
10

Equity contracts
1,382

 
197

 
19

Foreign exchange contracts
710

 
—

 
62

Interest rate contracts
24,490

 
173

 
57

 
 
 
396

 
148

Counterparty netting(1)
 
 
(100
)
 
(100
)
Cash collateral netting(1)
 
 
(251
)
 
—

Securities collateral netting(1)
 
 
(37
)
 
(40
)
Net receivables/payables
 
 
$
8

 
$
8

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2017
Businesses held for sale:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
431

 
$
1

 
$
6

Equity contracts
28,131

 
1,023

 
662

Foreign exchange contracts
244

 
—

 
24

Interest rate contracts
27,025

 
471

 
88

 
 
 
1,495

 
780

Counterparty netting(1)
 
 
(776
)
 
(776
)
Cash collateral netting(1)
 
 
(676
)
 
(4
)
Securities collateral netting(1)
 
 
(31
)
 
—

Net receivables/payables
 
 
$
12

 
$
—

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.


 
December 31, 2016
Continuing operations:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
3,051

 
$
30

 
$
16

Equity contracts
782

 
94

 
—

Foreign exchange contracts
692

 
58

 
34

Interest rate contracts
32,898

 
555

 
245

 
 
 
737

 
295

Counterparty netting(1)
 
 
(250
)
 
(250
)
Cash collateral netting(1)
 
 
(399
)
 
(6
)
Securities collateral netting(1)
 
 
(20
)
 
(14
)
Net receivables/payables
 
 
$
68

 
$
25


(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2016
Businesses held for sale:

 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
204

 
$
3

 
$
—

Equity contracts
21,545

 
378

 
49

Foreign exchange contracts
1,362

 
43

 
16

Interest rate contracts
35,444

 
530

 
108

 
 
 
954

 
173

Counterparty netting(1)
 
 
(161
)
 
(161
)
Cash collateral netting(1)
 
 
(685
)
 
(15
)
Securities collateral netting(1)
 
 
(52
)
 
—

Net receivables/payables
 
 
$
56

 
$
(3
)
(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance 
Net realized gains (losses) on derivatives from continuing operations were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
Interest rate contracts
$
1

 
$
1

 
$
1

Foreign exchange contracts
26

 
2

 
2

Fair value hedges:
 
 
 
 
 
Interest rate contracts
—

 
(3
)
 
(6
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
Interest rate contracts
1

 
35

 
(56
)
Foreign exchange contracts
(8
)
 
(4
)
 
6

Equity contracts
61

 
(11
)
 
(18
)
Credit contracts
17

 
12

 
3

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
Within fixed maturity investments(2)
(18
)
 
(19
)
 
(16
)
Within products(2)
(22
)
 
9

 
(46
)
Within reinsurance agreements(3)
(57
)
 
(25
)
 
125

Total
$
1

 
$
(3
)
 
$
(5
)

(1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2017, 2016 and 2015, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) Changes in value are included in Policyholder benefits in the Consolidated Statements of Operations.
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis 
The following table presents the Company’s hierarchy for its assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2017:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
1,921

 
$
601

 
$
—

 
$
2,522

U.S. Government agencies and authorities
—

 
275

 
—

 
275

State, municipalities and political subdivisions
—

 
1,913

 
—

 
1,913

U.S. corporate public securities
—

 
23,201

 
57

 
23,258

U.S. corporate private securities
—

 
4,706

 
1,127

 
5,833

Foreign corporate public securities and foreign governments(1)
—

 
5,705

 
11

 
5,716

Foreign corporate private securities(1)
—

 
4,992

 
169

 
5,161

Residential mortgage-backed securities
—

 
4,482

 
42

 
4,524

Commercial mortgage-backed securities
—

 
2,687

 
17

 
2,704

Other asset-backed securities
—

 
1,436

 
92

 
1,528

Total fixed maturities, including securities pledged
1,921

 
49,998

 
1,515

 
53,434

Equity securities, available-for-sale
278

 
—

 
102

 
380

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
173

 
—

 
173

Foreign exchange contracts
—

 
—

 
—

 
—

Equity contracts
—

 
44

 
154

 
198

Credit contracts
—

 
21

 
5

 
26

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
3,277

 
38

 
—

 
3,315

Assets held in separate accounts
72,535

 
5,059

 
11

 
77,605

Total assets
$
78,011

 
$
55,333

 
$
1,787

 
$
135,131

Percentage of Level to total
58
%
 
41
%
 
1
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
40

 
$
40

IUL
—

 
—

 
159

 
159

GMWBL/GMWB/GMAB
—

 
—

 
10

 
10

Stabilizer and MCGs
—

 
—

 
97

 
97

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
58

 
—

 
58

Foreign exchange contracts
—

 
62

 
—

 
62

Equity contracts
—

 
19

 
—

 
19

Credit contracts
—

 
10

 
—

 
10

Embedded derivative on reinsurance
—

 
129

 
—

 
129

Total liabilities
$
—

 
$
278

 
$
306

 
$
584

(1) Primarily U.S. dollar denominated.
The following table presents the Company’s hierarchy for its assets and liabilities related to businesses held for sale measured at fair value on a recurring basis as of December 31, 2017:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
993

 
$
8

 
$
—

 
$
1,001

U.S. Government agencies and authorities
—

 
32

 
—

 
32

State, municipalities and political subdivisions
—

 
587

 
—

 
587

U.S. corporate public securities
—

 
9,760

 
22

 
9,782

U.S. corporate private securities
—

 
2,524

 
503

 
3,027

Foreign corporate public securities and foreign governments(1)
—

 
2,825

 
—

 
2,825

Foreign corporate private securities(1)
—

 
2,500

 
83

 
2,583

Residential mortgage-backed securities
—

 
1,889

 
32

 
1,921

Commercial mortgage-backed securities
—

 
1,067

 
10

 
1,077

Other asset-backed securities
—

 
498

 
47

 
545

Total fixed maturities, including securities pledged
993

 
21,690

 
697

 
23,380

Equity securities, available-for-sale
12

 
—

 
11

 
23

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
470

 
—

 
470

Foreign exchange contracts
—

 
—

 
—

 
—

Equity contracts
19

 
918

 
106

 
1,043

Credit contracts
—

 
1

 
—

 
1

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
1,111

 
212

 
—

 
1,323

Assets held in separate accounts
28,894

 
—

 
—

 
28,894

Total assets
$
31,029

 
$
23,291

 
$
814

 
$
55,134

Percentage of Level to total
56
%
 
42
%
 
2
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
2,242

 
$
2,242

GMWBL/GMWB/GMAB
—

 
—

 
1,158

 
1,158

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
88

 
—

 
88

Foreign exchange contracts
—

 
24

 
—

 
24

Equity contracts
2

 
651

 
11

 
664

Credit contracts
—

 
6

 
—

 
6

Total liabilities
$
2

 
$
769

 
$
3,411

 
$
4,182




The following table presents the Company’s hierarchy for its assets and liabilities from continuing operations measured at fair value on a recurring basis as of December 31, 2016:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
1,944

 
$
611

 
$
—

 
$
2,555

U.S. Government agencies and authorities
—

 
268

 
—

 
268

State, municipalities and political subdivisions
—

 
1,631

 
—

 
1,631

U.S. corporate public securities
—

 
23,405

 
12

 
23,417

U.S. corporate private securities
—

 
4,224

 
913

 
5,137

Foreign corporate public securities and foreign governments(1)
—

 
5,373

 
12

 
5,385

Foreign corporate private securities(1)
—

 
4,803

 
305

 
5,108

Residential mortgage-backed securities
—

 
4,821

 
57

 
4,878

Commercial mortgage-backed securities
—

 
2,339

 
16

 
2,355

Other asset-backed securities
—

 
1,081

 
53

 
1,134

Total fixed maturities, including securities pledged
1,944

 
48,556

 
1,368

 
51,868

Equity securities, available-for-sale
164

 
—

 
94

 
258

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
554

 
—

 
554

Foreign exchange contracts
—

 
58

 
—

 
58

Equity contracts
—

 
18

 
77

 
95

Credit contracts
—

 
19

 
11

 
30

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
2,949

 
124

 
—

 
3,073

Assets held in separate accounts
61,397

 
4,783

 
5

 
66,185

Total assets
$
66,454

 
$
54,112

 
$
1,555

 
$
122,121

Percentage of Level to total
55
%
 
44
%
 
1
%
 
100
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
42

 
$
42

IUL
—

 
—

 
81

 
81

GMWBL/GMWB/GMAB
—

 
—

 
18

 
18

Stabilizer and MCGs
—

 
—

 
150

 
150

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
1

 
246

 
—

 
247

Foreign exchange contracts
—

 
34

 
—

 
34

Equity contracts
—

 
—

 
—

 
—

Credit contracts
—

 
—

 
16

 
16

Embedded derivative on reinsurance
—

 
79

 
—

 
79

Total liabilities
$
1

 
$
359

 
$
307

 
$
667

(1) Primarily U.S. dollar denominated.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation 
The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities from continuing operations and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2017
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
12

 
$
—

 
$
—

 
$
29

 
$
—

 
$
—

 
$
(2
)
 
$
18

 
$
—

 
$
57

 
$
—

U.S. corporate private securities
913

 
—

 
16

 
128

 
—

 
(5
)
 
(40
)
 
130

 
(15
)
 
1,127

 
—

Foreign corporate public securities and foreign governments(1)
12

 
—

 
(1
)
 
—

 
—

 
—

 
—

 
—

 
—

 
11

 
—

Foreign corporate private securities(1)
305

 
(14
)
 
(46
)
 
57

 
—

 
(1
)
 
(44
)
 
—

 
(88
)
 
169

 
(14
)
Residential mortgage-backed securities
57

 
(14
)
 
1

 
5

 
—

 
(8
)
 
(1
)
 
2

 
—

 
42

 
(14
)
Commercial mortgage-backed securities
16

 
—

 
—

 
17

 
—

 
—

 
—

 
—

 
(16
)
 
17

 
—

Other asset-backed securities
53

 
—

 
1

 
72

 
—

 
—

 
(3
)
 
—

 
(31
)
 
92

 
—

Total fixed maturities including securities pledged
1,368

 
(28
)
 
(29
)
 
308

 
—

 
(14
)
 
(90
)
 
150

 
(150
)
 
1,515

 
(28
)
 
Year Ended December 31, 2017 (continued)
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
94

 
$
—

 
$
2

 
$
8

 
$
—

 
$
(2
)
 
$
—

 
$
—

 
$
—

 
$
102

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(42
)
 
(2
)
 
—

 
—

 
(1
)
 
—

 
5

 
—

 
—

 
(40
)
 
—

IUL(2)
(81
)
 
(87
)
 
—

 
—

 
(35
)
 
—

 
44

 
—

 
—

 
(159
)
 
—

GMWBL/GMWB/GMAB(2)
(18
)
 
10

 
—

 
—

 
(2
)
 
—

 
—

 
—

 
—

 
(10
)
 
—

Stabilizer and MCGs(2)
(150
)
 
57

 
—

 
—

 
(4
)
 
—

 
—

 
—

 
—

 
(97
)
 
—

Other derivatives, net
72

 
78

 
—

 
31

 
—

 
—

 
(22
)
 
—

 
—

 
159

 
87

Assets held in separate accounts(5)
5

 
—

 
—

 
18

 
—

 
(3
)
 
—

 
2

 
(11
)
 
11

 
—

(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities related to businesses held for sale and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2017
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
10

 
$
—

 
$
1

 
$
15

 
$
—

 
$
(10
)
 
$
—

 
$
6

 
$
—

 
$
22

 
$
—

U.S. corporate private securities
406

 
—

 
9

 
71

 
—

 
(1
)
 
(16
)
 
44

 
(10
)
 
503

 
—

Foreign corporate private securities(1)
136

 
(10
)
 
(21
)
 
13

 
—

 
—

 
(14
)
 
—

 
(21
)
 
83

 
(10
)
Residential mortgage-backed securities
15

 
(3
)
 
(1
)
 
22

 
—

 
—

 
(1
)
 
—

 
—

 
32

 
(3
)
Commercial mortgage-backed securities
8

 
—

 
—

 
10

 
—

 
—

 
—

 
—

 
(8
)
 
10

 
—

Other asset-backed securities
31

 
—

 
—

 
38

 
—

 
—

 
(2
)
 
1

 
(21
)
 
47

 
—

Total fixed maturities including securities pledged
606

 
(13
)
 
(12
)
 
169

 
—

 
(11
)
 
(33
)
 
51

 
(60
)
 
697

 
(13
)
 
Year Ended December 31, 2017 (continued)
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
5

 
$
—

 
$
1

 
$
5

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
11

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(1,987
)
 
(297
)
 
—

 
—

 
(153
)
 
—

 
195

 
—

 
—

 
(2,242
)
 
—

GMWBL/GMWB/GMAB(2)
(1,512
)
 
500

 
—

 
—

 
(146
)
 
—

 
—

 
—

 
—

 
(1,158
)
 
—

Other derivatives, net
34

 
133

 
—

 
41

 
—

 
—

 
(117
)
 
4

 
—

 
95

 
57

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
5

 
—

 
—

 
—

 
—

 
(5
)
 
—

 
—

 
—

 
—

 
—

(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Income (loss) from discontinued operations, net of tax in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.















The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities from continuing operations and transfers in and out of Level 3 for the period indicated:
 
Year Ended December 31, 2016
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate public securities
$
6

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(1
)
 
$
(2
)
 
$
9

 
$
—

 
$
12

 
$
—

U.S. corporate private securities
720

 
—

 
4

 
302

 
—

 
(23
)
 
(135
)
 
63

 
(18
)
 
913

 
—

Foreign corporate public securities and foreign governments(1)
12

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
12

 
—

Foreign corporate private securities(1)
294

 
(2
)
 
12

 
—

 
—

 
—

 
(52
)
 
61

 
(8
)
 
305

 
(2
)
Residential mortgage-backed securities
76

 
(5
)
 
(1
)
 
—

 
—

 
(12
)
 
(1
)
 
—

 
—

 
57

 
(12
)
Commercial mortgage-backed securities
19

 
(1
)
 
1

 
4

 
—

 
—

 
(7
)
 
1

 
(1
)
 
16

 
(1
)
Other asset-backed securities
33

 
—

 
1

 
31

 
—

 
—

 
(3
)
 
1

 
(10
)
 
53

 
—

Total fixed maturities including securities pledged
1,160

 
(8
)
 
17

 
337

 
—

 
(36
)
 
(200
)
 
135

 
(37
)
 
1,368

 
(15
)
 
Year Ended December 31, 2016 (continued)
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of December 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
92

 
$
—

 
$
2

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
94

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(41
)
 
(3
)
 
—

 
—

 
(1
)
 
—

 
3

 
—

 
—

 
(42
)
 
—

IUL(2)
(53
)
 
(12
)
 
—

 
—

 
(29
)
 
—

 
13

 
—

 
—

 
(81
)
 
—

GMWBL/GMWB/GMAB(2)
(24
)
 
9

 
—

 
—

 
(3
)
 
—

 
—

 
—

 
—

 
(18
)
 
—

Stabilizer and MCGs(2)
(161
)
 
15

 
—

 
—

 
(4
)
 
—

 
—

 
—

 
—

 
(150
)
 
—

Other derivatives, net
47

 
9

 
—

 
26

 
—

 
—

 
(10
)
 
—

 
—

 
72

 
25

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Assets held in separate accounts(5)
4

 
—

 
—

 
3

 
—

 
—

 
—

 
2

 
(4
)
 
5

 
—


(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Consolidated Statements of Operations.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31 amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
Fair Value Inputs, Liabilities, Quantitative Information 
The following table presents the unobservable inputs for Level 3 fair value measurements for continuing operations and businesses held for sale as of December 31, 2017:
 
 
Range(1)
Unobservable Input
 
GMWBL/GMWB/GMAB
 
FIA
 
IUL
 
Stabilizer/MCGs
 
Long-term equity implied volatility
 
15% to 25%

 
—

 
—

 
—

 
Interest rate implied volatility
 
0.1% to 16%

 
—

 
—

 
0.1% to 6.3%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
-13% to 99%

 
—

 
—

 
—

 
Equity and Fixed Income Funds
 
-38% to 62%

 
—

 
—

 
—

 
Interest Rates and Equity Funds
 
-32% to 26%

 
—

 
—

 
—

 
Nonperformance risk
 
0.02% to 1.1%

 
0.02% to 1.1%

 
0.02% to 0.54%

 
0.02% to 1.1%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
70% to 100%

(2)
—

 
—

 
—

 
Partial Withdrawals
 
0% to 3.4%

(2)
0.5% to 7%

 
—

 
—

 
Lapses
 
0.1% to 15.3%

(3)(4)
0% to 56%

(3)
2% to 10%

 
0 % to 50%

(5)
Policyholder Deposits(6)
 
—

 
—

 
—

 
0 % to 50%

(5)
Mortality
 
—

(7)
—

(7)
—

(8)
—

 
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) 
Those GMWBL policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, approximately 45% are taking systematic withdrawals. The Company assumes that at least 70% of all policies will begin systematic withdrawals either immediately or after a delay period, with 100% utilizing by age 95. The utilization function varies by policyholder age, policy duration and tax status. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWBL and GMWB tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWBL and GMWB benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWBL or GMWB benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2017. Due to the benefit utilization assumption for GMWBL/GMWB, the partial withdrawal assumption only applies to GMAB.
 
 
Account Values ($ in billions)
 
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)**
 
< 60
 
$
1.5

 
$
0.2


$
1.7

 
9.0
 
60-69
 
5.0

 
0.6


5.6

 
3.7
 
70+
 
6.0

 
0.7


6.7

 
2.4
 
 
 
$
12.5

 
$
1.5


$
14.0

 
4.4
 

** For population expected to withdraw in future. Excludes policies taking systematic withdrawals and policies the Company assumes will never withdraw until age 95.
(3)
Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period.
(4)
The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2017. Lapse ranges are based on weighted average ranges of underlying account value exposure.
 
 
 
GMWBL/GMWB/GMAB
 
Moneyness
 
Account Value ($ in billions)
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
In the Money**
 
$
0.2

 
0.1% to 4.8%
 
Out of the Money
 
0.1

 
0.6% to 5.2%
Shock Lapse Period
 
 
 
 
 
 
In the Money**
 
$
1.5

 
1.7% to 13.9%
 
Out of the Money
 
0.2

 
13.9% to 15.3%
After Surrender Charge Period
 
 
 
 
 
 
In the Money**
 
$
10.7

 
0.9% to 6.4%
 
Out of the Money
 
1.7

 
6.4% to 7.1%
** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."
(5)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
92
%
 
0-25%
 
0-15%
 
0-30%
 
0-15%
Stabilizer with Recordkeeping Agreements
8
%
 
0-50%
 
0-30%
 
0-50%
 
0-25%
Aggregate of all plans
100
%
 
0-50%
 
0-30%
 
0-50%
 
0-25%

(6) 
Measured as a percentage of assets under management or assets under administration.
(7) 
The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements.
(8) The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements.

The following table presents the unobservable inputs for Level 3 fair value measurements for continuing operations and businesses held for sale as of December 31, 2016:
 
 
Range(1)
 
Unobservable Input
 
GMWBL/GMWB/GMAB
 
FIA
 
IUL
 
Stabilizer/MCGs
 
Long-term equity implied volatility
 
15% to 25%

 
—

 
—

 
—

 
Interest rate implied volatility
 
0.1% to 18%

 
—

 
—

 
0.1% to 7.5%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
-13% to 99%

 
—

 
—

 
—

 
Equity and Fixed Income Funds
 
-38% to 62%

 
—

 
—

 
—

 
Interest Rates and Equity Funds
 
-32% to 26%

 
—

 
—

 
—

 
Nonperformance risk
 
0.25% to 1.6%

 
0.25% to 1.6%

 
0.25% to 0.69%

 
0.25% to 1.6%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 3.4%

(2) 
0% to 10%

 
—

 
—

 
Lapses
 
0.12% to 12.4%

(3) (4) 
0% to 60%

(3) 
2% to 10%

 
0 % to 50%

(5) 
Policyholder Deposits(6)
 
—

 
—

 
—

 
0 % to 50%

(5) 
Mortality
 
—

(7) 
—

(7) 
—

(8) 
—

 
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) Those GMWBL policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of policies, approximately 40% are taking systematic withdrawals. The Company assumes that at least 85% of all policies will begin systematic withdrawals either immediately or after a delay period,with 100% utilizing by age 100. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWBL and GMWB tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWBL and GMWB benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWBL or GMWB benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2016. Due to the benefit utilization assumption for GMWBL/GMWB, the partial withdrawal assumption only applies to GMAB.
 
 
Account Values ($ in billions)
 
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)**
 
< 60
 
$
1.9

 
$
—


$
1.9

 
9.9
 
60-69
 
5.7

 
0.1


5.8

 
4.9
 
70+
 
5.8

 
0.1


5.9

 
3.0
 
 
 
$
13.4

 
$
0.2


$
13.6

 
5.5
 

** For population expected to withdraw in future. Excludes policies taking systematic withdrawals and 15% of policies the Company assumes will never withdraw until age 100.

(3)
Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period.
(4) 
The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period or at the shock lapse period and to whether they are "in the money" or "out of the money" as of December 31, 2016. Lapse ranges are based on weighted average ranges of underlying account value exposure.
 
 
 
GMWBL/GMWB/GMAB
 
Moneyness
 
Account Value ($ in billions)
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
In the Money**
 
$
2.0

 
0.1% to 4.6%
 
Out of the Money
 
—

 
0.6% to 4.8%
Shock Lapse Period
 
 
 
 
 
 
In the Money**
 
2.8

 
2.4% to 11.8%
 
Out of the Money
 
—

 
11.8% to 12.4%
After Surrender Charge Period
 
 
 
 
 
 
In the Money**
 
$
8.7

 
1.4% to 6.8%
 
Out of the Money
 
0.6

 
6.8% to 7.1%
** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."
(5)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
93
%
 
0-25%
 
0-15%
 
0-30%
 
0-15%
Stabilizer with Recordkeeping Agreements
7
%
 
0-50%
 
0-30%
 
0-50%
 
0-25%
Aggregate of all plans
100
%
 
0-50%
 
0-30%
 
0-50%
 
0-25%

(6) 
Measured as a percentage of assets under management or assets under administration.
(7) The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements.
(8) 
The mortality rate, along with the associated cost of insurance charges, are based on the 2001 Commissioner's Standard Ordinary table with mortality improvements.
Fair Value, by Balance Sheet Grouping 
he carrying values and estimated fair values of the Company’s financial instruments from continuing operations as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
53,434

 
$
53,434

 
$
51,868

 
$
51,868

Equity securities, available-for-sale
380

 
380

 
258

 
258

Mortgage loans on real estate
8,686

 
8,748

 
8,003

 
8,185

Policy loans
1,888

 
1,888

 
1,943

 
1,943

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
3,315

 
3,315

 
3,073

 
3,073

Derivatives
397

 
397

 
737

 
737

Notes receivable(1)
350

 
445

 
350

 
432

Other investments
47

 
55

 
47

 
57

Assets held in separate accounts
77,605

 
77,605

 
66,185

 
66,185

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(2)
33,986

 
38,553

 
33,871

 
38,368

Funding agreements with fixed maturities and guaranteed investment contracts
501

 
501

 
473

 
470

Supplementary contracts, immediate annuities and other
1,275

 
1,285

 
1,330

 
1,337

Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
40

 
40

 
42

 
42

IUL
159

 
159

 
81

 
81

GMWBL/GMWB/GMAB
10

 
10

 
18

 
18

Stabilizer and MCGs
97

 
97

 
150

 
150

Other derivatives
149

 
149

 
297

 
297

Short-term debt
337

 
337

 
—

 
—

Long-term debt
3,123

 
3,478

 
3,550

 
3,738

Embedded derivative on reinsurance
129

 
129

 
79

 
79

(1) Included in Other assets on the Consolidated Balance Sheets.
(2) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.


Deferred Policy Acquisition Costs and Value of Business Acquired (Tables)
Deferred Policy Acquisition Costs and Value of Business Acquired 
The following table presents a rollforward of DAC and VOBA for the periods indicated:
 
DAC
 
VOBA
 
Total
Balance at January 1, 2015
$
3,013

 
$
665

 
$
3,678

Deferrals of commissions and expenses
260

 
10

 
270

Amortization:
 
 
 
 
 
Amortization, excluding unlocking
(443
)
 
(163
)
 
(606
)
Unlocking(1)
(39
)
 
(6
)
 
(45
)
Interest accrued
192

 
82

(2) 
274

Net amortization included in Consolidated Statements of Operations
(290
)
 
(87
)
 
(377
)
Change in unrealized capital gains/losses on available-for-sale securities
441

 
409

 
850

Balance at December 31, 2015
3,424

 
997

 
4,421

Deferrals of commissions and expenses
255

 
9

 
264

Amortization:
 
 
 
 
 
Amortization, excluding unlocking
(384
)
 
(144
)
 
(528
)
Unlocking(1)
(78
)
 
(78
)
 
(156
)
Interest accrued
193

 
76

(2) 
269

Net amortization included in Consolidated Statements of Operations
(269
)
 
(146
)
 
(415
)
Change in unrealized capital gains/losses on available-for-sale securities
(224
)
 
(49
)
 
(273
)
Balance as of December 31, 2016
3,186

 
811

 
3,997

Deferrals of commissions and expenses
234

 
8

 
242

Amortization:
 
 
 
 
 
Amortization, excluding unlocking
(418
)
 
(152
)
 
(570
)
Unlocking(1)
(123
)
 
(89
)
 
(212
)
Interest accrued
188

 
65

(2) 
253

Net amortization included in Consolidated Statements of Operations
(353
)
 
(176
)
 
(529
)
Change in unrealized capital gains/losses on available-for-sale securities
(249
)
 
(87
)
 
(336
)
Balance as of December 31, 2017
$
2,818

 
$
556

 
$
3,374

(1) 
There was no loss recognition for DAC and VOBA during 2017 and 2015.There was loss recognition of DAC and VOBA of $3 and $4, respectively during 2016. Additionally, the 2017 amounts include unfavorable unlocking for DAC and VOBA of $80 and $140, respectively, associated with consent acceptances received from customers and expected future acceptances of customer consents to changes related to guaranteed minimum interest rate provisions of certain retirement plan contracts with fixed investment options.
(2) 
Interest accrued at the following rates for VOBA: 4.0% to 7.4% during 2017, 4.1% to 7.5% during 2016 and 4.2% to 7.5% during 2015.
Estimated Amount of VOBA Amortization Expense 
The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results.
Year
 
Amount
2018
 
$
67

2019
 
53

2020
 
48

2021
 
44

2022
 
40

Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables)
Schedule of future policy benefits and contract owner account balances
Future policy benefits and contract owner account balances were as follows as of December 31, 2017 and 2016:
 
2017
 
2016
Future policy benefits:
 
 
 
Individual and group life insurance contracts
$
8,857

 
$
8,294

Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies
5,941

 
5,443

Accident and health
849

 
838

Total
$
15,647

 
$
14,575

 
 
 
 
Contract owner account balances:
 
 
 
Universal life-type contracts
14,561

 
14,626

Fixed annuities and payout contracts without life contingencies
34,949

 
35,014

GICs and other
$
648

 
$
633

Total
$
50,158

 
$
50,273

Guaranteed Benefit Features (Tables)
Schedule of Assumptions and Methodology Used to Determine Additional Reserves 
The following assumptions and methodologies were used to determine the guaranteed reserves for CBVA contracts for continuing operations and businesses held for sale as of December 31, 2017 and 2016:
Area
 
Assumptions/Basis for Assumptions
Data used
 
Based on 1,000 investment performance scenarios.
 
 
 
Mean investment performance
 
GMDB: The overall blended mean is 7.8% based on a single fund group.
GMIB: The overall blended mean is 8.1% based on a single fund group.

 
GMWBL/GMWB/GMAB: Zero rate curve.
 
 
 
Volatility
 
GMDB: 13.0% for 2017 and 14.2% for 2016.
 
 
GMIB: 14.3% for 2017 and 14.2% for 2016.
 
 
GMWBL/GMWB/GMAB: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter.
 
 
 
Mortality
 
Depending on the type of benefit and gender, the Company uses the 2012 Individual Annuity Mortality Basic table with mortality improvement, further adjusted for company experience.
 
 
 
Lapse rates
 
Vary by benefit type, share class, time remaining in the surrender charge period and in-the-moneyness.
 
 
 
Discount rates
 
GMDB/GMIB: 5.5% for 2017 and 2016.
 
 
GMWBL/GMWB/GMAB: Zero rate curve plus adjustment for nonperformance risk.
Schedule of Minimum Guaranteed Benefit Liabilities 
The paid and incurred amounts were as follows for the years ended December 31, 2017, 2016 and 2015:
 
Continuing Operations
 
Businesses Held for Sale
 
UL and VUL(1)
 
Stabilizer
and
MCGs(2)
 
Other(3)
 
GMDB(4)
 
GMWBL/GMWB/GMAB
 
GMIB
Separate account liability at December 31, 2017
$
519

 
37,219

 
$
2,308

 
$
28,701

 
$
14,112

 
$
7,247

Separate account liability at December 31, 2016
$
488

 
$
37,577

 
$
2,291

 
$
30,839

 
$
13,845

 
$
9,806

Additional liability balance:
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2015
$
1,095

 
$
103

 
$
54

 
$
374

 
1,508

 
$
1,136

Incurred guaranteed benefits
554

 
58

 
19

 
231

 
342

 
440

Paid guaranteed benefits
(452
)
 
—

 
(3
)
 
(89
)
 
(1
)
 
(162
)
Balance at December 31, 2015
1,197

 
161

 
70

 
516

 
1,849

 
1,414

Incurred guaranteed benefits
614

 
(11
)
 
5

 
128

 
(336
)
 
449

Paid guaranteed benefits
(496
)
 
—

 
(2
)
 
(136
)
 
(1
)
 
(518
)
Balance at December 31, 2016
1,315

 
150

 
73

 
508

 
1,512

 
1,345

Incurred guaranteed benefits
101

 
(53
)
 
(28
)
 
(15
)
 
(354
)
 
(629
)
Paid guaranteed benefits
(235
)
 
—

 
(1
)
 
(107
)
 
—

 
(83
)
Balance at December 31, 2017
$
1,181

 
$
97

 
$
44

 
$
386

 
$
1,158

 
$
633

(1) The additional liability balances as of December 31, 2017, 2016, 2015 and as of January 1, 2015 are presented net of reinsurance of $1,304, $1,006, $935 and $874, respectively.
(2) The Separate account liability at December 31, 2017 and 2016 includes $30.0 billion of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets.
(3) Includes GMDB/GMWBL/GMWB/GMAB/GMIB related to the Retained Business.
Schedule of Net Amount of Risk by Product and Guarantee 
The general and separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for UL and VUL contracts within the continuing operations were as follows as of December 31, 2017 and 2016:
 
December 31, 2017
 
December 31, 2016
 
Secondary
Guarantees
 
Paid-up
Guarantees
 
Secondary
Guarantees
 
Paid-up
Guarantees
UL and VUL Contracts:
 
 
 
 
 
 
 
Account value (general and separate account)
$
3,234

 
$
—

 
$
3,262

 
$
—

Net amount at risk, net of reinsurance
$
16,485

 
$
—

 
$
16,372

 
$
—

Weighted average attained age
64

 
—

 
63

 
—


The separate account values, net amount at risk, net of reinsurance and the weighted average attained age of contract owners by type of minimum guaranteed benefit for retail variable annuity contracts classified as continuing operations and businesses held for sale were as follows as of December 31, 2017 and 2016:
 
December 31, 2017
 
In the Event of Death
 
 
At Annuitization, Maturity, or Withdrawal
 
GMDB
 
 
GMAB/GMWB
 
GMIB
 
GMWBL
Annuity Contracts:
 
 
 
 
 
 
 
 
Minimum Return or Contract Value
 
 
 
 
 
 
 
 
Continuing operations:
 
 
 
 
 
 
 
 
Separate account value
$
1,706

 
 
$
26

 
$
290

 
$
286

Net amount at risk, net of reinsurance
$
48

 
 
$
1

 
$
37

 
$
3

Weighted average attained age
68

 
 
71

 
62

 
71

Businesses held for sale:
 
 
 
 
 
 
 
 
Separate account value
$
28,701

 
 
$
525

 
$
7,247

 
$
13,587

Net amount at risk, net of reinsurance
$
3,929

 
 
$
11

 
$
1,656

 
$
1,573

Weighted average attained age
71

 
 
74

 
64

 
69


 
December 31, 2016
 
In the Event of Death
 
 
At Annuitization, Maturity, or Withdrawal
 
GMDB
 
 
GMAB/GMWB
 
GMIB
 
GMWBL
Annuity Contracts:
 
 
 
 
 
 
 
 
Minimum Return or Contract Value
 
 
 
 
 
 
 
 
Continuing operations:
 
 
 
 
 
 
 
 
Separate account value
$
1,674

 
 
$
30

 
$
304

 
$
283

Net amount at risk, net of reinsurance
$
59

 
 
$
1

 
$
60

 
$
9

Weighted average attained age
68

 
 
68

 
62

 
70

Businesses held for sale:
 
 
 
 
 
 
 
 
Separate account value
$
30,839

 
 
$
534

 
$
9,807

 
$
13,311

Net amount at risk, net of reinsurance
$
5,504

 
 
$
14

 
$
2,886

 
$
2,201

Weighted average attained age
71

 
 
73

 
63

 
68

Schedule of Fair Value of Separate Accounts by Major Category of Investment 
Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2017 and 2016:
 
Continuing Operations
 
Businesses Held for Sale
 
December 31, 2017
 
December 31, 2016
 
December 31, 2017
 
December 31, 2016
Equity securities (including mutual funds):
 
 
 
 
 
 
 
Equity funds
$
2,262

 
$
2,127

 
$
21,124

 
$
22,368

Bond funds
243

 
259

 
3,109

 
3,540

Balanced funds
403

 
400

 
4,045

 
4,385

Money market funds
60

 
70

 
350

 
464

Other
15

 
15

 
73

 
83

Total
$
2,983

 
$
2,871

 
$
28,701

 
$
30,840


Reinsurance (Tables)
Effects of Reinsurance
Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated:
 
December 31, 2017
 
Direct
 
Assumed
 
Ceded
 
Total,
Net of
Reinsurance
Assets
 
 
 
 
 
 
 
Premiums receivable
$
110

 
$
405

 
$
(449
)
 
$
66

Reinsurance recoverable
—

 
—

 
7,566

 
7,566

Total
$
110

 
$
405

 
$
7,117

 
$
7,632

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Future policy benefits and contract owner account balances
$
62,005

 
$
3,800

 
$
(7,566
)
 
$
58,239

Liability for funds withheld under reinsurance agreements
791

 
—

 
—

 
791

Total
$
62,796

 
$
3,800

 
$
(7,566
)
 
$
59,030

 
 
 
 
 
 
 
 
 
December 31, 2016
 
Direct
 
Assumed
 
Ceded
 
Total,
Net of
Reinsurance
Assets
 
 
 
 
 
 
 
Premiums receivable
$
105

 
$
358

 
$
(404
)
 
$
59

Reinsurance recoverable
—

 
—

 
7,228

 
7,228

Total
$
105

 
$
358

 
$
6,824

 
$
7,287

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Future policy benefits and contract owner account balances
$
61,566

 
$
3,282

 
$
(7,228
)
 
$
57,620

Liability for funds withheld under reinsurance agreements
729

 
—

 
—

 
729

Total
$
62,295

 
$
3,282

 
$
(7,228
)
 
$
58,349


Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the periods indicated:
 
Year ended December 31,
 
2017
 
2016
 
2015
Premiums:
 
 
 
 
 
Direct premiums
$
2,606

 
$
3,284

 
$
2,975

Reinsurance assumed
1,192

 
1,222

 
1,191

Reinsurance ceded
(1,677
)
 
(1,711
)
 
(1,612
)
Net premiums
$
2,121

 
$
2,795

 
$
2,554

 
 
 
 
 
 
Fee income:
 
 
 
 
 
Gross fee income
$
2,628

 
$
2,472

 
$
2,471

Reinsurance ceded
(1
)
 
(1
)
 
(1
)
Net fee income
$
2,627

 
$
2,471

 
$
2,470

 
 
 
 
 
 
Interest credited and other benefits to contract owners / policyholders:
 
 
 
 
 
Direct interest credited and other benefits to contract owners / policyholders
$
5,124

 
$
5,859

 
$
5,399

Reinsurance assumed
1,929

 
1,213

 
1,068

Reinsurance ceded(1)
(2,417
)
 
(1,758
)
 
(1,769
)
Net interest credited and other benefits to contract owners / policyholders
$
4,636

 
$
5,314

 
$
4,698


(1) Includes $491, $482 and $453 for amounts paid to reinsurers in connection with the Company's UL contracts for the years ended December 31, 2017, 2016 and 2015, respectively.
Goodwill and Other Intangible Assets (Tables)
Schedule of other intangible assets 
The following table presents other intangible assets as of the dates indicated:
 
Weighted
Average
Amortization
Lives
 
December 31, 2017
 
December 31, 2016
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
Management contract rights
20 years
 
$
550

 
$
477

 
$
73

 
$
550

 
$
449

 
$
101

Customer relationship lists
20 years
 
116

 
76

 
40

 
116

 
68

 
48

Computer software
3 years
 
382

 
340

 
42

 
356

 
317

 
39

Total intangible assets
 
 
$
1,048

 
$
893

 
$
155

 
$
1,022

 
$
834

 
$
188

Schedule of estimated amortization expense of intangible assets 
The estimated amortization of intangible assets are as follows:
Year
 
Amount
2018
 
$
55

2019
 
46

2020
 
30

2021
 
9

2022
 
6

Thereafter
 
9

Share-Based Incentive Compensation Plans (Tables)
Schedule of valuation assumptions 
The fair value of stock options was estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted during 2015:
Expected volatility
 
28.6
%
Expected term (in years)
 
6.02

Strike price
$
37.60

Risk-free interest rate
 
2.1
%
Expected dividend yield
 
0.11
%
Weighted average estimated fair value
$
11.89

Schedule of compensation cost recognized and related income tax benefit for stock based compensation plans 
The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans, Director Plan, Phantom Plan and ING Group share-based compensation plans for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
RSUs
$
57

 
$
62

 
$
54

PSU awards
44

 
32

 
37

Stock options
16

 
14

 
1

Other (1)
1

 
2

 
15

Total
118

 
110

 
107

Income tax benefit
39

 
38

 
37

Share-based compensation
$
79

 
$
72

 
$
70

(1) Includes compensation cost for legacy plans, under which no new awards are being issued.


Schedule of summary of the fair value of awards vested 
The following tables summarize the number of awards under the Omnibus Plans for the periods indicated:
 
RSU Awards
 
PSU Awards
(awards in millions) 
Number of Awards
 
Weighted Average Grant Date Fair Value
 
Number of Awards(1)
 
Weighted Average Grant Date Fair Value
Outstanding at January 1, 2017
3.3

 
$
35.02

 
1.5

 
$
28.88

Adjusted for PSU performance factor
N/A

 
N/A

 
—

*
31.45

Granted
1.4

 
42.30

 
1.2

 
42.32

Vested
(1.6
)
 
34.86

 
(0.4
)
 
31.34

Forfeited
(0.1
)
 
36.86

 
(0.1
)
 
34.00

Outstanding at December 31, 2017
3.0

 
$
38.42

 
2.2

 
$
35.53

 
 
 
 
 
 
 
 
Awards expected to vest as of December 31, 2017
3.0

 
$
38.42

 
2.2

 
$
35.53

* Less than 0.1.
(1)Based upon performance through December 31, 2017, recipients of performance awards would be entitled to between 125.0% and 131.0% of shares at the vesting date depending on the year of grant. The performance awards are included in the preceding table as if the participants earn shares equal to 100% of the units granted.
 
Stock Options
(awards in millions) 
Number of Awards
 
Weighted Average Exercise Price
Outstanding as of January 1, 2017
3.3

 
$
37.60

Granted
—

 
—

Exercised
—

 
—

Forfeited
(0.3
)
 
37.60

Outstanding as of December 31, 2017
3.0

 
$
37.60

Vested, not exercisable, as of December 31, 2017
3.0

 
$
37.60

Vested, exercisable, as of December 31, 2017
—

 
—


 
RSUs
 
PSU Awards
 
Stock Options
Unrecognized compensation cost
$
34

 
$
35

 
$
5

Expected remaining weighted-average period of expense recognition (in years)
1.5

 
1.8

 
0.5



Shareholder's Equity (Tables)
Schedule of Common Stock Outstanding Roll Forward
The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:
 
Common Shares
 
(shares in millions) 
Issued
 
Held in Treasury
 
Outstanding
 
Balance, January 1, 2015
263.7

 
21.8

 
241.9

 
Common Shares issued
—

 
—

 
—

 
Common Shares acquired - share repurchase
—

 
34.3

 
(34.3
)
 
Share-based compensation programs
1.6

 
0.1

 
1.5

 
Balance, December 31, 2015
265.3

 
56.2

 
209.1

 
Common Shares issued
—

*
—

 
—

*
Common Shares acquired - share repurchase
—

 
17.0

 
(17.0
)
 
Share-based compensation programs
2.7

 
0.2

 
2.5

 
Balance, December 31, 2016
268.0

 
73.4

 
194.6

 
Common Shares issued
—

*
—

 
—

*
Common Shares acquired - share repurchase
—

 
24.4

 
(24.4
)
 
Share-based compensation programs
2.0

 
0.2

 
1.8

 
Balance, December 31, 2017
270.0

 
98.0

 
172.0

 

* Less than 0.1.

Earnings per Common Share Earnings per Common Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted
The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:
(in millions, except for per share data) 
Year Ended December 31,
Earnings
2017
 
2016
 
2015
Net income (loss) available to common shareholders
 
 
 
 
 
Income (loss) from continuing operations
$
(212
)
 
$
39

 
$
392

Less: Net income (loss) attributable to noncontrolling interest
200

 
29

 
130

Income (loss) from continuing operations available to common shareholders
(412
)
 
10

 
262

Income (loss) from discontinued operations, net of tax
(2,580
)
 
(337
)
 
146

Net income (loss) available to common shareholders
$
(2,992
)
 
$
(327
)
 
$
408

 
 
 
 
 
 
Weighted-average common shares outstanding
 
 
 
 
 
Basic
184.1

 
200.8

 
225.4

Dilutive Effects: (1)(2)
 
 
 
 
 
RSUs
—

 
1.7

 
1.8

PSU awards
—

 
0.2

 
0.2

Stock Options(3)
—

 
—

 
—

Diluted
184.1

 
202.7

 
227.4

 
 
 
 
 
 
Basic
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
(2.24
)
 
$
0.05

 
$
1.16

Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(14.01
)
 
$
(1.68
)
 
$
0.65

Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(16.25
)
 
$
(1.63
)
 
$
1.81

Diluted
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
(2.24
)
 
$
0.05

 
$
1.15

Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(14.01
)
 
$
(1.66
)
 
$
0.65

Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(16.25
)
 
$
(1.61
)
 
$
1.80

(1) For the years ended December 31, 2017, 2016 and 2015, weighted average shares used for calculating earnings per share excludes the dilutive impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to "out of the moneyness" in the periods presented. For the year ended December 31, 2017, weighted average shares used for calculating earnings per share excludes the dilutive impact of the forward contract related to the share repurchase agreement entered into on December 26, 2017, as the inclusion of this instrument would be antidilutive to the earnings per share calculation. For more information on warrants and the share repurchase agreement, see the Shareholders' Equity Note to these Consolidated Financial Statements.
(2) For the year ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 1.9 and 0.8 shares for stock compensation plans of RSU and PSU awards, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations during the period.
(3) For the year ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share excludes the dilutive impact of stock options, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to the average share price for the periods presented. For more information on stock options, see the Share-based Incentive Compensation Plans Note to these Consolidated Financial Statements.

Insurance Subsidiaries (Tables)
Schedule of statutory net income (loss) 
Statutory Net income (loss) for the years ended December 31, 2017, 2016 and 2015 and statutory capital and surplus as of December 31, 2017 and 2016 of the Company's Principal Insurance Subsidiaries are as follows:
 
Statutory Net Income (Loss)
 
Statutory Capital and Surplus
 
2017
 
2016
 
2015
 
2017
 
2016
Subsidiary Name (State of Domicile):
 
 
 
 
 
 
 
 
 
Voya Insurance and Annuity Company ("VIAC") (IA)
$
514

 
$
232

 
$
553

 
$
1,835

 
$
1,906

Voya Retirement Insurance and Annuity Company ("VRIAC") (CT)
195

 
266

 
318

 
1,793

 
1,959

Security Life of Denver Insurance Company (CO)
58

 
93

 
(245
)
 
950

 
897

ReliaStar Life Insurance Company ("RLI") (MN)
234

 
(507
)
 
74

 
1,483

 
1,662



Schedule of dividends permitted 
The following table summarizes dividends permitted to be paid by the Company's Principal Insurance Subsidiaries to Voya Financial, Inc. or Voya Holdings without the need for insurance regulatory approval for the periods presented:
 
Dividends Permitted without Approval
 
2018
 
2017
 
2016
Subsidiary Name (State of domicile):
 
 
 
 
 
Voya Insurance and Annuity Company (IA)(1)
$
208

 
$
279

 
$
448

Voya Retirement Insurance and Annuity Company (CT)
158

 
266

 
364

Security Life of Denver Insurance Company (CO)
53

 
74

 
55

ReliaStar Life Insurance Company (MN)
—

 
—

 
—

Schedule of Surplus Notes [Table Text Block] 
As of December 31, 2017, VIAC had the following surplus notes ("the Surplus Notes") outstanding to its insurance company affiliates.
 
Maturity
 
2017
 
2016
7.979% Security Life of Denver Insurance Company, due 2029 (1)
12/07/2029
 
$
35

 
$
35

6.257% Security Life of Denver International Limited, due 2034 (1)
12/29/2034
 
50

 
50

6.257% ReliaStar Life Insurance Company, due 2034
12/29/2034
 
175

 
175

6.257% Voya Retirement Insurance and Annuity Company, due 2034
12/29/2034
 
175

 
175

Schedule of dividends paid and return of capital distributions 
The following table summarizes dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated:
 
Dividends Paid
 
Extraordinary Distributions Paid
 
Year Ended December 31,
 
Year Ended December 31,
 
2017
 
2016
 
2017
 
2016
Subsidiary Name (State of domicile):
 
 
 
 
 
 
 
Voya Insurance and Annuity Company (IA)
$
278

 
$
373

 
$
250

 
$
—

Voya Retirement Insurance and Annuity Company (CT)
265

 
278

 
—

 
—

Security Life of Denver Insurance Company (CO)
73

 
54

 
—

 
—

ReliaStar Life Insurance Company (MN)
—

 
—

 
231

 
100

Employee Benefit Arrangements (Tables)
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan 
The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company's defined benefit pension and postretirement healthcare benefit plans for the years ended December 31, 2017 and 2016:
 
Pension Plans
 
Other
Postretirement Benefits
 
2017
 
2016
 
2017
 
2016
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligations, January 1
$
2,116

 
$
2,054

 
$
21

 
$
28

Service cost
24

 
25

 
—

 
—

Interest cost
93

 
96

 
1

 
1

Net actuarial (gains) losses
156

 
33

 
1

 
(2
)
Benefits paid
(98
)
 
(92
)
 
(3
)
 
(3
)
(Gain) loss recognized due to curtailment
3

 
—

 
—

 
—

Plan amendments
—

 
—

 
—

 
(3
)
Benefit obligations, December 31
2,294

 
2,116

 
20

 
21

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan net assets, January 1
1,463

 
1,395

 
—

 
—

Actual return on plan assets
257

 
80

 
—

 
—

Employer contributions
142

 
80

 
3

 
3

Benefits paid
(98
)
 
(92
)
 
(3
)
 
(3
)
Fair value of plan net assets, December 31
1,764

 
1,463

 
—

 
—

Unfunded status at end of year (1)
$
(530
)
 
$
(653
)
 
$
(20
)
 
$
(21
)
(1) Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with ERISA regulations.
Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) 

The following table summarizes amounts recognized on the Consolidated Balance Sheets and in AOCI as follows as of December 31, 2017 and 2016:
 
Pension Plans
 
Other
Postretirement Benefits
 
2017
 
2016
 
2017
 
2016
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
Accrued benefit cost
$
(530
)
 
$
(653
)
 
$
(20
)
 
$
(21
)
Net amount recognized
$
(530
)
 
$
(653
)
 
$
(20
)
 
$
(21
)
 
 
 
 
 
 
 
 
Accumulated other comprehensive (income) loss:
 
 
 
 
 
 
 
Prior service cost (credit)
$
(10
)
 
$
(21
)
 
$
(15
)
 
$
(18
)
Tax effect
4

 
7

 
5

 
6

Accumulated other comprehensive (income) loss, net of tax
$
(6
)
 
$
(14
)
 
$
(10
)
 
$
(12
)
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets 
The following table summarizes information for pension and other postretirement benefit plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2017 and 2016:
 
Pension Plans
 
Other
Postretirement Benefits
 
2017
 
2016
 
2017
 
2016
Projected benefit obligation
$
2,294

 
$
2,116

 
$
20

 
$
21

Accumulated benefit obligation
2,290

 
2,111

 
N/A

 
N/A

Fair value of plan assets
1,764

 
1,463

 
—

 
—

Schedule of Components of Net Periodic Benefit Cost 
The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) were as follows for the years ended December 31, 2017, 2016 and 2015:
 
Pension Plans
 
Other Postretirement Benefits
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
24

 
$
25

 
$
26

 
$
—

 
$
—

 
$
—

Interest cost
93

 
96

 
104

 
1

 
1

 
1

Expected return on plan assets
(115
)
 
(104
)
 
(122
)
 
—

 
—

 
—

Amortization of prior service cost (credit)
(10
)
 
(10
)
 
(10
)
 
(4
)
 
(3
)
 
(4
)
(Gain) loss recognized due to curtailment
1

 
—

 
—

 
—

 
—

 
—

Net (gain) loss recognition
14

 
57

 
(62
)
 
1

 
(2
)
 
(1
)
Net periodic (benefit) costs
7

 
64

 
(64
)
 
(2
)
 
(4
)
 
(4
)
 
 
 
 
 
 
 
 
 
 
 
 
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI:
 
 
 
 
 
 
 
 
 
 
 
Amortization of prior service (credit) cost
10

 
10

 
10

 
4

 
—

 
4

(Credit) cost recognized due to curtailment
2

 
—

 
—

 
—

 
—

 
—

Total recognized in AOCI
12

 
10

 
10

 
4

 
—

 
4

Total recognized in net periodic (benefit) costs and AOCI
$
19

 
$
74

 
$
(54
)
 
$
2

 
$
(4
)
 
$
—


The table below summarizes the components of the net actuarial (gains) losses related to Pension and Other postretirement benefit obligations reported within Operating expenses in the Consolidated Statements of Operations for the periods presented:
(Gain)/Loss Recognized
2017
 
2016
 
2015
Discount Rate
$
196

 
$
69

 
$
(133
)
Asset Returns
(142
)
 
24

 
123

Mortality Table Assumptions
(14
)
 
(22
)
 
(32
)
Demographic Data and other
(25
)
 
(16
)
 
(21
)
Total Net Actuarial (Gain)/Loss Recognized
$
15

 
$
55

 
$
(63
)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year 
The estimated prior service cost for the pension plans and other postretirement benefit plans are amortized from AOCI into net periodic (benefit) cost. Such amounts included in AOCI and expected to be recognized as components of periodic (benefit) cost in 2018 are as follows:
 
Pension Plans
 
Other
Postretirement
Benefits
Amortization of prior service cost (credit)
$
(9
)
 
$
(4
)
Schedule of Assumptions Used 
The discount rates used in determining benefit obligations as of December 31, 2017 and 2016 were as follows:
 
Pension Plans
 
Other
Postretirement Benefits
 
2017
 
2016
 
2017
 
2016
Discount rate
3.85
%
 
4.55
%
 
3.64
%
 
4.55
%


In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries including discounted cash flow analyses of the Company’s pension and other postretirement obligations and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the pension plans and other postretirement benefit plans.

The weighted-average assumptions used in determining net benefit cost for the years ended December 31, 2017, 2016 and 2015 were as follows:
 
Pension Plans
 
Other Postretirement Benefits
 
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Discount rate
4.55
%
 
4.81
%
 
4.36
%
 
4.55
%
 
4.81
%
 
4.36
%
Expected rate of return on plan assets
7.50
%
 
7.50
%
 
7.50
%
 
N/A

 
N/A

 
N/A



The expected return on plan assets is updated at least annually using the calculated value approach, taking into consideration the Retirement Plan’s asset allocation, historical returns on the types of assets held in the Retirement Plan's portfolio of assets ("the Fund") and the current economic environment. Based on these factors, it is expected that the Fund’s assets will earn an average percentage per year over the long term. This estimation is based on an active return on a compound basis, with a reduction for administrative expenses and non-Voya investment manager fees paid from the Fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the Plan, and the need for future cash contributions.
Schedule of One Percentage Point Health Care Cost Trend Rates Impacts 
Assumed healthcare cost trend rates may have a significant effect on the amounts reported for healthcare plans. A one-percentage point change in assumed healthcare cost trend rates would have the following effects:
 
One Percentage
Point Increase
 
One Percentage
Point Decrease
Effect on the aggregate of service and interest cost components
$
—

 
$
—

Effect on accumulated postretirement benefit obligation
1

 
(1
)


Schedule of Allocation of Plan Assets 

The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2017 and 2016:
 
Actual Asset Allocation
 
2017
 
2016
Equity securities:
 
 
 
Target allocation range
37%-65%

 
37%-65%

Large-cap domestic
25.3
%
 
23.7
%
Small/Mid-cap domestic
6.9
%
 
6.4
%
International commingled funds
12.5
%
 
11.6
%
Limited Partnerships
2.5
%
 
3.4
%
Total equity securities
47.2
%
 
45.1
%
Fixed maturities:
 
 
 
Target allocation range
30%-50%

 
30%-50%

U.S. Treasuries, short term investments, cash and futures
8.0
%
 
6.3
%
U.S. Government agencies and authorities
4.1
%
 
4.2
%
U.S. corporate, state and municipalities
27.4
%
 
29.7
%
Foreign securities
4.1
%
 
4.3
%
Other fixed maturities
0.1
%
 
0.1
%
Total fixed maturities
43.7
%
 
44.6
%
Other investments:
 
 
 
Target allocation range
6%-14%

 
6%-14%

Hedge funds
4.2
%
 
4.8
%
Real estate
4.9
%
 
5.5
%
Total other investments
9.1
%
 
10.3
%
Total
100.0
%
 
100.0
%

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2017:
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
Fixed maturities, short-term investments and cash:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
7

 
$
—

 
$
—

 
$
—

 
$
7

Short-term investment fund(1)
—

 
—

 
—

 
136

 
136

U.S. Government securities
73

 
—

 
—

 
—

 
73

U.S. corporate, state and municipalities
—

 
476

 
7

 
—

 
483

Foreign securities
—

 
72

 
—

 
—

 
72

Other fixed maturities
—

 
1

 
—

 
—

 
1

Total fixed maturities
80

 
549

 
7

 
136

 
772

 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
Large-cap domestic
446

 
—

 
—

 
—

 
446

Small/Mid-cap domestic
121

 
—

 
—

 
—

 
121

International commingled funds(2)
—

 
—

 
—

 
220

 
220

Limited partnerships(3)
—

 
—

 
—

 
43

 
43

Total equity securities
567

 
—

 
—

 
263

 
830

 
 
 
 
 
 
 
 
 
 
Other investments:
 
 
 
 
 
 
 
 
 
Real estate(4)
—

 
—

 
—

 
86

 
86

Limited partnerships(5)
—

 
—

 
—

 
75

 
75

Other
1

 
—

 
—

 
—

 
1

Total other investments
1

 
—

 
—

 
161

 
162

Net, total pension assets
$
648

 
$
549

 
$
7

 
$
560

 
$
1,764


(1) This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon ("Short-term Investment Fund"). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day.
(2) 
International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $111 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $109 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments.
(3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $6 and Pantheon USA has a balance of $37. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2017, Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5, respectively, and there were no significant redemption restrictions.
(4) UBS Trumbull Property Fund ("UBS") uses NAV to calculate fair value. UBS has a balance of $86 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter.
(5) Magnitude Institutional, Ltd. ("MIL") has a balance of $75 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund.

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2016:
 
 
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
Fixed maturities, short term investments and cash:
 
 
 
 
 
 
 
 
 
  Cash and cash equivalents
$
2

 
$
—

 
$
—

 
$
—

 
$
2

  Short-term investment fund(1)
—

 
—

 
—

 
90

 
90

U.S. Government securities
61

 
—

 
—

 
—

 
61

U.S. corporate, state and municipalities
—

 
435

 
—

 
—

 
435

Foreign securities
—

 
63

 
—

 
—

 
63

Other fixed maturities
—

 
1

 
—

 
—

 
1

Total fixed maturities
63

 
499

 
—

 
90

 
652

 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
Large-cap domestic
347

 
—

 
—

 
—

 
347

Small/Mid-cap domestic
94

 
—

 
—

 
—

 
94

International commingled funds(2)
—

 
—

 
—

 
170

 
170

Limited partnerships(3)
—

 
—

 
—

 
49

 
49

Total equity securities
441

 
—

 
—

 
219

 
660

 
 
 
 
 
 
 
 
 
 
Other investments:
 
 
 
 
 
 
 
 
 
Real estate(4)
—

 
—

 
—

 
81

 
81

Limited partnerships(5)
—

 
—

 
—

 
70

 
70

Other
—

 
—

 
—

 
—

 
—

Total other investments
—

 
—

 
—

 
151

 
151

Net, total pension assets
$
504

 
$
499

 
$
—

 
$
460

 
$
1,463


(1) This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day.
(2) International Commingled funds are comprised of two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $84 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $86 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments.
(3) Limited partnerships are comprised of two assets that use NAV to calculate fair value. Pantheon Europe has a balance of $7 and Pantheon USA has a balance of $42. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2016, Pantheon Europe and Pantheon USA have unfunded commitments of $1 and $5, respectively, and there were no significant redemption restrictions.
(4) UBS uses NAV to calculate fair value. UBS has a balance of $81 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least sixty days prior to the end of the quarter.
(5) MIL has a balance of $70 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund.

Schedule of Expected Benefit Payments 

The following table summarizes the expected benefit payments for the Company's pension and postretirement plans to be paid for the years indicated:
 
Pension
Benefits
 
Other
Postretirement
Benefits
Gross
2018
$
115

 
$
2

2019
119

 
2

2020
123

 
2

2021
128

 
2

2022
131

 
1

2023-2027
685

 
6

Accumulated Other Comprehensive Income (Loss) (Tables)
Schedule of Accumulated Other Comprehensive Income 
Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated:
 
December 31,
 
2017
 
2016
 
2015
Fixed maturities, net of OTTI
$
5,351

 
$
3,413

 
$
2,123

Equity securities, available-for-sale
35

 
33

 
31

Derivatives
127

 
258

 
259

DAC/VOBA adjustment on available-for-sale securities
(1,471
)
 
(1,083
)
 
(765
)
Premium deficiency reserve
(190
)
 
(54
)
 
—

Sales inducements adjustment on available-for-sale securities
(278
)
 
(169
)
 
(23
)
Other
(18
)
 
(31
)
 
(31
)
Unrealized capital gains (losses), before tax
3,556

 
2,367

 
1,594

Deferred income tax asset (liability)
(840
)
 
(472
)
 
(202
)
Net unrealized capital gains (losses)
2,716

 
1,895

 
1,392

Pension and other postretirement benefits liability, net of tax
15

 
26

 
33

AOCI
$
2,731

 
$
1,921

 
$
1,425

Schedule of Amounts Recognized in Other Comprehensive Income 
Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated:
 
December 31, 2017
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
1,943

 
$
(647
)
 
$
1,296

Equity securities
2

 
(1
)
 
1

Other
13

 
(5
)
 
8

OTTI
(2
)
 
1

 
(1
)
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations
(3
)
 
1

 
(2
)
DAC/VOBA
(388
)
(1) 
150

 
(238
)
Premium deficiency reserve
(136
)
 
48

 
(88
)
Sales inducements
(109
)
 
39

 
(70
)
Change in unrealized gains/losses on available-for-sale securities
1,320

 
(414
)
 
906

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(106
)
(2) 
37

 
(69
)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations
(25
)
 
9

 
(16
)
Change in unrealized gains/losses on derivatives
(131
)
 
46

 
(85
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations
(15
)
(3) 
4

 
(11
)
Change in pension and other postretirement benefits liability
(15
)
 
4

 
(11
)
Change in Other comprehensive income (loss)
$
1,174

 
$
(364
)
 
$
810


(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.
(3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.



 
December 31, 2016
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
1,168

 
$
(408
)
 
$
760

Equity securities
2

 
(1
)
 
1

Other
—

 
—

 
—

OTTI
24

 
(8
)
 
16

Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations
98

 
(34
)
 
64

DAC/VOBA
(318
)
(1) 
111

 
(207
)
Premium deficiency reserve
(54
)
 
20

 
(34
)
Sales inducements
(146
)
 
50

 
(96
)
Change in unrealized gains/losses on available-for-sale securities
774

 
(270
)
 
504

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
19

(2) 
(7
)
 
12

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations
(20
)
 
7

 
(13
)
Change in unrealized gains/losses on derivatives
(1
)
 
—

 
(1
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations
(10
)
(3) 
3

 
(7
)
Change in pension and other postretirement benefits liability
(10
)
 
3

 
(7
)
Change in Other comprehensive income (loss)
$
763

 
$
(267
)
 
$
496

(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.
(3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.




 
December 31, 2015
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(3,863
)
 
$
1,348

 
$
(2,515
)
Equity securities
2

 
(1
)
 
1

Other
—

 
—

 
—

OTTI
19

 
(7
)
 
12

Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations
122

 
(43
)
 
79

DAC/VOBA
1,076

(1) 
(377
)
 
699

Premium deficiency reserve
—

 
—

 
—

Sales inducements
53

 
(18
)
 
35

Change in unrealized gains/losses on available-for-sale securities
(2,591
)
 
902

 
(1,689
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
44

(2) 
(15
)
 
29

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations
(15
)
 
5

 
(10
)
Change in unrealized gains/losses on derivatives
29

 
(10
)
 
19

 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations
(14
)
(3) 
5

 
(9
)
Change in pension and other postretirement benefits liability
(14
)
 
5

 
(9
)
Change in Other comprehensive income (loss)
$
(2,576
)
 
$
897

 
$
(1,679
)
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.
(3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.
Income Taxes (Tables)
Schedule of Components of Income Tax Expense (Benefit) 
Income tax expense (benefit) consisted of the following for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Current tax expense (benefit):
 
 
 
 
 
Federal
$
(122
)
 
$
122

 
$
202

State
—

 
—

 
(11
)
Total current tax expense (benefit)
(122
)
 
122

 
191

Deferred tax expense (benefit):
 
 
 
 
 
Federal
859

 
(152
)
 
(104
)
State
3

 
1

 
(3
)
Total deferred tax expense (benefit)
862

 
(151
)
 
(107
)
Total income tax expense (benefit)
$
740

 
$
(29
)
 
$
84

Schedule of Effective Income Tax Rate Reconciliation 
Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Income (loss) before income taxes
$
528

 
$
10

 
$
476

Tax Rate
35.0
%
 
35.0
 %
 
35.0
%
Income tax expense (benefit) at federal statutory rate
185

 
4

 
167

Tax effect of:
 
 
 
 
 
Valuation allowance
(28
)
 
1

 
(14
)
Dividend received deduction
(43
)
 
(37
)
 
(33
)
State tax expense (benefit)
4

 
(16
)
 
2

Noncontrolling interest
(70
)
 
(10
)
 
(46
)
Tax credits
14

 
10

 
7

Nondeductible expenses
2

 
2

 
3

  Expirations of federal tax capital loss carryforward
2

 
17

 
—

Effect of Tax Reform
679

* 
—

 
—

Other
(5
)
 
—

 
(2
)
Income tax expense (benefit)
$
740

 
$
(29
)
 
$
84

Effective tax rate
140.2
%
 
(290.0
)%
 
17.6
%

*Effect of Tax Reform includes a tax benefit of $283 related to change in valuation allowance

Schedule of Deferred Tax Assets and Liabilities 
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated:
 
December 31,
 
2017
 
2016
Deferred tax assets
 
 
 
Federal and state loss carryforwards
$
1,030

 
$
1,525

Investments
1,440

 
2,531

Compensation and benefits
369

 
548

Other assets
330

 
397

Total gross assets before valuation allowance
3,169

 
5,001

Less: Valuation allowance
653

 
964

Assets, net of valuation allowance
2,516

 
4,037

 
 
 
 
Deferred tax liabilities
 
 
 
Net unrealized investment gains
(824
)
 
(980
)
Insurance reserves
(342
)
 
(301
)
Deferred policy acquisition costs
(556
)
 
(1,151
)
Other liabilities
(13
)
 
(35
)
Total gross liabilities
(1,735
)
 
(2,467
)
Net deferred income tax asset (liability)
$
781

 
$
1,570

Summary of Operating Loss Carryforwards 
The following table sets forth the federal, state and capital loss carryforwards for tax purposes as of the dates indicated:
 
December 31,
 
2017
 
2016
Federal net operating loss carryforward
$
4,410

(1) 
$
4,112

State net operating loss carryforward
2,228

(1) 
2,209

Federal tax capital loss carryforward
30

(2) 
58

Credit carryforward
254

(3) 
268

(1) Expire between 2018 and 2037.
(2) Expire between 2018 and 2020.
(3) Expire between 2018 and 2035 except for $220 of Alternative Minimum Tax ("AMT"), which does not expire.
Schedule of Unrecognized Tax Benefits 
Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Balance at beginning of period
$
36

 
$
45

 
$
62

Additions for tax positions related to current year
2

 
3

 
3

Additions for tax positions related to prior years
—

 
—

 
—

Reductions for tax positions related to prior years
—

 
(7
)
 
(18
)
Reductions for settlements with taxing authorities
—

 
(1
)
 
(2
)
Reductions for expiring statutes
(1
)
 
(4
)
 
—

Balance at end of period
$
37

 
$
36

 
$
45

Financing Agreements (Tables)
Long-term debt securities issued and outstanding 
The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2017 and 2016:
 
Maturity
 
2017
 
2016
7.25% Voya Holdings Inc. debentures, due 2023(1)
08/15/2023
 
$
143

 
$
143

7.63% Voya Holdings Inc. debentures, due 2026(1)
08/15/2026
 
186

 
186

8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
04/01/2027
 
14

 
14

6.97% Voya Holdings Inc. debentures, due 2036(1)
08/15/2036
 
94

 
94

1.00% Windsor Property Loan
06/14/2027
 
5

 
5

5.5% Senior Notes, due 2022
07/15/2022
 
361

 
361

2.9% Senior Notes, due 2018
02/15/2018
 
337

 
825

5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
05/15/2053
 
738

 
738

5.7% Senior Notes, due 2043
07/15/2043
 
395

 
394

3.65% Senior Notes, due 2026
06/15/2026
 
495

 
494

4.8% Senior Notes, due 2046
06/15/2046
 
296

 
296

3.125% Senior Notes, due 2024
07/15/2024
 
396

 
—

Subtotal
 
 
3,460

 
3,550

Less: Current portion of long-term debt
 
 
337

 
—

Total
 
 
$
3,123

 
$
3,550


(1) Guaranteed by ING Group.

Future principal payments of long-term debt 
As of December 31, 2017, aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows:
2018
$
337

2019
1

2020
1

2021
1

2022
364

Thereafter
2,792

Total
$
3,496

Credit facilities 
The following table outlines the Company's credit facilities as of December 31, 2017:
 
Secured/ Unsecured
 
Committed/ Uncommitted
 
Expiration
 
Capacity
 
Utilization
 
Unused Commitment
Obligor / Applicant
 
 
 
 
 
 
 
 
 
 
 
Voya Financial, Inc.
Unsecured
 
Committed
 
05/06/2021
 
$
2,250

 
$
—

 
$
2,250

Security Life of Denver International Limited
Unsecured
 
Committed
 
01/24/2018
 
175

 
175

 
—

Voya Financial, Inc. / Langhorne I, LLC
Unsecured
 
Committed
 
01/15/2019
 
500

 
—

 
500

Security Life of Denver International Limited
Unsecured
 
Committed
 
10/29/2023
 
61

 
61

 
—

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
12/31/2025
 
475

 
475

 
—

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
07/01/2037
 
1,525

 
1,292

 
233

Voya Financial, Inc.
Secured
 
Committed
 
02/11/2021
 
195

 
195

 
—

Voya Financial, Inc.
Unsecured
 
Uncommitted
 
Various
 
1

 
1

 
—

Voya Financial, Inc.
Secured
 
Uncommitted
 
Various
 
10

 
1

 
—

Voya Financial, Inc. / Roaring River LLC
Unsecured
 
Committed
 
10/01/2025
 
425

 
328

 
97

Voya Financial, Inc. / Roaring River IV, LLC
Unsecured
 
Committed
 
12/31/2028
 
565

 
295

 
270

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured
 
Uncommitted
 
04/20/2018
 
300

 
45

 
—

Voya Financial, Inc.
Unsecured
 
Committed
 
12/09/2021
 
195

 
161

 
34

Voya Financial, Inc.
Unsecured
 
Uncommitted
 
01/20/2022
 
195

 
168

 
—

Total
 
 
 
 
 
 
$
6,872

 
$
3,197

 
$
3,384

 
 
 
 
 
 
 
 
 
 
 
 
Secured facilities
 
 
 
 
 
 
$
205

 
$
196

 
$
—

Unsecured and uncommitted
 
 
 
 
 
 
496

 
214

 
—

Unsecured and committed
 
 
 
 
 
 
6,171

 
2,787

 
3,384

Total
 
 
 
 
 
 
$
6,872

 
$
3,197

 
$
3,384



Commitments and Contingencies (Tables)
Schedule of Future Minimum Rental Payments for Operating Leases 
For the years ended December 31, 2017 and 2016, rent expense for leases was $34. For the year ended December 31, 2015 rent expense for leases was $40. The future net minimum payments under non-cancelable leases are as follows as of December 31, 2017:
2018
$
29

2019
27

2020
24

2021
23

2022
23

Thereafter
39

Total minimum lease payments
$
165

Schedule of Restricted Assets 
The components of the fair value of the restricted assets were as follows as of December 31, 2017 and 2016:
 
2017
 
2016
Fixed maturity collateral pledged to FHLB(1)
$
602

 
$
405

FHLB restricted stock(2)
67

 
33

Other fixed maturities-state deposits
175

 
197

Securities pledged(3)
2,087

 
1,409

Total restricted assets
$
2,931

 
$
2,044

(1)Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. Excludes $691 of collateral pledged related to the businesses held for sale as of December 31, 2017.
(2)Included in Other investments on the Consolidated Balance Sheets.
(3) Includes the fair value of loaned securities of $1,854 and $1,133 as of December 31, 2017 and 2016, respectively. In addition, as of December 31, 2017 and 2016, the Company delivered securities as collateral of $233 and $276, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Consolidated Balance Sheets.

Consolidated Investment Entities (Tables)
Schedule of Condensed Consolidating Balance Sheets 
Condensed Consolidating Balance Sheet
December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
48,344

 
$
(15
)
 
$
48,329

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,018

 
—

 
3,018

Equity securities, available-for-sale, at fair value
115

 
—

 
265

 
—

 
380

Short-term investments
212

 
—

 
259

 
—

 
471

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
8,686

 
—

 
8,686

Policy loans
—

 
—

 
1,888

 
—

 
1,888

Limited partnerships/corporations
—

 
—

 
784

 
—

 
784

Derivatives
49

 
—

 
445

 
(97
)
 
397

Investments in subsidiaries
12,293

 
7,618

 
—

 
(19,911
)
 
—

Other investments
—

 
1

 
46

 
—

 
47

Securities pledged
—

 
—

 
2,087

 
—

 
2,087

Total investments
12,669

 
7,619

 
65,822

 
(20,023
)
 
66,087

Cash and cash equivalents
244

 
1

 
973

 
—

 
1,218

Short-term investments under securities loan agreements, including collateral delivered
11

 
—

 
1,615

 
—

 
1,626

Accrued investment income
—

 
—

 
667

 
—

 
667

Premium receivable and reinsurance recoverable
—

 
—

 
7,632

 
—

 
7,632

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
3,374

 
—

 
3,374

Current income taxes
—

 
6

 
(2
)
 
—

 
4

Deferred income taxes
406

 
22

 
353

 
—

 
781

Loans to subsidiaries and affiliates
191

 
—

 
418

 
(609
)
 
—

Due from subsidiaries and affiliates
2

 
—

 
3

 
(5
)
 
—

Other assets
16

 
—

 
1,294

 
—

 
1,310

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
—

 
—

 
1,795

 
—

 
1,795

Cash and cash equivalents
—

 
—

 
217

 
—

 
217

Corporate loans, at fair value using the fair value option
—

 
—

 
1,089

 
—

 
1,089

Other assets
—

 
—

 
75

 
—

 
75

Assets held in separate accounts
—

 
—

 
77,605

 
—

 
77,605

Assets held for sale

—

 
—

 
59,052

 
—

 
59,052

Total assets
$
13,539

 
$
7,648

 
$
221,982

 
$
(20,637
)
 
$
222,532




Condensed Consolidating Balance Sheet (Continued)
December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
15,647

 
$
—

 
$
15,647

Contract owner account balances
—

 
—

 
50,158

 
—

 
50,158

Payables under securities loan agreement, including collateral held
—

 
—

 
1,866

 
—

 
1,866

Short-term debt
755

 
68

 
123

 
(609
)
 
337

Long-term debt
2,681

 
438

 
19

 
(15
)
 
3,123

Derivatives
49

 
—

 
197

 
(97
)
 
149

Pension and other postretirement provisions
—

 
—

 
550

 
—

 
550

Due to subsidiaries and affiliates
1

 
—

 
2

 
(3
)
 
—

Other liabilities
44

 
12

 
2,022

 
(2
)
 
2,076

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
1,047

 
—

 
1,047

Other liabilities
—

 
—

 
658

 
—

 
658

Liabilities related to separate accounts
—

 
—

 
77,605

 
—

 
77,605

Liabilities held for sale

—

 
—

 
58,277

 
—

 
58,277

Total liabilities
3,530

 
518

 
208,171

 
(726
)
 
211,493

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
10,009

 
7,130

 
12,781

 
(19,911
)
 
10,009

Noncontrolling interest
—

 
—

 
1,030

 
—

 
1,030

Total shareholders' equity
10,009

 
7,130

 
13,811

 
(19,911
)
 
11,039

Total liabilities and shareholders' equity
$
13,539

 
$
7,648

 
$
221,982

 
$
(20,637
)
 
$
222,532


Condensed Consolidating Balance Sheet
December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
47,409

 
$
(15
)
 
$
47,394

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,065

 
—

 
3,065

Equity securities, available-for-sale, at fair value
93

 
—

 
165

 
—

 
258

Short-term investments
212

 
—

 
179

 
—

 
391

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
8,003

 
—

 
8,003

Policy loans
—

 
—

 
1,943

 
—

 
1,943

Limited partnerships/corporations
—

 
—

 
536

 
—

 
536

Derivatives
56

 
—

 
793

 
(112
)
 
737

Investments in subsidiaries
14,743

 
10,798

 
—

 
(25,541
)
 
—

Other investments
—

 
1

 
46

 
—

 
47

Securities pledged
—

 
—

 
1,409

 
—

 
1,409

Total investments
15,104

 
10,799

 
63,548

 
(25,668
)
 
63,783

Cash and cash equivalents
257

 
2

 
1,837

 
—

 
2,096

Short-term investments under securities loan agreements, including collateral delivered
11

 
—

 
575

 
—

 
586

Accrued investment income
—

 
—

 
666

 
—

 
666

Premium receivable and reinsurance recoverable
—

 
—

 
7,287

 
—

 
7,287

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
3,997

 
—

 
3,997

Current income taxes
31

 
9

 
124

 
—

 
164

Deferred income taxes
527

 
37

 
1,006

 
—

 
1,570

Loans to subsidiaries and affiliates
278

 
—

 
11

 
(289
)
 
—

Due from subsidiaries and affiliates
3

 
—

 
2

 
(5
)
 
—

Other assets
21

 
—

 
1,465

 
—

 
1,486

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
—

 
—

 
1,936

 
—

 
1,936

Cash and cash equivalents
—

 
—

 
133

 
—

 
133

Corporate loans, at fair value using the fair value option
—

 
—

 
1,953

 
—

 
1,953

Other assets
—

 
—

 
34

 
—

 
34

Assets held in separate accounts
—

 
—

 
66,185

 
—

 
66,185

Assets held for sale

—

 
—

 
62,709

 
—

 
62,709

Total assets
$
16,232

 
$
10,847

 
$
213,468

 
$
(25,962
)
 
$
214,585

Condensed Consolidating Balance Sheet (Continued)
December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
14,575

 
$
—

 
$
14,575

Contract owner account balances
—

 
—

 
50,273

 
—

 
50,273

Payables under securities loan agreement, including collateral held
—

 
—

 
969

 
—

 
969

Short-term debt
11

 
211

 
67

 
(289
)
 
—

Long-term debt
3,108

 
437

 
20

 
(15
)
 
3,550

Derivatives
56

 
—

 
353

 
(112
)
 
297

Pension and other postretirement provisions
—

 
—

 
674

 
—

 
674

Due to subsidiaries and affiliates
—

 
—

 
3

 
(3
)
 
—

Other liabilities
62

 
13

 
1,950

 
(2
)
 
2,023

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
1,967

 
—

 
1,967

Other liabilities
—

 
—

 
528

 
—

 
528

Liabilities related to separate accounts
—

 
—

 
66,185

 
—

 
66,185

Liabilities held for sale

—

 
—

 
59,576

 
—

 
59,576

Total liabilities
3,237

 
661

 
197,140

 
(421
)
 
200,617

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
12,995

 
10,186

 
15,355

 
(25,541
)
 
12,995

Noncontrolling interest
—

 
—

 
973

 
—

 
973

Total shareholders' equity
12,995

 
10,186

 
16,328

 
(25,541
)
 
13,968

Total liabilities and shareholders' equity
$
16,232

 
$
10,847

 
$
213,468

 
$
(25,962
)
 
$
214,585

Schedule of Condensed Consolidating Statement of Operations 

Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
33

 
$
—

 
$
3,274

 
$
(13
)
 
$
3,294

Fee income
—

 
—

 
2,627

 
—

 
2,627

Premiums
—

 
—

 
2,121

 
—

 
2,121

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(30
)
 
—

 
(30
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(9
)
 
—

 
(9
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(21
)
 
—

 
(21
)
Other net realized capital gains (losses)
—

 
—

 
(206
)
 
—

 
(206
)
Total net realized capital gains (losses)
—

 
—

 
(227
)
 
—

 
(227
)
Other revenue
8

 
1

 
362

 
—

 
371

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
432

 
—

 
432

Total revenues
41

 
1

 
8,589

 
(13
)
 
8,618

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
3,030

 
—

 
3,030

Interest credited to contract owner account balances
—

 
—

 
1,606

 
—

 
1,606

Operating expenses
9

 
—

 
2,645

 
—

 
2,654

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
529

 
—

 
529

Interest expense
155

 
37

 
5

 
(13
)
 
184

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
80

 
—

 
80

Other expense
—

 
—

 
7

 
—

 
7

Total benefits and expenses
164

 
37

 
7,902

 
(13
)
 
8,090

Income (loss) from continuing operations before income taxes
(123
)
 
(36
)
 
687

 
—

 
528

Income tax expense (benefit)
113

 
3

 
624

 
—

 
740

Income (loss) from continuing operations
(236
)
 
(39
)
 
63

 
—

 
(212
)
Income (loss) from discontinued operations, net of tax
—

 
—

 
(2,580
)
 
—

 
(2,580
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(236
)
 
(39
)
 
(2,517
)
 
—

 
(2,792
)
Equity in earnings (losses) of subsidiaries, net of tax
(2,756
)
 
(2,623
)
 
—

 
5,379

 
—

Net income (loss) including noncontrolling interest
(2,992
)
 
(2,662
)
 
(2,517
)
 
5,379

 
(2,792
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
200

 
—

 
200

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2,992
)
 
$
(2,662
)
 
$
(2,717
)
 
$
5,379

 
$
(2,992
)
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
19

 
$
—

 
$
3,347

 
$
(12
)
 
$
3,354

Fee income
—

 
—

 
2,471

 
—

 
2,471

Premiums
—

 
—

 
2,795

 
—

 
2,795

Net realized capital gains (losses):
 
 
 
 
 
 
 
 

Total other-than-temporary impairments
—

 
—

 
(32
)
 
—

 
(32
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
2

 
—

 
2

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(34
)
 
—

 
(34
)
Other net realized capital gains (losses)
1

 
—

 
(330
)
 
—

 
(329
)
Total net realized capital gains (losses)
1

 
—

 
(364
)
 
—

 
(363
)
Other revenue
1

 
—

 
341

 
—

 
342

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
189

 
—

 
189

Total revenues
21

 
—

 
8,779

 
(12
)
 
8,788

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
3,710

 
—

 
3,710

Interest credited to contract owner account balances
—

 
—

 
1,604

 
—

 
1,604

Operating expenses
9

 
—

 
2,646

 
—

 
2,655

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
415

 
—

 
415

Interest expense
238

 
57

 
5

 
(12
)
 
288

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
102

 
—

 
102

Other expense
—

 
—

 
4

 
—

 
4

Total benefits and expenses
247

 
57

 
8,486

 
(12
)
 
8,778

Income (loss) from continuing operations before income taxes
(226
)
 
(57
)
 
293

 
—

 
10

Income tax expense (benefit)
(90
)
 
(26
)
 
70

 
17

 
(29
)
Income (loss) from continuing operations
(136
)
 
(31
)
 
223

 
(17
)
 
39

Income (loss) from discontinued operations, net of tax
—

 
—

 
(337
)
 
—

 
(337
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(136
)
 
(31
)
 
(114
)
 
(17
)
 
(298
)
Equity in earnings (losses) of subsidiaries, net of tax
(191
)
 
317

 
—

 
(126
)
 
—

Net income (loss) including noncontrolling interest
(327
)
 
286

 
(114
)
 
(143
)
 
(298
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
29

 
—

 
29

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(327
)
 
$
286

 
$
(143
)
 
$
(143
)
 
$
(327
)
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
4

 
$
—

 
$
3,348

 
$
(9
)
 
$
3,343

Fee income
—

 
—

 
2,470

 
—

 
2,470

Premiums
—

 
—

 
2,554

 
—

 
2,554

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(78
)
 
—

 
(78
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
5

 
—

 
5

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(83
)
 
—

 
(83
)
Other net realized capital gains (losses)
(2
)
 
—

 
(475
)
 
—

 
(477
)
Total net realized capital gains (losses)
(2
)
 
—

 
(558
)
 
—

 
(560
)
Other revenue
3

 
—

 
385

 
(3
)
 
385

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
551

 
—

 
551

Changes in fair value related to collateralized loan obligations
—

 
—

 
(27
)
 
—

 
(27
)
Total revenues
5

 
—

 
8,723

 
(12
)
 
8,716

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
3,161

 
—

 
3,161

Interest credited to contract owner account balances
—

 
—

 
1,537

 
—

 
1,537

Operating expenses
10

 
(1
)
 
2,678

 
(3
)
 
2,684

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
377

 
—

 
377

Interest expense
150

 
51

 
5

 
(9
)
 
197

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
272

 
—

 
272

Other expense
—

 
—

 
12

 
—

 
12

Total benefits and expenses
160

 
50

 
8,042

 
(12
)
 
8,240

Income (loss) from continuing operations before income taxes
(155
)
 
(50
)
 
681

 
—

 
476

Income tax expense (benefit)
(52
)
 
—

 
157

 
(21
)
 
84

Income (loss) from continuing operations
(103
)
 
(50
)
 
524

 
21

 
392

Income (loss) from discontinued operations, net of tax
—

 
—

 
146

 
—

 
146

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(103
)
 
(50
)
 
670

 
21

 
538

Equity in earnings (losses) of subsidiaries, net of tax
511

 
257

 
—

 
(768
)
 
—

Net income (loss) including noncontrolling interest
408

 
207

 
670

 
(747
)
 
538

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
130

 
—

 
130

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
408

 
$
207

 
$
540

 
$
(747
)
 
$
408

Fair Value, by Balance Sheet Grouping 
he carrying values and estimated fair values of the Company’s financial instruments from continuing operations as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
53,434

 
$
53,434

 
$
51,868

 
$
51,868

Equity securities, available-for-sale
380

 
380

 
258

 
258

Mortgage loans on real estate
8,686

 
8,748

 
8,003

 
8,185

Policy loans
1,888

 
1,888

 
1,943

 
1,943

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
3,315

 
3,315

 
3,073

 
3,073

Derivatives
397

 
397

 
737

 
737

Notes receivable(1)
350

 
445

 
350

 
432

Other investments
47

 
55

 
47

 
57

Assets held in separate accounts
77,605

 
77,605

 
66,185

 
66,185

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(2)
33,986

 
38,553

 
33,871

 
38,368

Funding agreements with fixed maturities and guaranteed investment contracts
501

 
501

 
473

 
470

Supplementary contracts, immediate annuities and other
1,275

 
1,285

 
1,330

 
1,337

Derivatives:
 
 
 
 
 
 
 
Guaranteed benefit derivatives:
 
 
 
 
 
 
 
FIA
40

 
40

 
42

 
42

IUL
159

 
159

 
81

 
81

GMWBL/GMWB/GMAB
10

 
10

 
18

 
18

Stabilizer and MCGs
97

 
97

 
150

 
150

Other derivatives
149

 
149

 
297

 
297

Short-term debt
337

 
337

 
—

 
—

Long-term debt
3,123

 
3,478

 
3,550

 
3,738

Embedded derivative on reinsurance
129

 
129

 
79

 
79

(1) Included in Other assets on the Consolidated Balance Sheets.
(2) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.


Maximum Exposure to Loss 
The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE.

Variable Interests on the Consolidated Balance Sheet
 
December 31, 2017
 
December 31, 2016
 
 Carrying Amount
 
Maximum exposure to loss
 
 Carrying Amount
 
Maximum exposure to loss
Fixed maturities, available for sale
$
321

 
$
321

 
$
110

 
$
110

Limited partnership/corporations
784

 
784

 
759

 
759

Components of the Consolidated Investment Entities 
The following table summarizes the components of the consolidated investment entities as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
Assets of Consolidated Investment Entities
 
 
 
VIEs
 
 
 
Cash and cash equivalents
$
216

 
$
133

Corporate loans, at fair value using the fair value option
1,089

 
1,921

Limited partnerships/corporations, at fair value
1,714

 
1,770

Other assets
75

 
32

Total VIE assets
3,094

 
3,856

VOEs
 
 
 
Cash and cash equivalents
1

 
—

Corporate loans, at fair value using the fair value option
—

 
32

Limited partnerships/corporations, at fair value
81

 
166

Other assets
—

 
2

Total VOE assets
82

 
200

Total assets of consolidated investment entities
$
3,176

 
$
4,056

 
 
 
 
Liabilities of Consolidated Investment Entities
 
 
 
VIEs
 
 
 
CLO notes, at fair value using the fair value option
$
1,047

 
$
1,967

Other liabilities
649

 
521

Total VIE liabilities
1,696

 
2,488

VOEs
 
 
 
Other liabilities
9

 
7

Total VOE liabilities
9

 
7

Total liabilities of consolidated investment entities
$
1,705

 
$
2,495


Schedule of Condensed Consolidating Balance Sheets 
The following tables summarize the impact of consolidation of investment entities into the Consolidated Balance Sheets as of the dates indicated:
 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs
Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Total investments and cash
$
67,709

 
$
—

 
$
—

 
$
(8
)
 
$
(396
)
 
$
67,305

Other assets
15,431

 
—

 
—

 
(36
)
 
(1
)
 
15,394

Assets held in consolidated investment entities
—

 
1,163

 
2,013

 
—

 
—

 
3,176

Assets held in separate accounts
77,605

 
—

 
—

 
—

 
—

 
77,605

Assets held for sale
59,052

 
—

 
—

 
—

 
—

 
59,052

Total assets
$
219,797

 
$
1,163

 
$
2,013

 
$
(44
)
 
$
(397
)
 
$
222,532

 
 
 
 
 
 
 
 
 
 
 
 
Future policy benefits and contract owner account balances
$
65,805

 
$
—

 
$
—

 
$
—

 
$
—

 
$
65,805

Other liabilities
8,101

 
—

 
—

 
—

 
—

 
8,101

Liabilities held in consolidated investment entities
—

 
1,163

 
587

 
(44
)
 
(1
)
 
1,705

Liabilities related to separate accounts
77,605

 
—

 
—

 
—

 
—

 
77,605

Liabilities held for sale
58,277

 
—

 
—

 
—

 
—

 
58,277

Total liabilities
209,788

 
1,163

 
587

 
(44
)
 
(1
)
 
211,493

Equity attributable to common shareholders
10,009

 
—

 
1,426

 
—

 
(1,426
)
 
10,009

Equity attributable to noncontrolling interest in consolidated investment entities
—

 
—

 
—

 
—

 
1,030

 
1,030

Total liabilities and equity
$
219,797

 
$
1,163

 
$
2,013

 
$
(44
)
 
$
(397
)
 
$
222,532

(1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation,which are accounted for using the equity method or fair value option.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds.


 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs
Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Total investments and cash
$
66,466

 
$
—

 
$
—

 
$
(17
)
 
$
(570
)
 
$
65,879

Other assets
15,757

 
—

 
—

 
—

 
(1
)
 
15,756

Assets held in consolidated investment entities
—

 
2,054

 
2,002

 
—

 
—

 
4,056

Assets held in separate accounts
66,185

 
—

 
—

 
—

 
—

 
66,185

Assets held for sale
62,709

 
—

 
—

 
—

 
—

 
62,709

Total assets
$
211,117

 
$
2,054

 
$
2,002

 
$
(17
)
 
$
(571
)
 
$
214,585

 
 
 
 
 
 
 
 
 
 
 
 
Future policy benefits and contract owner account balances
$
64,848

 
$
—

 
$
—

 
$
—

 
$
—

 
$
64,848

Other liabilities
7,513

 
—

 
—

 
—

 
—

 
7,513

Liabilities held in consolidated investment entities
—

 
2,054

 
459

 
(17
)
 
(1
)
 
2,495

Liabilities related to separate accounts
66,185

 
—

 
—

 
—

 
—

 
66,185

Liabilities held for sale
59,576

 
—

 
—

 
—

 
—

 
59,576

Total liabilities
198,122

 
2,054

 
459

 
(17
)
 
(1
)
 
200,617

Equity attributable to common shareholders
12,995

 
—

 
1,543

 
—

 
(1,543
)
 
12,995

Equity attributable to noncontrolling interest in consolidated investment entities
—

 
—

 
—

 
—

 
973

 
973

Total liabilities and equity
$
211,117

 
$
2,054

 
$
2,002

 
$
(17
)
 
$
(571
)
 
$
214,585

(1) The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds.


Schedule of Condensed Consolidating Statement of Operations 
The following tables summarize the impact of consolidation of investment entities into the Consolidated Statements of Operations for the periods indicated:
 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs
Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
$
3,391

 
$
—

 
$
—

 
$
(2
)
 
$
(95
)
 
$
3,294

Fee income
2,675

 
—

 
—

 
(9
)
 
(39
)
 
2,627

Premiums
2,121

 
—

 
—

 
—

 
—

 
2,121

Net realized capital losses
(227
)
 
—

 
—

 
—

 
—

 
(227
)
Other income
371

 
—

 
—

 
—

 
—

 
371

Income related to consolidated investment entities
—

 
82

 
350

 
—

 
—

 
432

Total revenues
8,331

 
82

 
350

 
(11
)
 
(134
)
 
8,618

Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
4,636

 
—

 
—

 
—

 
—

 
4,636

Other expense
3,367

 
—

 
—

 
—

 
—

 
3,367

Operating expenses related to consolidated investment entities
—

 
82

 
55

 
(11
)
 
(39
)
 
87

Total benefits and expenses
8,003

 
82

 
55

 
(11
)
 
(39
)
 
8,090

Income (loss) before income taxes
328

 
—

 
295

 
—

 
(95
)
 
528

Income tax expense (benefit)
740

 
—

 
—

 
—

 
—

 
740

Income (loss) from continuing operations
(412
)
 
—

 
295

 
—

 
(95
)
 
(212
)
Income (loss) from discontinued operations, net of tax
(2,580
)
 
—

 
—

 
—

 
—

 
(2,580
)
Net income (loss)
(2,992
)
 
—

 
295

 
—

 
(95
)
 
(2,792
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
—

 
—

 
200

 
200

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2,992
)
 
$
—

 
$
295

 
$
—

 
$
(295
)
 
$
(2,992
)
(1)The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation.

 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs
Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
$
3,359

 
$
—

 
$
—

 
$
(7
)
 
$
2

 
$
3,354

Fee income
2,520

 
—

 
—

 
(17
)
 
(32
)
 
2,471

Premiums
2,795

 
—

 
—

 
—

 
—

 
2,795

Net realized capital losses
(363
)
 
—

 
—

 
—

 
—

 
(363
)
Other income
342

 
—

 
—

 
—

 
—

 
342

Income related to consolidated investment entities
—

 
118

 
71

 
—

 
—

 
189

Total revenues
8,653

 
118

 
71

 
(24
)
 
(30
)
 
8,788

Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
5,314

 
—

 
—

 
—

 
—

 
5,314

Other expense
3,358

 
—

 
—

 
—

 
—

 
3,358

Operating expenses related to consolidated investment entities
—

 
118

 
44

 
(24
)
 
(32
)
 
106

Total benefits and expenses
8,672

 
118

 
44

 
(24
)
 
(32
)
 
8,778

Income (loss) before income taxes
(19
)
 
—

 
27

 
—

 
2

 
10

Income tax expense (benefit)
(29
)
 
—

 
—

 
—

 
—

 
(29
)
Income (loss) from continuing operations
10

 
—

 
27

 
—

 
2

 
39

Income (loss) from discontinued operations, net of tax
(337
)
 
—

 
—

 
—

 
—

 
(337
)
Net income (loss)
(327
)
 
—

 
27

 
—

 
2

 
(298
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
—

 
—

 
29

 
29

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(327
)
 
$
—

 
$
27

 
$
—

 
$
(27
)
 
$
(327
)
(1)The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation.

 
Before
Consolidation(1)
 
CLOs
 
LPs and VOEs
 
CLOs Adjustments(2)
 
LPs and VOEs
Adjustments(2)
 
Total
December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
$
3,373

 
$
—

 
$
—

 
$
2

 
$
(32
)
 
$
3,343

Fee income
2,544

 
—

 
—

 
(36
)
 
(38
)
 
2,470

Premiums
2,554

 
—

 
—

 
—

 
—

 
2,554

Net realized capital losses
(560
)
 
—

 
—

 
—

 
—

 
(560
)
Other income
391

 
—

 
—

 
(5
)
 
(1
)
 
385

Income related to consolidated investment entities
—

 
312

 
228

 
(16
)
 
—

 
524

Total revenues
8,302

 
312

 
228

 
(55
)
 
(71
)
 
8,716

Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
4,698

 
—

 
—

 
—

 
—

 
4,698

Other expense
3,258

 
—

 
—

 
—

 
—

 
3,258

Operating expenses related to consolidated investment entities
—

 
324

 
54

 
(55
)
 
(39
)
 
284

Total benefits and expenses
7,956

 
324

 
54

 
(55
)
 
(39
)
 
8,240

Income (loss) before income taxes
346

 
(12
)
 
174

 
—

 
(32
)
 
476

Income tax expense (benefit)
84

 
—

 
—

 
—

 
—

 
84

Income (loss) from continuing operations
262

 
(12
)
 
174

 
—

 
(32
)
 
392

Income (loss) from discontinued operations, net of tax
146

 
—

 
—

 
—

 
—

 
146

Net income (loss)
408

 
(12
)
 
174

 
—

 
(32
)
 
538

Less: Net income (loss) attributable to noncontrolling interest
—

 
(12
)
 
—

 
—

 
142

 
130

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
408

 
$
—

 
$
174

 
$
—

 
$
(174
)
 
$
408

(1)The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation.
(2)Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation.

Fair Value, by Balance Sheet Grouping 
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2017:
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
VIEs
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
216

 
$
—

 
$
—

 
$
—

 
$
216

Corporate loans, at fair value using the fair value option
—

 
1,089

 
—

 
—

 
1,089

Limited partnerships/corporations, at fair value
—

 
—

 
—

 
1,714

 
1,714

VOEs
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
1

 
—

 
—

 
—

 
1

Corporate loans, at fair value using the fair value option
—

 
—

 
—

 
—

 
—

Limited partnerships/corporations, at fair value
—

 
—

 
—

 
81

 
81

Total assets, at fair value
$
217

 
$
1,089

 
$
—

 
$
1,795

 
$
3,101

Liabilities
 
 
 
 
 
 
 
 
 
VIEs
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
1,047

 
$
—

 
$
—

 
$
1,047

Total liabilities, at fair value
$
—

 
$
1,047

 
$
—

 
$
—

 
$
1,047


The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2016:
 
Level 1
 
Level 2
 
Level 3
 
NAV
 
Total
Assets
 
 
 
 
 
 
 
 
 
VIEs
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
133

 
$
—

 
$
—

 
$
—

 
$
133

Corporate loans, at fair value using the fair value option
—

 
1,906

 
15

 
—

 
1,921

Limited partnerships/corporations, at fair value
—

 
—

 
—

 
1,770

 
1,770

VOEs
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
—

 
—

 
—

 
—

 
—

Corporate loans, at fair value using the fair value option
—

 
32

 
—

 
—

 
32

Limited partnerships/corporations, at fair value
—

 
107

 
—

 
59

 
166

Total assets, at fair value
$
133

 
$
2,045

 
$
15

 
$
1,829

 
$
4,022

Liabilities
 
 
 
 
 
 
 
 
 
VIEs
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
1,967

 
$
—

 
$
—

 
$
1,967

Total liabilities, at fair value
$
—

 
$
1,967

 
$
—

 
$
—

 
$
1,967

Restructuring Restructuring (Tables)
Restructuring and Related Costs 
The summary below presents restructuring expense, pre-tax, by type of costs incurred, for the periods indicated:
 
Year Ended December 31,
 
Cumulative Amounts Incurred to Date
 
2017
 
Severance benefits
$
34

 
$
60

Asset write-off costs
16

 
16

Transition costs
17

 
17

Other costs
15

 
23

Total restructuring expense
$
82

 
$
116


Schedule of Restructuring Reserve by Type of Cost 
The following table presents the accrued liability associated with restructuring expenses as of December 31, 2017:
 
Severance Benefits
 
Transition Costs
 
Other Costs
 
Total
Accrued liability as of January 1, 2017
$
21

 
$
—

 
$
2

 
$
23

Provision
39

 
17

 
15

 
71

Payments
(25
)
 
—

 
(14
)
 
(39
)
Other adjustments(1)
(5
)
 
—

 
—

 
(5
)
Accrued liability as of December 31, 2017
$
30

 
$
17

 
$
3

(2) 
$
50

(1) Represents net write-downs of accruals, not associated with payments.
(2) Represents services performed but not yet paid.
Segments (Tables)
Schedule of Operating Earnings Before Income Taxes from Segments 
The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) from continuing operations before income taxes for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Income (loss) from continuing operations before income taxes
$
528

 
$
10

 
$
476

Less Adjustments:
 
 
 
 
 
Net investment gains (losses) and related charges and adjustments
(84
)
 
(108
)
 
(55
)
Net guaranteed benefit hedging gains (losses) and related charges and adjustments
46

 
4

 
(69
)
Income (loss) related to businesses exited through reinsurance or divestment
(45
)
 
(14
)
 
(169
)
Income (loss) attributable to noncontrolling interest
200

 
29

 
130

Loss related to early extinguishment of debt
(4
)
 
(104
)
 
(10
)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments
(16
)
 
(55
)
 
63

Other adjustments
(97
)
 
(71
)
 
(58
)
Total adjustments to income (loss) from continuing operations
—

 
(319
)
 
(168
)
 
 
 
 
 
 
Adjusted operating earnings before income taxes by segment:
 
 
 
 
 
Retirement
$
456

 
$
450

 
$
471

Investment Management
248

 
171

 
182

Individual Life
92

 
59

 
173

Employee Benefits
127

 
126

 
146

Corporate (1)
(395
)
 
(477
)
 
(328
)
Total
$
528

 
$
329

 
$
644

Schedule of Revenue from Segments 
The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Total revenues
$
8,618

 
$
8,788

 
$
8,716

 
 
 
 
 
 
Adjustments:
 
 
 
 
 
Net realized investment gains (losses) and related charges and adjustments
(100
)
 
(112
)
 
(121
)
Gain (loss) on change in fair value of derivatives related to guaranteed benefits
52

 
9

 
(63
)
Revenues related to businesses exited through reinsurance or divestment
122

 
96

 
26

Revenues attributable to noncontrolling interest
286

 
133

 
414

Other adjustments
212

 
183

 
223

Total adjustments to revenues
572

 
309

 
479

 
 
 
 
 
 
Adjusted operating revenues by segment:
 
 
 
 
 
Retirement
$
2,538

 
$
3,257

 
$
2,994

Investment Management
731

 
627

 
622

Individual Life
2,563

 
2,528

 
2,617

Employee Benefits
1,767

 
1,616

 
1,507

Corporate(1)
447

 
451

 
497

Total
$
8,046

 
$
8,479

 
$
8,237

(1) Adjusted operating revenues for Corporate includes Net investment gains (losses) and Gains (losses) on change in fair value of derivatives related to guaranteed benefits associated with the Retained Business. These amounts are insignificant and do not distort the ability to make a meaningful evaluation of the trends of Corporate activities.

Other Segment Information

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Investment management intersegment revenues
$
118

 
$
114

 
$
110

Schedule of Assets from Segments 
The summary below presents Total assets for the Company’s segments as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
Retirement
$
111,476

 
$
100,104

Investment Management
626

 
513

Individual Life
27,301

 
26,851

Employee Benefits
2,657

 
2,549

Corporate
18,685

 
18,391

Total assets, before consolidation(1)
160,745

 
148,408

Consolidation of investment entities
2,735

 
3,468

Total assets, excluding assets held for sale
163,480

 
151,876

Assets held for sale
59,052

 
62,709

Total assets
$
222,532

 
$
214,585


(1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.
Condensed Consolidating Financial Information (Tables)
Schedule of Condensed Consolidating Balance Sheets 
Condensed Consolidating Balance Sheet
December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
48,344

 
$
(15
)
 
$
48,329

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,018

 
—

 
3,018

Equity securities, available-for-sale, at fair value
115

 
—

 
265

 
—

 
380

Short-term investments
212

 
—

 
259

 
—

 
471

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
8,686

 
—

 
8,686

Policy loans
—

 
—

 
1,888

 
—

 
1,888

Limited partnerships/corporations
—

 
—

 
784

 
—

 
784

Derivatives
49

 
—

 
445

 
(97
)
 
397

Investments in subsidiaries
12,293

 
7,618

 
—

 
(19,911
)
 
—

Other investments
—

 
1

 
46

 
—

 
47

Securities pledged
—

 
—

 
2,087

 
—

 
2,087

Total investments
12,669

 
7,619

 
65,822

 
(20,023
)
 
66,087

Cash and cash equivalents
244

 
1

 
973

 
—

 
1,218

Short-term investments under securities loan agreements, including collateral delivered
11

 
—

 
1,615

 
—

 
1,626

Accrued investment income
—

 
—

 
667

 
—

 
667

Premium receivable and reinsurance recoverable
—

 
—

 
7,632

 
—

 
7,632

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
3,374

 
—

 
3,374

Current income taxes
—

 
6

 
(2
)
 
—

 
4

Deferred income taxes
406

 
22

 
353

 
—

 
781

Loans to subsidiaries and affiliates
191

 
—

 
418

 
(609
)
 
—

Due from subsidiaries and affiliates
2

 
—

 
3

 
(5
)
 
—

Other assets
16

 
—

 
1,294

 
—

 
1,310

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
—

 
—

 
1,795

 
—

 
1,795

Cash and cash equivalents
—

 
—

 
217

 
—

 
217

Corporate loans, at fair value using the fair value option
—

 
—

 
1,089

 
—

 
1,089

Other assets
—

 
—

 
75

 
—

 
75

Assets held in separate accounts
—

 
—

 
77,605

 
—

 
77,605

Assets held for sale

—

 
—

 
59,052

 
—

 
59,052

Total assets
$
13,539

 
$
7,648

 
$
221,982

 
$
(20,637
)
 
$
222,532




Condensed Consolidating Balance Sheet (Continued)
December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
15,647

 
$
—

 
$
15,647

Contract owner account balances
—

 
—

 
50,158

 
—

 
50,158

Payables under securities loan agreement, including collateral held
—

 
—

 
1,866

 
—

 
1,866

Short-term debt
755

 
68

 
123

 
(609
)
 
337

Long-term debt
2,681

 
438

 
19

 
(15
)
 
3,123

Derivatives
49

 
—

 
197

 
(97
)
 
149

Pension and other postretirement provisions
—

 
—

 
550

 
—

 
550

Due to subsidiaries and affiliates
1

 
—

 
2

 
(3
)
 
—

Other liabilities
44

 
12

 
2,022

 
(2
)
 
2,076

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
1,047

 
—

 
1,047

Other liabilities
—

 
—

 
658

 
—

 
658

Liabilities related to separate accounts
—

 
—

 
77,605

 
—

 
77,605

Liabilities held for sale

—

 
—

 
58,277

 
—

 
58,277

Total liabilities
3,530

 
518

 
208,171

 
(726
)
 
211,493

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
10,009

 
7,130

 
12,781

 
(19,911
)
 
10,009

Noncontrolling interest
—

 
—

 
1,030

 
—

 
1,030

Total shareholders' equity
10,009

 
7,130

 
13,811

 
(19,911
)
 
11,039

Total liabilities and shareholders' equity
$
13,539

 
$
7,648

 
$
221,982

 
$
(20,637
)
 
$
222,532


Condensed Consolidating Balance Sheet
December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
47,409

 
$
(15
)
 
$
47,394

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,065

 
—

 
3,065

Equity securities, available-for-sale, at fair value
93

 
—

 
165

 
—

 
258

Short-term investments
212

 
—

 
179

 
—

 
391

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
8,003

 
—

 
8,003

Policy loans
—

 
—

 
1,943

 
—

 
1,943

Limited partnerships/corporations
—

 
—

 
536

 
—

 
536

Derivatives
56

 
—

 
793

 
(112
)
 
737

Investments in subsidiaries
14,743

 
10,798

 
—

 
(25,541
)
 
—

Other investments
—

 
1

 
46

 
—

 
47

Securities pledged
—

 
—

 
1,409

 
—

 
1,409

Total investments
15,104

 
10,799

 
63,548

 
(25,668
)
 
63,783

Cash and cash equivalents
257

 
2

 
1,837

 
—

 
2,096

Short-term investments under securities loan agreements, including collateral delivered
11

 
—

 
575

 
—

 
586

Accrued investment income
—

 
—

 
666

 
—

 
666

Premium receivable and reinsurance recoverable
—

 
—

 
7,287

 
—

 
7,287

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
3,997

 
—

 
3,997

Current income taxes
31

 
9

 
124

 
—

 
164

Deferred income taxes
527

 
37

 
1,006

 
—

 
1,570

Loans to subsidiaries and affiliates
278

 
—

 
11

 
(289
)
 
—

Due from subsidiaries and affiliates
3

 
—

 
2

 
(5
)
 
—

Other assets
21

 
—

 
1,465

 
—

 
1,486

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
—

 
—

 
1,936

 
—

 
1,936

Cash and cash equivalents
—

 
—

 
133

 
—

 
133

Corporate loans, at fair value using the fair value option
—

 
—

 
1,953

 
—

 
1,953

Other assets
—

 
—

 
34

 
—

 
34

Assets held in separate accounts
—

 
—

 
66,185

 
—

 
66,185

Assets held for sale

—

 
—

 
62,709

 
—

 
62,709

Total assets
$
16,232

 
$
10,847

 
$
213,468

 
$
(25,962
)
 
$
214,585

Condensed Consolidating Balance Sheet (Continued)
December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
14,575

 
$
—

 
$
14,575

Contract owner account balances
—

 
—

 
50,273

 
—

 
50,273

Payables under securities loan agreement, including collateral held
—

 
—

 
969

 
—

 
969

Short-term debt
11

 
211

 
67

 
(289
)
 
—

Long-term debt
3,108

 
437

 
20

 
(15
)
 
3,550

Derivatives
56

 
—

 
353

 
(112
)
 
297

Pension and other postretirement provisions
—

 
—

 
674

 
—

 
674

Due to subsidiaries and affiliates
—

 
—

 
3

 
(3
)
 
—

Other liabilities
62

 
13

 
1,950

 
(2
)
 
2,023

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
1,967

 
—

 
1,967

Other liabilities
—

 
—

 
528

 
—

 
528

Liabilities related to separate accounts
—

 
—

 
66,185

 
—

 
66,185

Liabilities held for sale

—

 
—

 
59,576

 
—

 
59,576

Total liabilities
3,237

 
661

 
197,140

 
(421
)
 
200,617

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
12,995

 
10,186

 
15,355

 
(25,541
)
 
12,995

Noncontrolling interest
—

 
—

 
973

 
—

 
973

Total shareholders' equity
12,995

 
10,186

 
16,328

 
(25,541
)
 
13,968

Total liabilities and shareholders' equity
$
16,232

 
$
10,847

 
$
213,468

 
$
(25,962
)
 
$
214,585

Schedule of Condensed Consolidating Statement of Operations 

Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
33

 
$
—

 
$
3,274

 
$
(13
)
 
$
3,294

Fee income
—

 
—

 
2,627

 
—

 
2,627

Premiums
—

 
—

 
2,121

 
—

 
2,121

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(30
)
 
—

 
(30
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(9
)
 
—

 
(9
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(21
)
 
—

 
(21
)
Other net realized capital gains (losses)
—

 
—

 
(206
)
 
—

 
(206
)
Total net realized capital gains (losses)
—

 
—

 
(227
)
 
—

 
(227
)
Other revenue
8

 
1

 
362

 
—

 
371

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
432

 
—

 
432

Total revenues
41

 
1

 
8,589

 
(13
)
 
8,618

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
3,030

 
—

 
3,030

Interest credited to contract owner account balances
—

 
—

 
1,606

 
—

 
1,606

Operating expenses
9

 
—

 
2,645

 
—

 
2,654

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
529

 
—

 
529

Interest expense
155

 
37

 
5

 
(13
)
 
184

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
80

 
—

 
80

Other expense
—

 
—

 
7

 
—

 
7

Total benefits and expenses
164

 
37

 
7,902

 
(13
)
 
8,090

Income (loss) from continuing operations before income taxes
(123
)
 
(36
)
 
687

 
—

 
528

Income tax expense (benefit)
113

 
3

 
624

 
—

 
740

Income (loss) from continuing operations
(236
)
 
(39
)
 
63

 
—

 
(212
)
Income (loss) from discontinued operations, net of tax
—

 
—

 
(2,580
)
 
—

 
(2,580
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(236
)
 
(39
)
 
(2,517
)
 
—

 
(2,792
)
Equity in earnings (losses) of subsidiaries, net of tax
(2,756
)
 
(2,623
)
 
—

 
5,379

 
—

Net income (loss) including noncontrolling interest
(2,992
)
 
(2,662
)
 
(2,517
)
 
5,379

 
(2,792
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
200

 
—

 
200

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2,992
)
 
$
(2,662
)
 
$
(2,717
)
 
$
5,379

 
$
(2,992
)
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
19

 
$
—

 
$
3,347

 
$
(12
)
 
$
3,354

Fee income
—

 
—

 
2,471

 
—

 
2,471

Premiums
—

 
—

 
2,795

 
—

 
2,795

Net realized capital gains (losses):
 
 
 
 
 
 
 
 

Total other-than-temporary impairments
—

 
—

 
(32
)
 
—

 
(32
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
2

 
—

 
2

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(34
)
 
—

 
(34
)
Other net realized capital gains (losses)
1

 
—

 
(330
)
 
—

 
(329
)
Total net realized capital gains (losses)
1

 
—

 
(364
)
 
—

 
(363
)
Other revenue
1

 
—

 
341

 
—

 
342

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
189

 
—

 
189

Total revenues
21

 
—

 
8,779

 
(12
)
 
8,788

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
3,710

 
—

 
3,710

Interest credited to contract owner account balances
—

 
—

 
1,604

 
—

 
1,604

Operating expenses
9

 
—

 
2,646

 
—

 
2,655

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
415

 
—

 
415

Interest expense
238

 
57

 
5

 
(12
)
 
288

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
102

 
—

 
102

Other expense
—

 
—

 
4

 
—

 
4

Total benefits and expenses
247

 
57

 
8,486

 
(12
)
 
8,778

Income (loss) from continuing operations before income taxes
(226
)
 
(57
)
 
293

 
—

 
10

Income tax expense (benefit)
(90
)
 
(26
)
 
70

 
17

 
(29
)
Income (loss) from continuing operations
(136
)
 
(31
)
 
223

 
(17
)
 
39

Income (loss) from discontinued operations, net of tax
—

 
—

 
(337
)
 
—

 
(337
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(136
)
 
(31
)
 
(114
)
 
(17
)
 
(298
)
Equity in earnings (losses) of subsidiaries, net of tax
(191
)
 
317

 
—

 
(126
)
 
—

Net income (loss) including noncontrolling interest
(327
)
 
286

 
(114
)
 
(143
)
 
(298
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
29

 
—

 
29

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
(327
)
 
$
286

 
$
(143
)
 
$
(143
)
 
$
(327
)
Condensed Consolidating Statement of Operations
For the Year Ended December 31, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
4

 
$
—

 
$
3,348

 
$
(9
)
 
$
3,343

Fee income
—

 
—

 
2,470

 
—

 
2,470

Premiums
—

 
—

 
2,554

 
—

 
2,554

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(78
)
 
—

 
(78
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
5

 
—

 
5

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(83
)
 
—

 
(83
)
Other net realized capital gains (losses)
(2
)
 
—

 
(475
)
 
—

 
(477
)
Total net realized capital gains (losses)
(2
)
 
—

 
(558
)
 
—

 
(560
)
Other revenue
3

 
—

 
385

 
(3
)
 
385

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
551

 
—

 
551

Changes in fair value related to collateralized loan obligations
—

 
—

 
(27
)
 
—

 
(27
)
Total revenues
5

 
—

 
8,723

 
(12
)
 
8,716

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
3,161

 
—

 
3,161

Interest credited to contract owner account balances
—

 
—

 
1,537

 
—

 
1,537

Operating expenses
10

 
(1
)
 
2,678

 
(3
)
 
2,684

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
377

 
—

 
377

Interest expense
150

 
51

 
5

 
(9
)
 
197

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
272

 
—

 
272

Other expense
—

 
—

 
12

 
—

 
12

Total benefits and expenses
160

 
50

 
8,042

 
(12
)
 
8,240

Income (loss) from continuing operations before income taxes
(155
)
 
(50
)
 
681

 
—

 
476

Income tax expense (benefit)
(52
)
 
—

 
157

 
(21
)
 
84

Income (loss) from continuing operations
(103
)
 
(50
)
 
524

 
21

 
392

Income (loss) from discontinued operations, net of tax
—

 
—

 
146

 
—

 
146

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(103
)
 
(50
)
 
670

 
21

 
538

Equity in earnings (losses) of subsidiaries, net of tax
511

 
257

 
—

 
(768
)
 
—

Net income (loss) including noncontrolling interest
408

 
207

 
670

 
(747
)
 
538

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
130

 
—

 
130

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
408

 
$
207

 
$
540

 
$
(747
)
 
$
408

Schedule of Condensed Consolidating Statement of Comprehensive Income 
Condensed Consolidated Statement of Comprehensive Income
For the Year Ended December 31, 2017
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
(2,992
)
 
$
(2,662
)
 
$
(2,517
)
 
$
5,379

 
$
(2,792
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
1,191

 
813

 
1,191

 
(2,004
)
 
1,191

Other-than-temporary impairments
(2
)
 
(5
)
 
(2
)
 
7

 
(2
)
Pension and other postretirement benefits liability
(15
)
 
(3
)
 
(15
)
 
18

 
(15
)
Other comprehensive income (loss), before tax
1,174

 
805

 
1,174

 
(1,979
)
 
1,174

Income tax expense (benefit) related to items of other comprehensive income (loss)
364

 
258

 
364

 
(622
)
 
364

Other comprehensive income (loss), after tax
810

 
547

 
810

 
(1,357
)
 
810

Comprehensive income (loss)
(2,182
)
 
(2,115
)
 
(1,707
)
 
4,022

 
(1,982
)
Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
200

 
—

 
200

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
(2,182
)
 
$
(2,115
)
 
$
(1,907
)
 
$
4,022

 
$
(2,182
)

Condensed Consolidated Statement of Comprehensive Income
For the Year Ended December 31, 2016
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
(327
)
 
$
286

 
$
(114
)
 
$
(143
)
 
$
(298
)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
749

 
593

 
749

 
(1,342
)
 
749

Other-than-temporary impairments
24

 
20

 
24

 
(44
)
 
24

Pension and other postretirement benefits liability
(10
)
 
(2
)
 
(10
)
 
12

 
(10
)
Other comprehensive income (loss), before tax
763

 
611

 
763

 
(1,374
)
 
763

Income tax expense (benefit) related to items of other comprehensive income (loss)
267

 
214

 
284

 
(498
)
 
267

Other comprehensive income (loss), after tax
496

 
397

 
479

 
(876
)
 
496

Comprehensive income (loss)
169

 
683

 
365

 
(1,019
)
 
198

Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
29

 
—

 
29

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
169

 
$
683

 
$
336

 
$
(1,019
)
 
$
169


Condensed Consolidated Statement of Comprehensive Income
For the Year Ended December 31, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
408

 
$
207

 
$
670

 
$
(747
)
 
$
538

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
(2,581
)
 
(1,875
)
 
(2,581
)
 
4,456

 
(2,581
)
Other-than-temporary impairments
19

 
13

 
19

 
(32
)
 
19

Pension and other postretirement benefits liability
(14
)
 
(3
)
 
(14
)
 
17

 
(14
)
Other comprehensive income (loss), before tax
(2,576
)
 
(1,865
)
 
(2,576
)
 
4,441

 
(2,576
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(897
)
 
(648
)
 
(898
)
 
1,546

 
(897
)
Other comprehensive income (loss), after tax
(1,679
)
 
(1,217
)
 
(1,678
)
 
2,895

 
(1,679
)
Comprehensive income (loss)
(1,271
)
 
(1,010
)
 
(1,008
)
 
2,148

 
(1,141
)
Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
130

 
—

 
130

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
(1,271
)
 
$
(1,010
)
 
$
(1,138
)
 
$
2,148

 
$
(1,271
)
Schedule of Condensed Consolidating Statement of Cash Flows 
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2017

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(22
)
 
$
138

 
$
1,694

 
$
(232
)
 
$
1,578

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
8,325

 
—

 
8,325

Equity securities, available-for-sale
25

 
—

 
29

 
—

 
54

Mortgage loans on real estate
—

 
—

 
955

 
—

 
955

Limited partnerships/corporations
—

 
—

 
236

 
—

 
236

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(8,719
)
 
—

 
(8,719
)
Equity securities, available-for-sale
(34
)
 
—

 
(13
)
 
—

 
(47
)
Mortgage loans on real estate
—

 
—

 
(1,638
)
 
—

 
(1,638
)
Limited partnerships/corporations
—

 
—

 
(332
)
 
—

 
(332
)
Short-term investments, net
—

 
—

 
(80
)
 
—

 
(80
)
Derivatives, net
—

 
—

 
213

 
—

 
213

Sales from consolidated investment entities
—

 
—

 
2,047

 
—

 
2,047

Purchases within consolidated investment entities
—

 
—

 
(2,036
)
 
—

 
(2,036
)
Issuance of intercompany loans with maturities more than three months
(34
)
 
—

 
—

 
34

 
—

Maturity of intercompany loans with maturities more than three months
34

 
—

 
—

 
(34
)
 
—

Maturity (issuance) of short-term intercompany loans, net
87

 
—

 
(408
)
 
321

 
—

Return of capital contributions and dividends from subsidiaries
1,020

 
1,024

 
—

 
(2,044
)
 
—

Capital contributions to subsidiaries
(467
)
 
(47
)
 
—

 
514

 
—

Collateral (delivered) received, net
—

 
—

 
(148
)
 
—

 
(148
)
Other, net
—

 
—

 
3

 
—

 
3

Net cash provided by (used in) investing activities - discontinued operations
—

 
—

 
(1,261
)
 
—

 
(1,261
)
Net cash provided by (used in) investing activities
631

 
977

 
(2,827
)
 
(1,209
)
 
(2,428
)
Condensed Consolidating Statement of Cash Flows (Continued)
For the Year Ended December 31, 2017

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
5,061

 
—

 
5,061

Maturities and withdrawals from investment contracts
—

 
—

 
(5,372
)
 
—

 
(5,372
)
Proceeds from issuance of debt with maturities of more than three months
399

 
—

 
—

 
—

 
399

Repayment of debt with maturities of more than three months
(490
)
 
—

 
—

 
—

 
(490
)
Debt issuance costs
(3
)
 
—

 
—

 
—

 
(3
)
Proceeds of intercompany loans with maturities of more than three months
—

 
—

 
34

 
(34
)
 
—

Repayments of intercompany loans with maturities of more than three months
—

 
—

 
(34
)
 
34

 
—

Net (repayments of) proceeds from short-term intercompany loans
408

 
(143
)
 
56

 
(321
)
 
—

Return of capital contributions and dividends to parent
—

 
(1,020
)
 
(1,256
)
 
2,276

 
—

Contributions of capital from parent
—

 
47

 
467

 
(514
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
967

 
—

 
967

Repayments of borrowings of consolidated investment entities
—

 
—

 
(804
)
 
—

 
(804
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
449

 
—

 
449

Proceeds from issuance of common stock, net
3

 
—

 
—

 
—

 
3

Share-based compensation
(8
)
 
—

 
—

 
—

 
(8
)
Common stock acquired - Share repurchase
(923
)
 
—

 
—

 
—

 
(923
)
Dividends paid
(8
)
 
—

 
—

 
—

 
(8
)
Net cash provided by (used in) financing activities - discontinued operations
—

 
—

 
384

 
—

 
384

Net cash provided by (used in) financing activities
(622
)
 
(1,116
)

(48
)

1,441


(345
)
Net increase (decrease) in cash and cash equivalents
(13
)
 
(1
)
 
(1,181
)
 
—

 
(1,195
)
Cash and cash equivalents, beginning of period
257

 
2

 
2,652

 
—

 
2,911

Cash and cash equivalents, end of period
244

 
1

 
1,471

 
—

 
1,716

Less: Cash and cash equivalents of discontinued operations, end of period
—

 
—

 
498

 
—

 
498

Cash and cash equivalents of continuing operations, end of period
$
244

 
$
1

 
$
973

 
$
—

 
$
1,218



Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2016

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(308
)
 
$
173

 
$
3,996

 
$
(270
)
 
$
3,591

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
8,112

 
—

 
8,112

Equity securities, available-for-sale
18

 
—

 
86

 
—

 
104

Mortgage loans on real estate
—

 
—

 
747

 
—

 
747

Limited partnerships/corporations
—

 
—

 
306

 
—

 
306

Acquisition of:
 
 
 
 
 
 
 
 

Fixed maturities
—

 
—

 
(9,839
)
 
—

 
(9,839
)
Equity securities, available-for-sale
(23
)
 
—

 
(24
)
 
—

 
(47
)
Mortgage loans on real estate
—

 
—

 
(1,481
)
 
—

 
(1,481
)
Limited partnerships/corporations
—

 
—

 
(367
)
 
—

 
(367
)
Short-term investments, net
—

 
—

 
31

 
—

 
31

Derivatives, net
1

 
—

 
(25
)
 
—

 
(24
)
Sales from consolidated investments entities
—

 
—

 
2,304

 
—

 
2,304

Purchases within consolidated investment entities
—

 
—

 
(1,727
)
 
—

 
(1,727
)
Maturity (issuance) of short-term intercompany loans, net
52

 
—

 
(11
)
 
(41
)
 
—

Return of capital contributions and dividends from subsidiaries
922

 
760

 
—

 
(1,682
)
 
—

Capital contributions to subsidiaries
(215
)
 
(64
)
 
—

 
279

 
—

Collateral (delivered) received, net
—

 
—

 
(22
)
 
—

 
(22
)
Other, net
—

 
—

 
20

 
—

 
20

Net cash provided by (used in) investing activities - discontinued operations
—

 
—

 
(1,800
)
 
—

 
(1,800
)
Net cash provided by (used in) investing activities
755

 
696

 
(3,690
)
 
(1,444
)
 
(3,683
)
Condensed Consolidating Statement of Cash Flows (Continued)
For the Year Ended December 31, 2016

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
5,891

 
—

 
5,891

Maturities and withdrawals from investment contracts
—

 
—

 
(5,412
)
 
—

 
(5,412
)
Proceeds from issuance of debt with maturities of more than three months
798

 
—

 
—

 
—

 
798

Repayment of debt with maturities of more than three months
(660
)
 
(48
)
 
—

 
—

 
(708
)
Debt issuance costs
(16
)
 
—

 
—

 
—

 
(16
)
Net (repayments of) proceeds from short-term intercompany loans
11

 
5

 
(57
)
 
41

 
—

Return of capital contributions and dividends to parent
—

 
(892
)
 
(1,060
)
 
1,952

 
—

Contributions of capital from parent
—

 
50

 
229

 
(279
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
126

 
—

 
126

Repayments of borrowings of consolidated investment entities
—

 
—

 
(455
)
 
—

 
(455
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
51

 
—

 
51

Proceeds from issuance of common stock, net
1

 
—

 
—

 
—

 
1

Share-based compensation
(7
)
 
—

 
—

 
—

 
(7
)
Common stock acquired - Share repurchase
(687
)
 
—

 
—

 
—

 
(687
)
Dividends paid
(8
)
 
—

 
—

 
—

 
(8
)
Net cash provided by (used in) financing activities - discontinued operations
—

 
—

 
916

 
—

 
916

Net cash provided by (used in) financing activities
(568
)
 
(885
)
 
229

 
1,714

 
490

Net increase (decrease) in cash and cash equivalents
(121
)
 
(16
)
 
535

 
—

 
398

Cash and cash equivalents, beginning of period
378

 
18

 
2,117

 
—

 
2,513

Cash and cash equivalents, end of period
257

 
2

 
2,652

 
—

 
2,911

Less: Cash and cash equivalents of discontinued operations, end of period

—

 
—

 
815

 
—

 
815

Cash and cash equivalents of continuing operations, end of period
$
257

 
$
2

 
$
1,837

 
$
—

 
$
2,096


Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2015

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
130

 
$
260

 
$
3,375

 
$
(517
)
 
$
3,248

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
8,327

 
—

 
8,327

Equity securities, available-for-sale
24

 
—

 
52

 
—

 
76

Mortgage loans on real estate
—

 
—

 
1,088

 
—

 
1,088

Limited partnerships/corporations
—

 
—

 
258

 
—

 
258

Acquisition of:
 
 
 
 
 
 
 
 

Fixed maturities
—

 
—

 
(8,759
)
 
—

 
(8,759
)
Equity securities, available-for-sale
(31
)
 
—

 
(106
)
 
—

 
(137
)
Mortgage loans on real estate
—

 
—

 
(1,381
)
 
—

 
(1,381
)
Limited partnerships/corporations
—

 
—

 
(417
)
 
—

 
(417
)
Short-term investments, net
(212
)
 
—

 
680

 
—

 
468

Derivatives, net
(33
)
 
—

 
(108
)
 
—

 
(141
)
Sales from consolidated investments entities
—

 
—

 
5,432

 
—

 
5,432

Purchases within consolidated investment entities
—

 
—

 
(7,521
)
 
—

 
(7,521
)
Maturity of intercompany loans with maturities more than three months
1

 
—

 
—

 
(1
)
 
—

Maturity (issuance) of short-term intercompany loans, net
(162
)
 
—

 
—

 
162

 
—

Return of capital contributions and dividends from subsidiaries
1,467

 
1,198

 
—

 
(2,665
)
 
—

Capital contributions to subsidiaries
—

 
(15
)
 
—

 
15

 
—

Collateral (delivered) received, net
20

 
—

 
19

 
—

 
39

Other, net
—

 
14

 
43

 
—

 
57

Net cash provided by (used in) investing activities - discontinued operations
—

 
—

 
(1,663
)
 
—

 
(1,663
)
Net cash provided by (used in) investing activities
1,074

 
1,197

 
(4,056
)
 
(2,489
)
 
(4,274
)
Condensed Consolidating Statement of Cash Flows (Continued)
For the Year Ended December 31, 2015

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
5,298

 
—

 
5,298

Maturities and withdrawals from investment contracts
—

 
—

 
(4,587
)
 
—

 
(4,587
)
Repayment of debt with maturities of more than three months
—

 
(31
)
 
—

 
—

 
(31
)
Debt issuance costs
(7
)
 
—

 
—

 
—

 
(7
)
Intercompany loans with maturities of more than three months
—

 
—

 
(1
)
 
1

 
—

Net (repayments of) proceeds from short-term intercompany loans
—

 
57

 
105

 
(162
)
 
—

Return of capital contributions and dividends to parent
—

 
(1,467
)
 
(1,715
)
 
3,182

 
—

Contributions of capital from parent
—

 
—

 
15

 
(15
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
1,373

 
—

 
1,373

Repayments of borrowings of consolidated investment entities
—

 
—

 
(479
)
 
—

 
(479
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
662

 
—

 
662

Share-based compensation
(5
)
 
—

 
—

 
—

 
(5
)
Common stock acquired - Share repurchase
(1,487
)
 
—

 
—

 
—

 
(1,487
)
Dividends paid
(9
)
 
—

 
—

 
—

 
(9
)
Net cash provided by (used in) financing activities - discontinued operations
—

 
—

 
280

 
—

 
280

Net cash provided by (used in) financing activities
(1,508
)
 
(1,441
)
 
951

 
3,006

 
1,008

Net increase (decrease) in cash and cash equivalents
(304
)
 
16

 
270

 
—

 
(18
)
Cash and cash equivalents, beginning of period
682

 
2

 
1,847

 
—

 
2,531

Cash and cash equivalents, end of period
378

 
18

 
2,117

 
—

 
2,513

Less: Cash and cash equivalents of discontinued operations, end of period

—

 
—

 
696

 
—

 
696

Cash and cash equivalents of continuing operations, end of period
$
378

 
$
18

 
$
1,421

 
$
—

 
$
1,817

Selected Consolidated Unaudited Quarterly Financial Data (Tables)
Schedule of Quarterly Financial Information
The unaudited quarterly results of operations for 2017 and 2016 are summarized in the table below:
 
Three Months Ended,
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
($ in millions, except per share amounts)
2017
 
 
 
 
 
 
 
Total revenues
$
2,057

 
$
2,191

 
$
2,184

 
$
2,186

Total benefits and expenses
1,944

 
2,036

 
2,144

 
1,966

Income (loss) from continuing operations before income taxes
113

 
155

 
40

 
220

Income (loss) from discontinued operations, net of tax
(162
)
 
64

 
134

 
(2,616
)
Net income (loss)
(142
)
 
219

 
214

 
(3,083
)
Less: Net income (loss) attributable to noncontrolling interest
1

 
52

 
65

 
82

Net income (loss) available to Voya Financial, Inc.'s common shareholders
(143
)
 
167

 
149

 
(3,165
)
Earnings Per Share
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
0.10

 
$
0.56

 
$
0.08

 
$
(3.06
)
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(0.85
)
 
$
0.34

 
$
0.75

 
$
(14.58
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(0.75
)
 
$
0.90

 
$
0.83

 
$
(17.64
)
Diluted (1)
 
 
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
0.10

 
$
0.55

 
$
0.08

 
$
(3.06
)
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(0.84
)
 
$
0.34

 
$
0.73

 
$
(14.58
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(0.74
)
 
$
0.89

 
$
0.81

 
$
(17.64
)
Cash dividends declared per common share
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01

(1) For the three months ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 3.5 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss from continuing operations in the period.
 
Three Months Ended,
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
($ in millions, except per share amounts)
2016
 
 
 
 
 
 
 
Total revenues
$
2,266

 
$
2,088

 
$
2,110

 
$
2,324

Total benefits and expenses
2,228

 
2,118

 
2,216

 
2,216

Income (loss) from continuing operations before income taxes
38

 
(30
)
 
(106
)
 
108

Income (loss) from discontinued operations, net of tax
149

 
137

 
(145
)
 
(478
)
Net income (loss)
191

 
137

 
(251
)
 
(375
)
Less: Net income (loss) attributable to noncontrolling interest
—

 
(25
)
 
12

 
42

Net income (loss) available to Voya Financial, Inc.'s common shareholders
191

 
162

 
(263
)
 
(417
)
Earnings Per Share
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
0.21

 
$
0.12

 
$
(0.59
)
 
$
0.31

Income (loss) from discontinuing operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
0.72

 
$
0.68

 
$
(0.73
)
 
$
(2.45
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
0.93

 
$
0.80

 
$
(1.32
)
 
$
(2.14
)
Diluted(1)
 
 
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
0.21

 
$
0.12

 
$
(0.59
)
 
$
0.31

Income (loss) from discontinuing operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
0.71

 
$
0.67

 
$
(0.73
)
 
$
(2.43
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
0.92

 
$
0.79

 
$
(1.32
)
 
$
(2.12
)
Cash dividends declared per common share
$
0.01

 
$
0.01

 
$
0.01

 
$
0.01


(1) For the three months ended September 30, 2016, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 1.9 shares for stock compensation plans would be antidilutive to the earnings per share calculation due to the net loss from continuing operations in the period.

Business, Basis of Presentation and Significant Accounting Policies - Business and Business of Presentation (Details)
12 Months Ended
Dec. 31, 2017
segments
Item Effected [Line Items]
 
Number of operating segments
4 
Business, Basis of Presentation and Significant Accounting Policies - Securities Lending (Details)
12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]
 
Rate required of collateral as a percent of market value of loans securities
102.00% 
Business, Basis of Presentation and Significant Accounting Policies - Property and Equipment (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Property, Plant and Equipment [Line Items]
 
 
 
Property and equipment cost basis
$ 376 
$ 373 
 
Total accumulated depreciation
269 
261 
 
Depreciation expense
$ 19 
$ 25 
$ 24 
Minimum
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property and equipment estimated useful lives
3 years 
 
 
Maximum
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
Property and equipment estimated useful lives
40 years 
 
 
Business, Basis of Presentation and Significant Accounting Policies - Amortization Methodologies Assumptions (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Total loss recognition
$ 0 
$ 8.0 
$ 0 
Loss recognition related to DAC VOBA
0 
7.0 
0 
Loss recognition related to sales inducements
0 
0 
0 
Loss recognition on premium deficiency reserve
43 
1 
0 
Long-term equity return assumption
9.00% 
 
 
Long-term equity return assumption, cap
14.00% 
 
 
Long-term equity return assumption, look-forward period
5 years 
 
 
Held for sale
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Total loss recognition
 
313.0 
 
Loss recognition related to DAC VOBA
 
78.0 
 
Loss recognition related to sales inducements
 
19.0 
 
Loss recognition on premium deficiency reserve
 
$ 216 
 
Business, Basis of Presentation and Significant Accounting Policies - Future Policy Benefits (Details)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Individual and Group Life Insurance Reserves |
Minimum
 
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
 
Discount rate (percent)
2.30% 
 
 
Individual and Group Life Insurance Reserves |
Maximum
 
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
 
Discount rate (percent)
7.70% 
 
 
Fixed annuities and payout contracts without life contingencies
 
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
 
Credited interest rate maximum on fixed annuities and payout contracts without life contingencies
7.50% 
7.50% 
7.50% 
Future Policy Benefits and Claims Reserves |
Minimum
 
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
 
Discount rate (percent)
2.70% 
 
 
Future Policy Benefits and Claims Reserves |
Maximum
 
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
 
Discount rate (percent)
8.30% 
 
 
Business, Basis of Presentation and Significant Accounting Policies - Sales Inducements (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Accounting Policies [Abstract]
 
 
 
Capitalized sales inducements
$ 1 
$ 1 
$ 1 
Amortized amount of deferred sales inducements
$ 5 
$ 5 
$ 4 
Business, Basis of Presentation and Significant Accounting Policies - Adoption of Accounting Pronouncements (Details) (USD $)
12 Months Ended 12 Months Ended 0 Months Ended
Dec. 31, 2017
segments
Dec. 31, 2016
Dec. 31, 2016
Accounting Standards Update 2016-09
Jan. 1, 2017
Accounting Standards Update 2016-09
Jan. 1, 2016
Cumulative-Effect Adjustment, Deconsolidation of Variable Interest Entity [Member]
Jan. 1, 2016
Accounting Standards Update 2014-13
Jan. 1, 2018
Scenario, Forecast
Accounting Standards Update 2014-09
New Accounting Pronouncement, Early Adoption [Line Items]
 
 
 
 
 
 
 
ASU 2014-09 Cumulative Effect on Retained Earnings, Net of Tax
 
 
 
 
 
 
$ 80,000,000 
ASU 2016-09 Deferred tax asset change
 
 
 
15,000,000 
 
 
 
ASU 2016-09 Share-based compensation cash flow reclass
 
 
5,000,000 
 
 
 
 
Total assets
222,532,000,000 
214,585,000,000 
 
 
7,500,000,000 
 
 
Limited partnerships/corporations
784,000,000 
536,000,000 
 
 
2,500,000,000 
 
 
Cash and cash equivalents
 
 
 
 
300,000,000 
 
 
Corporate loans, at fair value using the fair value option
 
 
 
 
4,600,000,000 
 
 
Other assets
15,394,000,000 
15,756,000,000 
 
 
100,000,000 
 
 
Liabilities
211,493,000,000 
200,617,000,000 
 
 
5,900,000,000 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
1,047,000,000 
1,967,000,000 
 
 
4,600,000,000 
18,000,000 
 
Other liabilities
658,000,000 
528,000,000 
 
 
1,300,000,000 
 
 
Noncontrolling interest
1,030,000,000 
973,000,000 
 
 
1,600,000,000 
 
 
Appropriated-consolidated investment entities
$ 0 
$ 0 
 
 
$ 9,000,000 
$ (18,000,000)
 
Number of operating segments
4 
 
 
 
 
 
 
Business Held for Sale and Discontinued Operations - Narrative (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 20, 2017
subsidiary
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Number of insurance subsidiaries
4 
4 
 
 
VIAC and DSL |
Held for sale
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Number of insurance subsidiaries
 
 
 
2 
Notes payable
$ 350 
 
 
 
Equity interest in VA Capital
9.99% 
 
 
 
Termination fee payable for termination of master transaction agreement
105 
 
 
 
Loss on sale, net of Tax
(2,423)
0 
0 
 
Transaction costs due to Discontinued Operations
31 
 
 
 
Loss on Deferred Tax Assets due to Sale
$ 692 
 
 
 
Business Held for Sale and Discontinued Operations - Held for Sale Balance Sheets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Investments:
 
 
 
Cash and cash equivalents
$ 498 
$ 815 
$ 696 
Total assets held for sale
59,052 
62,709 
 
Liabilities [Abstract]
 
 
 
Liabilities held for sale
58,277 
59,576 
 
Held for sale |
VIAC and DSL
 
 
 
Investments:
 
 
 
Fixed maturities, available-for-sale, at fair value
21,904 
22,075 
 
Fixed maturities, at fair value using the fair value option
615 
647 
 
Short-term investments
352 
430 
 
Mortgage loans on real estate, net of valuation allowance
4,212 
3,722 
 
Derivatives
1,514 
976 
 
Other investments
351 
258 
 
Securities pledged
861 
748 
 
Total investments
29,809 
28,856 
 
Cash and cash equivalents
498 
815 
 
Short-term investments under securities loan agreements, including collateral delivered
473 
202 
 
Deferred policy acquisition costs and Value of business acquired
805 
890 
 
Sales Inducements
196 
206 
 
Deferred income taxes
404 
520 
 
Other assets
396 
286 
 
Assets held in separate accounts
28,894 
30,934 
 
Write-down of businesses held for sale to fair value less cost to sell
(2,423)
0 
 
Total assets held for sale
59,052 
62,709 
 
Liabilities [Abstract]
 
 
 
Future policy benefits and contract owner account balances
27,065 
27,205 
 
Payables under securities loan agreement, including collateral held
1,152 
872 
 
Derivatives
782 
174 
 
Notes payable
350 
350 
 
Other liabilities
34 
41 
 
Liabilities related to separate accounts
28,894 
30,934 
 
Liabilities held for sale
$ 58,277 
$ 59,576 
 
Business Held for Sale and Discontinued Operations - Held for Sale Income Statements (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) from discontinued operations
$ (2,616)
$ 134 
$ 64 
$ (162)
$ (478)
$ (145)
$ 137 
$ 149 
$ (2,580)
$ (337)
$ 146 
VIAC and DSL |
Held for sale
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
1,266 
1,288 
1,217 
Fee income
 
 
 
 
 
 
 
 
801 
889 
1,011 
Premiums
 
 
 
 
 
 
 
 
190 
720 
470 
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
(1,234)
(900)
(173)
Other revenue
 
 
 
 
 
 
 
 
19 
19 
22 
Total revenues
 
 
 
 
 
 
 
 
1,042 
2,016 
2,547 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Interest credited and other benefits to contract owners/policyholders
 
 
 
 
 
 
 
 
978 
2,199 
1,812 
Operating expenses
 
 
 
 
 
 
 
 
250 
283 
319 
Net amortization of Deferred policy acquisition costs and Value of business acquired
 
 
 
 
 
 
 
 
127 
136 
286 
Interest expense
 
 
 
 
 
 
 
 
22 
22 
22 
Total benefits and expenses
 
 
 
 
 
 
 
 
1,377 
2,640 
2,439 
Income (loss) from discontinued operations before income taxes
 
 
 
 
 
 
 
 
(335)
(624)
108 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
(178)
(287)
(38)
Loss on sale, net of Tax
 
 
 
 
 
 
 
 
(2,423)
0 
0 
Net income (loss) from discontinued operations
 
 
 
 
 
 
 
 
$ (2,580)
$ (337)
$ 146 
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
$ 44,366 
$ 44,743 
Embedded Derivatives
37 
55 
Fixed maturities, including securities pledged
48,329 
47,394 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
29 
35 
Securities pledged, Amortized Cost
1,823 
1,261 
Securities pledged
2,087 
1,409 
Total equity securities, Amortized Cost
353 
229 
Equity securities, available-for-sale, at fair value
380 
258 
Total fixed maturities and equity securities, Amortized Cost
47,737 
48,037 
Gross Unrealized Capital Gains
4,176 
3,143 
Gross Unrealized Capital Losses
223 
518 
Fair Value
51,727 
50,717 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
2,047 
2,150 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
477 
407 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
2 
2 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged
2,522 
2,555 
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
223 
227 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
52 
41 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
0 
0 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged
275 
268 
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
1,856 
1,647 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
68 
23 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
11 
39 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged
1,913 
1,631 
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
20,857 
21,873 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
2,451 
1,722 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
50 
178 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged
23,258 
23,417 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
 
6 
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
5,628 
5,076 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
255 
174 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
50 
113 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged
5,833 
5,137 
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
5,241 
5,161 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
493 
293 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
18 
69 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged
5,716 
5,385 
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
4,974 
4,954 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
251 
206 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
64 
52 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged
5,161 
5,108 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
10 
 
Residential mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
4,247 
4,565 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
274 
306 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
34 
48 
Embedded Derivatives
37 
55 
Fixed maturities, including securities pledged
4,524 
4,878 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
16 
25 
Residential mortgage-backed securities, Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
2,990 
3,720 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
164 
209 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
30 
42 
Embedded Derivatives
21 
32 
Fixed maturities, including securities pledged
3,145 
3,919 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
0 
0 
Residential mortgage-backed securities, Non-Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
1,257 
845 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
110 
97 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
4 
6 
Embedded Derivatives
16 
23 
Fixed maturities, including securities pledged
1,379 
959 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
16 
25 
Commercial mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
2,646 
2,320 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
69 
59 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
11 
24 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged
2,704 
2,355 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
0 
0 
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
1,488 
1,096 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
43 
43 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
3 
5 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged
1,528 
1,134 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
3 
4 
Fixed maturities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
49,207 
49,069 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
4,433 
3,274 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
243 
530 
Embedded Derivatives
37 
55 
Fixed maturities, including securities pledged
53,434 
51,868 
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
29 
35 
Securities pledged, Amortized Cost
1,823 
1,261 
Securities pledged, Gross Unrealized Capital Gains
284 
160 
Securities pledged, Gross Unrealized Capital Losses
20 
12 
Securities pledged
2,087 
1,409 
Total fixed maturities, less securities pledged, Amortized Cost
47,384 
47,808 
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains
4,149 
3,114 
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses
223 
518 
Total fixed maturities, less securities pledged, Fair Value
51,347 
50,459 
Equity securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 
0 
Total equity securities, Amortized Cost
353 
229 
Equity securities, Gross Unrealized Capital Gains
27 
29 
Equity securities, Gross Unrealized Capital Losses
0 
0 
Equity securities, available-for-sale, at fair value
380 
258 
Common stock
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 
0 
Total equity securities, Amortized Cost
272 
152 
Equity securities, Gross Unrealized Capital Gains
1 
0 
Equity securities, Gross Unrealized Capital Losses
0 
0 
Equity securities, available-for-sale, at fair value
273 
152 
Preferred stock
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 
0 
Total equity securities, Amortized Cost
81 
77 
Equity securities, Gross Unrealized Capital Gains
26 
29 
Equity securities, Gross Unrealized Capital Losses
0 
0 
Equity securities, available-for-sale, at fair value
107 
106 
Impaired
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Net unrealized gains on impaired available-for-sale securities
$ 441 
$ 408 
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
$ 44,366 
$ 44,743 
Fixed maturities, including securities pledged
48,329 
47,394 
Fixed maturities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
One year or less, Amortized Cost
988 
 
One year or less, Fair Value
1,001 
 
After one year through five years, Amortized Cost
8,389 
 
After one year through five years, Fair Value
8,703 
 
After five years through ten years, Amortized Cost
10,352 
 
After five years through ten years, Fair Value
10,762 
 
After ten years, Amortized Cost
21,097 
 
After ten years, Fair Value
24,212 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
49,207 
49,069 
Fixed maturities, including securities pledged
53,434 
51,868 
Mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Without single maturity date, Amortized Cost
6,893 
 
Without single maturity date, Fair Value
7,228 
 
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Without single maturity date, Amortized Cost
1,488 
 
Without single maturity date, Fair Value
1,528 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
1,488 
1,096 
Fixed maturities, including securities pledged
$ 1,528 
$ 1,134 
Investments (excluding Consolidated Investment Entities) - Composition of US and Foreign Corporate Securities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
$ 44,366 
$ 44,743 
Fixed maturities, including securities pledged
48,329 
47,394 
Communications
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
2,587 
2,765 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
341 
258 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
4 
17 
Fixed maturities, including securities pledged
2,924 
3,006 
Financial
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
5,094 
5,143 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
487 
370 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
5 
28 
Fixed maturities, including securities pledged
5,576 
5,485 
Industrial and Other Companies
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
16,478 
17,129 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
1,391 
948 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
98 
189 
Fixed maturities, including securities pledged
17,771 
17,888 
Energy
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
4,268 
4,509 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
459 
310 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
45 
75 
Fixed maturities, including securities pledged
4,682 
4,744 
Utilities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
6,243 
5,629 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
607 
397 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
22 
77 
Fixed maturities, including securities pledged
6,828 
5,949 
Transportation
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
1,295 
1,210 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
121 
83 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
4 
12 
Fixed maturities, including securities pledged
1,412 
1,281 
U.S. and Foreign Corporate Securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost Basis
35,965 
36,385 
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains
3,406 
2,366 
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses
178 
398 
Fixed maturities, including securities pledged
$ 39,193 
$ 38,353 
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities, Repurchase Agreements and Securities Lending (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Securities received as collateral
$ 308 
$ 743 
Payables under securities loan agreement, including collateral held
1,866 
969 
Securities pledged
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fair value of loaned securities
1,854 
1,133 
Short-term investments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Securities received as collateral
1,589 
425 
Payables under securities loan agreement, including collateral held
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreement, including collateral held
1,589 
425 
Mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Percentage collateralized of mortgage backed securities including interest-only strip or principal-only strip
43.20% 
46.40% 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreement, including collateral held
587 
701 
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreement, including collateral held
5 
4 
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreement, including collateral held
967 
294 
Short-term investments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreement, including collateral held
0 
1 
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreement, including collateral held
338 
168 
Payables Under Securities Loan Agreements
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreement, including collateral held
$ 1,897 
$ 1,168 
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
$ 6,042 
$ 12,117 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
230 
513 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
57 
33 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
3 
More Than Twelve Months Below Amortized Cost, Fair Value
476 
431 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
13 
14 
Total Fair Value
6,575 
12,581 
Total Unrealized Capital Losses
243 
530 
Average market value of fixed maturities with unrealized capital losses aged more than twelve months
97.30% 
96.90% 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
166 
209 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
2 
2 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
0 
0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Fair Value
15 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
0 
0 
Total Fair Value
181 
209 
Total Unrealized Capital Losses
2 
2 
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
356 
945 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
9 
38 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
6 
2 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Fair Value
35 
49 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
2 
1 
Total Fair Value
397 
996 
Total Unrealized Capital Losses
11 
39 
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
1,399 
4,568 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
47 
175 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
8 
14 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Fair Value
114 
112 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
3 
3 
Total Fair Value
1,521 
4,694 
Total Unrealized Capital Losses
50 
178 
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
1,068 
1,596 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
46 
109 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
0 
10 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
1 
More Than Twelve Months Below Amortized Cost, Fair Value
84 
87 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
4 
3 
Total Fair Value
1,152 
1,693 
Total Unrealized Capital Losses
50 
113 
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
463 
1,274 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
17 
63 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
6 
6 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
2 
More Than Twelve Months Below Amortized Cost, Fair Value
26 
139 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
1 
4 
Total Fair Value
495 
1,419 
Total Unrealized Capital Losses
18 
69 
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
493 
1,026 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
64 
52 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
9 
0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Fair Value
8 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
0 
0 
Total Fair Value
510 
1,026 
Total Unrealized Capital Losses
64 
52 
Residential mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
967 
1,389 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
32 
47 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
6 
1 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Fair Value
81 
21 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
2 
1 
Total Fair Value
1,054 
1,411 
Total Unrealized Capital Losses
34 
48 
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
756 
680 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
10 
22 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
18 
0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Fair Value
86 
23 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
1 
2 
Total Fair Value
860 
703 
Total Unrealized Capital Losses
11 
24 
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
374 
430 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
3 
5 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
4 
0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Fair Value
27 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
0 
0 
Total Fair Value
405 
430 
Total Unrealized Capital Losses
$ 3 
$ 5 
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 1 (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
$ 230 
$ 513 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
3 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
13 
14 
Total Unrealized Capital Losses
243 
530 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
2 
2 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
0 
0 
Total Unrealized Capital Losses
2 
2 
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
9 
38 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
2 
1 
Total Unrealized Capital Losses
11 
39 
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
47 
175 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
3 
3 
Total Unrealized Capital Losses
50 
178 
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
46 
109 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
1 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
4 
3 
Total Unrealized Capital Losses
50 
113 
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
17 
63 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
2 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
1 
4 
Total Unrealized Capital Losses
18 
69 
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
64 
52 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
0 
0 
Total Unrealized Capital Losses
64 
52 
Residential mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
32 
47 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
2 
1 
Total Unrealized Capital Losses
34 
48 
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
10 
22 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
1 
2 
Total Unrealized Capital Losses
11 
24 
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
3 
5 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
0 
0 
Total Unrealized Capital Losses
3 
5 
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Amortized Cost
6,126 
12,536 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
148 
466 
Six Months or Less Below Amortized Cost, Number of Securities
1,098 
1,694 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Amortized Cost
48 
45 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
1 
2 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Number of Securities
14 
13 
More Than Twelve Months Below Amortized Cost, Amortized Cost
448 
335 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
12 
9 
More Than Twelve Months Below Amortized Cost, Number of Securities
87 
38 
Total Amortized Cost
6,622 
12,916 
Total Unrealized Capital Losses
161 
477 
Number of Securities
1,199 
1,745 
Fair value decline below amortized cost less than 20% |
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
183 
211 
Total Unrealized Capital Losses
2 
2 
Number of Securities
29 
25 
Fair value decline below amortized cost less than 20% |
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
408 
1,034 
Total Unrealized Capital Losses
11 
39 
Number of Securities
103 
198 
Fair value decline below amortized cost less than 20% |
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,553 
4,811 
Total Unrealized Capital Losses
45 
163 
Number of Securities
232 
547 
Fair value decline below amortized cost less than 20% |
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,129 
1,699 
Total Unrealized Capital Losses
28 
84 
Number of Securities
73 
111 
Fair value decline below amortized cost less than 20% |
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
506 
1,471 
Total Unrealized Capital Losses
16 
64 
Number of Securities
84 
186 
Fair value decline below amortized cost less than 20% |
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
490 
1,078 
Total Unrealized Capital Losses
16 
52 
Number of Securities
35 
64 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,075 
1,452 
Total Unrealized Capital Losses
29 
45 
Number of Securities
334 
365 
Fair value decline below amortized cost less than 20% |
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
871 
727 
Total Unrealized Capital Losses
11 
24 
Number of Securities
164 
124 
Fair value decline below amortized cost less than 20% |
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
407 
433 
Total Unrealized Capital Losses
3 
4 
Number of Securities
145 
125 
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Amortized Cost
196 
195 
Six Months or Less Below Amortized Cost, Unrealized Capital Losses
82 
53 
Six Months or Less Below Amortized Cost, Number of Securities
38 
63 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Amortized Cost
0 
0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Number of Securities
0 
0 
More Than Twelve Months Below Amortized Cost, Amortized Cost
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses
0 
0 
More Than Twelve Months Below Amortized Cost, Number of Securities
0 
1 
Total Amortized Cost
196 
195 
Total Unrealized Capital Losses
82 
53 
Number of Securities
38 
64 
Fair value decline below amortized cost greater than 20% |
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0 
Total Unrealized Capital Losses
0 
0 
Number of Securities
0 
0 
Fair value decline below amortized cost greater than 20% |
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
1 
Total Unrealized Capital Losses
0 
0 
Number of Securities
0 
1 
Fair value decline below amortized cost greater than 20% |
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
18 
61 
Total Unrealized Capital Losses
5 
15 
Number of Securities
2 
17 
Fair value decline below amortized cost greater than 20% |
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
73 
107 
Total Unrealized Capital Losses
22 
29 
Number of Securities
2 
3 
Fair value decline below amortized cost greater than 20% |
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
7 
17 
Total Unrealized Capital Losses
2 
5 
Number of Securities
1 
10 
Fair value decline below amortized cost greater than 20% |
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
84 
0 
Total Unrealized Capital Losses
48 
0 
Number of Securities
6 
2 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
13 
7 
Total Unrealized Capital Losses
5 
3 
Number of Securities
25 
28 
Fair value decline below amortized cost greater than 20% |
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0 
Total Unrealized Capital Losses
0 
0 
Number of Securities
0 
2 
Fair value decline below amortized cost greater than 20% |
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1 
2 
Total Unrealized Capital Losses
$ 0 
$ 1 
Number of Securities
2 
1 
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 2 (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Unrealized Capital Losses
$ 243 
$ 530 
Greater than 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, minimum
10.00% 
10.00% 
Greater than 5% - 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
10.00% 
10.00% 
Credit Enhancement Percentage, minimum
5.00% 
5.00% 
Greater than 0% - 5%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
5.00% 
5.00% 
Credit Enhancement Percentage, minimum
0.00% 
0.00% 
0%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
0.00% 
0.00% 
Greater than 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
100.00% 
100.00% 
Greater than 90% - 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
90.00% 
90.00% 
Loan to Value Ratio, maximum
100.00% 
100.00% 
80% - 90%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
80.00% 
80.00% 
Loan to Value Ratio, maximum
90.00% 
90.00% 
Less than 80%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, maximum
80.00% 
80.00% 
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
6,622 
12,916 
Unrealized Capital Losses
161 
477 
Fair value decline below amortized cost less than 20% |
Fixed Rate
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
1,104 
1,393 
Unrealized Capital Losses
20 
34 
Fair value decline below amortized cost less than 20% |
Floating Rate
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
378 
492 
Unrealized Capital Losses
12 
15 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
162 
92 
Unrealized Capital Losses
2 
5 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 5% - 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
11 
9 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 0% - 5%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
25 
25 
Unrealized Capital Losses
1 
2 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities, Non-Agency |
0%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
26 
28 
Unrealized Capital Losses
1 
1 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
0 
0 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 90% - 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
0 
0 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities, Non-Agency |
80% - 90%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
13 
5 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities, Non-Agency |
Less than 80%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
211 
149 
Unrealized Capital Losses
4 
8 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities, Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
878 
1,347 
Unrealized Capital Losses
26 
39 
Fair value decline below amortized cost less than 20% |
Other Asset-backed Securities (Non-RMBS)
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
380 
384 
Unrealized Capital Losses
2 
2 
Fair value decline below amortized cost less than 20% |
Total RMBS and Other ABS
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
1,482 
1,885 
Unrealized Capital Losses
32 
49 
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
196 
195 
Unrealized Capital Losses
82 
53 
Fair value decline below amortized cost greater than 20% |
Fixed Rate
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
6 
3 
Unrealized Capital Losses
2 
2 
Fair value decline below amortized cost greater than 20% |
Floating Rate
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
8 
6 
Unrealized Capital Losses
3 
2 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
0 
0 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 5% - 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
0 
0 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 0% - 5%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
1 
0 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities, Non-Agency |
0%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
0 
4 
Unrealized Capital Losses
0 
1 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
0 
0 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities, Non-Agency |
Greater than 90% - 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
0 
0 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities, Non-Agency |
80% - 90%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
0 
0 
Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities, Non-Agency |
Less than 80%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
1 
4 
Unrealized Capital Losses
0 
1 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities, Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
12 
3 
Unrealized Capital Losses
4 
3 
Fair value decline below amortized cost greater than 20% |
Other Asset-backed Securities (Non-RMBS)
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
1 
2 
Unrealized Capital Losses
1 
0 
Fair value decline below amortized cost greater than 20% |
Total RMBS and Other ABS
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Amortized Cost
14 
9 
Unrealized Capital Losses
$ 5 
$ 4 
Investments (excluding Consolidated Investment Entities) - Troubled Debt Restructuring (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
loan
Dec. 31, 2016
loan
Financing Receivable, Modifications [Line Items]
 
 
Financing Receivable, Modifications, Subsequent Default, Number of Contracts
0 
0 
Private placement
 
 
Financing Receivable, Modifications [Line Items]
 
 
Number of troubled debt restructuring contracts
1 
0 
Pre-modification carrying value
$ 22 
 
Post-modification carrying value
$ 22.0 
 
Commercial mortgage loans
 
 
Financing Receivable, Modifications [Line Items]
 
 
Number of troubled debt restructuring contracts
0 
0 
Investments (excluding Consolidated Investment Entities) - Mortgage Loans (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Maximum loan to value ratio generally allowed
75.00% 
 
Commercial mortgage loans
$ 8,689,000,000 
$ 8,006,000,000 
Collective valuation allowance
(3,000,000)
(3,000,000)
Total net commercial mortgage loans
8,686,000,000 
8,003,000,000 
Impairment of Real Estate
0 
0 
Impaired
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Commercial mortgage loans
4,000,000 
5,000,000 
Total net commercial mortgage loans
4,000,000 
5,000,000 
Non Impaired
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Commercial mortgage loans
8,685,000,000 
8,001,000,000 
Collective valuation allowance
(3,000,000)
(3,000,000)
Total net commercial mortgage loans
$ 8,682,000,000 
$ 7,998,000,000 
Investments (excluding Consolidated Investment Entities) - Allowance for Loan Losses (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Allowance for Loan and Lease Losses [Roll Forward]
 
 
 
Collective valuation allowance for losses, beginning of period
$ 3 
$ 3 
$ 3 
Addition to (reduction of) allowance for losses
0 
0 
0 
Collective valuation allowance for losses, end of period
$ 3 
$ 3 
$ 3 
Investments (excluding Consolidated Investment Entities) - Impaired Loans (Details) (USD $)
Dec. 31, 2017
Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Impaired loans without allowances for losses
$ 4,000,000 
$ 5,000,000 
Less: Allowances for losses on impaired loans
0 
0 
Impaired loans, net
4,000,000 
5,000,000 
Unpaid principal balance of impaired loans
6,000,000 
6,000,000 
Mortgage Loans in Process of Foreclosure, Amount
0 
0 
Loans 30 days or less in arrears
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Loans in arrears, amortized cost
$ 0.0 
$ 0 
Investments (excluding Consolidated Investment Entities) - Impaired Loans 2 (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
 
 
 
Impaired Financing Receivable, Average Recorded Investment
$ 4 
$ 11 
$ 36 
Interest income recognized on impaired loans, on an accrual basis
0 
0 
2 
Interest income recognized on impaired loans, on a cash basis
0 
0 
2 
Interest income recognized on troubled debt restructured loans, on an accrual basis
$ 0 
$ 0 
$ 2 
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral
100.00% 
100.00% 
Total Commercial mortgage loans
$ 8,689 
$ 8,006 
0% - 50%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
0.00% 
0.00% 
Loan to Value Ratio, maximum
50.00% 
50.00% 
Commercial mortgage loans
849 
950 
Greater than 50% - 60%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
50.00% 
50.00% 
Loan to Value Ratio, maximum
60.00% 
60.00% 
Commercial mortgage loans
2,125 
1,976 
Greater than 60% - 70%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
60.00% 
60.00% 
Loan to Value Ratio, maximum
70.00% 
70.00% 
Commercial mortgage loans
5,144 
4,544 
Greater than 70% - 80%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
70.00% 
70.00% 
Loan to Value Ratio, maximum
80.00% 
80.00% 
Commercial mortgage loans
551 
523 
Greater than 80% and above
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
80.00% 
80.00% 
Commercial mortgage loans
$ 20 
$ 13 
Less than 80%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, maximum
80.00% 
80.00% 
Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Benchmark debt service coverage ratio, less than indicates property's operations income is less than debt payments
100.00% 
100.00% 
Commercial mortgage loans secured by land or construction loans
$ 23 
$ 59 
Total Commercial mortgage loans
8,689 
8,006 
Greater than 1.5x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, minimum
150.00% 
150.00% 
Commercial mortgage loans
7,013 
6,421 
Greater than 1.25x - 1.5x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, minimum
125.00% 
125.00% 
Debt Service Coverage Ratio, maximum
150.00% 
150.00% 
Commercial mortgage loans
655 
824 
Greater than 1.0x - 1.25x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, minimum
100.00% 
100.00% 
Debt Service Coverage Ratio, maximum
125.00% 
125.00% 
Commercial mortgage loans
893 
597 
Less than 1.0x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, maximum
100.00% 
100.00% 
Commercial mortgage loans
$ 105 
$ 105 
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
$ 8,689 
$ 8,006 
Percentage of Total
99.9908% 
100.00% 
Pacific
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
2,024 
2,055 
Percentage of Total
23.40% 
25.70% 
South Atlantic
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,716 
1,703 
Percentage of Total
19.70% 
21.30% 
Middle Atlantic
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,612 
1,169 
Percentage of Total
18.50% 
14.60% 
West South Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
959 
801 
Percentage of Total
11.00% 
10.00% 
Mountain
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
859 
729 
Percentage of Total
9.90% 
9.10% 
East North Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
884 
885 
Percentage of Total
10.20% 
11.10% 
New England
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
161 
170 
Percentage of Total
1.80% 
2.10% 
West North Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
391 
371 
Percentage of Total
4.50% 
4.60% 
East South Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
$ 83 
$ 123 
Percentage of Total
1.00% 
1.50% 
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
$ 8,689 
$ 8,006 
Percentage of Total
100.00% 
100.00% 
Retail
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
2,587 
2,607 
Percentage of Total
29.70% 
32.60% 
Industrial
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
2,108 
1,708 
Percentage of Total
24.30% 
21.30% 
Apartments
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
1,849 
1,620 
Percentage of Total
21.30% 
20.20% 
Office
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
1,384 
1,267 
Percentage of Total
15.90% 
15.80% 
Hotel/Motel
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
309 
332 
Percentage of Total
3.60% 
4.20% 
Other
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
364 
388 
Percentage of Total
4.20% 
4.90% 
Mixed Use
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
$ 88 
$ 84 
Percentage of Total
1.00% 
1.00% 
Investments (excluding Consolidated Investment Entities) - Mortgages by Year of Origination (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Investment [Line Items]
 
 
Total Commercial mortgage loans
$ 8,689 
$ 8,006 
2017
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,525 
0 
2016
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,428 
1,434 
2015
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,250 
1,286 
2014
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,303 
1,333 
2013
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,287 
1,371 
2012
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
818 
1,084 
2011 and prior
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
$ 1,078 
$ 1,498 
Investments (excluding Consolidated Investment Entities) - OTTI (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
security
Dec. 31, 2016
security
Dec. 31, 2015
security
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Net other-than-temporary impairments recognized in earnings
$ 21 
$ 34 
$ 83 
No. of Securities
61 
92 
101 
Write-downs related to credit impairments
19 
8 
8 
Impairment, Intent-related
2 
26 
75 
No. of Securities, Intent-related
18 
26 
47 
State, municipalities and political subdivisions
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Net other-than-temporary impairments recognized in earnings
1 
0 
0 
No. of Securities
3 
2 
0 
U.S. corporate public securities
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Net other-than-temporary impairments recognized in earnings
1 
8 
29 
No. of Securities
3 
3 
24 
Impairment, Intent-related
1 
7 
29 
No. of Securities, Intent-related
3 
2 
23 
Foreign corporate public securities and foreign governments
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Net other-than-temporary impairments recognized in earnings
2 
17 
44 
No. of Securities
3 
4 
12 
Impairment, Intent-related
0 
16 
43 
No. of Securities, Intent-related
0 
3 
11 
Foreign corporate private securities
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Net other-than-temporary impairments recognized in earnings
15 
2 
1 
No. of Securities
2 
2 
1 
Residential mortgage-backed securities
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Net other-than-temporary impairments recognized in earnings
2 
7 
6 
No. of Securities
47 
80 
59 
Impairment, Intent-related
1 
3 
2 
No. of Securities, Intent-related
12 
20 
11 
Other
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Net other-than-temporary impairments recognized in earnings
0 
0 
3 
No. of Securities
3 
1 
5 
Impairment, Intent-related
$ 0 
$ 0 
$ 1 
No. of Securities, Intent-related
3 
1 
2 
Investments (excluding Consolidated Investment Entities) - OTTI OCI (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
 
 
 
Balance, beginning
$ 33 
$ 46 
$ 53 
Additional credit impairments:
 
 
 
On securities not previously impaired
15 
0 
0 
On securities previously impaired
1 
2 
4 
Reductions:
 
 
 
Increase in cash flows
1 
0 
1 
Securities sold, matured, prepaid or paid down
8 
15 
10 
Balance, ending
$ 40 
$ 33 
$ 46 
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Net investment income
$ 3,294 
$ 3,354 
$ 3,343 
Gross investment income
3,350 
3,418 
3,404 
Less: Investment expenses
56 
64 
61 
Net investment income
3,294 
3,354 
3,343 
Fixed maturities
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
2,698 
2,860 
2,851 
Financing Receivable, Recorded Investment, Nonaccrual Status
5 
8 
 
Equity securities, available-for-sale
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
9 
11 
9 
Mortgage loans on real estate
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
388 
372 
394 
Policy loans
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
100 
108 
110 
Short-term investments and cash equivalents
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
10 
5 
3 
Other
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
$ 145 
$ 62 
$ 37 
Investments (excluding Consolidated Investment Entities) - Net Realized Capital Gains (Losses) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Total net realized capital gains (losses)
$ (227)
$ (363)
$ (560)
After-tax net realized capital gains (losses), after tax
(120)
(268)
(370)
Proceeds from sale of investments
 
 
 
Proceeds on sales
4,905 
4,742 
4,932 
Gross gains
93 
91 
91 
Gross losses
56 
157 
104 
Fixed maturities, available-for-sale, including securities pledged
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Total net realized capital gains (losses)
7 
(98)
(90)
Fixed maturities, at fair value using the fair value option
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Total net realized capital gains (losses)
(282)
(296)
(336)
Equity securities, available-for-sale
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Total net realized capital gains (losses)
(1)
1 
(4)
Derivatives
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Total net realized capital gains (losses)
98 
32 
(68)
Other investments
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Total net realized capital gains (losses)
(9)
8 
0 
Fixed maturities
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Total net realized capital gains (losses)
(18)
(19)
(16)
Guaranteed benefit derivatives
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
Total net realized capital gains (losses)
$ (22)
$ 9 
$ (46)
Derivative Financial Instruments - Notional and Fair Values (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
$ 434 
$ 792 
Derivatives, Liability Fair Value
584 
667 
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
24,490 
32,898 
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
710 
692 
Equity contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,382 
782 
Credit contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,983 
3,051 
Designated as Hedging Instrument |
Cash Flow Hedging |
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
56 
106 
Designated as Hedging Instrument |
Cash Flow Hedging |
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
625 
324 
Designated as Hedging Instrument |
Derivatives |
Cash Flow Hedging |
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
4 
Derivatives, Liability Fair Value
0 
0 
Designated as Hedging Instrument |
Derivatives |
Cash Flow Hedging |
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
28 
Derivatives, Liability Fair Value
60 
7 
Not Designated as Hedging Instrument |
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
27,482 
39,570 
Not Designated as Hedging Instrument |
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
85 
368 
Not Designated as Hedging Instrument |
Equity contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,526 
917 
Not Designated as Hedging Instrument |
Within fixed maturity investments
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
37 
55 
Derivatives, Liability Fair Value
0 
0 
Not Designated as Hedging Instrument |
Within products
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
306 
291 
Not Designated as Hedging Instrument |
Within reinsurance agreements
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
129 
79 
Not Designated as Hedging Instrument |
Credit contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,983 
3,051 
Not Designated as Hedging Instrument |
Derivatives |
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
173 
550 
Derivatives, Liability Fair Value
58 
247 
Not Designated as Hedging Instrument |
Derivatives |
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
30 
Derivatives, Liability Fair Value
2 
27 
Not Designated as Hedging Instrument |
Derivatives |
Equity contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
198 
95 
Derivatives, Liability Fair Value
19 
0 
Not Designated as Hedging Instrument |
Derivatives |
Credit contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
26 
30 
Derivatives, Liability Fair Value
10 
16 
Held for sale
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
1,525 
992 
Derivatives, Liability Fair Value
4,182 
3,673 
Held for sale |
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
27,025 
35,444 
Held for sale |
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
244 
1,362 
Held for sale |
Equity contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
28,131 
21,545 
Held for sale |
Credit contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
431 
204 
Held for sale |
Designated as Hedging Instrument |
Cash Flow Hedging |
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
18 
18 
Held for sale |
Designated as Hedging Instrument |
Cash Flow Hedging |
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
227 
157 
Held for sale |
Designated as Hedging Instrument |
Derivatives |
Cash Flow Hedging |
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
1 
Derivatives, Liability Fair Value
0 
0 
Held for sale |
Designated as Hedging Instrument |
Derivatives |
Cash Flow Hedging |
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
12 
Derivatives, Liability Fair Value
24 
4 
Held for sale |
Not Designated as Hedging Instrument |
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
28,412 
38,830 
Held for sale |
Not Designated as Hedging Instrument |
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
17 
1,205 
Held for sale |
Not Designated as Hedging Instrument |
Equity contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
34,637 
28,043 
Held for sale |
Not Designated as Hedging Instrument |
Within fixed maturity investments
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
11 
16 
Derivatives, Liability Fair Value
0 
0 
Held for sale |
Not Designated as Hedging Instrument |
Within products
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
3,400 
3,499 
Held for sale |
Not Designated as Hedging Instrument |
Credit contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
431 
204 
Held for sale |
Not Designated as Hedging Instrument |
Derivatives |
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
470 
530 
Derivatives, Liability Fair Value
88 
108 
Held for sale |
Not Designated as Hedging Instrument |
Derivatives |
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
31 
Derivatives, Liability Fair Value
0 
12 
Held for sale |
Not Designated as Hedging Instrument |
Derivatives |
Equity contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
1,043 
399 
Derivatives, Liability Fair Value
664 
50 
Held for sale |
Not Designated as Hedging Instrument |
Derivatives |
Credit contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
1 
3 
Derivatives, Liability Fair Value
$ 6 
$ 0 
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Offsetting Assets and Liabilities [Line Items]
 
 
Derivatives, Asset Fair Value
$ 396 
$ 737 
Derivatives, Liability Fair Value
148 
295 
Counterparty netting, Assets
(100)
(250)
Counterparty netting, Liabilities
(100)
(250)
Cash collateral netting, Assets
(251)
(399)
Cash collateral netting, Liabilities
0 
(6)
Securities collateral netting, Assets
(37)
(20)
Securities collateral netting, Liabilities
(40)
(14)
Net receivables/payables, Assets
8 
68 
Net receivables/payables, Liabilities
8 
25 
Equity contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
1,382 
782 
Derivatives, Asset Fair Value
197 
94 
Derivatives, Liability Fair Value
19 
0 
Foreign exchange contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
710 
692 
Derivatives, Asset Fair Value
0 
58 
Derivatives, Liability Fair Value
62 
34 
Interest rate contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
24,490 
32,898 
Derivatives, Asset Fair Value
173 
555 
Derivatives, Liability Fair Value
57 
245 
Credit contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
1,983 
3,051 
Derivatives, Asset Fair Value
26 
30 
Derivatives, Liability Fair Value
10 
16 
Held for sale
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivatives, Asset Fair Value
1,495 
954 
Derivatives, Liability Fair Value
780 
173 
Counterparty netting, Assets
(776)
(161)
Counterparty netting, Liabilities
(776)
(161)
Cash collateral netting, Assets
(676)
(685)
Cash collateral netting, Liabilities
(4)
(15)
Securities collateral netting, Assets
(31)
(52)
Securities collateral netting, Liabilities
0 
0 
Net receivables/payables, Assets
12 
56 
Net receivables/payables, Liabilities
0 
(3)
Held for sale |
Equity contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
28,131 
21,545 
Derivatives, Asset Fair Value
1,023 
378 
Derivatives, Liability Fair Value
662 
49 
Held for sale |
Foreign exchange contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
244 
1,362 
Derivatives, Asset Fair Value
0 
43 
Derivatives, Liability Fair Value
24 
16 
Held for sale |
Interest rate contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
27,025 
35,444 
Derivatives, Asset Fair Value
471 
530 
Derivatives, Liability Fair Value
88 
108 
Held for sale |
Credit contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
431 
204 
Derivatives, Asset Fair Value
1 
3 
Derivatives, Liability Fair Value
$ 6 
$ 0 
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
$ 1 
$ (3)
$ (5)
Other Net Realized Capital Gains (Losses) |
Within fixed maturity investments
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
(18)
(19)
(16)
Other Net Realized Capital Gains (Losses) |
Within products
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
(22)
9 
(46)
Other Net Realized Capital Gains (Losses) |
Designated as Hedging Instrument |
Cash Flow Hedging |
Interest rate contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
1 
1 
1 
Other Net Realized Capital Gains (Losses) |
Designated as Hedging Instrument |
Cash Flow Hedging |
Foreign exchange contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
26 
2 
2 
Other Net Realized Capital Gains (Losses) |
Designated as Hedging Instrument |
Fair Value Hedging |
Interest rate contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
0 
(3)
(6)
Other Net Realized Capital Gains (Losses) |
Not Designated as Hedging Instrument |
Interest rate contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
1 
35 
(56)
Other Net Realized Capital Gains (Losses) |
Not Designated as Hedging Instrument |
Foreign exchange contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
(8)
(4)
6 
Other Net Realized Capital Gains (Losses) |
Not Designated as Hedging Instrument |
Equity contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
61 
(11)
(18)
Other Net Realized Capital Gains (Losses) |
Not Designated as Hedging Instrument |
Credit contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
17 
12 
3 
Policyholder Benefits |
Within reinsurance agreements
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
(57)
(25)
125 
Held for sale
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
(1,081)
(755)
(48)
Held for sale |
Other Net Realized Capital Gains (Losses) |
Within fixed maturity investments
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
(5)
(5)
(5)
Held for sale |
Other Net Realized Capital Gains (Losses) |
Within products
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
203 
324 
39 
Held for sale |
Other Net Realized Capital Gains (Losses) |
Designated as Hedging Instrument |
Cash Flow Hedging |
Foreign exchange contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
10 
1 
1 
Held for sale |
Other Net Realized Capital Gains (Losses) |
Not Designated as Hedging Instrument |
Interest rate contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
125 
(6)
137 
Held for sale |
Other Net Realized Capital Gains (Losses) |
Not Designated as Hedging Instrument |
Foreign exchange contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
(38)
91 
56 
Held for sale |
Other Net Realized Capital Gains (Losses) |
Not Designated as Hedging Instrument |
Equity contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
(1,376)
(1,145)
(277)
Held for sale |
Other Net Realized Capital Gains (Losses) |
Not Designated as Hedging Instrument |
Credit contracts
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
Net realized gains (losses) on derivatives
$ 0 
$ (15)
$ 1 
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2016
Dec. 31, 2017
Derivatives, Fair Value [Line Items]
 
 
Collateralized financings
$ 1,967 
$ 1,047 
Fair value of credit default swaps included in Derivatives assets
792 
434 
Fair value of credit default swaps included in Derivatives liabilities
667 
584 
Securities pledged
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized financings
20 
38 
Fair value of securities delivered as collateral
276 
233 
Credit contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Maximum potential future net exposure on sale of credit default swaps
1,516 
1,516 
Purchased protection on credit default swaps
500 
 
Derivative, term of contract
5 years 
 
Credit contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of credit default swaps included in Derivatives assets
30 
26 
Fair value of credit default swaps included in Derivatives liabilities
16 
10 
Over the Counter |
Payables under securities loan agreement, including collateral held
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized financings
154 
174 
Cleared Derivative Contract |
Payables under securities loan agreement, including collateral held
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized financings
234 
73 
Held for sale
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of credit default swaps included in Derivatives assets
992 
1,525 
Fair value of credit default swaps included in Derivatives liabilities
3,673 
4,182 
Held for sale |
Securities pledged
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized financings
52 
34 
Fair value of securities delivered as collateral
477 
477 
Held for sale |
Credit contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of credit default swaps included in Derivatives assets
3 
1 
Fair value of credit default swaps included in Derivatives liabilities
0 
6 
Held for sale |
Over the Counter |
Payables under securities loan agreement, including collateral held
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized financings
655 
666 
Held for sale |
Cleared Derivative Contract |
Payables under securities loan agreement, including collateral held
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized financings
$ 23 
$ 22 
Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) (USD $)
Dec. 31, 2017
Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
$ 48,329,000,000 
$ 47,394,000,000 
Equity securities, available-for-sale
380,000,000 
258,000,000 
Derivatives
397,000,000 
737,000,000 
Assets held in separate accounts
77,605,000,000 
66,185,000,000 
Derivatives
149,000,000 
297,000,000 
Fixed maturities valued using unadjusted broker quotes
1,100,000,000 
1,100,000,000 
Fixed maturities valued using unadjusted prices
42,100,000,000 
41,300,000,000 
Securities transferred between level 1 and 2
0 
 
Fixed maturities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
53,434,000,000 
51,868,000,000 
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,522,000,000 
2,555,000,000 
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
275,000,000 
268,000,000 
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,913,000,000 
1,631,000,000 
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
23,258,000,000 
23,417,000,000 
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,833,000,000 
5,137,000,000 
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,716,000,000 
5,385,000,000 
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,161,000,000 
5,108,000,000 
Residential mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
4,524,000,000 
4,878,000,000 
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,704,000,000 
2,355,000,000 
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,528,000,000 
1,134,000,000 
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
380,000,000 
258,000,000 
Assets measured on recurring basis
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
53,434,000,000 
51,868,000,000 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
3,315,000,000 
3,073,000,000 
Assets held in separate accounts
77,605,000,000 
66,185,000,000 
Total assets
135,131,000,000 
122,121,000,000 
Percentage of Level to total
100.00% 
100.00% 
Total liabilities
584,000,000 
667,000,000 
Assets measured on recurring basis |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
40,000,000 
42,000,000 
Assets measured on recurring basis |
IUL
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
159,000,000 
81,000,000 
Assets measured on recurring basis |
GMWBL/GMWB/GMAB
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
10,000,000 
18,000,000 
Assets measured on recurring basis |
Stabilizer / MCG
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
97,000,000 
150,000,000 
Assets measured on recurring basis |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
26,000,000 
30,000,000 
Derivatives
10,000,000 
16,000,000 
Assets measured on recurring basis |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
173,000,000 
554,000,000 
Derivatives
58,000,000 
247,000,000 
Assets measured on recurring basis |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
58,000,000 
Derivatives
62,000,000 
34,000,000 
Assets measured on recurring basis |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
198,000,000 
95,000,000 
Derivatives
19,000,000 
0 
Assets measured on recurring basis |
Embedded derivative on reinsurance
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
129,000,000 
79,000,000 
Assets measured on recurring basis |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,522,000,000 
2,555,000,000 
Assets measured on recurring basis |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
275,000,000 
268,000,000 
Assets measured on recurring basis |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,913,000,000 
1,631,000,000 
Assets measured on recurring basis |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
23,258,000,000 
23,417,000,000 
Assets measured on recurring basis |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,833,000,000 
5,137,000,000 
Assets measured on recurring basis |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,716,000,000 
5,385,000,000 
Assets measured on recurring basis |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,161,000,000 
5,108,000,000 
Assets measured on recurring basis |
Residential mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
4,524,000,000 
4,878,000,000 
Assets measured on recurring basis |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,704,000,000 
2,355,000,000 
Assets measured on recurring basis |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,528,000,000 
1,134,000,000 
Assets measured on recurring basis |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
380,000,000 
258,000,000 
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,921,000,000 
1,944,000,000 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
3,277,000,000 
2,949,000,000 
Assets held in separate accounts
72,535,000,000 
61,397,000,000 
Total assets
78,011,000,000 
66,454,000,000 
Percentage of Level to total
58.00% 
55.00% 
Total liabilities
0 
1,000,000 
Assets measured on recurring basis |
Level 1 |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Assets measured on recurring basis |
Level 1 |
IUL
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Assets measured on recurring basis |
Level 1 |
GMWBL/GMWB/GMAB
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Assets measured on recurring basis |
Level 1 |
Stabilizer / MCG
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Assets measured on recurring basis |
Level 1 |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Assets measured on recurring basis |
Level 1 |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
1,000,000 
Assets measured on recurring basis |
Level 1 |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Assets measured on recurring basis |
Level 1 |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Assets measured on recurring basis |
Level 1 |
Embedded derivative on reinsurance
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Assets measured on recurring basis |
Level 1 |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,921,000,000 
1,944,000,000 
Assets measured on recurring basis |
Level 1 |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 1 |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 1 |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 1 |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 1 |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 1 |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 1 |
Residential mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 1 |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 1 |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 1 |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
278,000,000 
164,000,000 
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
49,998,000,000 
48,556,000,000 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
38,000,000 
124,000,000 
Assets held in separate accounts
5,059,000,000 
4,783,000,000 
Total assets
55,333,000,000 
54,112,000,000 
Percentage of Level to total
41.00% 
44.00% 
Total liabilities
278,000,000 
359,000,000 
Assets measured on recurring basis |
Level 2 |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Assets measured on recurring basis |
Level 2 |
IUL
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Assets measured on recurring basis |
Level 2 |
GMWBL/GMWB/GMAB
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Assets measured on recurring basis |
Level 2 |
Stabilizer / MCG
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Assets measured on recurring basis |
Level 2 |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
21,000,000 
19,000,000 
Derivatives
10,000,000 
0 
Assets measured on recurring basis |
Level 2 |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
173,000,000 
554,000,000 
Derivatives
58,000,000 
246,000,000 
Assets measured on recurring basis |
Level 2 |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
58,000,000 
Derivatives
62,000,000 
34,000,000 
Assets measured on recurring basis |
Level 2 |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
44,000,000 
18,000,000 
Derivatives
19,000,000 
0 
Assets measured on recurring basis |
Level 2 |
Embedded derivative on reinsurance
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
129,000,000 
79,000,000 
Assets measured on recurring basis |
Level 2 |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
601,000,000 
611,000,000 
Assets measured on recurring basis |
Level 2 |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
275,000,000 
268,000,000 
Assets measured on recurring basis |
Level 2 |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,913,000,000 
1,631,000,000 
Assets measured on recurring basis |
Level 2 |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
23,201,000,000 
23,405,000,000 
Assets measured on recurring basis |
Level 2 |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
4,706,000,000 
4,224,000,000 
Assets measured on recurring basis |
Level 2 |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,705,000,000 
5,373,000,000 
Assets measured on recurring basis |
Level 2 |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
4,992,000,000 
4,803,000,000 
Assets measured on recurring basis |
Level 2 |
Residential mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
4,482,000,000 
4,821,000,000 
Assets measured on recurring basis |
Level 2 |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,687,000,000 
2,339,000,000 
Assets measured on recurring basis |
Level 2 |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,436,000,000 
1,081,000,000 
Assets measured on recurring basis |
Level 2 |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
0 
0 
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,515,000,000 
1,368,000,000 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
0 
0 
Assets held in separate accounts
11,000,000 
5,000,000 
Total assets
1,787,000,000 
1,555,000,000 
Percentage of Level to total
1.00% 
1.00% 
Total liabilities
306,000,000 
307,000,000 
Assets measured on recurring basis |
Level 3 |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
40,000,000 
42,000,000 
Assets measured on recurring basis |
Level 3 |
IUL
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
159,000,000 
81,000,000 
Assets measured on recurring basis |
Level 3 |
GMWBL/GMWB/GMAB
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
10,000,000 
18,000,000 
Assets measured on recurring basis |
Level 3 |
Stabilizer / MCG
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
97,000,000 
150,000,000 
Assets measured on recurring basis |
Level 3 |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
5,000,000 
11,000,000 
Derivatives
0 
16,000,000 
Assets measured on recurring basis |
Level 3 |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Assets measured on recurring basis |
Level 3 |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Assets measured on recurring basis |
Level 3 |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
154,000,000 
77,000,000 
Derivatives
0 
0 
Assets measured on recurring basis |
Level 3 |
Embedded derivative on reinsurance
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Assets measured on recurring basis |
Level 3 |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 3 |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 3 |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Assets measured on recurring basis |
Level 3 |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
57,000,000 
12,000,000 
Assets measured on recurring basis |
Level 3 |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,127,000,000 
913,000,000 
Assets measured on recurring basis |
Level 3 |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
11,000,000 
12,000,000 
Assets measured on recurring basis |
Level 3 |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
169,000,000 
305,000,000 
Assets measured on recurring basis |
Level 3 |
Residential mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
42,000,000 
57,000,000 
Assets measured on recurring basis |
Level 3 |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
17,000,000 
16,000,000 
Assets measured on recurring basis |
Level 3 |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
92,000,000 
53,000,000 
Assets measured on recurring basis |
Level 3 |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
102,000,000 
94,000,000 
Held for sale
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities valued using unadjusted broker quotes
500,000,000 
500,000,000 
Fixed maturities valued using unadjusted prices
17,600,000,000 
18,000,000,000 
Held for sale |
Fixed maturities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
23,400,000,000 
23,400,000,000 
Held for sale |
Assets measured on recurring basis
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
545,000,000 
23,470,000,000 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
1,323,000,000 
1,447,000,000 
Assets held in separate accounts
28,894,000,000 
30,934,000,000 
Total assets
55,134,000,000 
56,843,000,000 
Percentage of Level to total
100.00% 
100.00% 
Total liabilities
4,182,000,000 
3,673,000,000 
Held for sale |
Assets measured on recurring basis |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
2,242,000,000 
1,987,000,000 
Held for sale |
Assets measured on recurring basis |
GMWBL/GMWB/GMAB
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
1,158,000,000 
1,512,000,000 
Held for sale |
Assets measured on recurring basis |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
1,000,000 
3,000,000 
Derivatives
6,000,000 
0 
Held for sale |
Assets measured on recurring basis |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
470,000,000 
531,000,000 
Derivatives
88,000,000 
108,000,000 
Held for sale |
Assets measured on recurring basis |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
43,000,000 
Derivatives
24,000,000 
16,000,000 
Held for sale |
Assets measured on recurring basis |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
1,043,000,000 
399,000,000 
Derivatives
664,000,000 
50,000,000 
Held for sale |
Assets measured on recurring basis |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,001,000,000 
1,336,000,000 
Held for sale |
Assets measured on recurring basis |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
32,000,000 
30,000,000 
Held for sale |
Assets measured on recurring basis |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
587,000,000 
505,000,000 
Held for sale |
Assets measured on recurring basis |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
9,782,000,000 
10,275,000,000 
Held for sale |
Assets measured on recurring basis |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
3,027,000,000 
2,671,000,000 
Held for sale |
Assets measured on recurring basis |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,825,000,000 
2,694,000,000 
Held for sale |
Assets measured on recurring basis |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,583,000,000 
2,678,000,000 
Held for sale |
Assets measured on recurring basis |
Residential mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
 
1,936,000,000 
Held for sale |
Assets measured on recurring basis |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,921,000,000 
1,004,000,000 
Held for sale |
Assets measured on recurring basis |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,077,000,000 
341,000,000 
Held for sale |
Assets measured on recurring basis |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
23,380,000,000 
 
Equity securities, available-for-sale
23,000,000 
16,000,000 
Held for sale |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
993,000,000 
1,327,000,000 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
1,111,000,000 
1,377,000,000 
Assets held in separate accounts
28,894,000,000 
30,934,000,000 
Total assets
31,029,000,000 
33,672,000,000 
Percentage of Level to total
56.00% 
59.00% 
Total liabilities
2,000,000 
2,000,000 
Held for sale |
Assets measured on recurring basis |
Level 1 |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
GMWBL/GMWB/GMAB
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
1,000,000 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
19,000,000 
23,000,000 
Derivatives
2,000,000 
1,000,000 
Held for sale |
Assets measured on recurring basis |
Level 1 |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
993,000,000 
1,327,000,000 
Held for sale |
Assets measured on recurring basis |
Level 1 |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Residential mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 1 |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
12,000,000 
11,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
21,690,000,000 
21,537,000,000 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
212,000,000 
65,000,000 
Assets held in separate accounts
0 
0 
Total assets
23,291,000,000 
22,521,000,000 
Percentage of Level to total
42.00% 
40.00% 
Total liabilities
769,000,000 
172,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 2 |
GMWBL/GMWB/GMAB
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
1,000,000 
3,000,000 
Derivatives
6,000,000 
0 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
470,000,000 
531,000,000 
Derivatives
88,000,000 
107,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
43,000,000 
Derivatives
24,000,000 
16,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
918,000,000 
342,000,000 
Derivatives
651,000,000 
49,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
8,000,000 
9,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
32,000,000 
30,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
587,000,000 
505,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
9,760,000,000 
10,265,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,524,000,000 
2,265,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,825,000,000 
2,694,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,500,000,000 
2,542,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Residential mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,889,000,000 
1,921,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,067,000,000 
996,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
498,000,000 
310,000,000 
Held for sale |
Assets measured on recurring basis |
Level 2 |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
697,000,000 
606,000,000 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
0 
5,000,000 
Assets held in separate accounts
0 
0 
Total assets
814,000,000 
650,000,000 
Percentage of Level to total
2.00% 
1.00% 
Total liabilities
3,411,000,000 
3,499,000,000 
Held for sale |
Assets measured on recurring basis |
Level 3 |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
2,242,000,000 
1,987,000,000 
Held for sale |
Assets measured on recurring basis |
Level 3 |
GMWBL/GMWB/GMAB
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Guaranteed benefit derivatives:
1,158,000,000 
1,512,000,000 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
106,000,000 
34,000,000 
Derivatives
11,000,000 
0 
Held for sale |
Assets measured on recurring basis |
Level 3 |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 3 |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 3 |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 3 |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
22,000,000 
10,000,000 
Held for sale |
Assets measured on recurring basis |
Level 3 |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
503,000,000 
406,000,000 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
83,000,000 
136,000,000 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Residential mortgage-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
32,000,000 
15,000,000 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
10,000,000 
8,000,000 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
47,000,000 
31,000,000 
Held for sale |
Assets measured on recurring basis |
Level 3 |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
$ 11,000,000 
$ 5,000,000 
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) (Assets measured on recurring basis, Level 3, USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Assets held in separate accounts
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
$ 5 
$ 4 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
18 
3 
Issuances
0 
0 
Sales
(3)
0 
Settlements
0 
0 
Transfers in to Level 3
2 
2 
Transfers out of Level 3
(11)
(4)
Assets, Fair Value, ending balance
11 
5 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Other derivatives
 
 
Derivatives Rollforward:
 
 
Fair Value, Derivatives, beginning balance
72 
47 
Total Realized/Unrealized Gains (Losses) Included in Net income
78 
9 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
31 
26 
Issuances
0 
0 
Sales
0 
0 
Settlements
(22)
(10)
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Fair Value, Derivatives, ending balance
159 
72 
Change in Unrealized Gains (Losses) in Earnings
87 
25 
FIA
 
 
Derivatives Rollforward:
 
 
Fair Value, Derivatives, beginning balance
(42)
(41)
Total Realized/Unrealized Gains (Losses) Included in Net income
(2)
(3)
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
0 
0 
Issuances
(1)
(1)
Sales
0 
0 
Settlements
5 
3 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Fair Value, Derivatives, ending balance
(40)
(42)
Change in Unrealized Gains (Losses) in Earnings
0 
0 
IUL
 
 
Derivatives Rollforward:
 
 
Fair Value, Derivatives, beginning balance
(81)
(53)
Total Realized/Unrealized Gains (Losses) Included in Net income
(87)
(12)
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
0 
0 
Issuances
(35)
(29)
Sales
0 
0 
Settlements
44 
13 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Fair Value, Derivatives, ending balance
(159)
(81)
Change in Unrealized Gains (Losses) in Earnings
0 
0 
GMWBL/GMWB/GMAB
 
 
Derivatives Rollforward:
 
 
Fair Value, Derivatives, beginning balance
(18)
(24)
Total Realized/Unrealized Gains (Losses) Included in Net income
10 
9 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
0 
0 
Issuances
(2)
(3)
Sales
0 
0 
Settlements
0 
0 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Fair Value, Derivatives, ending balance
(10)
(18)
Change in Unrealized Gains (Losses) in Earnings
0 
0 
Stabilizer / MCG
 
 
Derivatives Rollforward:
 
 
Fair Value, Derivatives, beginning balance
(150)
(161)
Total Realized/Unrealized Gains (Losses) Included in Net income
57 
15 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
0 
0 
Issuances
(4)
(4)
Sales
0 
0 
Settlements
0 
0 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Fair Value, Derivatives, ending balance
(97)
(150)
Change in Unrealized Gains (Losses) in Earnings
0 
0 
U.S. corporate public securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
12 
6 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
29 
0 
Issuances
0 
0 
Sales
0 
(1)
Settlements
(2)
(2)
Transfers in to Level 3
18 
9 
Transfers out of Level 3
0 
0 
Assets, Fair Value, ending balance
57 
12 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
U.S. corporate private securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
913 
720 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
(16)
(4)
Purchases
128 
302 
Issuances
0 
0 
Sales
(5)
(23)
Settlements
(40)
(135)
Transfers in to Level 3
130 
63 
Transfers out of Level 3
(15)
(18)
Assets, Fair Value, ending balance
1,127 
913 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Foreign corporate public securities and foreign governments
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
12 
12 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
1 
0 
Purchases
0 
0 
Issuances
0 
0 
Sales
0 
0 
Settlements
0 
0 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Assets, Fair Value, ending balance
11 
12 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Foreign corporate private securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
305 
294 
Total Realized/Unrealized Gains (Losses) Included in Net income
(14)
(2)
Total Realized/Unrealized Gains (Losses) Included in OCI
46 
(12)
Purchases
57 
0 
Issuances
0 
0 
Sales
(1)
0 
Settlements
(44)
(52)
Transfers in to Level 3
0 
61 
Transfers out of Level 3
(88)
(8)
Assets, Fair Value, ending balance
169 
305 
Change In Unrealized Gains (Losses) Included in Earnings
(14)
(2)
Residential mortgage-backed securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
57 
76 
Total Realized/Unrealized Gains (Losses) Included in Net income
(14)
(5)
Total Realized/Unrealized Gains (Losses) Included in OCI
(1)
1 
Purchases
5 
0 
Issuances
0 
0 
Sales
(8)
(12)
Settlements
(1)
(1)
Transfers in to Level 3
2 
0 
Transfers out of Level 3
0 
0 
Assets, Fair Value, ending balance
42 
57 
Change In Unrealized Gains (Losses) Included in Earnings
(14)
(12)
Commercial mortgage-backed
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
16 
19 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
(1)
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
(1)
Purchases
17 
4 
Issuances
0 
0 
Sales
0 
0 
Settlements
0 
(7)
Transfers in to Level 3
0 
1 
Transfers out of Level 3
(16)
(1)
Assets, Fair Value, ending balance
17 
16 
Change In Unrealized Gains (Losses) Included in Earnings
0 
(1)
Other asset-backed securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
53 
33 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
(1)
(1)
Purchases
72 
31 
Issuances
0 
0 
Sales
0 
0 
Settlements
(3)
(3)
Transfers in to Level 3
0 
1 
Transfers out of Level 3
(31)
(10)
Assets, Fair Value, ending balance
92 
53 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Fixed maturities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
1,368 
1,160 
Total Realized/Unrealized Gains (Losses) Included in Net income
(28)
(8)
Total Realized/Unrealized Gains (Losses) Included in OCI
29 
(17)
Purchases
308 
337 
Issuances
0 
0 
Sales
(14)
(36)
Settlements
(90)
(200)
Transfers in to Level 3
150 
135 
Transfers out of Level 3
(150)
(37)
Assets, Fair Value, ending balance
1,515 
1,368 
Change In Unrealized Gains (Losses) Included in Earnings
(28)
(15)
Equity securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
94 
92 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
(2)
(2)
Purchases
8 
0 
Issuances
0 
0 
Sales
(2)
0 
Settlements
0 
0 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Assets, Fair Value, ending balance
102 
94 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Short-term investments and cash equivalents
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
 
0 
Total Realized/Unrealized Gains (Losses) Included in Net income
 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
 
0 
Purchases
 
0 
Issuances
 
0 
Sales
 
0 
Settlements
 
0 
Transfers in to Level 3
 
0 
Transfers out of Level 3
 
0 
Assets, Fair Value, ending balance
 
0 
Change In Unrealized Gains (Losses) Included in Earnings
 
0 
Held for sale |
Other derivatives
 
 
Derivatives Rollforward:
 
 
Fair Value, Derivatives, beginning balance
34 
6 
Total Realized/Unrealized Gains (Losses) Included in Net income
133 
4 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
41 
27 
Issuances
0 
0 
Sales
0 
0 
Settlements
(117)
(3)
Transfers in to Level 3
4 
0 
Transfers out of Level 3
0 
0 
Fair Value, Derivatives, ending balance
95 
34 
Change in Unrealized Gains (Losses) in Earnings
57 
28 
Held for sale |
FIA
 
 
Derivatives Rollforward:
 
 
Fair Value, Derivatives, beginning balance
(1,987)
(1,779)
Total Realized/Unrealized Gains (Losses) Included in Net income
(297)
(160)
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
0 
0 
Issuances
(153)
(237)
Sales
0 
0 
Settlements
195 
189 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Fair Value, Derivatives, ending balance
(2,242)
(1,987)
Change in Unrealized Gains (Losses) in Earnings
0 
0 
Held for sale |
GMWBL/GMWB/GMAB
 
 
Derivatives Rollforward:
 
 
Fair Value, Derivatives, beginning balance
(1,512)
(1,849)
Total Realized/Unrealized Gains (Losses) Included in Net income
500 
484 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
0 
0 
Issuances
(146)
(148)
Sales
0 
0 
Settlements
0 
1 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Fair Value, Derivatives, ending balance
(1,158)
(1,512)
Change in Unrealized Gains (Losses) in Earnings
0 
0 
Held for sale |
U.S. corporate public securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
10 
1 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
(1)
0 
Purchases
15 
0 
Issuances
0 
0 
Sales
(10)
(1)
Settlements
0 
(1)
Transfers in to Level 3
6 
11 
Transfers out of Level 3
0 
0 
Assets, Fair Value, ending balance
22 
10 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Held for sale |
U.S. corporate private securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
406 
321 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
(9)
(3)
Purchases
71 
127 
Issuances
0 
0 
Sales
(1)
(14)
Settlements
(16)
(42)
Transfers in to Level 3
44 
18 
Transfers out of Level 3
(10)
(7)
Assets, Fair Value, ending balance
503 
406 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Held for sale |
Foreign corporate public securities and foreign governments
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
 
1 
Total Realized/Unrealized Gains (Losses) Included in Net income
 
(1)
Total Realized/Unrealized Gains (Losses) Included in OCI
 
0 
Purchases
 
0 
Issuances
 
0 
Sales
 
0 
Settlements
 
0 
Transfers in to Level 3
 
0 
Transfers out of Level 3
 
0 
Assets, Fair Value, ending balance
 
0 
Change In Unrealized Gains (Losses) Included in Earnings
 
(1)
Held for sale |
Foreign corporate private securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
136 
136 
Total Realized/Unrealized Gains (Losses) Included in Net income
(10)
(1)
Total Realized/Unrealized Gains (Losses) Included in OCI
21 
(8)
Purchases
13 
0 
Issuances
0 
0 
Sales
0 
0 
Settlements
(14)
(23)
Transfers in to Level 3
0 
19 
Transfers out of Level 3
(21)
(3)
Assets, Fair Value, ending balance
83 
136 
Change In Unrealized Gains (Losses) Included in Earnings
(10)
(1)
Held for sale |
Residential mortgage-backed securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
15 
21 
Total Realized/Unrealized Gains (Losses) Included in Net income
(3)
(3)
Total Realized/Unrealized Gains (Losses) Included in OCI
1 
0 
Purchases
22 
0 
Issuances
0 
0 
Sales
0 
(3)
Settlements
(1)
0 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Assets, Fair Value, ending balance
32 
15 
Change In Unrealized Gains (Losses) Included in Earnings
(3)
(3)
Held for sale |
Commercial mortgage-backed
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
8 
12 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
10 
0 
Issuances
0 
0 
Sales
0 
0 
Settlements
0 
(4)
Transfers in to Level 3
0 
0 
Transfers out of Level 3
(8)
0 
Assets, Fair Value, ending balance
10 
8 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Held for sale |
Other asset-backed securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
31 
11 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
38 
14 
Issuances
0 
0 
Sales
0 
0 
Settlements
(2)
(3)
Transfers in to Level 3
1 
9 
Transfers out of Level 3
(21)
0 
Assets, Fair Value, ending balance
47 
31 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Held for sale |
Fixed maturities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
606 
503 
Total Realized/Unrealized Gains (Losses) Included in Net income
(13)
(5)
Total Realized/Unrealized Gains (Losses) Included in OCI
12 
(11)
Purchases
169 
141 
Issuances
0 
0 
Sales
(11)
(18)
Settlements
(33)
(73)
Transfers in to Level 3
51 
57 
Transfers out of Level 3
(60)
(10)
Assets, Fair Value, ending balance
697 
606 
Change In Unrealized Gains (Losses) Included in Earnings
(13)
(5)
Held for sale |
Equity securities
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
5 
5 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
(1)
0 
Purchases
5 
0 
Issuances
0 
0 
Sales
0 
0 
Settlements
0 
0 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Assets, Fair Value, ending balance
11 
5 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
Held for sale |
Short-term investments and cash equivalents
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
Assets, Fair Value, beginning balance
5 
0 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
Purchases
0 
5 
Issuances
0 
   
Sales
(5)
0 
Settlements
0 
0 
Transfers in to Level 3
0 
0 
Transfers out of Level 3
0 
0 
Assets, Fair Value, ending balance
0 
5 
Change In Unrealized Gains (Losses) Included in Earnings
$ 0 
$ 0 
Fair Value Measurements (excluding Consolidated Investment Entities) - Significant Unobservable Inputs (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percent of policyholders taking systematic withdrawals
45.00% 
40.00% 
Percent of policyholders assumed to begin withdrawals
70.00% 
85.00% 
Fair Value Inputs, Actuarial Assumptions, Benefit Utilization, Percent of Policyholders Utilizing Withdrawals By Age One Hundred
100.00% 
100.00% 
Account Value
$ 14,000 
$ 13,600 
Average Expected Delay (in years)
4 years 4 months 24 days 
5 years 6 months 
Percent of the policies the company assumes will never withdraw
 
15.00% 
Stabilizer / MCG
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percentage of Plans
100.00% 
100.00% 
Stabilizer (Investment Only) and MCG Contracts
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percentage of Plans
92.00% 
93.00% 
Stabilizer with Recordkeeping Agreements
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percentage of Plans
8.00% 
7.00% 
Market Approach Valuation Technique |
Investment contract |
GMWBL/GMWB/GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
15.00% 
15.00% 
Interest rate implied volatility
0.10% 
0.10% 
Equity Funds
(13.00%)
(13.00%)
Equity and Fixed Income Funds
(38.00%)
(38.00%)
Interest Rates and Equity Funds
(32.00%)
(32.00%)
Nonperformance risk
0.02% 
0.23% 
Benefit Utilization
70.00% 
85.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
10.00% 
0.12% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Market Approach Valuation Technique |
Investment contract |
GMWBL/GMWB/GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
25.00% 
25.00% 
Interest rate implied volatility
16.00% 
18.00% 
Equity Funds
99.00% 
99.00% 
Equity and Fixed Income Funds
62.00% 
62.00% 
Interest Rates and Equity Funds
26.00% 
16.00% 
Nonperformance risk
1.10% 
1.30% 
Benefit Utilization
100.00% 
100.00% 
Partial Withdrawals
3.40% 
3.40% 
Lapses
15.30% 
12.40% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Market Approach Valuation Technique |
Investment contract |
FIA |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
0.00% 
0.00% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
0.02% 
0.25% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
0.50% 
0.00% 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Market Approach Valuation Technique |
Investment contract |
FIA |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
0.00% 
0.00% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
1.10% 
1.60% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
7.00% 
10.00% 
Lapses
56.00% 
60.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Market Approach Valuation Technique |
Investment contract |
IUL |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
0.00% 
0.00% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
0.02% 
0.23% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
2.00% 
2.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Market Approach Valuation Technique |
Investment contract |
IUL |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
0.00% 
0.00% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
0.54% 
0.69% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
10.00% 
10.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Market Approach Valuation Technique |
Derivative liabilities |
Stabilizer / MCG |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
0.10% 
0.10% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
0.02% 
0.25% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Actuarial Assumptions, Lapses under percent threshold
0.00% 
0.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
0.00% 
0.00% 
Market Approach Valuation Technique |
Derivative liabilities |
Stabilizer / MCG |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
6.30% 
7.50% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
1.10% 
1.60% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
50.00% 
50.00% 
Policyholder Deposits
50.00% 
50.00% 
Mortality
0.00% 
0.00% 
Actuarial Assumptions, Lapses under percent threshold
30.00% 
30.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
25.00% 
25.00% 
Market Approach Valuation Technique |
Derivative liabilities |
Stabilizer (Investment Only) and MCG Contracts |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Actuarial Assumptions, Lapses under percent threshold
0.00% 
0.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
0.00% 
0.00% 
Market Approach Valuation Technique |
Derivative liabilities |
Stabilizer (Investment Only) and MCG Contracts |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
25.00% 
25.00% 
Policyholder Deposits
30.00% 
30.00% 
Actuarial Assumptions, Lapses under percent threshold
15.00% 
15.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
15.00% 
15.00% 
Market Approach Valuation Technique |
Derivative liabilities |
Stabilizer with Recordkeeping Agreements |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Actuarial Assumptions, Lapses under percent threshold
0.00% 
0.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
0.00% 
0.00% 
Market Approach Valuation Technique |
Derivative liabilities |
Stabilizer with Recordkeeping Agreements |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
50.00% 
50.00% 
Policyholder Deposits
50.00% 
50.00% 
Actuarial Assumptions, Lapses under percent threshold
30.00% 
30.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
25.00% 
25.00% 
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
12,500 
13,400 
In the Money |
During Surrender Charge Period |
GMWBL/GMWB/GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
200 
2,000 
In the Money |
During Surrender Charge Period |
GMWBL/GMWB/GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.10% 
0.10% 
In the Money |
During Surrender Charge Period |
GMWBL/GMWB/GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
4.80% 
4.60% 
In the Money |
Shock Lapse Period |
GMWBL/GMWB/GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
1,500 
2,800 
In the Money |
Shock Lapse Period |
GMWBL/GMWB/GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
1.70% 
2.40% 
In the Money |
Shock Lapse Period |
GMWBL/GMWB/GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
13.90% 
11.80% 
In the Money |
After Surrender Charge Period |
GMWBL/GMWB/GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
10,700 
8,700 
In the Money |
After Surrender Charge Period |
GMWBL/GMWB/GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.90% 
1.40% 
In the Money |
After Surrender Charge Period |
GMWBL/GMWB/GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
6.40% 
6.80% 
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
1,500 
200 
Out of the Money |
During Surrender Charge Period |
GMWBL/GMWB/GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
100 
0 
Out of the Money |
During Surrender Charge Period |
GMWBL/GMWB/GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.60% 
0.60% 
Out of the Money |
During Surrender Charge Period |
GMWBL/GMWB/GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
5.20% 
4.80% 
Out of the Money |
Shock Lapse Period |
GMWBL/GMWB/GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
200 
0 
Out of the Money |
Shock Lapse Period |
GMWBL/GMWB/GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
13.90% 
11.80% 
Out of the Money |
Shock Lapse Period |
GMWBL/GMWB/GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
15.30% 
12.40% 
Out of the Money |
After Surrender Charge Period |
GMWBL/GMWB/GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
1,700 
600 
Out of the Money |
After Surrender Charge Period |
GMWBL/GMWB/GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
6.40% 
6.80% 
Out of the Money |
After Surrender Charge Period |
GMWBL/GMWB/GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
7.10% 
7.10% 
Age 60 and under
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
1,700 
1,900 
Average Expected Delay (in years)
9 years 
9 years 10 months 24 days 
Age 60 and under |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
0 
0 
Age 60 and under |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
60 
60 
Age 60 and under |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
1,500 
1,900 
Age 60 and under |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
200 
0 
Age 60-69
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
5,600 
5,800 
Average Expected Delay (in years)
3 years 8 months 12 days 
4 years 10 months 24 days 
Age 60-69 |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
60 
60 
Age 60-69 |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
69 
69 
Age 60-69 |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
5,000 
5,700 
Age 60-69 |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
600 
100 
Age 70 and over
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
6,700 
5,900 
Average Expected Delay (in years)
2 years 4 months 24 days 
3 years 
Age 70 and over |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
70 
70 
Age 70 and over |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
6,000 
5,800 
Age 70 and over |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Account Value
$ 700 
$ 100 
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Fixed maturities, including securities pledged
$ 48,329 
$ 47,394 
Equity securities, available-for-sale
380 
258 
Derivatives
397 
737 
Other investments
47 
47 
Assets held in separate accounts
77,605 
66,185 
Derivatives
149 
297 
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Fixed maturities, including securities pledged
53,434 
51,868 
Equity securities, available-for-sale
380 
258 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
3,315 
3,073 
Derivatives
397 
737 
Notes Receivable
350 
350 
Other investments
47 
47 
Assets held in separate accounts
77,605 
66,185 
Short-term debt
337 
0 
Long-term debt
3,123 
3,550 
Carrying Value |
Other derivatives
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
149 
297 
Carrying Value |
Embedded derivative on reinsurance
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
129 
79 
Carrying Value |
Funding agreements without fixed maturities and deferred annuities
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
33,986 
33,871 
Carrying Value |
Funding agreements with fixed maturities and guaranteed investment contracts
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
501 
473 
Carrying Value |
Supplementary contracts, immediate annuities and other
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
1,275 
1,330 
Carrying Value |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
40 
42 
Carrying Value |
IUL
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
159 
81 
Carrying Value |
GMWBL/GMWB/GMAB
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
10 
18 
Carrying Value |
Stabilizer and MCGs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
97 
150 
Carrying Value |
Mortgage loans on real estate
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
8,686 
8,003 
Carrying Value |
Policy loans
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
1,888 
1,943 
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Fixed maturities, including securities pledged
53,434 
51,868 
Equity securities, available-for-sale
380 
258 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
3,315 
3,073 
Derivatives
397 
737 
Notes Receivable
445 
432 
Other investments
55 
57 
Assets held in separate accounts
77,605 
66,185 
Short-term debt
337 
0 
Long-term debt
3,478 
3,738 
Fair Value |
Other derivatives
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
149 
297 
Fair Value |
Embedded derivative on reinsurance
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
129 
79 
Fair Value |
Funding agreements without fixed maturities and deferred annuities
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
38,553 
38,368 
Fair Value |
Funding agreements with fixed maturities and guaranteed investment contracts
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
501 
470 
Fair Value |
Supplementary contracts, immediate annuities and other
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
1,285 
1,337 
Fair Value |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
40 
42 
Fair Value |
IUL
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
159 
81 
Fair Value |
GMWBL/GMWB/GMAB
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
10 
18 
Fair Value |
Stabilizer and MCGs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
97 
150 
Fair Value |
Mortgage loans on real estate
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
8,748 
8,185 
Fair Value |
Policy loans
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
1,888 
1,943 
Held for sale |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Fixed maturities, including securities pledged
23,380 
23,470 
Equity securities, available-for-sale
23 
16 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
1,323 
1,447 
Derivatives
1,514 
976 
Other investments
34 
0 
Assets held in separate accounts
28,894 
30,934 
Held for sale |
Carrying Value |
Other derivatives
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Notes payable
350 
350 
Derivatives
782 
174 
Held for sale |
Carrying Value |
Funding agreements without fixed maturities and deferred annuities
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
19,272 
19,443 
Held for sale |
Carrying Value |
Funding agreements with fixed maturities and guaranteed investment contracts
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
601 
0 
Held for sale |
Carrying Value |
Supplementary contracts, immediate annuities and other
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
2,651 
2,549 
Held for sale |
Carrying Value |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
2,242 
1,987 
Held for sale |
Carrying Value |
GMWBL/GMWB/GMAB
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
1,158 
1,512 
Held for sale |
Carrying Value |
Mortgage loans on real estate
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
4,212 
3,722 
Held for sale |
Carrying Value |
Policy loans
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
17 
19 
Held for sale |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Fixed maturities, including securities pledged
23,380 
23,470 
Equity securities, available-for-sale
23 
16 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
1,323 
1,447 
Derivatives
1,514 
976 
Other investments
34 
0 
Assets held in separate accounts
28,894 
30,934 
Held for sale |
Fair Value |
Other derivatives
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Notes payable
445 
432 
Derivatives
782 
174 
Held for sale |
Fair Value |
Funding agreements without fixed maturities and deferred annuities
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
18,901 
19,193 
Held for sale |
Fair Value |
Funding agreements with fixed maturities and guaranteed investment contracts
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
601 
0 
Held for sale |
Fair Value |
Supplementary contracts, immediate annuities and other
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
2,908 
2,783 
Held for sale |
Fair Value |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
2,242 
1,987 
Held for sale |
Fair Value |
GMWBL/GMWB/GMAB
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Guaranteed benefit derivatives:
1,158 
1,512 
Held for sale |
Fair Value |
Mortgage loans on real estate
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
4,215 
3,776 
Held for sale |
Fair Value |
Policy loans
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
$ 17 
$ 19 
Deferred Policy Acquisition Costs and Value of Business Acquired - DAC and VOBA Activity (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
 
 
 
Beginning balance
$ 3,186,000,000 
$ 3,424,000,000 
$ 3,013,000,000 
Deferrals of commissions and expenses
234,000,000 
255,000,000 
260,000,000 
Amortization:
 
 
 
Amortization, excluding unlocking
(418,000,000)
(384,000,000)
(443,000,000)
Unlocking
(123,000,000)
(78,000,000)
(39,000,000)
Interest accrued
188,000,000 
193,000,000 
192,000,000 
Net amortization included in Consolidated Statements of Operations
(353,000,000)
(269,000,000)
(290,000,000)
Change in unrealized capital gains/losses on available-for-sale securities
(249,000,000)
(224,000,000)
441,000,000 
Ending balance
2,818,000,000 
3,186,000,000 
3,424,000,000 
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward]
 
 
 
Beginning balance
811,000,000 
997,000,000 
665,000,000 
Deferrals of commissions and expenses
8,000,000 
9,000,000 
10,000,000 
Amortization, excluding unlocking
(152,000,000)
(144,000,000)
(163,000,000)
Unlocking(1)
(89,000,000)
(78,000,000)
(6,000,000)
Interest accrued
65,000,000 
76,000,000 
82,000,000 
Net amortization included in Consolidated Statements of Operations
(176,000,000)
(146,000,000)
(87,000,000)
Change in unrealized capital gains/losses on available-for-sale securities
(87,000,000)
(49,000,000)
409,000,000 
Ending balance
556,000,000 
811,000,000 
997,000,000 
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
 
 
 
Beginning balance
3,997,000,000 
4,421,000,000 
3,678,000,000 
Deferrals of commissions and expenses
242,000,000 
264,000,000 
270,000,000 
Amortization, excluding unlocking
(570,000,000)
(528,000,000)
(606,000,000)
Unlocking(1)
(212,000,000)
(156,000,000)
(45,000,000)
Interest accrued
253,000,000 
269,000,000 
274,000,000 
Net amortization included in Consolidated Statements of Operations
(529,000,000)
(415,000,000)
(377,000,000)
Change in unrealized capital gains/losses on available-for-sale securities
(336,000,000)
(273,000,000)
850,000,000 
Ending balance
3,374,000,000 
3,997,000,000 
4,421,000,000 
Loss Recognition for DAC
0 
3,000,000 
0 
Loss recognition for VOBA
0 
4,000,000 
0 
Minimum
 
 
 
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
 
 
 
Rates at which interest accrued
4.00% 
4.10% 
4.20% 
Maximum
 
 
 
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
 
 
 
Rates at which interest accrued
7.40% 
7.50% 
7.50% 
Guaranteed Minimum Interest Rates
 
 
 
Amortization:
 
 
 
Unlocking
(80,000,000)
 
 
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward]
 
 
 
Unlocking(1)
$ (140,000,000)
 
 
Deferred Policy Acquisition Costs and Value of Business Acquired - VOBA Amortization Expense (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Insurance [Abstract]
 
2018
$ 67 
2019
53 
2020
48 
2021
44 
2022
$ 40 
Reserves for Future Policy Benefits and Contract Owner Account Balances - Future Policy Benefits (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Liability for Future Policy Benefit, by Product Segment [Line Items]
 
 
Future policy benefits
$ 15,647 
$ 14,575 
Individual and group life insurance contracts
 
 
Liability for Future Policy Benefit, by Product Segment [Line Items]
 
 
Future policy benefits
8,857 
8,294 
Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies
 
 
Liability for Future Policy Benefit, by Product Segment [Line Items]
 
 
Future policy benefits
5,941 
5,443 
Accident and health
 
 
Liability for Future Policy Benefit, by Product Segment [Line Items]
 
 
Future policy benefits
$ 849 
$ 838 
Reserves for Future Policy Benefits and Contract Owner Account Balances - Contract Owner Account Balances (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Liability for Future Policy Benefit, by Product Segment [Line Items]
 
 
Contract owner account balances
$ 50,158 
$ 50,273 
Universal life-type contracts
 
 
Liability for Future Policy Benefit, by Product Segment [Line Items]
 
 
Contract owner account balances
14,561 
14,626 
Fixed annuities and payout contracts without life contingencies
 
 
Liability for Future Policy Benefit, by Product Segment [Line Items]
 
 
Contract owner account balances
34,949 
35,014 
GICs and other
 
 
Liability for Future Policy Benefit, by Product Segment [Line Items]
 
 
Contract owner account balances
$ 648 
$ 633 
Guaranteed Benefit Features - Guaranteed Death and Benefit (Details)
12 Months Ended
Dec. 31, 2017
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
Rollup rate earned on eligible premiums, rate one
7.00% 
Rollup rate earned on eligible premiums, rate two
6.00% 
GMIB
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
Rollup rate earned on eligible premiums, rate one
7.00% 
Rollup rate earned on eligible premiums, rate two
6.00% 
Eligibility period for premiums to be included in rider
10 years 
Maximum rollup amount, cap rate one
200.00% 
Maximum rollup amount, cap rate two
250.00% 
Maximum rollup amount, cap rate three
300.00% 
GMAB
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
Guaranteed account value, percentage of premiums paid by contract owner
100.00% 
Guaranteed account value, minimum contract term for eligibility
10 years 
Guaranteed account value, percentage of premiums paid by contract owner, past design
200.00% 
Guaranteed account value, minimum contract term for eligibility, past design
20 years 
GMWB/GMWBL
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
Rollup rate earned on eligible premiums, rate one
7.00% 
Rollup rate earned on eligible premiums, rate two
6.00% 
Rollup rate earned on eligible premiums, rate three
0.00% 
Rollup rate earned on eligible premiums, earlier versions
7.00% 
Stabilizer and MCGs |
Minimum
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
Guaranteed credited rates
0.00% 
Stabilizer and MCGs |
Maximum
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
Guaranteed credited rates
3.00% 
Guaranteed Benefit Features - Assumptions and Methodology Used to Determine Additional Reserves (Details)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
Number of investment performance scenarios
1,000 
1,000 
Variable Life and Universal Life |
Paid-up Guarantees
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
Weighted average attained age
0 years 
0 years 
GMDB
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
Investment blended rate of return (percent)
7.80% 
7.80% 
Volatility rate (percent)
13.00% 
14.20% 
Discount rate (percent)
5.50% 
5.50% 
Weighted average attained age
68 years 
68 years 
GMIB
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
Investment blended rate of return (percent)
8.10% 
8.10% 
Volatility rate (percent)
14.30% 
14.20% 
Discount rate (percent)
5.50% 
5.50% 
Weighted average attained age
62 years 
62 years 
GMAB
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
Period of implied volatility (years)
5 years 
5 years 
GMWB
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
Period of implied volatility (years)
5 years 
5 years 
GMWBL
 
 
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items]
 
 
Period of implied volatility (years)
5 years 
5 years 
Weighted average attained age
71 years 
70 years 
Guaranteed Benefit Features - Separate Account Liabilities (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
 
 
 
Separate account liability
$ 77,605,000,000 
$ 66,185,000,000 
 
 
Additional liability balance:
 
 
 
 
Additional liability for FIA guaranteed withdrawal benefits
14,000,000,000 
13,600,000,000 
 
 
Fixed-indexed annuities
 
 
 
 
Additional liability balance:
 
 
 
 
Additional liability for FIA guaranteed withdrawal benefits
157,000,000 
147,000,000 
 
 
Variable Life and Universal Life
 
 
 
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
 
 
 
Separate account liability
519,000,000 
488,000,000 
 
 
Additional liability balance:
 
 
 
 
Beginning balance
1,315,000,000 
1,197,000,000 
1,095,000,000 
 
Incurred guaranteed benefits
101,000,000 
614,000,000 
554,000,000 
 
Paid guaranteed benefits
(235,000,000)
(496,000,000)
(452,000,000)
 
Ending balance
1,181,000,000 
1,315,000,000 
1,197,000,000 
 
Reinsurance on additional liability balance
1,304,000,000 
1,006,000,000 
935,000,000 
874,000,000 
Stabilizer and MCGs
 
 
 
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
 
 
 
Separate account liability
37,219,000,000 
37,577,000,000 
 
 
Additional liability balance:
 
 
 
 
Beginning balance
150,000,000 
161,000,000 
103,000,000 
 
Incurred guaranteed benefits
(53,000,000)
(11,000,000)
58,000,000 
 
Paid guaranteed benefits
0 
0 
0 
 
Ending balance
97,000,000 
150,000,000 
161,000,000 
 
Stabilizer and MCGs |
Separate Account Liability
 
 
 
 
Additional liability balance:
 
 
 
 
Externally managed assets included in Separate account liability not reported on balance sheet
30,000,000,000 
30,000,000,000 
 
 
Other Retained Business
 
 
 
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
 
 
 
Separate account liability
2,308,000,000 
2,291,000,000 
 
 
Additional liability balance:
 
 
 
 
Beginning balance
73,000,000 
70,000,000 
54,000,000 
 
Incurred guaranteed benefits
(28,000,000)
5,000,000 
19,000,000 
 
Paid guaranteed benefits
(1,000,000)
(2,000,000)
(3,000,000)
 
Ending balance
44,000,000 
73,000,000 
70,000,000 
 
Held for sale |
GMDB
 
 
 
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
 
 
 
Separate account liability
28,701,000,000 
30,839,000,000 
 
 
Additional liability balance:
 
 
 
 
Beginning balance
508,000,000 
516,000,000 
374,000,000 
 
Incurred guaranteed benefits
(15,000,000)
128,000,000 
231,000,000 
 
Paid guaranteed benefits
(107,000,000)
(136,000,000)
(89,000,000)
 
Ending balance
386,000,000 
508,000,000 
516,000,000 
 
Reinsurance on additional liability balance
22,000,000 
29,000,000 
33,000,000 
31,000,000 
Held for sale |
GMWBL/GMWB/GMAB
 
 
 
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
 
 
 
Separate account liability
14,112,000,000 
13,845,000,000 
 
 
Additional liability balance:
 
 
 
 
Beginning balance
1,512,000,000 
1,849,000,000 
1,508,000,000 
 
Incurred guaranteed benefits
(354,000,000)
(336,000,000)
342,000,000 
 
Paid guaranteed benefits
0 
(1,000,000)
(1,000,000)
 
Ending balance
1,158,000,000 
1,512,000,000 
1,849,000,000 
 
Held for sale |
GMIB
 
 
 
 
Liabilities for Guarantees on Long-Duration Contracts [Line Items]
 
 
 
 
Separate account liability
7,247,000,000 
9,806,000,000 
 
 
Additional liability balance:
 
 
 
 
Beginning balance
1,345,000,000 
1,414,000,000 
1,136,000,000 
 
Incurred guaranteed benefits
(629,000,000)
449,000,000 
440,000,000 
 
Paid guaranteed benefits
(83,000,000)
(518,000,000)
(162,000,000)
 
Ending balance
$ 633,000,000 
$ 1,345,000,000 
$ 1,414,000,000 
 
Guaranteed Benefit Features - Net Amount at Risk of Minimum Guaranteed Benefits (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
GMDB
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Separate account value
$ 1,706 
$ 1,674 
Net amount at risk, net of reinsurance
48 
59 
Weighted average attained age
68 years 
68 years 
GMAB/GMWB
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Separate account value
26 
30 
Net amount at risk, net of reinsurance
1 
1 
Weighted average attained age
71 years 
68 years 
GMIB
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Separate account value
290 
304 
Net amount at risk, net of reinsurance
37 
60 
Weighted average attained age
62 years 
62 years 
GMWBL
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Separate account value
286 
283 
Net amount at risk, net of reinsurance
3 
9 
Weighted average attained age
71 years 
70 years 
Held for sale |
GMDB
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Separate account value
28,701 
30,839 
Net amount at risk, net of reinsurance
3,929 
5,504 
Weighted average attained age
71 years 
71 years 
Held for sale |
GMAB/GMWB
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Separate account value
525 
534 
Net amount at risk, net of reinsurance
11 
14 
Weighted average attained age
74 years 
73 years 
Held for sale |
GMIB
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Separate account value
7,247 
9,807 
Net amount at risk, net of reinsurance
1,656 
2,886 
Weighted average attained age
64 years 
63 years 
Held for sale |
GMWBL
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Separate account value
13,587 
13,311 
Net amount at risk, net of reinsurance
$ 1,573 
$ 2,201 
Weighted average attained age
69 years 
68 years 
Guaranteed Benefit Features - Universal and Variable Life Contracts (Details) (Variable Life and Universal Life, USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Secondary Guarantees
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Account value (general and separate account)
$ 3,234 
$ 3,262 
Net amount at risk, net of reinsurance
16,485 
16,372 
Weighted average attained age
64 years 
63 years 
Paid-up Guarantees
 
 
Net Amount at Risk by Product and Guarantee [Line Items]
 
 
Account value (general and separate account)
0 
0 
Net amount at risk, net of reinsurance
$ 0 
$ 0 
Weighted average attained age
0 years 
0 years 
Guaranteed Benefit Features - Separate Accounts by Investment Type (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Equity funds
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
$ 2,262 
$ 2,127 
Bond funds
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
243 
259 
Balanced funds
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
403 
400 
Money market funds
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
60 
70 
Other
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
15 
15 
Equity securities
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
2,983 
2,871 
Fixed income securities
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
8,000 
7,200 
Held for sale |
Equity funds
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
21,124 
22,368 
Held for sale |
Bond funds
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
3,109 
3,540 
Held for sale |
Balanced funds
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
4,045 
4,385 
Held for sale |
Money market funds
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
350 
464 
Held for sale |
Other
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
73 
83 
Held for sale |
Equity securities
 
 
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items]
 
 
Equity securities (including mutual funds)
$ 28,701 
$ 30,840 
Reinsurance - Assets and Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Effects of Reinsurance [Line Items]
 
 
Premiums receivable
$ 66 
$ 59 
Reinsurance recoverable
7,566 
7,228 
Reinsurance recoverable
7,632 
7,287 
Future policy benefits and contract owner account balances
58,239 
57,620 
Liability for funds withheld under reinsurance agreements
791 
729 
Total
59,030 
58,349 
Direct
 
 
Effects of Reinsurance [Line Items]
 
 
Premiums receivable
110 
105 
Reinsurance recoverable
0 
0 
Reinsurance recoverable
110 
105 
Future policy benefits and contract owner account balances
62,005 
61,566 
Liability for funds withheld under reinsurance agreements
791 
729 
Total
62,796 
62,295 
Assumed
 
 
Effects of Reinsurance [Line Items]
 
 
Premiums receivable
405 
358 
Reinsurance recoverable
0 
0 
Reinsurance recoverable
405 
358 
Future policy benefits and contract owner account balances
3,800 
3,282 
Liability for funds withheld under reinsurance agreements
0 
0 
Total
3,800 
3,282 
Ceded
 
 
Effects of Reinsurance [Line Items]
 
 
Premiums receivable
(449)
(404)
Reinsurance recoverable
7,566 
7,228 
Reinsurance recoverable
7,117 
6,824 
Future policy benefits and contract owner account balances
(7,566)
(7,228)
Liability for funds withheld under reinsurance agreements
0 
0 
Total
$ (7,566)
$ (7,228)
Reinsurance - Effect of Reinsurance (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Premiums:
 
 
 
Direct premiums
$ 2,606 
$ 3,284 
$ 2,975 
Reinsurance assumed
1,192 
1,222 
1,191 
Reinsurance ceded
(1,677)
(1,711)
(1,612)
Net premiums
2,121 
2,795 
2,554 
Fee income:
 
 
 
Gross fee income
2,628 
2,472 
2,471 
Reinsurance ceded
(1)
(1)
(1)
Net fee income
2,627 
2,471 
2,470 
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract]
 
 
 
Direct interest credited and other benefits to contract owners / policyholders
5,124 
5,859 
5,399 
Reinsurance assumed
1,929 
1,213 
1,068 
Reinsurance ceded(1)
(2,417)
(1,758)
(1,769)
Net interest credited and other benefits to contract owners / policyholders
4,636 
5,314 
4,698 
UL contracts
 
 
 
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract]
 
 
 
Reinsurance ceded(1)
$ (491)
$ (482)
$ (453)
Reinsurance - Narrative (Details) (USD $)
12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
Unsecured and Committed
Sep. 30, 2015
Unsecured and Committed
Voya Financial, Inc. / Security Life of Denver International Limited
Oct. 1, 1998
Lincoln National Corporation, subsidiary
Dec. 31, 2017
Lincoln National Corporation, subsidiary
Dec. 31, 2016
Lincoln National Corporation, subsidiary
Jan. 1, 2009
Scottish Re
Dec. 31, 2017
Hannover Re
Customer concentration risk
Dec. 31, 2016
Hannover Re
Customer concentration risk
Oct. 1, 2015
RGA Reinsurance Group
Oct. 1, 2014
RGA Reinsurance Group
Dec. 31, 2015
RGA Reinsurance Group
Dec. 31, 2017
RGA Reinsurance Group
Term Life Coinsurance Agreement, effective October 1, 2014
Dec. 31, 2016
RGA Reinsurance Group
Term Life Coinsurance Agreement, effective October 1, 2014
Dec. 31, 2017
RGA Reinsurance Group
Term Life Coinsurance Agreement, effective October 1, 2015
Dec. 31, 2016
RGA Reinsurance Group
Term Life Coinsurance Agreement, effective October 1, 2015
Apr. 1, 2015
Enstar
Dec. 31, 2017
Enstar
Dec. 31, 2016
Enstar
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of business recaptured
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving lines of credit, capacity
$ 6,900,000,000 
 
 
$ 6,200,000,000 
$ 2,900,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Reinsurance recoverable
7,566,000,000 
7,228,000,000 
 
 
 
 
1,500,000,000 
1,600,000,000 
 
2,900,000,000 
1,900,000,000 
 
 
 
542,000,000 
499,000,000 
458,000,000 
452,000,000 
 
164,000,000 
198,000,000 
Disposal of life insurance business
 
 
 
 
 
1,000,000,000 
 
 
 
 
 
419,000,000 
448,000,000 
 
 
 
 
 
305,000,000 
 
 
Net realized capital losses
227,000,000 
363,000,000 
560,000,000 
 
 
 
 
 
 
 
 
 
 
110,000,000 
 
 
 
 
(39,000,000)
 
 
Other net realized capital gains (losses)
(206,000,000)
(329,000,000)
(477,000,000)
 
 
 
 
 
 
 
 
 
 
14,000,000 
 
 
 
 
 
 
 
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net
 
 
 
 
 
 
 
 
 
 
 
 
 
4,000,000 
 
 
 
 
 
 
 
Operating expenses
$ 2,654,000,000 
$ 2,655,000,000 
$ 2,684,000,000 
 
 
 
 
 
 
 
 
 
 
$ 120,000,000 
 
 
 
 
 
 
 
Goodwill and Other Intangible Assets - Goodwill (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Investment Management
Dec. 31, 2016
Investment Management
Dec. 31, 2017
Management contract rights
Dec. 31, 2017
Customer relationship lists
Dec. 31, 2017
Computer software
Goodwill [Line Items]
 
 
 
 
 
Weighted Average Amortization Lives
 
 
20 years 
20 years 
3 years 
Goodwill
$ 31 
$ 31 
 
 
 
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Finite-Lived Intangible Assets, Net [Abstract]
 
 
Gross Carrying Amount
$ 1,048 
$ 1,022 
Accumulated Amortization
893 
834 
Net Carrying Amount
155 
188 
Management contract rights
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Weighted Average Amortization Lives
20 years 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
Gross Carrying Amount
550 
550 
Accumulated Amortization
477 
449 
Net Carrying Amount
73 
101 
Customer relationship lists
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Weighted Average Amortization Lives
20 years 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
Gross Carrying Amount
116 
116 
Accumulated Amortization
76 
68 
Net Carrying Amount
40 
48 
Computer software
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Weighted Average Amortization Lives
3 years 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
Gross Carrying Amount
382 
356 
Accumulated Amortization
340 
317 
Net Carrying Amount
$ 42 
$ 39 
Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
 
Amortization expense related to intangible assets
$ 62 
$ 63 
$ 59 
Estimated Future Amortization Expense Related to Intangible Assets, Fiscal Year Maturity [Abstract]
 
 
 
2018
55 
 
 
2019
46 
 
 
2020
30 
 
 
2021
9 
 
 
2022
6 
 
 
Thereafter
$ 9 
 
 
Share-Based Incentive Compensation Plans - Narrative (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Expiration period of stock options
10 years 
 
 
Weighted average volatility rate used
70.00% 
 
 
Expected volatility of stock price
30.00% 
 
 
Non-Employee Directors |
Cliff Vesting, Year One
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share-based payment award, vesting percentage
100.00% 
33.30% 
33.30% 
Non-Employee Directors |
Cliff Vesting, Year Two
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share-based payment award, vesting percentage
 
33.30% 
33.30% 
Non-Employee Directors |
Cliff Vesting, Year Three
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share-based payment award, vesting percentage
 
33.30% 
33.30% 
Restricted Share Units (RSUs)
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Number of awards vested during period (in shares)
1,600,000 
 
 
Number of awards not vested (in shares)
3,000,000 
3,300,000 
 
Restricted Share Units (RSUs) |
Minimum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Award vesting period
 
1 year 
1 year 
Restricted Share Units (RSUs) |
Maximum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Award vesting period
 
3 years 
3 years 
Restricted Share Units (RSUs) |
Non-Employee Directors
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Number of award granted (in shares)
27,261 
19,913 
34,758 
PSU awards
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Number of awards vested during period (in shares)
400,000 
 
 
Number of awards not vested (in shares)
2,200,000 
1,500,000 
 
PSU awards |
Minimum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Award vesting period
1 year 
 
 
Share-based payment award, vesting percentage
0.00% 
0.00% 
0.00% 
PSU awards |
Maximum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Award vesting period
3 years 
 
 
Share-based payment award, vesting percentage
150.00% 
150.00% 
150.00% 
PSU awards |
Cliff Vesting, Year Three |
Minimum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share-based payment award, vesting percentage
125.00% 
 
 
PSU awards |
Cliff Vesting, Year Three |
Maximum
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share-based payment award, vesting percentage
131.00% 
 
 
Stock options
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Option holding period
1 year 
 
 
Expiration period of stock options
10 years 
 
 
Strike price (usd per share)
$ 37.60 
 
 
2013 Omnibus Plan
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Reserved and available for issuance (in shares)
7,650,000 
 
 
Shares available for issuance (in shares)
344,885 
 
 
2014 Omnibus Plan
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Reserved and available for issuance (in shares)
17,800,000 
 
 
Shares available for issuance (in shares)
7,862,649 
 
 
2013 Non-Employee Director Incentive Plan
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Reserved and available for issuance (in shares)
288,000 
 
 
Share-Based Incentive Compensation Plans - Fair Value Assumptions (Details)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Stock options
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Expected volatility
28.60% 
 
Expected term (in years)
6 years 7 days 
 
Strike price (usd per share)
$ 37.60 
 
Risk-free interest rate
2.10% 
 
Expected dividend yield
0.11% 
 
Weighted average estimated fair value (usd per share)
$ 11.89 
 
Total Shareholder Return
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Expected volatility
26.67% 
24.37% 
Average expected volatility of peer companies
27.43% 
25.63% 
Expected term (in years)
2 years 10 months 10 days 
2 years 9 months 26 days 
Risk-free interest rate
1.45% 
1.05% 
Expected dividend yield
0.00% 
0.00% 
Average correlation coefficient of peer companies
68.00% 
61.00% 
Share-Based Incentive Compensation Plans - Compensation Cost (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Compensation cost
$ 118 
$ 110 
$ 107 
Income tax benefit
39 
38 
37 
Share-based compensation expense
79 
72 
70 
Restricted Share Units (RSUs)
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Compensation cost
57 
62 
54 
PSU awards
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Compensation cost
44 
32 
37 
Stock options
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Compensation cost
16 
14 
1 
Other
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Compensation cost
$ 1 
$ 2 
$ 15 
Share-Based Incentive Compensation Plans - Awards Outstanding under Stock Option Plans by Award Type (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Restricted Share Units (RSUs)
 
 
 
Number of Awards
 
 
 
Outstanding, beginning balance
3.3 
 
 
Granted
1.4 
 
 
Vested
(1.6)
 
 
Forfeited
(0.1)
 
 
Outstanding, ending balance
3.0 
 
 
Awards expected to vest
3.0 
 
 
Weighted Average Grant Date Fair Value (usd per award)
 
 
 
Outstanding, beginning balance
$ 35.02 
 
 
Granted
$ 42.30 
 
 
Vested
$ 34.86 
 
 
Forfeited
$ 36.86 
 
 
Outstanding, ending balance
$ 38.42 
 
 
Awards expected to vest
$ 38.42 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
 
 
 
Unrecognized compensation cost
$ 34 
 
 
Expected weighted average
1 year 5 months 19 days 
 
 
Total fair value of shares vested
54 
 
 
PSU awards
 
 
 
Number of Awards
 
 
 
Outstanding, beginning balance
1.5 
 
 
Adjusted for PSU performance factor
0 
 
 
Granted
1.2 
 
 
Vested
(0.4)
 
 
Forfeited
(0.1)
 
 
Outstanding, ending balance
2.2 
 
 
Awards expected to vest
2.2 
 
 
Weighted Average Grant Date Fair Value (usd per award)
 
 
 
Outstanding, beginning balance
$ 28.88 
 
 
Adjusted for PSU performance factor
$ 31.45 
 
 
Granted
$ 42.32 
 
 
Vested
$ 31.34 
 
 
Forfeited
$ 34.00 
 
 
Outstanding, ending balance
$ 35.53 
 
 
Awards expected to vest
$ 35.53 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
 
 
 
Unrecognized compensation cost
35 
 
 
Expected weighted average
1 year 9 months 15 days 
 
 
Total fair value of shares vested
12 
 
 
Stock options
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
 
Outstanding, beginning balance
3.3 
 
 
Granted
0 
 
 
Exercised
0 
 
 
Forfeited
(0.3)
 
 
Outstanding, ending balance
3.0 
 
 
Vested, not exercisable
3.0 
 
 
Vested, exercisable
0 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
 
 
 
Outstanding, beginning balance
$ 37.60 
 
 
Granted
$ 37.60 
 
 
Exercised
$ 0.00 
 
 
Forfeited
$ 0.00 
 
 
Outstanding, ending balance
$ 37.60 
 
 
Vested, not exercisable, weighted average exercise price
$ 37.60 
 
 
Vested exercisable, weighted average exercise price
$ 0.00 
 
 
Unrecognized compensation cost
5 
 
 
Expected weighted average
5 months 16 days 
 
 
Total fair value of Options vested
$ 36 
 
 
Maximum |
PSU awards
 
 
 
Number of Awards
 
 
 
Share-based payment award, vesting percentage
150.00% 
150.00% 
150.00% 
Minimum |
PSU awards
 
 
 
Number of Awards
 
 
 
Share-based payment award, vesting percentage
0.00% 
0.00% 
0.00% 
Share-based Compensation Award, Tranche Three [Member] |
Maximum |
PSU awards
 
 
 
Number of Awards
 
 
 
Share-based payment award, vesting percentage
131.00% 
 
 
Share-based Compensation Award, Tranche Three [Member] |
Minimum |
PSU awards
 
 
 
Number of Awards
 
 
 
Share-based payment award, vesting percentage
125.00% 
 
 
Shareholder's Equity - Common Share Rollforward (Details)
0 Months Ended 12 Months Ended
Dec. 26, 2017
Mar. 9, 2017
Nov. 3, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Common stock, shares issued, beginning balance (in shares)
 
 
 
268,079,931 
 
 
Common stock, shares outstanding, beginning balance (in shares)
 
 
 
194,639,273 
209,100,000 
241,900,000 
Common stock, shares issued (in shares)
 
 
 
0 
0 
0 
Common stock, shares acquired under share repurchase (in shares)
7,821,666 
3,986,647 
5,216,025 
24,400,000 
(17,000,000)
34,300,000 
Common stock, shares issued for share-based compensation programs (in shares)
 
 
 
1,800,000 
2,500,000 
1,500,000 
Common stock, shares issued, ending balance (in shares)
 
 
 
270,078,294 
268,079,931 
 
Common stock, shares outstanding, ending balance (in shares)
 
 
 
171,982,673 
194,639,273 
209,100,000 
Common stock
 
 
 
 
 
 
Common stock, shares issued, beginning balance (in shares)
 
 
 
268,000,000 
265,300,000 
263,700,000 
Common stock, shares issued (in shares)
 
 
 
0 
0 
0 
Common stock, shares acquired under share repurchase (in shares)
 
 
 
0 
0 
0 
Common stock, shares issued for share-based compensation programs (in shares)
 
 
 
2,000,000 
2,700,000 
1,600,000 
Common stock, shares issued, ending balance (in shares)
 
 
 
270,000,000 
268,000,000 
265,300,000 
Treasury stock
 
 
 
 
 
 
Common stock, shares held in treasury, beginning balance (in shares)
 
 
 
(73,400,000)
(56,200,000)
(21,800,000)
Common stock, shares issued (in shares)
 
 
 
0 
0 
0 
Common stock, shares acquired under share repurchase (in shares)
 
 
 
24,400,000 
(17,000,000)
34,300,000 
Common stock, shares issued for share-based compensation programs (in shares)
 
 
 
200,000 
(200,000)
100,000 
Common stock, shares held in treasury, ending balance (in shares)
 
 
 
(98,000,000)
(73,400,000)
(56,200,000)
Shareholder's Equity - Narrative (Details) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 12 Months Ended
Dec. 26, 2017
Mar. 9, 2017
Nov. 3, 2016
May 7, 2013
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 26, 2017
Oct. 26, 2017
Feb. 1, 2018
Subsequent event
Accelerated Share Repurchases [Line Items]
 
 
 
 
 
 
 
 
 
 
Value of shares repurchased and placed in treasury
 
$ 150 
$ 200 
 
$ 923 
$ 687 
$ 1,491 
 
 
 
Number of shares repurchased and placed in treasury
7,821,666 
3,986,647 
5,216,025 
 
24,400,000 
(17,000,000)
34,300,000 
 
 
 
Stock Repurchase Program, Authorized Amount
 
 
 
 
 
 
 
500 
800 
500 
Number of warrants issued and outstanding
 
 
 
26,050,846 
 
 
 
 
 
 
Percentage of issued warrants to total shares issued and outstanding
 
 
 
9.99% 
 
 
 
 
 
 
Exercise price of warrants (usd per share)
 
 
 
$ 48.75 
 
 
 
 
 
 
Dividend per share, cash paid (usd per share)
 
 
 
$ 0.01 
 
 
 
 
 
 
Fair value of warrants issued
 
 
 
$ 94 
 
 
 
 
 
 
Earnings per Common Share Earnings per Common Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) from continuing operations
 
 
 
 
 
 
 
 
$ (212)
$ 39 
$ 392 
Less: Net income (loss) attributable to noncontrolling interest
82 
65 
52 
1 
42 
12 
(25)
0 
200 
29 
130 
Income (loss) from continuing operations available to common shareholders
 
 
 
 
 
 
 
 
(412)
10 
262 
Income (loss) from discontinued operations, net of tax
(2,616)
134 
64 
(162)
(478)
(145)
137 
149 
(2,580)
(337)
146 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$ (3,165)
$ 149 
$ 167 
$ (143)
$ (417)
$ (263)
$ 162 
$ 191 
$ (2,992)
$ (327)
$ 408 
Basic (shares)
 
 
 
 
 
 
 
 
184.1 
200.8 
225.4 
Diluted (shares)
 
 
 
 
 
 
 
 
184.1 
202.7 
227.4 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Basic (usd per share)
$ (3.06)
$ 0.08 
$ 0.56 
$ 0.10 
$ 0.31 
$ (0.59)
$ 0.12 
$ 0.21 
$ (2.24)
$ 0.05 
$ 1.16 
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders, Basic, (usd per share)
$ (14.58)
$ 0.75 
$ 0.34 
$ (0.85)
$ (2.45)
$ (0.73)
$ 0.68 
$ 0.72 
$ (14.01)
$ (1.68)
$ 0.65 
Net income (loss) available to common shareholders, Basic (usd per share)
$ (17.64)
$ 0.83 
$ 0.90 
$ (0.75)
$ (2.14)
$ (1.32)
$ 0.80 
$ 0.93 
$ (16.25)
$ (1.63)
$ 1.81 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share)
$ (3.06)
$ 0.08 
$ 0.55 
$ 0.10 
$ 0.31 
$ (0.59)
$ 0.12 
$ 0.21 
$ (2.24)
$ 0.05 
$ 1.15 
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share)
$ (14.58)
$ 0.73 
$ 0.34 
$ (0.84)
$ (2.43)
$ (0.73)
$ 0.67 
$ 0.71 
$ (14.01)
$ (1.66)
$ 0.65 
Net income (loss) available to common shareholders, Diluted (usd per share)
$ (17.64)
$ 0.81 
$ 0.89 
$ (0.74)
$ (2.12)
$ (1.32)
$ 0.79 
$ 0.92 
$ (16.25)
$ (1.61)
$ 1.80 
Antidilutive shares
3.5 
 
 
 
 
1.9 
 
 
 
 
 
Restricted Share Units (RSUs)
 
 
 
 
 
 
 
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Dilutive Effects (shares)
 
 
 
 
 
 
 
 
0 
1.7 
1.8 
Antidilutive shares
 
 
 
 
 
 
 
 
1.9 
 
 
PSU awards
 
 
 
 
 
 
 
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Dilutive Effects (shares)
 
 
 
 
 
 
 
 
0 
0.2 
0.2 
Antidilutive shares
 
 
 
 
 
 
 
 
0.8 
 
 
Stock options
 
 
 
 
 
 
 
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Dilutive Effects (shares)
 
 
 
 
 
 
 
 
0 
0 
0 
Insurance Subsidiaries - Statutory Equity and Income (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Insurance [Abstract]
 
 
 
Number of insurance subsidiaries
4 
4 
 
Voya Insurance and Annuity Company |
Iowa
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Statutory Net Income (Loss)
$ 514 
$ 232 
$ 553 
Statutory Capital and Surplus
1,835 
1,906 
 
Voya Retirement Insurance and Annuity Company |
Connecticut
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Statutory Net Income (Loss)
195 
266 
318 
Statutory Capital and Surplus
1,793 
1,959 
 
Security Life of Denver Insurance Company (SLD) |
Colorado
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Statutory Net Income (Loss)
58 
93 
(245)
Statutory Capital and Surplus
950 
897 
 
ReliaStar Life Insurance Company (RLI) |
Minnesota
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Statutory Net Income (Loss)
234 
(507)
74 
Statutory Capital and Surplus
$ 1,483 
$ 1,662 
 
Insurance Subsidiaries - Dividends Restrictions and Approved Distributions (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Statutory Accounting Practices [Line Items]
 
 
 
Dividends Paid
$ 8 
$ 8 
$ 9 
Insurance Laws Applicable to Insurance Subsidiaries in Connecticut, Indiana. Iowa, and Minnesota
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded
10.00% 
 
 
Insurance Laws Applicable to Insurance Subsidiaries in Colorado
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded
10.00% 
 
 
Subsidiaries |
Voya Insurance and Annuity Company |
Iowa
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Dividends Permitted without Approval
208 
279 
448 
Dividends Paid
278 
373 
 
Extraordinary Distributions Paid
250 
0 
 
Subsidiaries |
Voya Retirement Insurance and Annuity Company |
Connecticut
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Dividends Permitted without Approval
158 
266 
364 
Dividends Paid
265 
278 
 
Extraordinary Distributions Paid
0 
0 
 
Subsidiaries |
Security Life of Denver Insurance Company (SLD) |
Colorado
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Dividends Permitted without Approval
53 
74 
55 
Dividends Paid
73 
54 
 
Extraordinary Distributions Paid
0 
0 
 
Subsidiaries |
ReliaStar Life Insurance Company (RLI) |
Minnesota
 
 
 
Statutory Accounting Practices [Line Items]
 
 
 
Dividends Permitted without Approval
0 
0 
0 
Dividends Paid
0 
0 
 
Extraordinary Distributions Paid
$ 231 
$ 100 
 
Insurance Subsidiaries - Captive Reinsurance Subsidiaries (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Missouri
 
 
Statutory Accounting Practices [Line Items]
 
 
Prescribed practice amount
$ 623 
$ 577 
Aggregate statutory capital and surplus, including prescribed practices
398 
352 
Arizona |
Security Life of Denver International Ltd
 
 
Statutory Accounting Practices [Line Items]
 
 
Permitted practice amount
451 
441 
Arizona |
VOYA Financial, Inc. / Roaring River II LLC
 
 
Statutory Accounting Practices [Line Items]
 
 
Permitted practice amount
$ 2,761 
$ 2,467 
Insurance Subsidiaries - Schedule of Surplus Notes (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
7.979% Security Life of Denver Insurance Company, due 2029
 
 
Schedule of Surplus Notes [Line Items]
 
 
Surplus Notes
$ 35 
$ 35 
6.257% Security Life of Denver International Limited, due 2034
 
 
Schedule of Surplus Notes [Line Items]
 
 
Surplus Notes
50 
50 
6.257% ReliaStar Life Insurance Company, due 2034
 
 
Schedule of Surplus Notes [Line Items]
 
 
Surplus Notes
175 
175 
6.257% Voya Retirement Insurance and Annuity Company, due 2034
 
 
Schedule of Surplus Notes [Line Items]
 
 
Surplus Notes
$ 175 
$ 175 
Employee Benefit Arrangements - Defined Benefit Plan (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
 
 
Annual credit earned by participants, percentage of eligible compensation
4.00% 
 
30-year U.S. Treasury Securities Bond Rate Period
30 years 
 
Deferred compensation commitment
$ 305 
$ 284 
Employee Benefit Arrangements - Obligations and Funded Status (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Change in plan assets:
 
 
 
Accumulated other comprehensive (income) loss, net of tax
$ (15)
$ (26)
$ (33)
Other Postretirement Benefits
 
 
 
Change in benefit obligation:
 
 
 
Benefits obligations, beginning balance
21 
28 
 
Service cost
0 
0 
0 
Interest cost
1 
1 
1 
Net actuarial (gains) losses
1 
(2)
 
Benefits paid
3 
3 
 
(Gain) loss recognized due to curtailment
0 
0 
 
Plan amendments
0 
(3)
 
Benefits obligations, ending balance
20 
21 
28 
Change in plan assets:
 
 
 
Fair value of plan assets, beginning balance
0 
0 
 
Actual return on plan assets
0 
0 
 
Employer contributions
3 
3 
 
Benefits paid
(3)
(3)
 
Fair value of plan assets, ending balance
0 
0 
0 
Funded status at end of the year
(20)
(21)
 
Accrued benefit cost
(20)
(21)
 
Net amount recognized
(20)
(21)
 
Prior service cost (credit)
(15)
(18)
 
Tax effect
5 
6 
 
Accumulated other comprehensive (income) loss, net of tax
(10)
(12)
 
Pension Plan
 
 
 
Change in benefit obligation:
 
 
 
Benefits obligations, beginning balance
2,116 
2,054 
 
Service cost
24 
25 
26 
Interest cost
93 
96 
104 
Net actuarial (gains) losses
156 
33 
 
Benefits paid
98 
92 
 
(Gain) loss recognized due to curtailment
3 
0 
 
Plan amendments
0 
0 
 
Benefits obligations, ending balance
2,294 
2,116 
2,054 
Change in plan assets:
 
 
 
Fair value of plan assets, beginning balance
1,463 
1,395 
 
Actual return on plan assets
257 
80 
 
Employer contributions
142 
80 
 
Benefits paid
(98)
(92)
 
Fair value of plan assets, ending balance
1,764 
1,463 
1,395 
Funded status at end of the year
(530)
(653)
 
Accrued benefit cost
(530)
(653)
 
Net amount recognized
(530)
(653)
 
Prior service cost (credit)
(10)
(21)
 
Tax effect
4 
7 
 
Accumulated other comprehensive (income) loss, net of tax
$ (6)
$ (14)
 
Employee Benefit Arrangements - Obligations in Excess of Plan Assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Pension Plan
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Projected benefit obligation
$ 2,294 
$ 2,116 
$ 2,054 
Accumulated benefit obligation
2,290 
2,111 
 
Fair value of plan assets
1,764 
1,463 
1,395 
Other Postretirement Benefits
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Projected benefit obligation
20 
21 
28 
Fair value of plan assets
$ 0 
$ 0 
$ 0 
Employee Benefit Arrangements - Net Periodic Benefit Costs and Other Changes in Plan Assets and Future Amortizaion of Prior Service Costs (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
 
 
 
Net (gain) loss recognition
$ 15 
$ 55 
$ (63)
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI:
 
 
 
Amortization of prior service (credit) cost
15 
10 
14 
Total recognized in AOCI
15 
10 
14 
Pension Plan
 
 
 
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
 
 
 
Service cost
24 
25 
26 
Interest cost
93 
96 
104 
Expected return on plan assets
(115)
(104)
(122)
Amortization of prior service cost (credit)
(10)
(10)
(10)
(Gain) loss recognized due to curtailment
1 
0 
0 
Net (gain) loss recognition
14 
57 
(62)
Net periodic (benefit) costs
7 
64 
(64)
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI:
 
 
 
Amortization of prior service (credit) cost
10 
10 
10 
(Credit) cost recognized due to curtailment
2 
0 
0 
Total recognized in AOCI
12 
10 
10 
Total recognized in net periodic (benefit) costs and AOCI
19 
74 
(54)
Future amortization of prior service cost (credit)
(9)
 
 
Other Postretirement Benefits
 
 
 
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
 
 
 
Service cost
0 
0 
0 
Interest cost
1 
1 
1 
Expected return on plan assets
0 
0 
0 
Amortization of prior service cost (credit)
(4)
(3)
(4)
(Gain) loss recognized due to curtailment
0 
0 
0 
Net (gain) loss recognition
1 
(2)
(1)
Net periodic (benefit) costs
(2)
(4)
(4)
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI:
 
 
 
Amortization of prior service (credit) cost
4 
0 
4 
(Credit) cost recognized due to curtailment
0 
0 
0 
Total recognized in AOCI
4 
0 
4 
Total recognized in net periodic (benefit) costs and AOCI
2 
(4)
0 
Future amortization of prior service cost (credit)
$ (4)
 
 
Employee Benefit Arrangements - Net Actuarial (Gains) Losses (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Net (gain) loss recognition
$ (15)
$ (55)
$ 63 
Discount Rate
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Net (gain) loss recognition
(196)
(69)
133 
Asset Returns
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Net (gain) loss recognition
142 
(24)
(123)
Mortality Table Assumptions
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Net (gain) loss recognition
14 
22 
32 
Demographic Data and other
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Net (gain) loss recognition
$ 25 
$ 16 
$ 21 
Employee Benefit Arrangements - Assumptions (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Pension Plan
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Discount rate, benefit obligation
3.85% 
4.55% 
 
Discount rate, net benefit cost
4.55% 
4.81% 
4.36% 
Expected rate of return on plan assets, net benefit cost
7.50% 
7.50% 
7.50% 
Other Postretirement Benefits
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Discount rate, benefit obligation
3.64% 
4.55% 
 
Discount rate, net benefit cost
4.55% 
4.81% 
4.36% 
Trend rate assumed for next year
7.00% 
 
 
Ultimate health care cost trend rate, decrease
5.50% 
 
 
Health care cost trend rate, period over which rate equals ultimate trend rate
5 years 
 
 
Ultimate health care cost trend rate
4.50% 
 
 
Effect on the aggregate of service and interest cost components, One Percentage Point Increase
$ 0 
 
 
Effect on the aggregate of service and interest cost components, One Percentage Point Decrease
0 
 
 
Effect on accumulated postretirement benefit obligation, One Percentage Point Increase
1 
 
 
Effect on accumulated postretirement benefit obligation, One Percentage Point Decrease
$ (1)
 
 
Employee Benefit Arrangements - Plan Assets, Allocation (Details) (Pension Plan)
Dec. 31, 2017
Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
100.00% 
100.00% 
Equity securities
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
47.20% 
45.10% 
Equity securities |
Minimum
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Target allocation range, minimum
37.00% 
37.00% 
Equity securities |
Maximum
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Target allocation range, minimum
65.00% 
65.00% 
Large-cap domestic
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
25.30% 
23.70% 
Small/Mid-cap domestic
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
6.90% 
6.40% 
International Commingled Funds
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
12.50% 
11.60% 
Other
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
2.50% 
3.40% 
Debt securities
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
43.70% 
44.60% 
Debt securities |
Minimum
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Target allocation range, minimum
30.00% 
30.00% 
Debt securities |
Maximum
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Target allocation range, minimum
50.00% 
50.00% 
U.S. Treasuries, short term investments, cash and futures
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
8.00% 
6.30% 
U.S. government agencies and authorities
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
4.10% 
4.20% 
U.S. corporate, state and municipalities
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
27.40% 
29.70% 
Foreign securities
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
4.10% 
4.30% 
Other fixed maturities
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
0.10% 
0.10% 
Other investments
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
9.10% 
10.30% 
Other investments |
Minimum
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Target allocation range, minimum
6.00% 
6.00% 
Other investments |
Maximum
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Target allocation range, minimum
14.00% 
14.00% 
Hedge funds
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
4.20% 
4.80% 
Real estate
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Actual allocation
4.90% 
5.50% 
Employee Benefit Arrangements - Fair Value of Plan Assets (Details) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2017
Level 3
Other fixed maturities
Dec. 31, 2016
Level 3
Other fixed maturities
Dec. 31, 2017
Pension Plan
Dec. 31, 2016
Pension Plan
Dec. 31, 2015
Pension Plan
Dec. 31, 2017
Pension Plan
Debt securities
Dec. 31, 2016
Pension Plan
Debt securities
Dec. 31, 2017
Pension Plan
Cash and cash equivalents
Dec. 31, 2016
Pension Plan
Cash and cash equivalents
Dec. 31, 2017
Pension Plan
Short-term investments fund
Dec. 31, 2016
Pension Plan
Short-term investments fund
Dec. 31, 2017
Pension Plan
U.S. Government securities
Dec. 31, 2016
Pension Plan
U.S. Government securities
Dec. 31, 2017
Pension Plan
U.S. corporate, state and municipalities
Dec. 31, 2016
Pension Plan
U.S. corporate, state and municipalities
Dec. 31, 2017
Pension Plan
Foreign securities
Dec. 31, 2016
Pension Plan
Foreign securities
Dec. 31, 2017
Pension Plan
Other fixed maturities
Dec. 31, 2016
Pension Plan
Other fixed maturities
Dec. 31, 2017
Pension Plan
Equity securities
Dec. 31, 2016
Pension Plan
Equity securities
Dec. 31, 2017
Pension Plan
Large-cap domestic
Dec. 31, 2016
Pension Plan
Large-cap domestic
Dec. 31, 2017
Pension Plan
Small/Mid-cap domestic
Dec. 31, 2016
Pension Plan
Small/Mid-cap domestic
Dec. 31, 2017
Pension Plan
International Commingled Funds
fund_asset
Dec. 31, 2016
Pension Plan
International Commingled Funds
fund_asset
Dec. 31, 2017
Pension Plan
International Commingled Funds
Baillie Gifford Funds
Dec. 31, 2016
Pension Plan
International Commingled Funds
Baillie Gifford Funds
Dec. 31, 2017
Pension Plan
International Commingled Funds
Silchester
Dec. 31, 2016
Pension Plan
International Commingled Funds
Silchester
Dec. 31, 2017
Pension Plan
Equity Securities, Limited Partnerships [Member]
fund_asset
Dec. 31, 2016
Pension Plan
Equity Securities, Limited Partnerships [Member]
fund_asset
Dec. 31, 2017
Pension Plan
Limited partnerships
Dec. 31, 2016
Pension Plan
Limited partnerships
Dec. 31, 2017
Pension Plan
Pantheon Europe
Patheon Europe
Dec. 31, 2016
Pension Plan
Pantheon Europe
Patheon Europe
Dec. 31, 2017
Pension Plan
Pantheon USA
Patheon USA
Dec. 31, 2016
Pension Plan
Pantheon USA
Patheon USA
Dec. 31, 2017
Pension Plan
Other investments
Dec. 31, 2016
Pension Plan
Other investments
Dec. 31, 2017
Pension Plan
Real estate
Dec. 31, 2016
Pension Plan
Real estate
Dec. 31, 2017
Pension Plan
Real estate
UBS Trumbull Property Fund
Dec. 31, 2016
Pension Plan
Real estate
UBS Trumbull Property Fund
Dec. 31, 2017
Pension Plan
Real estate
UBS Trumbull Property Fund
Minimum
Dec. 31, 2016
Pension Plan
Real estate
UBS Trumbull Property Fund
Minimum
Dec. 31, 2017
Pension Plan
Real estate
UBS Trumbull Property Fund
Maximum
Dec. 31, 2016
Pension Plan
Real estate
UBS Trumbull Property Fund
Maximum
Dec. 31, 2017
Pension Plan
Limited partnerships
Dec. 31, 2016
Pension Plan
Limited partnerships
Dec. 31, 2017
Pension Plan
Limited partnerships
Magnitude Institutional, Ltd.
Dec. 31, 2016
Pension Plan
Limited partnerships
Magnitude Institutional, Ltd.
Dec. 31, 2017
Pension Plan
Other derivatives
Dec. 31, 2016
Pension Plan
Other derivatives
Dec. 31, 2017
Pension Plan
Level 1
Dec. 31, 2016
Pension Plan
Level 1
Dec. 31, 2017
Pension Plan
Level 1
Debt securities
Dec. 31, 2016
Pension Plan
Level 1
Debt securities
Dec. 31, 2017
Pension Plan
Level 1
Cash and cash equivalents
Dec. 31, 2016
Pension Plan
Level 1
Cash and cash equivalents
Dec. 31, 2017
Pension Plan
Level 1
Short-term investments fund
Dec. 31, 2016
Pension Plan
Level 1
Short-term investments fund
Dec. 31, 2017
Pension Plan
Level 1
U.S. Government securities
Dec. 31, 2016
Pension Plan
Level 1
U.S. Government securities
Dec. 31, 2017
Pension Plan
Level 1
U.S. corporate, state and municipalities
Dec. 31, 2016
Pension Plan
Level 1
U.S. corporate, state and municipalities
Dec. 31, 2017
Pension Plan
Level 1
Foreign securities
Dec. 31, 2016
Pension Plan
Level 1
Foreign securities
Dec. 31, 2017
Pension Plan
Level 1
Other fixed maturities
Dec. 31, 2016
Pension Plan
Level 1
Other fixed maturities
Dec. 31, 2017
Pension Plan
Level 1
Equity securities
Dec. 31, 2016
Pension Plan
Level 1
Equity securities
Dec. 31, 2017
Pension Plan
Level 1
Large-cap domestic
Dec. 31, 2016
Pension Plan
Level 1
Large-cap domestic
Dec. 31, 2017
Pension Plan
Level 1
Small/Mid-cap domestic
Dec. 31, 2016
Pension Plan
Level 1
Small/Mid-cap domestic
Dec. 31, 2017
Pension Plan
Level 1
International Commingled Funds
Dec. 31, 2016
Pension Plan
Level 1
International Commingled Funds
Dec. 31, 2017
Pension Plan
Level 1
Limited partnerships
Dec. 31, 2016
Pension Plan
Level 1
Limited partnerships
Dec. 31, 2017
Pension Plan
Level 1
Other investments
Dec. 31, 2016
Pension Plan
Level 1
Other investments
Dec. 31, 2017
Pension Plan
Level 1
Real estate
Dec. 31, 2016
Pension Plan
Level 1
Real estate
Dec. 31, 2017
Pension Plan
Level 1
Limited partnerships
Dec. 31, 2016
Pension Plan
Level 1
Limited partnerships
Dec. 31, 2017
Pension Plan
Level 1
Other derivatives
Dec. 31, 2016
Pension Plan
Level 1
Other derivatives
Dec. 31, 2017
Pension Plan
Level 2
Dec. 31, 2016
Pension Plan
Level 2
Dec. 31, 2017
Pension Plan
Level 2
Debt securities
Dec. 31, 2016
Pension Plan
Level 2
Debt securities
Dec. 31, 2017
Pension Plan
Level 2
Cash and cash equivalents
Dec. 31, 2016
Pension Plan
Level 2
Cash and cash equivalents
Dec. 31, 2017
Pension Plan
Level 2
Short-term investments fund
Dec. 31, 2016
Pension Plan
Level 2
Short-term investments fund
Dec. 31, 2017
Pension Plan
Level 2
U.S. Government securities
Dec. 31, 2016
Pension Plan
Level 2
U.S. Government securities
Dec. 31, 2017
Pension Plan
Level 2
U.S. corporate, state and municipalities
Dec. 31, 2016
Pension Plan
Level 2
U.S. corporate, state and municipalities
Dec. 31, 2017
Pension Plan
Level 2
Foreign securities
Dec. 31, 2016
Pension Plan
Level 2
Foreign securities
Dec. 31, 2017
Pension Plan
Level 2
Other fixed maturities
Dec. 31, 2016
Pension Plan
Level 2
Other fixed maturities
Dec. 31, 2017
Pension Plan
Level 2
Equity securities
Dec. 31, 2016
Pension Plan
Level 2
Equity securities
Dec. 31, 2017
Pension Plan
Level 2
Large-cap domestic
Dec. 31, 2016
Pension Plan
Level 2
Large-cap domestic
Dec. 31, 2017
Pension Plan
Level 2
Small/Mid-cap domestic
Dec. 31, 2016
Pension Plan
Level 2
Small/Mid-cap domestic
Dec. 31, 2017
Pension Plan
Level 2
International Commingled Funds
Dec. 31, 2016
Pension Plan
Level 2
International Commingled Funds
Dec. 31, 2017
Pension Plan
Level 2
Limited partnerships
Dec. 31, 2016
Pension Plan
Level 2
Limited partnerships
Dec. 31, 2017
Pension Plan
Level 2
Other investments
Dec. 31, 2016
Pension Plan
Level 2
Other investments
Dec. 31, 2017
Pension Plan
Level 2
Real estate
Dec. 31, 2016
Pension Plan
Level 2
Real estate
Dec. 31, 2017
Pension Plan
Level 2
Limited partnerships
Dec. 31, 2016
Pension Plan
Level 2
Limited partnerships
Dec. 31, 2017
Pension Plan
Level 2
Other derivatives
Dec. 31, 2016
Pension Plan
Level 2
Other derivatives
Dec. 31, 2017
Pension Plan
Level 3
Dec. 31, 2016
Pension Plan
Level 3
Dec. 31, 2017
Pension Plan
Level 3
Debt securities
Dec. 31, 2016
Pension Plan
Level 3
Debt securities
Dec. 31, 2017
Pension Plan
Level 3
Cash and cash equivalents
Dec. 31, 2016
Pension Plan
Level 3
Cash and cash equivalents
Dec. 31, 2017
Pension Plan
Level 3
Short-term investments fund
Dec. 31, 2016
Pension Plan
Level 3
Short-term investments fund
Dec. 31, 2017
Pension Plan
Level 3
U.S. Government securities
Dec. 31, 2016
Pension Plan
Level 3
U.S. Government securities
Dec. 31, 2017
Pension Plan
Level 3
U.S. corporate, state and municipalities
Dec. 31, 2016
Pension Plan
Level 3
U.S. corporate, state and municipalities
Dec. 31, 2017
Pension Plan
Level 3
Foreign securities
Dec. 31, 2016
Pension Plan
Level 3
Foreign securities
Dec. 31, 2017
Pension Plan
Level 3
Equity securities
Dec. 31, 2016
Pension Plan
Level 3
Equity securities
Dec. 31, 2017
Pension Plan
Level 3
Large-cap domestic
Dec. 31, 2016
Pension Plan
Level 3
Large-cap domestic
Dec. 31, 2017
Pension Plan
Level 3
Small/Mid-cap domestic
Dec. 31, 2016
Pension Plan
Level 3
Small/Mid-cap domestic
Dec. 31, 2017
Pension Plan
Level 3
International Commingled Funds
Dec. 31, 2016
Pension Plan
Level 3
International Commingled Funds
Dec. 31, 2017
Pension Plan
Level 3
Limited partnerships
Dec. 31, 2016
Pension Plan
Level 3
Limited partnerships
Dec. 31, 2017
Pension Plan
Level 3
Other investments
Dec. 31, 2016
Pension Plan
Level 3
Other investments
Dec. 31, 2017
Pension Plan
Level 3
Real estate
Dec. 31, 2016
Pension Plan
Level 3
Real estate
Dec. 31, 2017
Pension Plan
Level 3
Limited partnerships
Dec. 31, 2016
Pension Plan
Level 3
Limited partnerships
Dec. 31, 2017
Pension Plan
Level 3
Other derivatives
Dec. 31, 2016
Pension Plan
Level 3
Other derivatives
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net, total pension assets, fair value
$ 0 
$ 0 
$ 1,764,000,000 
$ 1,463,000,000 
$ 1,395,000,000 
$ 772,000,000 
$ 652,000,000 
$ 7,000,000 
$ 2,000,000 
$ 136,000,000 
$ 90,000,000 
$ 73,000,000 
$ 61,000,000 
$ 483,000,000 
$ 435,000,000 
$ 72,000,000 
$ 63,000,000 
$ 1,000,000 
$ 1,000,000 
$ 830,000,000 
$ 660,000,000 
$ 446,000,000 
$ 347,000,000 
$ 121,000,000 
$ 94,000,000 
$ 220,000,000 
$ 170,000,000 
$ 111,000,000 
$ 84,000,000 
$ 109,000,000 
$ 86,000,000 
 
 
$ 43,000,000 
$ 49,000,000 
$ 6,000,000 
$ 7,000,000 
$ 37,000,000 
$ 42,000,000 
$ 162,000,000 
$ 151,000,000 
$ 86,000,000 
$ 81,000,000 
$ 86,000,000 
$ 81,000,000 
 
 
 
 
$ 75,000,000 
$ 70,000,000 
$ 75,000,000 
$ 70,000,000 
$ 1,000,000 
$ 0 
$ 648,000,000 
$ 504,000,000 
$ 80,000,000 
$ 63,000,000 
$ 7,000,000 
$ 2,000,000 
$ 0 
$ 0 
$ 73,000,000 
$ 61,000,000 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 567,000,000 
$ 441,000,000 
$ 446,000,000 
$ 347,000,000 
$ 121,000,000 
$ 94,000,000 
$ 0 
$ 0 
$ 0 
$ 0 
$ 1,000,000 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 1,000,000 
$ 0 
$ 549,000,000 
$ 499,000,000 
$ 549,000,000 
$ 499,000,000 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 476,000,000 
$ 435,000,000 
$ 72,000,000 
$ 63,000,000 
$ 1,000,000 
$ 1,000,000 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 7,000,000 
$ 0 
$ 7,000,000 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 7,000,000 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
$ 0 
Net, total pension assets, net asset value
 
 
560,000,000 
460,000,000 
 
136,000,000 
90,000,000 
 
 
136,000,000 
90,000,000 
 
 
 
 
 
 
 
 
263,000,000 
219,000,000 
 
 
 
 
220,000,000 
170,000,000 
 
 
 
 
 
 
43,000,000 
49,000,000 
 
 
 
 
161,000,000 
151,000,000 
86,000,000 
81,000,000 
 
 
 
 
 
 
75,000,000 
70,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Assets In Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2 
2 
 
 
 
 
2 
2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of business days prior to month-end clients must submit redemption request
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6 days 
6 days 
 
 
 
 
 
 
 
 
 
 
 
 
60 days 
60 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unfunded commitments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0 
$ 0 
$ 0 
$ 0 
 
 
 
 
$ 1,000,000 
$ 1,000,000 
$ 5,000,000 
$ 5,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real return performance objective, rate of return
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.00% 
5.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real return performance objective, rate of return, determination period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 
3 years 
5 years 
5 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Benefit Arrangements - Expected Future Contributions and Benefit Payments (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Pension Plan
 
Defined Benefit Plan Disclosure [Line Items]
 
2018
$ 115 
2019
119 
2020
123 
2021
128 
2022
131 
2023-2027
685 
Pension Plan |
Qualified pension plan
 
Defined Benefit Plan Disclosure [Line Items]
 
Estimated future employer contributions next year
0 
Pension Plan |
Nonqualified pension plan
 
Defined Benefit Plan Disclosure [Line Items]
 
Estimated future employer contributions next year
23.0 
Other Postretirement Benefits
 
Defined Benefit Plan Disclosure [Line Items]
 
2018
2 
2019
2 
2020
2 
2021
2 
2022
1 
2023-2027
6 
Estimated future employer contributions next year
$ 2.0 
Employee Benefit Arrangements - Defined Contribution Plans (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Retirement Benefits [Abstract]
 
 
 
Company match, percentage
6.00% 
 
 
Award vesting percentage each year
25.00% 
 
 
Cost recognized for defined contribution pension plans
$ 39 
$ 38 
$ 36 
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Derivatives
$ 127 
$ 258 
$ 259 
DAC/VOBA adjustment on available-for-sale securities
(1,471)
(1,083)
(765)
Premium deficiency reserve
(190)
(54)
0 
Sales inducements adjustment on available-for-sale securities
(278)
(169)
(23)
Other
(18)
(31)
(31)
Unrealized capital gains (losses), before tax
3,556 
2,367 
1,594 
Deferred income tax asset (liability)
(840)
(472)
(202)
Net unrealized capital gains (losses)
2,716 
1,895 
1,392 
Pension and other post-employment benefits liability, net of tax
15 
26 
33 
AOCI
2,731 
1,921 
1,425 
Fixed maturities
 
 
 
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Fixed maturities, net of OTTI
5,351 
3,413 
2,123 
Equity securities
 
 
 
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Equity securities, available-for-sale
$ 35 
$ 33 
$ 31 
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, [Abstract]
 
 
 
Net unrealized gains/losses on Other
$ 13 
$ 0 
$ 0 
OTTI
(2)
24 
19 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(3)
98 
122 
DAC/VOBA
(388)
(318)
1,076 
Premium deficiency reserve
(136)
(54)
0 
Sales inducements
(109)
(146)
53 
Change in unrealized gains/losses on available-for-sale securities
1,320 
774 
(2,591)
Derivatives
(106)
19 
44 
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(25)
(20)
(15)
Change in unrealized gains/losses on derivatives
(131)
(1)
29 
Amortization of prior service (credit) cost
(15)
(10)
(14)
Change in pension and other postretirement benefits liability
(15)
(10)
(14)
Other comprehensive income (loss), before tax
1,174 
763 
(2,576)
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract]
 
 
 
Net unrealized gains/losses on Other
(5)
0 
0 
OTTI
1 
(8)
(7)
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
1 
(34)
(43)
DAC/VOBA
150 
111 
(377)
Premium deficiency reserve
48 
20 
0 
Sales inducements
39 
50 
(18)
Change in unrealized gains/losses on available-for-sale securities
(414)
(270)
902 
Derivatives
37 
(7)
(15)
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
9 
7 
5 
Change in unrealized gains/losses on derivatives
46 
0 
(10)
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
4 
3 
5 
Change in pension and other postretirement benefits liability
4 
3 
5 
Change in Other comprehensive income (loss)
(364)
(267)
897 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract]
 
 
 
Net unrealized gains/losses on Other
8 
0 
0 
OTTI
(1)
16 
12 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(2)
64 
79 
DAC/VOBA
(238)
(207)
699 
Premium deficiency reserve
(88)
(34)
0 
Sales inducements
(70)
(96)
35 
Change in unrealized gains/losses on available-for-sale securities
906 
504 
(1,689)
Derivatives
(69)
12 
29 
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(16)
(13)
(10)
Change in unrealized gains/losses on derivatives
(85)
(1)
19 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(11)
(7)
(9)
Change in pension and other postretirement benefits liability
(11)
(7)
(9)
Other comprehensive income (loss), after tax
810 
496 
(1,679)
Fixed maturities
 
 
 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, [Abstract]
 
 
 
Net unrealized gains/losses on available-for-sale securities
1,943 
1,168 
(3,863)
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract]
 
 
 
Net unrealized gains/losses on available-for-sale securities
(647)
(408)
1,348 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract]
 
 
 
Net unrealized gains/losses on available-for-sale securities
1,296 
760 
(2,515)
Equity securities
 
 
 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, [Abstract]
 
 
 
Net unrealized gains/losses on available-for-sale securities
2 
2 
2 
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax [Abstract]
 
 
 
Net unrealized gains/losses on available-for-sale securities
(1)
(1)
(1)
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract]
 
 
 
Net unrealized gains/losses on available-for-sale securities
$ 1 
$ 1 
$ 1 
Income Taxes - Components of Income Tax Expense (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Current tax expense (benefit):
 
 
 
Federal
$ (122)
$ 122 
$ 202 
State
0 
0 
(11)
Total current tax expense (benefit)
(122)
122 
191 
Deferred tax expense (benefit):
 
 
 
Federal
859 
(152)
(104)
State
3 
1 
(3)
Total deferred tax expense (benefit)
862 
(151)
(107)
Total income tax expense (benefit)
$ 740 
$ (29)
$ 84 
Income Taxes - Income Tax Reconciliation (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$ 220 
$ 40 
$ 155 
$ 113 
$ 108 
$ (106)
$ (30)
$ 38 
$ 528 
$ 10 
$ 476 
Tax rate
 
 
 
 
 
 
 
 
35.00% 
35.00% 
35.00% 
Income tax expense (benefit) at federal statutory rate
 
 
 
 
 
 
 
 
185 
4 
167 
Valuation allowance
 
 
 
 
 
 
 
 
(28)
1 
(14)
Dividends received deduction
 
 
 
 
 
 
 
 
(43)
(37)
(33)
State tax expense (benefit)
 
 
 
 
 
 
 
 
4 
(16)
2 
Noncontrolling interest
 
 
 
 
 
 
 
 
(70)
(10)
(46)
Tax credits
 
 
 
 
 
 
 
 
14 
10 
7 
Non-deductible expenses
 
 
 
 
 
 
 
 
2 
2 
3 
Expirations of federal tax capital loss carryforward
 
 
 
 
 
 
 
 
2 
17 
0 
Effect of Tax Reform
 
 
 
 
 
 
 
 
679 
0 
0 
Other
 
 
 
 
 
 
 
 
(5)
0 
(2)
Total income tax expense (benefit)
 
 
 
 
 
 
 
 
740 
(29)
84 
Effective tax rate
 
 
 
 
 
 
 
 
140.20% 
(290.00%)
17.60% 
Effect of Tax Reform
 
 
 
 
 
 
 
 
 
 
 
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Effect of Tax Reform
 
 
 
 
 
 
 
 
$ (283)
 
 
Income Taxes - Temporary Differences (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Income Tax Disclosure [Abstract]
 
 
Federal and state loss carryforwards
$ 1,030 
$ 1,525 
Investments
1,440 
2,531 
Compensation and benefits
369 
548 
Other assets
330 
397 
Total gross assets before valuation allowance
3,169 
5,001 
Less: Valuation allowance
653 
964 
Assets, net of valuation allowance
2,516 
4,037 
Net unrealized investment gains
(824)
(980)
Insurance reserves
(342)
(301)
Deferred policy acquisition costs
(556)
(1,151)
Other liabilities
(13)
(35)
Total gross liabilities
(1,735)
(2,467)
Net deferred income tax asset (liability)
$ 781 
$ 1,570 
Income Taxes - Tax Credit and Loss Carryforwards (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
 
 
Tax capital loss/credit carryforward
$ 254 
$ 268 
Internal Revenue Service (IRS)
 
 
Operating Loss Carryforwards [Line Items]
 
 
Net operating loss carryforwards
4,410 
4,112 
State and Local Jurisdiction
 
 
Operating Loss Carryforwards [Line Items]
 
 
Net operating loss carryforwards
2,228 
2,209 
Capital loss carryforwards |
Internal Revenue Service (IRS)
 
 
Operating Loss Carryforwards [Line Items]
 
 
Tax capital loss/credit carryforward
30 
58 
Alternative minimum tax
 
 
Operating Loss Carryforwards [Line Items]
 
 
Tax capital loss/credit carryforward
$ 220 
 
Income Taxes - Unrecognized Tax Benefits (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Income Tax Contingency [Line Items]
 
 
 
Unrecognized tax benefits, balance
$ 36 
$ 45 
$ 62 
Additions for tax positions related to current year
2 
3 
3 
Additions for tax positions related to prior years
0 
0 
0 
Reductions for tax positions related to prior years
0 
(7)
(18)
Reductions for settlements with taxing authorities
0 
(1)
(2)
Reductions for expiring statutes
(1)
(4)
0 
Unrecognized tax benefits, balance
37 
36 
45 
Unrecognized tax benefits that would affect effective rate
$ 8 
$ 8 
$ 9 
Income Taxes - Narrative (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Tax Contingency [Line Items]
 
 
 
 
Limit on NOL Carryforward Deduction
80.00% 
 
 
 
Valuation allowance
$ 653 
$ 964 
 
 
Change in valuation allowance
311 
(1)
9 
 
Accrued interest and penalties related to unrecognized tax
1 
1 
 
 
Unrecognized Tax Benefits, Interest on Income Taxes Expense
0 
0 
(6)
 
Unrecognized tax benefits
37 
36 
45 
62 
Deferred Tax Asset, Operating Loss Carryforward
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Valuation allowance
1,007 
1,318 
 
 
Change in valuation allowance
 
(6)
14 
 
Deferred Tax Asset, Capital Loss Carryforward
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Valuation allowance
(354)
(354)
 
 
Change in valuation allowance
 
5 
(5)
 
Valuation allowance on deferred tax assets
 
 
 
 
Income Tax Contingency [Line Items]
 
 
 
 
Valuation allowance
$ 653 
$ 964 
 
 
Financing Agreements - Long-term Debt (Details) (USD $)
0 Months Ended 12 Months Ended 0 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Mar. 17, 2015
Dec. 31, 2017
1.00% Windsor Property Loan
Dec. 31, 2017
2.9% Senior Notes, due 2018
Dec. 31, 2016
2.9% Senior Notes, due 2018
Dec. 31, 2017
Debentures
7.25% Voya Holdings Inc. debentures, due 2023(1)
Dec. 31, 2016
Debentures
7.25% Voya Holdings Inc. debentures, due 2023(1)
Dec. 31, 2017
Debentures
7.63% Voya Holdings Inc. debentures, due 2026(1)
Dec. 31, 2016
Debentures
7.63% Voya Holdings Inc. debentures, due 2026(1)
Dec. 31, 2017
Debentures
6.97% Voya Holdings Inc. debentures, due 2036(1)
Dec. 31, 2016
Debentures
6.97% Voya Holdings Inc. debentures, due 2036(1)
Dec. 31, 2017
Notes Payable
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Dec. 31, 2016
Notes Payable
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Dec. 31, 2017
Property Loan
1.00% Windsor Property Loan
Dec. 31, 2016
Property Loan
1.00% Windsor Property Loan
Jun. 16, 2007
Property Loan
1.00% Windsor Property Loan
Mar. 17, 2015
Senior Notes
Dec. 31, 2017
Senior Notes
5.5% Senior Notes, due 2022
Dec. 31, 2016
Senior Notes
5.5% Senior Notes, due 2022
Jul. 13, 2012
Senior Notes
5.5% Senior Notes, due 2022
Dec. 31, 2017
Senior Notes
2.9% Senior Notes, due 2018
Dec. 31, 2016
Senior Notes
2.9% Senior Notes, due 2018
Feb. 11, 2013
Senior Notes
2.9% Senior Notes, due 2018
Dec. 31, 2017
Senior Notes
5.7% Senior Notes, due 2043
Dec. 31, 2016
Senior Notes
5.7% Senior Notes, due 2043
Jul. 26, 2013
Senior Notes
5.7% Senior Notes, due 2043
Dec. 31, 2017
Senior Notes
3.65% Senior Notes, due 2026
Dec. 31, 2016
Senior Notes
3.65% Senior Notes, due 2026
Jun. 13, 2016
Senior Notes
3.65% Senior Notes, due 2026
Dec. 31, 2017
Senior Notes
4.8% Senior Notes, due 2046
Dec. 31, 2016
Senior Notes
4.8% Senior Notes, due 2046
Jun. 13, 2016
Senior Notes
4.8% Senior Notes, due 2046
Dec. 31, 2017
Senior Notes
3.125% Senior Notes, due 2024
Jul. 5, 2017
Senior Notes
3.125% Senior Notes, due 2024
Dec. 31, 2016
Senior Notes
3.125% Senior Notes, due 2024
May 16, 2013
Junior Subordinated Notes
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Dec. 31, 2017
Junior Subordinated Notes
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Dec. 31, 2016
Junior Subordinated Notes
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Jan. 23, 2018
Subsequent event
Junior Subordinated Notes
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048
Jan. 23, 2018
Subsequent event
Junior Subordinated Notes
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048
Jan. 24, 2018
Revolving Credit Agreement
Subsequent event
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Aggregate Principal Amount to Remain Outstanding after Effect of Redemption
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 25,000,000 
 
 
$ 25,000,000 
 
Minimum net worth required for compliance
 
 
3,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,000,000,000 
Amount of unsecured notes issued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10,000,000 
 
 
 
850,000,000 
337,000,000 
 
1,000,000,000 
 
 
400,000,000 
 
 
500,000,000 
 
 
300,000,000 
 
400,000,000 
 
750,000,000 
 
 
 
350,000,000 
 
Total
3,460,000,000 
3,550,000,000 
 
 
 
 
143,000,000 
143,000,000 
186,000,000 
186,000,000 
94,000,000 
94,000,000 
14,000,000 
14,000,000 
5,000,000 
5,000,000 
 
 
361,000,000 
361,000,000 
 
337,000,000 
825,000,000 
 
395,000,000 
394,000,000 
 
495,000,000 
494,000,000 
 
296,000,000 
296,000,000 
 
396,000,000 
 
0 
 
738,000,000 
738,000,000 
 
 
 
Current portion of long-term debt
337,000,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
3,123,000,000 
3,550,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
debt redemption price, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
102.00% 
 
 
Debt Instrument, Collateral Amount
 
 
 
$ 5,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual interest rate on loan
 
 
 
 
2.90% 
2.90% 
7.25% 
7.25% 
7.63% 
7.63% 
6.97% 
6.97% 
8.42% 
8.42% 
1.00% 
1.00% 
 
1.875% 
5.50% 
5.50% 
5.50% 
2.90% 
2.90% 
2.90% 
5.70% 
5.70% 
5.70% 
3.65% 
3.65% 
3.65% 
4.80% 
4.80% 
4.80% 
3.125% 
3.125% 
0.00% 
5.65% 
5.65% 
5.65% 
 
4.70% 
 
debt instrument, default penalty, percentage
 
 
 
2.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description of variable rate basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR 
 
LIBOR 
 
 
Basis spread
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.58% 
 
 
2.084% 
 
 
Financing Agreements - Additional Information (Detail) (USD $)
0 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended
Mar. 17, 2015
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Mar. 17, 2015
Dec. 31, 2016
ING Group
Mar. 17, 2015
Senior Notes
Dec. 31, 2017
Revolving Credit Agreement
Dec. 31, 2016
Debentures
Interest expense
Dec. 31, 2016
7.25% Voya Holdings Inc. debentures, due 2023(1)
Debentures
Dec. 31, 2017
7.25% Voya Holdings Inc. debentures, due 2023(1)
Debentures
Dec. 31, 2016
7.63% Voya Holdings Inc. debentures, due 2026(1)
Debentures
Dec. 31, 2017
7.63% Voya Holdings Inc. debentures, due 2026(1)
Debentures
Dec. 31, 2016
5.5% Senior Notes, due 2022
Senior Notes
Dec. 31, 2017
5.5% Senior Notes, due 2022
Senior Notes
Jul. 13, 2012
5.5% Senior Notes, due 2022
Senior Notes
Dec. 31, 2017
2.9% Senior Notes, due 2018
Dec. 31, 2016
2.9% Senior Notes, due 2018
Dec. 31, 2017
2.9% Senior Notes, due 2018
Senior Notes
Dec. 31, 2016
2.9% Senior Notes, due 2018
Senior Notes
Jul. 12, 2017
2.9% Senior Notes, due 2018
Senior Notes
Feb. 11, 2013
2.9% Senior Notes, due 2018
Senior Notes
Dec. 31, 2017
2.9% Senior Notes, due 2018
Senior Notes
Interest expense
Dec. 31, 2016
Five Point Five Percent Senior Notes, due 2022 and Two Point Nine Percent Senior Notes, due 2018
Senior Notes
Interest expense
Dec. 31, 2017
Voya Holdings Debentures
Dec. 31, 2016
6.97% Voya Holdings Inc. debentures, due 2036(1)
Debentures
Dec. 31, 2017
6.97% Voya Holdings Inc. debentures, due 2036(1)
Debentures
Dec. 31, 2017
1.00% Windsor Property Loan
Nov. 30, 2012
1.00% Windsor Property Loan
Loans Payable
Dec. 31, 2017
1.00% Windsor Property Loan
Loans Payable
Dec. 31, 2016
1.00% Windsor Property Loan
Loans Payable
Jun. 16, 2007
1.00% Windsor Property Loan
Loans Payable
Dec. 31, 2017
5.7% Senior Notes, due 2043
Senior Notes
Dec. 31, 2016
5.7% Senior Notes, due 2043
Senior Notes
Jul. 26, 2013
5.7% Senior Notes, due 2043
Senior Notes
Mar. 17, 2015
Pre-Capitalized Trust
Senior Notes
Dec. 31, 2017
3.65% Senior Notes, due 2026
Senior Notes
Dec. 31, 2016
3.65% Senior Notes, due 2026
Senior Notes
Jun. 13, 2016
3.65% Senior Notes, due 2026
Senior Notes
Dec. 31, 2017
4.8% Senior Notes, due 2046
Senior Notes
Dec. 31, 2016
4.8% Senior Notes, due 2046
Senior Notes
Jun. 13, 2016
4.8% Senior Notes, due 2046
Senior Notes
Jul. 5, 2017
3.125% Senior Notes, due 2024
Senior Notes
Dec. 31, 2017
3.125% Senior Notes, due 2024
Senior Notes
Jul. 5, 2017
3.125% Senior Notes, due 2024
Senior Notes
Dec. 31, 2016
3.125% Senior Notes, due 2024
Senior Notes
May 16, 2013
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Junior Subordinated Notes (2053 Notes)
Dec. 31, 2017
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Junior Subordinated Notes (2053 Notes)
Dec. 31, 2016
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Junior Subordinated Notes (2053 Notes)
Dec. 31, 2017
Aetna Notes
Voya Holdings Debentures
Dec. 31, 2016
Aetna Notes
Voya Holdings Debentures
Dec. 31, 2017
Aetna Notes
Voya Holdings Debentures
Minimum
Dec. 31, 2016
Aetna Notes
Voya Holdings Debentures
Minimum
Dec. 31, 2017
Aetna Notes
Voya Holdings Debentures
Maximum
Dec. 31, 2017
Unsecured and Uncommitted
Dec. 31, 2017
Revolving Credit Agreement
May 6, 2016
Revolving Credit Agreement
Feb. 14, 2014
Revolving Credit Agreement
Dec. 31, 2017
Unsecured and Committed
Dec. 31, 2017
Secured facilities
Jan. 16, 2018
Subsequent event
7.63% Voya Holdings Inc. debentures, due 2026(1)
Debentures
Jan. 16, 2018
Subsequent event
7.63% Voya Holdings Inc. debentures, due 2026(1)
Debentures
Interest expense
Jan. 23, 2018
Subsequent event
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048
Junior Subordinated Notes (2053 Notes)
Jan. 23, 2018
Subsequent event
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048
Junior Subordinated Notes (2053 Notes)
Jan. 24, 2018
Subsequent event
Revolving Credit Agreement
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of unsecured notes issued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 850,000,000 
 
 
$ 337,000,000 
 
 
$ 1,000,000,000 
 
 
 
 
 
 
 
 
 
$ 10,000,000 
 
 
$ 400,000,000 
 
 
 
$ 500,000,000 
 
 
$ 300,000,000 
 
 
$ 400,000,000 
 
$ 750,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 350,000,000 
 
Annual interest rate on loan
 
 
 
 
 
 
1.875% 
 
 
7.25% 
7.25% 
7.63% 
7.63% 
5.50% 
5.50% 
5.50% 
2.90% 
2.90% 
2.90% 
2.90% 
 
2.90% 
 
 
 
6.97% 
6.97% 
 
 
1.00% 
1.00% 
 
5.70% 
5.70% 
5.70% 
3.976% 
3.65% 
3.65% 
3.65% 
4.80% 
4.80% 
4.80% 
 
3.125% 
3.125% 
0.00% 
5.65% 
5.65% 
5.65% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.70% 
 
Proceeds from Issuance of Senior Long-term Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
395,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt repayments
 
 
 
 
 
 
 
 
 
17,000,000 
 
16,000,000 
 
487,000,000 
 
 
 
 
90,000,000 
173,000,000 
 
 
 
 
 
15,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Repurchase Amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
400,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10,000,000 
 
 
 
 
Period delinquent payment must be cured to avoid put option
30 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum net worth required for compliance
 
 
 
 
3,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,000,000,000 
Loss related to early extinguishment of debt
 
 
 
 
 
 
 
 
(17,000,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
(4,000,000)
(88,000,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3,000,000)
 
 
 
Letter of credit, security provided as repayment of notes payable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
3,460,000,000 
3,550,000,000 
 
 
 
 
 
 
143,000,000 
143,000,000 
186,000,000 
186,000,000 
361,000,000 
361,000,000 
 
 
 
337,000,000 
825,000,000 
 
 
 
 
426,000,000 
94,000,000 
94,000,000 
 
 
5,000,000 
5,000,000 
 
395,000,000 
394,000,000 
 
 
495,000,000 
494,000,000 
 
296,000,000 
296,000,000 
 
 
396,000,000 
 
0 
 
738,000,000 
738,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
debt instrument, default penalty, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description of variable rate basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR 
 
 
Capacity
 
6,900,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
496,000,000 
 
2,250,000,000 
3,000,000,000 
6,200,000,000 
205,000,000 
 
 
 
 
1,250,000,000 
Payments of financing costs
 
50,000,000 
46,000,000 
89,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit facility, sublimit, maximum borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
750,000,000 
 
 
 
 
 
 
 
 
 
Credit facility, outstanding
 
3,200,000,000 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
214,000,000 
 
 
 
2,787,000,000 
196,000,000 
 
 
 
 
 
Basis spread
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.58% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.084% 
 
 
Aggregate principal amount to remain outstanding after effect of redemption
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25,000,000 
 
Minimum principal outstanding in year one
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding in year two
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding in year three
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarterly fee to guarantor of notes if minimum principal balance is not met
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.75% 
 
1.25% 
 
 
 
 
 
 
 
 
 
 
 
Guarantor obligations, current value
 
 
 
 
 
426,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash collateral balance required or remaining
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
231,000,000 
127,000,000 
226,000,000 
127,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Cash collateral deposited for debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
104,000,000 
50,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business agreement, term of agreement
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Put option agreement, face amount
 
 
 
 
$ 500,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing Agreements - Future Principal Payments (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Debt Disclosure [Abstract]
 
2018
$ 337 
2019
1 
2020
1 
2021
1 
2022
364 
Thereafter
2,792 
Total
$ 3,496 
Financing Agreements - Credit Facilities (Details) (USD $)
Dec. 31, 2017
Mar. 17, 2015
Dec. 31, 2017
Unsecured and Committed
Dec. 31, 2017
Secured facilities
Dec. 31, 2017
Unsecured and Uncommitted
May 6, 2016
Revolving Credit Agreement
Feb. 14, 2014
Revolving Credit Agreement
Dec. 31, 2017
Security Life of Denver International Limited
Unsecured and Committed
Dec. 31, 2017
Voya Financial, Inc.
Unsecured and Committed
Dec. 31, 2017
Security Life of Denver International Limited
Unsecured and Committed
Dec. 31, 2017
Voya Financial, Inc. / Langhorne I, LLC
Unsecured and Committed
Dec. 31, 2017
Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured and Committed
Dec. 31, 2017
Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured and Committed
Dec. 31, 2017
Voya Financial, Inc.
Secured facilities
Dec. 31, 2017
Voya Financial, Inc.
Unsecured and Uncommitted
Dec. 31, 2017
Voya Financial, Inc.
Secured facilities
Dec. 31, 2017
Voya Financial, Inc. / Roaring River LLC
Unsecured and Committed
Dec. 31, 2017
Voya Financial, Inc. / Roaring River IV, LLC
Unsecured and Committed
Sep. 30, 2015
Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured and Committed
Dec. 31, 2017
Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured and Uncommitted
Dec. 31, 2017
Voya Financial, Inc.
Unsecured and Committed
Dec. 31, 2017
Voya Financial, Inc.
Unsecured and Uncommitted
Jan. 24, 2018
Subsequent event
Revolving Credit Agreement
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capacity
$ 6,900,000,000 
 
$ 6,200,000,000 
$ 205,000,000 
$ 496,000,000 
$ 2,250,000,000 
$ 3,000,000,000 
$ 61,000,000 
$ 2,250,000,000 
$ 175,000,000 
$ 500,000,000 
$ 475,000,000 
$ 1,525,000,000 
$ 195,000,000 
$ 1,000,000 
$ 10,000,000 
$ 425,000,000 
$ 565,000,000 
$ 2,900,000,000 
$ 300,000,000 
$ 195,000,000 
$ 195,000,000 
$ 1,250,000,000 
Utilization
3,200,000,000 
 
2,787,000,000 
196,000,000 
214,000,000 
 
 
61,000,000 
0 
175,000,000 
0 
475,000,000 
1,292,000,000 
195,000,000 
1,000,000 
1,000,000 
328,000,000 
295,000,000 
 
45,000,000 
161,000,000 
168,000,000 
 
Unused Commitment
3,384,000,000 
 
3,384,000,000 
0 
0 
 
 
0 
2,250,000,000 
0 
500,000,000 
0 
233,000,000 
0 
0 
0 
97,000,000 
270,000,000 
 
0 
34,000,000 
0 
 
Minimum net worth required for compliance
 
$ 3,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 6,000,000,000 
minimum net worth required, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
75.00% 
Commitments and Contingencies - Operating Leases (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
 
 
 
Operating leases, rent expense
$ 34 
$ 34 
$ 40 
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
 
 
 
2018
29 
 
 
2019
27 
 
 
2020
24 
 
 
2021
23 
 
 
2022
23 
 
 
Thereafter
39 
 
 
Total minimum lease payments
$ 165 
 
 
Commitments and Contingencies - Narrative (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Federal Home Loan Bank Borrowings
Line of Credit
Dec. 31, 2016
Federal Home Loan Bank Borrowings
Line of Credit
Dec. 31, 2017
Purchase of mortgage loans
Dec. 31, 2017
Investment purchase commitment
Dec. 31, 2017
Investment purchase commitment
VOEs
Dec. 31, 2017
Beeson et al.
Dec. 12, 2014
Other Plantiffs [Member]
Beeson et al.
Feb. 9, 2016
Fireman's Fund
Beeson et al.
Dec. 31, 2017
Held for sale
Purchase of mortgage loans
Dec. 31, 2017
Held for sale
Investment purchase commitment
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Amount of purchase commitments
 
 
 
 
$ 369 
$ 1,212 
$ 325 
 
 
 
$ 202 
$ 400 
Undiscounted liability of future guaranty fund assessments
6 
12 
 
 
 
 
 
 
 
 
 
 
Future credits to premium taxes
19 
21 
 
 
 
 
 
 
 
 
 
 
Fixed maturity collateral pledged to FHLB
602 
405 
602 
405 
 
 
 
 
 
 
 
 
Possible losses in excess of amounts accrued
75 
 
 
 
 
 
 
 
 
 
 
 
Number of plaintiffs
 
 
 
 
 
 
 
34 
 
 
 
 
Amount of damages awarded
 
 
 
 
 
 
 
 
37 
13 
 
 
Amount of previously accrued interest subject to full or partial reversal if cumulative fund performance is not maintained
66 
31 
 
 
 
 
 
 
 
 
 
 
Previously accrued carried interest reversed
$ 25 
$ 30 
 
 
 
 
 
 
 
 
 
 
Commitments and Contingencies - Restricted Assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Loss Contingencies [Line Items]
 
 
Fixed maturity collateral pledged to FHLB
$ 602 
$ 405 
FHLB restricted stock
67 
33 
Other fixed maturities-state deposits
175 
197 
Securities pledged
2,087 
1,409 
Total restricted assets
2,931 
2,044 
Securities pledged as collateral
 
 
Loss Contingencies [Line Items]
 
 
Fair value of loaned securities
1,854 
1,133 
Fair value of securities delivered as collateral
233 
276 
Line of Credit |
Federal Home Loan Bank Borrowings
 
 
Loss Contingencies [Line Items]
 
 
Fixed maturity collateral pledged to FHLB
602 
405 
Line of Credit Facility, Fair Value of Amount Outstanding
$ 501 
$ 300 
Consolidated Investment Entities - Narrative (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
fund
entity
CLO
Dec. 31, 2016
entity
CLO
fund
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
$ 3,176 
$ 4,056 
Consolidated collateral loan obligations
4 
6 
Consolidated funds
14 
13 
Number of investment funds accounted for as voting interest entity
0 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities
1,705 
2,495 
Number of deconsolidated investment entities
4 
2 
Parent Issuer
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
$ 442 
$ 587 
Consolidated Investment Entities - Consolidation of Investment Entities into the Consolidated Balance Sheets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
$ 3,176 
$ 4,056 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities
1,705 
2,495 
Assets:
 
 
Total investments and cash
67,305 
65,879 
Other assets
15,394 
15,756 
Assets held in consolidated investment entities
3,176 
4,056 
Assets held in separate accounts
77,605 
66,185 
Assets held for sale
59,052 
62,709 
Total assets
222,532 
214,585 
Liabilities and Shareholders' Equity:
 
 
Future policy benefits and contract owner account balances
65,805 
64,848 
Other liabilities
8,101 
7,513 
Liabilities held in consolidated investment entities
1,705 
2,495 
Liabilities related to separate accounts
77,605 
66,185 
Liabilities held for sale
58,277 
59,576 
Total liabilities
211,493 
200,617 
Equity attributable to common shareholders
10,009 
12,995 
Appropriated-consolidated investment entities
0 
0 
Noncontrolling interest
1,030 
973 
Total liabilities and shareholder's equity
222,532 
214,585 
Before Consolidation
 
 
Assets:
 
 
Total investments and cash
67,709 
66,466 
Other assets
15,431 
15,757 
Assets held in consolidated investment entities
0 
0 
Assets held in separate accounts
77,605 
66,185 
Assets held for sale
59,052 
62,709 
Total assets
219,797 
211,117 
Liabilities and Shareholders' Equity:
 
 
Future policy benefits and contract owner account balances
65,805 
64,848 
Other liabilities
8,101 
7,513 
Liabilities held in consolidated investment entities
0 
0 
Liabilities related to separate accounts
77,605 
66,185 
Liabilities held for sale
58,277 
59,576 
Total liabilities
209,788 
198,122 
Equity attributable to common shareholders
10,009 
12,995 
Noncontrolling interest
0 
0 
Total liabilities and shareholder's equity
219,797 
211,117 
CLOs
 
 
Assets:
 
 
Total investments and cash
0 
0 
Other assets
0 
0 
Assets held in consolidated investment entities
1,163 
2,054 
Assets held in separate accounts
0 
0 
Assets held for sale
0 
0 
Total assets
1,163 
2,054 
Liabilities and Shareholders' Equity:
 
 
Future policy benefits and contract owner account balances
0 
0 
Other liabilities
0 
0 
Liabilities held in consolidated investment entities
1,163 
2,054 
Liabilities related to separate accounts
0 
0 
Liabilities held for sale
0 
0 
Total liabilities
1,163 
2,054 
Equity attributable to common shareholders
0 
0 
Noncontrolling interest
0 
0 
Total liabilities and shareholder's equity
1,163 
2,054 
VOEs and LPs
 
 
Assets:
 
 
Total investments and cash
0 
0 
Other assets
0 
0 
Assets held in consolidated investment entities
2,013 
2,002 
Assets held in separate accounts
0 
0 
Assets held for sale
0 
0 
Total assets
2,013 
2,002 
Liabilities and Shareholders' Equity:
 
 
Future policy benefits and contract owner account balances
0 
0 
Other liabilities
0 
0 
Liabilities held in consolidated investment entities
587 
459 
Liabilities related to separate accounts
0 
0 
Liabilities held for sale
0 
0 
Total liabilities
587 
459 
Equity attributable to common shareholders
1,426 
1,543 
Noncontrolling interest
0 
0 
Total liabilities and shareholder's equity
2,013 
2,002 
CLOs Adjustments
 
 
Assets:
 
 
Total investments and cash
(8)
(17)
Other assets
(36)
0 
Assets held in consolidated investment entities
0 
0 
Assets held in separate accounts
0 
0 
Assets held for sale
0 
0 
Total assets
(44)
(17)
Liabilities and Shareholders' Equity:
 
 
Future policy benefits and contract owner account balances
0 
0 
Other liabilities
0 
0 
Liabilities held in consolidated investment entities
(44)
(17)
Liabilities related to separate accounts
0 
0 
Liabilities held for sale
0 
0 
Total liabilities
(44)
(17)
Equity attributable to common shareholders
0 
0 
Noncontrolling interest
0 
0 
Total liabilities and shareholder's equity
(44)
(17)
VOEs Adjustments
 
 
Assets:
 
 
Total investments and cash
(396)
(570)
Other assets
(1)
(1)
Assets held in consolidated investment entities
0 
0 
Assets held in separate accounts
0 
0 
Assets held for sale
0 
0 
Total assets
(397)
(571)
Liabilities and Shareholders' Equity:
 
 
Future policy benefits and contract owner account balances
0 
0 
Other liabilities
0 
0 
Liabilities held in consolidated investment entities
(1)
(1)
Liabilities related to separate accounts
0 
0 
Liabilities held for sale
0 
0 
Total liabilities
(1)
(1)
Equity attributable to common shareholders
(1,426)
(1,543)
Noncontrolling interest
1,030 
973 
Total liabilities and shareholder's equity
(397)
(571)
Cash and cash equivalents
 
 
Assets:
 
 
Assets held in consolidated investment entities
217 
133 
Limited Partnerships/Corporations, at fair value
 
 
Assets:
 
 
Assets held in consolidated investment entities
1,795 
1,936 
Other assets
 
 
Assets:
 
 
Assets held in consolidated investment entities
75 
34 
VIEs
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
3,094 
3,856 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities
1,696 
2,488 
VIEs |
Cash and cash equivalents
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
216 
133 
VIEs |
Corporate loans, at fair value using the fair value option
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
1,089 
1,921 
VIEs |
Limited Partnerships/Corporations, at fair value
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
1,714 
1,770 
VIEs |
Other assets
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
75 
32 
VIEs |
CLO notes, at fair value using the fair value option
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities
1,047 
1,967 
VIEs |
Other liabilities
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities
649 
521 
VOEs
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
82 
200 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities
9 
7 
VOEs |
Cash and cash equivalents
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
1 
0 
VOEs |
Corporate loans, at fair value using the fair value option
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
0 
32 
VOEs |
Limited Partnerships/Corporations, at fair value
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
81 
166 
VOEs |
Other assets
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Assets
0 
2 
VOEs |
Other liabilities
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities [Abstract]
 
 
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities
$ 9 
$ 7 
Consolidated Investment Entities - Consolidation of Investment Entities into the Consolidated Statements of Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
$ 3,294 
$ 3,354 
$ 3,343 
Fee income
 
 
 
 
 
 
 
 
2,627 
2,471 
2,470 
Premiums
 
 
 
 
 
 
 
 
2,121 
2,795 
2,554 
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
(227)
(363)
(560)
Other revenue
 
 
 
 
 
 
 
 
371 
342 
385 
Income related to consolidated investment entities
 
 
 
 
 
 
 
 
432 
189 
524 
Total revenues
2,186 
2,184 
2,191 
2,057 
2,324 
2,110 
2,088 
2,266 
8,618 
8,788 
8,716 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
 
 
 
 
 
 
 
 
4,636 
5,314 
4,698 
Other expense
 
 
 
 
 
 
 
 
3,367 
3,358 
3,258 
Operating expenses related to consolidated investment entities
 
 
 
 
 
 
 
 
87 
106 
284 
Total benefits and expenses
1,966 
2,144 
2,036 
1,944 
2,216 
2,216 
2,118 
2,228 
8,090 
8,778 
8,240 
Income (loss) from continuing operations before income taxes
220 
40 
155 
113 
108 
(106)
(30)
38 
528 
10 
476 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
740 
(29)
84 
Income (Loss) from continuing operations
 
 
 
 
 
 
 
 
(212)
39 
392 
Income (loss) from discontinued operations, net of tax
(2,616)
134 
64 
(162)
(478)
(145)
137 
149 
(2,580)
(337)
146 
Net income (loss)
(3,083)
214 
219 
(142)
(375)
(251)
137 
191 
(2,792)
(298)
538 
Less: Net income (loss) attributable to noncontrolling interest
82 
65 
52 
1 
42 
12 
(25)
0 
200 
29 
130 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
(3,165)
149 
167 
(143)
(417)
(263)
162 
191 
(2,992)
(327)
408 
Before Consolidation
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
3,391 
3,359 
3,373 
Fee income
 
 
 
 
 
 
 
 
2,675 
2,520 
2,544 
Premiums
 
 
 
 
 
 
 
 
2,121 
2,795 
2,554 
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
(227)
(363)
(560)
Other revenue
 
 
 
 
 
 
 
 
371 
342 
391 
Income related to consolidated investment entities
 
 
 
 
 
 
 
 
0 
0 
0 
Total revenues
 
 
 
 
 
 
 
 
8,331 
8,653 
8,302 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
 
 
 
 
 
 
 
 
4,636 
5,314 
4,698 
Other expense
 
 
 
 
 
 
 
 
3,367 
3,358 
3,258 
Operating expenses related to consolidated investment entities
 
 
 
 
 
 
 
 
0 
0 
0 
Total benefits and expenses
 
 
 
 
 
 
 
 
8,003 
8,672 
7,956 
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
328 
(19)
346 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
740 
(29)
84 
Income (Loss) from continuing operations
 
 
 
 
 
 
 
 
(412)
10 
262 
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
 
 
(2,580)
(337)
146 
Net income (loss)
 
 
 
 
 
 
 
 
(2,992)
(327)
408 
Less: Net income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
(2,992)
(327)
408 
CLOs
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Fee income
 
 
 
 
 
 
 
 
0 
0 
0 
Premiums
 
 
 
 
 
 
 
 
0 
0 
0 
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
0 
0 
Other revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Income related to consolidated investment entities
 
 
 
 
 
 
 
 
82 
118 
312 
Total revenues
 
 
 
 
 
 
 
 
82 
118 
312 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
 
 
 
 
 
 
 
 
0 
0 
0 
Other expense
 
 
 
 
 
 
 
 
0 
0 
0 
Operating expenses related to consolidated investment entities
 
 
 
 
 
 
 
 
82 
118 
324 
Total benefits and expenses
 
 
 
 
 
 
 
 
82 
118 
324 
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
0 
0 
(12)
Income tax expense (benefit)
 
 
 
 
 
 
 
 
0 
0 
0 
Income (Loss) from continuing operations
 
 
 
 
 
 
 
 
0 
0 
(12)
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss)
 
 
 
 
 
 
 
 
0 
0 
(12)
Less: Net income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
(12)
Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
0 
0 
0 
VOEs and LPs
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Fee income
 
 
 
 
 
 
 
 
0 
0 
0 
Premiums
 
 
 
 
 
 
 
 
0 
0 
0 
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
0 
0 
Other revenue
 
 
 
 
 
 
 
 
0 
0 
0 
Income related to consolidated investment entities
 
 
 
 
 
 
 
 
350 
71 
228 
Total revenues
 
 
 
 
 
 
 
 
350 
71 
228 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
 
 
 
 
 
 
 
 
0 
0 
0 
Other expense
 
 
 
 
 
 
 
 
0 
0 
0 
Operating expenses related to consolidated investment entities
 
 
 
 
 
 
 
 
55 
44 
54 
Total benefits and expenses
 
 
 
 
 
 
 
 
55 
44 
54 
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
295 
27 
174 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
0 
0 
0 
Income (Loss) from continuing operations
 
 
 
 
 
 
 
 
295 
27 
174 
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss)
 
 
 
 
 
 
 
 
295 
27 
174 
Less: Net income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
295 
27 
174 
CLOs Adjustments
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
(2)
(7)
2 
Fee income
 
 
 
 
 
 
 
 
(9)
(17)
(36)
Premiums
 
 
 
 
 
 
 
 
0 
0 
0 
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
0 
0 
Other revenue
 
 
 
 
 
 
 
 
0 
0 
(5)
Income related to consolidated investment entities
 
 
 
 
 
 
 
 
0 
0 
(16)
Total revenues
 
 
 
 
 
 
 
 
(11)
(24)
(55)
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
 
 
 
 
 
 
 
 
0 
0 
0 
Other expense
 
 
 
 
 
 
 
 
0 
0 
0 
Operating expenses related to consolidated investment entities
 
 
 
 
 
 
 
 
(11)
(24)
(55)
Total benefits and expenses
 
 
 
 
 
 
 
 
(11)
(24)
(55)
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
0 
0 
0 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
0 
0 
0 
Income (Loss) from continuing operations
 
 
 
 
 
 
 
 
0 
0 
0 
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss)
 
 
 
 
 
 
 
 
0 
0 
0 
Less: Net income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
0 
0 
0 
VOEs Adjustments
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
(95)
2 
(32)
Fee income
 
 
 
 
 
 
 
 
(39)
(32)
(38)
Premiums
 
 
 
 
 
 
 
 
0 
0 
0 
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
0 
0 
Other revenue
 
 
 
 
 
 
 
 
0 
0 
(1)
Income related to consolidated investment entities
 
 
 
 
 
 
 
 
0 
0 
0 
Total revenues
 
 
 
 
 
 
 
 
(134)
(30)
(71)
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits and Interest credited and other benefits to contract owners
 
 
 
 
 
 
 
 
0 
0 
0 
Other expense
 
 
 
 
 
 
 
 
0 
0 
0 
Operating expenses related to consolidated investment entities
 
 
 
 
 
 
 
 
(39)
(32)
(39)
Total benefits and expenses
 
 
 
 
 
 
 
 
(39)
(32)
(39)
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
(95)
2 
(32)
Income tax expense (benefit)
 
 
 
 
 
 
 
 
0 
0 
0 
Income (Loss) from continuing operations
 
 
 
 
 
 
 
 
(95)
2 
(32)
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss)
 
 
 
 
 
 
 
 
(95)
2 
(32)
Less: Net income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
200 
29 
142 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
$ (295)
$ (27)
$ (174)
Consolidated Investment Entities - Fair Value Measurement (Details) (USD $)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Variable Interest Entity [Line Items]
 
 
Revolving lines of credit, capacity
$ 6,900,000,000 
 
Outstanding borrowings
3,200,000,000 
 
VIEs |
Senior secured corporate loans
 
 
Variable Interest Entity [Line Items]
 
 
Unpaid principal exceeds fair value, amount
17,000,000 
43,000,000 
Default of collateral assets, percentage
1.00% 
1.00% 
Weighted average maturity on debt
8 years 4 months 24 days 
 
VIEs |
Senior secured corporate loans |
Maximum
 
 
Variable Interest Entity [Line Items]
 
 
Basis spread
10.50% 
 
VIEs |
Senior secured corporate loans |
LIBOR
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
LIBOR 
 
VIEs |
Senior secured corporate loans |
LIBOR |
Minimum
 
 
Variable Interest Entity [Line Items]
 
 
Basis spread
0.20% 
 
VIEs |
Senior secured corporate loans |
LIBOR |
Maximum
 
 
Variable Interest Entity [Line Items]
 
 
Basis spread
6.60% 
 
VIEs |
Senior secured corporate loans |
EURIBOR
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
EURIBOR 
 
VIEs |
Senior secured corporate loans |
Prime
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
PRIME 
 
VOEs |
Private Equity Funds
 
 
Variable Interest Entity [Line Items]
 
 
Revolving lines of credit, capacity
688,000,000 
597,000,000 
Outstanding borrowings
505,000,000 
431,000,000 
VOEs |
Private Equity Funds |
Minimum
 
 
Variable Interest Entity [Line Items]
 
 
Basis spread
150.00% 
 
VOEs |
Private Equity Funds |
Maximum
 
 
Variable Interest Entity [Line Items]
 
 
Basis spread
155.00% 
 
VOEs |
LIBOR |
Private Equity Funds
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
LIBOR 
 
VOEs |
EURIBOR |
Private Equity Funds
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
EURIBOR 
 
Nonconsolidated VIEs
 
 
Variable Interest Entity [Line Items]
 
 
Ownership interest in unconsolidated CLO
$ 321,000,000 
$ 110,000,000 
Consolidated Investment Entities - Fair Value Hierarchy (Details) (Assets measured on recurring basis, USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Net Asset Value (NAV)
$ 1,795 
$ 1,829 
Investments, Including Net Asset Value, Fair Value Disclosure
3,101 
4,022 
Liabilities
1,047 
1,967 
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
217 
133 
Liabilities
0 
0 
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
1,089 
2,045 
Liabilities
1,047 
1,967 
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
15 
Liabilities
0 
0 
VIEs |
Cash and cash equivalents
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
216 
133 
VIEs |
Cash and cash equivalents |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
216 
133 
VIEs |
Cash and cash equivalents |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Cash and cash equivalents |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Corporate loans, at fair value using the fair value option
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
1,089 
1,921 
VIEs |
Corporate loans, at fair value using the fair value option |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Corporate loans, at fair value using the fair value option |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
1,089 
1,906 
VIEs |
Corporate loans, at fair value using the fair value option |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
15 
VIEs |
Limited Partnerships/Corporations, at fair value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Net Asset Value (NAV)
1,714 
1,770 
Investments, Including Net Asset Value, Fair Value Disclosure
1,714 
1,770 
VIEs |
Limited Partnerships/Corporations, at fair value |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
 
VIEs |
Limited Partnerships/Corporations, at fair value |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Limited Partnerships/Corporations, at fair value |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
CLO notes, at fair value using the fair value option
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,047 
1,967 
VIEs |
CLO notes, at fair value using the fair value option |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
VIEs |
CLO notes, at fair value using the fair value option |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,047 
1,967 
VIEs |
CLO notes, at fair value using the fair value option |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
VOEs |
Cash and cash equivalents
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
1 
0 
VOEs |
Cash and cash equivalents |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
1 
0 
VOEs |
Cash and cash equivalents |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Cash and cash equivalents |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Corporate loans, at fair value using the fair value option
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
32 
VOEs |
Corporate loans, at fair value using the fair value option |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Corporate loans, at fair value using the fair value option |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
32 
VOEs |
Corporate loans, at fair value using the fair value option |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Limited Partnerships/Corporations, at fair value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Net Asset Value (NAV)
81 
59 
Investments, Including Net Asset Value, Fair Value Disclosure
81 
166 
VOEs |
Limited Partnerships/Corporations, at fair value |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Limited Partnerships/Corporations, at fair value |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
107 
VOEs |
Limited Partnerships/Corporations, at fair value |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
$ 0 
$ 0 
Consolidated Investment Entities - Maximum Exposure to Loss (Details) (Nonconsolidated VIEs, USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Fixed maturities, available-for-sale
 
 
Variable Interest Entity [Line Items]
 
 
Carrying Amount
$ 321 
$ 110 
Maximum exposure to loss
321 
110 
Limited partnerships/corporations, at fair value
 
 
Variable Interest Entity [Line Items]
 
 
Carrying Amount
784 
759 
Maximum exposure to loss
$ 784 
$ 759 
Restructuring Restructuring - Restructuring Expense by Type (Details) (2016 Restructuring [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended 17 Months Ended
Dec. 31, 2017
Dec. 31, 2017
2016 Restructuring [Member]
 
 
Restructuring Cost and Reserve [Line Items]
 
 
Severance benefits
$ 34 
$ 60 
Asset write-off costs
16 
16 
Transition costs
17 
17 
Other costs
15 
23 
Total restructuring expense
$ 82 
$ 116 
Restructuring Restructuring - Accrued Liability for Restructuring Expense (Details) (2016 Restructuring [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Restructuring Reserve [Roll Forward]
 
Accrued liability as of January 1, 2017
$ 23 
Provision
71 
Payments
(39.0)
Other adjustments(1)
(5)
Accrued liability as of December 31, 2017
50 
Severance Benefits
 
Restructuring Reserve [Roll Forward]
 
Accrued liability as of January 1, 2017
21 
Provision
39 
Payments
(25.0)
Other adjustments(1)
(5)
Accrued liability as of December 31, 2017
30 
Transition Costs
 
Restructuring Reserve [Roll Forward]
 
Accrued liability as of January 1, 2017
0 
Provision
17 
Payments
0 
Other adjustments(1)
0 
Accrued liability as of December 31, 2017
17 
Other Costs
 
Restructuring Reserve [Roll Forward]
 
Accrued liability as of January 1, 2017
2 
Provision
15 
Payments
(14.0)
Other adjustments(1)
0 
Accrued liability as of December 31, 2017
$ 3 
Restructuring Restructuring - Narrative (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 12 Months Ended 17 Months Ended 12 Months Ended
Jul. 31, 2017
Jul. 31, 2017
Minimum
Jul. 31, 2017
Maximum
Dec. 31, 2017
2016 Restructuring [Member]
Dec. 31, 2017
2016 Restructuring [Member]
Dec. 31, 2018
2016 Restructuring [Member]
Expected restructuring expenses through completion
Dec. 31, 2017
Organizational restructuring
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
Restructuring Charges
 
 
 
$ 82 
$ 116 
 
$ 4 
Length of information technology services agreement (in years)
5 years 
 
 
 
 
 
 
Contract Cost, Total
400 
 
 
 
 
 
 
Contract Cost, Expected Annual Cost
 
70 
90 
 
 
 
 
Transition costs
 
 
 
17 
17 
35 
 
Asset write-off costs
 
 
 
16 
16 
16 
 
Payments
 
 
 
$ 39.0 
 
 
$ 0 
Segments - Narrative (Details)
12 Months Ended
Dec. 31, 2017
segments
Segment Reporting [Abstract]
 
Number of operating segments
4 
Segments - Operating Earnings Before Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
$ 220 
$ 40 
$ 155 
$ 113 
$ 108 
$ (106)
$ (30)
$ 38 
$ 528 
$ 10 
$ 476 
Income (loss) attributable to noncontrolling interests
82 
65 
52 
1 
42 
12 
(25)
0 
200 
29 
130 
Operating Segments
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating earnings before income taxes
 
 
 
 
 
 
 
 
528 
329 
644 
Operating Segments |
Retirement
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating earnings before income taxes
 
 
 
 
 
 
 
 
456 
450 
471 
Operating Segments |
Investment Management
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating earnings before income taxes
 
 
 
 
 
 
 
 
248 
171 
182 
Operating Segments |
Individual Life
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating earnings before income taxes
 
 
 
 
 
 
 
 
92 
59 
173 
Operating Segments |
Employee Benefits
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating earnings before income taxes
 
 
 
 
 
 
 
 
127 
126 
146 
Corporate
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating earnings before income taxes
 
 
 
 
 
 
 
 
(395)
(477)
(328)
Segment Reconciling Items
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
0 
(319)
(168)
Net investment gains (losses) and related charges and adjustments
 
 
 
 
 
 
 
 
(84)
(108)
(55)
Net guaranteed benefit hedging gains (losses) and related charges and adjustments
 
 
 
 
 
 
 
 
46 
4 
(69)
Income (loss) related to businesses exited through reinsurance or divestment
 
 
 
 
 
 
 
 
(45)
(14)
(169)
Income (loss) attributable to noncontrolling interests
 
 
 
 
 
 
 
 
200 
29 
130 
Loss related to early extinguishment of debt
 
 
 
 
 
 
 
 
(4)
(104)
(10)
Immediate recognition of net actuarial gains (losses) related to pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments
 
 
 
 
 
 
 
 
(16)
(55)
63 
Other adjustments to operating earnings
 
 
 
 
 
 
 
 
$ (97)
$ (71)
$ (58)
Segments - Operating Revenues (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
$ 2,186 
$ 2,184 
$ 2,191 
$ 2,057 
$ 2,324 
$ 2,110 
$ 2,088 
$ 2,266 
$ 8,618 
$ 8,788 
$ 8,716 
Total operating revenues
 
 
 
 
 
 
 
 
8,046 
8,479 
8,237 
Segment Reconciling Items
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
572 
309 
479 
Net realized investment gains (losses) and related charges and adjustments
 
 
 
 
 
 
 
 
(100)
(112)
(121)
Gain (loss) on change in fair value of derivatives related to guaranteed benefits
 
 
 
 
 
 
 
 
52 
9 
(63)
Revenues related to business exited through reinsurance or divestment
 
 
 
 
 
 
 
 
122 
96 
26 
Revenues attributable to noncontrolling interest
 
 
 
 
 
 
 
 
286 
133 
414 
Other adjustments
 
 
 
 
 
 
 
 
212 
183 
223 
Retirement |
Operating Segments
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating revenues
 
 
 
 
 
 
 
 
2,538 
3,257 
2,994 
Investment Management |
Operating Segments
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating revenues
 
 
 
 
 
 
 
 
731 
627 
622 
Investment Management |
Intersegment
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating revenues
 
 
 
 
 
 
 
 
118 
114 
110 
Individual Life |
Operating Segments
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating revenues
 
 
 
 
 
 
 
 
2,563 
2,528 
2,617 
Employee Benefits |
Operating Segments
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating revenues
 
 
 
 
 
 
 
 
1,767 
1,616 
1,507 
Corporate
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Total operating revenues
 
 
 
 
 
 
 
 
$ 447 
$ 451 
$ 497 
Segments - Total Assets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Segment Reporting Information [Line Items]
 
 
Total assets
$ 222,532 
$ 214,585 
Total assets, excluding assets held for sale
163,480 
151,876 
Assets held for sale
59,052 
62,709 
Corporate
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
18,685 
18,391 
Parent |
Total Segment
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
160,745 
148,408 
Consolidation of investment entities
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
2,735 
3,468 
Operating Segments |
Retirement
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
111,476 
100,104 
Operating Segments |
Investment Management
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
626 
513 
Operating Segments |
Individual Life
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
27,301 
26,851 
Operating Segments |
Employee Benefits
 
 
Segment Reporting Information [Line Items]
 
 
Total assets
$ 2,657 
$ 2,549 
Condensed Consolidating Financial Information - Narrative (Details)
Mar. 17, 2015
Senior Notes
Dec. 31, 2017
5.5% Senior Notes, due 2022
Senior Notes
Dec. 31, 2016
5.5% Senior Notes, due 2022
Senior Notes
Jul. 13, 2012
5.5% Senior Notes, due 2022
Senior Notes
Dec. 31, 2017
2.9% Senior Notes, due 2018
Dec. 31, 2016
2.9% Senior Notes, due 2018
Dec. 31, 2017
2.9% Senior Notes, due 2018
Senior Notes
Dec. 31, 2016
2.9% Senior Notes, due 2018
Senior Notes
Feb. 11, 2013
2.9% Senior Notes, due 2018
Senior Notes
Dec. 31, 2017
5.7% Senior Notes, due 2043
Senior Notes
Dec. 31, 2016
5.7% Senior Notes, due 2043
Senior Notes
Jul. 26, 2013
5.7% Senior Notes, due 2043
Senior Notes
Dec. 31, 2017
3.65% Senior Notes, due 2026
Senior Notes
Dec. 31, 2016
3.65% Senior Notes, due 2026
Senior Notes
Jun. 13, 2016
3.65% Senior Notes, due 2026
Senior Notes
Dec. 31, 2017
4.8% Senior Notes, due 2046
Senior Notes
Dec. 31, 2016
4.8% Senior Notes, due 2046
Senior Notes
Jun. 13, 2016
4.8% Senior Notes, due 2046
Senior Notes
Dec. 31, 2017
3.125% Senior Notes, due 2024
Senior Notes
Jul. 5, 2017
3.125% Senior Notes, due 2024
Senior Notes
Dec. 31, 2016
3.125% Senior Notes, due 2024
Senior Notes
Dec. 31, 2017
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Junior Subordinated Notes (2053 Notes)
Dec. 31, 2016
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Junior Subordinated Notes (2053 Notes)
May 16, 2013
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Junior Subordinated Notes (2053 Notes)
Dec. 31, 2017
Voya Holdings Inc.
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual interest rate on loan
1.875% 
5.50% 
5.50% 
5.50% 
2.90% 
2.90% 
2.90% 
2.90% 
2.90% 
5.70% 
5.70% 
5.70% 
3.65% 
3.65% 
3.65% 
4.80% 
4.80% 
4.80% 
3.125% 
3.125% 
0.00% 
5.65% 
5.65% 
5.65% 
 
Ownership percentage by the company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100.00% 
Condensed Consolidating Financial Information - Balance Sheets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016)
$ 48,329 
$ 47,394 
 
 
Fixed maturities, at fair value using the fair value option
3,018 
3,065 
 
 
Equity securities, available-for-sale, at fair value
380 
258 
 
 
Short-term investments
471 
391 
 
 
Mortgage loans on real estate, net of valuation allowance
8,686 
8,003 
 
 
Policy loans
1,888 
1,943 
 
 
Limited partnerships/corporations
784 
536 
 
 
Derivatives
397 
737 
 
 
Investments in subsidiaries
0 
0 
 
 
Other investments
47 
47 
 
 
Securities pledged
2,087 
1,409 
 
 
Total investments
66,087 
63,783 
 
 
Cash and cash equivalents
1,218 
2,096 
1,817 
 
Short-term investments under securities loan agreements, including collateral delivered
1,626 
586 
 
 
Accrued investment income
667 
666 
 
 
Premium receivable and reinsurance recoverable
7,632 
7,287 
 
 
Deferred policy acquisition costs, Value of business acquired
3,374 
3,997 
4,421 
3,678 
Current income taxes
4 
164 
 
 
Deferred income taxes
781.0 
1,570.0 
 
 
Loans to subsidiaries and affiliates
0 
0 
 
 
Due from subsidiaries and affiliates
0 
0 
 
 
Other assets
1,310 
1,486 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
3,176 
4,056 
 
 
Assets held in separate accounts
77,605 
66,185 
 
 
Assets held for sale
59,052 
62,709 
 
 
Total assets
222,532 
214,585 
 
 
Liabilities and Shareholders' Equity:
 
 
 
 
Future policy benefits
15,647 
14,575 
 
 
Contract owner account balances
50,158 
50,273 
 
 
Payables under securities loan agreement, including collateral held
1,866 
969 
 
 
Short-term debt
337 
0 
 
 
Long-term debt
3,123 
3,550 
 
 
Derivatives
149 
297 
 
 
Pension and other post-employment provisions
550 
674 
 
 
Due to subsidiaries and affiliates
0 
0 
 
 
Other liabilities
2,076 
2,023 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
1,047 
1,967 
 
 
Other liabilities
658 
528 
 
 
Liabilities related to separate accounts
77,605 
66,185 
 
 
Liabilities held for sale
58,277 
59,576 
 
 
Total liabilities
211,493 
200,617 
 
 
Shareholders' equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
10,009 
12,995 
 
 
Noncontrolling interest
1,030 
973 
 
 
Total shareholder's equity
11,039 
13,968 
 
18,562 
Total liabilities and shareholder's equity
222,532 
214,585 
 
 
Limited partnerships/corporations, at fair value
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
1,795 
1,936 
 
 
Cash and cash equivalents
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
217 
133 
 
 
Corporate loans, at fair value using the fair value option
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
1,089 
1,953 
 
 
Other assets
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
75 
34 
 
 
Consolidating Adjustments
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016)
(15)
(15)
 
 
Fixed maturities, at fair value using the fair value option
0 
0 
 
 
Equity securities, available-for-sale, at fair value
0 
0 
 
 
Short-term investments
0 
0 
 
 
Mortgage loans on real estate, net of valuation allowance
0 
0 
 
 
Policy loans
0 
0 
 
 
Limited partnerships/corporations
0 
0 
 
 
Derivatives
(97)
(112)
 
 
Investments in subsidiaries
(19,911)
(25,541)
 
 
Other investments
0 
0 
 
 
Securities pledged
0 
0 
 
 
Total investments
(20,023)
(25,668)
 
 
Cash and cash equivalents
0 
0 
0 
 
Short-term investments under securities loan agreements, including collateral delivered
0 
0 
 
 
Accrued investment income
0 
0 
 
 
Premium receivable and reinsurance recoverable
0 
0 
 
 
Deferred policy acquisition costs, Value of business acquired
0 
0 
 
 
Current income taxes
0 
0 
 
 
Deferred income taxes
0 
0 
 
 
Loans to subsidiaries and affiliates
(609)
(289)
 
 
Due from subsidiaries and affiliates
(5)
(5)
 
 
Other assets
0 
0 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in separate accounts
0 
0 
 
 
Assets held for sale
0 
0 
 
 
Total assets
(20,637)
(25,962)
 
 
Liabilities and Shareholders' Equity:
 
 
 
 
Future policy benefits
0 
0 
 
 
Contract owner account balances
0 
0 
 
 
Payables under securities loan agreement, including collateral held
0 
0 
 
 
Short-term debt
(609)
(289)
 
 
Long-term debt
(15)
(15)
 
 
Derivatives
(97)
(112)
 
 
Pension and other post-employment provisions
0 
0 
 
 
Due to subsidiaries and affiliates
(3)
(3)
 
 
Other liabilities
(2)
(2)
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
0 
0 
 
 
Other liabilities
0 
0 
 
 
Liabilities related to separate accounts
0 
0 
 
 
Liabilities held for sale
0 
0 
 
 
Total liabilities
(726)
(421)
 
 
Shareholders' equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
(19,911)
(25,541)
 
 
Noncontrolling interest
0 
0 
 
 
Total shareholder's equity
(19,911)
(25,541)
 
 
Total liabilities and shareholder's equity
(20,637)
(25,962)
 
 
Consolidating Adjustments |
Limited partnerships/corporations, at fair value
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Consolidating Adjustments |
Cash and cash equivalents
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Consolidating Adjustments |
Corporate loans, at fair value using the fair value option
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Consolidating Adjustments |
Other assets
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Parent Issuer
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016)
0 
0 
 
 
Fixed maturities, at fair value using the fair value option
0 
0 
 
 
Equity securities, available-for-sale, at fair value
115 
93 
 
 
Short-term investments
212 
212 
 
 
Mortgage loans on real estate, net of valuation allowance
0 
0 
 
 
Policy loans
0 
0 
 
 
Limited partnerships/corporations
0 
0 
 
 
Derivatives
49 
56 
 
 
Investments in subsidiaries
12,293 
14,743 
 
 
Other investments
0 
0 
 
 
Securities pledged
0 
0 
 
 
Total investments
12,669 
15,104 
 
 
Cash and cash equivalents
244 
257 
378 
 
Short-term investments under securities loan agreements, including collateral delivered
11 
11 
 
 
Accrued investment income
0 
0 
 
 
Premium receivable and reinsurance recoverable
0 
0 
 
 
Deferred policy acquisition costs, Value of business acquired
0 
0 
 
 
Current income taxes
0 
31 
 
 
Deferred income taxes
406.0 
527.0 
 
 
Loans to subsidiaries and affiliates
191 
278 
 
 
Due from subsidiaries and affiliates
2 
3 
 
 
Other assets
16 
21 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in separate accounts
0 
0 
 
 
Assets held for sale
0 
0 
 
 
Total assets
13,539 
16,232 
 
 
Liabilities and Shareholders' Equity:
 
 
 
 
Future policy benefits
0 
0 
 
 
Contract owner account balances
0 
0 
 
 
Payables under securities loan agreement, including collateral held
0 
0 
 
 
Short-term debt
755 
11 
 
 
Long-term debt
2,681 
3,108 
 
 
Derivatives
49 
56 
 
 
Pension and other post-employment provisions
0 
0 
 
 
Due to subsidiaries and affiliates
1 
0 
 
 
Other liabilities
44 
62 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
0 
0 
 
 
Other liabilities
0 
0 
 
 
Liabilities related to separate accounts
0 
0 
 
 
Liabilities held for sale
0 
0 
 
 
Total liabilities
3,530 
3,237 
 
 
Shareholders' equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
10,009 
12,995 
 
 
Noncontrolling interest
0 
0 
 
 
Total shareholder's equity
10,009 
12,995 
 
 
Total liabilities and shareholder's equity
13,539 
16,232 
 
 
Parent Issuer |
Limited partnerships/corporations, at fair value
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Parent Issuer |
Cash and cash equivalents
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Parent Issuer |
Corporate loans, at fair value using the fair value option
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Parent Issuer |
Other assets
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Subsidiary Guarantor
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016)
0 
0 
 
 
Fixed maturities, at fair value using the fair value option
0 
0 
 
 
Equity securities, available-for-sale, at fair value
0 
0 
 
 
Short-term investments
0 
0 
 
 
Mortgage loans on real estate, net of valuation allowance
0 
0 
 
 
Policy loans
0 
0 
 
 
Limited partnerships/corporations
0 
0 
 
 
Derivatives
0 
0 
 
 
Investments in subsidiaries
7,618 
10,798 
 
 
Other investments
1 
1 
 
 
Securities pledged
0 
0 
 
 
Total investments
7,619 
10,799 
 
 
Cash and cash equivalents
1 
2 
18 
 
Short-term investments under securities loan agreements, including collateral delivered
0 
0 
 
 
Accrued investment income
0 
0 
 
 
Premium receivable and reinsurance recoverable
0 
0 
 
 
Deferred policy acquisition costs, Value of business acquired
0 
0 
 
 
Current income taxes
6 
9 
 
 
Deferred income taxes
22.0 
37.0 
 
 
Loans to subsidiaries and affiliates
0 
0 
 
 
Due from subsidiaries and affiliates
0 
0 
 
 
Other assets
0 
0 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in separate accounts
0 
0 
 
 
Assets held for sale
0 
0 
 
 
Total assets
7,648 
10,847 
 
 
Liabilities and Shareholders' Equity:
 
 
 
 
Future policy benefits
0 
0 
 
 
Contract owner account balances
0 
0 
 
 
Payables under securities loan agreement, including collateral held
0 
0 
 
 
Short-term debt
68 
211 
 
 
Long-term debt
438 
437 
 
 
Derivatives
0 
0 
 
 
Pension and other post-employment provisions
0 
0 
 
 
Due to subsidiaries and affiliates
0 
0 
 
 
Other liabilities
12 
13 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
0 
0 
 
 
Other liabilities
0 
0 
 
 
Liabilities related to separate accounts
0 
0 
 
 
Liabilities held for sale
0 
0 
 
 
Total liabilities
518 
661 
 
 
Shareholders' equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
7,130 
10,186 
 
 
Noncontrolling interest
0 
0 
 
 
Total shareholder's equity
7,130 
10,186 
 
 
Total liabilities and shareholder's equity
7,648 
10,847 
 
 
Subsidiary Guarantor |
Limited partnerships/corporations, at fair value
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Subsidiary Guarantor |
Cash and cash equivalents
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Subsidiary Guarantor |
Corporate loans, at fair value using the fair value option
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Subsidiary Guarantor |
Other assets
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
0 
0 
 
 
Non-Guarantor Subsidiaries
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $44,366 as of 2017 and $44,743 as of 2016)
48,344 
47,409 
 
 
Fixed maturities, at fair value using the fair value option
3,018 
3,065 
 
 
Equity securities, available-for-sale, at fair value
265 
165 
 
 
Short-term investments
259 
179 
 
 
Mortgage loans on real estate, net of valuation allowance
8,686 
8,003 
 
 
Policy loans
1,888 
1,943 
 
 
Limited partnerships/corporations
784 
536 
 
 
Derivatives
445 
793 
 
 
Investments in subsidiaries
0 
0 
 
 
Other investments
46 
46 
 
 
Securities pledged
2,087 
1,409 
 
 
Total investments
65,822 
63,548 
 
 
Cash and cash equivalents
973 
1,837 
1,421 
 
Short-term investments under securities loan agreements, including collateral delivered
1,615 
575 
 
 
Accrued investment income
667 
666 
 
 
Premium receivable and reinsurance recoverable
7,632 
7,287 
 
 
Deferred policy acquisition costs, Value of business acquired
3,374 
3,997 
 
 
Current income taxes
(2)
124 
 
 
Deferred income taxes
353.0 
1,006.0 
 
 
Loans to subsidiaries and affiliates
418 
11 
 
 
Due from subsidiaries and affiliates
3 
2 
 
 
Other assets
1,294 
1,465 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in separate accounts
77,605 
66,185 
 
 
Assets held for sale
59,052 
62,709 
 
 
Total assets
221,982 
213,468 
 
 
Liabilities and Shareholders' Equity:
 
 
 
 
Future policy benefits
15,647 
14,575 
 
 
Contract owner account balances
50,158 
50,273 
 
 
Payables under securities loan agreement, including collateral held
1,866 
969 
 
 
Short-term debt
123 
67 
 
 
Long-term debt
19 
20 
 
 
Derivatives
197 
353 
 
 
Pension and other post-employment provisions
550 
674 
 
 
Due to subsidiaries and affiliates
2 
3 
 
 
Other liabilities
2,022 
1,950 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
1,047 
1,967 
 
 
Other liabilities
658 
528 
 
 
Liabilities related to separate accounts
77,605 
66,185 
 
 
Liabilities held for sale
58,277 
59,576 
 
 
Total liabilities
208,171 
197,140 
 
 
Shareholders' equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
12,781 
15,355 
 
 
Noncontrolling interest
1,030 
973 
 
 
Total shareholder's equity
13,811 
16,328 
 
 
Total liabilities and shareholder's equity
221,982 
213,468 
 
 
Non-Guarantor Subsidiaries |
Limited partnerships/corporations, at fair value
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
1,795 
1,936 
 
 
Non-Guarantor Subsidiaries |
Cash and cash equivalents
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
217 
133 
 
 
Non-Guarantor Subsidiaries |
Corporate loans, at fair value using the fair value option
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
1,089 
1,953 
 
 
Non-Guarantor Subsidiaries |
Other assets
 
 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Assets held in consolidated investment entities
$ 75 
$ 34 
 
 
Condensed Consolidating Financial Information - Statements of Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
$ 3,294 
$ 3,354 
$ 3,343 
Fee income
 
 
 
 
 
 
 
 
2,627 
2,471 
2,470 
Premiums
 
 
 
 
 
 
 
 
2,121 
2,795 
2,554 
Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
 
 
 
 
 
 
 
 
(30)
(32)
(78)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
 
 
 
 
 
 
 
 
(9)
2 
5 
Net other-than-temporary impairments recognized in earnings
 
 
 
 
 
 
 
 
(21)
(34)
(83)
Other net realized capital gains (losses)
 
 
 
 
 
 
 
 
(206)
(329)
(477)
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
(227)
(363)
(560)
Other revenue
 
 
 
 
 
 
 
 
371 
342 
385 
Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
432 
189 
551 
Changes in fair value related to collateralized loan obligations
 
 
 
 
 
 
 
 
0 
0 
(27)
Total revenues
2,186 
2,184 
2,191 
2,057 
2,324 
2,110 
2,088 
2,266 
8,618 
8,788 
8,716 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits
 
 
 
 
 
 
 
 
3,030 
3,710 
3,161 
Interest credited to contract owner account balances
 
 
 
 
 
 
 
 
1,606 
1,604 
1,537 
Operating expenses
 
 
 
 
 
 
 
 
2,654 
2,655 
2,684 
Net amortization of Deferred policy acquisition costs and Value of business acquired
 
 
 
 
 
 
 
 
529 
415 
377 
Interest expense
 
 
 
 
 
 
 
 
184 
288 
197 
Operating expenses related to consolidated investment entities
 
 
 
 
 
 
 
 
87 
106 
284 
Interest expense
 
 
 
 
 
 
 
 
80 
102 
272 
Other expense
 
 
 
 
 
 
 
 
7 
4 
12 
Total benefits and expenses
1,966 
2,144 
2,036 
1,944 
2,216 
2,216 
2,118 
2,228 
8,090 
8,778 
8,240 
Income (loss) from continuing operations before income taxes
220 
40 
155 
113 
108 
(106)
(30)
38 
528 
10 
476 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
740 
(29)
84 
Income (loss) from continuing operations
 
 
 
 
 
 
 
 
(212)
39 
392 
Income (loss) from discontinued operations, net of tax
(2,616)
134 
64 
(162)
(478)
(145)
137 
149 
(2,580)
(337)
146 
Net income (loss) before equity in earnings (losses) of subsidiaries
 
 
 
 
 
 
 
 
(2,792)
(298)
538 
Equity in earnings (losses) of subsidiaries, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss)
(3,083)
214 
219 
(142)
(375)
(251)
137 
191 
(2,792)
(298)
538 
Less: Net income (loss) attributable to noncontrolling interest
82 
65 
52 
1 
42 
12 
(25)
0 
200 
29 
130 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
(3,165)
149 
167 
(143)
(417)
(263)
162 
191 
(2,992)
(327)
408 
Consolidating Adjustments
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
(13)
(12)
(9)
Fee income
 
 
 
 
 
 
 
 
0 
0 
0 
Premiums
 
 
 
 
 
 
 
 
0 
0 
0 
Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
 
 
 
 
 
 
 
 
0 
0 
0 
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
 
 
 
 
 
 
 
 
0 
0 
0 
Net other-than-temporary impairments recognized in earnings
 
 
 
 
 
 
 
 
0 
0 
0 
Other net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
0 
0 
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
0 
0 
Other revenue
 
 
 
 
 
 
 
 
0 
0 
(3)
Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Changes in fair value related to collateralized loan obligations
 
 
 
 
 
 
 
 
 
 
0 
Total revenues
 
 
 
 
 
 
 
 
(13)
(12)
(12)
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits
 
 
 
 
 
 
 
 
0 
0 
0 
Interest credited to contract owner account balances
 
 
 
 
 
 
 
 
0 
0 
0 
Operating expenses
 
 
 
 
 
 
 
 
0 
0 
(3)
Net amortization of Deferred policy acquisition costs and Value of business acquired
 
 
 
 
 
 
 
 
0 
0 
0 
Interest expense
 
 
 
 
 
 
 
 
(13)
(12)
(9)
Interest expense
 
 
 
 
 
 
 
 
0 
0 
0 
Other expense
 
 
 
 
 
 
 
 
0 
0 
0 
Total benefits and expenses
 
 
 
 
 
 
 
 
(13)
(12)
(12)
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
0 
0 
0 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
0 
17 
(21)
Income (loss) from continuing operations
 
 
 
 
 
 
 
 
0 
(17)
21 
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss) before equity in earnings (losses) of subsidiaries
 
 
 
 
 
 
 
 
0 
(17)
21 
Equity in earnings (losses) of subsidiaries, net of tax
 
 
 
 
 
 
 
 
5,379 
(126)
(768)
Net income (loss)
 
 
 
 
 
 
 
 
5,379 
(143)
(747)
Less: Net income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
5,379 
(143)
(747)
Parent Issuer
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
33 
19 
4 
Fee income
 
 
 
 
 
 
 
 
0 
0 
0 
Premiums
 
 
 
 
 
 
 
 
0 
0 
0 
Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
 
 
 
 
 
 
 
 
0 
0 
0 
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
 
 
 
 
 
 
 
 
0 
0 
0 
Net other-than-temporary impairments recognized in earnings
 
 
 
 
 
 
 
 
0 
0 
0 
Other net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
1 
(2)
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
1 
(2)
Other revenue
 
 
 
 
 
 
 
 
8 
1 
3 
Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Changes in fair value related to collateralized loan obligations
 
 
 
 
 
 
 
 
 
 
0 
Total revenues
 
 
 
 
 
 
 
 
41 
21 
5 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits
 
 
 
 
 
 
 
 
0 
0 
0 
Interest credited to contract owner account balances
 
 
 
 
 
 
 
 
0 
0 
0 
Operating expenses
 
 
 
 
 
 
 
 
9 
9 
10 
Net amortization of Deferred policy acquisition costs and Value of business acquired
 
 
 
 
 
 
 
 
0 
0 
0 
Interest expense
 
 
 
 
 
 
 
 
155 
238 
150 
Interest expense
 
 
 
 
 
 
 
 
0 
0 
0 
Other expense
 
 
 
 
 
 
 
 
0 
0 
0 
Total benefits and expenses
 
 
 
 
 
 
 
 
164 
247 
160 
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
(123)
(226)
(155)
Income tax expense (benefit)
 
 
 
 
 
 
 
 
113 
(90)
(52)
Income (loss) from continuing operations
 
 
 
 
 
 
 
 
(236)
(136)
(103)
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss) before equity in earnings (losses) of subsidiaries
 
 
 
 
 
 
 
 
(236)
(136)
(103)
Equity in earnings (losses) of subsidiaries, net of tax
 
 
 
 
 
 
 
 
(2,756)
(191)
511 
Net income (loss)
 
 
 
 
 
 
 
 
(2,992)
(327)
408 
Less: Net income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
(2,992)
(327)
408 
Subsidiary Guarantor
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Fee income
 
 
 
 
 
 
 
 
0 
0 
0 
Premiums
 
 
 
 
 
 
 
 
0 
0 
0 
Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
 
 
 
 
 
 
 
 
0 
0 
0 
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
 
 
 
 
 
 
 
 
0 
0 
0 
Net other-than-temporary impairments recognized in earnings
 
 
 
 
 
 
 
 
0 
0 
0 
Other net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
0 
0 
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
0 
0 
Other revenue
 
 
 
 
 
 
 
 
1 
0 
0 
Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
0 
0 
0 
Changes in fair value related to collateralized loan obligations
 
 
 
 
 
 
 
 
 
 
0 
Total revenues
 
 
 
 
 
 
 
 
1 
0 
0 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits
 
 
 
 
 
 
 
 
0 
0 
0 
Interest credited to contract owner account balances
 
 
 
 
 
 
 
 
0 
0 
0 
Operating expenses
 
 
 
 
 
 
 
 
0 
0 
(1)
Net amortization of Deferred policy acquisition costs and Value of business acquired
 
 
 
 
 
 
 
 
0 
0 
0 
Interest expense
 
 
 
 
 
 
 
 
37 
57 
51 
Interest expense
 
 
 
 
 
 
 
 
0 
0 
0 
Other expense
 
 
 
 
 
 
 
 
0 
0 
0 
Total benefits and expenses
 
 
 
 
 
 
 
 
37 
57 
50 
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
(36)
(57)
(50)
Income tax expense (benefit)
 
 
 
 
 
 
 
 
3 
(26)
0 
Income (loss) from continuing operations
 
 
 
 
 
 
 
 
(39)
(31)
(50)
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss) before equity in earnings (losses) of subsidiaries
 
 
 
 
 
 
 
 
(39)
(31)
(50)
Equity in earnings (losses) of subsidiaries, net of tax
 
 
 
 
 
 
 
 
(2,623)
317 
257 
Net income (loss)
 
 
 
 
 
 
 
 
(2,662)
286 
207 
Less: Net income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
(2,662)
286 
207 
Non-Guarantor Subsidiaries
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
3,274 
3,347 
3,348 
Fee income
 
 
 
 
 
 
 
 
2,627 
2,471 
2,470 
Premiums
 
 
 
 
 
 
 
 
2,121 
2,795 
2,554 
Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
 
 
 
 
 
 
 
 
(30)
(32)
(78)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
 
 
 
 
 
 
 
 
(9)
2 
5 
Net other-than-temporary impairments recognized in earnings
 
 
 
 
 
 
 
 
(21)
(34)
(83)
Other net realized capital gains (losses)
 
 
 
 
 
 
 
 
(206)
(330)
(475)
Total net realized capital gains (losses)
 
 
 
 
 
 
 
 
(227)
(364)
(558)
Other revenue
 
 
 
 
 
 
 
 
362 
341 
385 
Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
432 
189 
551 
Changes in fair value related to collateralized loan obligations
 
 
 
 
 
 
 
 
 
 
(27)
Total revenues
 
 
 
 
 
 
 
 
8,589 
8,779 
8,723 
Benefits and expenses:
 
 
 
 
 
 
 
 
 
 
 
Policyholder benefits
 
 
 
 
 
 
 
 
3,030 
3,710 
3,161 
Interest credited to contract owner account balances
 
 
 
 
 
 
 
 
1,606 
1,604 
1,537 
Operating expenses
 
 
 
 
 
 
 
 
2,645 
2,646 
2,678 
Net amortization of Deferred policy acquisition costs and Value of business acquired
 
 
 
 
 
 
 
 
529 
415 
377 
Interest expense
 
 
 
 
 
 
 
 
5 
5 
5 
Interest expense
 
 
 
 
 
 
 
 
80 
102 
272 
Other expense
 
 
 
 
 
 
 
 
7 
4 
12 
Total benefits and expenses
 
 
 
 
 
 
 
 
7,902 
8,486 
8,042 
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
687 
293 
681 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
624 
70 
157 
Income (loss) from continuing operations
 
 
 
 
 
 
 
 
63 
223 
524 
Income (loss) from discontinued operations, net of tax
 
 
 
 
 
 
 
 
(2,580)
(337)
146 
Net income (loss) before equity in earnings (losses) of subsidiaries
 
 
 
 
 
 
 
 
(2,517)
(114)
670 
Equity in earnings (losses) of subsidiaries, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss)
 
 
 
 
 
 
 
 
(2,517)
(114)
670 
Less: Net income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
200 
29 
130 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
$ (2,717)
$ (143)
$ 540 
Condensed Consolidating Financial Information - Statements of Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$ (3,083)
$ 214 
$ 219 
$ (142)
$ (375)
$ (251)
$ 137 
$ 191 
$ (2,792)
$ (298)
$ 538 
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
 
 
 
 
 
 
 
 
1,191 
749 
(2,581)
Other-than-temporary impairments
 
 
 
 
 
 
 
 
(2)
24 
19 
Pension and other postretirement benefits liability
 
 
 
 
 
 
 
 
(15)
(10)
(14)
Other comprehensive income (loss), before tax
 
 
 
 
 
 
 
 
1,174 
763 
(2,576)
Income tax expense (benefit) related to items of other comprehensive income (loss)
 
 
 
 
 
 
 
 
364 
267 
(897)
Other comprehensive income (loss), after tax
 
 
 
 
 
 
 
 
810 
496 
(1,679)
Comprehensive income (loss)
 
 
 
 
 
 
 
 
(1,982)
198 
(1,141)
Less: Comprehensive income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
200 
29 
130 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
(2,182)
169 
(1,271)
Consolidating Adjustments
 
 
 
 
 
 
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
 
 
 
 
5,379 
(143)
(747)
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
 
 
 
 
 
 
 
 
(2,004)
(1,342)
4,456 
Other-than-temporary impairments
 
 
 
 
 
 
 
 
7 
(44)
(32)
Pension and other postretirement benefits liability
 
 
 
 
 
 
 
 
18 
12 
17 
Other comprehensive income (loss), before tax
 
 
 
 
 
 
 
 
(1,979)
(1,374)
4,441 
Income tax expense (benefit) related to items of other comprehensive income (loss)
 
 
 
 
 
 
 
 
(622)
(498)
1,546 
Other comprehensive income (loss), after tax
 
 
 
 
 
 
 
 
(1,357)
(876)
2,895 
Comprehensive income (loss)
 
 
 
 
 
 
 
 
4,022 
(1,019)
2,148 
Less: Comprehensive income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
4,022 
(1,019)
2,148 
Parent Issuer
 
 
 
 
 
 
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
 
 
 
 
(2,992)
(327)
408 
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
 
 
 
 
 
 
 
 
1,191 
749 
(2,581)
Other-than-temporary impairments
 
 
 
 
 
 
 
 
(2)
24 
19 
Pension and other postretirement benefits liability
 
 
 
 
 
 
 
 
(15)
(10)
(14)
Other comprehensive income (loss), before tax
 
 
 
 
 
 
 
 
1,174 
763 
(2,576)
Income tax expense (benefit) related to items of other comprehensive income (loss)
 
 
 
 
 
 
 
 
364 
267 
(897)
Other comprehensive income (loss), after tax
 
 
 
 
 
 
 
 
810 
496 
(1,679)
Comprehensive income (loss)
 
 
 
 
 
 
 
 
(2,182)
169 
(1,271)
Less: Comprehensive income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
(2,182)
169 
(1,271)
Subsidiary Guarantor
 
 
 
 
 
 
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
 
 
 
 
(2,662)
286 
207 
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
 
 
 
 
 
 
 
 
813 
593 
(1,875)
Other-than-temporary impairments
 
 
 
 
 
 
 
 
(5)
20 
13 
Pension and other postretirement benefits liability
 
 
 
 
 
 
 
 
(3)
(2)
(3)
Other comprehensive income (loss), before tax
 
 
 
 
 
 
 
 
805 
611 
(1,865)
Income tax expense (benefit) related to items of other comprehensive income (loss)
 
 
 
 
 
 
 
 
258 
214 
(648)
Other comprehensive income (loss), after tax
 
 
 
 
 
 
 
 
547 
397 
(1,217)
Comprehensive income (loss)
 
 
 
 
 
 
 
 
(2,115)
683 
(1,010)
Less: Comprehensive income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
0 
0 
0 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
(2,115)
683 
(1,010)
Non-Guarantor Subsidiaries
 
 
 
 
 
 
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
 
 
 
 
(2,517)
(114)
670 
Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
 
 
 
 
 
 
 
 
1,191 
749 
(2,581)
Other-than-temporary impairments
 
 
 
 
 
 
 
 
(2)
24 
19 
Pension and other postretirement benefits liability
 
 
 
 
 
 
 
 
(15)
(10)
(14)
Other comprehensive income (loss), before tax
 
 
 
 
 
 
 
 
1,174 
763 
(2,576)
Income tax expense (benefit) related to items of other comprehensive income (loss)
 
 
 
 
 
 
 
 
364 
284 
(898)
Other comprehensive income (loss), after tax
 
 
 
 
 
 
 
 
810 
479 
(1,678)
Comprehensive income (loss)
 
 
 
 
 
 
 
 
(1,707)
365 
(1,008)
Less: Comprehensive income (loss) attributable to noncontrolling interest
 
 
 
 
 
 
 
 
200 
29 
130 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
$ (1,907)
$ 336 
$ (1,138)
Condensed Consolidating Financial Information - Statements of Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
 
 
 
Net cash provided by (used in) operating activities
$ 1,578 
$ 3,591 
$ 3,248 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
Fixed maturities
8,325 
8,112 
8,327 
Equity securities, available-for-sale
54 
104 
76 
Mortgage loans on real estate
955 
747 
1,088 
Limited partnerships/corporations
236 
306 
258 
Acquisition of:
 
 
 
Fixed maturities
(8,719)
(9,839)
(8,759)
Equity securities, available-for-sale
(47)
(47)
(137)
Mortgage loans on real estate
(1,638)
(1,481)
(1,381)
Limited partnerships/corporations
(332)
(367)
(417)
Short-term investments, net
(80)
31 
468 
Derivatives, net
213 
(24)
(141)
Sales from consolidated investment entities
2,047 
2,304 
5,432 
Purchases within consolidated investment entities
(2,036)
(1,727)
(7,521)
Issuance of intercompany loans with maturities more than three months
0 
 
 
Maturity of intercompany loans with maturities more than three months
0 
 
0 
Maturity (issuance) of short-term intercompany loans, net
0 
0 
0 
Return of capital contributions and dividends from subsidiaries
0 
0 
0 
Capital contributions to subsidiaries
0 
0 
0 
Collateral (delivered) received, net
(148)
(22)
39 
Other, net
3 
20 
57 
Net cash provided by (used in) investing activities - discontinued operations
(1,261)
(1,800)
(1,663)
Net cash used in investing activities
(2,428)
(3,683)
(4,274)
Cash Flows from Financing Activities:
 
 
 
Deposits received for investment contracts
5,061 
5,891 
5,298 
Maturities and withdrawals from investment contracts
(5,372)
(5,412)
(4,587)
Proceeds from issuance of debt with maturities of more than three months
399 
798 
0 
Repayment of debt with maturities of more than three months
(490)
(708)
(31)
Debt issuance costs
(3)
(16)
(7)
Proceeds of intercompany loans with maturities of more than three months
0 
 
 
Intercompany loans with maturities of more than three months
0 
 
0 
Net proceeds from short-term loans to subsidiaries
0 
0 
0 
Return of capital contributions and dividends to parent
0 
0 
0 
Contributions of capital from parent
0 
0 
0 
Borrowings of consolidated investment entities
967 
126 
1,373 
Repayments of borrowings of consolidated investment entities
(804)
(455)
(479)
Contributions from (distributions to) participants in consolidated investment entities
449 
51 
662 
Proceeds from issuance of common stock, net
3 
1 
0 
Share-based compensation
(8)
(7)
(5)
Common stock acquired - Share repurchase
(923)
(687)
(1,487)
Dividends paid
(8)
(8)
(9)
Net cash provided by (used in) financing activities - discontinued operations
384 
916 
280 
Net cash (used in) provided by financing activities
(345)
490 
1,008 
Net increase (decrease) in cash and cash equivalents
(1,195)
398 
(18)
Cash and cash equivalents, beginning of period
2,911 
2,513 
2,531 
Cash and cash equivalents, end of period
1,716 
2,911 
2,513 
Less: Cash and cash equivalents of discontinued operations, end of period
498 
815 
696 
Cash and cash equivalents of continuing operations, end of period
1,218 
2,096 
1,817 
Consolidating Adjustments
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
Net cash provided by (used in) operating activities
(232)
(270)
(517)
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
Fixed maturities
0 
0 
0 
Equity securities, available-for-sale
0 
0 
0 
Mortgage loans on real estate
0 
0 
0 
Limited partnerships/corporations
0 
0 
0 
Acquisition of:
 
 
 
Fixed maturities
0 
0 
0 
Equity securities, available-for-sale
0 
0 
0 
Mortgage loans on real estate
0 
0 
0 
Limited partnerships/corporations
0 
0 
0 
Short-term investments, net
0 
0 
0 
Derivatives, net
0 
0 
0 
Sales from consolidated investment entities
0 
0 
0 
Purchases within consolidated investment entities
0 
0 
0 
Issuance of intercompany loans with maturities more than three months
34 
 
 
Maturity of intercompany loans with maturities more than three months
(34)
 
(1)
Maturity (issuance) of short-term intercompany loans, net
321 
(41)
162 
Return of capital contributions and dividends from subsidiaries
(2,044)
(1,682)
(2,665)
Capital contributions to subsidiaries
514 
279 
15 
Collateral (delivered) received, net
0 
0 
0 
Other, net
0 
0 
0 
Net cash provided by (used in) investing activities - discontinued operations
0 
0 
0 
Net cash used in investing activities
(1,209)
(1,444)
(2,489)
Cash Flows from Financing Activities:
 
 
 
Deposits received for investment contracts
0 
0 
0 
Maturities and withdrawals from investment contracts
0 
0 
0 
Proceeds from issuance of debt with maturities of more than three months
0 
0 
 
Repayment of debt with maturities of more than three months
0 
0 
0 
Debt issuance costs
0 
0 
0 
Proceeds of intercompany loans with maturities of more than three months
(34)
 
 
Intercompany loans with maturities of more than three months
34 
 
1 
Net proceeds from short-term loans to subsidiaries
(321)
41 
(162)
Return of capital contributions and dividends to parent
2,276 
1,952 
3,182 
Contributions of capital from parent
(514)
(279)
(15)
Borrowings of consolidated investment entities
0 
0 
0 
Repayments of borrowings of consolidated investment entities
0 
0 
0 
Contributions from (distributions to) participants in consolidated investment entities
0 
0 
0 
Proceeds from issuance of common stock, net
0 
0 
 
Share-based compensation
0 
0 
0 
Common stock acquired - Share repurchase
0 
0 
0 
Dividends paid
0 
0 
0 
Net cash provided by (used in) financing activities - discontinued operations
0 
0 
0 
Net cash (used in) provided by financing activities
1,441 
1,714 
3,006 
Net increase (decrease) in cash and cash equivalents
0 
0 
0 
Cash and cash equivalents, beginning of period
0 
0 
0 
Cash and cash equivalents, end of period
0 
0 
0 
Less: Cash and cash equivalents of discontinued operations, end of period
0 
0 
0 
Cash and cash equivalents of continuing operations, end of period
0 
0 
0 
Parent Issuer
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
Net cash provided by (used in) operating activities
(22)
(308)
130 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
Fixed maturities
0 
0 
0 
Equity securities, available-for-sale
25 
18 
24 
Mortgage loans on real estate
0 
0 
0 
Limited partnerships/corporations
0 
0 
0 
Acquisition of:
 
 
 
Fixed maturities
0 
0 
0 
Equity securities, available-for-sale
(34)
(23)
(31)
Mortgage loans on real estate
0 
0 
0 
Limited partnerships/corporations
0 
0 
0 
Short-term investments, net
0 
0 
(212)
Derivatives, net
0 
1 
(33)
Sales from consolidated investment entities
0 
0 
0 
Purchases within consolidated investment entities
0 
0 
0 
Issuance of intercompany loans with maturities more than three months
(34)
0 
0 
Maturity of intercompany loans with maturities more than three months
34 
0 
1 
Maturity (issuance) of short-term intercompany loans, net
87 
52 
(162)
Return of capital contributions and dividends from subsidiaries
1,020 
922 
1,467 
Capital contributions to subsidiaries
(467)
(215)
0 
Collateral (delivered) received, net
0 
0 
20 
Other, net
0 
0 
0 
Net cash provided by (used in) investing activities - discontinued operations
0 
0 
0 
Net cash used in investing activities
631 
755 
1,074 
Cash Flows from Financing Activities:
 
 
 
Deposits received for investment contracts
0 
0 
0 
Maturities and withdrawals from investment contracts
0 
0 
0 
Proceeds from issuance of debt with maturities of more than three months
399 
798 
0 
Repayment of debt with maturities of more than three months
(490)
(660)
0 
Debt issuance costs
(3)
(16)
(7)
Proceeds of intercompany loans with maturities of more than three months
0 
 
 
Intercompany loans with maturities of more than three months
0 
 
0 
Net proceeds from short-term loans to subsidiaries
408 
11 
0 
Return of capital contributions and dividends to parent
0 
0 
0 
Contributions of capital from parent
0 
0 
0 
Borrowings of consolidated investment entities
0 
0 
0 
Repayments of borrowings of consolidated investment entities
0 
0 
0 
Contributions from (distributions to) participants in consolidated investment entities
0 
0 
0 
Proceeds from issuance of common stock, net
3 
1 
0 
Share-based compensation
(8)
(7)
(5)
Common stock acquired - Share repurchase
(923)
(687)
(1,487)
Dividends paid
(8)
(8)
(9)
Net cash provided by (used in) financing activities - discontinued operations
0 
0 
0 
Net cash (used in) provided by financing activities
(622)
(568)
(1,508)
Net increase (decrease) in cash and cash equivalents
(13)
(121)
(304)
Cash and cash equivalents, beginning of period
257 
378 
682 
Cash and cash equivalents, end of period
244 
257 
378 
Less: Cash and cash equivalents of discontinued operations, end of period
0 
0 
0 
Cash and cash equivalents of continuing operations, end of period
244 
257 
378 
Subsidiary Guarantor
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
Net cash provided by (used in) operating activities
138 
173 
260 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
Fixed maturities
0 
0 
0 
Equity securities, available-for-sale
0 
0 
0 
Mortgage loans on real estate
0 
0 
0 
Limited partnerships/corporations
0 
0 
0 
Acquisition of:
 
 
 
Fixed maturities
0 
0 
0 
Equity securities, available-for-sale
0 
0 
0 
Mortgage loans on real estate
0 
0 
0 
Limited partnerships/corporations
0 
0 
0 
Short-term investments, net
0 
0 
0 
Derivatives, net
0 
0 
0 
Sales from consolidated investment entities
0 
0 
0 
Purchases within consolidated investment entities
0 
0 
0 
Issuance of intercompany loans with maturities more than three months
0 
 
 
Maturity of intercompany loans with maturities more than three months
0 
 
0 
Maturity (issuance) of short-term intercompany loans, net
0 
0 
0 
Return of capital contributions and dividends from subsidiaries
1,024 
760 
1,198 
Capital contributions to subsidiaries
(47)
(64)
(15)
Collateral (delivered) received, net
0 
0 
0 
Other, net
0 
0 
14 
Net cash provided by (used in) investing activities - discontinued operations
0 
0 
0 
Net cash used in investing activities
977 
696 
1,197 
Cash Flows from Financing Activities:
 
 
 
Deposits received for investment contracts
0 
0 
0 
Maturities and withdrawals from investment contracts
0 
0 
0 
Proceeds from issuance of debt with maturities of more than three months
0 
0 
 
Repayment of debt with maturities of more than three months
0 
(48)
(31)
Debt issuance costs
0 
0 
0 
Proceeds of intercompany loans with maturities of more than three months
0 
 
 
Intercompany loans with maturities of more than three months
0 
 
0 
Net proceeds from short-term loans to subsidiaries
(143)
5 
57 
Return of capital contributions and dividends to parent
(1,020)
(892)
(1,467)
Contributions of capital from parent
47 
50 
0 
Borrowings of consolidated investment entities
0 
0 
0 
Repayments of borrowings of consolidated investment entities
0 
0 
0 
Contributions from (distributions to) participants in consolidated investment entities
0 
0 
0 
Proceeds from issuance of common stock, net
0 
0 
 
Share-based compensation
0 
0 
0 
Common stock acquired - Share repurchase
0 
0 
0 
Dividends paid
0 
0 
0 
Net cash provided by (used in) financing activities - discontinued operations
0 
0 
0 
Net cash (used in) provided by financing activities
(1,116)
(885)
(1,441)
Net increase (decrease) in cash and cash equivalents
(1)
(16)
16 
Cash and cash equivalents, beginning of period
2 
18 
2 
Cash and cash equivalents, end of period
1 
2 
18 
Less: Cash and cash equivalents of discontinued operations, end of period
0 
0 
0 
Cash and cash equivalents of continuing operations, end of period
1 
2 
18 
Non-Guarantor Subsidiaries
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
Net cash provided by (used in) operating activities
1,694 
3,996 
3,375 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
Fixed maturities
8,325 
8,112 
8,327 
Equity securities, available-for-sale
29 
86 
52 
Mortgage loans on real estate
955 
747 
1,088 
Limited partnerships/corporations
236 
306 
258 
Acquisition of:
 
 
 
Fixed maturities
(8,719)
(9,839)
(8,759)
Equity securities, available-for-sale
(13)
(24)
(106)
Mortgage loans on real estate
(1,638)
(1,481)
(1,381)
Limited partnerships/corporations
(332)
(367)
(417)
Short-term investments, net
(80)
31 
680 
Derivatives, net
213 
(25)
(108)
Sales from consolidated investment entities
2,047 
2,304 
5,432 
Purchases within consolidated investment entities
(2,036)
(1,727)
(7,521)
Issuance of intercompany loans with maturities more than three months
0 
 
 
Maturity of intercompany loans with maturities more than three months
0 
 
0 
Maturity (issuance) of short-term intercompany loans, net
(408)
(11)
0 
Return of capital contributions and dividends from subsidiaries
0 
0 
0 
Capital contributions to subsidiaries
0 
0 
0 
Collateral (delivered) received, net
(148)
(22)
19 
Other, net
3 
20 
43 
Net cash provided by (used in) investing activities - discontinued operations
(1,261)
(1,800)
(1,663)
Net cash used in investing activities
(2,827)
(3,690)
(4,056)
Cash Flows from Financing Activities:
 
 
 
Deposits received for investment contracts
5,061 
5,891 
5,298 
Maturities and withdrawals from investment contracts
(5,372)
(5,412)
(4,587)
Proceeds from issuance of debt with maturities of more than three months
0 
0 
 
Repayment of debt with maturities of more than three months
0 
0 
0 
Debt issuance costs
0 
0 
0 
Proceeds of intercompany loans with maturities of more than three months
34 
 
 
Intercompany loans with maturities of more than three months
(34)
 
(1)
Net proceeds from short-term loans to subsidiaries
56 
(57)
105 
Return of capital contributions and dividends to parent
(1,256)
(1,060)
(1,715)
Contributions of capital from parent
467 
229 
15 
Borrowings of consolidated investment entities
967 
126 
1,373 
Repayments of borrowings of consolidated investment entities
(804)
(455)
(479)
Contributions from (distributions to) participants in consolidated investment entities
449 
51 
662 
Proceeds from issuance of common stock, net
0 
0 
 
Share-based compensation
0 
0 
0 
Common stock acquired - Share repurchase
0 
0 
0 
Dividends paid
0 
0 
0 
Net cash provided by (used in) financing activities - discontinued operations
384 
916 
280 
Net cash (used in) provided by financing activities
(48)
229 
951 
Net increase (decrease) in cash and cash equivalents
(1,181)
535 
270 
Cash and cash equivalents, beginning of period
2,652 
2,117 
1,847 
Cash and cash equivalents, end of period
1,471 
2,652 
2,117 
Less: Cash and cash equivalents of discontinued operations, end of period
498 
815 
696 
Cash and cash equivalents of continuing operations, end of period
$ 973 
$ 1,837 
$ 1,421 
Selected Consolidated Unaudited Quarterly Financial Data (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Total revenues
$ 2,186 
$ 2,184 
$ 2,191 
$ 2,057 
$ 2,324 
$ 2,110 
$ 2,088 
$ 2,266 
$ 8,618 
$ 8,788 
$ 8,716 
Total benefits and expenses
1,966 
2,144 
2,036 
1,944 
2,216 
2,216 
2,118 
2,228 
8,090 
8,778 
8,240 
Income (loss) from continuing operations before income taxes
220 
40 
155 
113 
108 
(106)
(30)
38 
528 
10 
476 
Income (loss) from discontinued operations, net of tax
(2,616)
134 
64 
(162)
(478)
(145)
137 
149 
(2,580)
(337)
146 
Net income (loss)
(3,083)
214 
219 
(142)
(375)
(251)
137 
191 
(2,792)
(298)
538 
Less: Net income (loss) attributable to noncontrolling interest
82 
65 
52 
1 
42 
12 
(25)
0 
200 
29 
130 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$ (3,165)
$ 149 
$ 167 
$ (143)
$ (417)
$ (263)
$ 162 
$ 191 
$ (2,992)
$ (327)
$ 408 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Basic (usd per share)
$ (3.06)
$ 0.08 
$ 0.56 
$ 0.10 
$ 0.31 
$ (0.59)
$ 0.12 
$ 0.21 
$ (2.24)
$ 0.05 
$ 1.16 
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders, Basic, (usd per share)
$ (14.58)
$ 0.75 
$ 0.34 
$ (0.85)
$ (2.45)
$ (0.73)
$ 0.68 
$ 0.72 
$ (14.01)
$ (1.68)
$ 0.65 
Net income (loss) available to common shareholders, Basic (usd per share)
$ (17.64)
$ 0.83 
$ 0.90 
$ (0.75)
$ (2.14)
$ (1.32)
$ 0.80 
$ 0.93 
$ (16.25)
$ (1.63)
$ 1.81 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share)
$ (3.06)
$ 0.08 
$ 0.55 
$ 0.10 
$ 0.31 
$ (0.59)
$ 0.12 
$ 0.21 
$ (2.24)
$ 0.05 
$ 1.15 
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders, Diluted (usd per share)
$ (14.58)
$ 0.73 
$ 0.34 
$ (0.84)
$ (2.43)
$ (0.73)
$ 0.67 
$ 0.71 
$ (14.01)
$ (1.66)
$ 0.65 
Net income (loss) available to common shareholders, Diluted (usd per share)
$ (17.64)
$ 0.81 
$ 0.89 
$ (0.74)
$ (2.12)
$ (1.32)
$ 0.79 
$ 0.92 
$ (16.25)
$ (1.61)
$ 1.80 
Cash dividends declared per share of common stock (usd per share)
$ 0.01 
$ 0.01 
$ 0.01 
$ 0.01 
$ 0.01 
$ 0.01 
$ 0.01 
$ 0.01 
$ 0.04 
$ 0.04 
$ 0.04 
Antidilutive shares
3.5 
 
 
 
 
1.9 
 
 
 
 
 
Schedule I - Summary of Investments (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
$ 61,583 
Fair Value
66,157 
Amount Shown on Consolidated Balance Sheet
66,087 
U.S. Treasuries
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
2,047 
Fair Value
2,522 
Amount Shown on Consolidated Balance Sheet
2,522 
U.S. government agencies and authorities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
223 
Fair Value
275 
Amount Shown on Consolidated Balance Sheet
275 
State, municipalities and political subdivisions
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
1,856 
Fair Value
1,913 
Amount Shown on Consolidated Balance Sheet
1,913 
U.S. corporate public securities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
20,857 
Fair Value
23,258 
Amount Shown on Consolidated Balance Sheet
23,258 
U.S. corporate private securities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
5,628 
Fair Value
5,833 
Amount Shown on Consolidated Balance Sheet
5,833 
Foreign corporate public securities and foreign governments
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
5,241 
Fair Value
5,716 
Amount Shown on Consolidated Balance Sheet
5,716 
Foreign corporate private securities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
4,974 
Fair Value
5,161 
Amount Shown on Consolidated Balance Sheet
5,161 
Residential mortgage-backed securities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
4,247 
Fair Value
4,524 
Amount Shown on Consolidated Balance Sheet
4,524 
Commercial mortgage-backed securities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
2,646 
Fair Value
2,704 
Amount Shown on Consolidated Balance Sheet
2,704 
Other asset-backed securities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
1,488 
Fair Value
1,528 
Amount Shown on Consolidated Balance Sheet
1,528 
Fixed maturities
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
49,207 
Fair Value
53,434 
Amount Shown on Consolidated Balance Sheet
53,434 
Equity securities, available-for-sale
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
353 
Fair Value
380 
Amount Shown on Consolidated Balance Sheet
380 
Short-term investments
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
471 
Fair Value
471 
Amount Shown on Consolidated Balance Sheet
471 
Mortgage loans on real estate
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
8,686 
Fair Value
8,748 
Amount Shown on Consolidated Balance Sheet
8,686 
Policy loans
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
1,888 
Fair Value
1,888 
Amount Shown on Consolidated Balance Sheet
1,888 
Limited partnerships/corporations
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
784 
Fair Value
784 
Amount Shown on Consolidated Balance Sheet
784 
Derivatives
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
147 
Fair Value
397 
Amount Shown on Consolidated Balance Sheet
397 
Other investments
 
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items]
 
Cost
47 
Fair Value
55 
Amount Shown on Consolidated Balance Sheet
$ 47 
Schedule II - Condensed Financial Information of Parent - Balance Sheets (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Investments:
 
 
 
Equity securities, available-for-sale, at fair value
$ 380 
$ 258 
 
Short-term investments
471 
391 
 
Derivatives
397 
737 
 
Investments in subsidiaries
0 
0 
 
Total investments
66,087 
63,783 
 
Cash and cash equivalents
1,218 
2,096 
1,817 
Short-term investments under securities loan agreements, including collateral delivered
1,626 
586 
 
Loans to subsidiaries and affiliates
0 
0 
 
Due from subsidiaries and affiliates
0 
0 
 
Current income taxes
4 
164 
 
Deferred income taxes
781.0 
1,570.0 
 
Other assets
1,310 
1,486 
 
Total assets
222,532 
214,585 
 
Liabilities and Shareholders' Equity:
 
 
 
Short-term debt
337 
0 
 
Long-term debt
3,123 
3,550 
 
Derivatives
149 
297 
 
Due to subsidiaries and affiliates
0 
0 
 
Other liabilities
2,076 
2,023 
 
Total liabilities
211,493 
200,617 
 
Shareholders' equity:
 
 
 
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 270,078,294 and 268,079,931 shares issued as of 2017 and 2016, respectively; 171,982,673 and 194,639,273 shares outstanding as of 2017 and 2016, respectively)
3 
3 
 
Treasury stock (at cost; 98,095,621 and 73,440,658 shares as of 2017 and 2016, respectively)
(3,827)
(2,796)
 
Additional paid-in capital
23,821 
23,609 
 
Accumulated other comprehensive income (loss)
2,731 
1,921 
1,425 
Retained earnings (deficit):
 
 
 
Unappropriated
(12,719)
(9,742)
 
Total Voya Financial, Inc. shareholders' equity
10,009 
12,995 
 
Total liabilities and shareholder's equity
222,532 
214,585 
 
Parent Issuer
 
 
 
Investments:
 
 
 
Equity securities, available-for-sale, at fair value
115 
93 
 
Short-term investments
212 
212 
 
Derivatives
49 
56 
 
Investments in subsidiaries
12,293 
14,743 
 
Total investments
12,669 
15,104 
 
Cash and cash equivalents
244 
257 
378 
Short-term investments under securities loan agreements, including collateral delivered
11 
11 
 
Loans to subsidiaries and affiliates
191 
278 
 
Due from subsidiaries and affiliates
2 
3 
 
Current income taxes
0 
31 
 
Deferred income taxes
406.0 
527.0 
 
Other assets
16 
21 
 
Total assets
13,539 
16,232 
 
Liabilities and Shareholders' Equity:
 
 
 
Short-term debt
755 
11 
 
Long-term debt
2,681 
3,108 
 
Derivatives
49 
56 
 
Due to subsidiaries and affiliates
1 
0 
 
Other liabilities
44 
62 
 
Total liabilities
3,530 
3,237 
 
Shareholders' equity:
 
 
 
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 270,078,294 and 268,079,931 shares issued as of 2017 and 2016, respectively; 171,982,673 and 194,639,273 shares outstanding as of 2017 and 2016, respectively)
3 
3 
 
Treasury stock (at cost; 98,095,621 and 73,440,658 shares as of 2017 and 2016, respectively)
(3,827)
(2,796)
 
Additional paid-in capital
23,821 
23,609 
 
Accumulated other comprehensive income (loss)
2,731 
1,921 
 
Retained earnings (deficit):
 
 
 
Unappropriated
(12,719)
(9,742)
 
Total Voya Financial, Inc. shareholders' equity
10,009 
12,995 
 
Total liabilities and shareholder's equity
$ 13,539 
$ 16,232 
 
Schedule II - Condensed Financial Information of Parent - Balance Sheets Parenthetical (Details) (USD $)
In Millions, except Share data, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Equity securities, available-for-sale, cost
$ 353 
$ 229 
 
 
Common stock, shares authorized
900,000,000 
900,000,000 
 
 
Common stock, shares issued
270,078,294 
268,079,931 
 
 
Common stock, shares outstanding
171,982,673 
194,639,273 
209,100,000 
241,900,000 
Treasury stock
98,095,621 
73,440,658 
 
 
Common stock, par value
$ 0.01 
$ 0.01 
 
 
Parent Issuer
 
 
 
 
Equity securities, available-for-sale, cost
$ 115 
$ 93 
 
 
Schedule II - Condensed Financial Information of Parent - Statements of Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
$ 3,294 
$ 3,354 
$ 3,343 
Net realized capital gains (losses)
 
 
 
 
 
 
 
 
(227)
(363)
(560)
Other revenue
 
 
 
 
 
 
 
 
371 
342 
385 
Total revenues
2,186 
2,184 
2,191 
2,057 
2,324 
2,110 
2,088 
2,266 
8,618 
8,788 
8,716 
Expenses:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
184 
288 
197 
Operating expenses
 
 
 
 
 
 
 
 
2,654 
2,655 
2,684 
Total benefits and expenses
1,966 
2,144 
2,036 
1,944 
2,216 
2,216 
2,118 
2,228 
8,090 
8,778 
8,240 
Income (loss) from continuing operations before income taxes
220 
40 
155 
113 
108 
(106)
(30)
38 
528 
10 
476 
Income tax expense (benefit)
 
 
 
 
 
 
 
 
740 
(29)
84 
Net income (loss) before equity in earnings (losses) of subsidiaries
 
 
 
 
 
 
 
 
(2,792)
(298)
538 
Equity in earnings (losses) of subsidiaries, net of tax
 
 
 
 
 
 
 
 
0 
0 
0 
Net income (loss)
(3,083)
214 
219 
(142)
(375)
(251)
137 
191 
(2,792)
(298)
538 
Parent Issuer
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
 
 
 
 
 
 
33 
19 
4 
Net realized capital gains (losses)
 
 
 
 
 
 
 
 
0 
1 
(2)
Other revenue
 
 
 
 
 
 
 
 
8 
1 
3 
Total revenues
 
 
 
 
 
 
 
 
41 
21 
5 
Expenses:
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
155 
238 
150 
Operating expenses
 
 
 
 
 
 
 
 
9 
9 
10 
Total benefits and expenses
 
 
 
 
 
 
 
 
164 
247 
160 
Income (loss) from continuing operations before income taxes
 
 
 
 
 
 
 
 
(123)
(226)
(155)
Income tax expense (benefit)
 
 
 
 
 
 
 
 
113 
(90)
(52)
Net income (loss) before equity in earnings (losses) of subsidiaries
 
 
 
 
 
 
 
 
(236)
(136)
(103)
Equity in earnings (losses) of subsidiaries, net of tax
 
 
 
 
 
 
 
 
(2,756)
(191)
511 
Net income (loss)
 
 
 
 
 
 
 
 
$ (2,992)
$ (327)
$ 408 
Schedule II - Condensed Financial Information of Parent - Statements of Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$ (3,083)
$ 214 
$ 219 
$ (142)
$ (375)
$ (251)
$ 137 
$ 191 
$ (2,792)
$ (298)
$ 538 
Other comprehensive income (loss), after tax
 
 
 
 
 
 
 
 
810 
496 
(1,679)
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
(2,182)
169 
(1,271)
Parent Issuer
 
 
 
 
 
 
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
 
 
 
 
(2,992)
(327)
408 
Other comprehensive income (loss), after tax
 
 
 
 
 
 
 
 
810 
496 
(1,679)
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
 
 
 
 
 
 
 
 
$ (2,182)
$ 169 
$ (1,271)
Schedule II - Condensed Financial Information of Parent - Statements of Cash Flow (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities:
 
 
 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$ (2,992)
$ (327)
$ 408 
Equity in (earnings) losses of subsidiaries
0 
0 
0 
Deferred income tax expense (benefit)
862 
(151)
(107)
Net realized capital losses
227 
363 
560 
Share-based compensation
117 
99 
76 
Change in:
 
 
 
Other receivables and asset accruals
298 
(18)
68 
Other, net
2 
44 
(55)
Net cash provided by (used in) operating activities
1,578 
3,591 
3,248 
Cash Flows from Investing Activities:
 
 
 
Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale
54 
104 
76 
Acquisition of equity securities, available-for-sale
(47)
(47)
(137)
Short-term investments, net
(80)
31 
468 
Derivatives, net
213 
(24)
(141)
Issuance of intercompany loans with maturities more than three months
0 
 
 
Maturity of intercompany loans issued to subsidiaries with maturities more than three months
0 
 
0 
Maturity (issuance) of short-term intercompany loans, net
0 
0 
0 
Return of capital contributions and dividends from subsidiaries
0 
0 
0 
Capital contributions to subsidiaries
0 
0 
0 
Collateral (delivered) received, net
(148)
(22)
39 
Net cash provided by investing activities
(2,428)
(3,683)
(4,274)
Cash Flows from Financing Activities:
 
 
 
Proceeds from issuance of debt with maturities of more than three months
399 
798 
0 
Repayment of debt with maturities of more than three months
(490)
(708)
(31)
Debt issuance costs
(3)
(16)
(7)
Net proceeds from short-term loans to subsidiaries
0 
0 
0 
Proceeds from issuance of common stock, net
3 
1 
0 
Share-based compensation
(8)
(7)
(5)
Common stock acquired - Share repurchase
(923)
(687)
(1,487)
Dividends paid
(8)
(8)
(9)
Net cash (used in) provided by financing activities
(345)
490 
1,008 
Net decrease in cash and cash equivalents
(1,195)
398 
(18)
Cash and cash equivalents, beginning of period
2,911 
2,513 
2,531 
Cash and cash equivalents, end of period
1,716 
2,911 
2,513 
Supplemental cash flow information:
 
 
 
Income taxes paid, net
(154)
69 
78 
Interest paid
174 
190 
179 
Parent Issuer
 
 
 
Cash Flows from Operating Activities:
 
 
 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
(2,992)
(327)
408 
Equity in (earnings) losses of subsidiaries
2,756 
191 
(511)
Dividends from subsidiaries
73 
55 
241 
Deferred income tax expense (benefit)
131 
(122)
(4)
Net realized capital losses
0 
(1)
2 
Share-based compensation
0 
0 
(4)
Change in:
 
 
 
Other receivables and asset accruals
32 
(102)
(17)
Due from subsidiaries and affiliates
1 
3 
6 
Due to subsidiaries and affiliates
1 
0 
(7)
Other payables and accruals
(18)
(16)
(2)
Other, net
(6)
11 
18 
Net cash provided by (used in) operating activities
(22)
(308)
130 
Cash Flows from Investing Activities:
 
 
 
Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale
25 
18 
24 
Acquisition of equity securities, available-for-sale
(34)
(23)
(31)
Short-term investments, net
0 
0 
(212)
Derivatives, net
0 
1 
(33)
Issuance of intercompany loans with maturities more than three months
(34)
0 
0 
Maturity of intercompany loans issued to subsidiaries with maturities more than three months
34 
0 
1 
Maturity (issuance) of short-term intercompany loans, net
87 
52 
(162)
Return of capital contributions and dividends from subsidiaries
1,020 
922 
1,467 
Capital contributions to subsidiaries
(467)
(215)
0 
Collateral (delivered) received, net
0 
0 
20 
Net cash provided by investing activities
631 
755 
1,074 
Cash Flows from Financing Activities:
 
 
 
Proceeds from issuance of debt with maturities of more than three months
399 
798 
0 
Repayment of debt with maturities of more than three months
(490)
(660)
0 
Debt issuance costs
(3)
(16)
(7)
Net proceeds from short-term loans to subsidiaries
408 
11 
0 
Proceeds from issuance of common stock, net
3 
1 
0 
Share-based compensation
(8)
(7)
(5)
Common stock acquired - Share repurchase
(923)
(687)
(1,487)
Dividends paid
(8)
(8)
(9)
Net cash (used in) provided by financing activities
(622)
(568)
(1,508)
Net decrease in cash and cash equivalents
(13)
(121)
(304)
Cash and cash equivalents, beginning of period
257 
378 
682 
Cash and cash equivalents, end of period
244 
257 
378 
Supplemental cash flow information:
 
 
 
Income taxes paid, net
(154)
64 
77 
Interest paid
$ 138 
$ 156 
$ 144 
Schedule II - Condensed Financial Information of Parent - Basis of Presentation (Details)
12 Months Ended
Dec. 31, 2017
segments
Condensed Financial Statements, Captions [Line Items]
 
Number of operating segments
4 
Schedule II - Condensed Financial Information of Parent - Loans to Subsidiaries (Details) (Parent Issuer, USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Interest income, operating
$ 8 
$ 9 
$ 5 
Loans to subsidiaries
191 
278 
 
Minimum
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loan to subsidiary, reciprocal interest rate
2.00% 
2.00% 
 
Maximum
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loan to subsidiary, reciprocal interest rate
5.00% 
5.00% 
 
Voya Alternative Asset Management LLC |
Subsidiary Loan, Due June 30, 2018, (4.65) Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
2 
2 
 
Rate
(4.64%)
(4.64%)
 
Voya Institutional Plan Services, LLC |
Subsidiary Loan, Due January 2, 2018, 2.42 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
20 
1 
 
Rate
2.42% 
2.42% 
 
Voya Institutional Plan Services, LLC |
Subsidiary Loan, Due January 3, 2018, 2.45 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
34 
14 
 
Rate
2.45% 
2.45% 
 
Voya Institutional Plan Services, LLC |
Subsidiary Loan, Due January 4, 2018, 2.46 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
5 
17 
 
Rate
2.46% 
2.46% 
 
Voya Institutional Plan Services, LLC |
Subsidiary Loan, Due January 9, 2018, 2.52 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
1 
10 
 
Rate
2.52% 
2.52% 
 
Voya Institutional Plan Services, LLC |
Subsidiary Loan, Due January 11, 2018, 2.53 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
5 
1 
 
Rate
2.53% 
2.53% 
 
Voya Institutional Plan Services, LLC |
Subsidiary Loan, Due January 12, 2018, 2.53 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
4 
0 
 
Rate
2.53% 
2.53% 
 
Voya Capital |
Subsidiary Loan, Due January 4 2018, 2.49 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
1 
3 
 
Rate
2.49% 
2.49% 
 
Voya Investment Management, LLC |
Subsidiary Loan, Due January 29, 2018, 2.57 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
51 
15 
 
Rate
2.57% 
2.57% 
 
Voya Payroll Management, Inc. |
Subsidiary Loan, Due July 3, 2017, 2.17 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
0 
4 
 
Rate
2.17% 
2.17% 
 
Voya Holdings Inc. |
Subsidiary Loan, Due January 29, 2018, 2.57 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
68 
203 
 
Rate
2.57% 
2.57% 
 
Voya Holdings Inc. |
Subsidiary Loan, Due January 26, 2017, 2.39 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
0 
2 
 
Rate
2.39% 
2.39% 
 
Voya Holdings Inc. |
Subsidiary Loan, Due January 27, 2017, 2.40 Percent
 
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
 
Loans to subsidiaries
$ 0 
$ 6 
 
Rate
2.40% 
2.40% 
 
Schedule II - Condensed Financial Information of Parent - Financing Agreements (Details) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2017
Unsecured and Uncommitted
Dec. 31, 2017
Unsecured and Committed
Dec. 31, 2017
Secured facilities
Dec. 31, 2017
2.9% Senior Notes, due 2018
Dec. 31, 2016
2.9% Senior Notes, due 2018
Mar. 17, 2015
Senior Notes
Dec. 31, 2017
Senior Notes
5.5% Senior Notes, due 2022
Dec. 31, 2016
Senior Notes
5.5% Senior Notes, due 2022
Jul. 13, 2012
Senior Notes
5.5% Senior Notes, due 2022
Dec. 31, 2017
Senior Notes
2.9% Senior Notes, due 2018
Dec. 31, 2016
Senior Notes
2.9% Senior Notes, due 2018
Feb. 11, 2013
Senior Notes
2.9% Senior Notes, due 2018
Dec. 31, 2017
Senior Notes
5.7% Senior Notes, due 2043
Dec. 31, 2016
Senior Notes
5.7% Senior Notes, due 2043
Jul. 26, 2013
Senior Notes
5.7% Senior Notes, due 2043
Dec. 31, 2017
Senior Notes
3.65% Senior Notes, due 2026
Dec. 31, 2016
Senior Notes
3.65% Senior Notes, due 2026
Jun. 13, 2016
Senior Notes
3.65% Senior Notes, due 2026
Dec. 31, 2017
Senior Notes
4.8% Senior Notes, due 2046
Dec. 31, 2016
Senior Notes
4.8% Senior Notes, due 2046
Jun. 13, 2016
Senior Notes
4.8% Senior Notes, due 2046
Dec. 31, 2017
Senior Notes
3.125% Senior Notes, due 2024
Jul. 5, 2017
Senior Notes
3.125% Senior Notes, due 2024
Dec. 31, 2016
Senior Notes
3.125% Senior Notes, due 2024
Dec. 31, 2017
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Dec. 31, 2016
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
May 16, 2013
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Dec. 31, 2017
Parent Issuer
Dec. 31, 2016
Parent Issuer
Dec. 31, 2015
Parent Issuer
Dec. 31, 2017
Parent Issuer
Unsecured and Committed
Dec. 31, 2017
Parent Issuer
Senior Notes
5.5% Senior Notes, due 2022
Dec. 31, 2016
Parent Issuer
Senior Notes
5.5% Senior Notes, due 2022
Dec. 31, 2017
Parent Issuer
Senior Notes
2.9% Senior Notes, due 2018
Dec. 31, 2016
Parent Issuer
Senior Notes
2.9% Senior Notes, due 2018
Dec. 31, 2017
Parent Issuer
Senior Notes
5.7% Senior Notes, due 2043
Dec. 31, 2016
Parent Issuer
Senior Notes
5.7% Senior Notes, due 2043
Dec. 31, 2017
Parent Issuer
Senior Notes
3.65% Senior Notes, due 2026
Dec. 31, 2016
Parent Issuer
Senior Notes
3.65% Senior Notes, due 2026
Dec. 31, 2017
Parent Issuer
Senior Notes
4.8% Senior Notes, due 2046
Dec. 31, 2016
Parent Issuer
Senior Notes
4.8% Senior Notes, due 2046
Dec. 31, 2017
Parent Issuer
Senior Notes
3.125% Senior Notes, due 2024
Dec. 31, 2016
Parent Issuer
Senior Notes
3.125% Senior Notes, due 2024
Dec. 31, 2017
Parent Issuer
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Dec. 31, 2016
Parent Issuer
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Jan. 1, 2014
Financial Guarantee
Voya Financial, Inc. / Roaring River IV, LLC
Parent Issuer
Notes Payable
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing - Subsidiaries
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 418,000,000 
$ 11,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current portion of long-term debt
337,000,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
337,000,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
337,000,000 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
755,000,000 
11,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual interest rate on loan
 
 
 
 
 
 
2.90% 
2.90% 
1.875% 
5.50% 
5.50% 
5.50% 
2.90% 
2.90% 
2.90% 
5.70% 
5.70% 
5.70% 
3.65% 
3.65% 
3.65% 
4.80% 
4.80% 
4.80% 
3.125% 
3.125% 
0.00% 
5.65% 
5.65% 
5.65% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
3,460,000,000 
3,550,000,000 
 
 
 
 
 
 
 
361,000,000 
361,000,000 
 
337,000,000 
825,000,000 
 
395,000,000 
394,000,000 
 
495,000,000 
494,000,000 
 
296,000,000 
296,000,000 
 
396,000,000 
 
0 
738,000,000 
738,000,000 
 
3,018,000,000 
3,108,000,000 
 
 
361,000,000 
361,000,000 
337,000,000 
825,000,000 
395,000,000 
394,000,000 
495,000,000 
494,000,000 
296,000,000 
296,000,000 
396,000,000 
0 
738,000,000 
738,000,000 
 
Total
3,123,000,000 
3,550,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,681,000,000 
3,108,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maturities of Long-term Debt [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
337,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
337,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
1,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
1,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
1,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2022
364,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
363,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Thereafter
2,792,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,350,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
3,496,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,050,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving lines of credit, capacity
6,900,000,000 
 
 
496,000,000 
6,200,000,000 
205,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,600,000,000 
 
 
5,900,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding borrowings
3,200,000,000 
 
 
214,000,000 
2,787,000,000 
196,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments of financing costs
50,000,000 
46,000,000 
89,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39,000,000 
38,000,000 
61,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Commitment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 565,000,000 
Schedule II - Condensed Financial Information of Parent - Guarantees (Details) (USD $)
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Voya Holdings Debentures
Dec. 31, 2017
Unsecured and Committed
Jul. 20, 2017
Unsecured and Committed
Voya Financial, Inc. And Security Life Of Denver International Limited Five [Member]
Dec. 31, 2017
Unsecured and Committed
Voya Financial, Inc. / Roaring River LLC
Apr. 15, 2016
Unsecured and Committed
Security Life of Denver International Ltd
Dec. 31, 2017
Parent Issuer
Dec. 31, 2016
Parent Issuer
Dec. 31, 2017
Parent Issuer
Unsecured and Committed
Dec. 31, 2017
Parent Issuer
Unsecured and Committed
Voya Financial, Inc. And Security Life Of Denver International Limited Five [Member]
Dec. 31, 2017
Financial Guarantee
Voya Financial Products Company, Inc.
Dec. 31, 2017
Financial Guarantee
Parent Issuer
8.424% Percent Lion Connecticut Holdings Inc. Debentures, Due 2027
Debentures
Jan. 1, 2014
Financial Guarantee
Parent Issuer
Notes Payable
Jan. 1, 2014
Financial Guarantee
Parent Issuer
Voya Financial, Inc. / Roaring River IV, LLC
Notes Payable
Jan. 1, 2014
Financial Guarantee
Parent Issuer
Roaring River IV, Holding LLC
Notes Payable
Jan. 1, 2014
Financial Guarantee
Parent Issuer
Roaring River IV, LLC
Notes Payable
Jan. 15, 2014
Financial Guarantee
Parent Issuer
Langhorne I, LLC
Notes Payable
Dec. 31, 2017
Financial Guarantee
Parent Issuer
Voya Financial, Inc. / Security Life of Denver Insurance Company
Notes Payable
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maintenance and reimbursement agreements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 565,000,000 
 
 
 
$ 21,000,000 
Minimum Net Capital Required for Entity
 
 
 
 
 
 
 
 
 
 
 
 
 
124,000,000 
 
79,000,000 
45,000,000 
85,000,000 
 
Revolving lines of credit, capacity
6,900,000,000 
 
 
6,200,000,000 
600,000,000 
425,000,000 
300,000,000 
6,600,000,000 
 
5,900,000,000 
475,000,000 
 
 
 
 
 
 
 
 
Notional amount of guarantee obligation
 
 
 
 
 
 
 
 
 
 
 
1,000,000,000 
 
 
 
 
 
 
 
Long-term debt
3,460,000,000 
3,550,000,000 
426,000,000 
 
 
 
 
3,018,000,000 
3,108,000,000 
 
 
 
 
 
 
 
 
 
 
Financial instruments subject to mandatory redemption, settlement terms, share value, par value
 
 
 
 
 
 
 
 
 
 
 
 
$ 13,000,000 
 
 
 
 
 
 
Schedule II - Condensed Financial Information of Parent - Returns of Capital and Dividends (Details) (Parent Issuer, USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
 
 
 
Return of capital contributions and dividends from subsidiaries
$ 1,093 
$ 1,001 
$ 1,709 
Voya Holdings Inc.
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
Return of capital contributions and dividends from subsidiaries
1,020 
916 
1,468 
Return of capital contributions and dividends from subsidiaries, noncash
24 
 
 
Security Life of Denver International Ltd
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
Return of capital contributions and dividends from subsidiaries
0 
30 
0 
Security Life of Denver Insurance Company
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
Return of capital contributions and dividends from subsidiaries
73 
54 
241 
Voya Insurance Management (Bermuda), Ltd (2)
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
Return of capital contributions and dividends from subsidiaries
$ 0 
$ 1 
$ 0 
Schedule II - Condensed Financial Information of Parent - Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Schedule of Deferred Tax Assets and Liabilities [Line Items]
 
 
Deferred income taxes
$ 781.0 
$ 1,570.0 
Parent Issuer
 
 
Schedule of Deferred Tax Assets and Liabilities [Line Items]
 
 
Deferred income taxes
$ 406.0 
$ 527.0 
Schedule III - Supplementary Insurance Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Supplementary Insurance Information, by Segment [Line Items]
 
 
 
DAC and VOBA
$ 3,374 
$ 3,997 
 
Future Policy Benefits and Contract Owner Account Balances
65,805 
64,848 
 
Unearned Premiums
(1)
(1)
 
Net Investment Income
3,294 
3,354 
3,343 
Premiums and Fee Income
4,748 
5,266 
5,024 
Interest Credited and Other Benefits to Contract Owners
4,636 
5,314 
4,698 
Amortization of DAC and VOBA
529 
415 
377 
Other Operating Expenses
2,654 
2,655 
2,684 
Premiums Written (Excluding Life)
1,155 
974 
880 
Retirement
 
 
 
Supplementary Insurance Information, by Segment [Line Items]
 
 
 
DAC and VOBA
882 
1,165 
 
Future Policy Benefits and Contract Owner Account Balances
33,884 
34,024 
 
Unearned Premiums
0 
0 
 
Net Investment Income
1,918 
1,907 
1,819 
Premiums and Fee Income
750 
1,512 
1,350 
Interest Credited and Other Benefits to Contract Owners
1,043 
1,797 
1,425 
Amortization of DAC and VOBA
238 
198 
183 
Other Operating Expenses
1,140 
1,122 
1,156 
Premiums Written (Excluding Life)
0 
0 
0 
Investment Management
 
 
 
Supplementary Insurance Information, by Segment [Line Items]
 
 
 
DAC and VOBA
1 
2 
 
Future Policy Benefits and Contract Owner Account Balances
0 
0 
 
Unearned Premiums
0 
0 
 
Net Investment Income
(33)
(5)
(26)
Premiums and Fee Income
675 
627 
601 
Interest Credited and Other Benefits to Contract Owners
0 
0 
0 
Amortization of DAC and VOBA
3 
3 
4 
Other Operating Expenses
558 
529 
517 
Premiums Written (Excluding Life)
0 
0 
0 
Individual Life
 
 
 
Supplementary Insurance Information, by Segment [Line Items]
 
 
 
DAC and VOBA
2,366 
2,702 
 
Future Policy Benefits and Contract Owner Account Balances
19,801 
19,373 
 
Unearned Premiums
0 
0 
 
Net Investment Income
866 
875 
908 
Premiums and Fee Income
1,695 
1,663 
1,722 
Interest Credited and Other Benefits to Contract Owners
1,963 
2,001 
1,940 
Amortization of DAC and VOBA
266 
181 
157 
Other Operating Expenses
272 
324 
470 
Premiums Written (Excluding Life)
0 
0 
0 
Employee Benefits
 
 
 
Supplementary Insurance Information, by Segment [Line Items]
 
 
 
DAC and VOBA
84 
75 
 
Future Policy Benefits and Contract Owner Account Balances
2,146 
2,099 
 
Unearned Premiums
(1)
(1)
 
Net Investment Income
108 
110 
109 
Premiums and Fee Income
1,663 
1,509 
1,405 
Interest Credited and Other Benefits to Contract Owners
1,293 
1,169 
1,051 
Amortization of DAC and VOBA
11 
16 
21 
Other Operating Expenses
336 
306 
289 
Premiums Written (Excluding Life)
1,155 
974 
880 
Corporate
 
 
 
Supplementary Insurance Information, by Segment [Line Items]
 
 
 
DAC and VOBA
41 
53 
 
Future Policy Benefits and Contract Owner Account Balances
9,974 
9,352 
 
Unearned Premiums
0 
0 
 
Net Investment Income
435 
467 
533 
Premiums and Fee Income
(35)
(45)
(54)
Interest Credited and Other Benefits to Contract Owners
337 
347 
282 
Amortization of DAC and VOBA
11 
17 
12 
Other Operating Expenses
348 
374 
252 
Premiums Written (Excluding Life)
$ 0 
$ 0 
$ 0 
Schedule IV - Reinsurance (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
 
 
 
Life insurance in force, Gross
$ 761,946 
$ 790,570 
$ 799,341 
Life insurance in force, Ceded
575,495 
612,356 
642,890 
Life insurance in force, Assumed
296,751 
318,443 
340,241 
Life insurance in force, Net
483,202 
496,657 
496,692 
Percentage of Assumed to Net, Life insurance in force
61.40% 
64.10% 
68.50% 
Direct premiums
2,606 
3,284 
2,975 
Ceded Premiums
1,677 
1,711 
1,612 
Assumed premiums
1,192 
1,222 
1,191 
Net premiums
2,121 
2,795 
2,554 
Percentage Assumed to Net, Premiums
56.20% 
43.70% 
46.60% 
Individual and group life insurance contracts
 
 
 
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
 
 
 
Direct premiums
1,280 
1,335 
1,351 
Ceded Premiums
1,535 
1,583 
1,476 
Assumed premiums
1,191 
1,221 
1,189 
Net premiums
936 
973 
1,064 
Percentage Assumed to Net, Premiums
127.20% 
125.50% 
111.70% 
Accident and health
 
 
 
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
 
 
 
Direct premiums
1,051 
1,056 
948 
Ceded Premiums
142 
128 
136 
Assumed premiums
1 
1 
2 
Net premiums
910 
929 
814 
Percentage Assumed to Net, Premiums
0.10% 
0.10% 
0.20% 
Annuity Contracts
 
 
 
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items]
 
 
 
Direct premiums
275 
893 
676 
Ceded Premiums
0 
0 
0 
Assumed premiums
0 
0 
0 
Net premiums
$ 275 
$ 893 
$ 676 
Percentage Assumed to Net, Premiums
0.00% 
0.00% 
0.00% 
Schedule V - Valuation and Qualifying Accounts (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Financing Receivable, Allowance for Credit Losses [Roll Forward]
 
 
 
Collective valuation allowance for losses, beginning of period
$ 3 
$ 3 
$ 3 
Allowance for losses on commercial mortgage loans
0 
0 
0 
Collective valuation allowance for losses, end of period
3 
3 
3 
Valuation allowance on deferred tax assets
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Beginning Balance
964 
963 
972 
Charged to Costs and Expenses
(311)
6 
(14)
Write-offs/Payments/Other
0 
(5)
5 
Ending Balance
$ 653 
$ 964 
$ 963