Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2023	Feb. 14, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-35897
Entity Registrant Name	Voya Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1222820
Entity Address, Address Line One	230 Park Avenue,
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10169
City Area Code	212
Local Phone Number	309-8200
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 7.6
Entity Common Stock, Shares Outstanding		101,608,413
Documents Incorporated by Reference	Portions of Voya Financial, Inc.'s Proxy Statement for its 2024 Annual Meeting of Shareholders are incorporated by reference in the Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14.
Amendment Flag	false
Entity Central Index Key	0001535929
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.01 Par Value
Trading Symbol	VOYA
Security Exchange Name	NYSE
Depositary Shares
Document Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th
Trading Symbol	VOYAPrB
Security Exchange Name	NYSE

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Location	San Antonio, Texas
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments:
Short-term investments under securities loan agreements, including collateral delivered	$ 1,015.0	$ 1,179.0
Accrued investment income	411.0	425.0
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $28 and $32 as of 2023 and 2022, respectively)	11,982.0	12,426.0
Deferred policy acquisition costs and Value of business acquired	2,250.0	2,363.0
Deferred income taxes	2,160.0	2,223.0
Goodwill	748.0	327.0
Other Intangible Assets, Net	857.0	631.0
Assets held in separate accounts	93,133.0	80,174.0
Total assets	157,085.0	146,606.0
Liabilities:
Future policy benefits	9,560.0	9,719.0
Contract owner account balances	39,174.0	42,455.0
Payables under securities loan agreement, including collateral held	1,121.0	1,302.0
Short-term debt	1.0	141.0
Long-term debt	2,097.0	2,094.0
Derivatives	371.0	389.0
Liabilities related to separate accounts	93,133.0	80,174.0
Liabilities	151,032.0	141,609.0
Commitments and Contingencies (Note 20)
Redeemable noncontrolling interest	175.0	166.0
Shareholders' equity:
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2023 and 2022)	0.0	0.0
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 103,584,699 and 97,789,852 shares issued as of 2023 and 2022, respectively; 102,854,569 and 97,186,970 shares outstanding as of 2023 and 2022, respectively)	1.0	1.0
Treasury stock (at cost; 730,130 and 602,882 shares as of 2023 and 2022, respectively)	(56.0)	(39.0)
Additional paid-in capital	6,143.0	6,643.0
Accumulated other comprehensive income (loss)	(2,400.0)	(3,055.0)
Retained earnings (deficit):
Unappropriated	505.0	(201.0)
Total Voya Financial, Inc. shareholders' equity	4,193.0	3,349.0
Noncontrolling interest	1,685.0	1,482.0
Total shareholder's equity	5,878.0	4,831.0
Total liabilities and shareholder's equity	157,085.0	146,606.0
Excluding consolidated VIEs
Investments:
Fixed maturities, Available-for-sale	25,375.0	27,044.0
Fixed maturities, at fair value using the fair value option	2,076.0	2,151.0
Equity securities, at fair value	236.0	336.0
Short-term investments	213.0	356.0
Mortgage loans on real estate/ Corporate loans	5,192.0	5,427.0
Policy loans	352.0	363.0
Limited partnerships/corporations	1,621.0	1,781.0
Derivatives	311.0	422.0
Other investments	64.0	68.0
Securities pledged (amortized cost of $1,232 and $1,303 as of 2023 and 2022, respectively)	1,160.0	1,162.0
Total investments	36,600.0	39,110.0
Cash and cash equivalents	937.0	919.0
Other assets	2,372.0	2,625.0
Liabilities:
Other liabilities	2,956.0	2,901.0
VIEs
Investments:
Mortgage loans on real estate/ Corporate loans	1,404.0	1,293.0
Limited partnerships/corporations	2,861.0	2,802.0
Cash and cash equivalents	181.0	88.0
Other assets	174.0	21.0
Liabilities:
Other liabilities	1,287.0	1,200.0
Collateralized loan obligations notes, at fair value using the fair value option	$ 1,332.0	$ 1,234.0

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 27,690	$ 30,202
Fixed maturities, allowance for credit loss	17	12	$ 58	$ 26
Securities pledged, amortized costs	1,232	1,303
Allowance for credit losses on premium receivable reinsurance recoverable	28	32	24	$ 18
Allowance for credit losses on other assets	$ 1	$ 1	$ 0
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, aggregate liquidation preference	$ 625	$ 625
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	103,584,699	97,789,852
Common stock, shares outstanding	102,854,569	97,186,970	107,800,000	124,200,000
Treasury Stock, shares	730,130	602,882

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Net investment income	$ 2,159	$ 2,281	$ 2,774
Fee income	1,916	1,742	1,813
Premiums	2,717	2,423	(3,388)
Net gains (losses)	(72)	(686)	1,415
Other Income	327	148	579
Net investment income	301	22	981
Total revenues	7,348	5,930	4,174
Benefits and expenses:
Policyholder benefits	1,960	1,566	(3,234)
Interest credited to contract owner account balances	1,076	962	1,046
Operating expenses	3,096	2,542	2,586
Net amortization of Deferred policy acquisition costs and Value of business acquired	230	240	456
Interest expense	132	134	186
Operating expenses related to CIEs:, Interest expense	166	49	38
Operating expenses related to CIEs:, Other expense	10	9	11
Total benefits and expenses	6,670	5,502	1,089
Income (loss) from continuing operations before income taxes	678	428	3,085
Income tax expense (benefit)	(51)	(5)	(34)
Income (loss) from continuing operations	729	433	3,119
Income (loss) from discontinued operations, net of tax	0	0	12
Net income (loss)	729	433	3,131
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	104	(77)	761
Net income (loss) available to Voya Financial, Inc.	625	510	2,370
Less: Preferred stock dividends	36	36	36
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$ 589	$ 474	$ 2,334
Net income (loss) per common share:
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$ 5.74	$ 4.70	$ 19.91
Income (loss) available to Voya Financial, Inc.'s common shareholders	5.74	4.70	20.02
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	5.42	4.30	18.46
Income (loss) available to Voya Financial, Inc.'s common shareholders	$ 5.42	$ 4.30	$ 18.56

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 729	$ 433	$ 3,131
Other comprehensive income (loss), before tax:
Change in current discount rate	(33)	290	202
Unrealized gains (losses) on securities	863	(6,445)	(4,153)
Pension and other postretirement benefits liability	(1)	0	(2)
Other comprehensive income (loss), before tax	829	(6,155)	(3,953)
Income tax expense (benefit) related to items of other comprehensive income (loss)	174	(1,293)	(599)
Other comprehensive income (loss), after tax	655	(4,862)	(3,354)
Comprehensive income (loss)	1,384	(4,429)	(223)
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	104	(77)	761
Comprehensive income (loss) attributable to Voya Financial, Inc.	$ 1,280	$ (4,352)	$ (984)

Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Millions	Total	Accounting Standards Update 2018-12	Common Stock	Treasury stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Accounting Standards Update 2018-12	Retained Earnings (Deficit), Unappropriated	Retained Earnings (Deficit), Unappropriated Accounting Standards Update 2018-12	Total Voya Financial, Inc. Shareholders' Equity	Total Voya Financial, Inc. Shareholders' Equity Accounting Standards Update 2018-12	Noncontrolling Interest	Noncontrolling Interest Accounting Standards Update 2018-12
Beginning balance at Dec. 31, 2020	$ 11,178.0		$ 2.0	$ (1,016.0)	$ 11,183.0	$ 4,898.0		$ (4,957.0)		$ 10,110.0		$ 1,068.0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	3,131.0	$ 158.0	0.0	0.0	0.0	0.0	$ 263.0	2,370.0	$ (105.0)	2,370.0	$ 158.0	761.0	$ 0.0
Reversal of Other Comprehensive Income (Loss) due to Individual Life Transaction	(913.0)					(913.0)				(913.0)
Other comprehensive income (loss), after tax	(2,441.0)		0.0	0.0	0.0	(2,441.0)		0.0		(2,441.0)		0.0
Other comprehensive income (loss), after tax	(3,354.0)
Comprehensive income (loss)	(223.0)									(984.0)
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	761.0											761.0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Nonredeemable Noncontrolling Interest	(223.0)
Net consolidations (deconsolidations) of CIEs	8.0		0.0	0.0	0.0	0.0		0.0		0.0		8.0
Common stock issuance	4.0		0.0	0.0	4.0	0.0		0.0		4.0		0.0
Common stock acquired - Share repurchase	(1,113.0)		0.0	(1,143.0)	30.0	0.0		0.0		(1,113.0)		0.0
Treasury stock retirement	(1,521.0)		(1.0)	2,143.0	(3,664.0)	0.0		1,522.0		0.0		0.0
Dividends, Preferred Stock, Cash	(36.0)		0.0	0.0	(36.0)	0.0		0.0		(36.0)		0.0
Dividends on common stock	(80.0)		0.0	0.0	(80.0)	0.0		0.0		(80.0)		0.0
Share-based compensation	41.0		0.0	(64.0)	105.0	0.0		0.0		41.0		0.0
Contributions from (Distributions to) noncontrolling interest, net	(269.0)			0.0	0.0	0.0		0.0		0.0		(269.0)
Ending balance at Dec. 31, 2021	9,668.0		1.0	(80.0)	7,542.0	1,807.0		(1,170.0)		8,100.0		1,568.0
Ending balance at Dec. 31, 2021	0.0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	433.0
Interest in VIM Holdings LLC	412.0				412.0	0.0		0.0		412.0		0.0
Net income (loss)	419.0		0.0	0.0	0.0	0.0		510.0		510.0		(91.0)
Other comprehensive income (loss), after tax	(4,862.0)		0.0	0.0	0.0	(4,862.0)		0.0		(4,862.0)		0.0
Comprehensive income (loss)	(4,429.0)									(4,352.0)
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(77.0)											(91.0)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Nonredeemable Noncontrolling Interest	(4,443.0)
Net consolidations (deconsolidations) of CIEs	3.0		0.0	0.0	0.0	0.0		0.0		0.0		3.0
Common stock issuance	7.0		0.0	0.0	7.0	0.0		0.0		7.0		0.0
Common stock acquired - Share repurchase	(750.0)		0.0	(750.0)	0.0	0.0		0.0		(750.0)		0.0
Treasury stock retirement	(458.0)		0.0	838.0	(1,297.0)	0.0		459.0		0.0		0.0
Dividends, Preferred Stock, Cash	(36.0)		0.0	0.0	(36.0)	0.0		0.0		(36.0)		0.0
Dividends on common stock	(80.0)		0.0	0.0	(80.0)	0.0		0.0		(80.0)		0.0
Share-based compensation	48.0		0.0	(47.0)	95.0	0.0		0.0		48.0		0.0
Contributions from (Distributions to) noncontrolling interest, net	2.0		0.0	0.0	0.0	0.0		0.0		0.0		2.0
Ending balance at Dec. 31, 2022	4,831.0		1.0	(39.0)	6,643.0	(3,055.0)		(201.0)		3,349.0		1,482.0
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity, Interest in VIM Holdings LLC	148.0
Net income (loss)	14.0
Total comprehensive income (loss)	14.0
Contributions from (Distributions to) noncontrolling interest, net	4.0
Ending balance at Dec. 31, 2022	166.0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	729.0
Net income (loss)	695.0		0.0	0.0	0.0	0.0		625.0		625.0		70.0
Other comprehensive income (loss), after tax	655.0		0.0	0.0	0.0	655.0		0.0		655.0		0.0
Comprehensive income (loss)	1,384.0									1,280.0
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	104.0											70.0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Nonredeemable Noncontrolling Interest	1,350.0
Net consolidations (deconsolidations) of CIEs	(7.0)		0.0	0.0	0.0	0.0		0.0		0.0		(7.0)
Common stock acquired - Share repurchase	(374.0)		0.0	(374.0)	0.0	0.0		0.0		(374.0)		0.0
Treasury stock retirement	(186.0)		0.0	412.0	(598.0)	0.0		186.0		0.0		0.0
Dividends, Preferred Stock, Cash	(36.0)		0.0	0.0	(18.0)	0.0		(18.0)		(36.0)		0.0
Dividends on common stock	(125.0)		0.0	0.0	(41.0)	0.0		(84.0)		(125.0)		0.0
Share-based compensation	99.0		0.0	(55.0)	157.0	0.0		(3.0)		99.0		0.0
Contributions from (Distributions to) noncontrolling interest, net	140.0		0.0	0.0	0.0	0.0		0.0		0.0		140.0
Ending balance at Dec. 31, 2023	5,878.0		$ 1.0	$ (56.0)	$ 6,143.0	$ (2,400.0)		$ 505.0		$ 4,193.0		$ 1,685.0
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)	34.0
Total comprehensive income (loss)	34.0
Net consolidations (deconsolidations) of CIEs, Mezzanine Equity	2.0
Contributions from (Distributions to) noncontrolling interest, net	(23.0)
Ending balance at Dec. 31, 2023	$ 175.0

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income (loss)	$ 729	$ 433	$ 3,131
Adjustments to reconcile net income (loss) to net cash proviced by operating activities:
(Income) loss from discontinued operations, net of tax	0	0	(12)
Deferred income tax expense (benefit)	(62)	3	410
Net (gains) losses	72	686	(1,415)
Share-based compensation	126	90	88
(Gains) losses on CIEs	(230)	76	(943)
(Gains) losses on limited partnerships/corporations	33	27	(316)
Change in:
Deferred policy acquisition costs, value of business acquired and sales inducements, net	113	124	353
Premium receivable and reinsurance recoverable	538	278	(1,514)
Other receivables and asset accruals	31	(211)	80
Contract owner accounts, future policy benefits and claims, net	272	337	827
Other payables and accruals	(95)	(279)	690
(Increase) decrease in cash held by CIEs	(98)	(355)	(753)
Other, net	209	143	(354)
Net cash used in operating activities - discontinued operations	0	0	(250)
Net cash (used in) provided by operating activities	1,638	1,352	22
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	6,980	7,900	6,684
Equity securities	139	5	312
Mortgage loans on real estate	600	854	816
Limited partnerships/corporations	470	256	790
Acquisition of:
Fixed maturities	(4,439)	(8,518)	(7,831)
Equity securities	(28)	(76)	(278)
Mortgage loans on real estate	(408)	(669)	(808)
Limited partnerships/corporations	(307)	(353)	(448)
Short-term investments, net	144	(260)	174
Derivatives, net	81	291	2
Sales from CIEs	962	849	1,055
Purchases within CIEs	(1,225)	(2,338)	(2,138)
Collateral received (delivered), net	(19)	54	121
Receipts on deposit asset contracts	253	126	73
Proceeds from sale of business	0	0	274
Payments for business acquisitions, net of cash acquired	(584)	(2)	0
Other, net	(87)	(65)	399
Net cash provided by (used in) investing activities - discontinued operations	0	0	476
Net cash provided by (used in) investing activities	2,532	(1,946)	(327)
Cash Flows from Financing Activities:
Deposits received for investment contracts	2,501	5,818	5,902
Maturities and withdrawals from investment contracts	(6,355)	(6,354)	(6,245)
Proceeds from issuance of long-term debt	388	0	0
Repayment of debt with maturities of more than three months	(541)	(366)	(482)
Borrowings of CIEs	487	1,628	1,523
Repayments of borrowings of CIEs	(687)	(932)	(1,267)
Contributions from (distributions to) participants in CIEs, net	772	1,166	1,601
Proceeds from issuance of common stock, net	0	7	4
Common stock acquired - Share repurchase	(369)	(750)	(1,113)
Dividends paid on preferred stock	(36)	(36)	(36)
Dividends paid on common stock	(127)	(83)	(80)
Other, net	(92)	(70)	(72)
Net cash provided by financing activities - discontinued operations	0	0	0
Net cash provided by (used in) financing activities	(4,059)	28	(265)
Net increase (decrease) in cash and cash equivalents, including cash in CIEs	111	(566)	(570)
Cash and cash equivalents, including cash in CIEs, beginning of period	1,007	1,573	2,143
Cash and cash equivalents, including cash in CIEs, end of period	1,118	1,007	1,573
Supplemental cash flow information:
Income taxes paid	11	14	3
Interest paid	113	131	157
Non-cash investing and financing activities:
Treasury stock retirement	186	458	$ 1,521
Reconciliation of cash and cash equivalents, including cash in CIEs:
Total cash and cash equivalents, including cash in CIEs	1,118	1,007
Excluding consolidated VIEs
Reconciliation of cash and cash equivalents, including cash in CIEs:
Cash and cash equivalents	937	919
VIEs
Reconciliation of cash and cash equivalents, including cash in CIEs:
Cash and cash equivalents	$ 181	$ 88

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Dividends paid on common stock	$ 2	$ 3

Business, Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Business, Basis of Presentation and Significant Accounting Policies

Future Adoption of Accounting Pronouncements

The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted:


Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2023-09, Improvements to Income Tax Disclosures	This standard, issued in December 2023, requires the following disclosures: •A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold. •Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold.	The amendments are effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application permitted.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-09.
ASU 2023-07, Improvements to Reportable Segment Disclosure	This standard, issued in November 2023, requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses, including: •Significant expenses regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of profit/loss •Amount and composition of “other segment items” (difference between revenue less significant expenses disclosed, and each reported measure of segment profit/loss) •May report additional measures of profit/loss if the CODM uses more than one measure; however, at least one should be the measure that is most consistent with the principles used in measuring corresponding financial statement amounts •Title and position of the CODM and how the CODM uses the reported measure(s) in assessing segment performance and resource allocation	The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-07.


Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.	The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03; however, the Company does not expect the adoption to have a material impact on the Company's financial condition and results of operations.

Business Description and Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies

Business

Voya Financial, Inc. and its subsidiaries (collectively the "Company") is a financial services organization that offers a broad range of retirement services, investment management services, mutual funds, group insurance and supplemental health products, primarily in the United States. Products and services are provided by the Company through three segments: Wealth Solutions, Health Solutions and Investment Management. Activities not directly related to the Company's segments and certain run-off activities that are not meaningful to the Company's business strategy are included within Corporate. See the Segments Note to these Consolidated Financial Statements.

On July 25, 2022, the Company completed a series of transactions pursuant to a Combination Agreement dated as of June 13, 2022 (the "AllianzGI Agreement") with Voya Investment Management LLC ("Voya IM") and VIM Holdings LLC ("VIM Holdings"), both indirect subsidiaries of the Company, Allianz SE ("Allianz") and Allianz Global Investors U.S. LLC ("AllianzGI"), an indirect subsidiary of Allianz, which combined Voya IM with assets and teams comprising specified transferred strategies managed by AllianzGI. The AllianzGI Agreement was executed for noncash consideration and accounted for under the acquisition method of accounting. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values as of the closing date. Following the transaction, the Company holds, indirectly, a 76% interest in VIM Holdings and has full operational control of the business, while Allianz holds, indirectly, the remaining 24%. The transaction increased Voya IM's assets under management ("AUM") by approximately 40%. The acquisition has increased Voya IM's international scale and distribution and provides it with new investment strategies that help us meet the needs of a larger and more global client base.

On November 1, 2022, Voya Investment Management Alternative Assets, LLC ("VIMAA"), one of the Company’s indirect subsidiaries, acquired all of the issued and outstanding equity interests of Czech Asset Management, L.P., a private credit asset manager dedicated to the U.S. middle market pursuant to a sale and purchase agreement ("SPA") entered into on August 1, 2022, with Czech Management GP, LLC, Czech Holdings, LLC and Stephen J. Czech. The purchase consideration for the acquisition included cash paid upon close and contingent consideration. The contingent consideration is based on revenues that will be earned during the earn out period and capital raised in the underlying funds and is subject to conditions as set forth in the SPA. The acquisition expanded VIMAA's private and leveraged credit business and increased the Company's AUM by approximately $1.4 billion.

On January 24, 2023, the Company acquired all outstanding shares of Benefitfocus, Inc. ("Benefitfocus"), pursuant to an agreement and plan of merger (the "Merger Agreement") entered into on November 1, 2022. The acquisition expands the Company’s capacity to meet the growing demand for comprehensive benefits and savings solutions and increases its ability to deliver innovative solutions for employers and health plans. The total purchase consideration for the acquisition was $595, of which $583 was paid in cash ($558 paid by the Company and $25 of the cash acquired was used to fund the transaction). Net assets acquired as part of this transaction included cash of $49, goodwill of $319, intangible assets of $275, deferred tax assets of $45 and assumed lease liabilities of $91. This represents the best estimate of fair value of net assets acquired at the transaction date and will continue to be revised during the remeasurement period as further information becomes available. Intangible assets primarily include customer relationships of $190 with a useful life of 15 years, and software of $70 with a useful life of 5 years. The estimated amortization expense of the acquired intangible assets for the next five years is approximately $29 annually. The revenues, expenses, assets and liabilities of the business acquired are reported in the Health Solutions segment.

On August 1, 2023, the Company acquired all remaining equity interest in VFI SLK Global Services Private Limited previously held by SLK Software Private Limited ("SLK") and renamed the entity as Voya Global Services Private Limited ("Voya India"). Voya India was a private limited company in India formed pursuant to a joint venture agreement between the Company and SLK on August 1, 2019, with the Company and SLK holding 49% and 51% of ownership shares, respectively. The purpose of Voya India is to provide technology and business operation services to the Company. As a result of the acquisition, Voya India has become a wholly owned subsidiary of the Company and provides the Company with improved strategic and operational flexibility.

As part of the purchase consideration, an upfront payment of approximately $53 was made at closing. The Company recorded a gain of $45 in relation to revaluation of the existing investment in Voya India which was recorded in Net gains (losses) in the Consolidated Statements of Operations for the year ended December 31, 2023. Net assets acquired as part of this transaction included goodwill of $102. The revenues, expenses, assets and liabilities of the business acquired are reported in Corporate. Intercompany balances between Voya India and other Voya subsidiaries are eliminated in the Consolidated Financial Statements.

Investments (excluding Consolidated Investment Entities)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments (excluding Consolidated Investment Entities)

Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of December 31, 2023:


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	417	$	7	$	21	$	—	$	—	$	403
U.S. Government agencies and authorities	54		3		1		—		—		56
State, municipalities and political subdivisions	871		1		101		—		—		771
U.S. corporate public securities	8,402		168		904		—		—		7,666
U.S. corporate private securities	5,040		44		324		—		—		4,760
Foreign corporate public securities and foreign governments(1)	2,928		47		270		—		3		2,702
Foreign corporate private securities(1)	2,916		27		129		—		2		2,812
Residential mortgage-backed securities	3,695		36		257		2		—		3,476
Commercial mortgage-backed securities	4,147		1		644		—		9		3,495
Other asset-backed securities	2,528		16		71		—		3		2,470
Total fixed maturities, including securities pledged	30,998		350		2,722		2		17		28,611
Less: Securities pledged	1,232		—		72		—		—		1,160
Total fixed maturities	$	29,766	$	350	$	2,650	$	2	$	17	$	27,451

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations.

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2022:


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	590	$	12	$	21	$	—	$	—	$	581
U.S. Government agencies and authorities	58		3		2		—		—		59
State, municipalities and political subdivisions	978		1		134		—		—		845
U.S. corporate public securities	9,343		97		1,239		—		—		8,201
U.S. corporate private securities	5,087		14		409		—		—		4,692
Foreign corporate public securities and foreign governments(1)	3,343		18		403		—		9		2,949
Foreign corporate private securities(1)	3,254		7		225		—		2		3,034
Residential mortgage-backed securities	4,230		34		290		3		—		3,977
Commercial mortgage-backed securities	4,466		2		585		—		—		3,883
Other asset-backed securities	2,307		3		173		—		1		2,136
Total fixed maturities, including securities pledged	33,656		191		3,481		3		12		30,357
Less: Securities pledged	1,303		3		144		—		—		1,162
Total fixed maturities	$	32,353	$	188	$	3,337	$	3	$	12	$	29,195

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations.

The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2023, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.


	Amortized Cost		Fair Value
Due to mature:
One year or less	$	767	$	754
After one year through five years	3,952		3,820
After five years through ten years	3,920		3,805
After ten years	11,989		10,791
Mortgage-backed securities	7,842		6,971
Other asset-backed securities	2,528		2,470
Fixed maturities, including securities pledged	$	30,998	$	28,611

As of December 31, 2023 and 2022, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholders' equity.

Repurchase Agreements and Securities Pledged

As of December 31, 2023 and 2022, the Company did not have any securities pledged in dollar rolls or reverse repurchase agreements.

The Company engages in securities lending whereby the initial collateral is required at a rate of at least 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. Securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools.

The following table presents Securities pledged as of the dates indicated:


	December 31, 2023		December 31, 2022
Securities pledged/obligations under repurchase agreements(1)	$	117	$	113
Securities loaned to lending agent(2)	842		907
Securities pledged as collateral(2)(3)	201		142
Total	$	1,160	$	1,162

(1) Comprised of other asset-backed securities and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.

(2) Included in Securities pledged on the Consolidated Balance Sheets.

(3) See Collateral within the Derivatives Note to these Consolidated Financial Statements for more information.

The following table presents collateral held by asset class pledged under securities lending as of the dates indicated:


	December 31, 2023		December 31, 2022
U.S. Treasuries	$	14	$	53

U.S. corporate public securities	568		604

Short-term investments	55		—
Foreign corporate public securities and foreign governments	238		285
Total(1)	$	875	$	942

(1) As of December 31, 2023 and 2022, liabilities to return cash collateral were $660 and $807, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.

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


Allowance for credit losses

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
	Year Ended December 31, 2023
	U.S. corporate public securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	—	$	—	$	9	$	2	$	1	$	12
Credit losses on securities for which credit losses were not previously recorded	—		9		—		—		2		11

Reductions for securities sold during the period	—		—		(5)		—		—		(5)


Increase (decrease) on securities with allowance recorded in previous period	—		—		(1)		—		—		(1)


Balance as of December 31	$	—	$	9	$	3	$	2	$	3	$	17


	Year Ended December 31, 2022
	Residential mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	1	$	—	$	56	$	1	$	58
Credit losses on securities for which credit losses were not previously recorded	—		9		—		—		9

Reductions for securities sold during the period	—		—		(57)		—		(57)


Increase (decrease) on securities with allowance recorded in previous period	(1)		—		3		—		2


Balance as of December 31	$	—	$	9	$	2	$	1	$	12

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements.

Unrealized Capital Losses

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:


	As of December 31, 2023
	Twelve Months or Less 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
U.S. Treasuries	$	99	$	3			$	109	$	18	$	208	$	21
U.S. Government agencies and authorities	—		—				3		1		3		1
State, municipalities and political subdivisions	20		—				731		101		751		101
U.S. corporate public securities	321		17				5,101		887		5,422		904
U.S. corporate private securities	176		7				3,365		317		3,541		324
Foreign corporate public securities and foreign governments	82		2				1,749		268		1,831		270
Foreign corporate private securities	189		5				2,101		124		2,290		129
Residential mortgage-backed	114		3				1,354		254		1,468		257
Commercial mortgage-backed	84		2				3,269		642		3,353		644
Other asset-backed	136		3				1,156		68		1,292		71
Total	$	1,221	$	42			$	18,938	$	2,680	$	20,159	$	2,722


	As of December 31, 2022
	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
U.S. Treasuries	$	197	$	19		$	9	$	2		$	206	$	21
U.S. Government agencies and authorities	21		2			—		—			21		2
State, municipalities and political subdivisions	751		121			30		13			781		134
U.S. corporate public securities	5,479		792			1,137		447			6,616		1,239
U.S. corporate private securities	3,569		322			458		87			4,027		409
Foreign corporate public securities and foreign governments	2,050		260			391		143			2,441		403
Foreign corporate private securities	2,728		211			65		14			2,793		225
Residential mortgage-backed	1,538		128			562		162			2,100		290
Commercial mortgage-backed	2,628		390			1,133		195			3,761		585
Other asset-backed	1,430		104			578		69			2,008		173
Total	$	20,391	$	2,349		$	4,363	$	1,132		$	24,754	$	3,481

As of December 31, 2023, the average duration of our fixed maturities portfolio, including securities pledged, is between 6.5 and 7 years.

As of December 31, 2023 and 2022, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Evaluating Securities for Impairments

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

For the years ended December 31, 2023, 2022 and 2021, intent impairments included in the Consolidated Statements of Operations, but excluding impairments included in Other comprehensive income (loss), were $27, $23 and $2, respectively.

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

Debt Restructuring

Upon the adoption of ASU 2022-02 as of January 1, 2023, the Company no longer identifies certain debt modifications as troubled debt restructuring, but instead evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the year ended December 31, 2023, the Company had no material debt modifications that require such disclosure.

Mortgage Loans on Real Estate

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

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

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	150	$	222	$	—	$	—	$	—	$	372
2022	252		326		73		—		—		651
2021	244		214		209		—		—		667
2020	168		112		—		10		16		306
2019	238		68		28		—		—		334
Prior	2,586		280		4		—		18		2,888

Total	$	3,638	$	1,222	$	314	$	10	$	34	$	5,218

	As of December 31, 2022
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2022	$	250	$	320	$	65	$	—	$	—	$	635
2021	240		272		255		10		—		777
2020	119		209		25		10		—		363
2019	227		94		29		—		—		350
2018	163		41		2		—		—		206
Prior	2,606		482		26		—		—		3,114
Total	$	3,605	$	1,418	$	402	$	20	$	—	$	5,445

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	189	$	116	$	67	$	—	$	372
2022	204		68		192		187		651
2021	260		14		64		329		667
2020	211		24		21		50		306
2019	203		26		84		21		334
Prior	2,216		264		255		153		2,888

Total	$	3,283	$	512	$	683	$	740	$	5,218
*No commercial mortgage loans were secured by land or construction loans


	As of December 31, 2022
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2022	$	331	$	100	$	181	$	23	$	635
2021	273		33		269		202		777
2020	259		11		11		82		363
2019	222		54		67		7		350
2018	128		27		51		—		206
Prior	2,172		454		226		262		3,114
Total	$	3,385	$	679	$	805	$	576	$	5,445
*No commercial mortgage loans were secured by land or construction loans

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2023	$	69	$	77	$	12	$	101	$	39	$	42	$	3	$	26	$	3	$	372
2022	140		132		47		100		113		93		5		1		20		651
2021	96		63		124		148		111		75		9		40		1		667
2020	63		155		17		10		12		26		—		7		16		306
2019	53		100		10		74		45		4		14		13		21		334
Prior	734		605		765		189		214		171		47		144		19		2,888

Total	$	1,155	$	1,132	$	975	$	622	$	534	$	411	$	78	$	231	$	80	$	5,218

	As of December 31, 2022
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2022	$	140	$	129	$	48	$	98	$	114	$	82	$	4	$	1	$	19	$	635
2021	99		72		134		143		112		138		9		48		22		777
2020	74		170		18		16		12		39		—		7		27		363
2019	58		106		10		77		46		5		14		13		21		350
2018	50		62		55		10		14		10		—		5		—		206
Prior	777		623		759		248		227		257		49		149		25		3,114
Total	$	1,198	$	1,162	$	1,024	$	592	$	525	$	531	$	76	$	223	$	114	$	5,445

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	125	$	164	$	33	$	18	$	32	$	—	$	—	$	372
2022	79		263		255		34		10		10		—		651
2021	36		145		335		123		—		18		10		667
2020	57		49		72		128		—		—		—		306
2019	45		82		160		36		11		—		—		334
Prior	780		755		618		463		60		163		49		2,888


Total	$	1,122	$	1,458	$	1,473	$	802	$	113	$	191	$	59	$	5,218







	As of December 31, 2022
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2022	$	79	$	255	$	247	$	34	$	10	$	10	$	—	$	635
2021	37		168		420		125		—		18		9		777
2020	58		61		93		151		—		—		—		363
2019	46		85		165		40		14		—		—		350
2018	37		84		56		12		—		17		—		206
Prior	888		757		679		513		69		156		52		3,114

Total	$	1,145	$	1,410	$	1,660	$	875	$	93	$	201	$	61	$	5,445

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:


	December 31, 2023		December 31, 2022
Allowance for credit losses, balance at January 1	$	18	$	15
Credit losses on mortgage loans for which credit losses were not previously recorded	2		3


Increase (decrease) on mortgage loans with allowance recorded in previous period	9		—
Provision for expected credit losses	29		18
Write-offs	(3)		—

Allowance for credit losses, end of period	$	26	$	18

The following table presents past due commercial mortgage loans as of the dates indicated:


	December 31, 2023		December 31, 2022
Delinquency:
Current	$	5,202	$	5,445
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	16		—
Total	$	5,218	$	5,445

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of December 31, 2023, the Company had one loan in non-accrual status, with an LTV ratio of 100%. As of December 31, 2022, the Company had no commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the year ended December 31, 2023 was immaterial. There was no interest income recognized on loans in non-accrual status for the year ended December 31, 2022.

Net Investment Income

The following table summarizes Net investment income by investment type for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Fixed maturities	$	1,766	$	1,940	$	1,996
Equity securities	21		12		20
Mortgage loans on real estate	249		237		247
Policy loans	20		21		23
Short-term investments and cash equivalents	39		13		8
Limited partnerships and other	135		118		548
Gross investment income	2,230		2,341		2,842
Less: Investment expenses	71		60		68
Net investment income	$	2,159	$	2,281	$	2,774

For the years ended December 31, 2023 and 2022, the Company had $10 and $11, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

Net Gains (Losses)

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

Net gains (losses) were as follows for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Fixed maturities, available-for-sale, including securities pledged	$	(31)	$	(30)	$	1,791
Fixed maturities, at fair value option	(100)		(920)		(717)
Equity securities, at fair value	3		(39)		9
Derivatives	29		305		19
Embedded derivatives - fixed maturities	(1)		(9)		(8)
Other derivatives	—		—		1
Standalone derivatives	—		(12)		2
Managed custody guarantees	(2)		(5)		3
Stabilizer	(1)		19		30
Mortgage loans	(12)		—		182
Other investments	43		5		103
Net gains (losses)	$	(72)	$	(686)	$	1,415

The Company recorded a gain of $45 in relation to its revaluation of the existing investment in Voya India which was recorded in Net gains (losses) in the Consolidated Statements of Operations for the year ended December 31, 2023.

Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Proceeds on sales	$	5,393	$	5,448	$	12,198
Gross gains	69		100		1,769
Gross losses	78		109		9

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company primarily enters into the following types of derivatives:

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

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

Total return swaps: The Company uses total return swaps as a hedge of interest related risks within various Legacy Annuity and Retirement products. Total return swaps are also used as a hedge of other corporate liabilities. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic performance of

assets or a market index and a fixed or variable funding multiplied by reference to an agreed upon notional amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships.

Futures: Futures contracts are used to hedge against a decrease in certain equity indices. 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.

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

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company's derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of December 31, 2023 and 2022.

The notional amounts and fair values of derivatives were as follows as of the dates indicated:


	December 31, 2023						December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges:
Foreign exchange contracts	$	98	$	—	$	4	$	81	$	—	$	6
Cash flow hedges:
Interest rate contracts	12		—		—		22		—		—
Foreign exchange contracts	718		33		7		718		71		2


Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	16,773		270		354		18,304		341		376
Foreign exchange contracts	183		4		2		160		9		2
Equity contracts	255		4		2		248		1		1
Credit contracts	137		—		2		174		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		2		—		N/A		3		—

Within reinsurance agreements(4)	N/A		61		49		N/A		95		46
Managed custody guarantees(3)	N/A		—		8		N/A		—		6
Stabilizers(3)	N/A		—		1		N/A		—		—
Total			$	374	$	429			$	520	$	441

(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Consolidated Balance Sheets.

(2) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.

(3) Included in Contract owner account balances on the Consolidated Balance Sheets.

(4) Included in Other liabilities, Other assets, and Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets.

N/A - Not applicable

The Company does not offset any derivative assets and liabilities in the Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:


	Gross Amount Recognized(1)		Counterparty Netting(2)		Cash Collateral Netting(2)		Securities Collateral Netting(2)		Net receivables/ payables
December 31, 2023
Derivative assets	$	311	$	(216)	$	(76)	$	(8)	$	11
Derivative liabilities	370		(216)		(150)		(3)		1

December 31, 2022
Derivative assets	420		(295)		(64)		(6)		55
Derivative liabilities	389		(295)		(88)		(1)		5

(1) As of December 31, 2023, gross amounts exclude asset and liability exchange traded contracts of $0 and $1, respectively. As of December 31, 2022, gross amounts exclude asset and liability exchange traded contracts of $2 and $0, respectively.

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

Collateral

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

As of December 31, 2023, the Company held $84 and pledged $147 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2022, the Company held $56 and $79 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2023, the Company delivered $201 of securities and held $11 of securities as collateral. As of December 31, 2022, the Company delivered $142 of securities and held $7 securities as collateral.

The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated:


	Year Ended December 31,
	2023				2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts

Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income		Net investment income and Net gains (losses)		Net investment income		Net investment income and Net gains (losses)		Net investment income		Net investment income and Net gains (losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(43)	$	(2)	$	70	$	(1)	$	39
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		10		—		11		—		4

The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:


	Year Ended December 31,
	2023				2022					2021
	Net investment Income		Net gains (losses)			Net investment Income		Net gains (losses)			Net investment Income		Net gains (losses)
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded	$	2,159	$	(72)		$	2,281	$	(686)		$	2,774	$	1,415

Fair value hedges:
Foreign exchange contracts:
Hedged items	—		3			—		(6)			—		(5)
Derivatives designated as hedging instruments(1)	—		(1)			—		7			—		5
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	10		—			11		—			9		(5)

(1) For the years ended December 31, 2023 and 2022, $2 and $1, respectively, of the change in derivative instruments designated and qualifying as fair value hedges were excluded from the assessment of hedge effectiveness and recognized currently in earning. An immaterial portion of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings for the year ended December 31, 2021.

The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations are as follows for the periods indicated:
















	Location of Gain (Loss) Recognized on Derivative	Year Ended December 31,
		2023		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	15	$	334	$	4
Foreign exchange contracts	Net gains (losses)	—		(1)		(4)
Equity contracts	Net gains (losses)	14		(32)		17
Credit contracts	Net gains (losses)	1		(3)		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		(9)		(8)

Within reinsurance agreements(1)	Policyholder benefits	(37)		217		77
Managed custody guarantees	Net gains (losses)	(2)		(5)		3
Stabilizers	Net gains (losses)	(1)		19		30
Total		$	(11)	$	520	$	121

(1) For the years ended December 31, 2023, 2022, and 2021, the amount excludes gains (losses) from standalone derivatives of $0, $(12), and $2, respectively, recognized in Net gains (losses).

Fair Value Measurements (excluding Consolidated Investment Entities)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements (excluding Consolidated Investment Entities)

Fair Value Measurement

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:


	Level 1		Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	346	$	57		$	—		$	403
U.S. Government agencies and authorities	—		55			1			56
State, municipalities and political subdivisions	—		771			—			771
U.S. corporate public securities	—		7,648			18			7,666
U.S. corporate private securities	—		3,234			1,526			4,760
Foreign corporate public securities and foreign governments(1)	—		2,702			—			2,702
Foreign corporate private securities(1)	—		2,376			436			2,812
Residential mortgage-backed securities	—		3,419			57			3,476
Commercial mortgage-backed securities	—		3,495			—			3,495
Other asset-backed securities	—		2,418			52			2,470
Total fixed maturities, including securities pledged	346		26,175			2,090			28,611
Equity securities	140		—			96			236
Derivatives:
Interest rate contracts	7		263			—			270
Foreign exchange contracts	—		37			—			37
Equity contracts	—		4			—			4

Embedded derivative on reinsurance	—		61			—			61
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,148		17			—			2,165
Assets held in separate accounts	87,180		5,605			348			93,133
Total assets	$	89,821	$	32,162		$	2,534		$	124,517
Liabilities:
Contingent consideration	$	—	$	—		$	51		$	51
Stabilizer and MCGs	—		—			9			9
Derivatives:
Interest rate contracts	—		354			—			354
Foreign exchange contracts	—		13			—			13
Equity contracts	—		2			—			2
Credit contracts	—		2			—			2
Embedded derivative on reinsurance	—		(9)		(2)	58		(3)	49
Total liabilities	$	—	$	362		$	118		$	480

(1) Primarily U.S. dollar denominated.

(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.

(3) Represents the standalone derivative.

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2022:


	Level 1		Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	433	$	148		$	—		$	581
U.S. Government agencies and authorities	—		58			1			59
State, municipalities and political subdivisions	—		845			—			845
U.S. corporate public securities	—		8,181			20			8,201
U.S. corporate private securities	—		2,891			1,801			4,692
Foreign corporate public securities and foreign governments(1)	—		2,946			3			2,949
Foreign corporate private securities(1)	—		2,602			432			3,034
Residential mortgage-backed securities	—		3,949			28			3,977
Commercial mortgage-backed securities	—		3,883			—			3,883
Other asset-backed securities	—		2,072			64			2,136
Total fixed maturities, including securities pledged	433		27,575			2,349			30,357
Equity securities	140		—			196			336
Derivatives:
Interest rate contracts	2		339			—			341
Foreign exchange contracts	—		80			—			80
Equity contracts	—		1			—			1

Embedded derivative on reinsurance	—		95			—			95
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,430		24			—			2,454
Assets held in separate accounts	74,600		5,227			347			80,174
Total assets	$	77,605	$	33,341		$	2,892		$	113,838
Liabilities:
Contingent consideration	$	—	$	—		$	112		$	112



Stabilizer and MCGs	—		—			6			6

Derivatives:
Interest rate contracts	3		373			—			376
Foreign exchange contracts	—		10			—			10
Equity contracts	—		1			—			1
Credit contracts	—		2			—			2
Embedded derivative on reinsurance	—		(12)		(2)	58		(3)	46
Total liabilities	$	3	$	374		$	176		$	553

(1) Primarily U.S. dollar denominated.

(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.

(3) Represents the standalone derivative.

Valuation of Financial Assets and Liabilities at Fair Value

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

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

When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below.

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

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

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

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

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

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

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

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

Equity securities: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers.

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

Contingent consideration: The fair value of the contingent consideration liability associated with the Company’s acquisitions uses unobservable inputs and as such are reported as Level 3. Unobservable inputs include projected revenues, duration of earnouts and other metrics as well as discount rate. Changes in the fair value of the contingent consideration are recorded in Operating expenses in the Company’s Consolidated Statements of Operations.

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

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

Embedded derivatives on reinsurance: The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2. The remaining derivative instruments are classified as Level 3 and are estimated using the income approach. The fair value is calculated by estimating future cash flows for a

certain discrete projection period, estimating the terminal value, if appropriate, and discounting these amounts to present value at a rate of return that considers the relative risk of the cash flows and the time value of money.

Level 3 Financial Instruments

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.

Significant Unobservable Inputs

The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices.

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated:


	Year Ended December 31, 2023
	Fair Value as of January 1		Realized/ Unrealized Gains (Losses) Included in:					Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income			OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	1	$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	—
U.S. corporate public securities	20		1			—		—		—		—		—		—		(3)		18		—		—
U.S. corporate private securities	1,801		1			22		142		—		(4)		(219)		79		(296)		1,526		1		19
Foreign corporate public securities and foreign governments(1)	3		—			—		—		—		—		—		—		(3)		—		—		—
Foreign corporate private securities(1)	432		3			9		129		—		(14)		(167)		51		(7)		436		3		8
Residential mortgage-backed securities	28		(4)			—		31		—		—		—		2		—		57		(3)		—

Other asset-backed securities	64		—			1		15		—		(2)		(4)		—		(22)		52		—		—
Total fixed maturities including securities pledged	2,349		1			32		317		—		(20)		(390)		132		(331)		2,090		1		27

Equity securities, at fair value	196		(3)			—		3		—		—		(100)		—		—		96		(3)		—
Contingent consideration	(112)		61		(5)	—		—		—		—		—		—		—		(51)		—		—



Stabilizer and MCGs(2)	(6)		(1)			—		—		(2)		—		—		—		—		(9)		—		—


Embedded derivatives on reinsurance	(58)		—			—		—		—		—		—		—		—		(58)		—		—

Assets held in separate accounts(4)	347		1			—		8		—		(21)		—		14		(1)		348		—		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations.

(3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Consolidated Statements of Comprehensive Income.

(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income 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.

(5) Represents the reduction in expected earn out associated with a prior acquisition within the Investment Management segment. This change is included within Operating expenses in the Consolidated Statements of Operations.


	Year Ended December 31, 2022
	Fair Value as of January 1		Realized/ Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	1	$	—	$	—
U.S. corporate public securities	16		—		(1)		11		—		—		—		—		(6)		20		—		(1)
U.S. corporate private securities	1,910		(3)		(364)		342		—		—		(219)		145		(10)		1,801		(3)		(361)
Foreign corporate public securities and foreign governments(1)	—		—		—		3		—		—		—		—		—		3		—		—
Foreign corporate private securities(1)	353		(23)		(40)		158		—		—		(50)		148		(114)		432		(4)		(40)
Residential mortgage-backed securities	43		(20)		—		7		—		—		—		—		(2)		28		(20)		—

Other asset-backed securities	44		(1)		(4)		62		—		(29)		(8)		—		—		64		(1)		(4)
Total fixed maturities including securities pledged	2,366		(47)		(409)		583		—		(29)		(277)		294		(132)		2,349		(28)		(406)

Equity securities, at fair value	203		(34)		—		27		—		—		—		—		—		196		(34)		—
Contingent consideration	(11)		(2)		—		—		(99)		—		—		—		—		(112)		—		—
Stabilizer and MCGs(2)	(20)		16		—		—		(2)		—		—		—		—		(6)		—		—
Embedded derivatives on reinsurance .	(87)		(12)		—		—		—		—		41		—		—		(58)		—		—

Assets held in separate accounts(4)	316		(35)		—		191		—		(27)		—		6		(104)		347		—		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations.

(3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Consolidated Statements of Comprehensive Income.

(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

For the years ended December 31, 2023 and 2022, the transfers in and out of Level 3 for fixed maturities were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

Other Financial Instruments

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Consolidated Balance Sheets. ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	28,611	$	28,611	$	30,357	$	30,357
Equity securities	236		236		336		336
Mortgage loans on real estate	5,218		4,941		5,445		5,149
Policy loans	352		352		363		363
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	2,165		2,165		2,454		2,454
Derivatives	311		311		422		422
Embedded derivatives on reinsurance	61		61		95		95
Other investments	64		64		68		68
Assets held in separate accounts	93,133		93,133		80,174		80,174
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	$	32,848	$	34,856	$	35,707	$	36,385
Funding agreements with fixed maturities	1,175		1,178		1,285		1,281
Supplementary contracts, immediate annuities and other	628		571		727		636
Stabilizer and MCGs	9		9		6		6





Derivatives	371		371		389		389
Embedded derivatives on reinsurance	49		49		46		46
Short-term debt	1		1		141		142
Long-term debt	2,097		1,998		2,094		1,935

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

The following table presents the classification of financial instruments which are not carried at fair value on the Consolidated Balance Sheets:


Financial Instrument			Classification
Mortgage loans on real estate			Level 3
Policy loans			Level 2


Other investments			Level 2
Funding agreements without fixed maturities and deferred annuities			Level 3
Funding agreements with fixed maturities			Level 2
Supplementary contracts and immediate annuities			Level 3
Short-term debt and Long-term debt			Level 2

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Deferred Policy Acquisition Costs and Value of Business Acquired

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Deferred Policy Acquisition Costs and Value of Business Acquired

The following tables present a rollforward of DAC and VOBA for the periods indicated:



	DAC				VOBA
	Wealth Solutions Deferred and Individual Annuities		Businesses exited
Balance as of January 1, 2021	$	690	$	1,290	$	705
Deferrals of commissions and expenses	61		1		6
Amortization expense	(60)		(133)		(238)
Balance as of December 31, 2021	$	691	$	1,158	$	473
Deferrals of commissions and expenses	59		—		5
Amortization expense	(59)		(115)		(39)
Balance as of December 31, 2022	$	691	$	1,043	$	439
Deferrals of commissions and expenses	59		—		4
Amortization expense	(55)		(105)		(37)
Balance as of December 31, 2023	$	695	$	938	$	406

The following table shows a reconciliation of DAC and VOBA balances to the Consolidated Balance Sheets for the periods indicated:


	December 31, 2023		December 31, 2022
DAC:
Wealth Solutions Deferred and Individual Annuities	$	695	$	691
Businesses exited	938		1,043
Other(1)	211		190
VOBA	406		439
Total	$	2,250	$	2,363

(1)Substantially all of this balance is comprised of the Health Solutions segment.

There was no loss recognition for VOBA during 2023 and 2022. During 2021, the Company recorded loss recognition of $179 for VOBA, recorded in Net amortization of DAC/VOBA.

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
2024	$	32
2025	30
2026	27
2027	25
2028	23

Reserves for Future Policy Benefits and Contract Owner Account Balances

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Reserves for Future Policy Benefits and Contract Owner Account Balances

Health Solutions Group products include long duration supplemental term life, accidental death and dismemberment insurance, as well as long term and short term disability benefits. Health Solutions Voluntary products include long duration whole life insurance, critical illness, and accident insurance. The balances and changes in the liability for future policy benefits for Health Solutions Group, Health Solutions Voluntary and Businesses Exited are presented in the tables below as of December 31, 2023 and 2022:


	Health Solutions Group				Health Solutions Voluntary				Businesses Exited
	2023		2022		2023		2022		2023		2022
Present Value of Expected Net Premiums:
Balance at January 1	$	77	$	93	$	97	$	105	$	4,244	$	5,634
Beginning balance at original discount rate	84		85		100		92		4,128		4,226
Effect of change in cash flow assumptions	(6)		(7)		6		—		(921)		(69)
Effect of actual variances from expected experience	11		23		8		20		(91)		86
Adjusted balance at January 1	89		101		114		112		3,116		4,243
Interest accrual	2		2		4		4		196		230
Net premiums collected(1)	(20)		(19)		(16)		(16)		(320)		(345)
Ending balance at original discount rate	71		84		102		100		2,992		4,128
Effects of changes in discount rate assumptions	(3)		(7)		(1)		(3)		153		116
Balance at end of period	$	68	$	77	$	101	$	97	$	3,145	$	4,244


Present Value of Expected Future Policy Benefits:
Balance at January 1	$	881	$	1,048	$	285	$	359	$	8,639	$	11,444
Beginning balance at original discount rate	913		952		294		290		8,644		9,079
Effect of change in cash flow assumptions	(8)		(43)		13		(2)		(805)		(77)
Effect of actual variances from expected experience	(16)		(27)		9		11		(123)		(52)
Adjusted balance at January 1	889		882		316		299		7,716		8,950
Issuances	136		139		—		—		17		13
Interest accrual	24		25		14		14		412		458
Benefit payments	(131)		(133)		(23)		(19)		(741)		(777)
Ending balance at original discount rate	918		913		307		294		7,404		8,644
Effects of changes in discount rate assumptions	(19)		(32)		—		(9)		134		(5)
Balance at end of period	$	899	$	881	$	307	$	285	$	7,538	$	8,639


Net liability for future policy benefits	$	831	$	804	$	206	$	188	$	4,392	$	4,395
Less: Reinsurance recoverable	315		283		—		—		4,342		4,411
Net liability for future policy benefits, after reinsurance recoverable	$	516	$	521	$	206	$	188	$	50	$	(16)

(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Consolidated Balance Sheets is presented below:


	December 31, 2023		December 31, 2022
Health Solutions Group	$	831	$	804
Health Solutions Voluntary	206		188
Businesses Exited - Future policy benefits	4,392		4,395
Businesses Exited – Additional liability	2,001		2,107
Other	2,130		2,225
Total	$	9,560	$	9,719

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:


	December 31, 2023				December 31, 2022
	Undiscounted		Discounted		Undiscounted		Discounted
Health Solutions Group
Expected future benefit payments	$	1,144	$	918	$	1,141	$	913
Expected future gross premiums	271		214		286		231
Health Solutions Voluntary
Expected future benefit payments	668		307		588		294
Expected future gross premiums	341		213		307		205

The following table presents a rollforward of the additional reserve liability for Businesses exited for the periods indicated:


	Businesses exited
	December 31, 2023		December 31, 2022
Balance at beginning of period	$	2,107	$	1,715
Effect of change in cash flow assumptions	(44)		540
Effect of actual variances from expected experience	(100)		15
Adjusted balance at January 1	1,963		2,270
Interest accrual	84		80
Excess Benefits	(417)		(427)
Assessments	371		184
Balance at end of period	2,001		2,107
Less: Reinsurance recoverable	1,950		2,054
Net additional liability, after reinsurance recoverable	$	51	$	53

The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated:


	Health Solutions Group				Health Solutions Voluntary				Businesses Exited
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Weighted average duration (in years)(1)	7		7		14		14		8		8
Interest accretion rate	4.0	%	4.1	%	5.2	%	5.3	%	4.9	%	5.0	%
Current discount rate	4.9	%	5.2	%	5.1	%	5.4	%	5.1	%	5.7	%

(1) Weighted average duration (in years) for Businesses Exited includes additional liability.

The weighted average interest rates for the additional liability related to businesses exited were 4.2% and 4.3% for the periods ended December 31, 2023 and 2022, respectively.

The following table presents a rollforward of Contract owner account balances for the periods indicated:


	Wealth Solutions Deferred Group and Individual Annuity				Businesses Exited
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Balance at January 1	$	33,622	$	33,044	$	5,146	$	5,532
Deposits	2,309		2,962		288		310
Fee income	(9)		(8)		(373)		(384)
Surrenders, withdrawals and benefits	(5,663)		(4,424)		(577)		(462)
Net transfers (from) to the general account (2)	(5)		1,174		10		—
Interest credited	885		874		141		150
Ending Balance	$	31,139	$	33,622	$	4,635	$	5,146


Weighted-average crediting rate	2.8		%	2.6		%	2.5		%	2.5		%
Net amount at risk (1)	$	123		$	199		$	734		$	900
Cash surrender value	$	30,676		$	33,125		$	1,491		$	1,824

(1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. When a contract has both a living benefit and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

(2) Net transfers (from) to the general account for Wealth Solutions includes transfers of $(523) and $(801) for 2023 and 2022, respectively related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Consolidated Balance Sheets.

The following table shows a reconciliation of the Contract owner account balances to the Consolidated Balance Sheets for the periods indicated:



	December 31, 2023		December 31, 2022
Wealth Solutions Deferred group and individual annuity	$	31,139	$	33,622
Businesses exited	4,635		5,146
Other	3,400		3,687
Total	$	39,174	$	42,455

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):


	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
As of December 31, 2023
Up to 1.00%	$	120	$	5,070	$	3,460	$	2,215	$	863	$	800	$	12,528
1.01% - 2.00%	527		131		50		8		3		6		725
2.01% - 3.00%	11,225		93		63		108		—		3		11,492
3.01% - 4.00%	8,873		152		—		6		—		—		9,031
4.01% and Above	1,566		83		—		—		—		—		1,649
Renewable beyond 12 months (MYGA)(2)	428		—		—		—		3		—		431
Total discretionary rate setting products	$	22,739	$	5,529	$	3,573	$	2,337	$	869	$	809	$	35,856


As of December 31, 2022
Up to 1.00%	$	5,848	$	2,967	$	1,907	$	1,112	$	1,462	$	102	$	13,398
1.01% - 2.00%	707		51		35		2		2		7		804
2.01% - 3.00%	12,677		56		47		109		—		3		12,892
3.01% - 4.00%	9,448		153		—		—		—		—		9,601
4.01% and Above	1,643		87		—		—		—		—		1,730
Renewable beyond 12 months (MYGA)(2)	402		—		—		—		3		—		405
Total discretionary rate setting products	$	30,725	$	3,314	$	1,989	$	1,223	$	1,467	$	112	$	38,830

(1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.

(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after December 31, 2023 and 2022 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

Reinsurance

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Reinsurance

The Company reinsures its business through a diversified group of reinsurers. However, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit ("LOC").

Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated:


	December 31, 2023
	Direct		Assumed		Ceded		Total, Net of Reinsurance
Assets
Premiums receivable	$	193	$	9	$	(219)	$	(17)
Reinsurance recoverable, net of allowance for credit losses	—		—		11,999		11,999
Total	$	193	$	9	$	11,780	$	11,982

Liabilities
Future policy benefits and contract owner account balances	$	47,781	$	953			$	48,734
Liability for funds withheld under reinsurance agreements	103		—		—		103
Total	$	47,884	$	953	$	—	$	48,837
	0



	December 31, 2022
	Direct		Assumed		Ceded		Total, Net of Reinsurance
Assets
Premiums receivable	$	172	$	11	$	(212)	$	(29)
Reinsurance recoverable, net of allowance for credit losses	—		—		12,455		12,455
Total	$	172	$	11	$	12,243	$	12,426

Liabilities
Future policy benefits and contract owner account balances	$	51,137	$	1,037	$	—	$	52,174
Liability for funds withheld under reinsurance agreements	104		—		—		104
Total	$	51,241	$	1,037	$	—	$	52,278

Information regarding the effect of reinsurance on the Consolidated Statements of Operations is as follows for the periods indicated:


	Year ended December 31,
	2023		2022		2021
Premiums:
Direct premiums	$	3,599	$	3,257	$	3,007
Reinsurance assumed	26		25		26
Reinsurance ceded	(908)		(859)		(6,421)
Net premiums	$	2,717	$	2,423	$	(3,388)

Fee income:
Gross fee income	$	2,303	$	2,137	$	2,215
Reinsurance assumed	17		18		18
Reinsurance ceded	(404)		(413)		(420)
Net fee income	$	1,916	$	1,742	$	1,813

Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	4,322	$	4,448	$	4,847
Reinsurance assumed	64		50		72
Reinsurance ceded	(1,350)		(1,970)		(7,107)
Net interest credited and other benefits to contract owners / policyholders	$	3,036	$	2,528	$	(2,188)

The Company has indemnity coinsurance and modified coinsurance arrangements with Security Life of Denver Company ("SLD") pursuant to a series of transactions entered into in 2021. Under these agreements, SLD contractually assumed individual life and annuity policyholder liabilities and obligations, although the Company remains obligated to contract owners. Reinsurance recoverable related to these agreements was $9.2 billion and $9.5 billion as of December 31, 2023 and 2022, respectively, on the Consolidated Balance Sheets. The revenues and net results of the Individual Life and Annuities businesses that are disposed of via reinsurance are reported in businesses exited through reinsurance or divestment which is an adjustment to the Company's U.S. GAAP revenues and earnings measures to calculate Adjusted operating revenues and Adjusted operating earnings before income taxes, respectively.

The Company has an indemnity reinsurance arrangement with a subsidiary of Lincoln National Corporation ("Lincoln") related to a block of its individual life insurance business. Under the agreement, Lincoln contractually assumed from the Company certain policyholder liabilities and obligations, although the Company remains obligated to contract owners. Reinsurance recoverable related to this reinsurance agreement was $1 billion as of December 31, 2023 and 2022 on the Consolidated Balance Sheets.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of December 31, 2023 and December 31, 2022, the Company had a deposit asset net of the allowance for credit losses of $1.2 billion and $1.5 billion, respectively, which is reported in Other assets on the Consolidated Balance Sheets.

Separate Accounts

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Separate Accounts

The following tables present a rollforward of Separate account liabilities for the Wealth Solutions stabilizer and deferred annuity business, including a reconciliation to the Consolidated Balance Sheets, for the periods indicated:


	December 31, 2023						December 31, 2022
	Wealth Solutions Stabilizer		Wealth Solutions Deferred Annuity		Total		Wealth Solutions Stabilizer		Wealth Solutions Deferred Annuity		Total
Balance at January 1	$	7,196	$	69,152	$	76,348	$	8,091	$	86,927	$	95,018
Premiums and deposits	940		10,052		10,992		957		9,177		10,134
Fee income	(34)		(426)		(460)		(34)		(423)		(457)
Surrenders, withdrawals and benefits	(1,342)		(9,631)		(10,973)		(1,025)		(8,470)		(9,495)
Net transfers (from) to the separate account	—		(518)		(518)		—		(2,015)		(2,015)
Investment performance	415		13,681		14,096		(793)		(16,044)		(16,837)
Balance at end of period	$	7,175	$	82,310	$	89,485	$	7,196	$	69,152	$	76,348

Reconciliation to Consolidated Balance Sheets:
Other					3,648						3,826
Total Separate Account liabilities					$	93,133					$	80,174

Stabilizer products allow the contract holder to select either the market value of the accounts or the book value of the account at termination. The book value of the account is equal to deposits plus interest, less any withdrawals. The fair value is estimated using the income approach.

Cash surrender value represents the amount of the contract holders' account balances distributable at the balance sheet date, less certain surrender charges. The cash surrender value for Wealth Solutions deferred annuity products was $82,286 and $69,121, as of December 31, 2023 and 2022, respectively.

The aggregate fair value of assets, by major investment asset category, supporting separate accounts were as follows for the periods indicated:


	December 31, 2023		December 31, 2022
US Treasury securities and obligations of US government corporations and agencies	$	1,015	$	1,586
Corporate and foreign debt securities	2,528		2,307
Mortgage-backed securities	3,231		3,434
Equity securities (including mutual funds)	85,916		72,309
Cash, cash equivalents and short-term investments	399		311
Receivable for securities and accruals	44		227
Total	$	93,133	$	80,174

Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segments

The Company provides its principal products and services through three segments: Wealth Solutions, Health Solutions and Investment Management. The Company's chief operating decision maker views and manages the business through these three segments.

The Wealth Solutions segment provides tax-deferred, employer-sponsored retirement plans and administrative services to corporate, education, healthcare, other non-profit and government entities, and stable value products to institutional clients where the Company may or may not be providing defined contribution products and services, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers.

The Health Solutions segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses as well as benefit administration software solutions to employers and health plans. On January 24, 2023, the Company completed its acquisition of Benefitfocus. The financial results of Benefitfocus are reported in the Health Solutions segment for periods after the acquisition.

The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. Products and services are offered to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and general accounts of the Company's insurance subsidiaries and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers).

The Company includes in Corporate the following corporate and business activities:

•corporate operations, corporate level assets and financial obligations, financing and interest expenses, dividend payments made to preferred shareholders, and other items not allocated or directly related to the Company's segments, including items such as expenses related to organizational restructurings, certain expenses and liabilities of employee benefit plans, certain adjustments to short-term and long-term incentive accruals and intercompany eliminations; and

•investment income on assets backing surplus in excess of amounts held at the segment level.

Measurement

Effective the first quarter of 2023, the Company excludes from Adjusted operating earnings before income taxes the amortization of acquisition-related intangible assets. In addition, the Company excludes the expected return on plan assets net of interest costs associated with our qualified defined benefit pension plan, which are influenced by economic and market conditions and not indicative of normal operations. Adjusted operating earnings before income taxes in Corporate still includes the service costs related to the Company's qualified defined benefit pension plan and service and interest costs related to non-qualified defined benefit pension plans. Historical periods have been recast to conform with this change.

Adjusted operating earnings before income taxes is a meaningful measure used by management to evaluate its business and segment performance. This measure enhances the understanding of the Company’s financial results by focusing on the operating performance and trends of the underlying core business segments by excluding items that tend to be highly variable from period to period based on capital market conditions or other factors. The Company uses the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as it does for the directly comparable U.S. GAAP measure Income (loss) before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) before income taxes as the U.S. GAAP measure of the Company’s consolidated results of operations. Therefore, the Company believes that it is useful to evaluate both measures when reviewing the Company’s financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes for the following items:

•Net investment gains (losses), which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations, and changes in the fair value of derivative instruments, excluding gains (losses) associated with swap settlements and

accrued interest. It also includes changes in the fair value of derivatives related to managed custody guarantees, net of related reserve increases (decreases), less the estimated cost of these benefits, changes in nonperformance spread, and changes in market risk benefits;

•Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business, amortization of intangible assets and residual run-off activity. Excluding this activity better reveals trends in the Company's core business and more closely aligns Adjusted operating earnings before income taxes with how the Company manages its segments;

•Income (loss) attributable to noncontrolling interests to which the Company is not economically entitled, such as Allianz's stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) or the attribution of results from consolidated VIEs or VOEs;

•Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings before income taxes that are available to common shareholders;

•Other adjustments may include the following items:

•Income (loss) related to early extinguishment of debt since the outcome of decisions to restructure debt are not indicative of normal operations;

•Impairment of goodwill and intangible assets as these represent losses related to infrequent events and do not reflect normal, cash-settled expenses;

•Amortization of acquisition-related intangible assets as well as contingent consideration fair value adjustments incurred in connection with certain acquisitions which are not indicative of current Operating expense fundamentals;

•Expected return on plan assets net of interest costs associated with the Company's qualified defined benefit pension plan and immediate recognition of net actuarial gains (losses) related to all of the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments. These amounts do not reflect cash-settled expenses, and are not indicative of current Operating expense fundamentals; and

•Other items not indicative of normal operations or performance of the Company's segments or that may be related to events such as capital or organizational restructurings, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other third-party expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as among companies to which the Company is compared. Accordingly, the Company adjusts for these items as management believes that these items distort the ability to make a meaningful evaluation of the current and future performance of the Company's segments.

The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Adjusted operating earnings before income taxes by segment:
Wealth Solutions	$	632	$	697	$	1,106
Health Solutions	315		304		204
Investment Management	225		186		239
Corporate	(208)		(253)		(325)
Total including Allianz noncontrolling interest	964		934		1,225
Less: Earnings (loss) attributable to Allianz noncontrolling interest	48		26		—
Total	$	916	$	908	$	1,225

Adjustments:
Net investment gains (losses)	(15)		(190)		(29)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(182)		(138)		1,133
Income (loss) attributable to noncontrolling interests	104		(77)		761
Dividend payments made to preferred shareholders	36		36		36
Other adjustments	(180)		(111)		(39)
Total adjustments to income (loss) before income taxes	(237)		(480)		1,861

Income (loss) from continuing operations before income taxes	$	678	$	428	$	3,085

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);

•Revenues related to businesses exited or to be exited through reinsurance or divestment;

•Revenues attributable to noncontrolling interests, which represents the attribution of results from consolidated VIEs or VOEs; and

•Other adjustments that primarily reflect fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues.

The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Adjusted operating revenues by segment:
Wealth Solutions	$	2,776	$	2,778	$	3,236
Health Solutions	3,082		2,582		2,394
Investment Management	916		756		783
Corporate	48		67		100
Total	$	6,822	$	6,183	$	6,513

Adjustments:
Net investment gains (losses)	(44)		(215)		(140)
Revenues related to businesses exited or to be exited through reinsurance or divestment	113		(123)		(3,424)
Revenues attributable to noncontrolling interests	247		(33)		809
Other adjustments	211		121		413
Total adjustments to revenues	527		(250)		(2,342)

Total revenues	$	7,348	$	5,930	$	4,174

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,
	2023		2022		2021
Investment management intersegment revenues	$	85	$	91	$	92

The summary below presents Total assets for the Company’s segments as of the dates indicated:


	December 31, 2023		December 31, 2022
Wealth Solutions	$	122,318	$	111,701
Health Solutions	3,336		2,668
Investment Management	1,600		1,611
Corporate	25,527		26,712
Total assets, before consolidation(1)	152,781		142,692
Consolidation of investment entities	4,304		3,914


Total assets	$	157,085	$	146,606

(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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows:


	Wealth Solutions		Health Solutions		Investment Management		Corporate (1)		Consolidated
Balance as of January 1, 2022	$	17	$	24	$	31	$	—	$	72
Additions from business combinations	—		—		255		—		255

Balance as of December 31, 2022	$	17	$	24	$	286	$	—	$	327
Additions from business combinations (2)	—		319		—		102		421

Balance as of December 31, 2023	$	17	$	343	$	286	$	102	$	748

(1) Corporate includes goodwill that was acquired by the parent company and not pushed to a subsidiary within the Company’s reportable segments. The carrying value of goodwill within Corporate is allocated to Wealth Solutions, Health Solutions, and Investment Management reporting units as $72, $20 and $10, respectively

(2) See the Business, Basis of Presentation and Significant Accounting Policies Note for information on recent business combinations.

Based on qualitative assessments performed during 2023, the Company concluded there was no requirement for goodwill impairment. As of December 31, 2023 and 2022, there is no accumulated impairment associated with goodwill.

Other Intangible Assets

The Company’s indefinite-lived intangible assets relate primarily to the right to manage client assets acquired in connection with the AllianzGI Transaction during 2022. This intangible asset was valued using the multi-period excess earnings method, a form of the income approach, which relied upon significant assumptions, including projected revenues and discount rate. The right to manage client assets was determined to have an indefinite life based on the open-ended nature of the right to manage and the ability to continue to manage the assets with no specific termination date.

During the fourth quarter of 2023, the Company re-evaluated projected cash flows associated with management contract rights of a prior acquisition within the Investment Management segment and determined the carrying value was no longer fully recoverable. As of December 31, 2023, the fair value was $22 which was determined using a discounted cash flow approach. Key assumptions used in the fair value assessment included projected cash flows and discount rate. As a result of changes to projected cash flows, the Company recognized an impairment loss of $33, which is included in Operating expenses in the Consolidated Statements of Operations for the year ended December 31, 2023.

The following table presents other intangible assets as of the dates indicated:


	Weighted Average Amortization Lives	December 31, 2023						December 31, 2022
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-life intangibles:
Right to manage client assets	N/A	$	345	$	—	$	345	$	345	$	—	$	345
Management contract rights	N/A	5		—		5		5		—		5
Total indefinite-life intangibles		$	350	$	—	$	350	$	350	$	—	$	350
Finite-life intangibles:
Management contract rights (1)	15 years	$	153	$	11	$	142	$	741	$	554	$	187
Customer relationship lists	17 years	325		128		197		135		111		24
Trademarks	8 years	15		2		13		—		—		—
Computer software	4 years	501		346		155		502		432		70
Total intangible assets		$	1,344	$	487	$	857	$	1,728	$	1,097	$	631

(1) The table reflects the new cost basis and revised useful life of the impaired management contract rights as of December 31, 2023.

Amortization expense related to intangible assets were $85, $36 and $46 for the years ended December 31, 2023, 2022 and 2021, respectively. Fully amortized Management contract rights and Software of $550 and $107, respectively were written off during the year ending December 31, 2023.

The estimated amortization of intangible assets are as follows:


Year	Amount
2024	$	82
2025	72
2026	57
2027	47
2028	33

Earnings per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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	2023		2022		2021
Net income (loss) available to common shareholders
Income (loss) from continuing operations	$	729	$	433	$	3,119
Less: Preferred stock dividends	36		36		36
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	104		(77)		761
Income (loss) from continuing operations available to common shareholders	589		474		2,322
Income (loss) from discontinued operations, net of tax	—		—		12
Net income (loss) available to common shareholders	$	589	$	474	$	2,334

Weighted-average common shares outstanding
Basic	102.7		100.7		116.7
Dilutive Effects:
Warrants(1)	3.3		7.2		6.7
RSUs	1.2		0.9		1.0
PSUs	1.1		0.8		0.7
Stock Options	0.5		0.6		0.7
Diluted	108.8		110.2		125.8

Basic(2)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	5.74	$	4.70	$	19.91
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	—	$	—	$	0.10
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	5.74	$	4.70	$	20.02
Diluted(2)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	5.42	$	4.30	$	18.46
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	—	$	—	$	0.10
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	5.42	$	4.30	$	18.56

(1) See the Shareholders' Equity Note to these Consolidated Financial Statements for additional information on warrants.

(2) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total.

Insurance Subsidiaries

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Insurance Subsidiaries

Principal Insurance Subsidiaries Statutory Equity and Income

Each of Voya Financial, Inc.'s two 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, 2023, 2022 and 2021, 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, 2023, 2022 and 2021 and statutory capital and surplus as of December 31, 2023 and 2022 of the Company's Principal Insurance Subsidiaries are as follows:


	Statutory Net Income (Loss)						Statutory Capital and Surplus
	2023		2022		2021		2023		2022
Subsidiary Name (State of Domicile):
Voya Retirement Insurance and Annuity Company ("VRIAC") (CT)	$	577	$	549	$	794	$	1,955	$	1,842

ReliaStar Life Insurance Company ("RLI") (MN)	401		418		(1,211)		1,447		1,784

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

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 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. In addition, under the insurance laws of Connecticut 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 Connecticut and Minnesota have both created ordinary dividend capacity in 2023. Any extraordinary dividend payment would be subject to 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 and dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated:


	Dividends Permitted without Approval				Dividends Paid				Extraordinary Distributions Paid
					Year Ended December 31,				Year Ended December 31,
	2024		2023		2023		2022			2023		2022
Subsidiary Name (State of domicile):
Voya Retirement Insurance and Annuity Company (CT)	$	473	$	363	$	310	$	48		$	—	$	809
ReliaStar Life Insurance Company (MN)	403		428		—		—			747		329

Employee Benefit Arrangements

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

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"). The 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.

The Company also 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 employees, including 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 $302 and $275 as of December 31, 2023 and 2022, 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. The Company's other postretirement benefit obligation and unfunded status totaled $9 and $11 as of December 31, 2023 and 2022, respectively. Additionally, net periodic benefit for other postretirement benefits totaled $1, $2 and $3 for the years ended December 31, 2023, 2022 and 2021, respectively.

Obligations, Funded Status and Net Periodic Benefit Costs

The Company's Retirement Plan was fully funded in compliance with Employee Retirement Income Security Act ("ERISA") guidelines as of December 31, 2022, 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 for the years ended December 31, 2023 and 2022 and the discount rate and interest credit rate used in determining pension benefit obligations as of December 31, 2023 and 2022 as well as the funded status of the Company's Plans as of December 31, 2023 and 2022:



	2023			2022
Change in benefit obligation:
Benefit obligations, January 1	$	1,943		$	2,496
Service cost	24			28
Interest cost	103			72

Net actuarial (gains) losses (1)	44			(541)
Benefits paid	(115)			(112)



Benefit obligations, December 31(2)	1,999			1,943

Discount rate	5.28		%	5.47		%
Interest credit rate	3.75		%	3.00		%

Change in plan assets:
Fair value of plan net assets, January 1	1,770			2,283
Actual return on plan assets	149			(427)
Employer contributions	27			26

Benefits paid	(115)			(112)

Fair value of plan net assets, December 31(3)	1,831			1,770
Unfunded status at end of year (4)	$	(168)		$	(173)

(1) Includes actuarial loss of $37 and $(571) due to change in discount rate for the year ended December 31, 2023 and 2022, respectively. The discount rate decreased 0.19% during 2023 driven by a decrease in corporate AA yields. The discount rate increased 2.47% during 2022 driven by an increase in the 30-year Treasury and corporate AA yields.

(2) Includes Retirement Plan benefit obligations of $1,649 and $1,597 as of December 31, 2023 and 2022, respectively, and non-qualified plan benefit obligations of $350 and $346 as of December 31, 2023 and 2022, respectively.

(3) Represents Retirement Plan Assets.

(4) 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.

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 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.

The following table summarizes amounts related to the Plans recognized on the Consolidated Balance Sheets as of December 31, 2023 and 2022:



	2023		2022
Amounts recognized in the Consolidated Balance Sheets consist of:(1)
Prepaid benefit cost (2)	$	182	$	173
Accrued benefit cost (2)	(350)		(346)
Net amount recognized	$	(168)	$	(173)

(1) Excludes other postretirement benefit obligations of $9 and $11 as of December 31, 2023 and 2022, respectively.

(2) Prepaid benefit cost is included in Other assets on the Consolidated Balance Sheets. Accrued benefit cost is included in Other liabilities on the Consolidated Balance Sheets.

There were no amounts related to the Plans recognized in accumulated other comprehensive income as of December 31, 2023 and 2022.

The following table summarizes information for the Plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2023 and 2022:



	2023		2022
Projected benefit obligation	$	350	$	346
Accumulated benefit obligation	348		345
Fair value of plan assets	—		—

Components of Net Periodic Benefit Cost

The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations, weighted-average assumptions used in determining net benefit cost of the Plans and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) related to the Plans were as follows for the years ended December 31, 2023, 2022 and 2021:



	2023			2022			2021
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
Service cost	$	24		$	28		$	27
Interest cost	103			72			68
Expected return on plan assets	(100)			(108)			(126)

(Gain) loss recognized due to curtailment	—			—			(1)
Net (gain) loss recognition	(4)			(6)			(32)
Net periodic (benefit) costs	$	23		$	(14)		$	(64)

Discount rate	5.47		%	3.00		%	2.67		%
Expected rate of return on plan assets	5.82		%	4.85		%	5.60		%
Interest credit rate	3.00		%	2.80		%	2.80		%

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.

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 funded status (i.e., the ratio of market value of assets to liabilities) stability, while maintaining the funded status surplus. 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, 2023 and 2022:


	Actual Asset Allocation
	2023		2022
Equity securities:
Target allocation range	7%-12%		7%-12%
Large-cap domestic	3.7	%	3.1	%
Small/Mid-cap domestic	0.8	%	0.8	%
International commingled funds	3.2	%	2.7	%
Limited Partnerships	0.5	%	0.6	%
Total equity securities	8.2	%	7.2	%
Fixed maturities:
Target allocation range	83%-87%		83%-87%
U.S. Treasuries, short term investments, cash and futures	3.0	%	2.9	%
U.S. Government agencies and authorities	0.3	%	0.3	%
U.S. corporate, state and municipalities	71.3	%	72.0	%
Foreign securities	9.8	%	9.5	%




Total fixed maturities	84.4	%	84.7	%
Other investments:
Target allocation range	4%-8%		4%-8%
Hedge funds	4.1	%	3.8	%
Real estate	3.3	%	4.3	%
Total other investments	7.4	%	8.1	%
Total	100.0	%	100.0	%

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2023:


	Level 1		Level 2		Level 3		NAV		Total
Assets
Fixed maturities, short-term investments and cash:
Cash and cash equivalents	$	8	$	1	$	—	$	—	$	9
Short-term investments	—		—		—		—		—
Short-term investment fund(1)	—		—		—		21		21
U.S. Government securities	128		—		—		—		128
U.S. corporate, state and municipalities	10		1,121		65		—		1,196
Foreign securities	—		170		20		—		190





Total fixed maturities	146		1,292		85		21		1,544

Equity securities:




Total equity securities(2)	15		68		—		68		151

Other investments:



Total other investments(3)	—		—		—		136		136
Total Assets	$	161	$	1,360	$	85	$	225	$	1,831

(1) This category includes common collective trust funds a short-term investment fund, which invests in a full range of high-quality, short-term money market securities. Participant's redemptions are processed by the following day.

(2) Equity securities include two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $25 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 $33 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. Contributions and redemptions are conducted on a monthly basis as of the last business day of each month with notice required. at least six business days before the month-end. 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) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $61 and is an actively managed core portfolio of equity real estate, whose performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index and 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. Redemptions of all or a portion of an investor's units may be redeemed as of the end of a calendar quarter with at least 60 days notice. Other investments also includes a limited partnership with 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 limited partnership fund.

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2022:



	Level 1		Level 2		Level 3		NAV		Total
Assets
Fixed maturities, short term investments and cash:
Cash and cash equivalents	$	32	$	26	$	—	$	—	$	58
Short-term investments	—		—		—		—		—
Short-term investment fund(1)	—		—		—		18		18
U.S. Government securities	199		—		—		—		199
U.S. corporate, state and municipalities	10		996		51		—		1,057
Foreign securities	—		157		11		—		168





Total fixed maturities	241		1,179		62		18		1,500

Equity securities:




Total equity securities(2)	13		54		—		59		126

Other investments:



Total other investments(3)	—		—		—		144		144
Total assets	$	254	$	1,233	$	62	$	221	$	1,770

(1) See footnote 1 to previous table.

(2) Equity securities include two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $21 and Silchester has a fund balance of $27. See footnote 2 to previous table for further information.

(3) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $75 and a limited partnership with a balance of $69. See footnote 3 to previous table for further information.

Pension plan assets are categorized into a three-level fair value hierarchy based upon the inputs available in evaluating each of the assets. 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 and are classified as Level 1.

•Short-term Investment Funds: Short term investment funds are estimated at NAV. See footnote (1) in fair value hierarchy table above 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.

•Equity securities: Fair values for actively traded equity securities are based upon a quoted market price determined in an active market and are included in Level 1. Collective trust 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. Commingled funds are estimated at NAV per share. See footnote (2) in fair value hierarchy table above for a description of the fund's redemption policies.

•Other investments: Other investments are estimated at NAV. See footnote (3) in fair value hierarchy table above for more information.

Expected Future Contributions and Benefit Payments

The following table summarizes the expected benefit payments for the Company's pension plans to be paid for the years indicated:



2024	$	124
2025	130
2026	134
2027	138
2028	141
2029-2033	750

The Company expects that it will make a cash contribution of approximately $27 to the Plans in 2024.

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, 2023, 2022 and 2021 was $44, $36 and $36, respectively, and is recorded in Operating expenses in the Consolidated Statements of Operations.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Shareholders' equity included the following components of AOCI as of the dates indicated:


	December 31,
	2023		2022		2021(2)
Fixed maturities, net of impairment	$	(2,370)	$	(3,294)	$	3,196

Derivatives(1)	64		125		79





Change in current discount rate	(890)		(858)		(1,147)
Deferred income tax asset (liability)	794		969		(324)
Total	(2,402)		(3,058)		1,804
Pension and other postretirement benefits liability, net of tax	2		3		3
AOCI	$	(2,400)	$	(3,055)	$	1,807

(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of December 31, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $15.

(2) Upon adoption of ASU 2018-12 on January 1, 2023, the DAC/VOBA adjustments on available-for-sale securities were reversed as of the January 1, 2021 transition date and in subsequent periods.

Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated:


	December 31, 2023
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	899		$	(189)	$	710



Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	25			(5)		20



Change in unrealized gains (losses) on available-for-sale securities	924			(194)		730

Derivatives:
Derivatives	(43)		(1)	9		(34)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(18)			4		(14)
Change in unrealized gains (losses) on derivatives	(61)			13		(48)

Change in current discount rate	(33)			7		(26)

Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(1)		(2)	—		(1)
Change in pension and other postretirement benefits liability	(1)			—		(1)
Change in Accumulated other comprehensive income (loss)	$	829		$	(174)	$	655

(1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.

(2) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.


	December 31, 2022
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(6,569)		$	1,380	$	(5,189)



Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	78			(16)		62



Change in unrealized gains (losses) on available-for-sale securities	(6,491)			1,364		(5,127)

Derivatives:
Derivatives	66		(1)	(14)		52
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(20)			4		(16)
Change in unrealized gains (losses) on derivatives	46			(10)		36

Change in current discount rate	290			(61)		229




Change in Accumulated other comprehensive income (loss)	$	(6,155)		$	1,293	$	(4,862)

(1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.


	December 31, 2021
	Before-Tax Amount			Income Tax (Benefit)			After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(3,595)		$	525	(3)	$	(3,070)

Other	(3)			1			(2)

Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	(1,823)			383			(1,440)
DAC and Other intangibles related to discontinued operations	830			(175)			655
Other intangibles not subjected to ASU 2018-12	435			(92)			343

Change in unrealized gains (losses) on available-for-sale securities	(4,156)			642			(3,514)

Derivatives:
Derivatives	24		(1)	(5)			19
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(21)			4			(17)
Change in unrealized gains (losses) on derivatives	3			(1)			2

Change in current discount rate	202			(42)			160

Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(2)		(2)	—			(2)
Change in pension and other postretirement benefits liability	(2)			—			(2)
Change in Accumulated other comprehensive income (loss)	$	(3,953)		$	599		$	(3,354)

(1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.

(2) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.

(3) The tax effect of $756 is offset by a $(231) stranded tax benefit release from AOCI to continuing operations.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Financial services and software subscriptions and services revenue is disaggregated by type of service in the following table:


	Year Ended December 31,
		2023		2022		2021
Wealth Solutions
Advisory and R&A		$	497	$	525	$	650
Distribution and shareholder servicing		121		116		207

Investment Management
Advisory, asset management and R&A		924		826		834
Distribution and shareholder servicing		146		145		183

Health Solutions
R&A		18		17		16
Software subscriptions and services		205		—		—
Corporate
R&A		28		62		94


Total financial services and software subscriptions and services revenue		1,939		1,691		1,984
Revenue from other sources(1)		304		199		408
Total Fee income and Other revenue		$	2,243	$	1,890	$	2,392

(1)Primarily consists of revenue from insurance contracts and financial instruments.

Net receivables of $339 and $299 are included in Other assets on the Consolidated Balance Sheets as of December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense (benefit) consisted of the following for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Current tax expense (benefit):
Federal	$	6	$	(5)	$	(463)
State	5		(3)		19
Total current tax expense (benefit)	11		(8)		(444)
Deferred tax expense (benefit):
Federal	(50)		8		457
State	(12)		(5)		(47)
Total deferred tax expense (benefit)	(62)		3		410
Total income tax expense (benefit)	$	(51)	$	(5)	$	(34)

Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated:


	Year Ended December 31,
	2023			2022			2021
Income (loss) before income taxes	$	678		$	428		$	3,085
Tax Rate	21.0		%	21.0		%	21.0		%
Income tax expense (benefit) at federal statutory rate	142			90			648
Tax effect of:
Valuation allowance	(1)			7			(521)
Dividends received deduction	(38)			(44)			(34)
State tax expense (benefit)	(6)			(16)			37
Noncontrolling interest	(22)			16			(161)
Tax credits	(17)			(63)			(14)
Nondeductible expenses	6			7			5
Security Life of Denver Company capital loss carryback (1)	(92)			—			—
Non-taxable Voya India gain (1)	(10)			—			—
Other	(13)			(2)			6
Income tax expense (benefit)	$	(51)		$	(5)		$	(34)
Effective tax rate	(7.5)		%	(1.2)		%	(1.1)		%

(1) See Other Tax Matters section below

Current Income Tax

The Company had a current income tax receivable/(payable) of $12 and $5 as of December 31, 2023 and 2022, respectively.

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,
	2023		2022
Deferred tax assets
Federal and state loss carryforwards	$	1,489	$	1,523
Net unrealized investment losses	484		666
Compensation and benefits	190		179
Current discount rate (1)	187		180
Tax credits	131		110
Insurance Reserves	9		—
Investments	5		30
Other assets	165		82
Total gross assets before valuation allowance	2,660		2,770
Less: Valuation allowance	95		70
Assets, net of valuation allowance	2,565		2,700
Deferred tax liabilities
Deferred policy acquisition costs	(358)		(392)
Insurance reserves	—		(85)
Other liabilities	(47)		—
Total gross liabilities	(405)		(477)
Net deferred income tax asset (liability) (2)	$	2,160	$	2,223

(1) Current discount rate is a result of the adoption of ASU 2018-12. See the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements for additional information

(2) $45 of net deferred tax assets, including a $26 valuation allowance, were a result of the Benefitfocus acquisition

The following table sets forth the federal, state and credit carryforwards for tax purposes as of the dates indicated:


	December 31,
	2023			2022
Federal net operating loss carryforward	$	6,667	(1)	$	6,816
State net operating loss carryforward	2,454		(2)	2,069

Credit carryforward	131		(3)	110

(1) Approximately $3,617 of the net operating losses carryforwards ("NOL") not subject to expiration. $3,050 of the NOLs expire between 2025 and 2037

(2) Approximately $829 of the NOLs not subject to expiration. $1,625 of the NOLs expire between 2024 and 2043

(3) Expires between 2032 and 2042

As a result of the Benefitfocus acquisition, the Company acquired $62 of federal net operating losses ("NOL"), subject to a section 382 limitation. The Company expects to fully realize these NOLs prior to expiration.

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTA") will not be realized. As of December 31, 2023 and 2022, the Company had a total valuation allowance of $95 and $70, respectively. As of December 31, 2023 and 2022, $218 and $193, respectively, of this valuation allowance was allocated to continuing operations and $(123) and $(123) allocated to Other comprehensive income (loss) related to realized and unrealized capital losses, respectively. The increase in the valuation allowance was a result of the Benefitfocus acquisition.

Significant judgment is required to evaluate the need for a valuation allowance against DTAs. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected

pre-tax book income, tax planning strategies and reversals of temporary differences. As of December 31, 2023, the Company had year-to-date gains primarily on securities of $863 in Other comprehensive income, decreasing the related DTA. Additionally, operating income remained positive for the period and was largely consistent with the 2022 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgment regarding the realization of DTAs in 2023.

The valuation allowance as of December 31, 2023 of $95 was against certain historic state net operating losses and state tax credits that were below more likely than not to be utilized. The Company will continue to assess all available evidence during future periods to evaluate any changes to the realization of these DTAs.

Other Tax Matters

On January 4, 2021, the Company completed a series of transactions pursuant to a Master Transaction Agreement ("MTA") with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired the Company's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2022 tax year, which were included in a carryback claim for the Company in accordance with the MTA and resulted in a $92 tax benefit and decrease to the effective tax rate (the "Security Life of Denver Company capital loss carryback") for the Company.

On August 1, 2023, the Company acquired all remaining equity interest in Voya India. The transaction resulted in a GAAP-to-tax outside basis difference of $45. The Company has asserted that its investment in India as of the August 1, 2023 acquisition date is permanently reinvested; therefore, no provision for U.S. federal and state income taxes or foreign withholding taxes has been made in the Company’s current year consolidated financial statements related to the acquisition.

Unrecognized Tax Benefits

Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Balance at beginning of period	$	33	$	34	$	33
Additions (reductions) for tax positions related to current year	—		—		1
Additions (reductions) for tax positions related to prior years	(6)		(1)		—



Balance at end of period	$	27	$	33	$	34

The Company had $1, $1, and $1 of unrecognized tax benefits as of December 31, 2023, 2022 and 2021, respectively, 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, 2023 and 2022 were immaterial. The Company recognized no gross interest (benefit) related to unrecognized tax in its Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021.

The timing of the payment of the remaining accrued interest and penalties cannot be reasonably estimated.

Tax Regulatory Matters

For the tax years 2021 through 2023, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2023 tax year, the Company was in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year.

Tax Legislative Matters

In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). The IRS has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. The Company is not subject to the CAMT based on this guidance and will continue to evaluate the applicability as more guidance is provided.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Financing Agreements

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Financing Agreements

Short-term Debt

As of December 31, 2023 and 2022, the Company had $1 and $141, respectively, of short-term borrowings outstanding consisting entirely of the current portion of long-term debt.

Long-term Debt

The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of December 31, 2023 and 2022:


	Issuer	Maturity	2023		2022


3.976% Senior Notes, due 2025(2)(3)	Voya Financial, Inc.	02/15/2025	$	390	$	—
3.65% Senior Notes, due 2026(2)(3)	Voya Financial, Inc.	06/15/2026	446		445
5.7% Senior Notes, due 2043(2)(3)	Voya Financial, Inc.	07/15/2043	396		396
4.8% Senior Notes, due 2046(2)(3)	Voya Financial, Inc.	06/15/2046	297		297
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048(4)	Voya Financial, Inc.	01/23/2048	336		336
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053(4)	Voya Financial, Inc.	05/15/2053	—		388
7.25% Voya Holdings Inc. debentures, due 2023(1)	Voya Holdings Inc.	08/15/2023	—		140
7.63% Voya Holdings Inc. debentures, due 2026(1)	Voya Holdings Inc.	08/15/2026	139		139
6.97% Voya Holdings Inc. debentures, due 2036(1)	Voya Holdings Inc.	08/15/2036	79		79
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027	Equitable of Iowa Capital Trust II	04/01/2027	13		13
1.00% Windsor Property Loan	Voya Retirement Insurance and Annuity Company	06/14/2027	2		2


Subtotal			2,098		2,235
Less: Current portion of long-term debt			1		141
Total			$	2,097	$	2,094

(1) Guaranteed by ING Group.

(2) Interest is paid semi-annually in arrears.

(3) Guaranteed by Voya Holdings.

(4) See the Junior Subordinated Notes section below.

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.

The aggregate amounts of future principal payments of long-term debt issued by the Company at December 31, 2023 for the next five years and thereafter are $1 in 2024, $401 in 2025, $587 in 2026, $12 in 2027, $0 in 2028 and $1,119 thereafter.

The aggregate amounts of future principal payments of long-term debt issued by Voya Financial, Inc. at December 31, 2023 for the next five years and thereafter are $0 in 2024, $400 in 2025, $447 in 2026, $0 in 2027, $0 in 2028 and $1,040 thereafter.

As of December 31, 2023, the Company was in compliance with its debt covenants.

Loss on Debt Extinguishment

The Company incurred a loss on debt extinguishment of $5, $3 and $31 for the years ended December 31, 2023, 2022 and 2021, respectively, which was recorded in Interest expense in the Consolidated Statements of Operations. See Senior Notes and Junior Subordinated Notes below for additional detail on debt extinguishment.

Senior Notes

During the year ended December 31, 2021, the Company repurchased $23 and $53 par value of its 3.125% Senior Notes, due 2024 (the "2024 Notes") and 3.65% Senior Notes, due 2026, respectively, for $25 and $60, respectively, on the open market.

During the year ended December 31, 2021, the Company completed the redemption of the remaining $377 aggregate principal amount of the 2024 Notes for $401.

Junior Subordinated Notes

Outstanding junior subordinated notes were as follows as of December 31, 2023:

Issuer

Issue Date

Interest Rate(1)

Scheduled Redemption Date

Interest Rate Subsequent to Scheduled Redemption Date(2)

Final Maturity Date

Face Value

Voya Financial, Inc.

01/23/2018

4.70%

01/23/2028

LIBOR

+

2.084%

01/23/2048

(3)

$

340

(1) Prior to the scheduled redemption date, interest is paid semi-annually, in arrears.

(2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three month LIBOR plus the indicated margin, payable quarterly in arrears. In the event that LIBOR is unavailable, the calculation agent will determine a fallback rate at the time the calculations need to be performed.

(3) The 4.70% Fixed-to-Floating Rate Junior Subordinated Notes due 2048 (the "2048 Notes") are guaranteed on an unsecured, junior subordinated basis by Voya Holdings.

During the year ended December 31, 2023, the Company completed the redemption of all of outstanding principal amount of its 5.65% Fixed-to-Floating Rate Junior Subordinated Note, due 2053 at par.

During the year ended December 31, 2022, the Company repurchased $357 and $10 par value of its 5.65% Fixed-to-Floating Rate Junior Subordinated Note, due 2053 and 4.7% Fixed-to-Floating Rate Junior Subordinated Note, due 2048, respectively, on the open market.

The Company has the right to defer interest payments on the Junior Subordinated Notes for one or more consecutive interest periods for up to five years, without resulting in a default, during which time interest will be compounded. On or after the optional redemption dates, Voya Financial, Inc. may redeem the Junior Subordinated Notes in whole or in part for the principal amount being redeemed plus accrued and unpaid interest. Prior to the optional redemption dates, the Company may elect to redeem the Junior Subordinated Notes for the principal amount being redeemed upon the occurrence of certain events as defined in the indentures governing the Junior Subordinated Notes, plus accrued and unpaid interest.

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 or preferred stock or any of the debt securities or guarantees that rank in liquidation on a parity with or are junior to the Junior Subordinated Notes.

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. Pursuant to that agreement, the Company was obligated to reduce the

aggregate outstanding principal amount of Aetna Notes to no more than zero as of December 31, 2019 or otherwise to make provision for ING Group's guarantee of any outstanding Aetna Notes in excess of such amounts.

The Company's obligation to ING Group with respect to the Aetna Notes can be met, at the Company’s option, through redemptions, repurchases or by posting collateral with a third-party collateral agent, for the benefit of ING Group.

If the Company fails to meet these obligations to ING Group, the Company has agreed to pay a prescribed quarterly fee of 1.25% per quarter to ING Group based on the outstanding principal amount of Aetna Notes for which provision has not been made, in excess of the limits set forth above.

As of December 31, 2023 and 2022, the outstanding principal amount of the Aetna Notes was $218 and $358, respectively. As of December 31, 2023 and 2022, the amount of collateral required to avoid the payment of a fee to ING Group was $218 and $358 respectively. As of December 31, 2023 and 2022, the collateral balance was $227 and $367, respectively.

Put Option Agreement for Senior Debt Issuance

During 2015, the Company entered into an off-balance sheet 10-year put option agreement with a Delaware trust formed by the Company, in connection with the sale by the trust of pre-capitalized trust securities ("P-Caps"), that provides Voya Financial, Inc. the right, at any time over a 10-year period, to issue up to $500 principal amount of its 3.976% Senior Notes due 2025 ("3.976% Senior Notes") to the trust and receive in exchange a corresponding principal amount of U.S. Treasury securities that are held by the trust. The 3.976% Senior Notes will not be issued unless and until the put option is exercised. In return, the Company pays a semi-annual put premium to the trust at a rate of 1.875% per annum applied to the unexercised portion of the put option, and reimburses the trust for its expenses. The put premium and expense reimbursements are recorded in Operating expenses in the Consolidated Statements of Operations. If and when issued, the 3.976% Senior Notes will be guaranteed by Voya Holdings.

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

On May 1, 2023, pursuant to the put option agreement, the Company exercised the put option to require the trust to purchase $400 aggregate principal amount of 3.976% Senior Notes in exchange for a corresponding amount of U.S. Treasury securities held by the trust. On May 3, 2023, the Company issued $400 aggregate principal amount of 3.976% Senior Notes to the trust and the Company received approximately $400 of U.S. Treasury securities. The proceeds from the sale of the U.S. Treasury securities were used to redeem the 5.650% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 on May 15, 2023 (the "2053 Notes"). See Junior Subordinated Notes above.

Credit Facilities

The Company uses credit facilities as part of its capital management practices. Total fees associated with credit facilities for the years ended 2023, 2022 and 2021 were $1, $2 and $2, respectively.

The following table outlines the Company's credit facilities as of December 31, 2023:


	Secured/ Unsecured	Committed/ Uncommitted	Expiration	Capacity		Utilization		Unused Commitment
Obligor / Applicant
Voya Financial, Inc.	Unsecured	Committed	05/01/2028	$	500	$	—	$	500





















Voya Financial, Inc.	Unsecured	Committed	04/07/2025	200		12		188
Total				$	700	$	12	$	688

Senior Unsecured Credit Facility

As of December 31, 2023, the Company had a $500 senior unsecured credit facility with a syndicate of banks which expires May 1, 2028. The facility provides $500 of committed capacity for revolving loan borrowings and letters of credit issuances, including a sublimit for swingline (short-term) loans in an aggregate amount of up to $25. As of December 31, 2023, there were no amounts outstanding as revolving credit borrowings, no amounts of LOCs outstanding, and no amounts of swingline loans outstanding under the senior unsecured credit facility. Under the terms of the facility, the Company is required to maintain a minimum net worth of $4.998 billion, which may increase upon any future equity issuances by the Company.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

The Company leases its office space and certain equipment under operating leases, the longest term of which expires in 2032. The Company also currently has finance leases related to office space and service contracts.

During the years ended December 31, 2023 and 2022, the Company recorded an impairment of $14 and $5, respectively, on its right-of-use assets associated with leased office space, which is included in Operating expenses in the Consolidated Statements of Operations.

The following table presents the lease costs and payments related to operating and finance leases for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Operating lease costs	$	22	$	21	$	28
Finance lease costs	9		19		21
Amortization of the right of use assets(1)	5		19		20
Payments for finance lease liabilities	20		21		21
Payments for operating lease liabilities	26		18		24

(1)Included in the finance lease costs

The future net minimum payments under non-cancelable leases are as follows as of December 31, 2023:


	Operating Leases		Finance Leases
2024	$	29	$	12
2025	19		12
2026	13		12
2027	11		12
2028	8		13
Thereafter	10		40
Total undiscounted lease payments	90		101
Less: Imputed interest	5		19
Total Lease liabilities	$	85	$	82

Commitments

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

As of December 31, 2023, the Company had off-balance sheet commitments to acquire mortgage loans of $70 and purchase limited partnerships and private placement investments of $1,026, of which $338 related to consolidated investment entities.

Insurance Company Guaranty Fund Assessments

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 less than $1 as of December 31, 2023 and 2022. The Company has also recorded an asset, in Other assets on the Consolidated Balance Sheets of $10 and $11 as of December 31, 2023 and 2022, 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 fair value of restricted assets were as follows as of December 31, 2023 and 2022:


	2023		2022
Fixed maturity collateral pledged to FHLB(1)	$	1,956	$	1,791
FHLB restricted stock(2)	64		67
Other fixed maturities-state deposits	37		38
Cash and cash equivalents	25		27
Securities pledged(3)	1,160		1,162
Total restricted assets	$	3,242	$	3,085

(1)Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.

(2)Included in Other investments on the Consolidated Balance Sheets.

(3) Includes the fair value of loaned securities of $842 and $907 as of December 31, 2023 and 2022, respectively. In addition, as of December 31, 2023 and 2022, the Company delivered securities as collateral of $201 and $142 and repurchase agreements of $117 and $113, 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 Boston, and is required to pledge collateral to back funding agreements issued to the FHLB. As of December 31, 2023 and 2022, the Company had $1,175 and $1,279, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Consolidated Balance Sheets. As of December 31, 2023 and 2022, assets with a market value of approximately $1,956 and $1,791, 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. 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.

As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and

investigations of the products and practices of the Company or the financial services industry. For example, the Company is cooperating with a publicly reported, industry-wide investigation by the SEC regarding compliance with certain record-keeping requirements for business-related electronic communications on unapproved channels. It is the practice of the Company to cooperate fully in these matters.

While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of December 31, 2023, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $25.

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 also includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. The court largely dismissed the claims for breach of fiduciary duty. The remaining claims concern allegations of breaches of the ERISA prohibited transactions rule and a claim for failure to monitor the Voya Small Cap Growth fund. The Company continues to deny the allegations, which it believes are without merit, and intends to defend the case vigorously.

Litigation formerly included Henkel of America v. ReliaStar Life Insurance Company, et al. (USDC District of Connecticut, No. 1:18-cv-00965)(filed June 8, 2018). The parties reached a settlement, and the district court dismissed the lawsuit this quarter.

Finally, litigation for the Company formerly included Advance Trust & Life Escrow Services, LTA v. ReliaStar Life Insurance Company (USDC District of Minnesota, No. 1:18-cv-02863)(filed October 5, 2018). The district court granted final approval of the settlement and formally dismissed the lawsuit this quarter.

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, 2023, approximately $91 of previously accrued carried interest would be subject to full or partial reversal in future periods if cumulative fund performance hurdles are not maintained throughout the remaining life of the affected funds.

Consolidated and Nonconsolidated Investment Entities

12 Months Ended

Dec. 31, 2023

Consolidated Investment Entities [Abstract]

Consolidated and Nonconsolidated Investment Entities

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

The Company has no right to the benefits from, nor does it bear the risks associated with consolidated investment entities beyond the Company’s direct equity and debt investments in and management fees generated from these entities. Such direct investments amounted to approximately $316 and $288 as of December 31, 2023 and 2022, respectively. If the Company were to liquidate, the assets held by consolidated investment entities would not be available to the general creditors of the Company as a result of the liquidation.

Consolidated VIEs and VOEs

Collateral Loan Obligations Entities ("CLOs")

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

In return for providing collateral management services, the Company earns investment management fees and contingent performance fees. In addition to earning fee income, the Company often invests in the subordinated debt of entities formed to be the issuers of CLO offerings during their warehouse periods. The Company’s investments in these CLOs are repaid when the CLOs’ warehouse periods are closed and the CLO offerings are issued. The Company performs ongoing monitoring of the consolidation assessment for CLOs during and after their warehouse periods to determine if Voya remains the primary beneficiary of the CLOs. The fee income earned and investments held are included in the Company's ongoing consolidation assessment for each CLO. The Company was the primary beneficiary of 5 and 7 CLOs as of December 31, 2023 and 2022, respectively.

Limited Partnerships ("LPs")

The Company invests in and manages various limited partnerships, including private equity funds and hedge funds. The LPs generally have a ten-year life and a specified period during which investors can subscribe for limited partnership interests. Once the investors are admitted as limited partners, the investors are required to contribute capital when called by the general partners. The purpose of the LPs is to obtain subscriptions from limited partners and maximize the return to their partners by assembling a diversified portfolio of investments in private equity funds and other securities or assets with similar risk and return characteristics primarily through secondary market purchases. The majority of the investors in the LPs are unrelated

parties to the Company. In return for subscriptions, each partner receives an equity interest in the LPs in proportion to its respective investment. These entities have been evaluated by the Company and are determined to be VIEs due to the equity holders, as a group, lacking the characteristics of a controlling financial interest.

In return for serving as the general partner of and providing investment management services to these entities, the Company earns management fees and carried interest in the normal course of business. Additionally, the Company often holds an investment in each limited partnership it manages, generally in the form of general partner and limited partner interests. The fee income, carried interest, and investments held are included in the Company’s ongoing consolidation analysis for each limited partnership. The Company consolidated 11 and 10 partnerships, as of December 31, 2023 and 2022, respectively.

The noncontrolling interest related to these partnerships increased from $1,482 at December 31, 2022 to $1,685 at December 31, 2023. Changes in market value, consolidations, deconsolidations, contributions and distributions related to these investments in partnerships directly impacts the noncontrolling interest component of Shareholders' Equity on the Company's Consolidated Balance Sheets. The change in noncontrolling interest was primarily driven by an increase in net contributions and favorable market appreciation in limited partnership and equity security investments. The Company records the noncontrolling interest using a lag methodology relying on the most recent financial information available.

Registered Investment Companies

The Company did not consolidate any sponsored investment funds accounted for as VOEs as of December 31, 2023 and 2022.

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 within the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements.

As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply NAV (or its equivalent) per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis depending on the entity and its underlying investments. Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable. In addition, the Company considers both macro and fund specific events that may impact the latest NAV supplied and determines if further adjustments of value should be made. Such changes, if any, are subject to senior management review.

When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

Cash and Cash Equivalents

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

CLOs

Corporate loans: Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans maturing at various dates between 2024 and 2031, paying interest at LIBOR, SOFR, EURIBOR or PRIME plus a spread of up to 8.5%. As of December 31, 2023 and 2022, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $46 and $85, respectively. Less than 1.0% of the collateral assets were in default as of December 31, 2023 and 2022.

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 portfolios consisting primarily of senior secured floating rate leveraged loans. Repayment risk is segmented into tranches with credit ratings of these tranches reflecting both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. The most subordinated tranche bears the first loss and receives the residual payments, if any. The interest rates are generally variable rates based on LIBOR, SOFR or EURIBOR plus a pre-defined spread, which varies from 1.0% for the more senior tranches to 9.6% for the more subordinated tranches. CLO notes mature between 2034 and 2037, and have a weighted average maturity of 12 years as of December 31, 2023. The investors in this debt are not affiliated with the Company and have no recourse to the general credit of the Company for this debt.

The fair values of the CLO notes are measured based on the fair value of the CLO's corporate loans, as the Company uses the measurement alternative available under ASU 2014-13 and determined that the inputs for measuring financial assets are more observable. The CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the classification of the majority of the CLO financial assets.

The Company reviews the detailed prices including comparisons to prior periods for reasonableness. The Company utilizes a formal pricing challenge process to request a review of any price during which time the vendor examines its assumptions and relevant market inputs to determine if a price change is warranted.

The following narrative indicates the sensitivity of inputs:

•Default Rate: An increase (decrease) in the expected default rate would likely increase (decrease) the discount margin (increase risk premium) used to value the CLO investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes.

•Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes.

•Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life ("WAL") would increase (decrease).

•Discount Margin (spread over LIBOR/SOFR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes would decrease (increase) the value of the CLO investments and CLO notes.

Private Equity Funds

As prescribed in ASC Topic 820, the unit of account for these investments is the interest in the investee fund. The Company owns an undivided interest in the fund portfolio and does not have the ability to dispose of individual assets and liabilities in the fund portfolio. Rather, the Company would be required to redeem or dispose of its entire interest in the investee fund. There is no current active market for interests in underlying private equity funds.

Valuation is generally based on the valuations provided by the fund's general partner or investment manager. The valuations typically reflect the fair value of the Company's capital account balance of each fund investment, including unrealized capital gains (losses), as reported in the financial statements of the respective investee fund as of the respective year end or the latest available date. In circumstances where fair values are not provided, the Company seeks to determine the fair value of fund investments based upon other information provided by the fund's general partner or investment manager or from other sources.

The fair value of securities received in-kind from fund investments is determined based on the restrictions around the securities.

•Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date;

•Restricted, publicly traded securities may be valued at a discount from the closing public market price on the reporting date, depending on the circumstances; and

•Privately held securities are valued by the directors/general partner of the investee fund, based on a variety of factors, including the price of recent transactions in the company's securities and the company's earnings, revenue and book value.

In the case of direct investments or co-investments in private equity companies, the Company initially recognizes investments at cost and subsequently adjusts investments to fair value. On a quarterly basis, the Company reviews the general partner or lead investor's valuation of the investee company, taking into account other available information, such as indications of a market value through subsequent issues of capital or transactions between third parties, performance of the investee company during the period and public, comparable companies' analysis, where appropriate.

Investments in these funds typically may not be fully redeemed at net asset value ("NAV") within 90 days because of inherent restriction on near term redemptions.

As of December 31, 2023 and 2022, certain private equity funds maintained term loans and revolving lines of credit of $1,330 and $1,366, respectively. The term loans mature in seven to nineteen months, and the revolving lines of credit are eligible for renewal every three years; all loans bear interest at LIBOR/EURIBOR/SOFR plus 185 - 200 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, 2023 and 2022, outstanding borrowings amount to $1,198 and $1,143, 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, 2023:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	181	$	—	$	—	$	—	$	181
Corporate loans	—		1,404		—		—		1,404
Limited partnerships/corporations	—		—		—		2,861		2,861




Total assets	$	181	$	1,404	$	—	$	2,861	$	4,446
Liabilities
VIEs
CLO notes	$	—	$	1,332	$	—	$	—	$	1,332
Total liabilities	$	—	$	1,332	$	—	$	—	$	1,332

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2022:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	88	$	—	$	—	$	—	$	88
Corporate loans	—		1,293		—		—		1,293
Limited partnerships/corporations	—		—		—		2,802		2,802




Total assets	$	88	$	1,293	$	—	$	2,802	$	4,183
Liabilities
VIEs
CLO notes	$	—	$	1,234	$	—	$	—	$	1,234
Total liabilities	$	—	$	1,234	$	—	$	—	$	1,234

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, 2023 and 2022, there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2.

Deconsolidation of Certain Investment Entities

Certain investment entities that have historically been consolidated in the financial statements may require deconsolidation as of the reporting period because: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs/VOEs as it no longer has a controlling financial interest.

The change in CLO’s consolidation status due to the close of the warehouse and the launch of the CLO do not meet the criteria described above as this transaction represents normal business operations of the entity. Refer to the CLO life cycle described above.

The Company had two deconsolidations for the year ended December 31, 2023, one as a result of CLO notes redemption, and the other due to no longer being the majority investor in the fund. As such, the Company no longer has a controlling financial interest in either investment entity. The Company had two deconsolidations for the year ended December 31, 2022 as a result of funds liquidation. For deconsolidated investment entities, the Company continues to serve as the general partner and/or investment manager until such entities are fully liquidated.

Nonconsolidated VIEs

The Company also holds variable interest in certain CLOs and LPs that are not consolidated as it has been determined that the Company is not the primary beneficiary.

CLOs

As of December 31, 2023 and December 31, 2022, the Company held $383 and $364 ownership interests, respectively, in unconsolidated CLOs, which also represent the Company's maximum exposure to loss.

LPs

As of December 31, 2023 and December 31, 2022, the Company held $1,621 and $1,781 ownership interests, respectively, in unconsolidated limited partnerships, which also represent the Company's maximum exposure to loss.

Securitizations

The Company invests in various tranches of securitization entities, including RMBS, CMBS and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and does not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS which are accounted for under the FVO whose change in fair value is reflected in Net gains (losses) in the 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.

Schedule I - Summary of Investments Other than Investments in Affiliates

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]

Schedule I - Summary of Investments Other than Investments in Affiliates

Voya Financial, Inc.

Schedule I

Summary of Investments Other than Investments in Affiliates

As of December 31, 2023

(In millions)


Type of Investments	Cost		Fair Value		Amount Shown on Consolidated Balance Sheet
Fixed maturities:
U.S. Treasuries	$	417	$	403	$	403
U.S. Government agencies and authorities	54		56		56
State, municipalities, and political subdivisions	871		771		771
U.S. corporate public securities	8,402		7,666		7,666
U.S. corporate private securities	5,040		4,760		4,760
Foreign corporate public securities and foreign governments(1)	2,928		2,702		2,702
Foreign corporate private securities(1)	2,916		2,812		2,812
Residential mortgage-backed securities	3,695		3,476		3,476
Commercial mortgage-backed securities	4,147		3,495		3,495
Other asset-backed securities	2,528		2,470		2,470
Total fixed maturities, including securities pledged	30,998		28,611		28,611

Equity securities	236		236		236
Short-term investments	213		213		213
Mortgage loans on real estate	5,218		4,941		5,192

Policy loans	352		352		352
Limited partnerships/corporations	1,621		1,621		1,621
Derivatives	43		311		311
Other investments	64		64		64
Total investments	$	38,745	$	36,349	$	36,600

(1) Primarily U.S. dollar denominated.

Schedule II - Condensed Financial Information of Parent

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Information of Parent

Voya Financial, Inc.

Schedule II

Condensed Financial Information of Parent

Balance Sheets

December 31, 2023 and 2022

(In millions, except share and per share data)


	As of December 31,
	2023		2022
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $6 as of 2023 and 2022)	$	6	$	6
Equity securities, at fair value	3		—
Short-term investments	13		—
Limited partnerships/corporations	—		9
Derivatives	10		14
Investments in subsidiaries	5,250		4,331
Total investments	5,282		4,360
Cash and cash equivalents	206		209
Short-term investments under securities loan agreements, including collateral delivered	1		6
Loans to subsidiaries and affiliates	293		89
Due from subsidiaries and affiliates	8		15

Deferred income taxes	856		911
Other assets	7		12
Total assets	$	6,653	$	5,602

Liabilities:
Payables under securities loan and repurchase agreements, including collateral held	$	10	$	—
Short-term debt	445		195
Long-term debt	1,865		1,862
Derivatives	9		14



Other liabilities	131		125
Total liabilities	$	2,460	$	2,196

Shareholders' equity:
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2023 and 2022)	—		—
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 103,584,699 and 97,789,852 shares issued as of 2023 and 2022, respectively; 102,854,569 and 97,186,970 shares outstanding as of 2023 and 2022, respectively)	1		1
Treasury stock (at cost; 730,130 and 602,882 shares as of 2023 and 2022, respectively)	(56)		(39)
Additional paid-in capital	6,143		6,643
Accumulated other comprehensive income (loss)	(2,400)		(3,055)
Retained earnings (deficit):

Unappropriated	505		(144)
Total Voya Financial, Inc. shareholders' equity	4,193		3,406
Total liabilities and shareholders' equity	$	6,653	$	5,602

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 Year Ended December 31, 2023, 2022 and 2021

(In millions)


	Year Ended December 31,
	2023		2022		2021
Revenues:
Net investment income	$	38	$	12	$	5
Net gains (losses)	65		(52)		29
Other revenue	27		18		—
Total revenues	130		(22)		34

Expenses:
Interest expense	130		114		159
Operating expenses	35		30		5
Total expenses	165		144		164
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(35)		(166)		(130)
Income tax expense (benefit)	(18)		(86)		(717)
Net income (loss) before equity in earnings (losses) of subsidiaries	(17)		(80)		587
Equity in earnings (losses) of subsidiaries, net of tax	642		590		1,783
Net income (loss) available to Voya Financial, Inc.	625		510		2,370
Less: Preferred stock dividends	36		36		36
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	589	$	474	$	2,334

The accompanying notes are an integral part of this Condensed Financial Information.

Condensed Financial Information of Parent

Statements of Comprehensive Income

For the Year Ended December 31, 2023, 2022 and 2021

(In millions)


	Year Ended December 31,
	2023		2022		2021
Net income (loss) available to Voya Financial, Inc.	$	625	$	510	$	2,370
Other comprehensive income (loss), after tax	655		(4,862)		(3,354)
Comprehensive income (loss) attributable to Voya Financial, Inc.	$	1,280	$	(4,352)	$	(984)

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 Year Ended December 31, 2023, 2022 and 2021

(In millions)


	Year Ended December 31,
	2023		2022		2021
Cash Flows from Operating Activities:
Net income (loss) available to Voya Financial, Inc.	$	625	$	510	$	2,370
Adjustments to reconcile Net income (loss) available to Voya Financial, Inc. to Net cash used in operating activities:
Equity in (earnings) losses of subsidiaries	(642)		(590)		(1,783)
Dividends from subsidiaries	1,057		502		198

Deferred income tax expense (benefit)	54		(35)		(515)
Loss related to early extinguishment of debt	—		—		31

Net gains (losses)	(65)		52		(29)

Change in:
Other receivables and asset accruals	5		(21)		8
Due from subsidiaries and affiliates	108		46		(42)

Other payables and accruals	—		(10)		(295)
Other, net	(7)		29		13
Net cash provided/(used) in operating activities	1,135		483		(44)

Cash Flows from Investing Activities:
Proceeds from Resolution sale	—		—		694
Proceeds from sale of interest in wholly owned subsidiary	—		—		80
Proceeds from the sale, maturity, disposal or redemption of limited partnerships/corporations	53		—		—
Proceeds from the sale, maturity, disposal or redemption of fixed maturities	—		22		38
Acquisition of:
Fixed maturities	—		(16)		(45)
Equity securities	(3)		—		—

Short-term investments, net	(13)		18		(18)
Derivatives, net	19		(37)		26


Maturity (issuance) of short-term intercompany loans, net	(203)		34		56
Return of capital contributions and dividends from subsidiaries	—		708		1,435
Capital contributions to subsidiaries	(8)		—		(49)
Payments for business acquisitions, net of cash acquired	(584)		—		—
Collateral received (delivered), net	15		(5)		10
Other, net	(94)		—		81
Net cash provided/(used) in investing activities	(818)		724		2,308

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 Year Ended December 31, 2023, 2022 and 2021

(In millions)


	Year Ended December 31,
	2023		2022		2021
Cash Flows from Financing Activities:
Proceeds from issuance of debt with maturities of more than three months	400		—		—
Repayment of debt with maturities of more than three months	(393)		(366)		(482)


Net proceeds from (repayments of) short-term loans to subsidiaries	250		65		(523)
Proceeds from issuance of common stock, net	—		7		4

Share-based compensation	(47)		(40)		(44)
Common stock acquired - Share repurchase	(369)		(750)		(1,113)
Dividends paid on common stock	(125)		(80)		(80)
Dividends paid on preferred stock	(36)		(36)		(36)
Net cash used in financing activities	(320)		(1,200)		(2,274)
Net increase (decrease) in cash and cash equivalents	(3)		7		(10)
Cash and cash equivalents, beginning of period	209		202		212
Cash and cash equivalents, end of period	$	206	$	209	$	202

Supplemental cash flow information:
Income taxes paid (received), net	$	4	$	14	$	—
Interest paid	111		111		130

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 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.

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	2023		2022






Voya Institutional Plan Services, LLC	3.83%	01/03/2023	$	—	$	31
Voya Institutional Plan Services, LLC	5.44%	01/02/2024	31		—














Voya Investment Management, LLC	4.46%	01/13/2023	—		11

Voya Services Company	5.44%	01/02/2024	185		—

Voya Payroll Management, Inc.	5.44%	01/02/2024	11		—
Voya Holdings Inc.	5.53%	01/18/2024	44		—
Voya Holdings Inc.	5.51%	01/12/2024	22		—







Voya Services Company	3.83%	01/03/2023	—		47


Total			$	293	$	89

Interest income earned on loans to subsidiaries was $18, $5 and $3 for the years ended December 31, 2023, 2022 and 2021, respectively. Interest income is included in Net investment income in the Condensed Statements of Operations.

3. Financing Agreements

Debt Securities

The following table summarizes Voya Financial, Inc.'s short-term debt borrowings for the periods indicated:


	As of December 31,
	2023		2022
Intercompany financing - Subsidiaries	$	445	$	195

Total	$	445	$	195

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.

As of December 31, 2023 and 2022, Voya Financial, Inc. was in compliance with its debt covenants. See Financing Agreements Note to the Consolidated Financial Statements for further information regarding long-term debt and the five-year maturities of long-term debt.

Credit Facilities

Voya Financial, Inc. uses credit facilities for contingent liquidity to be used as needed for general business purposes. As of December 31, 2023, unsecured and committed facilities totaled $700. Of the aggregate $700 capacity available, Voya Financial, Inc. utilized $12 in credit facilities outstanding as of December 31, 2023. Total fees associated with credit facilities in 2023, 2022 and 2021 totaled $1, $2 and $2, 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.

In addition, Voya Financial, Inc. provides guarantees to certain of its subsidiaries to support various business requirements:

•Voya Financial, Inc. guarantees the obligations of Voya Holdings under the $13 principal amount of 8.42% Series B Capital Securities due April 1, 2027 (the "Equitable Notes"), and provides a back-to-back guarantee to ING Group in respect of its guarantee of $218 combined principal amount of Aetna Notes.

•Voya Financial, Inc. and Voya Holdings provide a guarantee of payment of obligations to certain subsidiaries under certain surplus notes held by those subsidiaries.

There were no assets or liabilities recognized by Voya Financial, Inc. as of December 31, 2023 and 2022 in relation to these intercompany indemnifications, guarantees or support agreements. As of December 31, 2023 and 2022, no guarantees existed in which Voya Financial, Inc. was required to currently perform under these arrangements.

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,
	2023		2022		2021
Voya Holdings Inc.	$	1,057	$	1,210	$	1,659

Security Life of Denver Insurance Company	—		—		54


Voya Financial Holdings I, LLC	—		—		16

Voya Special Investments, Inc.	—		—		125

Total(1)	$	1,057	$	1,210	$	1,854

(1) The year ended December 31, 2021 included $221 of non-cash activities.

5. Income Taxes

As of December 31, 2023 and 2022, 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 a portion of the state deferred tax assets as of December 31, 2023 and 2022. 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, 2023 and 2022, Voya Financial, Inc. has recognized deferred tax assets of $856 and $911, respectively, primarily related to federal net operating loss carryforwards.

As of December 31, 2023 and 2022, Voya Financial, Inc. had a current income tax receivable/(payable) of $5 and $9, respectively.

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

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

Schedule III - Supplementary Insurance Information

Voya Financial, Inc.

Schedule III

Supplementary Insurance Information

As of December 31, 2023 and 2022

(In millions)


Segment	DAC and VOBA		Future Policy Benefits and Contract Owner Account Balances		Unearned Premiums(1)
2023
Wealth Solutions	$	1,064	$	31,653	$	—
Health Solutions	211		2,268		—		*

Investment Management	—		—		—






Corporate	975		14,813		—
Total	$	2,250	$	48,734	$	—

2022
Wealth Solutions	$	1,088	$	34,215	$	—
Health Solutions	190		2,234		—		*

Investment Management	—		—		—


Corporate	1,085		15,725		—
Total	$	2,363	$	52,174	$	—

(1) Represents unearned premiums associated with short-duration products of the Company's accident and health business.

*Less than $1

Supplementary Insurance Information

Years Ended December 31, 2023, 2022 and 2021

(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)
2023
Wealth Solutions	$	1,807	$	1,007	$	872	$	88	$	1,242	$	—
Health Solutions	135		2,748		1,895		33		903		2,120

Investment Management	26		903		—		—		855		—


Corporate	191		(25)		269		109		96		—
Total	$	2,159	$	4,633	$	3,036	$	230	$	3,096	$	2,120
2022
Wealth Solutions	$	2,006	$	992	$	868	$	93	$	1,192	$	—
Health Solutions	134		2,454		1,680		29		577		1,849

Investment Management	9		745		—		—		689		—


Corporate	132		(26)		(20)		118		84		—
Total	$	2,281	$	4,165	$	2,528	$	240	$	2,542	$	1,849
2021
Wealth Solutions	$	2,517	$	1,094	$	880	$	95	$	1,379	$	—
Health Solutions	165		2,236		1,674		24		496		1,695

Investment Management	(19)		703		—		—		632		—


Corporate	111		(5,608)		(4,742)		337		79		—
Total	$	2,774	$	(1,575)	$	(2,188)	$	456	$	2,586	$	1,695

(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

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]

Schedule IV - Reinsurance

Voya Financial, Inc.

Schedule IV

Reinsurance

Years Ended December 31, 2023, 2022 and 2021

(In millions)


	Gross		Ceded		Assumed		Net		Percentage of Assumed to Net
2023
Life insurance in force	$	596,806	$	346,714	$	4,963	$	255,055	1.9	%

Premiums:
Life insurance	$	1,188	$	571	$	25	$	642	3.9	%
Accident and health insurance	2,359		323		—		2,036		—	%
Annuity contracts	52		14		1		39		2.6	%
Total premiums	$	3,599	$	908	$	26	$	2,717	1.0	%

2022
Life insurance in force	$	610,227	$	368,598	$	5,644	$	247,273	2.3	%

Premiums:
Life insurance	$	1,198	$	589	$	24	$	633	3.8	%
Accident and health insurance	2,018		255		—		1,763		—	%
Annuity contracts	41		15		1		27		3.7	%
Total premiums	$	3,257	$	859	$	25	$	2,423	1.0	%

2021
Life insurance in force	$	605,845	$	392,412	$	6,587	$	220,020	3.0	%

Premiums:
Life insurance	$	1,179	$	3,651	$	26	$	(2,446)	(1.1)	%
Accident and health insurance	1,803		202		—		1,601		—	%
Annuity contracts	25		2,568		—		(2,543)		—	%
Total premiums	$	3,007	$	6,421	$	26	$	(3,388)	(0.8)	%

Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule V - Valuation and Qualifying Accounts

Voya Financial, Inc.

Schedule V

Valuation and Qualifying Accounts

Years Ended December 31, 2023, 2022 and 2021

(In millions)


	Balance at January 1,		Charged to Costs and Expenses		Write-offs/ Payments/ Other		Balance at December 31,
2023
Valuation allowance on deferred tax assets(1)	$	70	$	(1)	$	26	$	95
Allowance for credit losses on mortgage loans on real estate(2)	18		11		(3)		26
Allowance for credit losses on available-for-sale fixed maturity securities(2)	12		10		(5)		17
Allowance for credit losses on reinsurance recoverable	32		(4)		—		28
Allowance for credit losses on deposit asset	1		—		—		1
2022
Valuation allowance on deferred tax assets(1)	$	63	$	7	$	—	$	70
Allowance for credit losses on mortgage loans on real estate(2)	15		3		—		18
Allowance for credit losses on available-for-sale fixed maturity securities(2)	58		11		$	(57)	12
Allowance for credit losses on reinsurance recoverable	24		8		—		32
Allowance for credit losses on deposit asset	—		1		—		1
2021
Valuation allowance on deferred tax assets	$	353	$	(521)	$	231	$	63
Allowance for credit losses on mortgage loans on real estate	89		(60)		(14)		15
Allowance for credit losses on available-for-sale fixed maturity securities	26		33		(1)		58
Allowance for credit losses on reinsurance recoverable	18		6		—		24

(1) Refer to the Income Taxes Note to the accompanying Consolidated Financial Statements for more information.

(2) Refer to the Investments (excluding Consolidated Investment Entities) Note to the accompanying Consolidated Financial Statements for more information.

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss) available to Voya Financial, Inc.	$ 625	$ 510	$ 2,370

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business, Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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 and Nonconsolidated Investment Entities Note to these Consolidated Financial Statements. Intercompany transactions and balances have been eliminated.

Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on Net income (loss) or Total shareholders’ equity.

On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), under the modified retrospective adoption method. ASU 2018-12 provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The Consolidated Financial Statements are presented under the new guidance for reporting periods beginning January 1, 2021. See “Adoption of New Pronouncements” below for additional information regarding this adoption and the transition impacts recorded as of January 1, 2021. See "Significant Accounting Policies" below for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU, including Deferred Policy Acquisition Costs ("DAC") and Value of Business Acquired ("VOBA"), Future Policy Benefits and Reinsurance.

Estimates and Assumptions

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

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

•Reserves for future policy benefits;

•Valuation of investments and derivatives;

•Investment impairments;

•Goodwill and other intangible assets;

•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.

The following table presents the classification of financial instruments which are not carried at fair value on the Consolidated Balance Sheets:


Financial Instrument			Classification
Mortgage loans on real estate			Level 3
Policy loans			Level 2


Other investments			Level 2
Funding agreements without fixed maturities and deferred annuities			Level 3
Funding agreements with fixed maturities			Level 2
Supplementary contracts and immediate annuities			Level 3
Short-term debt and Long-term debt			Level 2

Investments

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

Fixed Maturities and Equity Securities: The Company measures its equity securities at fair value and recognizes any changes in fair value in net income.

The Company's fixed maturities are generally designated as available-for-sale. In addition, the Company has fixed maturities accounted for using the fair value option ("FVO"). Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income ("AOCI") and presented net of Deferred income taxes. Trading securities are valued at fair value, with the changes in fair value recorded in Net gains (losses) and interest income recorded in Net investment income in the Consolidated Statements of Operations. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets.

In connection with funds withheld reinsurance treaties, the Company has elected the FVO for certain of its fixed maturities to better match the measurement of those assets and related embedded derivative 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 Net gains (losses). Changes in fair value associated with derivatives purchased to hedge CMOs are also recorded in Net gains (losses).

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

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

Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or

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

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

Mortgage Loans on Real Estate: The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, net of allowance for credit losses. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Accrued interest receivable is reported in Accrued investment income on the Consolidated Balance Sheets.

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

Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of debt type, capital market factors, and market vacancy rates, and loan-specific risk characteristics such as debt service coverage ratios (“DSC”), loan-to-value (“LTV”), collateral size, seniority of the loan, segmentation, and property types.

The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The change in the allowance for credit losses is recorded in Net gains (losses). Loans are written off against the allowance when management believes the uncollectability of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously written-off and expected to be written-off.

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

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

For those mortgages that are determined to require foreclosure, expected credit losses are based on the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets.

Policy Loans: Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash

surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy.

Limited Partnerships/Corporations: The Company uses the equity method of accounting for investments in limited partnership interests 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, typically not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income.

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

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

Investment Impairments

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

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

When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net gains (losses) as impairments in the Consolidated Statements of Operations.

For available-for-sale securities that do not meet the intent impairment criteria but the Company has determined that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss allowance is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in Other comprehensive income (loss).

The Company uses the following methodology and significant inputs in determining whether a credit loss exists:

•When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information

regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies.

•Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security.

•When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions.

•The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment.

Changes in the allowance for credit losses are recorded in Net gains (losses) as impairments. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on available-for-sale securities is excluded from the estimate of credit losses. The Company evaluates the collectability of accrued interest receivable as part of its quarterly impairment evaluation of available-for-sale investments. Losses are recorded in Net investment income when the Company believes the uncollectability of the accrued interest receivable is confirmed.

Derivatives

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

The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its universal life-type ("UL-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 Net gains (losses) in the Consolidated Statements of Operations. Gains (losses) and net investment income related to derivatives are reflected as adjustments to reconcile Net cash flows from operating activities, and the net cash activity from derivatives is reflected in Net cash flows from investing activities, in the Consolidated Statements of Cash Flows. Any noncash activity, to

the extent it is material, is excluded and reflected in a noncash supplementary schedule related to investing and financing activities.

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

•Fair Value Hedge: For derivative instruments that are designated and qualify as a fair value hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the Consolidated Statements of Operations as impacted by the hedged item.

•Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is reported as a component of AOCI. Those amounts are subsequently reclassified to earnings when the hedged item affects earnings, and are reported in the same line item in the Consolidated Statements of Operations as impacted by the hedged item.

Even if a derivative qualifies for hedge accounting treatment, there may be an element of ineffectiveness of the hedge. The ineffective portion of a hedging relationship subject to hedge accounting is recognized in Net gains (losses).

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

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

The Company also has investments in certain fixed maturities and has issued certain UL-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 Net gains (losses). Embedded derivatives within certain UL-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 Net gains (losses).

In addition, the Company has entered into coinsurance with funds withheld and modified coinsurance 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. These embedded derivatives are reported with the host contract in Other liabilities and Premium receivables and reinsurance recoverable, respectively, on the Consolidated Balance Sheets. 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.

Deferred Policy Acquisition Costs and Value of Business Acquired

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

Amortization Methodologies

The Company amortizes DAC/VOBA related to certain traditional life insurance contracts, certain accident and health insurance contracts, and deferred annuity contracts on a constant level basis over the expected term of the related contracts. Contracts are grouped for amortization purposes by product or market type and issue year cohort on a basis consistent with those used in estimating the associated liability or other related balance, where applicable.

The principal assumption deemed critical to the DAC/VOBA amortization is the estimated contract term, which incorporates mortality and persistency, and represents management’s best estimate of future outcome. The Company periodically reviews this assumption against actual experience and, based on additional information that becomes available, updates the assumption. Changes in contract term estimates are reflected prospectively in amortization expense as of the beginning of the reporting period in which the change is made.

VOBA is subject to recoverability testing; DAC is not. The Company performs testing to assess the recoverability of VOBA on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If VOBA is not deemed recoverable, charges will be applied against the VOBA balance before an additional reserve is established.

Internal Replacements

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

Goodwill

Goodwill arises in connection with business combinations and represents the excess of cost of the acquisition over the fair value of identifiable net assets acquired. Goodwill is not amortized, but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is assigned to a reporting unit at the date the goodwill is initially recorded and is tested for impairment at that level. A reporting unit is an operating segment, or a unit one level below the operating segment if discrete financial information is prepared and regularly reviewed by management at that

level. Once goodwill has been assigned to a reporting unit, it is no longer associated with a particular acquisition and all of the activities within the reporting unit, whether acquired or organically grown, are available to support the value of goodwill.

The Company tests goodwill for impairment by either performing a qualitative assessment or a quantitative test. The qualitative impairment assessment is an assessment of relevant events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative impairment assessment for some or all of its reporting units and instead perform a quantitative impairment test which involves comparing a reporting unit’s fair value to its carrying value, including goodwill. If the carrying value of a reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to that excess, limited to the carrying amount of goodwill allocated to the reporting unit. Subsequent reversal of goodwill impairment losses is not permitted. In performing the quantitative impairment test, the Company is required to make significant estimates in determining the fair value of a reporting unit including, but not limited to, projected revenues and operating margins, applicable discount and growth rates, and comparative market multiples.

Other Intangible Assets

Intangible assets identified upon the acquisition of a business are recorded at fair value as of the acquisition date. Indefinite-lived intangible assets are not amortized, but are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Impairment testing for indefinite-lived intangible assets primarily consists of a qualitative assessment to determine if a quantitative assessment is needed for a comparison of the fair value of the intangible asset with its carrying value. If a quantitative assessment is deemed necessary and the carrying amount of the intangible asset exceeds its estimated fair value, an impairment loss is recognized in an amount equal to that excess. In performing the quantitative impairment test, the Company is required to make significant estimates in determining the fair value of an indefinite-lived intangible asset including, but not limited to, projected revenues and discount rates.

Finite-lived intangible assets are amortized over their estimated useful lives as related benefits emerge and are reviewed periodically for indicators of change in useful lives or impairment. If facts and circumstances suggest possible impairment, the sum of the estimated undiscounted future cash flows expected to result from the use of the asset is compared to the carrying value of the asset. If the carrying value of the asset exceeds the undiscounted cash flows, the asset is written down to its fair value determined using discounted cash flows.

Impairment losses and amortization of intangible assets are recognized in Operating expenses in the Consolidated Statements of Operations.

Contract Costs Associated with Certain Financial Services Contracts

Contract Costs Associated with Certain Revenue Contracts

Contract cost assets represent costs incurred to obtain or fulfill contracts for non-insurance financial services and software subscriptions and services that are expected to be recovered and, thus, have been capitalized and are subject to amortization. Capitalized contract costs include incremental costs of obtaining a contract and fulfillment costs that relate directly to a contract and generate or enhance resources of the Company that are used to satisfy performance obligations. Capitalized contract costs are amortized on a straight-line basis over the estimated lives of the contracts, which typically range from 5 to 15 years.

Capitalized contract costs are included in Other assets on the Consolidated Balance Sheets, and costs expensed as incurred are included in Operating expenses in the Consolidated Statements of Operations.

Future Policy Benefits and Contract Owner Accounts

Future Policy Benefits and Contract Owner Account Balances

Future Policy Benefits

The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date.

•Reserves for long-duration 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.

•Reserves for payout contracts with life contingencies are equal to the present value of future payments.

Principal assumptions used to establish liabilities for future policy benefits include interest rate, mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, inflation, and benefit utilization. Other than interest rate assumptions, these assumptions are based on Company experience and periodically reviewed against industry standards. The Company reviews these assumptions at least annually and updates them if necessary. In addition to assumption updates, the Company adjusts reserves for actual experience in the period in which the experience occurs. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Remeasurements of the reserves as a result of assumption updates and adjustments for actual experience are recognized in Policyholder benefits in the Consolidated Statements of Operations.

Interest rates used in discounting the reserves are based on an upper-medium grade (low-credit-risk) fixed-income instrument yield derived from observable market data. A 30-year forward rate is used for periods beyond the last observable market point. Reserves are remeasured quarterly to reflect changes in the discount rate, with the resulting change recorded in AOCI. Locked-in interest rates used to determine interest accretion on reserves for new contracts sold after January 1, 2021 are based on the upper-medium grade (low-credit-risk) fixed-income instrument yield applicable at the time the business was issued. Locked-in interest accretion rates for contracts in-force as of the January 1, 2021 transition date for ASU 2018-12 are based on the locked-in interest rates in effect for those contracts immediately before the transition date. Interest accretion is recorded in Policyholder benefits.

Contract Owner Account Balances

Contract owner account balances relate to UL-type and investment-type contracts, as follows:

•Account balances for funding agreements with fixed maturities are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract.

•Account balances for UL-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 range up to 5.1%. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate.

Product Guarantees and Additional Reserves

The Company calculates additional reserve liabilities for certain UL-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 Universal Life: The Company establishes additional reserves on universal life ("UL") and VUL contracts, primarily related to secondary guarantees and paid-up guarantees, for the portion of contract assessments received in early years that will be used to compensate the Company for benefits provided in later years. These reserves are calculated by estimating the expected value of benefits payable and recognizing those benefits ratably over the accumulation period based on total expected assessments, using interest rates consistent with the underlying contracts' interest crediting rates. Included are contracts where the Company contractually guaranteed 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. Additional reserves for UL and VUL contracts are recorded in Future policy benefits on the Consolidated Balance Sheets.

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

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

The liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks.

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

Separate Accounts

Separate 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. The underlying investments include mutual funds, short-term investments, cash and fixed maturities. Separate account liabilities equal separate account assets. Investment income and net realized and unrealized capital gains (losses) of the separate accounts, however, are not reflected in the Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts.

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.

Repurchase Agreements

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

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

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

Recognition of Insurance Revenue and Related Benefits

Recognition of Revenue

Insurance Revenue and Related Benefits

Premiums related to 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, UL-type, fixed annuities, and payout contracts without life contingencies are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges and are reported in Fee income in the Consolidated Statements of Operations. Surrender charges are reported in Other revenue in the Consolidated Statements of Operations. In addition, the Company earns investment income from the investment of contract deposits in the Company's general account portfolio, which is reported in Net investment income in the Consolidated Statements of Operations. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances.

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’s provision for income taxes is based on income and expense reported in the financial statements after adjustments for permanent differences between our financial statements and consolidated federal income tax return. Permanent differences include the dividends received deduction, tax credits and non-controlling interest. As a result of permanent differences, the effective tax rate reflected in the financial statements may be different than the actual rate in the income tax return. Current income tax receivable or payable is recognized within Other assets or Other liabilities, respectively, in the Consolidated Balance Sheets.

Temporary differences between the Company's financial statements and income tax return create deferred tax assets and liabilities. Deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards and tax credit carryforwards. The Company's deferred tax assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including the nature and character of the deferred tax assets and liabilities, the amount and character of book income or losses in recent years, projected future taxable income and future reversals of temporary differences, tax planning strategies we would employ to avoid a tax benefit from expiring unused, and the length of time carryforwards can be utilized.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not to be sustained under examination by the applicable taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the applicable taxing authority. For items that meet the more-likely-than-not recognition threshold, the Company measures the tax position as the largest amount of benefit that is more than 50% likely to be realized upon ultimate resolution with the applicable tax authority that has full knowledge of all relevant information.

Reinsurance

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

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

For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded in Premiums receivable and reinsurance recoverable or Other liabilities, as appropriate, on the Consolidated Balance Sheets.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in Other liabilities, and deposits made are included in Other assets on the Consolidated Balance Sheets. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted.

Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company reviews assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance at least annually and updates them if necessary. In addition to the assumption updates, the Company adjusts these assets or liabilities for actual experience in the period in which the experience occurs. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers.

Reinsurance recoverable and deposit asset balances are reported net of the allowance for credit losses on the Company’s Consolidated Balance Sheets. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of capital market factors, counterparty financial information and ratings, and reinsurance agreement-specific risk characteristics such as collateral type, collateral size, and covenant strength.

The allowance for credit losses is a valuation account that is deducted from the reinsurance recoverable balance to present the net amount expected to be collected on the reinsurance recoverable. The change in the allowance for credit losses is recorded in Policyholder benefits in the Consolidated Statements of Operations.

Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in 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.

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 Other liabilities on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans 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 and is included in Operating expenses in the Consolidated Statements of Operations. The obligations and expenses associated with these plans require use of assumptions, such as discount rate, 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 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. The Company grants 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 Company includes estimated forfeitures in the calculation of share-based compensation expense.

The liability related to 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.

All excess tax benefits and tax deficiencies related to share-based compensation are reported in Net income (loss).

Earnings Per Common 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 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 continuing operations 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.

Treasury Stock

All amounts paid to repurchase common stock are recorded as Treasury stock on the Consolidated Balance Sheets. When Treasury stock is retired and the purchase price is greater than par, an excess of purchase price over par is allocated between additional paid-in capital and retained earnings (deficit). Shares that are retired are determined on a FIFO basis.

Consolidation and Noncontrolling Interests

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.

The Company has a redeemable noncontrolling interest associated with Allianz's 24% economic stake in VIM Holdings, which is reflected within Mezzanine equity on the Consolidated Balance Sheets. This redeemable noncontrolling interest has been classified as Mezzanine equity because in the event of a change in control of the Company, which is not solely within the control of the Company, the redeemable noncontrolling interest could become redeemable for cash or other assets at the option of the holder. A change in control of the Company is not considered probable as of December 31, 2023; therefore, the redeemable noncontrolling interest has not been remeasured to its redemption value.

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 Accounting Pronouncements and Future Adoption of Accounting Pronouncements

Adoption of New Pronouncements

Long-Duration Contracts

The following section provides a description of the Company's adoption of ASU 2018-12 issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements:

This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include:

•Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts, measured on a retrospective catch-up basis and recognized in the period the update is made. The rate used is required to be updated quarterly, with related changes in the liability recorded in AOCI.

•Fair value measurement of contract guarantee features qualifying as Market Risk Benefits (“MRB”), with changes in fair value recognized in the Statements of Operations. Changes in the instrument-specific credit risk will be recorded in AOCI.

•Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. An accounting election may be made to apply the DAC requirements to VOBA.

•Insurance entities may make an accounting policy election to exclude contracts from application of the requirements in ASU 2018-12 when those contracts have been derecognized because of a sale or disposal of a legal entity before the effective date of ASU 2018-12.

The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholders’ equity. This increase was primarily driven by the removal of DAC/VOBA and Premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of Future policy benefits and Reinsurance recoverable using the discount rate at January 1, 2021. Total shareholders’ equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The Company elected the option to exclude contracts reported as discontinued operations in 2021.

Disclosures and post-transition comparative information have been restated to conform to the requirements of ASU 2018-12.

The following tables provide additional information related to the transition adjustments:


	DAC				VOBA
	Wealth Solutions Deferred and Individual Annuities		Businesses Exited (1)
Balance, December 31, 2020	$	119	$	1,186	$	70
Adjustment for removal of related balances in AOCI	571		104		635
Balance, January 1, 2021	$	690	$	1,290	$	705


	Liability for Future Policy Benefits
	Health Solutions Group (2)		Health Solutions Voluntary (3)		Businesses Exited (1)
Balance, December 31, 2020	$	822	$	188	$	5,448
Adjustment for reversal of related balances in AOCI	—		—		(386)
Adjustment for loss contracts under the modified retrospective approach	7		3		3
Effect of remeasurement of liability at current discount rate	118		83		1,362
Balance, January 1, 2021	$	947	$	274	$	6,427

(1) Includes long duration retail individual life and annuity business exited via reinsurance

(2) Includes long duration employee-sponsored group life and health products

(3) Includes long duration employee-paid whole life products

The following table presents information on transition adjustments, net of tax, related to the adoption of ASU 2018-12 for retained earnings and AOCI to arrive at the opening balances as of January 1, 2021:


Total Shareholders' equity December 31, 2020	$	11,178
AOCI
Reversal of AOCI adjustments	1,328
Effect of remeasurement of liability at current discount rate	(1,065)
Total AOCI adjustments	$	263

Retained Earnings
Establishment of MRBs	$	(132)
Other adjustments	27
Total Retained earnings	$	(105)
Total adjustment for the adoption of ASU 2018-12	$	158
Total Shareholders' equity January 1, 2021	$	11,336

The following table provides a description of the Company's adoption of other new ASUs issued by the FASB and the impact of adoption on the Company's financial statements:


Standard	Description of Requirements	Effective Date and Method of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures	This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables.	January 1, 2023 on a prospective basis.	Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosure changes have been included in the Investments (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements.
ASU 2020-04, Reference Rate Reform	This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024.	Effective December 31, 2023, the Company completed its implementation of ASU 2020-04 and applied the expedient provided for qualifying contract modifications. Adoption of the guidance did not have a material impact on the Company’s financial condition, results of operations, or cash flows.

Future Adoption of Accounting Pronouncements

The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted:


Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2023-09, Improvements to Income Tax Disclosures	This standard, issued in December 2023, requires the following disclosures: •A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold. •Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold.	The amendments are effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application permitted.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-09.
ASU 2023-07, Improvements to Reportable Segment Disclosure	This standard, issued in November 2023, requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses, including: •Significant expenses regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of profit/loss •Amount and composition of “other segment items” (difference between revenue less significant expenses disclosed, and each reported measure of segment profit/loss) •May report additional measures of profit/loss if the CODM uses more than one measure; however, at least one should be the measure that is most consistent with the principles used in measuring corresponding financial statement amounts •Title and position of the CODM and how the CODM uses the reported measure(s) in assessing segment performance and resource allocation	The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-07.


Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.	The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03; however, the Company does not expect the adoption to have a material impact on the Company's financial condition and results of operations.

Business, Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Adoption of New Accounting Pronouncements and Future Adoption of Accounting Pronouncements

The following tables provide additional information related to the transition adjustments:


	DAC				VOBA
	Wealth Solutions Deferred and Individual Annuities		Businesses Exited (1)
Balance, December 31, 2020	$	119	$	1,186	$	70
Adjustment for removal of related balances in AOCI	571		104		635
Balance, January 1, 2021	$	690	$	1,290	$	705


	Liability for Future Policy Benefits
	Health Solutions Group (2)		Health Solutions Voluntary (3)		Businesses Exited (1)
Balance, December 31, 2020	$	822	$	188	$	5,448
Adjustment for reversal of related balances in AOCI	—		—		(386)
Adjustment for loss contracts under the modified retrospective approach	7		3		3
Effect of remeasurement of liability at current discount rate	118		83		1,362
Balance, January 1, 2021	$	947	$	274	$	6,427

(1) Includes long duration retail individual life and annuity business exited via reinsurance

(2) Includes long duration employee-sponsored group life and health products

(3) Includes long duration employee-paid whole life products

The following table presents information on transition adjustments, net of tax, related to the adoption of ASU 2018-12 for retained earnings and AOCI to arrive at the opening balances as of January 1, 2021:


Total Shareholders' equity December 31, 2020	$	11,178
AOCI
Reversal of AOCI adjustments	1,328
Effect of remeasurement of liability at current discount rate	(1,065)
Total AOCI adjustments	$	263

Retained Earnings
Establishment of MRBs	$	(132)
Other adjustments	27
Total Retained earnings	$	(105)
Total adjustment for the adoption of ASU 2018-12	$	158
Total Shareholders' equity January 1, 2021	$	11,336

The following table provides a description of the Company's adoption of other new ASUs issued by the FASB and the impact of adoption on the Company's financial statements:


Standard	Description of Requirements	Effective Date and Method of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures	This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables.	January 1, 2023 on a prospective basis.	Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosure changes have been included in the Investments (excluding Consolidated Investment Entities) Note to these Consolidated Financial Statements.
ASU 2020-04, Reference Rate Reform	This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024.	Effective December 31, 2023, the Company completed its implementation of ASU 2020-04 and applied the expedient provided for qualifying contract modifications. Adoption of the guidance did not have a material impact on the Company’s financial condition, results of operations, or cash flows.

The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted:


Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2023-09, Improvements to Income Tax Disclosures	This standard, issued in December 2023, requires the following disclosures: •A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold. •Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold.	The amendments are effective for annual periods beginning after December 15, 2024, and should be applied prospectively, with retrospective application permitted.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-09.
ASU 2023-07, Improvements to Reportable Segment Disclosure	This standard, issued in November 2023, requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses, including: •Significant expenses regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of profit/loss •Amount and composition of “other segment items” (difference between revenue less significant expenses disclosed, and each reported measure of segment profit/loss) •May report additional measures of profit/loss if the CODM uses more than one measure; however, at least one should be the measure that is most consistent with the principles used in measuring corresponding financial statement amounts •Title and position of the CODM and how the CODM uses the reported measure(s) in assessing segment performance and resource allocation	The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2023-07.


Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.	The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03; however, the Company does not expect the adoption to have a material impact on the Company's financial condition and results of operations.

Investments (excluding Consolidated Investment Entities) (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Available-for-sale and fair value option ("FVO") fixed maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of December 31, 2023:


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	417	$	7	$	21	$	—	$	—	$	403
U.S. Government agencies and authorities	54		3		1		—		—		56
State, municipalities and political subdivisions	871		1		101		—		—		771
U.S. corporate public securities	8,402		168		904		—		—		7,666
U.S. corporate private securities	5,040		44		324		—		—		4,760
Foreign corporate public securities and foreign governments(1)	2,928		47		270		—		3		2,702
Foreign corporate private securities(1)	2,916		27		129		—		2		2,812
Residential mortgage-backed securities	3,695		36		257		2		—		3,476
Commercial mortgage-backed securities	4,147		1		644		—		9		3,495
Other asset-backed securities	2,528		16		71		—		3		2,470
Total fixed maturities, including securities pledged	30,998		350		2,722		2		17		28,611
Less: Securities pledged	1,232		—		72		—		—		1,160
Total fixed maturities	$	29,766	$	350	$	2,650	$	2	$	17	$	27,451

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations.

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2022:


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	590	$	12	$	21	$	—	$	—	$	581
U.S. Government agencies and authorities	58		3		2		—		—		59
State, municipalities and political subdivisions	978		1		134		—		—		845
U.S. corporate public securities	9,343		97		1,239		—		—		8,201
U.S. corporate private securities	5,087		14		409		—		—		4,692
Foreign corporate public securities and foreign governments(1)	3,343		18		403		—		9		2,949
Foreign corporate private securities(1)	3,254		7		225		—		2		3,034
Residential mortgage-backed securities	4,230		34		290		3		—		3,977
Commercial mortgage-backed securities	4,466		2		585		—		—		3,883
Other asset-backed securities	2,307		3		173		—		1		2,136
Total fixed maturities, including securities pledged	33,656		191		3,481		3		12		30,357
Less: Securities pledged	1,303		3		144		—		—		1,162
Total fixed maturities	$	32,353	$	188	$	3,337	$	3	$	12	$	29,195

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations.

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2023, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.


	Amortized Cost		Fair Value
Due to mature:
One year or less	$	767	$	754
After one year through five years	3,952		3,820
After five years through ten years	3,920		3,805
After ten years	11,989		10,791
Mortgage-backed securities	7,842		6,971
Other asset-backed securities	2,528		2,470
Fixed maturities, including securities pledged	$	30,998	$	28,611

Schedule of Securities Financing Transactions

The following table presents Securities pledged as of the dates indicated:


	December 31, 2023		December 31, 2022
Securities pledged/obligations under repurchase agreements(1)	$	117	$	113
Securities loaned to lending agent(2)	842		907
Securities pledged as collateral(2)(3)	201		142
Total	$	1,160	$	1,162

(1) Comprised of other asset-backed securities and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.

(2) Included in Securities pledged on the Consolidated Balance Sheets.

(3) See Collateral within the Derivatives Note to these Consolidated Financial Statements for more information.

Schedule of Securities Borrowed Under Securities Lending Transactions

The following table presents collateral held by asset class pledged under securities lending as of the dates indicated:


	December 31, 2023		December 31, 2022
U.S. Treasuries	$	14	$	53

U.S. corporate public securities	568		604

Short-term investments	55		—
Foreign corporate public securities and foreign governments	238		285
Total(1)	$	875	$	942

(1) As of December 31, 2023 and 2022, liabilities to return cash collateral were $660 and $807, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.

Allowance for Credit Loss on Available-for-sale Fixed Maturity Securities


Allowance for credit losses

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
	Year Ended December 31, 2023
	U.S. corporate public securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	—	$	—	$	9	$	2	$	1	$	12
Credit losses on securities for which credit losses were not previously recorded	—		9		—		—		2		11

Reductions for securities sold during the period	—		—		(5)		—		—		(5)


Increase (decrease) on securities with allowance recorded in previous period	—		—		(1)		—		—		(1)


Balance as of December 31	$	—	$	9	$	3	$	2	$	3	$	17


	Year Ended December 31, 2022
	Residential mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	1	$	—	$	56	$	1	$	58
Credit losses on securities for which credit losses were not previously recorded	—		9		—		—		9

Reductions for securities sold during the period	—		—		(57)		—		(57)


Increase (decrease) on securities with allowance recorded in previous period	(1)		—		3		—		2


Balance as of December 31	$	—	$	9	$	2	$	1	$	12

Schedule of Unrealized Loss on Investments

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:


	As of December 31, 2023
	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
U.S. Treasuries	$	99	$	3			$	109	$	18	$	208	$	21
U.S. Government agencies and authorities	—		—				3		1		3		1
State, municipalities and political subdivisions	20		—				731		101		751		101
U.S. corporate public securities	321		17				5,101		887		5,422		904
U.S. corporate private securities	176		7				3,365		317		3,541		324
Foreign corporate public securities and foreign governments	82		2				1,749		268		1,831		270
Foreign corporate private securities	189		5				2,101		124		2,290		129
Residential mortgage-backed	114		3				1,354		254		1,468		257
Commercial mortgage-backed	84		2				3,269		642		3,353		644
Other asset-backed	136		3				1,156		68		1,292		71
Total	$	1,221	$	42			$	18,938	$	2,680	$	20,159	$	2,722


	As of December 31, 2022
	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
U.S. Treasuries	$	197	$	19		$	9	$	2		$	206	$	21
U.S. Government agencies and authorities	21		2			—		—			21		2
State, municipalities and political subdivisions	751		121			30		13			781		134
U.S. corporate public securities	5,479		792			1,137		447			6,616		1,239
U.S. corporate private securities	3,569		322			458		87			4,027		409
Foreign corporate public securities and foreign governments	2,050		260			391		143			2,441		403
Foreign corporate private securities	2,728		211			65		14			2,793		225
Residential mortgage-backed	1,538		128			562		162			2,100		290
Commercial mortgage-backed	2,628		390			1,133		195			3,761		585
Other asset-backed	1,430		104			578		69			2,008		173
Total	$	20,391	$	2,349		$	4,363	$	1,132		$	24,754	$	3,481

Mortgage Loans by Loan to Value Ratio

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	150	$	222	$	—	$	—	$	—	$	372
2022	252		326		73		—		—		651
2021	244		214		209		—		—		667
2020	168		112		—		10		16		306
2019	238		68		28		—		—		334
Prior	2,586		280		4		—		18		2,888

Total	$	3,638	$	1,222	$	314	$	10	$	34	$	5,218

	As of December 31, 2022
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2022	$	250	$	320	$	65	$	—	$	—	$	635
2021	240		272		255		10		—		777
2020	119		209		25		10		—		363
2019	227		94		29		—		—		350
2018	163		41		2		—		—		206
Prior	2,606		482		26		—		—		3,114
Total	$	3,605	$	1,418	$	402	$	20	$	—	$	5,445

Mortgage Loans by Debt Service Coverage Ratio

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	189	$	116	$	67	$	—	$	372
2022	204		68		192		187		651
2021	260		14		64		329		667
2020	211		24		21		50		306
2019	203		26		84		21		334
Prior	2,216		264		255		153		2,888

Total	$	3,283	$	512	$	683	$	740	$	5,218
*No commercial mortgage loans were secured by land or construction loans


	As of December 31, 2022
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2022	$	331	$	100	$	181	$	23	$	635
2021	273		33		269		202		777
2020	259		11		11		82		363
2019	222		54		67		7		350
2018	128		27		51		—		206
Prior	2,172		454		226		262		3,114
Total	$	3,385	$	679	$	805	$	576	$	5,445
*No commercial mortgage loans were secured by land or construction loans

Mortgage Loans by Geographic Location of Collateral

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2023	$	69	$	77	$	12	$	101	$	39	$	42	$	3	$	26	$	3	$	372
2022	140		132		47		100		113		93		5		1		20		651
2021	96		63		124		148		111		75		9		40		1		667
2020	63		155		17		10		12		26		—		7		16		306
2019	53		100		10		74		45		4		14		13		21		334
Prior	734		605		765		189		214		171		47		144		19		2,888

Total	$	1,155	$	1,132	$	975	$	622	$	534	$	411	$	78	$	231	$	80	$	5,218

	As of December 31, 2022
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2022	$	140	$	129	$	48	$	98	$	114	$	82	$	4	$	1	$	19	$	635
2021	99		72		134		143		112		138		9		48		22		777
2020	74		170		18		16		12		39		—		7		27		363
2019	58		106		10		77		46		5		14		13		21		350
2018	50		62		55		10		14		10		—		5		—		206
Prior	777		623		759		248		227		257		49		149		25		3,114
Total	$	1,198	$	1,162	$	1,024	$	592	$	525	$	531	$	76	$	223	$	114	$	5,445

Mortgage Loans by Property Type of Collateral

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2023 and 2022, respectively.


	As of December 31, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	125	$	164	$	33	$	18	$	32	$	—	$	—	$	372
2022	79		263		255		34		10		10		—		651
2021	36		145		335		123		—		18		10		667
2020	57		49		72		128		—		—		—		306
2019	45		82		160		36		11		—		—		334
Prior	780		755		618		463		60		163		49		2,888


Total	$	1,122	$	1,458	$	1,473	$	802	$	113	$	191	$	59	$	5,218







	As of December 31, 2022
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2022	$	79	$	255	$	247	$	34	$	10	$	10	$	—	$	635
2021	37		168		420		125		—		18		9		777
2020	58		61		93		151		—		—		—		363
2019	46		85		165		40		14		—		—		350
2018	37		84		56		12		—		17		—		206
Prior	888		757		679		513		69		156		52		3,114

Total	$	1,145	$	1,410	$	1,660	$	875	$	93	$	201	$	61	$	5,445

Allowance for Credit Losses for Commercial Mortgage Loans

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:


	December 31, 2023		December 31, 2022
Allowance for credit losses, balance at January 1	$	18	$	15
Credit losses on mortgage loans for which credit losses were not previously recorded	2		3


Increase (decrease) on mortgage loans with allowance recorded in previous period	9		—
Provision for expected credit losses	29		18
Write-offs	(3)		—

Allowance for credit losses, end of period	$	26	$	18

Financing Receivable, Past Due

The following table presents past due commercial mortgage loans as of the dates indicated:


	December 31, 2023		December 31, 2022
Delinquency:
Current	$	5,202	$	5,445
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	16		—
Total	$	5,218	$	5,445

Net Investment Income

The following table summarizes Net investment income by investment type for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Fixed maturities	$	1,766	$	1,940	$	1,996
Equity securities	21		12		20
Mortgage loans on real estate	249		237		247
Policy loans	20		21		23
Short-term investments and cash equivalents	39		13		8
Limited partnerships and other	135		118		548
Gross investment income	2,230		2,341		2,842
Less: Investment expenses	71		60		68
Net investment income	$	2,159	$	2,281	$	2,774

Realized Gain (Loss) on Investments

Net gains (losses) were as follows for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Fixed maturities, available-for-sale, including securities pledged	$	(31)	$	(30)	$	1,791
Fixed maturities, at fair value option	(100)		(920)		(717)
Equity securities, at fair value	3		(39)		9
Derivatives	29		305		19
Embedded derivatives - fixed maturities	(1)		(9)		(8)
Other derivatives	—		—		1
Standalone derivatives	—		(12)		2
Managed custody guarantees	(2)		(5)		3
Stabilizer	(1)		19		30
Mortgage loans	(12)		—		182
Other investments	43		5		103
Net gains (losses)	$	(72)	$	(686)	$	1,415

Gain (Loss) on Securities

Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Proceeds on sales	$	5,393	$	5,448	$	12,198
Gross gains	69		100		1,769
Gross losses	78		109		9

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

The notional amounts and fair values of derivatives were as follows as of the dates indicated:


	December 31, 2023						December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges:
Foreign exchange contracts	$	98	$	—	$	4	$	81	$	—	$	6
Cash flow hedges:
Interest rate contracts	12		—		—		22		—		—
Foreign exchange contracts	718		33		7		718		71		2


Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	16,773		270		354		18,304		341		376
Foreign exchange contracts	183		4		2		160		9		2
Equity contracts	255		4		2		248		1		1
Credit contracts	137		—		2		174		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		2		—		N/A		3		—

Within reinsurance agreements(4)	N/A		61		49		N/A		95		46
Managed custody guarantees(3)	N/A		—		8		N/A		—		6
Stabilizers(3)	N/A		—		1		N/A		—		—
Total			$	374	$	429			$	520	$	441

(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Consolidated Balance Sheets.

(2) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.

(3) Included in Contract owner account balances on the Consolidated Balance Sheets.

(4) Included in Other liabilities, Other assets, and Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets.

N/A - Not applicable

Offsetting Assets and Liabilities

The Company does not offset any derivative assets and liabilities in the Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:


	Gross Amount Recognized(1)		Counterparty Netting(2)		Cash Collateral Netting(2)		Securities Collateral Netting(2)		Net receivables/ payables
December 31, 2023
Derivative assets	$	311	$	(216)	$	(76)	$	(8)	$	11
Derivative liabilities	370		(216)		(150)		(3)		1

December 31, 2022
Derivative assets	420		(295)		(64)		(6)		55
Derivative liabilities	389		(295)		(88)		(1)		5

(1) As of December 31, 2023, gross amounts exclude asset and liability exchange traded contracts of $0 and $1, respectively. As of December 31, 2022, gross amounts exclude asset and liability exchange traded contracts of $2 and $0, respectively.

(2) Represents the netting of receivable 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

The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated:


	Year Ended December 31,
	2023				2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts

Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income		Net investment income and Net gains (losses)		Net investment income		Net investment income and Net gains (losses)		Net investment income		Net investment income and Net gains (losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(43)	$	(2)	$	70	$	(1)	$	39
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		10		—		11		—		4

The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:


	Year Ended December 31,
	2023				2022					2021
	Net investment Income		Net gains (losses)			Net investment Income		Net gains (losses)			Net investment Income		Net gains (losses)
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded	$	2,159	$	(72)		$	2,281	$	(686)		$	2,774	$	1,415

Fair value hedges:
Foreign exchange contracts:
Hedged items	—		3			—		(6)			—		(5)
Derivatives designated as hedging instruments(1)	—		(1)			—		7			—		5
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	10		—			11		—			9		(5)

(1) For the years ended December 31, 2023 and 2022, $2 and $1, respectively, of the change in derivative instruments designated and qualifying as fair value hedges were excluded from the assessment of hedge effectiveness and recognized currently in earning. An immaterial portion of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings for the year ended December 31, 2021.

The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations are as follows for the periods indicated:
















	Location of Gain (Loss) Recognized on Derivative	Year Ended December 31,
		2023		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	15	$	334	$	4
Foreign exchange contracts	Net gains (losses)	—		(1)		(4)
Equity contracts	Net gains (losses)	14		(32)		17
Credit contracts	Net gains (losses)	1		(3)		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		(9)		(8)

Within reinsurance agreements(1)	Policyholder benefits	(37)		217		77
Managed custody guarantees	Net gains (losses)	(2)		(5)		3
Stabilizers	Net gains (losses)	(1)		19		30
Total		$	(11)	$	520	$	121

(1) For the years ended December 31, 2023, 2022, and 2021, the amount excludes gains (losses) from standalone derivatives of $0, $(12), and $2, respectively, recognized in Net gains (losses).

Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:


	Level 1		Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	346	$	57		$	—		$	403
U.S. Government agencies and authorities	—		55			1			56
State, municipalities and political subdivisions	—		771			—			771
U.S. corporate public securities	—		7,648			18			7,666
U.S. corporate private securities	—		3,234			1,526			4,760
Foreign corporate public securities and foreign governments(1)	—		2,702			—			2,702
Foreign corporate private securities(1)	—		2,376			436			2,812
Residential mortgage-backed securities	—		3,419			57			3,476
Commercial mortgage-backed securities	—		3,495			—			3,495
Other asset-backed securities	—		2,418			52			2,470
Total fixed maturities, including securities pledged	346		26,175			2,090			28,611
Equity securities	140		—			96			236
Derivatives:
Interest rate contracts	7		263			—			270
Foreign exchange contracts	—		37			—			37
Equity contracts	—		4			—			4

Embedded derivative on reinsurance	—		61			—			61
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,148		17			—			2,165
Assets held in separate accounts	87,180		5,605			348			93,133
Total assets	$	89,821	$	32,162		$	2,534		$	124,517
Liabilities:
Contingent consideration	$	—	$	—		$	51		$	51
Stabilizer and MCGs	—		—			9			9
Derivatives:
Interest rate contracts	—		354			—			354
Foreign exchange contracts	—		13			—			13
Equity contracts	—		2			—			2
Credit contracts	—		2			—			2
Embedded derivative on reinsurance	—		(9)		(2)	58		(3)	49
Total liabilities	$	—	$	362		$	118		$	480

(1) Primarily U.S. dollar denominated.

(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.

(3) Represents the standalone derivative.

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2022:


	Level 1		Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	433	$	148		$	—		$	581
U.S. Government agencies and authorities	—		58			1			59
State, municipalities and political subdivisions	—		845			—			845
U.S. corporate public securities	—		8,181			20			8,201
U.S. corporate private securities	—		2,891			1,801			4,692
Foreign corporate public securities and foreign governments(1)	—		2,946			3			2,949
Foreign corporate private securities(1)	—		2,602			432			3,034
Residential mortgage-backed securities	—		3,949			28			3,977
Commercial mortgage-backed securities	—		3,883			—			3,883
Other asset-backed securities	—		2,072			64			2,136
Total fixed maturities, including securities pledged	433		27,575			2,349			30,357
Equity securities	140		—			196			336
Derivatives:
Interest rate contracts	2		339			—			341
Foreign exchange contracts	—		80			—			80
Equity contracts	—		1			—			1

Embedded derivative on reinsurance	—		95			—			95
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,430		24			—			2,454
Assets held in separate accounts	74,600		5,227			347			80,174
Total assets	$	77,605	$	33,341		$	2,892		$	113,838
Liabilities:
Contingent consideration	$	—	$	—		$	112		$	112



Stabilizer and MCGs	—		—			6			6

Derivatives:
Interest rate contracts	3		373			—			376
Foreign exchange contracts	—		10			—			10
Equity contracts	—		1			—			1
Credit contracts	—		2			—			2
Embedded derivative on reinsurance	—		(12)		(2)	58		(3)	46
Total liabilities	$	3	$	374		$	176		$	553

(1) Primarily U.S. dollar denominated.

(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.

(3) Represents the standalone derivative.

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated:


	Year Ended December 31, 2023
	Fair Value as of January 1		Realized/ Unrealized Gains (Losses) Included in:					Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income			OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	1	$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	—
U.S. corporate public securities	20		1			—		—		—		—		—		—		(3)		18		—		—
U.S. corporate private securities	1,801		1			22		142		—		(4)		(219)		79		(296)		1,526		1		19
Foreign corporate public securities and foreign governments(1)	3		—			—		—		—		—		—		—		(3)		—		—		—
Foreign corporate private securities(1)	432		3			9		129		—		(14)		(167)		51		(7)		436		3		8
Residential mortgage-backed securities	28		(4)			—		31		—		—		—		2		—		57		(3)		—

Other asset-backed securities	64		—			1		15		—		(2)		(4)		—		(22)		52		—		—
Total fixed maturities including securities pledged	2,349		1			32		317		—		(20)		(390)		132		(331)		2,090		1		27

Equity securities, at fair value	196		(3)			—		3		—		—		(100)		—		—		96		(3)		—
Contingent consideration	(112)		61		(5)	—		—		—		—		—		—		—		(51)		—		—



Stabilizer and MCGs(2)	(6)		(1)			—		—		(2)		—		—		—		—		(9)		—		—


Embedded derivatives on reinsurance	(58)		—			—		—		—		—		—		—		—		(58)		—		—

Assets held in separate accounts(4)	347		1			—		8		—		(21)		—		14		(1)		348		—		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations.

(3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Consolidated Statements of Comprehensive Income.

(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income 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.

(5) Represents the reduction in expected earn out associated with a prior acquisition within the Investment Management segment. This change is included within Operating expenses in the Consolidated Statements of Operations.


	Year Ended December 31, 2022
	Fair Value as of January 1		Realized/ Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	1	$	—	$	—
U.S. corporate public securities	16		—		(1)		11		—		—		—		—		(6)		20		—		(1)
U.S. corporate private securities	1,910		(3)		(364)		342		—		—		(219)		145		(10)		1,801		(3)		(361)
Foreign corporate public securities and foreign governments(1)	—		—		—		3		—		—		—		—		—		3		—		—
Foreign corporate private securities(1)	353		(23)		(40)		158		—		—		(50)		148		(114)		432		(4)		(40)
Residential mortgage-backed securities	43		(20)		—		7		—		—		—		—		(2)		28		(20)		—

Other asset-backed securities	44		(1)		(4)		62		—		(29)		(8)		—		—		64		(1)		(4)
Total fixed maturities including securities pledged	2,366		(47)		(409)		583		—		(29)		(277)		294		(132)		2,349		(28)		(406)

Equity securities, at fair value	203		(34)		—		27		—		—		—		—		—		196		(34)		—
Contingent consideration	(11)		(2)		—		—		(99)		—		—		—		—		(112)		—		—
Stabilizer and MCGs(2)	(20)		16		—		—		(2)		—		—		—		—		(6)		—		—
Embedded derivatives on reinsurance .	(87)		(12)		—		—		—		—		41		—		—		(58)		—		—

Assets held in separate accounts(4)	316		(35)		—		191		—		(27)		—		6		(104)		347		—		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations.

(3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Consolidated Statements of Comprehensive Income.

(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

Fair Value, by Balance Sheet Grouping

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	28,611	$	28,611	$	30,357	$	30,357
Equity securities	236		236		336		336
Mortgage loans on real estate	5,218		4,941		5,445		5,149
Policy loans	352		352		363		363
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	2,165		2,165		2,454		2,454
Derivatives	311		311		422		422
Embedded derivatives on reinsurance	61		61		95		95
Other investments	64		64		68		68
Assets held in separate accounts	93,133		93,133		80,174		80,174
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	$	32,848	$	34,856	$	35,707	$	36,385
Funding agreements with fixed maturities	1,175		1,178		1,285		1,281
Supplementary contracts, immediate annuities and other	628		571		727		636
Stabilizer and MCGs	9		9		6		6





Derivatives	371		371		389		389
Embedded derivatives on reinsurance	49		49		46		46
Short-term debt	1		1		141		142
Long-term debt	2,097		1,998		2,094		1,935

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

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2023:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	181	$	—	$	—	$	—	$	181
Corporate loans	—		1,404		—		—		1,404
Limited partnerships/corporations	—		—		—		2,861		2,861




Total assets	$	181	$	1,404	$	—	$	2,861	$	4,446
Liabilities
VIEs
CLO notes	$	—	$	1,332	$	—	$	—	$	1,332
Total liabilities	$	—	$	1,332	$	—	$	—	$	1,332

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2022:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	88	$	—	$	—	$	—	$	88
Corporate loans	—		1,293		—		—		1,293
Limited partnerships/corporations	—		—		—		2,802		2,802




Total assets	$	88	$	1,293	$	—	$	2,802	$	4,183
Liabilities
VIEs
CLO notes	$	—	$	1,234	$	—	$	—	$	1,234
Total liabilities	$	—	$	1,234	$	—	$	—	$	1,234

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following table presents the classification of financial instruments which are not carried at fair value on the Consolidated Balance Sheets:


Financial Instrument			Classification
Mortgage loans on real estate			Level 3
Policy loans			Level 2


Other investments			Level 2
Funding agreements without fixed maturities and deferred annuities			Level 3
Funding agreements with fixed maturities			Level 2
Supplementary contracts and immediate annuities			Level 3
Short-term debt and Long-term debt			Level 2

Deferred Policy Acquisition Costs and Value of Business Acquired (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Deferred Policy Acquisition Costs and Value of Business Acquired

The following tables present a rollforward of DAC and VOBA for the periods indicated:



	DAC				VOBA
	Wealth Solutions Deferred and Individual Annuities		Businesses exited
Balance as of January 1, 2021	$	690	$	1,290	$	705
Deferrals of commissions and expenses	61		1		6
Amortization expense	(60)		(133)		(238)
Balance as of December 31, 2021	$	691	$	1,158	$	473
Deferrals of commissions and expenses	59		—		5
Amortization expense	(59)		(115)		(39)
Balance as of December 31, 2022	$	691	$	1,043	$	439
Deferrals of commissions and expenses	59		—		4
Amortization expense	(55)		(105)		(37)
Balance as of December 31, 2023	$	695	$	938	$	406

The following table shows a reconciliation of DAC and VOBA balances to the Consolidated Balance Sheets for the periods indicated:


	December 31, 2023		December 31, 2022
DAC:
Wealth Solutions Deferred and Individual Annuities	$	695	$	691
Businesses exited	938		1,043
Other(1)	211		190
VOBA	406		439
Total	$	2,250	$	2,363

(1)Substantially all of this balance is comprised of the Health Solutions segment.

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
2024	$	32
2025	30
2026	27
2027	25
2028	23

Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Liability for Future Policy Benefit, Activity

The balances and changes in the liability for future policy benefits for Health Solutions Group, Health Solutions Voluntary and Businesses Exited are presented in the tables below as of December 31, 2023 and 2022:


	Health Solutions Group				Health Solutions Voluntary				Businesses Exited
	2023		2022		2023		2022		2023		2022
Present Value of Expected Net Premiums:
Balance at January 1	$	77	$	93	$	97	$	105	$	4,244	$	5,634
Beginning balance at original discount rate	84		85		100		92		4,128		4,226
Effect of change in cash flow assumptions	(6)		(7)		6		—		(921)		(69)
Effect of actual variances from expected experience	11		23		8		20		(91)		86
Adjusted balance at January 1	89		101		114		112		3,116		4,243
Interest accrual	2		2		4		4		196		230
Net premiums collected(1)	(20)		(19)		(16)		(16)		(320)		(345)
Ending balance at original discount rate	71		84		102		100		2,992		4,128
Effects of changes in discount rate assumptions	(3)		(7)		(1)		(3)		153		116
Balance at end of period	$	68	$	77	$	101	$	97	$	3,145	$	4,244


Present Value of Expected Future Policy Benefits:
Balance at January 1	$	881	$	1,048	$	285	$	359	$	8,639	$	11,444
Beginning balance at original discount rate	913		952		294		290		8,644		9,079
Effect of change in cash flow assumptions	(8)		(43)		13		(2)		(805)		(77)
Effect of actual variances from expected experience	(16)		(27)		9		11		(123)		(52)
Adjusted balance at January 1	889		882		316		299		7,716		8,950
Issuances	136		139		—		—		17		13
Interest accrual	24		25		14		14		412		458
Benefit payments	(131)		(133)		(23)		(19)		(741)		(777)
Ending balance at original discount rate	918		913		307		294		7,404		8,644
Effects of changes in discount rate assumptions	(19)		(32)		—		(9)		134		(5)
Balance at end of period	$	899	$	881	$	307	$	285	$	7,538	$	8,639


Net liability for future policy benefits	$	831	$	804	$	206	$	188	$	4,392	$	4,395
Less: Reinsurance recoverable	315		283		—		—		4,342		4,411
Net liability for future policy benefits, after reinsurance recoverable	$	516	$	521	$	206	$	188	$	50	$	(16)

(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Consolidated Balance Sheets is presented below:


	December 31, 2023		December 31, 2022
Health Solutions Group	$	831	$	804
Health Solutions Voluntary	206		188
Businesses Exited - Future policy benefits	4,392		4,395
Businesses Exited – Additional liability	2,001		2,107
Other	2,130		2,225
Total	$	9,560	$	9,719

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:


	December 31, 2023				December 31, 2022
	Undiscounted		Discounted		Undiscounted		Discounted
Health Solutions Group
Expected future benefit payments	$	1,144	$	918	$	1,141	$	913
Expected future gross premiums	271		214		286		231
Health Solutions Voluntary
Expected future benefit payments	668		307		588		294
Expected future gross premiums	341		213		307		205

The following table presents a rollforward of the additional reserve liability for Businesses exited for the periods indicated:


	Businesses exited
	December 31, 2023		December 31, 2022
Balance at beginning of period	$	2,107	$	1,715
Effect of change in cash flow assumptions	(44)		540
Effect of actual variances from expected experience	(100)		15
Adjusted balance at January 1	1,963		2,270
Interest accrual	84		80
Excess Benefits	(417)		(427)
Assessments	371		184
Balance at end of period	2,001		2,107
Less: Reinsurance recoverable	1,950		2,054
Net additional liability, after reinsurance recoverable	$	51	$	53

The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated:


	Health Solutions Group				Health Solutions Voluntary				Businesses Exited
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Weighted average duration (in years)(1)	7		7		14		14		8		8
Interest accretion rate	4.0	%	4.1	%	5.2	%	5.3	%	4.9	%	5.0	%
Current discount rate	4.9	%	5.2	%	5.1	%	5.4	%	5.1	%	5.7	%

(1) Weighted average duration (in years) for Businesses Exited includes additional liability.

Policyholder Account Balance

The following table presents a rollforward of Contract owner account balances for the periods indicated:


	Wealth Solutions Deferred Group and Individual Annuity				Businesses Exited
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Balance at January 1	$	33,622	$	33,044	$	5,146	$	5,532
Deposits	2,309		2,962		288		310
Fee income	(9)		(8)		(373)		(384)
Surrenders, withdrawals and benefits	(5,663)		(4,424)		(577)		(462)
Net transfers (from) to the general account (2)	(5)		1,174		10		—
Interest credited	885		874		141		150
Ending Balance	$	31,139	$	33,622	$	4,635	$	5,146


Weighted-average crediting rate	2.8		%	2.6		%	2.5		%	2.5		%
Net amount at risk (1)	$	123		$	199		$	734		$	900
Cash surrender value	$	30,676		$	33,125		$	1,491		$	1,824

(1) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. When a contract has both a living benefit and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

(2) Net transfers (from) to the general account for Wealth Solutions includes transfers of $(523) and $(801) for 2023 and 2022, respectively related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Consolidated Balance Sheets.

The following table shows a reconciliation of the Contract owner account balances to the Consolidated Balance Sheets for the periods indicated:



	December 31, 2023		December 31, 2022
Wealth Solutions Deferred group and individual annuity	$	31,139	$	33,622
Businesses exited	4,635		5,146
Other	3,400		3,687
Total	$	39,174	$	42,455

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):


	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
As of December 31, 2023
Up to 1.00%	$	120	$	5,070	$	3,460	$	2,215	$	863	$	800	$	12,528
1.01% - 2.00%	527		131		50		8		3		6		725
2.01% - 3.00%	11,225		93		63		108		—		3		11,492
3.01% - 4.00%	8,873		152		—		6		—		—		9,031
4.01% and Above	1,566		83		—		—		—		—		1,649
Renewable beyond 12 months (MYGA)(2)	428		—		—		—		3		—		431
Total discretionary rate setting products	$	22,739	$	5,529	$	3,573	$	2,337	$	869	$	809	$	35,856


As of December 31, 2022
Up to 1.00%	$	5,848	$	2,967	$	1,907	$	1,112	$	1,462	$	102	$	13,398
1.01% - 2.00%	707		51		35		2		2		7		804
2.01% - 3.00%	12,677		56		47		109		—		3		12,892
3.01% - 4.00%	9,448		153		—		—		—		—		9,601
4.01% and Above	1,643		87		—		—		—		—		1,730
Renewable beyond 12 months (MYGA)(2)	402		—		—		—		3		—		405
Total discretionary rate setting products	$	30,725	$	3,314	$	1,989	$	1,223	$	1,467	$	112	$	38,830

(1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.

(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after December 31, 2023 and 2022 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Effects of Reinsurance

Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated:


	December 31, 2023
	Direct		Assumed		Ceded		Total, Net of Reinsurance
Assets
Premiums receivable	$	193	$	9	$	(219)	$	(17)
Reinsurance recoverable, net of allowance for credit losses	—		—		11,999		11,999
Total	$	193	$	9	$	11,780	$	11,982

Liabilities
Future policy benefits and contract owner account balances	$	47,781	$	953			$	48,734
Liability for funds withheld under reinsurance agreements	103		—		—		103
Total	$	47,884	$	953	$	—	$	48,837
	0



	December 31, 2022
	Direct		Assumed		Ceded		Total, Net of Reinsurance
Assets
Premiums receivable	$	172	$	11	$	(212)	$	(29)
Reinsurance recoverable, net of allowance for credit losses	—		—		12,455		12,455
Total	$	172	$	11	$	12,243	$	12,426

Liabilities
Future policy benefits and contract owner account balances	$	51,137	$	1,037	$	—	$	52,174
Liability for funds withheld under reinsurance agreements	104		—		—		104
Total	$	51,241	$	1,037	$	—	$	52,278

Information regarding the effect of reinsurance on the Consolidated Statements of Operations is as follows for the periods indicated:


	Year ended December 31,
	2023		2022		2021
Premiums:
Direct premiums	$	3,599	$	3,257	$	3,007
Reinsurance assumed	26		25		26
Reinsurance ceded	(908)		(859)		(6,421)
Net premiums	$	2,717	$	2,423	$	(3,388)

Fee income:
Gross fee income	$	2,303	$	2,137	$	2,215
Reinsurance assumed	17		18		18
Reinsurance ceded	(404)		(413)		(420)
Net fee income	$	1,916	$	1,742	$	1,813

Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	4,322	$	4,448	$	4,847
Reinsurance assumed	64		50		72
Reinsurance ceded	(1,350)		(1,970)		(7,107)
Net interest credited and other benefits to contract owners / policyholders	$	3,036	$	2,528	$	(2,188)

Separate Accounts (Tables)

12 Months Ended

Dec. 31, 2023

Other Liabilities Disclosure [Abstract]

Separate Account, Liability

The following tables present a rollforward of Separate account liabilities for the Wealth Solutions stabilizer and deferred annuity business, including a reconciliation to the Consolidated Balance Sheets, for the periods indicated:


	December 31, 2023						December 31, 2022
	Wealth Solutions Stabilizer		Wealth Solutions Deferred Annuity		Total		Wealth Solutions Stabilizer		Wealth Solutions Deferred Annuity		Total
Balance at January 1	$	7,196	$	69,152	$	76,348	$	8,091	$	86,927	$	95,018
Premiums and deposits	940		10,052		10,992		957		9,177		10,134
Fee income	(34)		(426)		(460)		(34)		(423)		(457)
Surrenders, withdrawals and benefits	(1,342)		(9,631)		(10,973)		(1,025)		(8,470)		(9,495)
Net transfers (from) to the separate account	—		(518)		(518)		—		(2,015)		(2,015)
Investment performance	415		13,681		14,096		(793)		(16,044)		(16,837)
Balance at end of period	$	7,175	$	82,310	$	89,485	$	7,196	$	69,152	$	76,348

Reconciliation to Consolidated Balance Sheets:
Other					3,648						3,826
Total Separate Account liabilities					$	93,133					$	80,174

Fair Value, Separate Account Investment

The aggregate fair value of assets, by major investment asset category, supporting separate accounts were as follows for the periods indicated:


	December 31, 2023		December 31, 2022
US Treasury securities and obligations of US government corporations and agencies	$	1,015	$	1,586
Corporate and foreign debt securities	2,528		2,307
Mortgage-backed securities	3,231		3,434
Equity securities (including mutual funds)	85,916		72,309
Cash, cash equivalents and short-term investments	399		311
Receivable for securities and accruals	44		227
Total	$	93,133	$	80,174

Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

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) before income taxes for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Adjusted operating earnings before income taxes by segment:
Wealth Solutions	$	632	$	697	$	1,106
Health Solutions	315		304		204
Investment Management	225		186		239
Corporate	(208)		(253)		(325)
Total including Allianz noncontrolling interest	964		934		1,225
Less: Earnings (loss) attributable to Allianz noncontrolling interest	48		26		—
Total	$	916	$	908	$	1,225

Adjustments:
Net investment gains (losses)	(15)		(190)		(29)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(182)		(138)		1,133
Income (loss) attributable to noncontrolling interests	104		(77)		761
Dividend payments made to preferred shareholders	36		36		36
Other adjustments	(180)		(111)		(39)
Total adjustments to income (loss) before income taxes	(237)		(480)		1,861

Income (loss) from continuing operations before income taxes	$	678	$	428	$	3,085

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,
	2023		2022		2021
Adjusted operating revenues by segment:
Wealth Solutions	$	2,776	$	2,778	$	3,236
Health Solutions	3,082		2,582		2,394
Investment Management	916		756		783
Corporate	48		67		100
Total	$	6,822	$	6,183	$	6,513

Adjustments:
Net investment gains (losses)	(44)		(215)		(140)
Revenues related to businesses exited or to be exited through reinsurance or divestment	113		(123)		(3,424)
Revenues attributable to noncontrolling interests	247		(33)		809
Other adjustments	211		121		413
Total adjustments to revenues	527		(250)		(2,342)

Total revenues	$	7,348	$	5,930	$	4,174

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,
	2023		2022		2021
Investment management intersegment revenues	$	85	$	91	$	92

Schedule of Assets from Segments

The summary below presents Total assets for the Company’s segments as of the dates indicated:


	December 31, 2023		December 31, 2022
Wealth Solutions	$	122,318	$	111,701
Health Solutions	3,336		2,668
Investment Management	1,600		1,611
Corporate	25,527		26,712
Total assets, before consolidation(1)	152,781		142,692
Consolidation of investment entities	4,304		3,914


Total assets	$	157,085	$	146,606

(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.

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows:


	Wealth Solutions		Health Solutions		Investment Management		Corporate (1)		Consolidated
Balance as of January 1, 2022	$	17	$	24	$	31	$	—	$	72
Additions from business combinations	—		—		255		—		255

Balance as of December 31, 2022	$	17	$	24	$	286	$	—	$	327
Additions from business combinations (2)	—		319		—		102		421

Balance as of December 31, 2023	$	17	$	343	$	286	$	102	$	748

(1) Corporate includes goodwill that was acquired by the parent company and not pushed to a subsidiary within the Company’s reportable segments. The carrying value of goodwill within Corporate is allocated to Wealth Solutions, Health Solutions, and Investment Management reporting units as $72, $20 and $10, respectively

(2) See the Business, Basis of Presentation and Significant Accounting Policies Note for information on recent business combinations.

Schedule of other intangible assets

The following table presents other intangible assets as of the dates indicated:


	Weighted Average Amortization Lives	December 31, 2023						December 31, 2022
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Indefinite-life intangibles:
Right to manage client assets	N/A	$	345	$	—	$	345	$	345	$	—	$	345
Management contract rights	N/A	5		—		5		5		—		5
Total indefinite-life intangibles		$	350	$	—	$	350	$	350	$	—	$	350
Finite-life intangibles:
Management contract rights (1)	15 years	$	153	$	11	$	142	$	741	$	554	$	187
Customer relationship lists	17 years	325		128		197		135		111		24
Trademarks	8 years	15		2		13		—		—		—
Computer software	4 years	501		346		155		502		432		70
Total intangible assets		$	1,344	$	487	$	857	$	1,728	$	1,097	$	631

(1) The table reflects the new cost basis and revised useful life of the impaired management contract rights as of December 31, 2023.

Schedule of estimated amortization expense of intangible assets

The estimated amortization of intangible assets are as follows:


Year	Amount
2024	$	82
2025	72
2026	57
2027	47
2028	33

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Share-based Incentive Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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 in 2015 and 2019:


	2015 Stock Options			2019 Stock Options
Expected volatility	28.6		%	26.5		%
Expected term (in years)	6.02			5.99
Strike price	$	37.60		$	50.03
Risk-free interest rate	2.1		%	2.7		%
Expected dividend yield	0.11		%	1.00		%
Weighted average estimated fair value	$	11.89		$	13.78

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:


	2023		2022		2021
Expected volatility of the Company's common stock	30.43	%	34.37	%	34.54	%
Average expected volatility of peer companies	41.53	%	49.41	%	45.24	%
Expected term (in years)	2.85		2.85		2.87
Risk-free interest rate	4.42	%	1.71	%	0.20	%
Expected dividend yield	—	%	—	%	—	%
Average correlation coefficient of peer companies	65.80	%	71.50	%	78.00	%

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 for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
RSUs	$	81	$	45	$	41
PSU awards	48		45		46
Stock options	—		—		1

Total	129		90		88
Income tax benefit	31		24		22
Share-based compensation	$	98	$	66	$	66

The following table summarizes the unrecognized compensation cost and expected remaining weighted-average period of expense recognition as of December 31, 2023:


	RSU Awards		PSU Awards
Unrecognized compensation cost	$	40	$	39
Expected remaining weighted-average period of expense recognition (in years)	1.00		1.26

RSU and PSU Award Activity

The following table summarizes RSU and PSU awards activity under the Omnibus Plans and Director Plan for the periods indicated:


	RSU Awards			PSU Awards
(awards in millions)	Number of Awards	Weighted Average Grant Date Fair Value			Number of Awards	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2023	1.5	$	60.91		2.1	$	55.68
Adjusted for PSU performance factor	—	—			(0.1)	61.50
Granted	1.7	70.51			0.8	66.10
Vested	(1.1)	63.75			(0.5)	62.86
Forfeited	(0.1)	66.09			(0.1)	65.98
Outstanding at December 31, 2023	2.0	$	67.06		2.2	$	61.17


Awards expected to vest as of December 31, 2023	2.0	$	67.06		2.2	$	61.17

Option Activity

The following table summarizes the number of options under the Omnibus Plans for the periods indicated:


	Stock Options
(awards in millions)	Number of Awards	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2023	1.6	$	43.05	4.4	$	30.20

Granted	—	—
Exercised	(0.4)	38.62
Forfeited	—	50.03
Outstanding as of December 31, 2023	1.2	$	44.79	3.1	$	34.30

Vested, exercisable, as of December 31, 2023	1.2	44.79		3.1	34.30

Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Common Stock Outstanding Roll Forward

The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:


	Common Shares
(shares in millions)	Issued	Held in Treasury	Outstanding
Balance, January 1, 2021	143.3	19.1	124.2
Common Shares issued	0.1	—	0.1
Common Shares acquired - share repurchase	—	17.9	(17.9)
Share-based compensation programs	2.4	1.0	1.4
Treasury Stock retirement	(36.8)	(36.8)	—
Balance, December 31, 2021	109.0	1.2	107.8
Common Shares issued	0.1	—	0.1
Common Shares acquired - share repurchase	—	11.7	(11.7)
Share-based compensation programs	1.7	0.7	1.0
Treasury Stock retirement	(13.0)	(13.0)	—
Balance, December 31, 2022	97.8	0.6	97.2
Common Shares issued	9.7	—	9.7
Common Shares acquired - share repurchase	—	5.4	(5.4)
Share-based compensation programs	2.1	0.7	1.4
Treasury Stock retirement	(6.0)	(6.0)	—
Balance, December 31, 2023	103.6	0.7	102.9

Dividends Declared

Dividends declared per share of Common Stock were as follows for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Dividends declared per share of Common Stock	$	1.200	$	0.800	$	0.695

The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated:


	Series A				Series B
Year Ended:	Per Share		Aggregate		Per Share		Aggregate
December 31, 2023	$	61.25	$	20	$	53.50	$	16
December 31, 2022	61.25		20		53.50		16


December 31, 2021	61.25		20		53.50		16

Accelerated Share Repurchases

The following table presents repurchases of the Company's common stock through share repurchase agreements with third-party financial institutions for the years ended December 31, 2022 and 2021.






2022
Execution Date	Payment		Initial Shares Delivered	Closing Date	Additional Shares Delivered	Total Shares Repurchased
June 21, 2022	$	250	3,382,950	September 20, 2022	819,566	4,202,516
March 17, 2022	$	275	3,305,786	May 11, 2022	890,112	4,195,898
2021
Execution Date	Payment		Initial Shares Delivered	Closing Date	Additional Shares Delivered	Total Shares Repurchased
June 30, 2021	$	400	5,203,252	September 16, 2021	1,081,552	6,284,804
February 11, 2021	$	250	3,617,291	May 14, 2021	330,852	3,948,143

Open Market Repurchase

The following table presents repurchases of our common stock pursuant to 10b5-1 plans and through open market repurchases for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Shares of common stock	5,365,303		3,295,800		7,118,829
Payment	$	374	$	225	$	463

Schedule of Preferred Stock Issued and Outstanding

As of December 31, 2023 and December 31, 2022, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows:


	Year Ended December 31, 2023		Year Ended December 31, 2022
Series	Issued	Outstanding	Issued	Outstanding
7.758% Non-cumulative Preferred Stock, Series A	325,000	325,000	325,000	325,000
5.35% Non-cumulative Preferred Stock, Series B	300,000	300,000	300,000	300,000
Total	625,000	625,000	625,000	625,000

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Earnings per Common Share Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:


(in millions, except for per share data)	Year Ended December 31,
Earnings	2023		2022		2021
Net income (loss) available to common shareholders
Income (loss) from continuing operations	$	729	$	433	$	3,119
Less: Preferred stock dividends	36		36		36
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	104		(77)		761
Income (loss) from continuing operations available to common shareholders	589		474		2,322
Income (loss) from discontinued operations, net of tax	—		—		12
Net income (loss) available to common shareholders	$	589	$	474	$	2,334

Weighted-average common shares outstanding
Basic	102.7		100.7		116.7
Dilutive Effects:
Warrants(1)	3.3		7.2		6.7
RSUs	1.2		0.9		1.0
PSUs	1.1		0.8		0.7
Stock Options	0.5		0.6		0.7
Diluted	108.8		110.2		125.8

Basic(2)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	5.74	$	4.70	$	19.91
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	—	$	—	$	0.10
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	5.74	$	4.70	$	20.02
Diluted(2)
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$	5.42	$	4.30	$	18.46
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders	$	—	$	—	$	0.10
Income (loss) available to Voya Financial, Inc.'s common shareholders	$	5.42	$	4.30	$	18.56

(1) See the Shareholders' Equity Note to these Consolidated Financial Statements for additional information on warrants.

(2) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total.

Insurance Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2023

Insurance [Abstract]

Schedule of Statutory Net Income (Loss)

Statutory Net income (loss) for the years ended December 31, 2023, 2022 and 2021 and statutory capital and surplus as of December 31, 2023 and 2022 of the Company's Principal Insurance Subsidiaries are as follows:


	Statutory Net Income (Loss)						Statutory Capital and Surplus
	2023		2022		2021		2023		2022
Subsidiary Name (State of Domicile):
Voya Retirement Insurance and Annuity Company ("VRIAC") (CT)	$	577	$	549	$	794	$	1,955	$	1,842

ReliaStar Life Insurance Company ("RLI") (MN)	401		418		(1,211)		1,447		1,784

Schedule of Dividends Permitted and Dividends Paid and Return of Capital Distributions

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 and dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated:


	Dividends Permitted without Approval				Dividends Paid				Extraordinary Distributions Paid
					Year Ended December 31,				Year Ended December 31,
	2024		2023		2023		2022			2023		2022
Subsidiary Name (State of domicile):
Voya Retirement Insurance and Annuity Company (CT)	$	473	$	363	$	310	$	48		$	—	$	809
ReliaStar Life Insurance Company (MN)	403		428		—		—			747		329

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Employee Benefit Arrangements (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets for the years ended December 31, 2023 and 2022 and the discount rate and interest credit rate used in determining pension benefit obligations as of December 31, 2023 and 2022 as well as the funded status of the Company's Plans as of December 31, 2023 and 2022:



	2023			2022
Change in benefit obligation:
Benefit obligations, January 1	$	1,943		$	2,496
Service cost	24			28
Interest cost	103			72

Net actuarial (gains) losses (1)	44			(541)
Benefits paid	(115)			(112)



Benefit obligations, December 31(2)	1,999			1,943

Discount rate	5.28		%	5.47		%
Interest credit rate	3.75		%	3.00		%

Change in plan assets:
Fair value of plan net assets, January 1	1,770			2,283
Actual return on plan assets	149			(427)
Employer contributions	27			26

Benefits paid	(115)			(112)

Fair value of plan net assets, December 31(3)	1,831			1,770
Unfunded status at end of year (4)	$	(168)		$	(173)

(1) Includes actuarial loss of $37 and $(571) due to change in discount rate for the year ended December 31, 2023 and 2022, respectively. The discount rate decreased 0.19% during 2023 driven by a decrease in corporate AA yields. The discount rate increased 2.47% during 2022 driven by an increase in the 30-year Treasury and corporate AA yields.

(2) Includes Retirement Plan benefit obligations of $1,649 and $1,597 as of December 31, 2023 and 2022, respectively, and non-qualified plan benefit obligations of $350 and $346 as of December 31, 2023 and 2022, respectively.

(3) Represents Retirement Plan Assets.

(4) 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 related to the Plans recognized on the Consolidated Balance Sheets as of December 31, 2023 and 2022:



	2023		2022
Amounts recognized in the Consolidated Balance Sheets consist of:(1)
Prepaid benefit cost (2)	$	182	$	173
Accrued benefit cost (2)	(350)		(346)
Net amount recognized	$	(168)	$	(173)

(1) Excludes other postretirement benefit obligations of $9 and $11 as of December 31, 2023 and 2022, respectively.

(2) Prepaid benefit cost is included in Other assets on the Consolidated Balance Sheets. Accrued benefit cost is included in Other liabilities on the Consolidated Balance Sheets.

Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets

The following table summarizes information for the Plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2023 and 2022:



	2023		2022
Projected benefit obligation	$	350	$	346
Accumulated benefit obligation	348		345
Fair value of plan assets	—		—

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, weighted-average assumptions used in determining net benefit cost of the Plans and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) related to the Plans were as follows for the years ended December 31, 2023, 2022 and 2021:



	2023			2022			2021
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
Service cost	$	24		$	28		$	27
Interest cost	103			72			68
Expected return on plan assets	(100)			(108)			(126)

(Gain) loss recognized due to curtailment	—			—			(1)
Net (gain) loss recognition	(4)			(6)			(32)
Net periodic (benefit) costs	$	23		$	(14)		$	(64)

Discount rate	5.47		%	3.00		%	2.67		%
Expected rate of return on plan assets	5.82		%	4.85		%	5.60		%
Interest credit rate	3.00		%	2.80		%	2.80		%

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, 2023 and 2022:


	Actual Asset Allocation
	2023		2022
Equity securities:
Target allocation range	7%-12%		7%-12%
Large-cap domestic	3.7	%	3.1	%
Small/Mid-cap domestic	0.8	%	0.8	%
International commingled funds	3.2	%	2.7	%
Limited Partnerships	0.5	%	0.6	%
Total equity securities	8.2	%	7.2	%
Fixed maturities:
Target allocation range	83%-87%		83%-87%
U.S. Treasuries, short term investments, cash and futures	3.0	%	2.9	%
U.S. Government agencies and authorities	0.3	%	0.3	%
U.S. corporate, state and municipalities	71.3	%	72.0	%
Foreign securities	9.8	%	9.5	%




Total fixed maturities	84.4	%	84.7	%
Other investments:
Target allocation range	4%-8%		4%-8%
Hedge funds	4.1	%	3.8	%
Real estate	3.3	%	4.3	%
Total other investments	7.4	%	8.1	%
Total	100.0	%	100.0	%

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2023:


	Level 1		Level 2		Level 3		NAV		Total
Assets
Fixed maturities, short-term investments and cash:
Cash and cash equivalents	$	8	$	1	$	—	$	—	$	9
Short-term investments	—		—		—		—		—
Short-term investment fund(1)	—		—		—		21		21
U.S. Government securities	128		—		—		—		128
U.S. corporate, state and municipalities	10		1,121		65		—		1,196
Foreign securities	—		170		20		—		190





Total fixed maturities	146		1,292		85		21		1,544

Equity securities:




Total equity securities(2)	15		68		—		68		151

Other investments:



Total other investments(3)	—		—		—		136		136
Total Assets	$	161	$	1,360	$	85	$	225	$	1,831

(1) This category includes common collective trust funds a short-term investment fund, which invests in a full range of high-quality, short-term money market securities. Participant's redemptions are processed by the following day.

(2) Equity securities include two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $25 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 $33 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. Contributions and redemptions are conducted on a monthly basis as of the last business day of each month with notice required. at least six business days before the month-end. 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) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $61 and is an actively managed core portfolio of equity real estate, whose performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index and 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. Redemptions of all or a portion of an investor's units may be redeemed as of the end of a calendar quarter with at least 60 days notice. Other investments also includes a limited partnership with 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 limited partnership fund.

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2022:



	Level 1		Level 2		Level 3		NAV		Total
Assets
Fixed maturities, short term investments and cash:
Cash and cash equivalents	$	32	$	26	$	—	$	—	$	58
Short-term investments	—		—		—		—		—
Short-term investment fund(1)	—		—		—		18		18
U.S. Government securities	199		—		—		—		199
U.S. corporate, state and municipalities	10		996		51		—		1,057
Foreign securities	—		157		11		—		168





Total fixed maturities	241		1,179		62		18		1,500

Equity securities:




Total equity securities(2)	13		54		—		59		126

Other investments:



Total other investments(3)	—		—		—		144		144
Total assets	$	254	$	1,233	$	62	$	221	$	1,770

(1) See footnote 1 to previous table.

(2) Equity securities include two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $21 and Silchester has a fund balance of $27. See footnote 2 to previous table for further information.

(3) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $75 and a limited partnership with a balance of $69. See footnote 3 to previous table for further information.

Schedule of Expected Benefit Payments

The following table summarizes the expected benefit payments for the Company's pension plans to be paid for the years indicated:



2024	$	124
2025	130
2026	134
2027	138
2028	141
2029-2033	750

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

Shareholders' equity included the following components of AOCI as of the dates indicated:


	December 31,
	2023		2022		2021(2)
Fixed maturities, net of impairment	$	(2,370)	$	(3,294)	$	3,196

Derivatives(1)	64		125		79





Change in current discount rate	(890)		(858)		(1,147)
Deferred income tax asset (liability)	794		969		(324)
Total	(2,402)		(3,058)		1,804
Pension and other postretirement benefits liability, net of tax	2		3		3
AOCI	$	(2,400)	$	(3,055)	$	1,807

(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of December 31, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $15.

(2) Upon adoption of ASU 2018-12 on January 1, 2023, the DAC/VOBA adjustments on available-for-sale securities were reversed as of the January 1, 2021 transition date and in subsequent periods.

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, 2023
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	899		$	(189)	$	710



Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	25			(5)		20



Change in unrealized gains (losses) on available-for-sale securities	924			(194)		730

Derivatives:
Derivatives	(43)		(1)	9		(34)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(18)			4		(14)
Change in unrealized gains (losses) on derivatives	(61)			13		(48)

Change in current discount rate	(33)			7		(26)

Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(1)		(2)	—		(1)
Change in pension and other postretirement benefits liability	(1)			—		(1)
Change in Accumulated other comprehensive income (loss)	$	829		$	(174)	$	655

(1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.

(2) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.


	December 31, 2022
	Before-Tax Amount			Income Tax (Benefit)		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(6,569)		$	1,380	$	(5,189)



Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	78			(16)		62



Change in unrealized gains (losses) on available-for-sale securities	(6,491)			1,364		(5,127)

Derivatives:
Derivatives	66		(1)	(14)		52
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(20)			4		(16)
Change in unrealized gains (losses) on derivatives	46			(10)		36

Change in current discount rate	290			(61)		229




Change in Accumulated other comprehensive income (loss)	$	(6,155)		$	1,293	$	(4,862)

(1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.


	December 31, 2021
	Before-Tax Amount			Income Tax (Benefit)			After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(3,595)		$	525	(3)	$	(3,070)

Other	(3)			1			(2)

Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	(1,823)			383			(1,440)
DAC and Other intangibles related to discontinued operations	830			(175)			655
Other intangibles not subjected to ASU 2018-12	435			(92)			343

Change in unrealized gains (losses) on available-for-sale securities	(4,156)			642			(3,514)

Derivatives:
Derivatives	24		(1)	(5)			19
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(21)			4			(17)
Change in unrealized gains (losses) on derivatives	3			(1)			2

Change in current discount rate	202			(42)			160

Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(2)		(2)	—			(2)
Change in pension and other postretirement benefits liability	(2)			—			(2)
Change in Accumulated other comprehensive income (loss)	$	(3,953)		$	599		$	(3,354)

(1) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.

(2) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.

(3) The tax effect of $756 is offset by a $(231) stranded tax benefit release from AOCI to continuing operations.

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Financial services and software subscriptions and services revenue is disaggregated by type of service in the following table:


	Year Ended December 31,
		2023		2022		2021
Wealth Solutions
Advisory and R&A		$	497	$	525	$	650
Distribution and shareholder servicing		121		116		207

Investment Management
Advisory, asset management and R&A		924		826		834
Distribution and shareholder servicing		146		145		183

Health Solutions
R&A		18		17		16
Software subscriptions and services		205		—		—
Corporate
R&A		28		62		94


Total financial services and software subscriptions and services revenue		1,939		1,691		1,984
Revenue from other sources(1)		304		199		408
Total Fee income and Other revenue		$	2,243	$	1,890	$	2,392

(1)Primarily consists of revenue from insurance contracts and financial instruments.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following for the periods indicated:


	Year Ended December 31,
	2023		2022		2021
Current tax expense (benefit):
Federal	$	6	$	(5)	$	(463)
State	5		(3)		19
Total current tax expense (benefit)	11		(8)		(444)
Deferred tax expense (benefit):
Federal	(50)		8		457
State	(12)		(5)		(47)
Total deferred tax expense (benefit)	(62)		3		410
Total income tax expense (benefit)	$	(51)	$	(5)	$	(34)

Schedule of Effective Income Tax Rate Reconciliation

Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated:


	Year Ended December 31,
	2023			2022			2021
Income (loss) before income taxes	$	678		$	428		$	3,085
Tax Rate	21.0		%	21.0		%	21.0		%
Income tax expense (benefit) at federal statutory rate	142			90			648
Tax effect of:
Valuation allowance	(1)			7			(521)
Dividends received deduction	(38)			(44)			(34)
State tax expense (benefit)	(6)			(16)			37
Noncontrolling interest	(22)			16			(161)
Tax credits	(17)			(63)			(14)
Nondeductible expenses	6			7			5
Security Life of Denver Company capital loss carryback (1)	(92)			—			—
Non-taxable Voya India gain (1)	(10)			—			—
Other	(13)			(2)			6
Income tax expense (benefit)	$	(51)		$	(5)		$	(34)
Effective tax rate	(7.5)		%	(1.2)		%	(1.1)		%

(1) See Other Tax Matters section below

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated:


	December 31,
	2023		2022
Deferred tax assets
Federal and state loss carryforwards	$	1,489	$	1,523
Net unrealized investment losses	484		666
Compensation and benefits	190		179
Current discount rate (1)	187		180
Tax credits	131		110
Insurance Reserves	9		—
Investments	5		30
Other assets	165		82
Total gross assets before valuation allowance	2,660		2,770
Less: Valuation allowance	95		70
Assets, net of valuation allowance	2,565		2,700
Deferred tax liabilities
Deferred policy acquisition costs	(358)		(392)
Insurance reserves	—		(85)
Other liabilities	(47)		—
Total gross liabilities	(405)		(477)
Net deferred income tax asset (liability) (2)	$	2,160	$	2,223

(1) Current discount rate is a result of the adoption of ASU 2018-12. See the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements for additional information

(2) $45 of net deferred tax assets, including a $26 valuation allowance, were a result of the Benefitfocus acquisition

Summary of Operating Loss Carryforwards

The following table sets forth the federal, state and credit carryforwards for tax purposes as of the dates indicated:


	December 31,
	2023			2022
Federal net operating loss carryforward	$	6,667	(1)	$	6,816
State net operating loss carryforward	2,454		(2)	2,069

Credit carryforward	131		(3)	110

(1) Approximately $3,617 of the net operating losses carryforwards ("NOL") not subject to expiration. $3,050 of the NOLs expire between 2025 and 2037

(2) Approximately $829 of the NOLs not subject to expiration. $1,625 of the NOLs expire between 2024 and 2043

(3) Expires between 2032 and 2042

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,
	2023		2022		2021
Balance at beginning of period	$	33	$	34	$	33
Additions (reductions) for tax positions related to current year	—		—		1
Additions (reductions) for tax positions related to prior years	(6)		(1)		—



Balance at end of period	$	27	$	33	$	34

Financing Agreements (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term Debt Securities Issued and Outstanding

The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of December 31, 2023 and 2022:


	Issuer	Maturity	2023		2022


3.976% Senior Notes, due 2025(2)(3)	Voya Financial, Inc.	02/15/2025	$	390	$	—
3.65% Senior Notes, due 2026(2)(3)	Voya Financial, Inc.	06/15/2026	446		445
5.7% Senior Notes, due 2043(2)(3)	Voya Financial, Inc.	07/15/2043	396		396
4.8% Senior Notes, due 2046(2)(3)	Voya Financial, Inc.	06/15/2046	297		297
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048(4)	Voya Financial, Inc.	01/23/2048	336		336
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053(4)	Voya Financial, Inc.	05/15/2053	—		388
7.25% Voya Holdings Inc. debentures, due 2023(1)	Voya Holdings Inc.	08/15/2023	—		140
7.63% Voya Holdings Inc. debentures, due 2026(1)	Voya Holdings Inc.	08/15/2026	139		139
6.97% Voya Holdings Inc. debentures, due 2036(1)	Voya Holdings Inc.	08/15/2036	79		79
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027	Equitable of Iowa Capital Trust II	04/01/2027	13		13
1.00% Windsor Property Loan	Voya Retirement Insurance and Annuity Company	06/14/2027	2		2


Subtotal			2,098		2,235
Less: Current portion of long-term debt			1		141
Total			$	2,097	$	2,094

(1) Guaranteed by ING Group.

(2) Interest is paid semi-annually in arrears.

(3) Guaranteed by Voya Holdings.

(4) See the Junior Subordinated Notes section below.

Outstanding junior subordinated notes were as follows as of December 31, 2023:

Issuer

Issue Date

Interest Rate(1)

Scheduled Redemption Date

Interest Rate Subsequent to Scheduled Redemption Date(2)

Final Maturity Date

Face Value

Voya Financial, Inc.

01/23/2018

4.70%

01/23/2028

LIBOR

+

2.084%

01/23/2048

(3)

$

340

(1) Prior to the scheduled redemption date, interest is paid semi-annually, in arrears.

(2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three month LIBOR plus the indicated margin, payable quarterly in arrears. In the event that LIBOR is unavailable, the calculation agent will determine a fallback rate at the time the calculations need to be performed.

(3) The 4.70% Fixed-to-Floating Rate Junior Subordinated Notes due 2048 (the "2048 Notes") are guaranteed on an unsecured, junior subordinated basis by Voya Holdings.

Credit Facilities

The following table outlines the Company's credit facilities as of December 31, 2023:


	Secured/ Unsecured	Committed/ Uncommitted	Expiration	Capacity		Utilization		Unused Commitment
Obligor / Applicant
Voya Financial, Inc.	Unsecured	Committed	05/01/2028	$	500	$	—	$	500





















Voya Financial, Inc.	Unsecured	Committed	04/07/2025	200		12		188
Total				$	700	$	12	$	688

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
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+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Net Minimum Payments Under Non-cancelable Operating Leases

The future net minimum payments under non-cancelable leases are as follows as of December 31, 2023:


	Operating Leases		Finance Leases
2024	$	29	$	12
2025	19		12
2026	13		12
2027	11		12
2028	8		13
Thereafter	10		40
Total undiscounted lease payments	90		101
Less: Imputed interest	5		19
Total Lease liabilities	$	85	$	82

Schedule of Future Net Minimum Payments Under Non-cancelable Finance Leases

The future net minimum payments under non-cancelable leases are as follows as of December 31, 2023:


	Operating Leases		Finance Leases
2024	$	29	$	12
2025	19		12
2026	13		12
2027	11		12
2028	8		13
Thereafter	10		40
Total undiscounted lease payments	90		101
Less: Imputed interest	5		19
Total Lease liabilities	$	85	$	82

Schedule of Restricted Assets

The fair value of restricted assets were as follows as of December 31, 2023 and 2022:


	2023		2022
Fixed maturity collateral pledged to FHLB(1)	$	1,956	$	1,791
FHLB restricted stock(2)	64		67
Other fixed maturities-state deposits	37		38
Cash and cash equivalents	25		27
Securities pledged(3)	1,160		1,162
Total restricted assets	$	3,242	$	3,085

(1)Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.

(2)Included in Other investments on the Consolidated Balance Sheets.

(3) Includes the fair value of loaned securities of $842 and $907 as of December 31, 2023 and 2022, respectively. In addition, as of December 31, 2023 and 2022, the Company delivered securities as collateral of $201 and $142 and repurchase agreements of $117 and $113, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Consolidated Balance Sheets.

Consolidated and Nonconsolidated Investment Entities (Tables)

12 Months Ended

Dec. 31, 2023

Consolidated Investment Entities [Abstract]

Schedule of Variable Interest Entities

Fair Value, by Balance Sheet Grouping

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:


	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	28,611	$	28,611	$	30,357	$	30,357
Equity securities	236		236		336		336
Mortgage loans on real estate	5,218		4,941		5,445		5,149
Policy loans	352		352		363		363
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	2,165		2,165		2,454		2,454
Derivatives	311		311		422		422
Embedded derivatives on reinsurance	61		61		95		95
Other investments	64		64		68		68
Assets held in separate accounts	93,133		93,133		80,174		80,174
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	$	32,848	$	34,856	$	35,707	$	36,385
Funding agreements with fixed maturities	1,175		1,178		1,285		1,281
Supplementary contracts, immediate annuities and other	628		571		727		636
Stabilizer and MCGs	9		9		6		6





Derivatives	371		371		389		389
Embedded derivatives on reinsurance	49		49		46		46
Short-term debt	1		1		141		142
Long-term debt	2,097		1,998		2,094		1,935

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

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2023:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	181	$	—	$	—	$	—	$	181
Corporate loans	—		1,404		—		—		1,404
Limited partnerships/corporations	—		—		—		2,861		2,861




Total assets	$	181	$	1,404	$	—	$	2,861	$	4,446
Liabilities
VIEs
CLO notes	$	—	$	1,332	$	—	$	—	$	1,332
Total liabilities	$	—	$	1,332	$	—	$	—	$	1,332

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2022:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	88	$	—	$	—	$	—	$	88
Corporate loans	—		1,293		—		—		1,293
Limited partnerships/corporations	—		—		—		2,802		2,802




Total assets	$	88	$	1,293	$	—	$	2,802	$	4,183
Liabilities
VIEs
CLO notes	$	—	$	1,234	$	—	$	—	$	1,234
Total liabilities	$	—	$	1,234	$	—	$	—	$	1,234

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details)			12 Months Ended
	Jan. 24, 2023 USD ($)	Jul. 25, 2022	Dec. 31, 2023 USD ($) segment	Jan. 24, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 01, 2022 USD ($)
Accounting Policies [Line Items]
Number of operating segments \| segment			3
Payments to Acquire Businesses, Net of Cash Acquired			$ 584,000,000		$ 2,000,000	$ 0
Goodwill			748,000,000		327,000,000	72,000,000
Net gains (losses)			(72,000,000)		(686,000,000)	1,415,000,000
Impairment, Long-Lived Asset, Held-for-Use					$ 32,000,000
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]					Operating expenses
Contract cost assets			98,000,000		$ 100,000,000
Amortization expense			20,000,000		$ 21,000,000	$ 23,000,000
Impairment loss for contract costs capitalized			$ 0
Fixed Annuities And Payout Contracts Without Life Contingencies [Member]
Accounting Policies [Line Items]
Credited interest rate maximum on fixed annuities and payout contracts without life contingencies			5.10%
Minimum
Accounting Policies [Line Items]
Weighted Average Amortization Lives			5 years
Minimum \| Software Subscription And Service
Accounting Policies [Line Items]
Revenue From Contract With Customer, Contract Term			1 year
Maximum
Accounting Policies [Line Items]
Weighted Average Amortization Lives			15 years
Maximum \| Software Subscription And Service
Accounting Policies [Line Items]
Revenue From Contract With Customer, Contract Term			3 years
Commercial Portfolio Segment
Accounting Policies [Line Items]
Threshold period past due			60 days
Threshold period past due, nonaccrual			90 days
Voya India
Accounting Policies [Line Items]
Goodwill			$ 102,000,000
Net gains (losses)			45,000,000
VFI SLK
Accounting Policies [Line Items]
Payments to Acquire Businesses, Gross			$ 53,000,000
Customer relationship lists
Accounting Policies [Line Items]
Weighted Average Amortization Lives			17 years
Computer software
Accounting Policies [Line Items]
Weighted Average Amortization Lives			4 years
Benefitfocus
Accounting Policies [Line Items]
Payments for Merger Related Costs				$ 595,000,000
Payments to Acquire Businesses, Gross				583,000,000
Payments to Acquire Businesses, Net of Cash Acquired				558,000,000
Cash Acquired from Acquisition				25,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 49,000,000			49,000,000
Goodwill	319,000,000			319,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	275,000,000			275,000,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets	45,000,000			45,000,000
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation	91,000,000			91,000,000
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling 12 Months			$ 29,000,000
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Three			29,000,000
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Four			29,000,000
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two			29,000,000
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five			$ 29,000,000
Benefitfocus \| Customer relationship lists
Accounting Policies [Line Items]
Finite-Lived Intangible Assets Acquired	$ 190,000,000
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	15 years
Benefitfocus \| Computer software
Accounting Policies [Line Items]
Finite-Lived Intangible Assets Acquired				$ 70,000,000
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life	5 years
Voya Investment Management, LLC
Accounting Policies [Line Items]
Percentage increase in assets under management		40.00%
VIM Holdings
Accounting Policies [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			76.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			24.00%
Czech Asset Management
Accounting Policies [Line Items]
Assets under Management, Carrying Amount							$ 1,400,000,000
Voya India
Accounting Policies [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent			49.00%
SLK
Accounting Policies [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			51.00%

Business, Basis of Presentation and Significant Accounting Policies - Adoption of Accounting Pronouncements (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DAC		$ 2,250	$ 2,363
VOBA	$ 705	406	439	$ 473
Stockholders' equity	11,178	5,878	4,831	9,668
Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	4,898	(2,400)	(3,055)	1,807
Retained Earnings (Deficit), Unappropriated
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	(4,957)	505	(201)	(1,170)
Wealth Solutions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DAC	690	695	691	691
Businesses Exited
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DAC	1,290	938	1,043	1,158
Liability for Future Policy Benefits		7,538	8,639	11,444
Health Solutions Group
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits		899	881	1,048
Health Solutions Voluntary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits		$ 307	$ 285	$ 359
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA	70
Stockholders' equity	11,178
Previously Reported \| Wealth Solutions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DAC	119
Previously Reported \| Businesses Exited
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DAC	1,186
Liability for Future Policy Benefits	5,448
Previously Reported \| Health Solutions Group
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits	822
Previously Reported \| Health Solutions Voluntary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits	188
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA					$ 705
Stockholders' equity					11,336
Revision of Prior Period, Adjustment \| Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
VOBA, Adjustment for removal of related balances in AOCI	635
Effect of remeasurement of liability at current discount rate	(1,065)
Stockholders' equity	1,328
Revision of Prior Period, Adjustment \| Retained Earnings (Deficit), Unappropriated
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Establishment of MRBs	(132)
Other adjustments	27
Revision of Prior Period, Adjustment \| Wealth Solutions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DAC					690
Revision of Prior Period, Adjustment \| Wealth Solutions \| Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DAC	571
Revision of Prior Period, Adjustment \| Businesses Exited
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DAC					1,290
Liability for Future Policy Benefits					6,427
Effect of remeasurement of liability at current discount rate	1,362
Revision of Prior Period, Adjustment \| Businesses Exited \| Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
DAC	104
Liability for Future Policy Benefits	(386)
Revision of Prior Period, Adjustment \| Health Solutions Group
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits					947
Effect of remeasurement of liability at current discount rate	118
Revision of Prior Period, Adjustment \| Health Solutions Group \| Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits	0
Revision of Prior Period, Adjustment \| Health Solutions Voluntary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits					274
Effect of remeasurement of liability at current discount rate	83
Revision of Prior Period, Adjustment \| Health Solutions Voluntary \| Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits	0
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity					$ 158
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	263
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Retained Earnings (Deficit), Unappropriated
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity	(105)
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Businesses Exited
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits	3
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Health Solutions Group
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits	7
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 \| Health Solutions Voluntary
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefits	$ 3

Investments (excluding Consolidated Investment Entities) - Fixed Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	$ 27,690	$ 30,202
Securities pledged, Amortized Cost	1,232	1,303
Allowance for credit losses	17	12	$ 58	$ 26
U.S. Treasuries
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	417	590
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	7	12
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	21	21
Embedded Derivatives	0	0
Allowance for credit losses	0	0
Fixed maturities, Fair Value	403	581
U.S. Government agencies and authorities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	54	58
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	3	3
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	1	2
Embedded Derivatives	0	0
Allowance for credit losses	0	0
Fixed maturities, Fair Value	56	59
State, municipalities, and political subdivisions
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	871	978
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	1	1
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	101	134
Embedded Derivatives	0	0
Allowance for credit losses	0	0
Fixed maturities, Fair Value	771	845
U.S. corporate public securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	8,402	9,343
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	168	97
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	904	1,239
Embedded Derivatives	0	0
Allowance for credit losses	0	0
Fixed maturities, Fair Value	7,666	8,201
U.S. corporate private securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	5,040	5,087
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	44	14
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	324	409
Embedded Derivatives	0	0
Allowance for credit losses	0	0
Fixed maturities, Fair Value	4,760	4,692
Foreign corporate public securities and foreign governments
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	2,928	3,343
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	47	18
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	270	403
Embedded Derivatives	0	0
Allowance for credit losses	3	9	0
Fixed maturities, Fair Value	2,702	2,949
Foreign corporate private securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	2,916	3,254
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	27	7
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	129	225
Embedded Derivatives	0	0
Allowance for credit losses	2	2	56
Fixed maturities, Fair Value	2,812	3,034
Residential mortgage-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	3,695	4,230
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	36	34
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	257	290
Embedded Derivatives	2	3
Allowance for credit losses	0	0	$ 1
Fixed maturities, Fair Value	3,476	3,977
Commercial mortgage-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	4,147	4,466
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	1	2
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	644	585
Embedded Derivatives	0	0
Allowance for credit losses	9	0
Fixed maturities, Fair Value	3,495	3,883
Other asset-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	2,528	2,307
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	16	3
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	71	173
Embedded Derivatives	0	0
Allowance for credit losses	3	1
Fixed maturities, Fair Value	2,470	2,136
Fixed maturities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	30,998	33,656
Total fixed maturities, less securities pledged, Amortized Cost	29,766	32,353
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains	350	191
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains	350	188
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses	2,722	3,481
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses	2,650	3,337
Embedded Derivatives	2	3
Allowance for credit losses	17	12
Fixed maturities, Fair Value	28,611	30,357
Total fixed maturities, less securities pledged, Fair Value	27,451	29,195
Collateral pledged
Available-for-sale Securities, Including Securities Pledged [Line Items]
Securities pledged	1,160	1,162
Collateral pledged \| Fixed maturities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Securities pledged, Amortized Cost	1,232	1,303
Securities pledged, Gross Unrealized Capital Gains	0	3
Securities pledged, Gross Unrealized Capital Losses	72	144
Embedded Derivatives	0	0
Allowance for credit losses	0	0
Securities pledged	$ 1,160	$ 1,162

Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, Amortized Cost	$ 27,690	$ 30,202
Fixed maturities, single issuers in excess of total equity	no
Fixed maturities
Available-for-sale Securities, Including Securities Pledged [Line Items]
One year or less, Amortized Cost	$ 767
After one year through five years, Amortized Cost	3,952
After five years through ten years, Amortized Cost	3,920
After ten years, Amortized Cost	11,989
Fixed maturities, Amortized Cost	30,998	33,656
One year or less, Fair Value	754
After one year through five years, Fair Value	3,820
After five years through ten years, Fair Value	3,805
After ten years, Fair Value	10,791
Fixed maturities, Fair Value	28,611	30,357
Mortgage-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Without single maturity date, Amortized Cost	7,842
Without single maturity date, Fair Value	6,971
Other asset-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Without single maturity date, Amortized Cost	2,528
Fixed maturities, Amortized Cost	2,528	2,307
Without single maturity date, Fair Value	2,470
Fixed maturities, Fair Value	$ 2,470	$ 2,136

Investments (excluding Consolidated Investment Entities) - Repurchase Agreements and Securities Pledged (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale Securities, Including Securities Pledged [Line Items]
Rate required of collateral as a percent of market value of loans securities	102.00%
Payables under securities loan agreement, including collateral held	$ 1,121	$ 1,302
Collateral pledged
Available-for-sale Securities, Including Securities Pledged [Line Items]
Securities Sold under Agreements to Repurchase, Asset	0
Total securities pledged	1,160	1,162
Securities pledged
Available-for-sale Securities, Including Securities Pledged [Line Items]
Securities pledged/obligations under repurchase agreements	117	113
Securities loaned to lending agent	842	907
Securities pledged as collateral	201	142
Short-term investments
Available-for-sale Securities, Including Securities Pledged [Line Items]
Securities received as collateral	660	807
Fixed maturities \| Collateral pledged
Available-for-sale Securities, Including Securities Pledged [Line Items]
Total securities pledged	1,160	1,162
U.S. Treasuries
Available-for-sale Securities, Including Securities Pledged [Line Items]
Payables under securities loan agreement, including collateral held	14	53
U.S. corporate public securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Payables under securities loan agreement, including collateral held	568	604
Short-term investments
Available-for-sale Securities, Including Securities Pledged [Line Items]
Payables under securities loan agreement, including collateral held	55	0
Foreign corporate public securities and foreign governments
Available-for-sale Securities, Including Securities Pledged [Line Items]
Payables under securities loan agreement, including collateral held	238	285
Total
Available-for-sale Securities, Including Securities Pledged [Line Items]
Payables under securities loan agreement, including collateral held	$ 875	$ 942

Investments (excluding Consolidated Investment Entities) - Allowance for Credit Losses on Available-for-sale fixed maturity securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance	$ 12	$ 58
Credit losses on securities for which credit losses were not previously recorded	11	9
Reductions for securities sold during the period	(5)	(57)
Increase (decrease) on securities with allowance recorded in previous period	(1)	2
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance	17	12
U.S. corporate public securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance	0
Credit losses on securities for which credit losses were not previously recorded	0
Reductions for securities sold during the period	0
Increase (decrease) on securities with allowance recorded in previous period	0
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance	0	0
Residential mortgage-backed securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance	0	1
Credit losses on securities for which credit losses were not previously recorded		0
Reductions for securities sold during the period		0
Increase (decrease) on securities with allowance recorded in previous period		(1)
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance	0	0
Commercial mortgage-backed securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance	0
Credit losses on securities for which credit losses were not previously recorded	9
Reductions for securities sold during the period	0
Increase (decrease) on securities with allowance recorded in previous period	0
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance	9	0
Foreign Corporate Public Securities and Foreign Governments [Member]
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance	9	0
Credit losses on securities for which credit losses were not previously recorded	0	9
Reductions for securities sold during the period	(5)	0
Increase (decrease) on securities with allowance recorded in previous period	(1)	0
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance	3	9
Foreign corporate private securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance	2	56
Credit losses on securities for which credit losses were not previously recorded	0	0
Reductions for securities sold during the period	0	(57)
Increase (decrease) on securities with allowance recorded in previous period	0	3
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance	2	2
Other asset-backed securities
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance	1	1
Credit losses on securities for which credit losses were not previously recorded	2	0
Reductions for securities sold during the period	0	0
Increase (decrease) on securities with allowance recorded in previous period	0	0
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance	$ 3	$ 1

Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	$ 1,221	$ 20,391
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	42	2,349
More Than Twelve Months Below Amortized Cost, Fair Value	18,938	4,363
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	2,680	1,132
Total, Fair Value	20,159	24,754
Total, Unrealized Capital Losses	$ 2,722	3,481
Minimum
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed Maturities Average Duration	6 years 6 months
Maximum
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed Maturities Average Duration	7 years
U.S. Treasuries
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	$ 99	197
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	3	19
More Than Twelve Months Below Amortized Cost, Fair Value	109	9
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	18	2
Total, Fair Value	208	206
Total, Unrealized Capital Losses	21	21
U.S. Government agencies and authorities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	0	21
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	0	2
More Than Twelve Months Below Amortized Cost, Fair Value	3	0
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	1	0
Total, Fair Value	3	21
Total, Unrealized Capital Losses	1	2
State, municipalities, and political subdivisions
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	20	751
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	0	121
More Than Twelve Months Below Amortized Cost, Fair Value	731	30
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	101	13
Total, Fair Value	751	781
Total, Unrealized Capital Losses	101	134
U.S. corporate public securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	321	5,479
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	17	792
More Than Twelve Months Below Amortized Cost, Fair Value	5,101	1,137
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	887	447
Total, Fair Value	5,422	6,616
Total, Unrealized Capital Losses	904	1,239
U.S. corporate private securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	176	3,569
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	7	322
More Than Twelve Months Below Amortized Cost, Fair Value	3,365	458
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	317	87
Total, Fair Value	3,541	4,027
Total, Unrealized Capital Losses	324	409
Foreign corporate public securities and foreign governments
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	82	2,050
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	2	260
More Than Twelve Months Below Amortized Cost, Fair Value	1,749	391
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	268	143
Total, Fair Value	1,831	2,441
Total, Unrealized Capital Losses	270	403
Foreign corporate private securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	189	2,728
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	5	211
More Than Twelve Months Below Amortized Cost, Fair Value	2,101	65
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	124	14
Total, Fair Value	2,290	2,793
Total, Unrealized Capital Losses	129	225
Residential mortgage-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	114	1,538
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	3	128
More Than Twelve Months Below Amortized Cost, Fair Value	1,354	562
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	254	162
Total, Fair Value	1,468	2,100
Total, Unrealized Capital Losses	257	290
Commercial mortgage-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	84	2,628
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	2	390
More Than Twelve Months Below Amortized Cost, Fair Value	3,269	1,133
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	642	195
Total, Fair Value	3,353	3,761
Total, Unrealized Capital Losses	644	585
Other asset-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Twelve Months or Less Below Amortized Cost, Fair Value	136	1,430
Twelve Months or Less Below Amortized Cost, Unrealized Capital Losses	3	104
More Than Twelve Months Below Amortized Cost, Fair Value	1,156	578
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	68	69
Total, Fair Value	1,292	2,008
Total, Unrealized Capital Losses	$ 71	$ 173

Investments (excluding Consolidated Investment Entities) - Evaluating Securities for Impairments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Intent impairments	$ 27	$ 23	$ 2

Investments (excluding Consolidated Investment Entities) - Debt Restructuring (Details)	12 Months Ended
	Dec. 31, 2023 loan
Commercial mortgage loans
Financing Receivable, Troubled Debt Restructuring [Table]
Number of troubled debt restructuring contracts	0

Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value Ratio (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Schedule of Loans by Loan to Value Ratio [Line Items]
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate		75.00%
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral		100.00%
Debt service coverage benchmark ratio		100.00%
Commercial mortgage loans		$ 5,218	$ 5,445
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		$ 3,638	3,605
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		$ 1,222	1,418
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		$ 314	402
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		$ 10	20
Debt-to-Value Ratio, 80 to 100 Percent
Schedule of Loans by Loan to Value Ratio [Line Items]
Loan to Value Ratio, minimum	80.00%	80.00%
Commercial mortgage loans		$ 34	0
Year of Origination 2023
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		372
Year of Origination 2023 \| 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		150
Year of Origination 2023 \| 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		222
Year of Origination 2023 \| 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0
Year of Origination 2023 \| 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0
Year of Origination 2023 \| Debt-to-Value Ratio, 80 to 100 Percent
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0
Year of Origination 2022
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		651	635
Year of Origination 2022 \| 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		252	250
Year of Origination 2022 \| 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		326	320
Year of Origination 2022 \| 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		73	65
Year of Origination 2022 \| 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0	0
Year of Origination 2022 \| Debt-to-Value Ratio, 80 to 100 Percent
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0	0
Year of Origination 2021
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		667	777
Year of Origination 2021 \| 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		244	240
Year of Origination 2021 \| 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		214	272
Year of Origination 2021 \| 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		209	255
Year of Origination 2021 \| 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0	10
Year of Origination 2021 \| Debt-to-Value Ratio, 80 to 100 Percent
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0	0
Year of Origination 2020
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		306	363
Year of Origination 2020 \| 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		168	119
Year of Origination 2020 \| 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		112	209
Year of Origination 2020 \| 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0	25
Year of Origination 2020 \| 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		10	10
Year of Origination 2020 \| Debt-to-Value Ratio, 80 to 100 Percent
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		16	0
Year of Origination 2019
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		334	350
Year of Origination 2019 \| 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		238	227
Year of Origination 2019 \| 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		68	94
Year of Origination 2019 \| 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		28	29
Year of Origination 2019 \| 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0	0
Year of Origination 2019 \| Debt-to-Value Ratio, 80 to 100 Percent
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0	0
Year of Origination 2018
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		2,888	206
Year of Origination 2018 \| 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		2,586	163
Year of Origination 2018 \| 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		280	41
Year of Origination 2018 \| 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		4	2
Year of Origination 2018 \| 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		0	0
Year of Origination 2018 \| Debt-to-Value Ratio, 80 to 100 Percent
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans		$ 18	0
Year of Origination 2017
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans			3,114
Year of Origination 2017 \| 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans			2,606
Year of Origination 2017 \| 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans			482
Year of Origination 2017 \| 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans			26
Year of Origination 2017 \| 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans			0
Year of Origination 2017 \| Debt-to-Value Ratio, 80 to 100 Percent
Schedule of Loans by Loan to Value Ratio [Line Items]
Commercial mortgage loans			$ 0

Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	$ 5,218	$ 5,445
>1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Debt Service Coverage Ratio, minimum	150.00%
>1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Debt Service Coverage Ratio, minimum	125.00%
Debt Service Coverage Ratio, maximum	150.00%
>1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Debt Service Coverage Ratio, minimum	100.00%
Debt Service Coverage Ratio, maximum	125.00%
Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Debt Service Coverage Ratio, maximum	100.00%
Total Segment \| >1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	$ 3,283	3,385
Total Segment \| >1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	512	679
Total Segment \| >1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	683	805
Total Segment \| Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	740	576
Total Segment \| Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	5,218	5,445
Year of Origination 2023
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	372
Year of Origination 2023 \| >1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	189
Year of Origination 2023 \| >1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	116
Year of Origination 2023 \| >1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	67
Year of Origination 2023 \| Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	0
Year of Origination 2023 \| Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	372
Year of Origination 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	651	635
Year of Origination 2022 \| >1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	204	331
Year of Origination 2022 \| >1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	68	100
Year of Origination 2022 \| >1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	192	181
Year of Origination 2022 \| Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	187	23
Year of Origination 2022 \| Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	651	635
Year of Origination 2021
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	667	777
Year of Origination 2021 \| >1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	260	273
Year of Origination 2021 \| >1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	14	33
Year of Origination 2021 \| >1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	64	269
Year of Origination 2021 \| Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	329	202
Year of Origination 2021 \| Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	667	777
Year of Origination 2020
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	306	363
Year of Origination 2020 \| >1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	211	259
Year of Origination 2020 \| >1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	24	11
Year of Origination 2020 \| >1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	21	11
Year of Origination 2020 \| Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	50	82
Year of Origination 2020 \| Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	306	363
Year of Origination 2019
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	334	350
Year of Origination 2019 \| >1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	203	222
Year of Origination 2019 \| >1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	26	54
Year of Origination 2019 \| >1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	84	67
Year of Origination 2019 \| Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	21	7
Year of Origination 2019 \| Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	334	350
Year of Origination 2018
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	2,888	206
Year of Origination 2018 \| >1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	2,216	128
Year of Origination 2018 \| >1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	264	27
Year of Origination 2018 \| >1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	255	51
Year of Origination 2018 \| Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	153	0
Year of Origination 2018 \| Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	$ 2,888	206
Year of Origination 2017
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		3,114
Year of Origination 2017 \| >1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		2,172
Year of Origination 2017 \| >1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		454
Year of Origination 2017 \| >1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		226
Year of Origination 2017 \| Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		262
Year of Origination 2017 \| Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		$ 3,114

Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	$ 5,218	$ 5,445
Total Segment \| Pacific
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	1,155	1,198
Total Segment \| South Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	1,132	1,162
Total Segment \| Middle Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	975	1,024
Total Segment \| West South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	622	592
Total Segment \| Mountain
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	534	525
Total Segment \| East North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	411	531
Total Segment \| New England
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	78	76
Total Segment \| West North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	231	223
Total Segment \| East South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	80	114
Total Segment \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	5,218	5,445
Year of Origination 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	372
Year of Origination 2023 \| Pacific
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	69
Year of Origination 2023 \| South Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	77
Year of Origination 2023 \| Middle Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	12
Year of Origination 2023 \| West South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	101
Year of Origination 2023 \| Mountain
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	39
Year of Origination 2023 \| East North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	42
Year of Origination 2023 \| New England
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	3
Year of Origination 2023 \| West North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	26
Year of Origination 2023 \| East South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	3
Year of Origination 2023 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	372
Year of Origination 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	651	635
Year of Origination 2022 \| Pacific
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	140	140
Year of Origination 2022 \| South Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	132	129
Year of Origination 2022 \| Middle Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	47	48
Year of Origination 2022 \| West South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	100	98
Year of Origination 2022 \| Mountain
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	113	114
Year of Origination 2022 \| East North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	93	82
Year of Origination 2022 \| New England
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	5	4
Year of Origination 2022 \| West North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	1	1
Year of Origination 2022 \| East South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	20	19
Year of Origination 2022 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	651	635
Year of Origination 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	667	777
Year of Origination 2021 \| Pacific
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	96	99
Year of Origination 2021 \| South Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	63	72
Year of Origination 2021 \| Middle Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	124	134
Year of Origination 2021 \| West South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	148	143
Year of Origination 2021 \| Mountain
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	111	112
Year of Origination 2021 \| East North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	75	138
Year of Origination 2021 \| New England
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	9	9
Year of Origination 2021 \| West North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	40	48
Year of Origination 2021 \| East South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	1	22
Year of Origination 2021 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	667	777
Year of Origination 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	306	363
Year of Origination 2020 \| Pacific
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	63	74
Year of Origination 2020 \| South Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	155	170
Year of Origination 2020 \| Middle Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	17	18
Year of Origination 2020 \| West South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	10	16
Year of Origination 2020 \| Mountain
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	12	12
Year of Origination 2020 \| East North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	26	39
Year of Origination 2020 \| New England
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2020 \| West North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	7	7
Year of Origination 2020 \| East South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	16	27
Year of Origination 2020 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	306	363
Year of Origination 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	334	350
Year of Origination 2019 \| Pacific
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	53	58
Year of Origination 2019 \| South Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	100	106
Year of Origination 2019 \| Middle Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	10	10
Year of Origination 2019 \| West South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	74	77
Year of Origination 2019 \| Mountain
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	45	46
Year of Origination 2019 \| East North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	4	5
Year of Origination 2019 \| New England
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	14	14
Year of Origination 2019 \| West North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	13	13
Year of Origination 2019 \| East South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	21	21
Year of Origination 2019 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	334	350
Year of Origination 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	2,888	206
Year of Origination 2018 \| Pacific
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	734	50
Year of Origination 2018 \| South Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	605	62
Year of Origination 2018 \| Middle Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	765	55
Year of Origination 2018 \| West South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	189	10
Year of Origination 2018 \| Mountain
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	214	14
Year of Origination 2018 \| East North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	171	10
Year of Origination 2018 \| New England
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	47	0
Year of Origination 2018 \| West North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	144	5
Year of Origination 2018 \| East South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	19	0
Year of Origination 2018 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	$ 2,888	206
Year of Origination 2017
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		3,114
Year of Origination 2017 \| Pacific
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		777
Year of Origination 2017 \| South Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		623
Year of Origination 2017 \| Middle Atlantic
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		759
Year of Origination 2017 \| West South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		248
Year of Origination 2017 \| Mountain
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		227
Year of Origination 2017 \| East North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		257
Year of Origination 2017 \| New England
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		49
Year of Origination 2017 \| West North Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		149
Year of Origination 2017 \| East South Central
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		25
Year of Origination 2017 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		$ 3,114

Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	$ 5,218	$ 5,445
Total Segment \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	1,122	1,145
Total Segment \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	1,458	1,410
Total Segment \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	1,473	1,660
Total Segment \| Office
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	802	875
Total Segment \| Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	113	93
Total Segment \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	191	201
Total Segment \| Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	59	61
Total Segment \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	5,218	5,445
Year of Origination 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	372
Year of Origination 2023 \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	125
Year of Origination 2023 \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	164
Year of Origination 2023 \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	33
Year of Origination 2023 \| Office
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	18
Year of Origination 2023 \| Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	32
Year of Origination 2023 \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0
Year of Origination 2023 \| Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0
Year of Origination 2023 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	372
Year of Origination 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	651	635
Year of Origination 2022 \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	79	79
Year of Origination 2022 \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	263	255
Year of Origination 2022 \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	255	247
Year of Origination 2022 \| Office
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	34	34
Year of Origination 2022 \| Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	10	10
Year of Origination 2022 \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	10	10
Year of Origination 2022 \| Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2022 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	651	635
Year of Origination 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	667	777
Year of Origination 2021 \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	36	37
Year of Origination 2021 \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	145	168
Year of Origination 2021 \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	335	420
Year of Origination 2021 \| Office
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	123	125
Year of Origination 2021 \| Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2021 \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	18	18
Year of Origination 2021 \| Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	10	9
Year of Origination 2021 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	667	777
Year of Origination 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	306	363
Year of Origination 2020 \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	57	58
Year of Origination 2020 \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	49	61
Year of Origination 2020 \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	72	93
Year of Origination 2020 \| Office
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	128	151
Year of Origination 2020 \| Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2020 \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2020 \| Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2020 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	306	363
Year of Origination 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	334	350
Year of Origination 2019 \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	45	46
Year of Origination 2019 \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	82	85
Year of Origination 2019 \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	160	165
Year of Origination 2019 \| Office
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	36	40
Year of Origination 2019 \| Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	11	14
Year of Origination 2019 \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2019 \| Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2019 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	334	350
Year of Origination 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	2,888	206
Year of Origination 2018 \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	780	37
Year of Origination 2018 \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	755	84
Year of Origination 2018 \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	618	56
Year of Origination 2018 \| Office
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	463	12
Year of Origination 2018 \| Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	60	0
Year of Origination 2018 \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	163	17
Year of Origination 2018 \| Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	49	0
Year of Origination 2018 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans	$ 2,888	206
Year of Origination 2017
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		3,114
Year of Origination 2017 \| Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		888
Year of Origination 2017 \| Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		757
Year of Origination 2017 \| Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		679
Year of Origination 2017 \| Office
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		513
Year of Origination 2017 \| Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		69
Year of Origination 2017 \| Other
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		156
Year of Origination 2017 \| Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		52
Year of Origination 2017 \| Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans		$ 3,114

Investments (excluding Consolidated Investment Entities) - Allowance for Losses for Commercial Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for losses for commercial mortgage loans, beginning balance		$ 18
Allowance for losses for commercial mortgage loans, ending balance		26	$ 18
Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for losses for commercial mortgage loans, beginning balance	$ 15	18	15	$ 89
Credit losses on securities for which credit losses were not previously recorded		2	3
Increase (decrease) on mortgage loans with allowance recorded in previous period		9	0
Provision for expected credit losses		29	18
Writeoffs	$ 0	(3)	0	(14)
Allowance for losses for commercial mortgage loans, ending balance		$ 26	$ 18	$ 15

Investments (excluding Consolidated Investment Entities) - Past due commercial mortgage loans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans	$ 5,218	$ 5,445
Number of commercial mortgage loans in non-accrual status \| loan	1	0
LTV Ratio, nonaccrual	100.00%
Financing receivable, nonaccrual, interest income	$ 0
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans	$ 5,218	$ 5,445
Threshold period past due, nonaccrual	90 days
Commercial Portfolio Segment \| Current
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans	$ 5,202	5,445
Commercial Portfolio Segment \| 30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans	0	0
Commercial Portfolio Segment \| 60-89 Days Past Due
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans	0	0
Commercial Portfolio Segment \| Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Commercial mortgage loans	$ 16	$ 0

Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 2,230	$ 2,341	$ 2,842
Less: Investment expenses	71	60	68
Net investment income	2,159	2,281	2,774
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	1,766	1,940	1,996
Investments in fixed maturities that did not produce net investment income	10	11
Equity securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	21	12	20
Mortgage loans on real estate
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	249	237	247
Policy loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	20	21	23
Short-term investments and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	39	13	8
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 135	$ 118	$ 548

Investments (excluding Consolidated Investment Entities) - Net Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	$ (72)	$ (686)	$ 1,415
Voya India
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	45
Embedded derivatives - fixed maturities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	(1)	(9)	(8)
Other derivatives, net
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	0	0	1
Standalone derivatives
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	0	(12)	2
Managed Custody Guarantees
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	(2)	(5)	3
Stabilizer
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	(1)	19	30
Derivatives
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	29	305	19
Mortgage loans on real estate
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	(12)	0	182
Other investments
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	43	5	103
Fixed maturities, available-for-sale, including securities pledged
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	(31)	(30)	1,791
Fixed maturities, at fair value using the fair value option
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	(100)	(920)	(717)
Equity securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Net gains (losses)	$ 3	$ (39)	$ 9

Investments (excluding Consolidated Investment Entities) - Proceeds and Realized Gains and Losses from the Sale of Fixed Maturities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Proceeds on sales	$ 5,393	$ 5,448	$ 12,198
Gross gains	69	100	1,769
Gross losses	$ 78	$ 109	$ 9

Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Asset Fair Value	$ 374	$ 520
Liability Fair Value	429	441
Designated as Hedging Instrument \| Fair Value Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	98	81
Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	718	718
Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Notional Amount	12	22
Designated as Hedging Instrument \| Derivatives \| Fair Value Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Asset Fair Value	0	0
Liability Fair Value	4	6
Designated as Hedging Instrument \| Derivatives \| Cash Flow Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Asset Fair Value	33	71
Liability Fair Value	7	2
Designated as Hedging Instrument \| Derivatives \| Cash Flow Hedging \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Asset Fair Value	0	0
Liability Fair Value	0	0
Not Designated as Hedging Instrument \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Notional Amount	183	160
Not Designated as Hedging Instrument \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Notional Amount	16,773	18,304
Not Designated as Hedging Instrument \| Equity contracts
Derivatives, Fair Value [Line Items]
Notional Amount	255	248
Not Designated as Hedging Instrument \| Fixed maturities
Derivatives, Fair Value [Line Items]
Asset Fair Value	2	3
Liability Fair Value	0	0
Not Designated as Hedging Instrument \| Within reinsurance agreements
Derivatives, Fair Value [Line Items]
Derivative Asset, Not Subject to Master Netting Arrangement	61	95
Derivative Liability, Not Subject to Master Netting Arrangement	49	46
Not Designated as Hedging Instrument \| Managed Custody Guarantees
Derivatives, Fair Value [Line Items]
Asset Fair Value	0	0
Liability Fair Value	8	6
Not Designated as Hedging Instrument \| Stabilizer
Derivatives, Fair Value [Line Items]
Asset Fair Value	0	0
Liability Fair Value	1	0
Not Designated as Hedging Instrument \| Credit Default Swap
Derivatives, Fair Value [Line Items]
Notional Amount	137	174
Not Designated as Hedging Instrument \| Derivatives \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Asset Fair Value	4	9
Liability Fair Value	2	2
Not Designated as Hedging Instrument \| Derivatives \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Asset Fair Value	270	341
Liability Fair Value	354	376
Not Designated as Hedging Instrument \| Derivatives \| Equity contracts
Derivatives, Fair Value [Line Items]
Asset Fair Value	4	1
Liability Fair Value	2	1
Not Designated as Hedging Instrument \| Derivatives \| Credit Default Swap
Derivatives, Fair Value [Line Items]
Asset Fair Value	0	0
Liability Fair Value	$ 2	$ 2

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gross Amount Recognized, Assets	$ 311,000,000	$ 420,000,000
Counterparty netting, Assets	(216,000,000)	(295,000,000)
Cash collateral netting, Assets	(76,000,000)	(64,000,000)
Securities collateral netting, Assets	(8,000,000)	(6,000,000)
Net receivables/payables, Assets	11,000,000	55,000,000
Gross Amount Recognized, Liabilities	370,000,000	389,000,000
Counterparty netting, Liabilities	(216,000,000)	(295,000,000)
Cash collateral netting, Liabilities	(150,000,000)	(88,000,000)
Securities collateral netting, Liabilities	(3,000,000)	(1,000,000)
Net receivables/payables, Liabilities	1,000,000	5,000,000
Excluded asset exchange traded contract	0	2,000,000
Excluded Liability Exchange Traded Contracts	$ 1,000,000	$ 0

Derivative Financial Instruments - Collateral (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables under securities loan agreement, including collateral held \| Over the Counter
Derivatives, Fair Value [Line Items]
Securities held as collateral	$ 84	$ 56
Payables under securities loan agreement, including collateral held \| Cleared Derivative Contract
Derivatives, Fair Value [Line Items]
Securities held as collateral	147	79
Securities pledged
Derivatives, Fair Value [Line Items]
Securities held as collateral	11	7
Securities pledged as collateral	$ 201	$ 142

Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Net investment income	$ 2,159	$ 2,281	$ 2,774
Net gains (losses)	(72)	(686)	1,415
Gain (loss) reclassified from accumulated other comprehensive income into income	$ (11)	$ 520	$ 121
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Policyholder benefits, Net gains (losses)	Policyholder benefits, Net gains (losses)	Policyholder benefits, Net gains (losses)
Fixed maturities
Derivatives, Fair Value [Line Items]
Net gains (losses)	$ (1)	$ (9)	$ (8)
Gain (loss) reclassified from accumulated other comprehensive income into income	(1)	(9)	(8)
Within reinsurance agreements
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	(37)	217	77
Within reinsurance agreements \| Level 3 \| Assets measured on recurring basis
Derivatives, Fair Value [Line Items]
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings	2	1	0
Total Realized/Unrealized Gains (Losses) Included in Net income	0	(12)	2
Managed Custody Guarantees
Derivatives, Fair Value [Line Items]
Net gains (losses)	(2)	(5)	3
Gain (loss) reclassified from accumulated other comprehensive income into income	(2)	(5)	3
Stabilizer and MCGs
Derivatives, Fair Value [Line Items]
Net gains (losses)	(1)	19	30
Gain (loss) reclassified from accumulated other comprehensive income into income	(1)	19	30
Not Designated as Hedging Instrument \| Credit Default Swap
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	1	(3)	2
Not Designated as Hedging Instrument \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	15	334	4
Not Designated as Hedging Instrument \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	0	(1)	(4)
Not Designated as Hedging Instrument \| Equity contracts
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	14	(32)	17
Other Comprehensive Income (Loss) \| Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Amount of Gain or (Loss) Recognized on Other Comprehensive Income / Reclassified from Accumulated Other Comprehensive Income	0	(2)	(1)
Other Comprehensive Income (Loss) \| Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Amount of Gain or (Loss) Recognized on Other Comprehensive Income / Reclassified from Accumulated Other Comprehensive Income	(43)	70	39
Net Investment Income \| Fair Value Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	0	0	0
Net Investment Income \| Designated as Hedging Instrument \| Cash Flow Hedging \| Interest rate contracts
Derivatives, Fair Value [Line Items]
Amount of Gain or (Loss) Recognized on Other Comprehensive Income / Reclassified from Accumulated Other Comprehensive Income	0	0	0
Net Investment Income \| Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Amount of Gain or (Loss) Recognized on Other Comprehensive Income / Reclassified from Accumulated Other Comprehensive Income	10	11	4
Gain (loss) reclassified from accumulated other comprehensive income into income	10	11	9
Net Investment Income \| Designated as Hedging Instrument \| Fair Value Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	0	0	0
Other net realized capital gains/losses \| Fair Value Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	3	(6)	(5)
Other net realized capital gains/losses \| Designated as Hedging Instrument \| Cash Flow Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	0	0	(5)
Other net realized capital gains/losses \| Designated as Hedging Instrument \| Fair Value Hedging \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Gain (loss) reclassified from accumulated other comprehensive income into income	$ (1)	$ 7	$ 5

Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets held in separate accounts	$ 93,133	$ 80,174
Total assets	157,085	146,606
Derivatives	371	389
Total liabilities	151,032	141,609
Fixed maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	28,611	30,357
U.S. Treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	403	581
U.S. Government agencies and authorities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	56	59
State, municipalities, and political subdivisions
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	771	845
U.S. corporate public securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	7,666	8,201
U.S. corporate private securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	4,760	4,692
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	2,702	2,949
Foreign corporate private securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	2,812	3,034
Residential mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	3,476	3,977
Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	3,495	3,883
Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	2,470	2,136
Assets measured on recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	28,611	30,357
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,165	2,454
Assets held in separate accounts	93,133	80,174
Total assets	124,517	113,838
Contingent consideration liability	51	112
Total liabilities	480	553
Assets measured on recurring basis \| Stabilizer and MCGs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment contract liabilities	9	6
Assets measured on recurring basis \| Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	2	2
Assets measured on recurring basis \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	270	341
Derivatives	354	376
Assets measured on recurring basis \| Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	37	80
Derivatives	13	10
Assets measured on recurring basis \| Equity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	4	1
Derivatives	2	1
Assets measured on recurring basis \| Embedded derivatives on reinsurance .
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	61	95
Embedded derivative on reinsurance liability	49	46
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	403	581
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	56	59
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	771	845
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	7,666	8,201
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	4,760	4,692
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	2,702	2,949
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	2,812	3,034
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	3,476	3,977
Assets measured on recurring basis \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	3,495	3,883
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	2,470	2,136
Assets measured on recurring basis \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	236	336
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	346	433
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,148	2,430
Assets held in separate accounts	87,180	74,600
Total assets	89,821	77,605
Contingent consideration liability	0	0
Total liabilities	0	3
Assets measured on recurring basis \| Level 1 \| Stabilizer and MCGs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment contract liabilities	0	0
Assets measured on recurring basis \| Level 1 \| Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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	7	2
Derivatives	0	3
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 derivatives on reinsurance .
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	0
Embedded derivative on reinsurance liability	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	346	433
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 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 \| 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	140	140
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	26,175	27,575
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	17	24
Assets held in separate accounts	5,605	5,227
Total assets	32,162	33,341
Contingent consideration liability	0	0
Total liabilities	362	374
Assets measured on recurring basis \| Level 2 \| Stabilizer and MCGs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment contract liabilities	0	0
Assets measured on recurring basis \| Level 2 \| Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	2	2
Assets measured on recurring basis \| Level 2 \| Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	263	339
Derivatives	354	373
Assets measured on recurring basis \| Level 2 \| Foreign exchange contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	37	80
Derivatives	13	10
Assets measured on recurring basis \| Level 2 \| Equity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	4	1
Derivatives	2	1
Assets measured on recurring basis \| Level 2 \| Embedded derivatives on reinsurance .
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	61	95
Embedded derivative on reinsurance liability	(9)	(12)
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	57	148
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	55	58
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	771	845
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	7,648	8,181
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	3,234	2,891
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	2,702	2,946
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	2,376	2,602
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	3,419	3,949
Assets measured on recurring basis \| Level 2 \| Commercial mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	3,495	3,883
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	2,418	2,072
Assets measured on recurring basis \| Level 2 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	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	2,090	2,349
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	0	0
Assets held in separate accounts	348	347
Total assets	2,534	2,892
Contingent consideration liability	51	112
Total liabilities	118	176
Assets measured on recurring basis \| Level 3 \| Stabilizer and MCGs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment contract liabilities	9	6
Assets measured on recurring basis \| Level 3 \| Credit Default Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	0	0
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	0	0
Derivatives	0	0
Assets measured on recurring basis \| Level 3 \| Embedded derivatives on reinsurance .
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	0	0
Embedded derivative on reinsurance liability	58	58
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	1	1
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	18	20
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	1,526	1,801
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	3
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	436	432
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	57	28
Assets measured on recurring basis \| Level 3 \| Commercial 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 3 \| Other asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed maturities, including securities pledged	52	64
Assets measured on recurring basis \| Level 3 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 96	$ 196

Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivatives Rollforward:
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net gains (losses)
Assets measured on recurring basis \| Level 3 \| Embedded derivatives on reinsurance .
Derivatives Rollforward:
Fair Value, Derivatives, beginning balance	$ (58)	$ (87)
Total Realized/Unrealized Gains (Losses) Included in Net income	0	(12)	$ 2
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	41
Transfers in to Level 3	0	0
Transfers out of Level 3	0	0
Fair Value, Derivatives, ending balance	(58)	(58)	(87)
Change in Unrealized Gains (Losses) in Earnings	0	0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Assets measured on recurring basis \| Level 3 \| U.S. government agencies and authorities
Assets Rollforward:
Assets, Fair Value, beginning balance	1	0
Total Realized/Unrealized Gains (Losses) Included in Net income	0	0
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	1
Transfers out of Level 3	0	0
Assets, Fair Value, ending balance	1	1	0
Change In Unrealized Gains (Losses) Included in Earnings	0	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Assets measured on recurring basis \| Level 3 \| U.S. corporate public securities
Assets Rollforward:
Assets, Fair Value, beginning balance	20	16
Total Realized/Unrealized Gains (Losses) Included in Net income	1	0
Total Realized/Unrealized Gains (Losses) Included in OCI	0	(1)
Purchases	0	11
Issuances	0	0
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	(3)	(6)
Assets, Fair Value, ending balance	18	20	16
Change In Unrealized Gains (Losses) Included in Earnings	0	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	(1)
Assets measured on recurring basis \| Level 3 \| U.S. corporate private securities
Assets Rollforward:
Assets, Fair Value, beginning balance	1,801	1,910
Total Realized/Unrealized Gains (Losses) Included in Net income	1	(3)
Total Realized/Unrealized Gains (Losses) Included in OCI	22	(364)
Purchases	142	342
Issuances	0	0
Sales	(4)	0
Settlements	(219)	(219)
Transfers into Level 3	79	145
Transfers out of Level 3	(296)	(10)
Assets, Fair Value, ending balance	1,526	1,801	1,910
Change In Unrealized Gains (Losses) Included in Earnings	1	(3)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	19	(361)
Assets measured on recurring basis \| Level 3 \| Foreign corporate public securities and foreign governments
Assets Rollforward:
Assets, Fair Value, beginning balance	3	0
Total Realized/Unrealized Gains (Losses) Included in Net income	0	0
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	0	3
Issuances	0	0
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	(3)	0
Assets, Fair Value, ending balance	0	3	0
Change In Unrealized Gains (Losses) Included in Earnings	0	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Assets measured on recurring basis \| Level 3 \| Foreign corporate private securities
Assets Rollforward:
Assets, Fair Value, beginning balance	432	353
Total Realized/Unrealized Gains (Losses) Included in Net income	3	(23)
Total Realized/Unrealized Gains (Losses) Included in OCI	9	(40)
Purchases	129	158
Issuances	0	0
Sales	(14)	0
Settlements	(167)	(50)
Transfers into Level 3	51	148
Transfers out of Level 3	(7)	(114)
Assets, Fair Value, ending balance	436	432	353
Change In Unrealized Gains (Losses) Included in Earnings	3	(4)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	8	(40)
Assets measured on recurring basis \| Level 3 \| Residential mortgage-backed securities
Assets Rollforward:
Assets, Fair Value, beginning balance	28	43
Total Realized/Unrealized Gains (Losses) Included in Net income	(4)	(20)
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	31	7
Issuances	0	0
Sales	0	0
Settlements	0	0
Transfers into Level 3	2	0
Transfers out of Level 3	0	(2)
Assets, Fair Value, ending balance	57	28	43
Change In Unrealized Gains (Losses) Included in Earnings	(3)	(20)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Assets measured on recurring basis \| Level 3 \| Other asset-backed securities
Assets Rollforward:
Assets, Fair Value, beginning balance	64	44
Total Realized/Unrealized Gains (Losses) Included in Net income	0	(1)
Total Realized/Unrealized Gains (Losses) Included in OCI	1	(4)
Purchases	15	62
Issuances	0	0
Sales	(2)	(29)
Settlements	(4)	(8)
Transfers into Level 3	0	0
Transfers out of Level 3	(22)	0
Assets, Fair Value, ending balance	52	64	44
Change In Unrealized Gains (Losses) Included in Earnings	0	(1)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	(4)
Assets measured on recurring basis \| Level 3 \| Fixed maturities
Assets Rollforward:
Assets, Fair Value, beginning balance	2,349	2,366
Total Realized/Unrealized Gains (Losses) Included in Net income	1	(47)
Total Realized/Unrealized Gains (Losses) Included in OCI	32	(409)
Purchases	317	583
Issuances	0	0
Sales	(20)	(29)
Settlements	(390)	(277)
Transfers into Level 3	132	294
Transfers out of Level 3	(331)	(132)
Assets, Fair Value, ending balance	2,090	2,349	2,366
Change In Unrealized Gains (Losses) Included in Earnings	1	(28)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	27	(406)
Assets measured on recurring basis \| Level 3 \| Equity securities
Assets Rollforward:
Assets, Fair Value, beginning balance	196	203
Total Realized/Unrealized Gains (Losses) Included in Net income	(3)	(34)
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	3	27
Issuances	0	0
Sales	0	0
Settlements	(100)	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Assets, Fair Value, ending balance	96	196	203
Change In Unrealized Gains (Losses) Included in Earnings	(3)	(34)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Assets measured on recurring basis \| Level 3 \| Contingent Consideration
Assets Rollforward:
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Liabilities Rollforward:
Liabilities, Beginning Balance	(112)	(11)
Total Realized/Unrealized Gains (Losses) Included in Net income	61	(2)
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	0	0
Issuances	0	(99)
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Liabilities, Ending Balance	(51)	(112)	(11)
Change In Unrealized Gains (Losses) Included in Earnings	0	0
Assets measured on recurring basis \| Level 3 \| Stabilizer and MCGs
Assets Rollforward:
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Liabilities Rollforward:
Liabilities, Beginning Balance	(6)	(20)
Total Realized/Unrealized Gains (Losses) Included in Net income	(1)	16
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	0	0
Issuances	(2)	(2)
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Liabilities, Ending Balance	(9)	(6)	(20)
Change In Unrealized Gains (Losses) Included in Earnings	0	0
Assets measured on recurring basis \| Level 3 \| Assets held in separate accounts
Assets Rollforward:
Assets, Fair Value, beginning balance	347	316
Total Realized/Unrealized Gains (Losses) Included in Net income	1	(35)
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	8	191
Issuances	0	0
Sales	(21)	(27)
Settlements	0	0
Transfers into Level 3	14	6
Transfers out of Level 3	(1)	(104)
Assets, Fair Value, ending balance	348	347	$ 316
Change In Unrealized Gains (Losses) Included in Earnings	0	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	$ 0	$ 0

Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets held in separate accounts	$ 93,133	$ 80,174
Derivatives	371	389
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	28,611	30,357
Equity securities	236	336
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,165	2,454
Derivatives	311	422
Other Investments	64	68
Assets held in separate accounts	93,133	80,174
Short-term debt	1	141
Long-term debt	2,097	2,094
Carrying Value \| Stabilizer and MCGs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	9	6
Carrying Value \| Other derivatives, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	371	389
Carrying Value \| Embedded derivatives on reinsurance .
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	61	95
Derivatives	49	46
Carrying Value \| Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment contract liabilities	32,848	35,707
Carrying Value \| Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment contract liabilities	1,175	1,285
Carrying Value \| Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment contract liabilities	628	727
Carrying Value \| Mortgage loans on real estate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	5,218	5,445
Carrying Value \| Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	352	363
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	28,611	30,357
Equity securities	236	336
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,165	2,454
Derivatives	311	422
Other Investments	64	68
Assets held in separate accounts	93,133	80,174
Short-term debt	1	142
Long-term debt	1,998	1,935
Fair Value \| Stabilizer and MCGs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	9	6
Fair Value \| Other derivatives, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	371	389
Fair Value \| Embedded derivatives on reinsurance .
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	61	95
Derivatives	49	46
Fair Value \| Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment contract liabilities	34,856	36,385
Fair Value \| Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment contract liabilities	1,178	1,281
Fair Value \| Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment contract liabilities	571	636
Fair Value \| Mortgage loans on real estate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	4,941	5,149
Fair Value \| Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	$ 352	$ 363

Deferred Policy Acquisition Costs and Value of Business Acquired - DAC and VOBA Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	$ 2,363
Ending balance	2,250	$ 2,363
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward]
Beginning balance	439	473	$ 705
Deferrals of commissions and expenses	4	5	6
Amortization expense	(37)	(39)	(238)
Ending balance	406	439	473
Loss recognition for VOBA	0	0	179
Wealth Solutions
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	691	691	690
Deferrals of commissions and expenses	59	59	61
Amortization expense	(55)	(59)	(60)
Ending balance	695	691	691
Businesses exited
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	1,043	1,158	1,290
Deferrals of commissions and expenses	0	0	1
Amortization expense	(105)	(115)	(133)
Ending balance	938	1,043	$ 1,158
Other
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	190
Ending balance	$ 211	$ 190

Deferred Policy Acquisition Costs and Value of Business Acquired - VOBA Amortization Expense (Details) $ in Millions	Dec. 31, 2023 USD ($)
Insurance [Abstract]
2024	$ 32
2025	30
2026	27
2027	25
2028	$ 23

Reserves for Future Policy Benefits and Contract Owner Account Balances - Future Policy Benefits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) yr	Dec. 31, 2022 USD ($) yr
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for future policy benefits	$ 9,560	$ 9,719
Health Solutions Group
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	77	93
Beginning balance at original discount rate	84	85
Effect of change in cash flow assumptions	(6)	(7)
Effect of actual variances from expected experience	11	23
Adjusted balance at January 1	89	101
Interest accrual	2	2
Net premiums collected	(20)	(19)
Ending balance at original discount rate	71	84
Effects of changes in discount rate assumptions	(3)	(7)
Ending balance	68	77
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	881	1,048
Beginning balance at original discount rate	913	952
Effect of change in cash flow assumptions	(8)	(43)
Effect of actual variances from expected experience	(16)	(27)
Adjusted balance at January 1	889	882
Issuances	136	139
Interest accrual	24	25
Benefit payments	(131)	(133)
Ending balance at original discount rate	918	913
Effects of changes in discount rate assumptions	(19)	(32)
Ending balance	899	881
Net liability for future policy benefits	831	804
Less: Reinsurance recoverable	315	283
Net liability for future policy benefits, after reinsurance recoverable	516	521
Undiscounted, Expected future benefit payments	1,144	1,141
Undiscounted, Expected future gross premiums	271	286
Discounted, Expected future benefit payments	918	913
Discounted, Expected future gross premiums	$ 214	$ 231
Weighted average duration (in years) \| yr	7	7
Interest accretion rate	4.00%	4.10%
Current discount rate	4.90%	5.20%
Health Solutions Voluntary
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	$ 97	$ 105
Beginning balance at original discount rate	100	92
Effect of change in cash flow assumptions	6	0
Effect of actual variances from expected experience	8	20
Adjusted balance at January 1	114	112
Interest accrual	4	4
Net premiums collected	(16)	(16)
Ending balance at original discount rate	102	100
Effects of changes in discount rate assumptions	(1)	(3)
Ending balance	101	97
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	285	359
Beginning balance at original discount rate	294	290
Effect of change in cash flow assumptions	13	(2)
Effect of actual variances from expected experience	9	11
Adjusted balance at January 1	316	299
Issuances	0	0
Interest accrual	14	14
Benefit payments	(23)	(19)
Ending balance at original discount rate	307	294
Effects of changes in discount rate assumptions	0	(9)
Ending balance	307	285
Net liability for future policy benefits	206	188
Less: Reinsurance recoverable	0	0
Net liability for future policy benefits, after reinsurance recoverable	206	188
Undiscounted, Expected future benefit payments	668	588
Undiscounted, Expected future gross premiums	341	307
Discounted, Expected future benefit payments	307	294
Discounted, Expected future gross premiums	$ 213	$ 205
Weighted average duration (in years) \| yr	14,000,000	14,000,000
Interest accretion rate	5.20%	5.30%
Current discount rate	5.10%	5.40%
Businesses Exited
Liability for Future Policy Benefit, Expected Net Premium [Roll Forward]
Beginning balance	$ 4,244	$ 5,634
Beginning balance at original discount rate	4,128	4,226
Effect of change in cash flow assumptions	(921)	(69)
Effect of actual variances from expected experience	(91)	86
Adjusted balance at January 1	3,116	4,243
Interest accrual	196	230
Net premiums collected	(320)	(345)
Ending balance at original discount rate	2,992	4,128
Effects of changes in discount rate assumptions	153	116
Ending balance	3,145	4,244
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	8,639	11,444
Beginning balance at original discount rate	8,644	9,079
Effect of change in cash flow assumptions	(805)	(77)
Effect of actual variances from expected experience	(123)	(52)
Adjusted balance at January 1	7,716	8,950
Issuances	17	13
Interest accrual	412	458
Benefit payments	(741)	(777)
Ending balance at original discount rate	7,404	8,644
Effects of changes in discount rate assumptions	134	(5)
Ending balance	7,538	8,639
Net liability for future policy benefits	4,392	4,395
Less: Reinsurance recoverable	4,342	4,411
Net liability for future policy benefits, after reinsurance recoverable	50	(16)
Discounted, Expected future benefit payments	$ 7,404	$ 8,644
Weighted average duration (in years) \| yr	8,000,000	8,000,000
Interest accretion rate	4.90%	5.00%
Current discount rate	5.10%	5.70%
Businesses Exited – Additional liability
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Beginning balance	$ 1,715
Effect of change in cash flow assumptions	(44)	$ 540
Effect of actual variances from expected experience	(100)	15
Adjusted balance at January 1	1,963	2,270
Interest accrual	84	80
Benefit payments	(417)	(427)
Assessments	371	184
Ending balance	2,107	1,715
Net liability for future policy benefits	2,001	2,107
Less: Reinsurance recoverable	1,950	2,054
Net liability for future policy benefits, after reinsurance recoverable	$ 51	$ 53
Current discount rate	4.20%	4.30%
Other
Liability for Future Policy Benefit, Expected Future Policy Benefit [Roll Forward]
Net liability for future policy benefits	$ 2,130	$ 2,225

Reserves for Future Policy Benefits and Contract Owner Account Balances - Contract Owner Account Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Roll Forward]
Beginning balance	$ 42,455
Interest credited	1,076	$ 962	$ 1,046
Ending balance	39,174	42,455
Contract owner account balance	39,174	42,455
Up to 1.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	13,398
Ending balance	12,528	13,398
Contract owner account balance	12,528	13,398
1.01% - 2.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	804
Ending balance	725	804
Contract owner account balance	725	804
2.01% - 3.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	12,892
Ending balance	11,492	12,892
Contract owner account balance	11,492	12,892
3.01% - 4.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	9,601
Ending balance	9,031	9,601
Contract owner account balance	9,031	9,601
4.01% and Above
Policyholder Account Balance [Roll Forward]
Beginning balance	1,730
Ending balance	1,649	1,730
Contract owner account balance	1,649	1,730
Renewable beyond 12 months (MYGA)
Policyholder Account Balance [Roll Forward]
Beginning balance	405
Ending balance	431	405
Contract owner account balance	431	405
Total
Policyholder Account Balance [Roll Forward]
Beginning balance	38,830
Ending balance	35,856	38,830
Contract owner account balance	35,856	38,830
At GMIR
Policyholder Account Balance [Roll Forward]
Beginning balance	30,725
Ending balance	22,739	30,725
Contract owner account balance	22,739	30,725
At GMIR \| Up to 1.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	5,848
Ending balance	120	5,848
Contract owner account balance	120	5,848
At GMIR \| 1.01% - 2.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	707
Ending balance	527	707
Contract owner account balance	527	707
At GMIR \| 2.01% - 3.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	12,677
Ending balance	11,225	12,677
Contract owner account balance	11,225	12,677
At GMIR \| 3.01% - 4.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	9,448
Ending balance	8,873	9,448
Contract owner account balance	8,873	9,448
At GMIR \| 4.01% and Above
Policyholder Account Balance [Roll Forward]
Beginning balance	1,643
Ending balance	1,566	1,643
Contract owner account balance	1,566	1,643
At GMIR \| Renewable beyond 12 months (MYGA)
Policyholder Account Balance [Roll Forward]
Beginning balance	402
Ending balance	428	402
Contract owner account balance	428	402
Up to .50% Above GMIR
Policyholder Account Balance [Roll Forward]
Beginning balance	3,314
Ending balance	5,529	3,314
Contract owner account balance	5,529	3,314
Up to .50% Above GMIR \| Up to 1.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	2,967
Ending balance	5,070	2,967
Contract owner account balance	5,070	2,967
Up to .50% Above GMIR \| 1.01% - 2.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	51
Ending balance	131	51
Contract owner account balance	131	51
Up to .50% Above GMIR \| 2.01% - 3.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	56
Ending balance	93	56
Contract owner account balance	93	56
Up to .50% Above GMIR \| 3.01% - 4.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	153
Ending balance	152	153
Contract owner account balance	152	153
Up to .50% Above GMIR \| 4.01% and Above
Policyholder Account Balance [Roll Forward]
Beginning balance	87
Ending balance	83	87
Contract owner account balance	83	87
Up to .50% Above GMIR \| Renewable beyond 12 months (MYGA)
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
0.51% - 1.00% Above GMIR
Policyholder Account Balance [Roll Forward]
Beginning balance	1,989
Ending balance	3,573	1,989
Contract owner account balance	3,573	1,989
0.51% - 1.00% Above GMIR \| Up to 1.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	1,907
Ending balance	3,460	1,907
Contract owner account balance	3,460	1,907
0.51% - 1.00% Above GMIR \| 1.01% - 2.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	35
Ending balance	50	35
Contract owner account balance	50	35
0.51% - 1.00% Above GMIR \| 2.01% - 3.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	47
Ending balance	63	47
Contract owner account balance	63	47
0.51% - 1.00% Above GMIR \| 3.01% - 4.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
0.51% - 1.00% Above GMIR \| 4.01% and Above
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
0.51% - 1.00% Above GMIR \| Renewable beyond 12 months (MYGA)
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
1.01% - 1.50% Above GMIR
Policyholder Account Balance [Roll Forward]
Beginning balance	1,223
Ending balance	2,337	1,223
Contract owner account balance	2,337	1,223
1.01% - 1.50% Above GMIR \| Up to 1.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	1,112
Ending balance	2,215	1,112
Contract owner account balance	2,215	1,112
1.01% - 1.50% Above GMIR \| 1.01% - 2.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	2
Ending balance	8	2
Contract owner account balance	8	2
1.01% - 1.50% Above GMIR \| 2.01% - 3.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	109
Ending balance	108	109
Contract owner account balance	108	109
1.01% - 1.50% Above GMIR \| 3.01% - 4.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	6	0
Contract owner account balance	6	0
1.01% - 1.50% Above GMIR \| 4.01% and Above
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
1.01% - 1.50% Above GMIR \| Renewable beyond 12 months (MYGA)
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
1.51% - 2.00% Above GMIR
Policyholder Account Balance [Roll Forward]
Beginning balance	1,467
Ending balance	869	1,467
Contract owner account balance	869	1,467
1.51% - 2.00% Above GMIR \| Up to 1.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	1,462
Ending balance	863	1,462
Contract owner account balance	863	1,462
1.51% - 2.00% Above GMIR \| 1.01% - 2.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	2
Ending balance	3	2
Contract owner account balance	3	2
1.51% - 2.00% Above GMIR \| 2.01% - 3.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
1.51% - 2.00% Above GMIR \| 3.01% - 4.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance		0
Contract owner account balance		0
1.51% - 2.00% Above GMIR \| 4.01% and Above
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
1.51% - 2.00% Above GMIR \| Renewable beyond 12 months (MYGA)
Policyholder Account Balance [Roll Forward]
Beginning balance	3
Ending balance	3	3
Contract owner account balance	3	3
More than 2.00% Above GMIR
Policyholder Account Balance [Roll Forward]
Beginning balance	112
Ending balance	809	112
Contract owner account balance	809	112
More than 2.00% Above GMIR \| Up to 1.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	102
Ending balance	800	102
Contract owner account balance	800	102
More than 2.00% Above GMIR \| 1.01% - 2.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	7
Ending balance	6	7
Contract owner account balance	6	7
More than 2.00% Above GMIR \| 2.01% - 3.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	3
Ending balance	3	3
Contract owner account balance	3	3
More than 2.00% Above GMIR \| 3.01% - 4.00%
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
More than 2.00% Above GMIR \| 4.01% and Above
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
More than 2.00% Above GMIR \| Renewable beyond 12 months (MYGA)
Policyholder Account Balance [Roll Forward]
Beginning balance	0
Ending balance	0	0
Contract owner account balance	0	0
Wealth Solutions
Policyholder Account Balance [Roll Forward]
Beginning balance	33,622	33,044
Deposits	2,309	2,962
Fee income	(9)	(8)
Surrenders, withdrawals and benefits	(5,663)	(4,424)
Net transfers (from) to the general account	(5)	1,174
Interest credited	885	874
Ending balance	$ 31,139	$ 33,622	33,044
Weighted-average crediting rate	2.80%	2.60%
Net amount at risk	$ 123	$ 199
Cash surrender value	30,676	33,125
Contract owner account balance	31,139	33,622	33,044
Net transfers (from) to the separate account	(518)	(2,015)
Businesses Exited
Policyholder Account Balance [Roll Forward]
Beginning balance	5,146	5,532
Deposits	288	310
Fee income	(373)	(384)
Surrenders, withdrawals and benefits	(577)	(462)
Net transfers (from) to the general account	10	0
Interest credited	141	150
Ending balance	$ 4,635	$ 5,146	5,532
Weighted-average crediting rate	2.50%	2.50%
Net amount at risk	$ 734	$ 900
Cash surrender value	1,491	1,824
Contract owner account balance	4,635	5,146	$ 5,532
Other
Policyholder Account Balance [Roll Forward]
Beginning balance	3,687
Ending balance	3,400	3,687
Contract owner account balance	3,400	3,687
Voya managed institutional/mutual plan
Policyholder Account Balance [Roll Forward]
Net transfers (from) to the separate account	$ (523)	$ (801)

Reinsurance - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Premiums receivable, direct	$ 193	$ 172
Premiums Receivable, assumed	9	11
Premiums receivable, ceded	(219)	(212)
Premiums receivable, Net of reinsurance	(17)	(29)
Reinsurance recoverable, net of allowance for credit losses, ceded	11,999	12,455
Reinsurance recoverable, net of allowance for credit losses, net	11,999	12,455
Total assets, direct	193	172
Total assets, assumed	9	11
Total assets, ceded	11,780	12,243
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $28 and $32 as of 2023 and 2022, respectively)	11,982	12,426
Liabilities
Future policy benefits and contract owner account balances, direct	47,781	51,137
Future policy benefits and contract owner account balances, assumed	953	1,037
Future policy benefits and contract owner account balances, net	48,734	52,174
Liability for funds withheld under reinsurance agreements, direct	103	104
Liability for funds withheld under reinsurance agreements, net	103	104
Total liabilities, direct	47,884	51,241
Total liabilities, assumed	953	1,037
Total liabilities, net	$ 48,837	$ 52,278

Reinsurance - Effect of Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Premiums:
Direct premiums	$ 3,599	$ 3,257	$ 3,007
Reinsurance assumed	26	25	26
Reinsurance ceded	(908)	(859)	(6,421)
Net premiums	2,717	2,423	(3,388)
Fee income:
Gross fee income	2,303	2,137	2,215
Assumed Insurance Commissions and Fees	17	18	18
Reinsurance ceded	(404)	(413)	(420)
Net fee income	1,916	1,742	1,813
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract]
Direct interest credited and other benefits to contract owners / policyholders	4,322	4,448	4,847
Reinsurance assumed	64	50	72
Reinsurance ceded	(1,350)	(1,970)	(7,107)
Net interest credited and other benefits to contract owners / policyholders	$ 3,036	$ 2,528	$ (2,188)

Reinsurance - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Effects of Reinsurance [Line Items]
Deposit assets	$ 1,200	$ 1,500
Security Life of Denver Insurance Company (CO)
Effects of Reinsurance [Line Items]
Reinsurance recoverable	9,200	$ 9,500
Lincoln National Corporation
Effects of Reinsurance [Line Items]
Reinsurance recoverable	$ 1,000

Separate Accounts (Details) - USD ($) $ in Millions	12 Months Ended
Separate Accounts (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Separate Account, Liability [Roll Forward]
Beginning balance	$ 80,174
Ending balance	93,133	$ 80,174
Assets held in separate accounts	93,133	80,174
U.S. Government agencies and authorities
Separate Account, Liability [Roll Forward]
Assets held in separate accounts	1,015	1,586
Corporate and foreign debt securities
Separate Account, Liability [Roll Forward]
Assets held in separate accounts	2,528	2,307
Mortgage-backed securities \| Mortgage-Backed Securities, Issued by Private Enterprises
Separate Account, Liability [Roll Forward]
Assets held in separate accounts	3,231	3,434
Equity securities (including mutual funds)
Separate Account, Liability [Roll Forward]
Assets held in separate accounts	85,916	72,309
Cash, cash equivalents and short-term investments
Separate Account, Liability [Roll Forward]
Assets held in separate accounts	399	311
Receivable for securities and accruals
Separate Account, Liability [Roll Forward]
Assets held in separate accounts	44	227
Wealth Solutions
Separate Account, Liability [Roll Forward]
Beginning balance	76,348	95,018
Premiums and deposits	10,992	10,134
Fee income	(460)	(457)
Surrenders, withdrawals and benefits	(10,973)	(9,495)
Net transfers (from) to the separate account	(518)	(2,015)
Investment performance	14,096	(16,837)
Ending balance	89,485	76,348
Cash surrender value	82,286	69,121
Other
Separate Account, Liability [Roll Forward]
Beginning balance	3,826
Ending balance	3,648	3,826
Wealth Solutions Stabilizer \| Wealth Solutions
Separate Account, Liability [Roll Forward]
Beginning balance	7,196	8,091
Premiums and deposits	940	957
Fee income	(34)	(34)
Surrenders, withdrawals and benefits	(1,342)	(1,025)
Net transfers (from) to the separate account	0	0
Investment performance	415	(793)
Ending balance	7,175	7,196
Wealth Solutions Deferred Annuity \| Wealth Solutions
Separate Account, Liability [Roll Forward]
Beginning balance	69,152	86,927
Premiums and deposits	10,052	9,177
Fee income	(426)	(423)
Surrenders, withdrawals and benefits	(9,631)	(8,470)
Net transfers (from) to the separate account	(518)	(2,015)
Investment performance	13,681	(16,044)
Ending balance	$ 82,310	$ 69,152

Segments - Narrative (Details)	12 Months Ended
Segments - Narrative (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	3

Segments - Operating Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Income (loss) attributable to noncontrolling interests	$ 104	$ (77)	$ 761
Less: Preferred stock dividends	36	36	36
Income (loss) from continuing operations before income taxes	678	428	3,085
Operating Segments
Segment Reporting Information [Line Items]
Adjusted operating earnings before income taxes	916	908	1,225
Total including Allianz noncontrolling interest	964	934	1,225
Less: Earnings (loss) attributable to Allianz noncontrolling interest	48	26	0
Operating Segments \| Wealth Solutions
Segment Reporting Information [Line Items]
Adjusted operating earnings before income taxes	632	697	1,106
Operating Segments \| Employee Benefits
Segment Reporting Information [Line Items]
Adjusted operating earnings before income taxes	315	304	204
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Adjusted operating earnings before income taxes	225	186	239
Operating Segments \| Corporate
Segment Reporting Information [Line Items]
Adjusted operating earnings before income taxes	(208)	(253)	(325)
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net investment gains (losses) and related charges and adjustments	(15)	(190)	(29)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment	(182)	(138)	1,133
Other adjustments to operating earnings	(180)	(111)	(39)
Income (loss) from continuing operations before income taxes	$ (237)	$ (480)	$ 1,861

Segments - Operating Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 7,348	$ 5,930	$ 4,174
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	6,822	6,183	6,513
Segment Reconciling Items
Segment Reporting Information [Line Items]
Total revenues	527	(250)	(2,342)
Investment Gains (Losses) and Other Related Adjustments	(44)	(215)	(140)
Revenues related to business exited through reinsurance or divestment	113	(123)	(3,424)
Revenues attributable to noncontrolling interests	247	(33)	809
Other adjustments	211	121	413
Wealth Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	2,776	2,778	3,236
Employee Benefits \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	3,082	2,582	2,394
Investment Management \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	916	756	783
Investment Management \| Intersegment
Segment Reporting Information [Line Items]
Total revenues	85	91	92
Corporate \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	$ 48	$ 67	$ 100

Segments - Total Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 157,085	$ 146,606
Corporate
Segment Reporting Information [Line Items]
Total assets	25,527	26,712
Total Voya Financial, Inc. Shareholders' Equity \| Total Segment
Segment Reporting Information [Line Items]
Total assets	152,781	142,692
Consolidation of investment entities
Segment Reporting Information [Line Items]
Total assets	4,304	3,914
Operating Segments \| Wealth Solutions
Segment Reporting Information [Line Items]
Total assets	122,318	111,701
Operating Segments \| Employee Benefits
Segment Reporting Information [Line Items]
Total assets	3,336	2,668
Operating Segments \| Investment Management
Segment Reporting Information [Line Items]
Total assets	$ 1,600	$ 1,611

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 327.0	$ 72.0
Goodwill, Transfers	421.0	255.0
Goodwill, Ending Balance	748.0	327.0
Goodwill impairment	0.0
Accumulated impairment of goodwill	0.0
Wealth Solutions
Goodwill [Roll Forward]
Goodwill, Beginning Balance	17.0	17.0
Goodwill, Transfers	0.0	0.0
Goodwill, Ending Balance	17.0	17.0
Health Solutions
Goodwill [Roll Forward]
Goodwill, Beginning Balance	24.0	24.0
Goodwill, Transfers	319.0	0.0
Goodwill, Ending Balance	343.0	24.0
Investment Management
Goodwill [Roll Forward]
Goodwill, Beginning Balance	286.0	31.0
Goodwill, Transfers	0.0	255.0
Goodwill, Ending Balance	286.0	286.0
Corporate
Goodwill [Roll Forward]
Goodwill, Beginning Balance	0.0	0.0
Goodwill, Transfers	102.0	0.0
Goodwill, Ending Balance	102.0	$ 0.0
Corporate \| Wealth Solutions
Goodwill [Roll Forward]
Goodwill, Ending Balance	72.0
Corporate \| Health Solutions
Goodwill [Roll Forward]
Goodwill, Ending Balance	20.0
Corporate \| Investment Management
Goodwill [Roll Forward]
Goodwill, Ending Balance	$ 10.0

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets fair value	$ 22
Intangible assets impairment loss	33
Indefinite-lived intangible assets, Gross Carrying Amount	350	$ 350
Finite-life intangibles, Gross Carrying Amount	1,344	1,728
Finite-life intangibles, Accumulated Amortization	487	1,097
Finite-life intangibles, Net Carrying Amount	$ 857	631
Management contract rights
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Lives	15 years
Finite-life intangibles, Gross Carrying Amount	$ 153	741
Finite-life intangibles, Accumulated Amortization	11	554
Finite-life intangibles, Net Carrying Amount	$ 142	187
Customer relationship lists
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Lives	17 years
Finite-life intangibles, Gross Carrying Amount	$ 325	135
Finite-life intangibles, Accumulated Amortization	128	111
Finite-life intangibles, Net Carrying Amount	$ 197	24
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Lives	8 years
Finite-life intangibles, Gross Carrying Amount	$ 15	0
Finite-life intangibles, Accumulated Amortization	2	0
Finite-life intangibles, Net Carrying Amount	$ 13	0
Computer software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Lives	4 years
Finite-life intangibles, Gross Carrying Amount	$ 501	502
Finite-life intangibles, Accumulated Amortization	346	432
Finite-life intangibles, Net Carrying Amount	155	70
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Gross Carrying Amount	345	345
Management contract rights
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets, Gross Carrying Amount	$ 5	$ 5

Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to intangible assets	$ 85	$ 36	$ 46
Estimated Future Amortization Expense Related to Intangible Assets, Fiscal Year Maturity [Abstract]
2024	82
2025	72
2026	57
2027	47
2028	33
Management contract rights
Finite-Lived Intangible Assets [Line Items]
Fully amortized intangible assets gross amounts written off	550
Fully amortized intangible assets accumulated amortization written off	550
Software
Finite-Lived Intangible Assets [Line Items]
Fully amortized intangible assets gross amounts written off	107
Fully amortized intangible assets accumulated amortization written off	$ 107

Share-based Incentive Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	8,922,727
Expiration period of stock options	10 years
Weighted average volatility rate used	70.00%
Expected volatility of stock price	30.00%
Vested	$ 118.0	$ 104.0	$ 110.0
Aggregate intrinsic value	$ 16.0	$ 5.0	$ 13.0
PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	$ 66.10	$ 56.67	$ 49.88
PSU awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, vesting percentage	0.00%	0.00%	0.00%
Award vesting period	1 year	1 year	1 year
PSU awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, vesting percentage	150.00%	150.00%	150.00%
Award vesting period	3 years	3 years	3 years
Restricted Share Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	$ 70.51	$ 65.33	$ 56.88
Restricted Share Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year	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	3 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value	$ 34.3	$ 30.2

Share-based Incentive Compensation Plans - Fair Value Assumptions (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	28.60%		26.50%
Expected term (in years)	6 years 7 days		5 years 11 months 26 days
Strike price (usd per share)			$ 50.03		$ 37.60
Risk-free interest rate	2.10%		2.70%
Expected dividend yield	0.11%		1.00%
Weighted average estimated fair value (usd per share)	$ 11.89		$ 13.78
Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		30.43%	34.37%	34.54%
Average expected volatility of peer companies		41.53%	49.41%	45.24%
Expected term (in years)		2 years 10 months 6 days	2 years 10 months 6 days	2 years 10 months 13 days
Risk-free interest rate		4.42%	1.71%	0.20%
Expected dividend yield		0.00%	0.00%	0.00%
Average correlation coefficient of peer companies		65.80%	71.50%	78.00%

Share-based Incentive Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 129	$ 90	$ 88
Income tax benefit	31	24	22
Share-based compensation expense	98	66	66
Restricted Share Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	81	45	41
Unrecognized compensation cost	$ 40
Expected remaining weighted-average period of expense recognition (in years)	1 year
PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 48	45	46
Unrecognized compensation cost	$ 39
Expected remaining weighted-average period of expense recognition (in years)	1 year 3 months 3 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 0	$ 0	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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+ Details

Share-based Incentive Compensation Plans - Awards Outstanding under Stock Option Plans by Award Type (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, aggregate intrinsic value	$ 16.0	$ 5.0	$ 13.0
Restricted Share Units (RSUs)
Number of Awards
Outstanding, beginning balance	1,500,000
Adjusted for PSU performance factor	0
Granted	1,700,000
Vested	(1,100,000)
Forfeited	(100,000)
Outstanding, ending balance	2,000,000.0	1,500,000
Awards expected to vest	2,000,000.0
Weighted Average Grant Date Fair Value (usd per award)
Outstanding, beginning balance	$ 60.91
Adjusted for PSU performance factor	0
Granted	70.51	$ 65.33	$ 56.88
Vested	63.75
Forfeited	66.09
Outstanding, ending balance	67.06	$ 60.91
Awards expected to vest	$ 67.06
PSU awards
Number of Awards
Outstanding, beginning balance	2,100,000
Adjusted for PSU performance factor	(100,000)
Granted	800,000
Vested	(500,000)
Forfeited	(100,000)
Outstanding, ending balance	2,200,000	2,100,000
Awards expected to vest	2,200,000
Weighted Average Grant Date Fair Value (usd per award)
Outstanding, beginning balance	$ 55.68
Adjusted for PSU performance factor	61.50
Granted	66.10	$ 56.67	$ 49.88
Vested	62.86
Forfeited	65.98
Outstanding, ending balance	61.17	$ 55.68
Awards expected to vest	$ 61.17
Stock options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance	1,600,000
Granted	0
Exercised	(400,000)
Forfeited	0
Outstanding, ending balance	1,200,000	1,600,000
Vested, exercisable	1,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance	$ 43.05
Granted	0
Exercised	38.62
Forfeited	50.03
Outstanding, ending balance	44.79	$ 43.05
Vested exercisable, weighted average exercise price	$ 44.79
Outstanding,weighted average remaining contractual term (years)	3 years 1 month 6 days	4 years 4 months 24 days
Vested, exercisable, weighted average remaining contractual term (years)	3 years 1 month 6 days
Outstanding, aggregate intrinsic value	$ 34.3	$ 30.2
Vested, aggregate intrinsic value	$ 34.3

Shareholders' Equity - Common Share Rollforward (Details) - USD ($) $ in Millions								2 Months Ended	6 Months Ended	12 Months Ended
	May 11, 2022	Mar. 17, 2022	Dec. 28, 2021	Sep. 16, 2021	Jan. 22, 2021	Dec. 28, 2020	Sep. 12, 2018	Feb. 26, 2021	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 15, 2023	May 07, 2013
Increase (Decrease) in Stockholders' Equity
Common stock, shares issued, beginning balance (in shares)										97,789,852
Common stock, shares held in treasury, beginning balance (in shares)										602,882
Common stock, shares outstanding, beginning balance (in shares)								124,200,000		97,186,970	107,800,000	124,200,000
Common stock, shares issued (in shares)												100,000
Common stock, shares acquired under share repurchase (in shares)	(890,112)	(3,305,786)	(5,203,252)	(819,566)	(1,081,552)	(3,382,950)		(3,617,291)	(330,852)	(5,400,000)	(11,700,000)	(17,900,000)
Common stock, shares issued for share-based compensation programs (in shares)										1,400,000	1,000,000.0	1,400,000
Treasury Stock retirement (in shares)										0	0	0
Common stock, shares issued, ending balance (in shares)										103,584,699	97,789,852
Common stock, shares held in treasury, ending balance (in shares)										730,130	602,882
Common stock, shares outstanding, ending balance (in shares)										102,854,569	97,186,970	107,800,000
Less: Valuation allowance										$ 95	$ 70
Number of warrants issued and outstanding										0				26,050,846
Preferred Stock, Dividend Rate, Applicable Period													5 years
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity
Preferred stock, shares issued (in shares)							325,000			325,000	325,000
Preferred stock, shares outstanding (in shares)										325,000	325,000
Preferred stock, dividend rate, percentage							6.125%			7.758%	612.50%
Common Stock
Increase (Decrease) in Stockholders' Equity
Common stock, shares issued, beginning balance (in shares)								143,300,000		97,800,000	109,000,000.0	143,300,000
Common stock, shares issued (in shares)										9,700,000	100,000	100,000
Common stock, shares acquired under share repurchase (in shares)										0	0	0
Common stock, shares issued for share-based compensation programs (in shares)										2,100,000	1,700,000	2,400,000
Treasury Stock retirement (in shares)										(6,000,000.0)	(13,000,000.0)	(36,800,000)
Common stock, shares issued, ending balance (in shares)										103,600,000	97,800,000	109,000,000.0
Treasury stock
Increase (Decrease) in Stockholders' Equity
Common stock, shares held in treasury, beginning balance (in shares)								19,100,000		(600,000)	(1,200,000)	19,100,000
Common stock, shares issued (in shares)										0	0	0
Common stock, shares acquired under share repurchase (in shares)										(5,400,000)	(11,700,000)	(17,900,000)
Common stock, shares issued for share-based compensation programs (in shares)										700,000	700,000	1,000,000.0
Treasury Stock retirement (in shares)										(6,000,000.0)	(13,000,000.0)	(36,800,000)
Common stock, shares held in treasury, ending balance (in shares)										700,000	(600,000)	(1,200,000)

Shareholders' Equity - Common Stock Dividends Declared (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Dividends declared per share of Common Stock (in dollars per share)	$ 1.200	$ 0.800	$ 0.695

Shareholders' Equity - Narrative (Details) - USD ($)									2 Months Ended		6 Months Ended	12 Months Ended
Shareholders' Equity - Narrative (Details) - USD ($)	May 11, 2022	Mar. 17, 2022	Dec. 28, 2021	Sep. 16, 2021	Jan. 22, 2021	Dec. 28, 2020	Jun. 11, 2019	Sep. 12, 2018	Feb. 21, 2024	Feb. 26, 2021	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 10, 2023	Oct. 28, 2021	May 07, 2013
Class of stock [Line Items]
Amount authorized for repurchase																$ 397,000,000
Number of shares repurchased and placed in treasury	890,112	3,305,786	5,203,252	819,566	1,081,552	3,382,950				3,617,291	330,852	5,400,000	11,700,000	17,900,000
Common stock acquired - Share repurchase		$ (275,000,000)	$ (400,000,000)			$ (250,000,000)				$ (250,000,000)		$ (374,000,000)	$ (750,000,000)	$ (1,113,000,000)
Number of warrants issued and outstanding												0					26,050,846
Percentage of issued warrants to total shares issued and outstanding																	9.99%
Preferred stock, par value												$ 0.01	$ 0.01
Issuer's redemption option, period to redeem after a redemption event												90 days
Preferred stock, shares authorized (in shares)												100,000,000	100,000,000
Preferred stock dividends in arrears												$ 0
Number of shares of common stock for each warrant															9,600,000
Subsequent event
Class of stock [Line Items]
Number of shares repurchased and placed in treasury									1,500,000
Common stock acquired - Share repurchase									$ (107,000,000)
Rating Agency Event
Class of stock [Line Items]
Redemption price (in dollars per share)												$ 1,020
Regulatory Capital Event
Class of stock [Line Items]
Redemption price (in dollars per share)												$ 1,000
Open market repurchase
Class of stock [Line Items]
Number of shares repurchased and placed in treasury												5,365,303	3,295,800	7,118,829
Common stock acquired - Share repurchase												$ (374,000,000)	$ (225,000,000)	$ (463,000,000)
Series B Preferred Stock
Class of stock [Line Items]
Preferred stock, shares issued (in shares)							300,000					300,000	300,000
Preferred stock, dividend rate, percentage							5.35%					5.35%
Preferred stock, par value							$ 0.01
Liquidation preference (in dollars per share)							$ 1,000
Proceeds from issuance of preferred stock, net							$ 293,000,000
Series A Preferred Stock
Class of stock [Line Items]
Preferred stock, shares issued (in shares)								325,000				325,000	325,000
Preferred stock, dividend rate, percentage								6.125%				7.758%	612.50%
Preferred stock, par value								$ 0.01
Liquidation preference (in dollars per share)								$ 1,000
Proceeds from issuance of preferred stock, net								$ 319,000,000
Depositary Shares \| Rating Agency Event
Class of stock [Line Items]
Redemption price (in dollars per share)												$ 25.50
Depositary Shares \| Regulatory Capital Event
Class of stock [Line Items]
Redemption price (in dollars per share)												$ 25.00

Shareholders' Equity - Repurchases of Common Stock (Details) - USD ($) $ in Millions							2 Months Ended	6 Months Ended	12 Months Ended
	May 11, 2022	Mar. 17, 2022	Dec. 28, 2021	Sep. 16, 2021	Jan. 22, 2021	Dec. 28, 2020	Feb. 26, 2021	Sep. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Jun. 21, 2022	May 14, 2021
Equity, Class of Treasury Stock [Line Items]
Payment		$ 275	$ 400			$ 250	$ 250		$ 374	$ 750	$ 1,113
Number of shares repurchased and placed in treasury	890,112	3,305,786	5,203,252	819,566	1,081,552	3,382,950	3,617,291	330,852	5,400,000	11,700,000	17,900,000
Total Shares Repurchased (in shares)		4,195,898										6,284,804	4,202,516	3,948,143
Less: Valuation allowance									$ 95	$ 70
Open market repurchase
Equity, Class of Treasury Stock [Line Items]
Payment									$ 374	$ 225	$ 463
Number of shares repurchased and placed in treasury									5,365,303	3,295,800	7,118,829

Shareholders' Equity - Preferred Stock (Details) - shares			12 Months Ended
	Jun. 11, 2019	Sep. 12, 2018	Dec. 31, 2023	Dec. 31, 2022
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)			625,000	625,000
Preferred stock, shares outstanding (in shares)			625,000	625,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		6.125%	7.758%	612.50%
Preferred stock, shares issued (in shares)		325,000	325,000	325,000
Preferred stock, shares outstanding (in shares)			325,000	325,000
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage	5.35%		5.35%
Preferred stock, shares issued (in shares)	300,000		300,000	300,000
Preferred stock, shares outstanding (in shares)			300,000	300,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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+ Details

Shareholders' Equity - Preferred Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends on preferred stock	$ 36	$ 36	$ 36
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends paid (in dollars per share)	$ 61.25	$ 61.25	$ 61.25
Dividends on preferred stock	$ 20	$ 20	$ 20
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividends paid (in dollars per share)	$ 53.50	$ 53.50	$ 53.50
Dividends on preferred stock	$ 16	$ 16	$ 16

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
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-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Earnings per Common Share Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Income (Loss) from continuing operations	$ 729	$ 433	$ 3,119
Preferred Stock Dividends, Income Statement Impact	36	36	36
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	104	(77)	761
Income (loss) from continuing operations available to common shareholders	589	474	2,322
Income (loss) from discontinued operations, net of tax	0	0	12
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$ 589	$ 474	$ 2,334
Basic (shares)	102.7	100.7	116.7
Diluted (shares)	108.8	110.2	125.8
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	$ 5.74	$ 4.70	$ 19.91
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	0	0.10
Income (loss) available to Voya Financial, Inc.'s common shareholders	5.74	4.70	20.02
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders	5.42	4.30	18.46
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0	0	0.10
Income (loss) available to Voya Financial, Inc.'s common shareholders	$ 5.42	$ 4.30	$ 18.56
Warrants
Class of Stock [Line Items]
Dilutive Effects (shares)	3.3	7.2	6.7
Restricted Share Units (RSUs)
Class of Stock [Line Items]
Dilutive Effects (shares)	1.2	0.9	1.0
PSU awards
Class of Stock [Line Items]
Dilutive Effects (shares)	1.1	0.8	0.7
Stock options
Class of Stock [Line Items]
Dilutive Effects (shares)	0.5	0.6	0.7

Insurance Subsidiaries - Statutory Equity and Income (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) subsidiary	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Insurance [Abstract]
Number of insurance subsidiaries \| subsidiary	2
Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) \| Connecticut
Statutory Accounting Practices [Line Items]
Statutory Net Income (Loss)	$ 577	$ 549	$ 794
Statutory Capital and Surplus	1,955	1,842
ReliaStar Life Insurance Company ("RLI") (MN) \| Minnesota
Statutory Accounting Practices [Line Items]
Statutory Net Income (Loss)	401	418	$ (1,211)
Statutory Capital and Surplus	$ 1,447	$ 1,784

Insurance Subsidiaries - Dividends Restrictions and Approved Distributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2024
Statutory Accounting Practices [Line Items]
Dividends Paid	$ 125	$ 80	$ 80
Insurance Laws Applicable to Insurance Subsidiaries in Connecticut, Iowa, and Minnesota [Member]
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 Retirement Insurance and Annuity Company ("VRIAC") (CT) \| Connecticut
Statutory Accounting Practices [Line Items]
Dividends Permitted without Approval	$ 363
Dividends Paid	310	48
Extraordinary Distributions Paid	0	809
Subsidiaries \| Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) \| Connecticut \| Forecast
Statutory Accounting Practices [Line Items]
Dividends Permitted without Approval				$ 473
Subsidiaries \| ReliaStar Life Insurance Company ("RLI") (MN) \| Minnesota
Statutory Accounting Practices [Line Items]
Dividends Permitted without Approval	428
Dividends Paid	0	0
Extraordinary Distributions Paid	$ 747	$ 329
Subsidiaries \| ReliaStar Life Insurance Company ("RLI") (MN) \| Minnesota \| Forecast
Statutory Accounting Practices [Line Items]
Dividends Permitted without Approval				$ 403

Employee Benefit Arrangements - Pension, Other Postretirement Benefit Plans and Other Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Annual credit earned by participants, percentage of eligible compensation	4.00%
Deferred compensation commitment	$ 302	$ 275
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	1,999	1,943	$ 2,496
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	23	(14)	(64)
Other Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	9	11
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ (1)	$ (2)	$ (3)

Employee Benefit Arrangements - Obligations and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in plan assets:
Fair value of plan assets, beginning balance	$ 1,770
Fair value of plan assets, ending balance	1,831	$ 1,770
Pension Plan
Change in benefit obligation:
Benefits obligations, beginning balance	1,943	2,496
Service cost	24	28	$ 27
Interest cost	103	72	68
Net actuarial (gains) losses	44	(541)
Benefits paid	(115)	(112)
Benefits obligations, ending balance	$ 1,999	$ 1,943	2,496
Discount rate, benefit obligation	5.28%	5.47%
Interest credit rate	3.75%	3.00%
Change in plan assets:
Fair value of plan assets, beginning balance	$ 1,770	$ 2,283
Actual return on plan assets	149	(427)
Employer contributions	27	26
Benefits paid	(115)	(112)
Fair value of plan assets, ending balance	1,831	1,770	$ 2,283
Funded status at end of the year	(168)	(173)
Actuarial gain (loss) due to discount rate	$ (37)	$ 571
Increase in discount rate	0.19%
decrease in discount rate		2.47%
Amounts recognized in the Consolidated Balance Sheets consist of:
Prepaid benefit cost	$ 182	$ 173
Accrued benefit cost	(350)	(346)
Net amount recognized	(168)	(173)
Pension Plan \| Qualified Plan
Change in benefit obligation:
Benefits obligations, beginning balance	1,597
Benefits obligations, ending balance	1,649	1,597
Pension Plan \| Nonqualified pension plan
Change in benefit obligation:
Benefits obligations, beginning balance	346
Benefits obligations, ending balance	$ 350	$ 346

Employee Benefit Arrangements - Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 1,831	$ 1,770
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	1,999	1,943	$ 2,496
Fair value of plan assets	$ 1,831	$ 1,770	$ 2,283

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Employee Benefit Arrangements - Net Periodic Benefit Costs and Other Changes in Plan Assets and Future Amortizaion of Prior Service Costs (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
Service cost	$ 24	$ 28	$ 27
Interest cost	103	72	68
Expected return on plan assets	(100)	(108)	(126)
(Gain) loss recognized due to curtailment	0	0	(1)
Net (gain) loss recognition	(4)	(6)	(32)
Net periodic (benefit) costs	$ 23	$ (14)	$ (64)
Discount rate, net benefit cost	5.47%	3.00%	2.67%
Expected rate of return on plan assets, net benefit cost	5.82%	4.85%	5.60%
Interest credit rate	3.00%	2.80%	2.80%

Employee Benefit Arrangements - Plan Assets, Allocation (Details) - Pension Plan	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	8.20%	7.20%
Equity securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation range, minimum	7.00%	7.00%
Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation range, minimum	12.00%	12.00%
Large-cap domestic
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	3.70%	3.10%
Small/Mid-cap domestic
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	0.80%	0.80%
International Commingled Funds
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	3.20%	2.70%
Other
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	0.50%	0.60%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	84.40%	84.70%
Debt securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation range, minimum	83.00%	83.00%
Debt securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation range, minimum	87.00%	87.00%
U.S. Treasuries, short term investments, cash and futures
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	3.00%	2.90%
U.S. government agencies and authorities
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	0.30%	0.30%
U.S. corporate, state and municipalities
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	71.30%	72.00%
Other investments
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	7.40%	8.10%
Other investments \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation range, minimum	4.00%	4.00%
Other investments \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation range, minimum	8.00%	8.00%
Hedge funds
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	4.10%	3.80%
Real estate
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	3.30%	4.30%
Foreign securities
Defined Benefit Plan Disclosure [Line Items]
Actual allocation	9.80%	9.50%

Employee Benefit Arrangements - Fair Value of Plan Assets (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) fund_asset	Dec. 31, 2022 USD ($) fund_asset	Dec. 31, 2021 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	$ 1,831,000,000	$ 1,770,000,000
Redemption of investor's units, period of required notice	60 days
Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, net asset value	$ 0	0
Short-term investments fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value		0
Net, total pension assets, net asset value	0	0
U.S. Government securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, net asset value	0	0
U.S. corporate, state and municipalities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, net asset value	0	0
Foreign securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, net asset value	0	0
Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	161,000,000	254,000,000
Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	1,360,000,000	1,233,000,000
Level 3
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	85,000,000	62,000,000
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	1,831,000,000	1,770,000,000	$ 2,283,000,000
Net, total pension assets, net asset value	225,000,000	221,000,000
Projected benefit obligation	1,999,000,000	1,943,000,000	$ 2,496,000,000
Accrued benefit cost	(350,000,000)	(346,000,000)
Prepaid benefit cost	182,000,000	173,000,000
Pension Plan \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	1,544,000,000	1,500,000,000
Net, total pension assets, net asset value	21,000,000	18,000,000
Pension Plan \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	9,000,000	58,000,000
Pension Plan \| Short-term investments fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0
Pension Plan \| Hedge Funds, Equity
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	21,000,000
Net, total pension assets, net asset value	21,000,000	18,000,000
Pension Plan \| U.S. Government securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	128,000,000	199,000,000
Pension Plan \| U.S. corporate, state and municipalities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	1,196,000,000	1,057,000,000
Pension Plan \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	151,000,000	126,000,000
Net, total pension assets, net asset value	$ 68,000,000	$ 59,000,000
Pension Plan \| International Commingled Funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of assets In fund \| fund_asset	2	2
Pension Plan \| International Commingled Funds \| Baillie Gifford Funds
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	$ 25,000,000	$ 21,000,000
Unfunded commitments	0
Pension Plan \| International Commingled Funds \| Silchester
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	$ 33,000,000	27,000,000
Number of business days prior to month-end clients must submit redemption request	6 days
Unfunded commitments	$ 0
Pension Plan \| Other investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	136,000,000	144,000,000
Net, total pension assets, net asset value	136,000,000	144,000,000
Pension Plan \| Real estate \| UBS Trumbull Property Fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	$ 61,000,000	75,000,000
Real return performance objective, rate of return	5.00%
Pension Plan \| Real estate \| UBS Trumbull Property Fund \| Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Real return performance objective, rate of return, determination period	3 years
Pension Plan \| Real estate \| UBS Trumbull Property Fund \| Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Real return performance objective, rate of return, determination period	5 years
Pension Plan \| Limited partnerships \| Magnitude Institutional, Ltd.
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	$ 75,000,000	69,000,000
Pension Plan \| Foreign securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	190,000,000	168,000,000
Pension Plan \| Hedge Funds, Equity Long (Short)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value		18,000,000
Pension Plan \| Level 1 \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	146,000,000	241,000,000
Pension Plan \| Level 1 \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	8,000,000	32,000,000
Pension Plan \| Level 1 \| Short-term investments fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 1 \| Hedge Funds, Equity
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 1 \| U.S. Government securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	128,000,000	199,000,000
Pension Plan \| Level 1 \| U.S. corporate, state and municipalities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	10,000,000	10,000,000
Pension Plan \| Level 1 \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	15,000,000	13,000,000
Pension Plan \| Level 1 \| Other investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 1 \| Foreign securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 2 \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	1,292,000,000	1,179,000,000
Pension Plan \| Level 2 \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	1,000,000	26,000,000
Pension Plan \| Level 2 \| Short-term investments fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 2 \| Hedge Funds, Equity
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 2 \| U.S. Government securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 2 \| U.S. corporate, state and municipalities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	1,121,000,000	996,000,000
Pension Plan \| Level 2 \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	68,000,000	54,000,000
Pension Plan \| Level 2 \| Other investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 2 \| Foreign securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	170,000,000	157,000,000
Pension Plan \| Level 3 \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	85,000,000	62,000,000
Pension Plan \| Level 3 \| Cash and cash equivalents
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 3 \| Short-term investments fund
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 3 \| Hedge Funds, Equity
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 3 \| U.S. Government securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 3 \| U.S. corporate, state and municipalities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	65,000,000	51,000,000
Pension Plan \| Level 3 \| Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 3 \| Other investments
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Pension Plan \| Level 3 \| Foreign securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	20,000,000	11,000,000
Nonqualified pension plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Net, total pension assets, fair value	0	0
Projected benefit obligation	350,000,000	346,000,000
Accumulated benefit obligation	$ 348,000,000	$ 345,000,000

Employee Benefit Arrangements - Expected Future Contributions and Benefit Payments (Details) - Pension Plan $ in Millions	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2024	$ 124
2025	130
2026	134
2027	138
2028	141
2029-2033	750
Estimated future employer contributions next year	$ 27

Employee Benefit Arrangements - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Company match, percentage	6.00%
Matching contributions, graded vesting schedule, period	4 years
Cost recognized for defined contribution pension plans	$ 44	$ 36	$ 36
Pension Plan
Retirement Benefits [Abstract]
Defined Benefit Plan, Amounts Recognized in Accumulated Other Comprehensive Income (Loss)	0
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Amounts Recognized in Accumulated Other Comprehensive Income (Loss)	$ 0

Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
Fixed maturities, net of impairment	$ (2,370)	$ (3,294)	$ 3,196
DAC/VOBA adjustment on available-for-sale securities(2)	64	125	79
AOCI, Liability for Future Policy Benefit, before Tax	(890)	(858)	(1,147)
Deferred income tax asset (liability)	794	969	(324)
Total	(2,402)	(3,058)	1,804
Pension and other postretirement benefits liability, net of tax	2	3	3
Accumulated other comprehensive income (loss)	(2,400)	$ (3,055)	$ 1,807
Other Contract
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
Portion of AOCI expected to be reclassified into earnings within the next 12 months	$ 15

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Before-Tax Amount
Available-for-sale securities, fixed maturities	$ 899	$ (6,569)	$ (3,595)
Available-for-sale securities, other			(3)
Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations	25	78	(1,823)
DAC and Other intangibles related to discontinued operations			830
Other intangibles not subjected to ASU 2018-12			435
Change in unrealized gains/losses on available-for-sale securities	924	(6,491)	(4,156)
Derivatives	(43)	66	24
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(18)	(20)	(21)
Change in unrealized gains (losses) on derivatives	(61)	46	3
Change in current discount rate	(33)	290	202
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(1)		(2)
Change in pension and other postretirement benefits liability	(1)	0	(2)
Other comprehensive income (loss), before tax	829	(6,155)	(3,953)
Income Tax (Benefit)
Available-for-sale securities, fixed maturities	(189)	1,380	525
Available-for-sale securities, other			1
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations	(5)	(16)	383
DAC and Other intangibles related to discontinued operations			(175)
Other intangibles not subjected to ASU 2018-12			(92)
Change in unrealized gains/losses on available-for-sale securities	(194)	1,364	642
Derivatives	9	(14)	(5)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	4	4	4
Change in unrealized gains (losses) on derivatives	13	(10)	(1)
Change in current discount rate	7	(61)	(42)
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations	0		0
Change in pension and other postretirement benefits liability	0		0
Change in Other comprehensive income (loss)	(174)	1,293	599
After-Tax Amount
Available-for-sale securities, fixed maturities	710	(5,189)	(3,070)
Available-for-sale securities, other			(2)
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations	20	62	(1,440)
DAC and Other intangibles related to discontinued operations			655
Other intangibles not subjected to ASU 2018-12			343
Change in unrealized gains/losses on available-for-sale securities	730	(5,127)	(3,514)
Derivatives	(34)	52	19
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(14)	(16)	(17)
Change in unrealized gains (losses) on derivatives	(48)	36	2
Change in current discount rate	(26)	229	160
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations	(1)		(2)
Change in pension and other postretirement benefits liability	(1)		(2)
Other comprehensive income (loss), after tax	$ 655	$ (4,862)	(3,354)
Tax effect			756
Stranded tax benefit release from AOCI to continuing operations			$ (231)

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 1,939	$ 1,691	$ 1,984
Revenue from other sources (non-financial services revenue)	304	199	408
Total fee income and other revenue	2,243	1,890	2,392
Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Receivables	339	299
Wealth Solutions
Disaggregation of Revenue [Line Items]
Revenue	497	525	650
Wealth Solutions \| DistributionFeesMember
Disaggregation of Revenue [Line Items]
Revenue	121	116	207
Investment Management
Disaggregation of Revenue [Line Items]
Revenue	924	826	834
Investment Management \| DistributionFeesMember
Disaggregation of Revenue [Line Items]
Revenue	146	145	183
Employee Benefits
Disaggregation of Revenue [Line Items]
Revenue	18	17	16
Benefitfocus
Disaggregation of Revenue [Line Items]
Revenue	205	0	0
Corporate
Disaggregation of Revenue [Line Items]
Revenue	$ 28	$ 62	$ 94

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Federal, State and Local, Tax Expense (Benefit) [Abstract]
Federal	$ 6	$ (5)	$ (463)
State	5	(3)	19
Total current tax expense (benefit)	11	(8)	(444)
Deferred Federal, State and Local, Tax Expense (Benefit) [Abstract]
Federal	(50)	8	457
State	(12)	(5)	(47)
Total deferred tax expense (benefit)	(62)	3	410
Total income tax expense (benefit)	$ (51)	$ (5)	$ (34)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations before income taxes	$ 678	$ 428	$ 3,085
Tax Rate	21.00%	21.00%	21.00%
Income tax expense (benefit) at federal statutory rate	$ 142	$ 90	$ 648
Valuation allowance	(1)	7	(521)
Dividends received deduction	(38)	(44)	(34)
State tax expense (benefit)	(6)	(16)	37
Noncontrolling interest	(22)	16	(161)
Tax credits	(17)	(63)	(14)
Nondeductible expenses	6	7	5
Security Life of Denver Company capital loss carryback	(92)	0	0
Non-taxable Voya India gain	(10)	0	0
Other	(13)	(2)	6
Total income tax expense (benefit)	$ (51)	$ (5)	$ (34)
Effective tax rate	(7.50%)	(1.20%)	(1.10%)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Current income tax receivable	$ 12,000,000	$ 5,000,000
Net operating loss carryforwards	62,000,000
Valuation allowance	95,000,000	70,000,000
Valuation allowance allocated to continuing operations	218,000,000	193,000,000
Valuation allowance allocated to Other comprehensive income (losses) related to realized and unrealized capital losses	(123,000,000)	(123,000,000)
Unrealized gains (losses) on securities	863,000,000	(6,445,000,000)	$ (4,153,000,000)
Unrecognized tax benefits that would affect effective rate	1,000,000	1,000,000	1,000,000
Gross interest (benefit) related to unrecognized tax	0
Income tax expense (benefit)	(51,000,000)	(5,000,000)	(34,000,000)
Net gains (losses)	(72,000,000)	(686,000,000)	1,415,000,000
Income tax expense (benefit)	(51,000,000)	(5,000,000)	(34,000,000)
Net gains (losses)	(72,000,000)	$ (686,000,000)	$ 1,415,000,000
Benefitfocus
Valuation Allowance [Line Items]
Valuation allowance	26,000,000
Voya India
Valuation Allowance [Line Items]
Net gains (losses)	45,000,000
Net gains (losses)	45,000,000
SLD
Valuation Allowance [Line Items]
Income tax expense (benefit)	92,000,000
Income tax expense (benefit)	$ 92,000,000

Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Federal and state loss carryforwards	$ 1,489	$ 1,523
Net unrealized investment losses	484	666
Compensation and benefits	190	179
Current discount rate	187	180
Tax credits	131	110
Insurance Reserves	9	0
Investments	5	30
Other assets	165	82
Total gross assets before valuation allowance	2,660	2,770
Less: Valuation allowance	95	70
Assets, net of valuation allowance	2,565	2,700
Deferred tax liabilities
Deferred policy acquisition costs	(358)	(392)
Insurance reserves	0	(85)
Other liabilities	(47)	0
Total gross liabilities	(405)	(477)
Net deferred income tax asset (liability)	2,160	2,223
Business Acquisition [Line Items]
Net Deferred tax assets	2,160	2,223
Valuation allowance	95	$ 70
Benefitfocus
Deferred tax assets
Less: Valuation allowance	26
Deferred tax liabilities
Net deferred income tax asset (liability)	45
Business Acquisition [Line Items]
Net Deferred tax assets	45
Valuation allowance	$ 26

Income Taxes - Tax Credit and Loss Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	$ 62
Tax capital loss/credit carryforward	131	$ 110
Internal Revenue Service (IRS)
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	6,667	6,816
NOL carryforwards not subject to expiration	3,617
NOLs subject to expiration	3,050
State and Local Jurisdiction
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	2,454	$ 2,069
NOL carryforwards not subject to expiration	829
NOLs subject to expiration	$ 1,625

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 33	$ 34	$ 33
Additions for tax positions related to current year	0	0	1
(Reductions) for tax positions related to prior years	(6)	(1)	0
Unrecognized tax benefits, ending balance	$ 27	$ 33	$ 34

Financing Agreements - Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Feb. 24, 2021	Jan. 23, 2018	Mar. 17, 2015	May 16, 2013
Debt Instrument [Line Items]
Total	$ 2,098	$ 2,235
Current portion of long-term debt	1	141
Long-term debt	2,097	2,094
2025	12
2024	587
2023	401
2022	1
2026	$ 0
Senior Notes
Debt Instrument [Line Items]
Annual interest rate on loan					1.875%
3.976% Senior Notes, Due 2025 [Member] \| Senior Notes
Debt Instrument [Line Items]
Annual interest rate on loan	3.976%
Total	$ 390	$ 0
3.65% Senior Notes, due 2026 \| Senior Notes
Debt Instrument [Line Items]
Annual interest rate on loan	3.65%	3.65%
Total	$ 446	$ 445	$ 53
5.7% Senior Notes, due 2043 \| Senior Notes
Debt Instrument [Line Items]
Annual interest rate on loan	5.70%	5.70%
Total	$ 396	$ 396
4.8% Senior Notes, due 2046 \| Senior Notes
Debt Instrument [Line Items]
Annual interest rate on loan	4.80%	4.80%
Total	$ 297	$ 297
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 \| Junior Subordinated Notes
Debt Instrument [Line Items]
Annual interest rate on loan	4.70%	4.70%		4.70%
Total	$ 336	$ 336
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 \| Junior Subordinated Notes
Debt Instrument [Line Items]
Annual interest rate on loan	5.65%	5.65%				5.65%
Total	$ 0	$ 388
7.25% Voya Holdings Inc. debentures, due 2023 \| Debentures
Debt Instrument [Line Items]
Annual interest rate on loan	7.25%	7.25%
Total	$ 0	$ 140
7.63% Voya Holdings Inc. debentures, due 2026 \| Debentures
Debt Instrument [Line Items]
Annual interest rate on loan	7.63%	7.63%
Total	$ 139	$ 139
6.97% Voya Holdings Inc. debentures, due 2036 \| Debentures
Debt Instrument [Line Items]
Annual interest rate on loan	6.97%	6.97%
Total	$ 79	$ 79
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 \| Notes Payable
Debt Instrument [Line Items]
Annual interest rate on loan	8.42%	8.42%
Total	$ 13	$ 13
1.00% Windsor Property Loan \| Property Loan
Debt Instrument [Line Items]
Annual interest rate on loan	1.00%	1.00%
Total	$ 2	$ 2

Financing Agreements - Future Principal Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2022	$ 1
2023	401
2024	587
2025	12
2026	0
Thereafter	1,119
Parent
Debt Instrument [Line Items]
2022	0
2023	400
2024	447
2025	0
2026	0
Thereafter	$ 1,040

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financing Agreements - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 17, 2015	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 24, 2021
Debt Instrument [Line Items]
Long-term debt		$ 2,098	$ 2,235
Business agreement, term of agreement	10 years
Put option agreement, face amount	$ 500
Capacity		700
Utilization		12
Debt securities \| Interest expense
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt		(5)	(3)	$ (31)
Senior Notes
Debt Instrument [Line Items]
Annual interest rate on loan	1.875%
Revolving Credit Agreement
Debt Instrument [Line Items]
Capacity		500
Minimum net worth required for compliance		$ 4,998
3.125% Senior Notes, due 2024 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt			401
3.125% Senior Notes, due 2024 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 23
Repurchase amount					25
Annual interest rate on loan		3.125%
3.125% Senior Notes, due 2024 \| Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Long-term debt			377
3.65% Senior Notes, due 2026 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt		$ 446	$ 445		53
Repurchase amount					$ 60
Annual interest rate on loan		3.65%	3.65%
Voya Holdings Debentures \| Debentures
Debt Instrument [Line Items]
Long-term debt		$ 218	$ 358
Voya Holdings Debentures \| Aetna Notes
Debt Instrument [Line Items]
Minimum principal outstanding in year one			0
Quarterly fee to guarantor of notes if minimum principal balance is not met		1.25%
Cash collateral balance required or remaining		$ 227	367
Voya Holdings Debentures \| Aetna Notes \| Minimum
Debt Instrument [Line Items]
Cash collateral balance required or remaining		$ 218	$ 358
Pre-Capitalized Trust \| Senior Notes
Debt Instrument [Line Items]
Annual interest rate on loan	3.976%

Financing Agreements - Junior Subordinated Notes (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 23, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 01, 2023	Mar. 17, 2015	May 16, 2013
Junior Subordinated Notes
Debt Instrument [Line Items]
Maximum deferral period for one or more consecutive interest payments		5 years
Debt securities \| Interest expense
Debt Instrument [Line Items]
Gain (Loss) on Extinguishment of Debt		$ 5	$ 3	$ 31
Senior Notes
Debt Instrument [Line Items]
Annual interest rate on loan						1.875%
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 \| Junior Subordinated Notes
Debt Instrument [Line Items]
Annual interest rate on loan		5.65%	5.65%				5.65%
Amount of unsecured notes issued		$ 357
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 \| Junior Subordinated Notes
Debt Instrument [Line Items]
Annual interest rate on loan	4.70%	4.70%	4.70%
Amount of unsecured notes issued	$ 340	$ 10
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 \| Junior Subordinated Notes \| London Interbank Offered Rate (LIBOR) 1 [Member]
Debt Instrument [Line Items]
Basis spread	2.084%
Pre-Capitalized Trust \| Senior Notes
Debt Instrument [Line Items]
Annual interest rate on loan						3.976%
Amount of unsecured notes issued					$ 400

Financing Agreements - Credit Facilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Payments of financing costs	$ 1	$ 2	$ 2
Capacity	700
Utilization	12
Unused Commitment	688
Revolving Credit Agreement
Line of Credit Facility [Line Items]
Utilization	0
Revolving Credit Agreement
Line of Credit Facility [Line Items]
Capacity	500
Minimum net worth required for compliance	4,998
Revolving Credit Agreement \| Short-Term Debt
Line of Credit Facility [Line Items]
Capacity	25
Voya Financial, Inc. \| Unsecured and Committed
Line of Credit Facility [Line Items]
Capacity	500
Utilization	0
Unused Commitment	500
Voya Financial, Inc. \| Unsecured and Committed
Line of Credit Facility [Line Items]
Capacity	200
Utilization	12
Unused Commitment	188
Revolving Credit Agreement
Line of Credit Facility [Line Items]
Utilization	0
Amounts of LOCs outstanding	$ 0

Commitments and Contingencies - Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Impairment Loss	$ 14	$ 5
Finance Lease, Principal Payments	20	21	$ 21
Operating Leases
Lessee, Operating Lease, Liability, to be Paid, Year One	29
2024	19
2025	13
2026	11
2027	13
2027	8
Thereafter	10
Total undiscounted lease payments	90
Less: Imputed interest	5
Total Lease liabilities	85
Finance Leases
Finance Lease, Liability, to be Paid, Year One	12
2024	12
2025	12
2026	12
Thereafter	40
Total undiscounted lease payments	101
Less: Imputed interest	19
Total Lease liabilities	82
Operating Lease, Cost	22	21	28
Finance Lease, Interest Expense	9	19	21
Finance Lease, Right-of-Use Asset, Amortization	5	19	20
Operating Lease, Lease Income, Lease Payments	$ 26	$ 18	$ 24

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Undiscounted liability of future guaranty fund assessments		$ 1
Future credits to premium taxes	$ 10	11
Pledged Collateral	1,956	1,791
Possible losses in excess of amounts accrued	25
Amount of previously accrued interest subject to full or partial reversal if cumulative fund performance is not maintained	91
Federal Home Loan Bank Borrowings \| Line of Credit
Loss Contingencies [Line Items]
Non-putable funding agreements	1,175	1,279
Pledged Collateral	1,956	$ 1,791
Purchase of mortgage loans
Loss Contingencies [Line Items]
Amount of purchase commitments	70
Investment purchase commitment
Loss Contingencies [Line Items]
Amount of purchase commitments	1,026
Investment purchase commitment \| VOEs
Loss Contingencies [Line Items]
Amount of purchase commitments	$ 338

Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Pledged Collateral	$ 1,956	$ 1,791
FHLB restricted stock	64	67
Trading securities	37	38
Cash and cash equivalents	25	27
Total restricted assets	3,242	3,085
Securities pledged
Loss Contingencies [Line Items]
Securities loaned to lending agent	842	907
Securities pledged/obligations under repurchase agreements	117	113
Securities Loaned
Loss Contingencies [Line Items]
Securities Owned and Pledged as Collateral	201	142
Collateral pledged
Loss Contingencies [Line Items]
Securities pledged	$ 1,160	$ 1,162

Consolidated and Nonconsolidated Investment Entities - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) fund entity CLO	Dec. 31, 2022 USD ($) fund loan CLO
Variable Interest Entity [Line Items]
Consolidated collateral loan obligations \| CLO	5	7
LPs life	10 years
Consolidated funds \| fund	11	10
Noncontrolling interest	$ 1,685	$ 1,482
Number of investment funds accounted for as voting interest entity \| fund	0
Capacity	$ 700
Utilization	12
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net	$ 0
Number of deconsolidated investment entities	2	2
Consolidated Investment Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 316	$ 288
VIEs
Variable Interest Entity [Line Items]
Investment in subsidiaries	2,861	2,802
VIE, Corporate Loan Investments \| Senior secured corporate loans
Variable Interest Entity [Line Items]
Unpaid principal exceeds fair value, amount	$ 46	$ 85
Default of collateral assets, percentage	1.00%	1.00%
VIE, Corporate Loan Investments \| Maximum \| Senior secured corporate loans \| LIBOR, SOFR, EURIBOR or PRIME
Variable Interest Entity [Line Items]
Basis spread	8.50%
VIE, CLO Notes \| Senior secured corporate loans
Variable Interest Entity [Line Items]
Weighted average maturity on debt	12 years
VIE, CLO Notes \| Maximum \| Senior secured corporate loans \| LIBOR, EURIBOR Or SOFR
Variable Interest Entity [Line Items]
Basis spread	9.60%
VIE, CLO Notes \| Minimum \| Senior secured corporate loans \| LIBOR, EURIBOR Or SOFR
Variable Interest Entity [Line Items]
Basis spread	1.00%
VIE, Private Equity Funds
Variable Interest Entity [Line Items]
Capacity	$ 1,330	$ 1,366
Renewal period for term loan	3 years
Utilization	$ 1,198	1,143
VIE, Private Equity Funds \| Maximum
Variable Interest Entity [Line Items]
Term of loan	19 months
VIE, Private Equity Funds \| Maximum \| LIBOR, EURIBOR Or SOFR
Variable Interest Entity [Line Items]
Basis spread	2.00%
VIE, Private Equity Funds \| Minimum
Variable Interest Entity [Line Items]
Term of loan	7 months
VIE, Private Equity Funds \| Minimum \| LIBOR, EURIBOR Or SOFR
Variable Interest Entity [Line Items]
Basis spread	1.85%
Nonconsolidated VIEs
Variable Interest Entity [Line Items]
Net Assets	$ 383	364
Excluding consolidated VIEs
Variable Interest Entity [Line Items]
Investment in subsidiaries	$ 1,621	$ 1,781

Consolidated and Nonconsolidated Investment Entities - Fair Value Hierarchy (Details) - Assets measured on recurring basis - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
NAV	$ 2,861.0	$ 2,802.0
Assets, including NAV	4,446.0	4,183.0
Liabilities	1,332.0	1,234.0
VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
NAV	0.0	0.0
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	181.0	88.0
Liabilities	0.0	0.0
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	1,404.0	1,293.0
Liabilities	1,332.0	1,234.0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	0.0
Liabilities	0.0	0.0
Cash and cash equivalents \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	181.0	88.0
NAV	0.0	0.0
Cash and cash equivalents \| Level 1 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	181.0	88.0
Cash and cash equivalents \| Level 2 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	0.0
Cash and cash equivalents \| Level 3 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	0.0
Corporate loans, at fair value using the fair value option \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	1,404.0	1,293.0
NAV	0.0	0.0
Corporate loans, at fair value using the fair value option \| Level 1 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	0.0
Corporate loans, at fair value using the fair value option \| Level 2 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	1,404.0	1,293.0
Corporate loans, at fair value using the fair value option \| Level 3 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	0.0
Limited Partnerships/Corporations, at fair value \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
NAV	2,861.0	2,802.0
Assets, including NAV	2,861.0	2,802.0
Limited Partnerships/Corporations, at fair value \| Level 1 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	0.0
Limited Partnerships/Corporations, at fair value \| Level 2 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	0.0
Limited Partnerships/Corporations, at fair value \| Level 3 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets	0.0	0.0
CLO notes, at fair value using the fair value option \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
NAV	0.0	0.0
Liabilities	1,332.0	1,234.0
CLO notes, at fair value using the fair value option \| Level 1 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	0.0	0.0
CLO notes, at fair value using the fair value option \| Level 2 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	1,332.0	1,234.0
CLO notes, at fair value using the fair value option \| Level 3 \| VIEs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	$ 0.0	$ 0.0

Schedule I - Summary of Investments Other than Investments in Affiliates (Details) $ in Millions	Dec. 31, 2023 USD ($)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	$ 38,745
Fair Value	36,349
Amount Shown on Consolidated Balance Sheet	36,600
Fixed maturities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	30,998
Fair Value	28,611
Amount Shown on Consolidated Balance Sheet	28,611
U.S. Treasuries
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	417
Fair Value	403
Amount Shown on Consolidated Balance Sheet	403
U.S. Government agencies and authorities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	54
Fair Value	56
Amount Shown on Consolidated Balance Sheet	56
State, municipalities, and political subdivisions
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	871
Fair Value	771
Amount Shown on Consolidated Balance Sheet	771
U.S. corporate public securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	8,402
Fair Value	7,666
Amount Shown on Consolidated Balance Sheet	7,666
U.S. corporate private securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,040
Fair Value	4,760
Amount Shown on Consolidated Balance Sheet	4,760
Foreign Corporate Public Securities and Foreign Governments [Member]
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,928
Fair Value	2,702
Amount Shown on Consolidated Balance Sheet	2,702
Foreign corporate private securities(1)
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,916
Fair Value	2,812
Amount Shown on Consolidated Balance Sheet	2,812
Residential mortgage-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	3,695
Fair Value	3,476
Amount Shown on Consolidated Balance Sheet	3,476
Commercial mortgage-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	4,147
Fair Value	3,495
Amount Shown on Consolidated Balance Sheet	3,495
Other asset-backed securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	2,528
Fair Value	2,470
Amount Shown on Consolidated Balance Sheet	2,470
Equity securities
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	236
Fair Value	236
Amount Shown on Consolidated Balance Sheet	236
Short-term investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	213
Fair Value	213
Amount Shown on Consolidated Balance Sheet	213
Mortgage loans on real estate
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	5,218
Fair Value	4,941
Amount Shown on Consolidated Balance Sheet	5,192
Policy loans
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	352
Fair Value	352
Amount Shown on Consolidated Balance Sheet	352
Limited partnerships/corporations
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	1,621
Fair Value	1,621
Amount Shown on Consolidated Balance Sheet	1,621
Derivatives
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	43
Fair Value	311
Amount Shown on Consolidated Balance Sheet	311
Other investments
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]
Cost	64
Fair Value	64
Amount Shown on Consolidated Balance Sheet	$ 64

Schedule II - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investments:
Short-term investments under securities loan agreements, including collateral delivered	$ 1,015.0	$ 1,179.0
Deferred income taxes	2,160.0	2,223.0
Total assets	157,085.0	146,606.0
Liabilities:
Payables under securities loan agreement, including collateral held	1,121.0	1,302.0
Short-term debt	1.0	141.0
Long-term debt	2,098.0	2,235.0
Derivatives	371.0	389.0
Shareholders' equity:
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2023 and 2022)	0.0	0.0
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 103,584,699 and 97,789,852 shares issued as of 2023 and 2022, respectively; 102,854,569 and 97,186,970 shares outstanding as of 2023 and 2022, respectively)	1.0	1.0
Treasury stock (at cost; 730,130 and 602,882 shares as of 2023 and 2022, respectively)	(56.0)	(39.0)
Additional paid-in capital	6,143.0	6,643.0
Accumulated other comprehensive income (loss)	(2,400.0)	(3,055.0)	$ 1,807.0
Retained earnings (deficit):
Unappropriated	505.0	(201.0)
Total shareholder's equity	5,878.0	4,831.0	$ 9,668.0	$ 11,178.0
Fixed maturities, amortized cost	$ 27,690.0	$ 30,202.0
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, aggregate liquidation preference	$ 625.0	$ 625.0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	103,584,699	97,789,852
Common stock, shares outstanding	102,854,569	97,186,970	107,800,000	124,200,000
Treasury Stock, shares	730,130	602,882
Parent
Investments:
Fixed maturities, Available-for-sale	$ 6.0	$ 6.0
Equity securities, at fair value	3.0	0.0
Short-term investments	13.0	0.0
Investment in subsidiaries	0.0	9.0
Derivatives	10.0	14.0
Investments In Subsidiaries	5,250.0	4,331.0
Total investments	5,282.0	4,360.0
Cash and cash equivalents	206.0	209.0
Short-term investments under securities loan agreements, including collateral delivered	1.0	6.0
Loans and Leases Receivable, Loans in Process	293.0	89.0
DueFromAffiliates	8.0	15.0
Deferred income taxes	856.0	911.0
Other assets	7.0	12.0
Total assets	6,653.0	5,602.0
Liabilities:
Payables under securities loan agreement, including collateral held	10.0	0.0
Short-term debt	445.0	195.0
Long-term debt	1,865.0	1,862.0
Derivatives	9.0	14.0
Other liabilities	131.0	125.0
Total liabilities	2,460.0	2,196.0
Retained earnings (deficit):
Unappropriated		(144.0)
Total shareholder's equity	4,193.0	3,406.0
Total liabilities and shareholders' equity	6,653.0	$ 5,602.0
Fixed maturities, amortized cost	$ 6.0

Schedule II - Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Net investment income	$ 2,159	$ 2,281	$ 2,774
Net gains (losses)	(72)	(686)	1,415
Other Income	327	148	579
Total revenues	7,348	5,930	4,174
Expenses:
Total benefits and expenses	6,670	5,502	1,089
Income tax expense (benefit)	(51)	(5)	(34)
Net income (loss) available to Voya Financial, Inc.	625	510	2,370
Less: Preferred stock dividends	36	36	36
Net income (loss) available to Voya Financial, Inc.'s common shareholders	589	474	2,334
Parent
Revenues:
Net investment income	38	12	5
Net gains (losses)	65	(52)	29
Other Income	27	18	0
Total revenues	130	(22)	34
Expenses:
Interest expense	130	114	159
Other expense	35	30	5
Total benefits and expenses	165	144	164
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries	(35)	(166)	(130)
Income tax expense (benefit)	(18)	(86)	(717)
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest	(17)	(80)	587
Equity in earnings (losses) of subsidiaries, net of tax	642	590	1,783
Net income (loss) available to Voya Financial, Inc.	625	510	2,370
Less: Preferred stock dividends	36	36	36
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$ 589	$ 474	$ 2,334

Schedule II - Condensed Financial Information of Parent - Statements of Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Net income (loss) available to Voya Financial, Inc.	$ 625	$ 510	$ 2,370
Other comprehensive income (loss), after tax	655	(4,862)	(3,354)
Comprehensive income (loss) attributable to Voya Financial, Inc.	1,280	(4,352)	(984)
Parent
Condensed Financial Statements, Captions [Line Items]
Net income (loss) available to Voya Financial, Inc.	625	510	2,370
Other comprehensive income (loss), after tax	655	(4,862)	(3,354)
Comprehensive income (loss) attributable to Voya Financial, Inc.	$ 1,280	$ (4,352)	$ (984)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 2
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

Schedule II - Condensed Financial Information of Parent - Statements of Cash Flow (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income (loss) available to Voya Financial, Inc.	$ 625	$ 510	$ 2,370
Deferred income tax expense (benefit)	(62)	3	410
Net (gains) losses	72	686	(1,415)
Change in:
Other receivables and asset accruals	31	(211)	80
Other, net	209	143	(354)
Net cash (used in) provided by operating activities	1,638	1,352	22
Cash Flows from Investing Activities:
Net cash provided by (used in) investing activities - discontinued operations	0	0	476
Proceeds from sale of business	0	0	274
Limited partnerships/corporations	470	256	790
Fixed maturities	6,980	7,900	6,684
Fixed maturities	(4,439)	(8,518)	(7,831)
Equity securities	139	5	312
Short-term investments, net	144	(260)	174
Payments for business acquisitions, net of cash acquired	(584)	(2)	0
Collateral received (delivered), net	(19)	54	121
Other, net	(87)	(65)	399
Net cash provided by (used in) investing activities	2,532	(1,946)	(327)
Net cash provided (used in) financing activities
Repayment of debt with maturities of more than three months	(541)	(366)	(482)
Proceeds from issuance of common stock, net	0	7	4
Dividends paid on preferred stock	(36)	(36)	(36)
Dividends paid on common stock	(127)	(83)	(80)
Net cash provided by (used in) financing activities	(4,059)	28	(265)
Net increase (decrease) in cash and cash equivalents, including cash in CIEs	111	(566)	(570)
Cash and cash equivalents, beginning of period	1,007
Cash and cash equivalents, end of period	1,118	1,007
Supplemental cash flow information:
Income taxes paid	11	14	3
Interest paid	113	131	157
Parent
Cash Flows from Operating Activities:
Net income (loss) available to Voya Financial, Inc.	625	510	2,370
Equity in earnings (losses) of subsidiaries, net of tax	(642)	(590)	(1,783)
Dividends from subsidiaries	1,057	502	198
Deferred income tax expense (benefit)	54	(35)	(515)
Gain (Loss) on Extinguishment of Debt	0	0	31
Net (gains) losses	(65)	52	(29)
Change in:
Other receivables and asset accruals	5	(21)	8
Due from subsidiaries and affiliates	108	46	(42)
Other payables and accruals	0	(10)	(295)
Other, net	(7)	29	13
Net cash (used in) provided by operating activities	1,135	483	(44)
Cash Flows from Investing Activities:
Net cash provided by (used in) investing activities - discontinued operations	0	0	694
Proceeds from sale of business	0	0	80
Limited partnerships/corporations	53	0	0
Fixed maturities	0	22	38
Fixed maturities	0	(16)	(45)
Equity securities	(3)	0	0
Short-term investments, net	(13)	18	(18)
Payments for Derivative Instrument, Investing Activities	19	(37)	26
Maturity (issuance) of short-term intercompany loans, net	(203)	34	56
Return of capital contributions and dividends from subsidiaries	0	708	1,435
Capital contributions to subsidiaries	(8)	0	(49)
Payments for business acquisitions, net of cash acquired	(584)	0	0
Collateral received (delivered), net	15	(5)	10
Other, net	(94)	0	81
Net cash provided by (used in) investing activities	(818)	724	2,308
Net cash provided (used in) financing activities
Proceeds from issuance of debt with maturities of more than three months	400	0	0
Repayment of debt with maturities of more than three months	(393)	(366)	(482)
Repayments of Debt	250	65	(523)
Proceeds from issuance of common stock, net	0	7	4
Share-based compensation	(47)	(40)	(44)
Proceeds from (Repurchase of) Equity	(369)	(750)	(1,113)
Dividends paid on preferred stock	(125)	(80)	(80)
Dividends paid on common stock	(36)	(36)	(36)
Net cash provided by (used in) financing activities	(320)	(1,200)	(2,274)
Net increase (decrease) in cash and cash equivalents, including cash in CIEs	(3)	7	(10)
Cash and cash equivalents, beginning of period	209	202	212
Cash and cash equivalents, end of period	206	209	202
Supplemental cash flow information:
Income taxes paid	4	14	0
Interest paid	$ 111	$ 111	$ 130

Schedule II - Condensed Financial Information of Parent - Loans to Subsidiaries (Details) - Parent - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to subsidiaries	$ 293,000,000	$ 89,000,000
Interest income, operating	$ 18,000,000	5,000,000	$ 3,000,000
Voya Institutional Plan Services, LLC \| Subsidiary Loan, Due January 3, 2023, 3.83 percent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate	3.83%
Loans to subsidiaries	$ 0	31,000,000
Voya Institutional Plan Services, LLC \| Subsidiary Loan, Due January 2, 2024, 5.44 percent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate	5.44%
Loans to subsidiaries	$ 31,000,000	$ 0
Voya Investment Management, LLC \| Subsidiary Loan, Due January 13, 2023, 4.46 Percent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate		4.46%
Loans to subsidiaries	0	$ 11,000,000
Voya Services Company \| Subsidiary Loan, Due January 3, 2023, 3.83 percent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate		3.83%
Loans to subsidiaries	$ 0	$ 47,000,000
Voya Services Company \| Subsidiary Loan, Due January 2, 2024, 5.44 percent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate	5.44%
Loans to subsidiaries	$ 185,000,000	0
Voya Payroll Management, Inc. \| Subsidiary Loan, Due January 2, 2024, 5.44 percent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate	5.44%
Loans to subsidiaries	$ 11,000,000	0
Voya Holdings Inc. \| Subsidiary Loan, Due January 18, 2024, 5.53 Percent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate	5.53%
Loans to subsidiaries	$ 44,000,000	0
Voya Holdings Inc. \| Subsidiary Loan, Due January 12, 2024, 5.51 Percent
Accounts, Notes, Loans and Financing Receivable [Line Items]
Rate	5.51%
Loans to subsidiaries	$ 22,000,000	$ 0

Schedule II - Condensed Financial Information of Parent - Financing Agreements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 1.0	$ 141.0
Revolving lines of credit, capacity	700.0
Outstanding borrowings	12.0
Payments of financing costs	1.0	2.0	$ 2.0
Long-term debt	2,098.0	2,235.0
Notes Payable \| 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Debt Instrument [Line Items]
Long-term debt	$ 13.0	$ 13.0
Annual interest rate on loan	8.42%	8.42%
Debentures \| Voya Holdings Debentures
Debt Instrument [Line Items]
Long-term debt	$ 218.0	$ 358.0
Parent
Debt Instrument [Line Items]
Intercompany financing - Subsidiaries	445.0	195.0
Total	445.0	195.0
Revolving lines of credit, capacity	700.0
Outstanding borrowings	12.0
Payments of financing costs	1.0	2.0	$ 2.0
Long-term debt	1,865.0	$ 1,862.0
Parent \| Unsecured and Committed
Debt Instrument [Line Items]
Revolving lines of credit, capacity	700.0
Financial Guarantee \| Parent \| Notes Payable \| Voya Holdings Inc. \| 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Debt Instrument [Line Items]
Long-term debt	$ 13.0

Schedule II - Condensed Financial Information of Parent - Returns of Capital and Dividends (Details) - Parent - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Return of capital contributions and dividends from subsidiaries	$ 1,057	$ 1,210	$ 1,854
Return of capital contributions and dividends from subsidiaries, noncash			221
Voya Holdings Inc.
Condensed Financial Statements, Captions [Line Items]
Return of capital contributions and dividends from subsidiaries	1,057	1,210	1,659
Security Life of Denver Insurance Company
Condensed Financial Statements, Captions [Line Items]
Return of capital contributions and dividends from subsidiaries	0	0	54
Voya Financial Holdings I, LLC
Condensed Financial Statements, Captions [Line Items]
Return of capital contributions and dividends from subsidiaries	0	0	16
Voya Special Investments, Inc.
Condensed Financial Statements, Captions [Line Items]
Return of capital contributions and dividends from subsidiaries	$ 0	$ 0	$ 125

Schedule II - Condensed Financial Information of Parent - Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Deferred Tax Assets and Liabilities [Line Items]
Deferred income taxes	$ 2,160	$ 2,223
Current income tax receivable	12	5
Parent
Schedule of Deferred Tax Assets and Liabilities [Line Items]
Deferred income taxes	856	911
Current income tax receivable	$ 5	$ 9

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	$ 2,250	$ 2,363
Future Policy Benefits and Contract Owner Account Balances	48,734	52,174
Unearned Premiums	0	0
Net Investment Income	2,159	2,281	$ 2,774
Premiums and Fee Income	4,633	4,165	(1,575)
Interest Credited and Other Benefits to Contract Owners	3,036	2,528	(2,188)
Amortization of DAC and VOBA	230	240	456
Other Operating Expenses	3,096	2,542	2,586
Premiums Written (Excluding Life)	2,120	1,849	1,695
Wealth Solutions
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	1,064	1,088
Future Policy Benefits and Contract Owner Account Balances	31,653	34,215
Unearned Premiums	0	0
Net Investment Income	1,807	2,006	2,517
Premiums and Fee Income	1,007	992	1,094
Interest Credited and Other Benefits to Contract Owners	872	868	880
Amortization of DAC and VOBA	88	93	95
Other Operating Expenses	1,242	1,192	1,379
Premiums Written (Excluding Life)	0	0	0
Investment Management
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	0	0
Future Policy Benefits and Contract Owner Account Balances	0	0
Unearned Premiums	0	0
Net Investment Income	26	9	(19)
Premiums and Fee Income	903	745	703
Interest Credited and Other Benefits to Contract Owners	0	0	0
Amortization of DAC and VOBA	0	0	0
Other Operating Expenses	855	689	632
Premiums Written (Excluding Life)	0	0	0
Employee Benefits
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	211	190
Future Policy Benefits and Contract Owner Account Balances	2,268	2,234
Unearned Premiums	0	0
Net Investment Income	135	134	165
Premiums and Fee Income	2,748	2,454	2,236
Interest Credited and Other Benefits to Contract Owners	1,895	1,680	1,674
Amortization of DAC and VOBA	33	29	24
Other Operating Expenses	903	577	496
Premiums Written (Excluding Life)	2,120	1,849	1,695
Corporate
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]
DAC and VOBA	975	1,085
Future Policy Benefits and Contract Owner Account Balances	14,813	15,725
Unearned Premiums	0	0
Net Investment Income	191	132	111
Premiums and Fee Income	(25)	(26)	(5,608)
Interest Credited and Other Benefits to Contract Owners	269	(20)	(4,742)
Amortization of DAC and VOBA	109	118	337
Other Operating Expenses	96	84	79
Premiums Written (Excluding Life)	$ 0	$ 0	$ 0

Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Life insurance in force, Gross	$ 596,806	$ 610,227	$ 605,845
Life insurance in force, Ceded	346,714	368,598	392,412
Life insurance in force, Assumed	4,963	5,644	6,587
Life insurance in force, Net	$ 255,055	$ 247,273	$ 220,020
Percentage of Assumed to Net, Life insurance in force	1.90%	2.30%	3.00%
Direct premiums	$ 3,599	$ 3,257	$ 3,007
Ceded Premiums	908	859	6,421
Assumed premiums	26	25	26
Net premiums	$ 2,717	$ 2,423	$ (3,388)
Percentage Assumed to Net, Premiums	1.00%	1.00%	(0.80%)
Life Insurance Product Line
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	$ 1,188	$ 1,198	$ 1,179
Ceded Premiums	571	589	3,651
Assumed premiums	25	24	26
Net premiums	$ 642	$ 633	$ (2,446)
Percentage Assumed to Net, Premiums	3.90%	3.80%	(1.10%)
Accident and Health Insurance Product Line
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	$ 2,359	$ 2,018	$ 1,803
Ceded Premiums	323	255	202
Assumed premiums	0	0	0
Net premiums	$ 2,036	$ 1,763	$ 1,601
Percentage Assumed to Net, Premiums	0.00%	0.00%	0.00%
Annuity Contracts
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Direct premiums	$ 52	$ 41	$ 25
Ceded Premiums	14	15	2,568
Assumed premiums	1	1	0
Net premiums	$ 39	$ 27	$ (2,543)
Percentage Assumed to Net, Premiums	2.60%	3.70%	0.00%

Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Allowance for losses for commercial mortgage loans, beginning balance		$ 18
Allowance for losses for commercial mortgage loans, Charged to Costs and Expenses		11	$ 3	$ (60)
Allowance for losses for commercial mortgage loans, ending balance		26	18
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance	$ 58	12	58	26
Credit losses on securities for which credit losses were not previously recorded		10	11	33
Write-offs/Payments/Other		(5)	(57)	(1)
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance		17	12	58
Allowance for credit losses on reinsurance recoverable, beginning balance	24	32	24	18
Reinsurance Recoverable, Credit Loss Expense (Reversal)		(4)	8	6
Reinsurance Recoverable, Allowance for Credit Loss, Period Increase (Decrease)		0	0	0
Allowance for credit losses on reinsurance recoverable, ending balance		28	32	24
Allowance for credit losses on deposit asset, Beginning balance	0	1	0
Charged to cost and expenses		0	1
Reinsurance, Loss on Uncollectible Accounts in Period, Amount		0	0
Allowance for credit losses on deposit asset, Ending balance		1	1	0
Commercial Portfolio Segment
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Allowance for losses for commercial mortgage loans, beginning balance	15	18	15	89
Allowance for losses for commercial mortgage loans, Write-offs	0	(3)	0	(14)
Allowance for losses for commercial mortgage loans, ending balance		26	18	15
Valuation allowance on deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance on deferred tax assets, beginning balance	$ 63	70	63	353
Charged to Costs and Expenses		1	7	(521)
Write-offs/Payments/Other		26	0	231
Valuation allowance on deferred tax assets, ending balance		$ 95	$ 70	$ 63