VOYA FINANCIAL, INC., 10-Q filed on 5/7/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
May 01, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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 200 Park Avenue  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10166  
City Area Code 212  
Local Phone Number 309-8200  
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  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   90,666,315
Entity Central Index Key 0001535929  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Common Stock, $.01 par value    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $.01 par value  
Trading Symbol VOYA  
Security Exchange Name NYSE  
Depositary Shares, each representing a 1/40th    
Entity Information [Line Items]    
Title of 12(b) Security Depositary Shares, each representing a 1/40th  
Trading Symbol VOYAPrB  
Security Exchange Name NYSE  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments:    
Short-term investments under securities loan agreements, including collateral delivered $ 1,004 $ 984
Accrued investment income 426 414
Premium receivable and reinsurance recoverable 10,609 10,713
Deferred policy acquisition costs ("DAC") and Value of business acquired ("VOBA") 2,364 2,401
Deferred income taxes 1,911 1,871
Goodwill 804 804
Other intangibles, net 864 874
Assets held in separate accounts 108,467 113,007
Total assets 173,433 178,859
Liabilities:    
Future policy benefits 8,790 8,982
Contract owner account balances 40,238 40,374
Payables under securities loan and repurchase agreements, including collateral held 1,218 1,273
Short-term debt 587 586
Long-term debt 1,913 1,518
Derivatives 262 282
Liabilities related to separate accounts 108,467 113,007
Total liabilities 166,727 171,820
Commitments and Contingencies (Note 18)
Mezzanine equity:    
Redeemable noncontrolling interest 226 222
Shareholders' equity:    
Preferred stock ($0.01 par value per share; $625000000 aggregate liquidation preference as of 2025 and 2024) 0 0
Common stock ($0.01 par value per share; 900000000 shares authorized; 0 and 105,592,281 shares issued as of 2025 and 2024, respectively; 0 and 95,497,265 shares outstanding as of 2025 and 2024, respectively) 1 1
Treasury stock (at cost; 0 and 10,095,016 shares as of 2025 and 2024, respectively) (1,188) (1,010)
Additional paid-in capital 6,395 6,358
Accumulated other comprehensive income (loss) (2,061) (1,788)
Retained earnings:    
Unappropriated 1,511 1,392
Total Voya Financial, Inc. shareholders' equity 4,658 4,953
Noncontrolling interest 1,822 1,864
Total shareholders' equity 6,480 6,817
Total liabilities, mezzanine equity and shareholders' equity 173,433 178,859
Excluding consolidated VIEs    
Investments:    
Fixed maturities, available-for-sale, at fair value 26,646 27,150
Fixed maturities, at fair value using the fair value option 1,695 1,740
Equity securities, at fair value 193 201
Short-term investments 218 145
Mortgage loans on real estate 5,634 5,577
Policy loans 316 323
Limited partnerships/corporations 1,919 1,891
Derivatives 203 197
Other investments 90 86
Securities pledged 1,210 1,261
Total investments 38,124 38,571
Cash and cash equivalents 969 1,228
Other assets 3,121 3,167
Corporate loans, at fair value using the fair value option 5,634 5,577
Liabilities:    
Other liabilities 2,645 3,210
VIEs    
Investments:    
Mortgage loans on real estate 1,488 1,350
Limited partnerships/corporations 2,971 3,142
Cash and cash equivalents 121 120
Other assets 190 213
Corporate loans, at fair value using the fair value option 1,488 1,350
Liabilities:    
Other liabilities 1,434 1,454
Collateralized loan obligations notes, at fair value using the fair value option $ 1,173 $ 1,134
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Fixed maturities, Amortized Cost $ 28,612 $ 28,724
Fixed maturities, allowance for credit losses 33 26
Mortgage loans, allowance for credit losses 30 31
Securities pledged, amortized cost 1,334 1,388
Premium receivable and reinsurance recoverable, allowance for credit losses 15 16
Other assets, allowance for credit losses $ 0 $ 0
Preferred stock, par value (usd per share) $ 0.01 $ 0.01
Preferred stock, aggregate liquidation preference $ 625 $ 625
Common stock, par value (usd per share) $ 0.01 $ 0.01
Common stock, shares outstanding (in shares) 900,000,000 900,000,000
Common stock, shares issued (in shares) 108,408,962 107,424,252
Common stock, shares outstanding (in shares) 92,407,886 93,842,616
Treasury stock (in shares) 16,001,076 13,581,636
Total liabilities $ 166,727 $ 171,820
Equity, Attributable to Parent 4,658 4,953
Total Shareholders' equity 6,480 6,817
Total liabilities, mezzanine equity and shareholders' equity $ 173,433 $ 178,859
v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues:    
Net investment income $ 569 $ 560
Fee income 604 570
Premiums 744 737
Net gains (losses) (45) (34)
Other revenue 109 104
Income related to CIEs:    
Net investment income 50 32
Total revenues 2,031 1,969
Benefits and expenses:    
Policyholder benefits 564 579
Interest credited to contract owner account balances 255 256
Operating expenses 848 824
Net amortization of DAC and VOBA 65 62
Interest expense 29 32
Operating expenses related to CIEs:    
Interest expense 32 35
Other expense 8 8
Total benefits and expenses 1,801 1,796
Income before income taxes 230 173
Income tax expense 35 22
Net income 195 151
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 13 (5)
Net income available to Voya Financial, Inc. 182 156
Less: Preferred stock dividends 17 17
Net income available to Voya Financial, Inc.'s common shareholders $ 165 $ 139
Net income available to Voya Financial, Inc.'s common shareholders per common share:    
Basic (usd per share) $ 1.78 $ 1.45
Diluted (usd per share) $ 1.75 $ 1.42
v3.26.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 195 $ 151
Other comprehensive income (loss), before tax:    
Change in current discount rate 32 12
Unrealized gains (losses) on investments (377) 344
Other comprehensive income (loss), before tax (345) 356
Income tax expense (benefit) related to items of other comprehensive income (loss) (72) 75
Other comprehensive income (loss), after tax (273) 281
Comprehensive income (loss) (78) 432
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 13 (5)
Comprehensive income (loss) attributable to Voya Financial, Inc. $ (91) $ 437
v3.26.1
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
$ in Millions
Total
Total Voya Financial, Inc. Shareholders' Equity
Common Stock
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Deficit), Unappropriated
Noncontrolling Interest
Beginning balance at Dec. 31, 2024 $ 5,788 $ 4,005 $ 1 $ (754) $ 6,266 $ (2,462) $ 954 $ 1,783
Comprehensive income (loss):                
Net income (loss) 141 156         156 (15)
Other comprehensive income (loss), after tax 281 281       281    
Total comprehensive income (loss) 432 437            
Total comprehensive income (loss) (5)             (15)
Total comprehensive income (loss) 422              
Common stock issuance 3 3     3     0
Dividends on preferred stock (17) (17)         (17)  
Dividends on common stock (43) (43)         (43)  
Share-based compensation (4) (4)   (34) 30   0  
Contributions from (Distributions to) noncontrolling interest, net (2) 2         2 (4)
Ending balance at Mar. 31, 2025 6,147 4,383 1 (788) 6,299 (2,181) 1,052 1,764
Beginning balance at Dec. 31, 2024 219              
Mezzanine Equity: Redeemable Noncontrolling Interest                
Net income (loss) 10              
Total comprehensive income (loss) 10              
Contributions from (Distributions to) noncontrolling interest, net (15)              
Ending balance at Mar. 31, 2025 214              
Beginning balance at Dec. 31, 2025 6,817 4,953 1 (1,010) 6,358 (1,788) 1,392 1,864
Comprehensive income (loss):                
Net income (loss) 186 182         182 4
Other comprehensive income (loss), after tax (273) (273)       (273)    
Total comprehensive income (loss) (78) (91)            
Total comprehensive income (loss) 13             4
Total comprehensive income (loss) (87)              
Common stock issuance 3 3     3      
Common stock acquired - Share repurchase (151) (151)   (151) 0      
Dividends on preferred stock (17) (17)         (17)  
Dividends on common stock (44) (44)         (44)  
Share-based compensation 6 6   (27) 34   (1)  
Contributions from (Distributions to) noncontrolling interest, net (47) (1)         (1) (46)
Ending balance at Mar. 31, 2026 6,480 $ 4,658 $ 1 $ (1,188) $ 6,395 $ (2,061) $ 1,511 $ 1,822
Beginning balance at Dec. 31, 2025 222              
Mezzanine Equity: Redeemable Noncontrolling Interest                
Net income (loss) 9              
Total comprehensive income (loss) 9              
Contributions from (Distributions to) noncontrolling interest, net (5)              
Ending balance at Mar. 31, 2026 $ 226              
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net cash provided by (used in) operating activities $ (36) $ (179)
Proceeds from the sale, maturity, disposal or redemption of:    
Fixed maturities 2,072 2,477
Equity securities 26 48
Mortgage loans on real estate 174 135
Limited partnerships/corporations 74 51
Acquisition of:    
Fixed maturities (2,127) (2,401)
Equity securities (21) (9)
Mortgage loans on real estate (228) (257)
Limited partnerships/corporations (55) (75)
Short-term investments, net (73) (3)
Derivatives, net 18 (55)
Sales from CIEs 464 372
Purchases within CIEs (640) (462)
Collateral received (delivered), net (71) 185
Receipts on deposit asset contracts 27 33
Cash and cash equivalents acquired from business acquisitions, net of cash paid 0 224
Other, net 8 (18)
Net cash provided by (used in) investing activities (352) 245
Cash Flows from Financing Activities:    
Deposits received for investment contracts 1,033 1,060
Maturities and withdrawals from investment contracts (1,332) (1,515)
Proceeds from issuance of long-term debt, net 395 0
Repayments of long-term debt, including current maturities 0 (400)
Borrowings of CIEs 427 208
Repayments of borrowings of CIEs (447) (294)
Contributions from (distributions to) participants in CIEs, net 438 486
Proceeds from issuance of common stock, net 3 3
Common stock acquired - Share repurchase (150) 0
Dividends paid on preferred stock (17) (17)
Dividends paid on common stock (44) (43)
Contingent consideration paid 129 34
Other, net (47) (24)
Net cash provided by (used in) financing activities 130 (570)
Net increase (decrease) in cash and cash equivalents, including cash in CIEs (258) (504)
Cash and cash equivalents, including cash in CIEs, beginning of period 1,348 1,514
Cash and cash equivalents, including cash in CIEs, end of period 1,090 $ 1,010
Total cash and cash equivalents, including cash in CIEs 1,090  
Excluding consolidated VIEs    
Cash and cash equivalents 969  
VIEs    
Cash and cash equivalents $ 121  
v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Statement of Cash Flows [Abstract]  
Cash acquired from acquisition $ 274
v3.26.1
Business, Basis of Presentation and Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Business, Basis of Presentation and Significant Accounting Policies Business, Basis of Presentation and Significant Accounting Policies
Business

Voya Financial, Inc., together with its subsidiaries (collectively, the "Company"), is a financial services organization that offers a broad range of retirement services, group insurance and supplemental health products, investment management services and mutual funds primarily in the United States. Products and services are provided by the Company through three segments: Retirement, Investment Management and Employee Benefits. 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 Condensed Consolidated Financial Statements.

On January 2, 2025, the Company completed the acquisition of the full-service retirement plan business of OneAmerica Financial through the purchase of legal entities and an indemnity reinsurance agreement. The acquisition adds scale and a broader set of capabilities to the Company's full-service business in Retirement, including incremental assets in emerging and mid-market segments, employee stock ownership plan capabilities and new distribution partnerships. The purchase consideration included $50 in cash paid at closing and contingent consideration based on plan persistency and transition incentives. During the first quarter of 2026, the Company paid $129 of contingent consideration, with up to $20 remaining payable later in 2026 based on the achievement of transition incentives.

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements include the accounts of 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 Condensed 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 or Total shareholders' equity.

The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Future Adoption of Accounting Pronouncements

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires the following disclosures:
•Disclose the amounts of (a) employee compensation; (b) depreciation; and (c) intangible asset amortization included in each relevant expense caption.
•Include certain amounts that are already required to be disclosed under U.S. GAAP in the same disclosure as the other disaggregation requirements.
•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and should be applied either prospectively or retrospectively. The Company is in the process of determining the disclosures that may be required by the adoption of the provisions of ASU 2024-03.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"), which amends certain aspects of accounting for, and disclosure of, internal-use software costs. Key amendments include:
•Elimination of software development stages used to determine capitalization
•Capitalization of software costs when both of the following occur:
◦Management has authorized and committed to funding the software project
◦It is probable that the project will be completed and the software will be used to perform the function intended ("probable-to-complete recognition threshold")
•Disclosures in Subtopic 360-10, Property, Plant, and Equipment, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Entities may adopt ASU 2025-06 using a prospective, retrospective, or modified transition approach. The Company is in the process of determining the impact of adopting the provisions of ASU 2025-06.
v3.26.1
Investments (excluding Consolidated Investment Entities)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments (excluding Consolidated Investment Entities) Investments (excluding Consolidated Investment Entities)
Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2026:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries
$685 $1 $58 $— $— $628 
U.S. Government agencies and authorities
30 1 — — — 31 
State, municipalities and political subdivisions559 — 95 — — 464 
U.S. corporate public securities
8,829 115 1,019 — — 7,925 
U.S. corporate private securities5,708 46 239 — 11 5,504 
Foreign corporate public securities and foreign governments(1)
2,882 35 239 — 2 2,676 
Foreign corporate private securities(1)
2,883 41 64 — 8 2,852 
Residential mortgage-backed securities4,338 41 207 — — 4,172 
Commercial mortgage-backed securities2,882 4 402 — — 2,484 
Other asset-backed securities2,845 19 37 — 12 2,815 
Total fixed maturities, including securities pledged31,641 303 2,360 — 33 29,551 
Less: Securities pledged1,334 — 124 — — 1,210 
Total fixed maturities$30,307 $303 $2,236 $— $33 $28,341 
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$663 $2 $51 $— $— $614 
U.S. Government agencies and authorities30 1 — — — 31 
State, municipalities and political subdivisions606 — 96 — — 510 
U.S. corporate public securities8,600 177 913 — — 7,864 
U.S. corporate private securities5,748 86 203 — 9 5,622 
Foreign corporate public securities and foreign governments(1)
2,926 69 215 — 2 2,778 
Foreign corporate private securities(1)
2,805 61 49 — 8 2,809 
Residential mortgage-backed securities4,489 54 200 1 — 4,344 
Commercial mortgage-backed securities3,071 6 401 — — 2,676 
Other asset-backed securities2,914 27 31 — 7 2,903 
Total fixed maturities, including securities pledged31,852 483 2,159 1 26 30,151 
Less: Securities pledged1,388 — 127 — — 1,261 
Total fixed maturities
$30,464 $483 $2,032 $1 $26 $28,890 
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2026, 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$907 $906 
After one year through five years3,595 3,556 
After five years through ten years3,824 3,769 
After ten years13,250 11,849 
Mortgage-backed securities7,220 6,656 
Other asset-backed securities2,845 2,815 
Fixed maturities, including securities pledged$31,641 $29,551 

As of March 31, 2026 and December 31, 2025, 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.
Securities Lending Program

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
March 31, 2026December 31, 2025
U.S. Treasuries$57 $52 
U.S. corporate public securities480 495 
Short-term investments and cash equivalents
31 16 
Foreign corporate public securities and foreign governments231 199 
Total(1)
$799 $762 
(1) As of March 31, 2026 and December 31, 2025, liabilities to return cash collateral were $766 and $726, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed 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 tables presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented:
Three Months Ended March 31, 2026
U.S. corporate private securities
Commercial mortgage-backed securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$9 $— $2 $8 $7 $26 
Credit losses on securities for which credit losses were not previously recorded— — — — 3 3 
Reductions for securities sold during the period— — — — — — 
Increase (decrease) on securities with allowance recorded in previous period2 — — — 2 4 
Balance as of March 31$11 $— $2 $8 $12 $33 

Year Ended December 31, 2025
U.S. corporate private securities
Commercial mortgage-backed securities
Foreign corporate public securities and foreign governments
Foreign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$6 $17 $2 $9 $4 $38 
Credit losses on securities for which credit losses were not previously recorded9 — — — 3 12 
Reductions for securities sold during the period(6)(17)— — — (23)
Increase (decrease) on securities with allowance recorded in previous period— — — (1)— (1)
Balance as of December 31$9 $— $2 $8 $7 $26 
For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

Unrealized Capital Losses

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

As of March 31, 2026
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$282 $7 $287 $51 $569 $58 
State, municipalities and political subdivisions4 — 450 95 454 95 
U.S. corporate public securities1,445 68 4,136 951 5,581 1,019 
U.S. corporate private securities1,071 17 2,100 222 3,171 239 
Foreign corporate public securities and foreign governments665 12 1,091 227 1,756 239 
Foreign corporate private securities667 7 960 57 1,627 64 
Residential mortgage-backed595 7 997 200 1,592 207 
Commercial mortgage-backed 96 — 2,034 402 2,130 402 
Other asset-backed772 9 242 28 1,014 37 
Total$5,597 $127 $12,297 $2,233 $17,894 $2,360 

As of December 31, 2025
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$257 $4 $291 $47 $548 $51 
State, municipalities and political subdivisions4 — 493 96 497 96 
U.S. corporate public securities568 42 4,282 871 4,850 913 
U.S. corporate private securities348 4 2,334 199 2,682 203 
Foreign corporate public securities and foreign governments163 4 1,247 211 1,410 215 
Foreign corporate private securities70 1 1,118 48 1,188 49 
Residential mortgage-backed244 2 1,170 198 1,414 200 
Commercial mortgage-backed75 1 2,243 400 2,318 401 
Other asset-backed251 3 260 28 511 31 
Total$1,980 $61 $13,438 $2,098 $15,418 $2,159 

As of March 31, 2026 and December 31, 2025, 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.

As of March 31, 2026, the weighted average duration of the Company's fixed maturities portfolio, including securities pledged, is between 6 and 6.5 years.

Evaluating Securities for Intent Impairments

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. For the three months ended March 31, 2026 and March 31, 2025, intent impairments were $4 and $19, respectively.

Debt Modifications

The Company 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 three months ended March 31, 2026 and 2025, 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. 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 March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2026$68 $114 $28 $— $— $210 
2025394 489 72 20 — 975 
2024200 123 18 — — 341 
202373 199 — — — 272 
2022249 224 77 3 — 553 
Prior
2,935 322 37 17 2 3,313 
Total
$3,919 $1,471 $232 $40 $2 $5,664 

As of December 31, 2025
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2025$387 $489 $92 $— $— $968 
2024180 147 18 — — 345 
202390 203 — — — 293 
2022249 254 85 — — 588 
2021227 185 37 17 — 466 
Prior
2,783 163 — — 2 2,948 
Total
$3,916 $1,441 $232 $17 $2 $5,608 


The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026
Debt Service Coverage Ratios
Year of Origination
>1.5x
 >1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2026$89 $93 $28 $— $210 
2025730 136 68 41 975 
2024167 100 46 28 341 
2023164 33 73 2 272 
2022347 99 28 79 553 
Prior
2,471 403 295 144 3,313 
Total$3,968 $864 $538 $294 $5,664 
(1) No commercial mortgage loans were secured by land or construction loans.
As of December 31, 2025
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2025$736 $150 $67 $15 $968 
2024161 129 49 6 345 
2023168 34 89 2 293 
2022337 116 48 87 588 
2021313 20 48 85 466 
Prior
2,207 402 245 94 2,948 
Total$3,922 $851 $546 $289 $5,608 
(1) 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 March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2026$34 $69 $58 $23 $2 $13 $2 $— $9 $210 
2025244 108 238 193 76 33 37 21 25 975 
202464 107 49 58 20 16 7 3 17 341 
202332 38 16 96 38 23 — 26 3 272 
2022139 68 55 79 107 77 1 7 20 553 
Prior
840 746 679 245 293 274 61 95 80 3,313 
Total$1,353 $1,136 $1,095 $694 $536 $436 $108 $152 $154 $5,664 

As of December 31, 2025
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2025$244 $109 $238 $189 $75 $33 $36 $19 $25 $968 
202460 104 49 69 20 17 7 3 16 345 
202333 42 16 96 38 36 3 26 3 293 
2022151 73 55 79 108 94 1 7 20 588 
2021102 55 97 60 89 51 2 10 — 466 
Prior
764 719 598 190 217 228 60 91 81 2,948 
Total$1,354 $1,102 $1,053 $683 $547 $459 $109 $156 $145 $5,608 
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2026$— $124 $33 $— $53 $— $— $210 
2025405 409 146 7 5 3 — 975 
202460 202 63 16 — — — 341 
2023117 116 7 — 32 — — 272 
2022106 235 156 37 9 10 — 553 
Prior
735 866 905 575 46 135 51 3,313 
Total$1,423 $1,952 $1,310 $635 $145 $148 $51 $5,664 

As of December 31, 2025
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2025$406 $403 $145 $7 $4 $3 $— $968 
202473 197 59 16 — — — 345 
2023121 120 7 13 32 — — 293 
2022107 247 178 37 9 10 — 588 
202146 137 166 104 — — 13 466 
Prior
713 750 779 480 46 141 39 2,948 
Total$1,466 $1,854 $1,334 $657 $91 $154 $52 $5,608 

The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:
March 31, 2026December 31, 2025
Allowance for credit losses, beginning of period
$31 $24 
Credit losses on mortgage loans for which credit losses were not previously recorded1 16 
Increase (decrease) on mortgage loans with an allowance recorded in a previous period(2)2 
Provision for expected credit losses30 42 
Write-offs— (11)
Allowance for credit losses, end of period$30 $31 

The following table presents the payment status of commercial mortgage loans as of the dates indicated:
March 31, 2026December 31, 2025
Current$5,593 $5,537 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due71 71 
Total$5,664 $5,608 
Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of March 31, 2026 and December 31, 2025, the Company had $71 of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the three months ended March 31, 2026 and the year ended December 31, 2025 was immaterial.

Net Investment Income

The following table summarizes Net investment income by investment type for the periods indicated:
Three Months Ended March 31,
20262025
Fixed maturities$467 $465 
Equity securities2 3 
Mortgage loans on real estate69 67 
Policy loans5 5 
Short-term investments and cash equivalents9 10 
Limited partnerships and other38 32 
Gross investment income590 582 
Less: Investment expenses21 22 
Net investment income$569 $560 

As of March 31, 2026 and December 31, 2025, the Company had $58 and $1, 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) were as follows for the periods indicated:
Three Months Ended March 31,
20262025
Fixed maturities, available-for-sale, including securities pledged$(16)$1 
Fixed maturities, at fair value option(64)20 
Equity securities, at fair value
(3)1 
Derivatives17 (53)
Embedded derivatives within fixed maturities
(1)4 
Standalone derivative
— 1 
Managed custody guarantees— (1)
Stabilizer(2)4 
Mortgage loans
— (6)
Other investments24 (5)
Net gains (losses)
$(45)$(34)
Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
Three Months Ended March 31,
20262025
Proceeds on sales$1,253 $1,410 
Gross gains27 17 
Gross losses22 35 
v3.26.1
Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company primarily enters into the following types of derivatives:

Interest rate swaps: The Company uses interest rate swaps 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 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. The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange-traded futures through 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. These derivatives are generally considered total return swaps with contractual returns attributable to various assets and liabilities associated with these reinsurance agreements.

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial
portion of the Company's derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of March 31, 2026 and December 31, 2025.

The notional amounts and fair values of derivatives were as follows as of the dates indicated:
March 31, 2026December 31, 2025
Notional
Amount		Asset Fair ValueLiability Fair ValueNotional
Amount		Asset Fair ValueLiability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges(2):
Interest rate contracts(3)
$— $— $— $— $— $— 
Foreign exchange contracts173 2 — 166 — 2 
Cash flow hedges:
Interest rate contracts
12 — — 12 — — 
Foreign exchange contracts
525 14 12 521 9 18 
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts
15,123 185 244 14,815 184 258 
Foreign exchange contracts211 1 3 197 1 2 
Equity contracts206 1 3 248 3 2 
Credit contracts110 — — 75 — — 
Embedded derivatives and Managed custody guarantees ("MCGs"):
Within fixed maturity investments(4)
N/A— — N/A1 — 
Within reinsurance agreements(5)(6)
N/A46 (9)N/A55 (9)
Stabilizer(7)
N/A— 7 N/A— 5 
Total$249 $260 $253 $278 
(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets.
(2) Total carrying amount of hedged assets and liabilities was $370 and $365 as of March 31, 2026 and December 31, 2025, respectively.
(3) The cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $1 and $4 as of March 31, 2026 and December 31, 2025, respectively, of which includes $2 of hedging adjustments on discontinued hedging relationships.
(4) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.
(5) Included in Other liabilities, Other assets and Premium receivable and reinsurance recoverable on the Condensed Consolidated Balance Sheets.
(6) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
(7) Included in Contract owner account balances on the Condensed Consolidated Balance Sheets.
N/A - Not applicable

See the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements for additional information on derivative asset and liability fair values.

The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:
Gross Amount Recognized
Counterparty Netting(1)
Cash Collateral Netting(1)
Securities Collateral Netting(1)
Net Receivables/ Payables
March 31, 2026
Derivative assets
$203 $(192)$(7)$(2)$2 
Derivative liabilities
262 (192)(54)(12)4 
December 31, 2025
Derivative assets
197 (189)(5)— 3 
Derivative liabilities
282 (189)(79)(11)3 
(1) Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
Collateral

As of March 31, 2026, the Company held $3 and pledged $54 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2025, the Company held $3 and pledged $77 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2026, the Company delivered $215 of securities and held $3 securities as collateral. As of December 31, 2025, the Company delivered $204 of securities and held no of securities as collateral.

The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income were as follows for the periods indicated:
20262025
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeNet investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Three Months Ended March 31,
Amount of Gain (Loss) Recognized in Other Comprehensive Income(1)
$— $11 $— $(16)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income— 2 — 2 
(1) See the Accumulated Other Comprehensive Income (Loss) Note to these Condensed Consolidated Financial Statements for additional information.

The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting were as follows for the periods indicated:
20262025
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Three Months Ended March 31,
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded$569 $(45)$560 $(34)
Fair value hedges:
Foreign exchange contracts:
Hedged items— (3)— 4 
Derivatives designated as hedging instruments(1)
— 4 — (4)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from Accumulated Other Comprehensive Income into income
2 — 2 — 
(1) The change in derivative instruments designated and qualifying as fair value hedges of $1 and $0 were excluded from the assessment of hedge effectiveness and recognized currently in earnings for the three months ended March 31, 2026 and March 31, 2025, respectively.
The location and effect of derivatives not designated as hedging instruments in the Condensed Consolidated Statements of Operations were as follows for the periods indicated:
Location of Gain (Loss) Recognized on Derivative
Three Months Ended March 31,
20262025
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsNet gains (losses)$22 $(47)
Foreign exchange contractsNet gains (losses)(2)5 
Equity contractsNet gains (losses)(7)(7)
Embedded derivatives and MCGs:
Within fixed maturity investmentsNet gains (losses)(1)4 
Within reinsurance agreements(1)
(2)
(9)5 
MCGs
Net gains (losses)— (1)
Stabilizer
Net gains (losses)
(2)4 
Total$1 $(37)
(1) For the three months ended March 31, 2026 and 2025, the amount excluded gains (losses) of $0 and $1, respectively, from standalone derivatives recognized in Net gains (losses).
(2) Gains (losses) on embedded derivatives within reinsurance agreements are recognized in either Policyholder benefits or Net gains (losses).
v3.26.1
Fair Value Measurements (excluding Consolidated Investment Entities)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements (excluding Consolidated Investment Entities) 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 March 31, 2026:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries
$503 $125 $— $628 
U.S. Government agencies and authorities
— 31 — 31 
State, municipalities and political subdivisions
— 464 — 464 
U.S. corporate public securities— 7,848 77 7,925 
U.S. corporate private securities— 3,198 2,306 5,504 
Foreign corporate public securities and foreign governments(1)
— 2,617 59 2,676 
Foreign corporate private securities(1)
— 2,112 740 2,852 
Residential mortgage-backed securities— 4,097 75 4,172 
Commercial mortgage-backed securities— 2,484 — 2,484 
Other asset-backed securities— 2,497 318 2,815 
Total fixed maturities, including securities pledged
503 25,473 3,575 29,551 
Equity securities
110 — 83 193 
Derivatives:
Interest rate contracts— 185 — 185 
Foreign exchange contracts— 17 — 17 
Equity contracts— 1 — 1 
Embedded derivatives within reinsurance
— 46 — 46 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements2,183 8 — 2,191 
Assets held in separate accounts102,819 5,222 426 108,467 
Total assets$105,615 $30,952 $4,084 $140,651 
Liabilities:
Contingent consideration$— $— $22 $22 
Stabilizer and MCGs— — 7 7 
Derivatives:
Interest rate contracts5 239 — 244 
Foreign exchange contracts— 15 — 15 
Equity contracts— 3 — 3 
Embedded derivatives within reinsurance
— (9)
(2)
— (9)
Total liabilities$5 $248 $29 $282 
(1) Primarily U.S. dollar denominated.
(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
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, 2025:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries$486 $128 $— $614 
U.S. Government agencies and authorities— 31 — 31 
State, municipalities and political subdivisions— 510 — 510 
U.S. corporate public securities— 7,786 78 7,864 
U.S. corporate private securities— 3,522 2,100 5,622 
Foreign corporate public securities and foreign governments(1)
— 2,718 60 2,778 
Foreign corporate private securities(1)
— 2,178 631 2,809 
Residential mortgage-backed securities— 4,273 71 4,344 
Commercial mortgage-backed securities— 2,676 — 2,676 
Other asset-backed securities— 2,604 299 2,903 
Total fixed maturities, including securities pledged486 26,426 3,239 30,151 
Equity securities
107 — 94 201 
Derivatives:
Interest rate contracts2 182 — 184 
Foreign exchange contracts— 10 — 10 
Equity contracts— 3 — 3 
Embedded derivatives within reinsurance
— 55 — 55 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements2,352 5 — 2,357 
Assets held in separate accounts107,191 5,428 388 113,007 
Total assets$110,138 $32,109 $3,721 $145,968 
Liabilities:
Contingent consideration$— $— $147 $147 
Stabilizer and MCGs— — 5 5 
Derivatives:
Interest rate contracts— 258 — 258 
Foreign exchange contracts— 22 — 22 
Equity contracts— 2 — 2 
Embedded derivatives within reinsurance
— (9)
(2)
— (9)
Total liabilities$— $273 $152 $425 
(1) Primarily U.S. dollar denominated.
(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.

Valuation of Financial Assets and Liabilities at Fair Value

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

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

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

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

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

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

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

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

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

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

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

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

Derivatives: Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, 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. See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for more information.

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 Condensed 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: The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable/receivable 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 tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:

Three Months Ended March 31, 2026
Fair Value as of January 1 Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of March 31
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net income
OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$78 $— $(1)$— $— $— $— $— $— $77 $— $(1)
U.S. corporate private securities2,100 (3)(27)283 — (41)(101)120 (25)2,306 — (27)
Foreign corporate public securities and foreign governments(1)
60 — (1)— — — — — — 59 — (1)
Foreign corporate private securities(1)
631 (1)(6)124 — — (8)— — 740 — (7)
Residential mortgage-backed securities71 (2)— 11 — — — — (5)75 (2)— 
Other asset-backed securities299 — 1 78 — (2)(14)— (44)318 — 1 
Total fixed maturities, including securities pledged3,239 (6)(34)496 — (43)(123)120 (74)3,575 (2)(35)
Equity securities, at fair value
94 — — — — (11)— — — 83 — — 
Contingent consideration(147)(4)— — — — 129 — — (22)— — 
Stabilizer and MCGs(2)
(5)(2)— — — — — — — (7)— — 
Assets held in separate accounts(4)
388 (4)— 38 — (7)— 12 (1)426 — — 
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company.

Three Months Ended March 31, 2025
Fair Value as of January 1Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of March 31
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net income
OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$59 $(1)$2 $1 $— $(11)$— $— $(2)$48 $— $— 
U.S. corporate private securities1,497 (1)19 194 — (7)(25)— — 1,677 — 19 
Foreign corporate public securities and foreign governments(1)
60 — (1)— — — — — — 59 — (1)
Foreign corporate private securities(1)
421 (19)29 161 — — (2)— — 590 (19)29 
Residential mortgage-backed securities67 (3)— 16 — — — — (10)70 (3)— 
Other asset-backed securities23 — — 3 — — (3)— (4)19 — — 
Total fixed maturities, including securities pledged2,127 (24)49 375 — (18)(30)— (16)2,463 (22)47 
Equity securities, at fair value
98 3 — 9 — — — — — 110 3 — 
Contingent consideration(2)(2)— — (149)
(5)
— 1 — — (152)— — 
Stabilizer and MCGs(2)
(19)3 — — — — — — — (16)— — 
Embedded derivatives within reinsurance
(53)1 — — — — — — — (52)— — 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements23 — 1 — — — — — — 24 — 1 
Assets held in separate accounts(4)
340 4 — 8 — (14)— — — 338 — — 
(1) Primarily U.S. dollar denominated.
(2)    All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company.
(5) Represents a portion of the purchase consideration related to the acquisition of OneAmerica Financial's full-service retirement plan business.
For the three months ended March 31, 2026 and 2025, the transfers in and out of Level 3 for fixed maturities and separate accounts were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

Other Financial Instruments

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

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

March 31, 2026December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:
Fixed maturities, including securities pledged$29,551 $29,551 $30,151 $30,151 
Equity securities193 193 201 201 
Mortgage loans on real estate5,664 5,524 5,608 5,522 
Policy loans316 316 323 323 
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements2,191 2,191 2,357 2,357 
Derivatives203 203 197 197 
Embedded derivatives within reinsurance
46 46 55 55 
Other investments
90 90 86 86 
Assets held in separate accounts108,467 108,467 113,007 113,007 
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)
$33,570 $36,578 $33,793 $37,154 
Funding agreements with fixed maturities2,256 2,276 2,101 2,120 
Supplementary contracts and immediate annuities
501 483 504 481 
Stabilizer and MCGs7 7 5 5 
Derivatives262 262 282 282 
Embedded derivatives within reinsurance(2)
(9)(9)(9)(9)
Short-term debt587 587 586 588 
Long-term debt1,913 1,826 1,518 1,489 
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.
(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:
Financial InstrumentClassification
Mortgage loans on real estateLevel 3
Policy loansLevel 2
Other investmentsLevel 2
Funding agreements without fixed maturities and deferred annuitiesLevel 3
Funding agreements with fixed maturitiesLevel 2
Supplementary contracts and immediate annuitiesLevel 3
Short-term debt and Long-term debtLevel 2
v3.26.1
Deferred Policy Acquisition Costs and Value of Business Acquired
 3 Months Ended
Mar. 31, 2026
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Deferred Policy Acquisition Costs and Value of Business Acquired Deferred Policy Acquisition Costs and Value of Business Acquired
The following table presents a rollforward of DAC and VOBA for the periods indicated:
DAC
VOBA(1)
Retirement Deferred and Individual Annuities
Employee Benefits Voluntary
Businesses Exited
Balance as of January 1, 2025$701 $215 $838 $376 
Additions related to business acquisitions
— — — 390 
Deferrals of commissions and expenses59 46 — 4 
Amortization expense(54)(40)(94)(60)
Balance as of December 31, 2025$706 $221 $744 $710 
Deferrals of commissions and expenses16 10 — 1 
Amortization expense(14)(14)(22)(14)
Balance as of March 31, 2026$708 $217 $722 $697 
(1) Primarily related to the Retirement segment.

The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets as of the periods indicated:
March 31, 2026December 31, 2025
DAC:
Retirement Deferred and Individual Annuities$708 $706 
Employee Benefits Voluntary217 221 
Businesses Exited 722 744 
Other20 20 
VOBA697 710 
Total$2,364 $2,401 
v3.26.1
Reserves for Future Policy Benefits and Contract Owner Account Balances
 3 Months Ended
Mar. 31, 2026
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract]  
Reserves for Future Policy Benefits and Contract Owner Account Balances Reserves for Future Policy Benefits and Contract Owner Account Balances
Employee Benefits Group products include long-duration term life insurance, as well as long-term disability products that are mostly employer paid. Employee Benefits Voluntary products include long-duration whole life insurance, critical illness, and accident and hospital indemnity insurance that are mostly employee paid. The following tables present the balances and changes in the liability for future policy benefits for Employee Benefits Group, Employee Benefits Voluntary and Businesses Exited as of March 31, 2026 and December 31, 2025:
Employee Benefits Group
Employee Benefits Voluntary
Businesses Exited
202620252026202520262025
Present Value of Expected Net Premiums:
Balance at January 1$4 $4 $166 $171 $2,557 $2,872 
Beginning balance at original discount rate4 4 169 180 2,479 2,842 
Effect of change in cash flow assumptions— — — (11)— (194)
Effect of actual variances from expected experience— — 9 20 12 (17)
Adjusted balance at January 14 4 178 189 2,491 2,631 
Interest accrual— — 2 6 34 148 
Net premiums collected(1)
— — (9)(26)(71)(300)
Ending balance at original discount rate4 4 171 169 2,454 2,479 
Effects of changes in discount rate assumptions— — (5)(3)37 78 
Balance at end of period$4 $4 $166 $166 $2,491 $2,557 
Present Value of Expected Future Policy Benefits:
Balance at January 1$792 $772 $498 $461 $6,527 $7,017 
Beginning balance at original discount rate802 801 517 487 6,494 7,138 
Effect of change in cash flow assumptions— (5)— (12)— (244)
Effect of actual variances from expected experience(15)(30)9 60 16 (57)
Adjusted balance at January 1787 766 526 535 6,510 6,837 
Issuances38 102 — — 2 13 
Interest accrual6 17 5 14 83 351 
Benefit payments(31)(83)(10)(32)(174)(707)
Ending balance at original discount rate800 802 521 517 6,421 6,494 
Effects of changes in discount rate assumptions(19)(10)(26)(19)(63)33 
Balance at end of period$781 $792 $495 $498 $6,358 $6,527 
Net liability for future policy benefits$777 $788 $329 $332 $3,867 $3,970 
Less: Reinsurance recoverable357 353 17 16 3,781 3,883 
Net liability for future policy benefits, after reinsurance recoverable$420 $435 $312 $316 $86 $87 
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

The following table presents a rollforward of the additional reserve liability for Businesses Exited for the periods indicated:
Businesses Exited
March 31, 2026December 31, 2025
Balance at beginning of period$1,880 $1,883 
 Effect of change in cash flow assumptions
— 59 
 Effect of actual variances from expected experience
5 (11)
Adjusted balance at January 11,885 1,931 
 Interest accrual
19 80 
 Excess Benefits
(105)(406)
 Assessments
66 275 
Balance at end of period1,865 1,880 
Less: Reinsurance recoverable1,813 1,827 
Net additional liability, after reinsurance recoverable$52 $53 

Future policy benefits include the liability for unpaid claims and claim adjustment expenses related to medical stop loss products within the Employee Benefits segment. The following table presents a rollforward of the liability for unpaid claims and claim adjustment expenses for the periods indicated:
Medical Stop Loss
Three Months Ended March 31,
20262025
Balance at January 1$458 $595 
Less: Reinsurance recoverable(2)(5)
Net balance at January 1456 590 
Incurred claims and claim adjustment expenses related to:(1)
Current year262 273 
Prior years39 12 
Total incurred301 285 
Paid claim and claim adjustment expenses related to:(1)
Current year(23)(25)
Prior years(333)(383)
Total paid(356)(408)
Net balance at March 31
401 467 
Plus: Reinsurance recoverable4 9 
Balance as of March 31
$405 $476 
(1) Amounts presented are net of reinsurance.
Pricing, underwriting and reserving on the medical stop loss products are performed based on policy years, and key metrics such as loss ratios are tracked, managed and reported on this basis. The majority of the medical stop loss policies renew in January of each year. For the three months ended March 31, 2026, net claims incurred on prior years of $39 is primarily attributed to policy years effective during 2025, driven by incurred claims partially offset by favorable claim development. For the three months ended March 31, 2025, net claims incurred on prior years of $12 is primarily attributed to policy years effective during 2024, driven by incurred claims partially offset by favorable claim development and reinsurance recoveries.

The reconciliation of the net liability for future policy benefits to the liability for Future policy benefits in the Condensed Consolidated Balance Sheets is presented below:
March 31, 2026December 31, 2025
Employee Benefits Group$777 $788 
Employee Benefits Voluntary329332
Businesses Exited - Future policy benefits3,8673,970
Businesses Exited - Additional liability1,8651,880
Businesses Exited - Other1,2281,236
Medical stop loss products405458
Other319318
Total$8,790 $8,982 

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
March 31, 2026December 31, 2025
UndiscountedDiscountedUndiscountedDiscounted
Employee Benefits Group
Expected future benefit payments$1,003 $800 $1,005 $802 
Expected future gross premiums10 8 11 8 
Employee Benefits Voluntary
Expected future benefit payments915 521 910 517 
Expected future gross premiums584 412 566 398 
    
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:
Employee Benefits Group
Employee Benefits Voluntary
Businesses Exited
March 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Weighted average duration (in years)(1)
77141478
Interest accretion rate4.3 %4.2 %5.0 %5.1 %5.1 %5.0 %
Current discount rate5.2 %5.0 %5.9 %5.7 %5.5 %5.3 %
(1) Weighted average duration (in years) for Businesses Exited includes additional liability.

The weighted average interest accretion rate for the additional liability related to Businesses Exited was 4.2% and 4.3% for the periods ended March 31, 2026 and December 31, 2025, respectively.
The following table presents a rollforward of Contract owner account balances for the periods indicated:
Retirement Deferred Group and Individual Annuity
 Businesses Exited
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Balance at January 1$32,209 $29,624 $3,844 $4,182 
Additions related to business acquisitions
— 3,458 — — 
Deposits758 3,034 67 266 
Fee income(19)(63)(86)(362)
Surrenders, withdrawals and benefits
(1,372)(5,446)(101)(410)
Net transfers (from) to the general account(1)
233 690 3 10 
Interest credited221 912 36 158 
Ending Balance
$32,030 $32,209 $3,763 $3,844 

Weighted-average crediting rate2.8 %2.8 %3.7 %4.0 %
Net amount at risk(2)
$61 $61 $634 $629 
Cash surrender value$31,604 $31,778 $1,052 $1,083 
(1) Net transfers (from) to the general account for Retirement include transfers of $(139) and $(884) for 2026 and 2025, respectively, related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.
(2) 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.

The following table presents a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated:
March 31, 2026December 31, 2025
Retirement Deferred group and individual annuity$32,030 $32,209 
Businesses Exited3,7633,844
Non-putable funding agreements2,256 2,101
Businesses Exited - Other1,036 1,048
Other(1)
1,153 1,172
Total$40,238 $40,374 
(1) Primarily consists of other retirement and universal life contracts.
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 0.50% 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 March 31, 2026
Up to 1.00%
$123$4,051$3,898$1,935$1,919$2,721$14,647
1.01% - 2.00%
38190631034551
2.01% - 3.00%
9,7312566470—610,127
3.01% - 4.00%
8,581146—2——8,729
4.01% and Above
1,33973————1,412
Renewable beyond 12 months (MYGA)(2)
335———2—337
Total discretionary rate setting products$20,490$4,616$4,025$2,017$1,924$2,731$35,803

As of December 31, 2025
Up to 1.00%
$105$4,004$3,917$2,035$2,162$2,342$14,565
1.01% - 2.00%
3949463835567
2.01% - 3.00%
9,8602496683—610,264
3.01% - 4.00%
8,736148—1——8,885
4.01% and Above
1,36775————1,442
Renewable beyond 12 months (MYGA)(2)
341———2—343
Total discretionary rate setting products$20,803$4,570$4,046$2,127$2,167$2,353$36,066
(1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.
(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2026 and December 31, 2025 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.
v3.26.1
Reinsurance
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Reinsurance 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. 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 Condensed Consolidated Balance Sheets is as follows as of the periods indicated:
Direct
Assumed
Ceded
Total, Net of Reinsurance
March 31, 2026
Assets
Premium receivable$206 $14 $(259)$(39)
Reinsurance recoverable, net of allowance for credit losses— — 10,648 10,648 
Total$206 $14 $10,389 $10,609 
Liabilities
Future policy benefits and contract owner account balances
$45,138 $3,890 

$— $49,028 
Total$45,138 $3,890 $— $49,028 
December 31, 2025
Assets
Premium receivable$189 $12 $(241)$(40)
Reinsurance recoverable, net of allowance for credit losses— — 10,753 10,753 
Total$189 $12 $10,512 $10,713 
Liabilities
Future policy benefits and contract owner account balances$45,302 $4,054 $— $49,356 
Total$45,302 $4,054 $— $49,356 

Information regarding the effect of reinsurance in the Condensed Consolidated Statements of Operations is as follows for the periods indicated:
Three Months Ended March 31,
20262025
Premiums:
Direct premiums$957 $958 
Reinsurance assumed11 8 
Reinsurance ceded(224)(229)
Net premiums$744 $737 
Fee income:
Direct fee income$680 $645 
Reinsurance assumed24 26 
Reinsurance ceded(100)(101)
Net fee income$604 $570 
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders
$1,204 $1,154 
Reinsurance assumed25 25 
Reinsurance ceded(410)(344)
Net interest credited and other benefits to contract owners / policyholders
$819 $835 

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 March 31, 2026 and December 31, 2025, the Company had a deposit asset net of the allowance for credit losses of $0.9 billion which is reported in Other assets on the Condensed Consolidated Balance Sheets. In addition, the Company had a liability for
funds withheld under ceded reinsurance agreements of $110 and $108 as of March 31, 2026 and December 31, 2025, respectively, which was recorded in Other liabilities on the Condensed Consolidated Balance Sheets. The funds withheld asset related to assumed reinsurance was $0.9 billion as of March 31, 2026 and December 31, 2025, which was recorded in Other assets on the Condensed Consolidated Balance Sheets.
v3.26.1
Separate Accounts
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Separate Accounts Separate Accounts
The following tables present a rollforward of separate account liabilities for the Retirement stabilizer and deferred annuity business, including a reconciliation to the Condensed Consolidated Balance Sheets, for the periods indicated:
March 31, 2026December 31, 2025
Retirement
Stabilizer(1)
Deferred Annuity
Total
Stabilizer(1)
Deferred Annuity
Total
Balance at January 1$7,159 $101,145 $108,304 $6,901 $90,756 $97,657 
Premiums and deposits
233 2,911 3,144 963 10,758 11,721 
Fee income(8)(132)(140)(31)(514)(545)
Surrenders, withdrawals and benefits(328)(3,811)(4,139)(1,205)(12,579)(13,784)
Net transfers (from) to separate accounts— (372)(372)— (1,574)(1,574)
Investment performance11 (2,749)(2,738)531 14,298 14,829 
Balance at end of period$7,067 $96,992 $104,059 $7,159 $101,145 $108,304 
Reconciliation to Condensed Consolidated Balance Sheets:
Other variable products liabilities4,408 4,703 
Total Separate Account liabilities$108,467 $113,007 
(1) Stabilizer products allow the contract holder to select either the market value of the account or the book value of the account at termination.

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 Retirement deferred annuity products was $96,973 and $101,123, as of March 31, 2026 and December 31, 2025, respectively.

The aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities was as follows for the periods indicated:
March 31, 2026December 31, 2025
U.S. Treasury securities and obligations of U.S. government, corporations and agencies$862 $909 
Corporate and foreign debt securities2,729 2,635 
Mortgage-backed securities3,015 2,928 
Equity securities (including mutual funds)100,890 105,331 
Cash, cash equivalents and short-term investments572 734 
Receivable for securities and accruals399 470 
Total$108,467 $113,007 
v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company provides its principal products and services through three segments: Retirement, Investment Management and Employee Benefits. The Chief Executive Officer of the Company is the chief operating decision maker ("CODM") who assesses performance and makes final resource allocation decisions for the three reportable segments. The CODM assesses segment performance by measuring Adjusted operating earnings before income taxes against internally developed annual targets, rolling quarterly forecasts, industry peers and investor expectations.
The Retirement 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 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 Employee Benefits 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.

Corporate adjusted operating earnings before income taxes include corporate operations, corporate level assets and financial obligations, financing and interest expenses, dividend payments made to preferred shareholders, other items not allocated or directly related to the Company's segments, such as certain expenses of employee benefit plans, certain adjustments to short-term and long-term incentive accruals, intercompany eliminations, and investment income in excess of amounts attributable to the segments.

Measurement

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. It excludes results from exited businesses and items that tend to be highly variable from period to period based on capital market conditions or other factors which distort the ability to make a meaningful evaluation of the Company's segments. 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 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;
•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 the 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;
◦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;
◦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
◦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.

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 nonproprietary 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.

Significant Expenses

•Administrative expenses are compensation, technology and other general costs, net of amounts capitalized and exclude commission expenses.
•Premium taxes, fees and assessments are taxes on paid premium and third-party fees correlated to business volumes.
•Net commissions are commissions paid net of amounts deferred.
The following tables reconcile Adjusted operating revenues to Total revenues and Adjusted operating earnings before income taxes to Income (loss) before income taxes for the periods indicated:
Three Months Ended March 31, 2026
Reportable Segments
RetirementInvestment ManagementEmployee Benefits
Corporate(1)
Total
Revenues:
External customer revenue(2)
$404 $234 $817 $2 $1,457 
Net investment income481 3 39 45 569 
Net gains (losses)
(56)(1)— 11 (45)
Income (loss) related to CIEs— 50 — — 50 
Intersegment Fee income and elimination— 22 — (22)— 
Total revenues2,031 
Adjustments(3)
(8)(58)(1)(31)(99)
Adjusted operating revenues821 251 855 5 1,932 
Less:
Interest credited and other benefits to contract owners/policyholders226 — 538 — 764 
Administrative expenses286 192 145 — 623 
Premium taxes, fees and assessments— — 50 — 50 
Net commissions73 — 44 — 117 
DAC/VOBA and other intangibles amortization28 — 14 — 42 
Financing costs and preferred dividends— — — 48 48 
Other
— — — 21 21 
Adjusted operating earnings before income taxes including noncontrolling interest
209 59 63 (63)267 
Less: Earnings (loss) attributable to the noncontrolling interest
— 13 — (2)11 
Adjusted operating earnings before income taxes209 46 63 (61)257 
Plus adjustments:
Net investment gains (losses)(37)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(26)
Income (loss) attributable to noncontrolling interests13 
Dividend payments made to preferred shareholders17 
Other adjustments6 
Income (loss) before income taxes$230 
(1) Corporate is not a reportable segment.
(2) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(3) Includes Net investment gains (losses) of $(22), Revenues related to businesses exited or to be exited through reinsurance or divestment of $19, Revenues attributable to noncontrolling interests of $46 and Other adjustments of $55.
Three Months Ended March 31, 2025
Reportable Segments
RetirementInvestment ManagementEmployee Benefits
Corporate(1)
Total
Revenues:
External customer revenue(2)
$380 $223 $807 $1 $1,411 
Net investment income471 7 36 46 560 
Net gains (losses)
(31)(1)(1)(1)(34)
Income (loss) related to CIEs— 36 — (4)32 
Intersegment Fee income and elimination— 22 — (22)— 
Total revenues1,969 
Adjustments(3)
(22)(44)(1)(14)(81)
Adjusted operating revenues798 243 841 6 1,888 
Less:
Interest credited and other benefits to contract owners/policyholders231 — 551 — 782 
Administrative expenses261 190 139 — 590 
Premium taxes, fees and assessments— — 50 — 50 
Net commissions71 — 45 — 116 
DAC/VOBA and other intangibles amortization28 — 9 — 37 
Financing costs and preferred dividends— — — 47 47 
Other
— — — 22 22 
Adjusted operating earnings before income taxes including noncontrolling interest
207 53 46 (63)243 
Less: Earnings (loss) attributable to the noncontrolling interest
— 12 — (1)11 
Adjusted operating earnings before income taxes207 41 46 (62)232 
Plus adjustments:
Net investment gains (losses)(2)
Income (loss) related to businesses exited or to be exited through reinsurance or divestment(39)
Income (loss) attributable to noncontrolling interests(5)
Dividend payments made to preferred shareholders17 
Other adjustments(30)
Income (loss) before income taxes$173 
(1) Corporate is not a reportable segment.
(2) Includes Fee income, Premiums and Other revenue and excludes intersegment fee income and the related elimination.
(3) Includes Net investment gains (losses) of $(5), Revenues related to businesses exited or to be exited through reinsurance or divestment of $28, Revenues attributable to noncontrolling interests of $25 and Other adjustments of $33.


The summary below presents Total assets for the Company's segments as of the dates indicated:
March 31, 2026December 31, 2025
Retirement
$139,633 $144,423 
Investment Management1,870 1,905 
Employee Benefits3,167 3,330 
Corporate24,334 24,749 
Total assets, before consolidation(1)
169,004 174,410 
Consolidation of investment entities4,429 4,449 
Total assets
$173,433 $178,859 
(1) Includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.
v3.26.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill

The changes in the carrying amount of goodwill reported in the Company's reportable segments and Corporate were as follows:
RetirementInvestment ManagementEmployee Benefits
Corporate(1)
Consolidated
Balance as of January 1, 2025$17 $286 $343 $102 $748 
Additions related to business acquisitions56 — — — 56 
Balance as of December 31, 202573 286 343 102 804 
Additions related to business acquisitions— — — — — 
Balance as of March 31, 2026$73 $286 $343 $102 $804 
(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 Retirement, Investment Management, and Employee Benefits segments as $72, $10 and $20 respectively.

Other Intangible Assets

The following table presents other intangible assets as of the dates indicated:
Weighted
Average
Amortization
Lives (Years)
March 31, 2026December 31, 2025
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Indefinite-life intangibles:
Management contract rightsN/A$350 $— $350 $350 $— $350 
Finite-life intangibles:
Management contract rights17131 29 102 131 27 104 
Customer relationship lists
16345 167 178 345 162 183 
Trademarks815 6 9 15 6 9 
Computer software
5525 300 225 506 278 228 
Total intangible assets$1,366 $502 $864 $1,347 $473 $874 

Amortization expense related to intangible assets was $29 and $25 for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Share-based Incentive Compensation Plans
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-based Incentive Compensation Plans Share-based Incentive Compensation Plans
Omnibus Incentive Plans

The Company previously offered equity-based compensation awards to its employees and non-employee directors under various employee and non-employee incentive plans (together, the "Omnibus Plans"). The Company currently offers equity-based compensation awards to its employees and non-employee directors under the 2024 Omnibus Incentive Plan (the "2024 Omnibus Plan"). As of March 31, 2026, common stock reserved and available for issuance under the 2024 Omnibus Plan was 5.1 million shares.

Compensation Cost

The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans and the 2024 Omnibus Plan for the periods indicated:
Three Months Ended March 31,
20262025
Restricted Stock Unit (RSU) awards$24 $20 
Performance Stock Unit (PSU) awards11 8 
Total share-based compensation expense35 28 
Income tax benefit6 7 
After-tax share-based compensation expense$29 $21 

Awards Outstanding

The following table summarizes RSU and PSU awards activity under the Omnibus Plans and the 2024 Omnibus Plan for the periods indicated:
RSU AwardsPSU Awards
(awards in millions)
Number of AwardsWeighted Average Grant Date Fair ValueNumber of AwardsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 20261.8 $70.48 1.9 $71.43 
Adjustment for PSU performance factor— — (0.4)73.12 
Granted1.1 73.11 0.6 82.19 
Vested(0.7)71.07 (0.3)82.72 
Forfeited(0.1)72.07 — 
*
73.54 
Outstanding as of March 31, 2026
2.1 $71.64 1.8 $73.08 
*less than 0.1

The following table summarizes the number of options under the Omnibus Plans for the periods indicated:
Stock Options
(awards in millions)
Number of AwardsWeighted Average Exercise Price
Outstanding as of January 1, 20260.5 $50.03 
Granted— — 
Exercised— — 
Forfeited— — 
Outstanding as of March 31, 2026
0.5 $50.03 
Vested, exercisable, as of March 31, 2026
0.5 $50.03 
v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Shareholder's Equity Shareholders' Equity
Common Shares

The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:
Common Shares
(shares in millions)
IssuedHeld in TreasuryOutstanding
Balance, January 1, 2025
105.6 10.1 95.5 
Common shares issued0.1 — 0.1 
Common shares acquired - share repurchase— 2.7 (2.7)
Share-based compensation programs1.7 0.8 0.9 
Balance, December 31, 2025
107.413.693.8
Common shares issued— — — 
Common shares acquired - share repurchase— 2.1 (2.1)
Share-based compensation programs1.0 0.3 0.7 
Balance, March 31, 2026
108.416.092.4

Dividends declared per share of common stock were as follows for the periods indicated:
Three Months Ended March 31,
20262025
Dividends declared per share of common stock$0.47 $0.45 

Share Repurchase Program

From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date.

As of March 31, 2026, the aggregate amount remaining under the Company's share repurchase authorization was $413. This share repurchase authorization expires on December 31, 2026 (unless extended), and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Company's Board at any time.
The following table presents repurchases of the Company's common stock for the periods indicated:
Three Months Ended March 31,
(shares in millions)
20262025
Shares of common stock2.1— 
Payment$150 $— 

Effective subsequent to March 31, 2026, the Company entered into a repurchase agreement with a third-party financial institution to repurchase $150 of the Company’s common stock. This arrangement is scheduled to terminate no later than the end of the second quarter of 2026.
Preferred Stock

As of March 31, 2026 and December 31, 2025, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding were as follows for the periods indicated:
March 31, 2026December 31, 2025
SeriesIssuedOutstandingIssuedOutstanding
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 
Total625,000 625,000 625,000 625,000 

The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated:
Series ASeries B
Three Months Ended March 31,Per ShareAggregatePer ShareAggregate
2026$38.790 $13 $13.375 $4 
202538.790 13 13.375 4 

As of March 31, 2026, there were no preferred stock dividends in arrears.
v3.26.1
Earnings per Common Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents a reconciliation of Net income and shares used in calculating basic and diluted net income per common share for the periods indicated:
Three Months Ended March 31,
(in millions, except for per share data)20262025
Earnings
Net income available to common shareholders:
Net income$195 $151 
Less: Preferred stock dividends17 17 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest
13 (5)
Net income available to common shareholders$165 $139 
Weighted average common shares outstanding
Basic93.1 95.9 
Dilutive Effects:
RSUs1.0 1.1 
PSUs0.2 0.5 
Stock Options0.2 0.3 
Diluted94.5 97.8 
Net income available to Voya Financial, Inc.'s common shareholders per common share(1)
Basic$1.78 $1.45 
Diluted$1.75 $1.42 
(1) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. Diluted earnings per share is computed assuming the issuance of restricted stock units, stock options and performance share units using the treasury stock method.
v3.26.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
Shareholders' equity included the following components of Accumulated other comprehensive income (loss) ("AOCI") as of the dates indicated:
March 31, 2026March 31, 2025
Fixed maturities, net of impairment$(2,061)$(2,190)
Derivatives(1)
10 47 
Change in current discount rate(713)(775)
Deferred income tax asset(2)
702 736 
Total(2,062)(2,182)
Pension and other postretirement benefits liability, net of tax1 1 
AOCI$(2,061)$(2,181)
(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2026, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $1.
(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.
Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated:
Three Months Ended March 31, 2026
Before-Tax AmountIncome Tax After-Tax Amount
Available-for-sale securities:
Fixed maturities$(381)$79 $(302)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations(4)1 (3)
Change in unrealized gains (losses) on available-for-sale securities(385)80 (305)
Derivatives:
Derivatives11 (2)9 
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(3)1 (2)
Change in unrealized gains (losses) on derivatives8 (1)7 
Change in current discount rate 32 (7)25 
Change in AOCI
$(345)$72 $(273)

Three Months Ended March 31, 2025
Before-Tax AmountIncome Tax After-Tax Amount
Available-for-sale securities:
Fixed maturities$332 $(69)$263 
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations31 (7)24 
Change in unrealized gains (losses) on available-for-sale securities363 (76)287 
Derivatives:
Derivatives(16)3 (13)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(3)1 (2)
Change in unrealized gains (losses) on derivatives(19)4 (15)
Change in current discount rate12 (3)9 
Change in AOCI
$356 $(75)$281 
v3.26.1
Revenue from Contract with Customers
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Financial services and software subscriptions and services revenue is disaggregated by type of service in the following table:
Three Months Ended March 31,
2026
2025
Retirement
Advisory and recordkeeping and administration
$162 $176 
Distribution and shareholder servicing27 31 
Investment Management
Advisory, asset management and recordkeeping and administration
240 236 
Distribution and shareholder servicing27 36 
Employee Benefits
Recordkeeping and administration
11 8 
Software subscriptions and services53 51 
Total financial services and software subscriptions and services revenue520 538 
Revenue from other sources(1)
193 136 
Total Fee income and Other revenue$713 $674 
(1) Primarily consists of revenue from insurance contracts, financial instruments and intersegment eliminations. Intersegment eliminations for the three months ended March 31, 2026 and 2025, were $34 and $33, respectively.

Net receivables of $344 and $378 are included in Other assets on the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred.

The Company's effective tax rates for the three months ended March 31, 2026 and March 31, 2025 were 15.2% and 12.7%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction and tax credits.

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of March 31, 2026, the Company had net unrealized capital losses on investments of $2.1 billion in AOCI. The Company expects this DTA to be utilized by its hold-to-maturity tax planning strategy. Additionally, income before income taxes available to the Company remained positive for the period. After evaluating the positive and negative evidence, the Company did not change its judgment regarding the realization of DTAs.

Tax Regulatory Matters

For the tax years 2024 through 2026, the Company participates in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2024 through 2026 tax years, the Company is in the Compliance Maintenance Bridge Plus ("Bridge Plus") phase of CAP. In the Bridge Plus phase, the IRS will review the tax return and issue either a full or partial acceptance letter upon completion of review.

The Company received a partial acceptance letter for the 2024 tax year and does not anticipate any material adjustments to its tax return as filed.
The Company filed amended federal income tax returns for tax years 2012 through 2018 to claim a foreign tax credit instead of utilizing a foreign tax deduction. The Company does not anticipate an adjustment to its claim as filed. The audit of the claim is ongoing.

Tax Legislative Matters

In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). In September 2024, the Department of Treasury issued proposed regulations providing additional guidance on the CAMT. While the Company does not expect to be subject to the CAMT for 2026, the Company continues to review the proposed regulations, and its CAMT determination will need to be evaluated in light of future guidance.
v3.26.1
Financing Agreements
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Financing Agreements Financing Agreements
Short-term and Long-term Debt

The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of the periods indicated:
 
Issuer
MaturityMarch 31, 2026December 31, 2025
3.65% Senior Notes, due 2026 (2)(3)
Voya Financial, Inc.06/15/2026$447 $447 
5.0% Senior Notes, due 2034 (2)(3)
Voya Financial, Inc.09/20/2034396 396 
5.05% Senior Notes, due 2036 (2)(3)
Voya Financial, Inc.03/02/2036395 — 
5.7% Senior Notes, due 2043 (2)(3)
Voya Financial, Inc.07/15/2043396 396 
4.8% Senior Notes, due 2046 (2)(3)
Voya Financial, Inc.06/15/2046298 297 
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 (2)(3)
Voya Financial, Inc.01/23/2048336 336 
7.625% Voya Holdings Inc. debentures, due 2026(1)
Voya Holdings Inc.
08/15/2026139 139 
6.97% Voya Holdings Inc. debentures, due 2036(1)
Voya Holdings Inc.
08/15/203679 79 
8.424% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Equitable of Iowa Capital Trust II04/01/202713 13 
1.00% Windsor Property Loan
Voya Retirement Insurance and Annuity Company06/14/20271 1 
Subtotal2,500 2,104 
Less: Current portion of long-term debt587 586 
Total$1,913 $1,518 
(1) Guaranteed by ING Group.
(2) Interest is paid semi-annually in arrears.
(3) Guaranteed by Voya Holdings.

As of March 31, 2026, the Company was in compliance with its debt covenants.

Senior Notes

On March 2, 2026 Voya Financial, Inc. issued $400 of unsecured 5.05% Senior Notes, due 2036 (the "2036 Notes"). The 2036 Notes are fully, irrevocably, and unconditionally guaranteed by Voya Holdings Inc. Interest is paid semi-annually in arrears on March 2 and September 2 of each year, commencing on September 2, 2026. The offering resulted in aggregate net proceeds to the Company of $395, after deducting commissions and expenses. The Company intends to use the net proceeds for general corporate purposes, which may include the repayment at maturity of the $447 outstanding principal amount of its 3.65% Senior Notes due June 15, 2026.
Aetna Notes

As of March 31, 2026, outstanding principal amount of the 7.625% Voya Holdings Inc. debentures, due 2026 and 6.97% Voya Holdings Inc. debentures, due 2036 (collectively, the "Aetna Notes") was $218, which is guaranteed by ING Group. As of March 31, 2026, the Company provided a deposit of $231 to a control account with a third-party collateral agent as collateral benefiting ING Group. The collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account.

Credit Facilities

The Company uses credit facilities as part of its capital management practices. Total fees associated with credit facilities for the three months ended March 31, 2026 and 2025 were immaterial.

As of March 31, 2026, 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 March 31, 2026, 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.

Pre-capitalized Trust Securities

On May 21, 2025, the Company entered into a 10-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $600 of P-Caps, conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities").

Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $600 of its 6.012% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.518% per annum on the unexercised portion of the facility. These fees are recorded in Operating expenses in the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses.

The Company may redeem the notes before maturity at par or, if higher, at a make-whole redemption price, plus accrued and unpaid interest. The P-Caps will be redeemed by the Trust on May 15, 2035, or earlier upon redemption of the 6.012% Senior Notes.

As of March 31, 2026, the Company may issue up to $600 principal amount of its 6.012% Senior Notes to the Trust under the Facility Agreement.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments

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

As of March 31, 2026, the Company had off-balance sheet commitments to acquire mortgage loans of $93, and purchase limited partnerships and private placement investments of $2,431, of which $359 related to consolidated investment entities.
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 the dates indicated:
March 31, 2026December 31, 2025
Fixed maturity collateral pledged to FHLB(1)
$2,473 $2,467 
FHLB restricted stock(2)
89 83 
Fixed maturities-state and other deposits35 34 
Cash and cash equivalents19 25 
Securities pledged(3)
1,210 1,261 
Total restricted assets$3,826 $3,870 
(1) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.
(2) Included in Other investments on the Condensed Consolidated Balance Sheets.
(3) Includes the fair value of loaned securities of $774 and $731 as of March 31, 2026 and December 31, 2025, respectively. In addition, as of March 31, 2026 and December 31, 2025, the Company delivered securities as collateral of $215 and $204, respectively, and repurchase agreements of $221 and $326, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed 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 March 31, 2026 and December 31, 2025, the Company had liabilities associated with funding agreements issued to the FHLB of $1,850 and $1,700, respectively, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. Assets pledged to the FHLB are reflected in the table above.

Funding Agreement-Backed Notes Program

The Company participates in a Funding Agreement-Backed Notes ("FABN") program, pursuant to which the Company may issue funding agreements to a Delaware special purpose statutory trust (the "Trust") in exchange for proceeds from the Trust’s medium-term note issuances. As of March 31, 2026 and December 31, 2025, the Company had liabilities associated with the funding agreement outstanding of $406 and $400, respectively, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets.

Litigation, Regulatory Matters and Contingencies

Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters, arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. The variability in pleading requirements and past experience demonstrate 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.

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

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of March 31, 2026, 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.

Litigation includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants 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. On December 10, 2025, the plaintiffs filed an amended complaint. The Company continues to deny the allegations, which it believes are without merit, and intends to defend the case vigorously.

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

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

As of March 31, 2026, approximately $98 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.
v3.26.1
Consolidated and Nonconsolidated Investment Entities
 3 Months Ended
Mar. 31, 2026
Consolidated Investment Entities [Abstract]  
Consolidated and Nonconsolidated Investment Entities 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 Condensed 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 $341 and $376 as of March 31, 2026 and December 31, 2025, 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

Collateralized 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 ASC 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 the Company 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 6 CLOs as of March 31, 2026 and December 31, 2025, 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 pursuant to the applicable investment strategy and guidelines, including investments in private equity funds and other securities or assets with similar risk and return characteristics primarily through secondary market purchases, and investments in fixed and floating rate loans and other instruments. 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 10 and 11 partnerships as of March 31, 2026 and December 31, 2025, respectively.

The noncontrolling interest related to these partnerships decreased to $1,822 at March 31, 2026 from $1,864 at December 31, 2025. Changes in market value, consolidations, deconsolidations, contributions, and distributions related to these investments in the funds directly impact the noncontrolling interest component of Shareholders' equity on the Company's Condensed Consolidated Balance Sheets. The change in noncontrolling interest was primarily driven by an increase in net distributions partially offset by favorable market appreciation in limited partnership investments. The Company records the noncontrolling interest using a lag methodology relying on the most recent financial information available.
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 which 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 Condensed 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 Condensed 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 Condensed 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 the net asset value ("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 consist of senior secured corporate loans, which comprise the majority of the consolidated CLO portfolio collateral. The fair values for corporate loans are measured based on the fair value of the CLO notes, as the Company uses the measurement alternative, which allows for the use of the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The Company has determined that the inputs for measuring financial liabilities are more observable. The corporate loans are classified within Level 2 of the fair value hierarchy, consistent with the classification of the CLO notes. See the description of the fair value process for CLO notes below.

CLO notes: The CLO notes are backed by 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 SOFR or EURIBOR plus a pre-defined spread, which varies from 0.8% for the more senior tranches to 8.8% for the more subordinated tranches. CLO notes mature in 2034 and 2036, and have a weighted average maturity of 9 years as of March 31, 2026. 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. As of March 31, 2026 and December 31, 2025, the unpaid principal balance exceeded the fair value of the CLO notes by approximately $64 and $46, respectively.

The fair values of the CLO notes are 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. The CLO notes are classified within Level 2 of the fair value hierarchy.
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 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 NAV within 90 days because of inherent restriction on near term redemptions.

As of March 31, 2026 and December 31, 2025, certain private equity funds maintained revolving lines of credit of $1,103 and $1,308, respectively. The revolving lines of credit are eligible for renewal every three years; all loans bear interest at EURIBOR or SOFR plus 185 - 215 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 March 31, 2026 and December 31, 2025, outstanding borrowings amount to $963 and $1,029, respectively. The borrowings are reflected in Liabilities related to consolidated investment entities - Other liabilities on the Company's Condensed Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance.
The following table shows the fair value hierarchy for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of March 31, 2026:
Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents
$118 $— $— $— $118 
Corporate loans— 1,488 — — 1,488 
Limited partnerships/corporations— — — 2,971 2,971 
Other investments(1)
— — 66 — 66 
VOEs
Cash and cash equivalents3 — — — 3 
Other investments(1)
— — — 20 20 
Total assets$121 $1,488 $66 $2,991 $4,666 
Liabilities
VIEs
CLO notes$— $1,173 $— $— $1,173 
Total liabilities$— $1,173 $— $— $1,173 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.

The following table shows the fair value for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of December 31, 2025:

Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents$116 $— $— $— $116 
Corporate loans— 1,350 — — 1,350 
Limited partnerships/corporations— — — 3,142 3,142 
Other investments(1)
— — 43 — 43 
VOEs
Cash and cash equivalents4 — — — 4 
Other investments(1)
— — — 47 47 
Total assets$120 $1,350 $43 $3,189 $4,702 
Liabilities
VIEs
CLO notes$— $1,134 $— $— $1,134 
Total liabilities$— $1,134 $— $— $1,134 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.

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 three months ended March 31, 2026 and 2025, 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.

During the three months ended March 31, 2026, the Company deconsolidated two entities. There were no deconsolidations during the three months ended March 31, 2025. Because the Company was no longer deemed to be the primary beneficiary of the VIEs, it no longer had a controlling financial interest in the entities. 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 March 31, 2026 and December 31, 2025, the Company held $413 and $438 ownership interests, respectively, in unconsolidated CLOs, which also represents the Company's maximum exposure to loss.

LPs

As of March 31, 2026 and December 31, 2025, the Company held $1,919 and $1,891 ownership interests, respectively, in unconsolidated limited partnerships, which also represents 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 Condensed 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 Condensed 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 Condensed Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
v3.26.1
Business, Basis of Presentation and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements include the accounts of 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 Condensed 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 or Total shareholders' equity.

The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
Adoption of New Pronouncements and Future Adoption of Accounting Pronouncements
Future Adoption of Accounting Pronouncements

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU 2024-03"), which requires the following disclosures:
•Disclose the amounts of (a) employee compensation; (b) depreciation; and (c) intangible asset amortization included in each relevant expense caption.
•Include certain amounts that are already required to be disclosed under U.S. GAAP in the same disclosure as the other disaggregation requirements.
•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments are effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, and should be applied either prospectively or retrospectively. The Company is in the process of determining the disclosures that may be required by the adoption of the provisions of ASU 2024-03.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"), which amends certain aspects of accounting for, and disclosure of, internal-use software costs. Key amendments include:
•Elimination of software development stages used to determine capitalization
•Capitalization of software costs when both of the following occur:
◦Management has authorized and committed to funding the software project
◦It is probable that the project will be completed and the software will be used to perform the function intended ("probable-to-complete recognition threshold")
•Disclosures in Subtopic 360-10, Property, Plant, and Equipment, are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements.

The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. Entities may adopt ASU 2025-06 using a prospective, retrospective, or modified transition approach. The Company is in the process of determining the impact of adopting the provisions of ASU 2025-06.
Derivatives
The Company primarily enters into the following types of derivatives:

Interest rate swaps: The Company uses interest rate swaps 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 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. The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange-traded futures through 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. These derivatives are generally considered total return swaps with contractual returns attributable to various assets and liabilities associated with these reinsurance agreements.

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial
portion of the Company's derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of March 31, 2026 and December 31, 2025.
Income Tax
The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred.
v3.26.1
Investments (excluding Consolidated Investment Entities) (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturities
Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2026:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries
$685 $1 $58 $— $— $628 
U.S. Government agencies and authorities
30 1 — — — 31 
State, municipalities and political subdivisions559 — 95 — — 464 
U.S. corporate public securities
8,829 115 1,019 — — 7,925 
U.S. corporate private securities5,708 46 239 — 11 5,504 
Foreign corporate public securities and foreign governments(1)
2,882 35 239 — 2 2,676 
Foreign corporate private securities(1)
2,883 41 64 — 8 2,852 
Residential mortgage-backed securities4,338 41 207 — — 4,172 
Commercial mortgage-backed securities2,882 4 402 — — 2,484 
Other asset-backed securities2,845 19 37 — 12 2,815 
Total fixed maturities, including securities pledged31,641 303 2,360 — 33 29,551 
Less: Securities pledged1,334 — 124 — — 1,210 
Total fixed maturities$30,307 $303 $2,236 $— $33 $28,341 
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:
Amortized CostGross Unrealized Capital GainsGross Unrealized Capital Losses
Embedded Derivatives(2)
Allowance for credit lossesFair Value
Fixed maturities:
U.S. Treasuries$663 $2 $51 $— $— $614 
U.S. Government agencies and authorities30 1 — — — 31 
State, municipalities and political subdivisions606 — 96 — — 510 
U.S. corporate public securities8,600 177 913 — — 7,864 
U.S. corporate private securities5,748 86 203 — 9 5,622 
Foreign corporate public securities and foreign governments(1)
2,926 69 215 — 2 2,778 
Foreign corporate private securities(1)
2,805 61 49 — 8 2,809 
Residential mortgage-backed securities4,489 54 200 1 — 4,344 
Commercial mortgage-backed securities3,071 6 401 — — 2,676 
Other asset-backed securities2,914 27 31 — 7 2,903 
Total fixed maturities, including securities pledged31,852 483 2,159 1 26 30,151 
Less: Securities pledged1,388 — 127 — — 1,261 
Total fixed maturities
$30,464 $483 $2,032 $1 $26 $28,890 
(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.
Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2026, 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$907 $906 
After one year through five years3,595 3,556 
After five years through ten years3,824 3,769 
After ten years13,250 11,849 
Mortgage-backed securities7,220 6,656 
Other asset-backed securities2,845 2,815 
Fixed maturities, including securities pledged$31,641 $29,551 
Schedule of Securities Borrowed Under Securities Lending Transactions
The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
March 31, 2026December 31, 2025
U.S. Treasuries$57 $52 
U.S. corporate public securities480 495 
Short-term investments and cash equivalents
31 16 
Foreign corporate public securities and foreign governments231 199 
Total(1)
$799 $762 
(1) As of March 31, 2026 and December 31, 2025, liabilities to return cash collateral were $766 and $726, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets.
Fixed Maturities, Allowance for Credit Losses
The following tables presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented:
Three Months Ended March 31, 2026
U.S. corporate private securities
Commercial mortgage-backed securitiesForeign corporate public securities and foreign governmentsForeign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$9 $— $2 $8 $7 $26 
Credit losses on securities for which credit losses were not previously recorded— — — — 3 3 
Reductions for securities sold during the period— — — — — — 
Increase (decrease) on securities with allowance recorded in previous period2 — — — 2 4 
Balance as of March 31$11 $— $2 $8 $12 $33 

Year Ended December 31, 2025
U.S. corporate private securities
Commercial mortgage-backed securities
Foreign corporate public securities and foreign governments
Foreign corporate private securitiesOther asset-backed securitiesTotal
Balance as of January 1$6 $17 $2 $9 $4 $38 
Credit losses on securities for which credit losses were not previously recorded9 — — — 3 12 
Reductions for securities sold during the period(6)(17)— — — (23)
Increase (decrease) on securities with allowance recorded in previous period— — — (1)— (1)
Balance as of December 31$9 $— $2 $8 $7 $26 
Schedule of Unrealized Loss on Investments
The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:

As of March 31, 2026
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$282 $7 $287 $51 $569 $58 
State, municipalities and political subdivisions4 — 450 95 454 95 
U.S. corporate public securities1,445 68 4,136 951 5,581 1,019 
U.S. corporate private securities1,071 17 2,100 222 3,171 239 
Foreign corporate public securities and foreign governments665 12 1,091 227 1,756 239 
Foreign corporate private securities667 7 960 57 1,627 64 
Residential mortgage-backed595 7 997 200 1,592 207 
Commercial mortgage-backed 96 — 2,034 402 2,130 402 
Other asset-backed772 9 242 28 1,014 37 
Total$5,597 $127 $12,297 $2,233 $17,894 $2,360 

As of December 31, 2025
Twelve Months or Less
Below Amortized Cost
More Than Twelve Months
Below Amortized Cost
Total
Fair ValueUnrealized Capital LossesFair ValueUnrealized Capital LossesFair ValueUnrealized Capital Losses
U.S. Treasuries$257 $4 $291 $47 $548 $51 
State, municipalities and political subdivisions4 — 493 96 497 96 
U.S. corporate public securities568 42 4,282 871 4,850 913 
U.S. corporate private securities348 4 2,334 199 2,682 203 
Foreign corporate public securities and foreign governments163 4 1,247 211 1,410 215 
Foreign corporate private securities70 1 1,118 48 1,188 49 
Residential mortgage-backed244 2 1,170 198 1,414 200 
Commercial mortgage-backed75 1 2,243 400 2,318 401 
Other asset-backed251 3 260 28 511 31 
Total$1,980 $61 $13,438 $2,098 $15,418 $2,159 
Mortgage Loans by Loan to Value Ratio
The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2026$68 $114 $28 $— $— $210 
2025394 489 72 20 — 975 
2024200 123 18 — — 341 
202373 199 — — — 272 
2022249 224 77 3 — 553 
Prior
2,935 322 37 17 2 3,313 
Total
$3,919 $1,471 $232 $40 $2 $5,664 

As of December 31, 2025
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2025$387 $489 $92 $— $— $968 
2024180 147 18 — — 345 
202390 203 — — — 293 
2022249 254 85 — — 588 
2021227 185 37 17 — 466 
Prior
2,783 163 — — 2 2,948 
Total
$3,916 $1,441 $232 $17 $2 $5,608 
Mortgage Loans by Debt Service Coverage Ratio
The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026
Debt Service Coverage Ratios
Year of Origination
>1.5x
 >1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2026$89 $93 $28 $— $210 
2025730 136 68 41 975 
2024167 100 46 28 341 
2023164 33 73 2 272 
2022347 99 28 79 553 
Prior
2,471 403 295 144 3,313 
Total$3,968 $864 $538 $294 $5,664 
(1) No commercial mortgage loans were secured by land or construction loans.
As of December 31, 2025
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Total(1)
2025$736 $150 $67 $15 $968 
2024161 129 49 6 345 
2023168 34 89 2 293 
2022337 116 48 87 588 
2021313 20 48 85 466 
Prior
2,207 402 245 94 2,948 
Total$3,922 $851 $546 $289 $5,608 
Mortgage Loans by Geographic Location of Collateral
The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2026$34 $69 $58 $23 $2 $13 $2 $— $9 $210 
2025244 108 238 193 76 33 37 21 25 975 
202464 107 49 58 20 16 7 3 17 341 
202332 38 16 96 38 23 — 26 3 272 
2022139 68 55 79 107 77 1 7 20 553 
Prior
840 746 679 245 293 274 61 95 80 3,313 
Total$1,353 $1,136 $1,095 $694 $536 $436 $108 $152 $154 $5,664 

As of December 31, 2025
U.S. Region
Year of OriginationPacificSouth AtlanticMiddle AtlanticWest South CentralMountainEast North CentralNew EnglandWest North CentralEast South CentralTotal
2025$244 $109 $238 $189 $75 $33 $36 $19 $25 $968 
202460 104 49 69 20 17 7 3 16 345 
202333 42 16 96 38 36 3 26 3 293 
2022151 73 55 79 108 94 1 7 20 588 
2021102 55 97 60 89 51 2 10 — 466 
Prior
764 719 598 190 217 228 60 91 81 2,948 
Total$1,354 $1,102 $1,053 $683 $547 $459 $109 $156 $145 $5,608 
Mortgage Loans by Property Type of Collateral
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2026 and December 31, 2025, respectively.

As of March 31, 2026
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2026$— $124 $33 $— $53 $— $— $210 
2025405 409 146 7 5 3 — 975 
202460 202 63 16 — — — 341 
2023117 116 7 — 32 — — 272 
2022106 235 156 37 9 10 — 553 
Prior
735 866 905 575 46 135 51 3,313 
Total$1,423 $1,952 $1,310 $635 $145 $148 $51 $5,664 
As of December 31, 2025
Year of OriginationProperty Type
RetailIndustrialApartmentsOfficeHotel/MotelOtherMixed UseTotal
2025$406 $403 $145 $7 $4 $3 $— $968 
202473 197 59 16 — — — 345 
2023121 120 7 13 32 — — 293 
2022107 247 178 37 9 10 — 588 
202146 137 166 104 — — 13 466 
Prior
713 750 779 480 46 141 39 2,948 
Total$1,466 $1,854 $1,334 $657 $91 $154 $52 $5,608 
Commercial Mortgage Loans, Allowance for Credit Losses
The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:
March 31, 2026December 31, 2025
Allowance for credit losses, beginning of period
$31 $24 
Credit losses on mortgage loans for which credit losses were not previously recorded1 16 
Increase (decrease) on mortgage loans with an allowance recorded in a previous period(2)2 
Provision for expected credit losses30 42 
Write-offs— (11)
Allowance for credit losses, end of period$30 $31 
Mortgage Loans, Past Due
The following table presents the payment status of commercial mortgage loans as of the dates indicated:
March 31, 2026December 31, 2025
Current$5,593 $5,537 
30-59 days past due— — 
60-89 days past due— — 
Greater than 90 days past due71 71 
Total$5,664 $5,608 
Net Investment Income
The following table summarizes Net investment income by investment type for the periods indicated:
Three Months Ended March 31,
20262025
Fixed maturities$467 $465 
Equity securities2 3 
Mortgage loans on real estate69 67 
Policy loans5 5 
Short-term investments and cash equivalents9 10 
Limited partnerships and other38 32 
Gross investment income590 582 
Less: Investment expenses21 22 
Net investment income$569 $560 
Realized Gain (Loss) on Investments
Net gains (losses) were as follows for the periods indicated:
Three Months Ended March 31,
20262025
Fixed maturities, available-for-sale, including securities pledged$(16)$1 
Fixed maturities, at fair value option(64)20 
Equity securities, at fair value
(3)1 
Derivatives17 (53)
Embedded derivatives within fixed maturities
(1)4 
Standalone derivative
— 1 
Managed custody guarantees— (1)
Stabilizer(2)4 
Mortgage loans
— (6)
Other investments24 (5)
Net gains (losses)
$(45)$(34)
Proceeds and Gross Gains and Gross Losses on Investments
Proceeds from the sale of fixed maturities, available-for-sale and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
Three Months Ended March 31,
20262025
Proceeds on sales$1,253 $1,410 
Gross gains27 17 
Gross losses22 35 
v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional and Fair Values
The notional amounts and fair values of derivatives were as follows as of the dates indicated:
March 31, 2026December 31, 2025
Notional
Amount		Asset Fair ValueLiability Fair ValueNotional
Amount		Asset Fair ValueLiability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Fair value hedges(2):
Interest rate contracts(3)
$— $— $— $— $— $— 
Foreign exchange contracts173 2 — 166 — 2 
Cash flow hedges:
Interest rate contracts
12 — — 12 — — 
Foreign exchange contracts
525 14 12 521 9 18 
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts
15,123 185 244 14,815 184 258 
Foreign exchange contracts211 1 3 197 1 2 
Equity contracts206 1 3 248 3 2 
Credit contracts110 — — 75 — — 
Embedded derivatives and Managed custody guarantees ("MCGs"):
Within fixed maturity investments(4)
N/A— — N/A1 — 
Within reinsurance agreements(5)(6)
N/A46 (9)N/A55 (9)
Stabilizer(7)
N/A— 7 N/A— 5 
Total$249 $260 $253 $278 
(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets.
(2) Total carrying amount of hedged assets and liabilities was $370 and $365 as of March 31, 2026 and December 31, 2025, respectively.
(3) The cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets and liabilities was $1 and $4 as of March 31, 2026 and December 31, 2025, respectively, of which includes $2 of hedging adjustments on discontinued hedging relationships.
(4) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.
(5) Included in Other liabilities, Other assets and Premium receivable and reinsurance recoverable on the Condensed Consolidated Balance Sheets.
(6) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
(7) Included in Contract owner account balances on the Condensed Consolidated Balance Sheets.
N/A - Not applicable
Offsetting Assets and Liabilities
The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:
Gross Amount Recognized
Counterparty Netting(1)
Cash Collateral Netting(1)
Securities Collateral Netting(1)
Net Receivables/ Payables
March 31, 2026
Derivative assets
$203 $(192)$(7)$(2)$2 
Derivative liabilities
262 (192)(54)(12)4 
December 31, 2025
Derivative assets
197 (189)(5)— 3 
Derivative liabilities
282 (189)(79)(11)3 
(1) Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements.
Effect on Other Comprehensive Income (Loss)
The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income were as follows for the periods indicated:
20262025
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeNet investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Three Months Ended March 31,
Amount of Gain (Loss) Recognized in Other Comprehensive Income(1)
$— $11 $— $(16)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income— 2 — 2 
(1) See the Accumulated Other Comprehensive Income (Loss) Note to these Condensed Consolidated Financial Statements for additional information.
Effect of Qualifying Hedge Accounting
The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting were as follows for the periods indicated:
20262025
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Three Months Ended March 31,
Total amounts of line items presented in the statements of operations in which the effects of fair value or cash flow hedges are recorded$569 $(45)$560 $(34)
Fair value hedges:
Foreign exchange contracts:
Hedged items— (3)— 4 
Derivatives designated as hedging instruments(1)
— 4 — (4)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from Accumulated Other Comprehensive Income into income
2 — 2 — 
(1) The change in derivative instruments designated and qualifying as fair value hedges of $1 and $0 were excluded from the assessment of hedge effectiveness and recognized currently in earnings for the three months ended March 31, 2026 and March 31, 2025, respectively.
Effect of Non-Qualifying Hedge Accounting
The location and effect of derivatives not designated as hedging instruments in the Condensed Consolidated Statements of Operations were as follows for the periods indicated:
Location of Gain (Loss) Recognized on Derivative
Three Months Ended March 31,
20262025
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsNet gains (losses)$22 $(47)
Foreign exchange contractsNet gains (losses)(2)5 
Equity contractsNet gains (losses)(7)(7)
Embedded derivatives and MCGs:
Within fixed maturity investmentsNet gains (losses)(1)4 
Within reinsurance agreements(1)
(2)
(9)5 
MCGs
Net gains (losses)— (1)
Stabilizer
Net gains (losses)
(2)4 
Total$1 $(37)
(1) For the three months ended March 31, 2026 and 2025, the amount excluded gains (losses) of $0 and $1, respectively, from standalone derivatives recognized in Net gains (losses).
(2) Gains (losses) on embedded derivatives within reinsurance agreements are recognized in either Policyholder benefits or Net gains (losses).
v3.26.1
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2026:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries
$503 $125 $— $628 
U.S. Government agencies and authorities
— 31 — 31 
State, municipalities and political subdivisions
— 464 — 464 
U.S. corporate public securities— 7,848 77 7,925 
U.S. corporate private securities— 3,198 2,306 5,504 
Foreign corporate public securities and foreign governments(1)
— 2,617 59 2,676 
Foreign corporate private securities(1)
— 2,112 740 2,852 
Residential mortgage-backed securities— 4,097 75 4,172 
Commercial mortgage-backed securities— 2,484 — 2,484 
Other asset-backed securities— 2,497 318 2,815 
Total fixed maturities, including securities pledged
503 25,473 3,575 29,551 
Equity securities
110 — 83 193 
Derivatives:
Interest rate contracts— 185 — 185 
Foreign exchange contracts— 17 — 17 
Equity contracts— 1 — 1 
Embedded derivatives within reinsurance
— 46 — 46 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements2,183 8 — 2,191 
Assets held in separate accounts102,819 5,222 426 108,467 
Total assets$105,615 $30,952 $4,084 $140,651 
Liabilities:
Contingent consideration$— $— $22 $22 
Stabilizer and MCGs— — 7 7 
Derivatives:
Interest rate contracts5 239 — 244 
Foreign exchange contracts— 15 — 15 
Equity contracts— 3 — 3 
Embedded derivatives within reinsurance
— (9)
(2)
— (9)
Total liabilities$5 $248 $29 $282 
(1) Primarily U.S. dollar denominated.
(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
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, 2025:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries$486 $128 $— $614 
U.S. Government agencies and authorities— 31 — 31 
State, municipalities and political subdivisions— 510 — 510 
U.S. corporate public securities— 7,786 78 7,864 
U.S. corporate private securities— 3,522 2,100 5,622 
Foreign corporate public securities and foreign governments(1)
— 2,718 60 2,778 
Foreign corporate private securities(1)
— 2,178 631 2,809 
Residential mortgage-backed securities— 4,273 71 4,344 
Commercial mortgage-backed securities— 2,676 — 2,676 
Other asset-backed securities— 2,604 299 2,903 
Total fixed maturities, including securities pledged486 26,426 3,239 30,151 
Equity securities
107 — 94 201 
Derivatives:
Interest rate contracts2 182 — 184 
Foreign exchange contracts— 10 — 10 
Equity contracts— 3 — 3 
Embedded derivatives within reinsurance
— 55 — 55 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements2,352 5 — 2,357 
Assets held in separate accounts107,191 5,428 388 113,007 
Total assets$110,138 $32,109 $3,721 $145,968 
Liabilities:
Contingent consideration$— $— $147 $147 
Stabilizer and MCGs— — 5 5 
Derivatives:
Interest rate contracts— 258 — 258 
Foreign exchange contracts— 22 — 22 
Equity contracts— 2 — 2 
Embedded derivatives within reinsurance
— (9)
(2)
— (9)
Total liabilities$— $273 $152 $425 
(1) Primarily U.S. dollar denominated.
(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:

Three Months Ended March 31, 2026
Fair Value as of January 1 Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of March 31
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net income
OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$78 $— $(1)$— $— $— $— $— $— $77 $— $(1)
U.S. corporate private securities2,100 (3)(27)283 — (41)(101)120 (25)2,306 — (27)
Foreign corporate public securities and foreign governments(1)
60 — (1)— — — — — — 59 — (1)
Foreign corporate private securities(1)
631 (1)(6)124 — — (8)— — 740 — (7)
Residential mortgage-backed securities71 (2)— 11 — — — — (5)75 (2)— 
Other asset-backed securities299 — 1 78 — (2)(14)— (44)318 — 1 
Total fixed maturities, including securities pledged3,239 (6)(34)496 — (43)(123)120 (74)3,575 (2)(35)
Equity securities, at fair value
94 — — — — (11)— — — 83 — — 
Contingent consideration(147)(4)— — — — 129 — — (22)— — 
Stabilizer and MCGs(2)
(5)(2)— — — — — — — (7)— — 
Assets held in separate accounts(4)
388 (4)— 38 — (7)— 12 (1)426 — — 
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company.

Three Months Ended March 31, 2025
Fair Value as of January 1Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of March 31
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net income
OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$59 $(1)$2 $1 $— $(11)$— $— $(2)$48 $— $— 
U.S. corporate private securities1,497 (1)19 194 — (7)(25)— — 1,677 — 19 
Foreign corporate public securities and foreign governments(1)
60 — (1)— — — — — — 59 — (1)
Foreign corporate private securities(1)
421 (19)29 161 — — (2)— — 590 (19)29 
Residential mortgage-backed securities67 (3)— 16 — — — — (10)70 (3)— 
Other asset-backed securities23 — — 3 — — (3)— (4)19 — — 
Total fixed maturities, including securities pledged2,127 (24)49 375 — (18)(30)— (16)2,463 (22)47 
Equity securities, at fair value
98 3 — 9 — — — — — 110 3 — 
Contingent consideration(2)(2)— — (149)
(5)
— 1 — — (152)— — 
Stabilizer and MCGs(2)
(19)3 — — — — — — — (16)— — 
Embedded derivatives within reinsurance
(53)1 — — — — — — — (52)— — 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements23 — 1 — — — — — — 24 — 1 
Assets held in separate accounts(4)
340 4 — 8 — (14)— — — 338 — — 
(1) Primarily U.S. dollar denominated.
(2)    All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company.
(5) Represents a portion of the purchase consideration related to the acquisition of OneAmerica Financial's full-service retirement plan business.
Fair Value, by Balance Sheet Grouping
The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:

March 31, 2026December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:
Fixed maturities, including securities pledged$29,551 $29,551 $30,151 $30,151 
Equity securities193 193 201 201 
Mortgage loans on real estate5,664 5,524 5,608 5,522 
Policy loans316 316 323 323 
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements2,191 2,191 2,357 2,357 
Derivatives203 203 197 197 
Embedded derivatives within reinsurance
46 46 55 55 
Other investments
90 90 86 86 
Assets held in separate accounts108,467 108,467 113,007 113,007 
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)
$33,570 $36,578 $33,793 $37,154 
Funding agreements with fixed maturities2,256 2,276 2,101 2,120 
Supplementary contracts and immediate annuities
501 483 504 481 
Stabilizer and MCGs7 7 5 5 
Derivatives262 262 282 282 
Embedded derivatives within reinsurance(2)
(9)(9)(9)(9)
Short-term debt587 587 586 588 
Long-term debt1,913 1,826 1,518 1,489 
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.
(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
The following table shows the fair value hierarchy for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of March 31, 2026:
Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents
$118 $— $— $— $118 
Corporate loans— 1,488 — — 1,488 
Limited partnerships/corporations— — — 2,971 2,971 
Other investments(1)
— — 66 — 66 
VOEs
Cash and cash equivalents3 — — — 3 
Other investments(1)
— — — 20 20 
Total assets$121 $1,488 $66 $2,991 $4,666 
Liabilities
VIEs
CLO notes$— $1,173 $— $— $1,173 
Total liabilities$— $1,173 $— $— $1,173 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.

The following table shows the fair value for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of December 31, 2025:

Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents$116 $— $— $— $116 
Corporate loans— 1,350 — — 1,350 
Limited partnerships/corporations— — — 3,142 3,142 
Other investments(1)
— — 43 — 43 
VOEs
Cash and cash equivalents4 — — — 4 
Other investments(1)
— — — 47 47 
Total assets$120 $1,350 $43 $3,189 $4,702 
Liabilities
VIEs
CLO notes$— $1,134 $— $— $1,134 
Total liabilities$— $1,134 $— $— $1,134 
Financial Instruments Not Carried at Fair Value
The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:
Financial InstrumentClassification
Mortgage loans on real estateLevel 3
Policy loansLevel 2
Other investmentsLevel 2
Funding agreements without fixed maturities and deferred annuitiesLevel 3
Funding agreements with fixed maturitiesLevel 2
Supplementary contracts and immediate annuitiesLevel 3
Short-term debt and Long-term debtLevel 2
v3.26.1
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables)
 3 Months Ended
Mar. 31, 2026
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]  
Deferred Policy Acquisition Costs [Table Text Block]
The following table presents a rollforward of DAC and VOBA for the periods indicated:
DAC
VOBA(1)
Retirement Deferred and Individual Annuities
Employee Benefits Voluntary
Businesses Exited
Balance as of January 1, 2025$701 $215 $838 $376 
Additions related to business acquisitions
— — — 390 
Deferrals of commissions and expenses59 46 — 4 
Amortization expense(54)(40)(94)(60)
Balance as of December 31, 2025$706 $221 $744 $710 
Deferrals of commissions and expenses16 10 — 1 
Amortization expense(14)(14)(22)(14)
Balance as of March 31, 2026$708 $217 $722 $697 
(1) Primarily related to the Retirement segment.
ReconciliationofDACVOBA [Table Text Block]
The following table shows a reconciliation of DAC and VOBA balances to the Condensed Consolidated Balance Sheets as of the periods indicated:
March 31, 2026December 31, 2025
DAC:
Retirement Deferred and Individual Annuities$708 $706 
Employee Benefits Voluntary217 221 
Businesses Exited 722 744 
Other20 20 
VOBA697 710 
Total$2,364 $2,401 
v3.26.1
Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables)
 3 Months Ended
Mar. 31, 2026
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract]  
Liability for Future Policy Benefit, Activity The following tables present the balances and changes in the liability for future policy benefits for Employee Benefits Group, Employee Benefits Voluntary and Businesses Exited as of March 31, 2026 and December 31, 2025:
Employee Benefits Group
Employee Benefits Voluntary
Businesses Exited
202620252026202520262025
Present Value of Expected Net Premiums:
Balance at January 1$4 $4 $166 $171 $2,557 $2,872 
Beginning balance at original discount rate4 4 169 180 2,479 2,842 
Effect of change in cash flow assumptions— — — (11)— (194)
Effect of actual variances from expected experience— — 9 20 12 (17)
Adjusted balance at January 14 4 178 189 2,491 2,631 
Interest accrual— — 2 6 34 148 
Net premiums collected(1)
— — (9)(26)(71)(300)
Ending balance at original discount rate4 4 171 169 2,454 2,479 
Effects of changes in discount rate assumptions— — (5)(3)37 78 
Balance at end of period$4 $4 $166 $166 $2,491 $2,557 
Present Value of Expected Future Policy Benefits:
Balance at January 1$792 $772 $498 $461 $6,527 $7,017 
Beginning balance at original discount rate802 801 517 487 6,494 7,138 
Effect of change in cash flow assumptions— (5)— (12)— (244)
Effect of actual variances from expected experience(15)(30)9 60 16 (57)
Adjusted balance at January 1787 766 526 535 6,510 6,837 
Issuances38 102 — — 2 13 
Interest accrual6 17 5 14 83 351 
Benefit payments(31)(83)(10)(32)(174)(707)
Ending balance at original discount rate800 802 521 517 6,421 6,494 
Effects of changes in discount rate assumptions(19)(10)(26)(19)(63)33 
Balance at end of period$781 $792 $495 $498 $6,358 $6,527 
Net liability for future policy benefits$777 $788 $329 $332 $3,867 $3,970 
Less: Reinsurance recoverable357 353 17 16 3,781 3,883 
Net liability for future policy benefits, after reinsurance recoverable$420 $435 $312 $316 $86 $87 
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

The following table presents a rollforward of the additional reserve liability for Businesses Exited for the periods indicated:
Businesses Exited
March 31, 2026December 31, 2025
Balance at beginning of period$1,880 $1,883 
 Effect of change in cash flow assumptions
— 59 
 Effect of actual variances from expected experience
5 (11)
Adjusted balance at January 11,885 1,931 
 Interest accrual
19 80 
 Excess Benefits
(105)(406)
 Assessments
66 275 
Balance at end of period1,865 1,880 
Less: Reinsurance recoverable1,813 1,827 
Net additional liability, after reinsurance recoverable$52 $53 

Future policy benefits include the liability for unpaid claims and claim adjustment expenses related to medical stop loss products within the Employee Benefits segment. The following table presents a rollforward of the liability for unpaid claims and claim adjustment expenses for the periods indicated:
Medical Stop Loss
Three Months Ended March 31,
20262025
Balance at January 1$458 $595 
Less: Reinsurance recoverable(2)(5)
Net balance at January 1456 590 
Incurred claims and claim adjustment expenses related to:(1)
Current year262 273 
Prior years39 12 
Total incurred301 285 
Paid claim and claim adjustment expenses related to:(1)
Current year(23)(25)
Prior years(333)(383)
Total paid(356)(408)
Net balance at March 31
401 467 
Plus: Reinsurance recoverable4 9 
Balance as of March 31
$405 $476 
(1) Amounts presented are net of reinsurance.
Pricing, underwriting and reserving on the medical stop loss products are performed based on policy years, and key metrics such as loss ratios are tracked, managed and reported on this basis. The majority of the medical stop loss policies renew in January of each year. For the three months ended March 31, 2026, net claims incurred on prior years of $39 is primarily attributed to policy years effective during 2025, driven by incurred claims partially offset by favorable claim development. For the three months ended March 31, 2025, net claims incurred on prior years of $12 is primarily attributed to policy years effective during 2024, driven by incurred claims partially offset by favorable claim development and reinsurance recoveries.

The reconciliation of the net liability for future policy benefits to the liability for Future policy benefits in the Condensed Consolidated Balance Sheets is presented below:
March 31, 2026December 31, 2025
Employee Benefits Group$777 $788 
Employee Benefits Voluntary329332
Businesses Exited - Future policy benefits3,8673,970
Businesses Exited - Additional liability1,8651,880
Businesses Exited - Other1,2281,236
Medical stop loss products405458
Other319318
Total$8,790 $8,982 

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
March 31, 2026December 31, 2025
UndiscountedDiscountedUndiscountedDiscounted
Employee Benefits Group
Expected future benefit payments$1,003 $800 $1,005 $802 
Expected future gross premiums10 8 11 8 
Employee Benefits Voluntary
Expected future benefit payments915 521 910 517 
Expected future gross premiums584 412 566 398 
    
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:
Employee Benefits Group
Employee Benefits Voluntary
Businesses Exited
March 31, 2026December 31, 2025March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Weighted average duration (in years)(1)
77141478
Interest accretion rate4.3 %4.2 %5.0 %5.1 %5.1 %5.0 %
Current discount rate5.2 %5.0 %5.9 %5.7 %5.5 %5.3 %
(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:
Retirement Deferred Group and Individual Annuity
 Businesses Exited
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Balance at January 1$32,209 $29,624 $3,844 $4,182 
Additions related to business acquisitions
— 3,458 — — 
Deposits758 3,034 67 266 
Fee income(19)(63)(86)(362)
Surrenders, withdrawals and benefits
(1,372)(5,446)(101)(410)
Net transfers (from) to the general account(1)
233 690 3 10 
Interest credited221 912 36 158 
Ending Balance
$32,030 $32,209 $3,763 $3,844 

Weighted-average crediting rate2.8 %2.8 %3.7 %4.0 %
Net amount at risk(2)
$61 $61 $634 $629 
Cash surrender value$31,604 $31,778 $1,052 $1,083 
(1) Net transfers (from) to the general account for Retirement include transfers of $(139) and $(884) for 2026 and 2025, respectively, related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.
(2) 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.

The following table presents a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated:
March 31, 2026December 31, 2025
Retirement Deferred group and individual annuity$32,030 $32,209 
Businesses Exited3,7633,844
Non-putable funding agreements2,256 2,101
Businesses Exited - Other1,036 1,048
Other(1)
1,153 1,172
Total$40,238 $40,374 
(1) Primarily consists of other retirement and universal life contracts.
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 0.50% 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 March 31, 2026
Up to 1.00%
$123$4,051$3,898$1,935$1,919$2,721$14,647
1.01% - 2.00%
38190631034551
2.01% - 3.00%
9,7312566470—610,127
3.01% - 4.00%
8,581146—2——8,729
4.01% and Above
1,33973————1,412
Renewable beyond 12 months (MYGA)(2)
335———2—337
Total discretionary rate setting products$20,490$4,616$4,025$2,017$1,924$2,731$35,803

As of December 31, 2025
Up to 1.00%
$105$4,004$3,917$2,035$2,162$2,342$14,565
1.01% - 2.00%
3949463835567
2.01% - 3.00%
9,8602496683—610,264
3.01% - 4.00%
8,736148—1——8,885
4.01% and Above
1,36775————1,442
Renewable beyond 12 months (MYGA)(2)
341———2—343
Total discretionary rate setting products$20,803$4,570$4,046$2,127$2,167$2,353$36,066
(1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.
(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2026 and December 31, 2025 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.
v3.26.1
Reinsurance (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Effects of Reinsurance
Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated:
Direct
Assumed
Ceded
Total, Net of Reinsurance
March 31, 2026
Assets
Premium receivable$206 $14 $(259)$(39)
Reinsurance recoverable, net of allowance for credit losses— — 10,648 10,648 
Total$206 $14 $10,389 $10,609 
Liabilities
Future policy benefits and contract owner account balances
$45,138 $3,890 

$— $49,028 
Total$45,138 $3,890 $— $49,028 
December 31, 2025
Assets
Premium receivable$189 $12 $(241)$(40)
Reinsurance recoverable, net of allowance for credit losses— — 10,753 10,753 
Total$189 $12 $10,512 $10,713 
Liabilities
Future policy benefits and contract owner account balances$45,302 $4,054 $— $49,356 
Total$45,302 $4,054 $— $49,356 

Information regarding the effect of reinsurance in the Condensed Consolidated Statements of Operations is as follows for the periods indicated:
Three Months Ended March 31,
20262025
Premiums:
Direct premiums$957 $958 
Reinsurance assumed11 8 
Reinsurance ceded(224)(229)
Net premiums$744 $737 
Fee income:
Direct fee income$680 $645 
Reinsurance assumed24 26 
Reinsurance ceded(100)(101)
Net fee income$604 $570 
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders
$1,204 $1,154 
Reinsurance assumed25 25 
Reinsurance ceded(410)(344)
Net interest credited and other benefits to contract owners / policyholders
$819 $835 
v3.26.1
Separate Accounts (Tables)
 3 Months Ended
Mar. 31, 2026
Insurance [Abstract]  
Separate Account, Liability
The following tables present a rollforward of separate account liabilities for the Retirement stabilizer and deferred annuity business, including a reconciliation to the Condensed Consolidated Balance Sheets, for the periods indicated:
March 31, 2026December 31, 2025
Retirement
Stabilizer(1)
Deferred Annuity
Total
Stabilizer(1)
Deferred Annuity
Total
Balance at January 1$7,159 $101,145 $108,304 $6,901 $90,756 $97,657 
Premiums and deposits
233 2,911 3,144 963 10,758 11,721 
Fee income(8)(132)(140)(31)(514)(545)
Surrenders, withdrawals and benefits(328)(3,811)(4,139)(1,205)(12,579)(13,784)
Net transfers (from) to separate accounts— (372)(372)— (1,574)(1,574)
Investment performance11 (2,749)(2,738)531 14,298 14,829 
Balance at end of period$7,067 $96,992 $104,059 $7,159 $101,145 $108,304 
Reconciliation to Condensed Consolidated Balance Sheets:
Other variable products liabilities4,408 4,703 
Total Separate Account liabilities$108,467 $113,007 
Fair Value, Separate Account Investment
The aggregate fair value of assets, by major investment asset category, supporting separate accounts liabilities was as follows for the periods indicated:
March 31, 2026December 31, 2025
U.S. Treasury securities and obligations of U.S. government, corporations and agencies$862 $909 
Corporate and foreign debt securities2,729 2,635 
Mortgage-backed securities3,015 2,928 
Equity securities (including mutual funds)100,890 105,331 
Cash, cash equivalents and short-term investments572 734 
Receivable for securities and accruals399 470 
Total$108,467 $113,007 
v3.26.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Abstract]    
Reconciliation of Revenue from Segments to Total Revenues  
Schedule of Intersegment Revenues Included in Investment Management Segment  
Summary of Financial Information for Segments
The summary below presents Total assets for the Company's segments as of the dates indicated:
March 31, 2026December 31, 2025
Retirement
$139,633 $144,423 
Investment Management1,870 1,905 
Employee Benefits3,167 3,330 
Corporate24,334 24,749 
Total assets, before consolidation(1)
169,004 174,410 
Consolidation of investment entities4,429 4,449 
Total assets
$173,433 $178,859 
(1) Includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.
  
v3.26.1
Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill
The changes in the carrying amount of goodwill reported in the Company's reportable segments and Corporate were as follows:
RetirementInvestment ManagementEmployee Benefits
Corporate(1)
Consolidated
Balance as of January 1, 2025$17 $286 $343 $102 $748 
Additions related to business acquisitions56 — — — 56 
Balance as of December 31, 202573 286 343 102 804 
Additions related to business acquisitions— — — — — 
Balance as of March 31, 2026$73 $286 $343 $102 $804 
(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 Retirement, Investment Management, and Employee Benefits segments as $72, $10 and $20 respectively.
Intangible Asset, Indefinite-Lived
The following table presents other intangible assets as of the dates indicated:
Weighted
Average
Amortization
Lives (Years)
March 31, 2026December 31, 2025
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Indefinite-life intangibles:
Management contract rightsN/A$350 $— $350 $350 $— $350 
Finite-life intangibles:
Management contract rights17131 29 102 131 27 104 
Customer relationship lists
16345 167 178 345 162 183 
Trademarks815 6 9 15 6 9 
Computer software
5525 300 225 506 278 228 
Total intangible assets$1,366 $502 $864 $1,347 $473 $874 
Intangible Asset, Finite-Lived
The following table presents other intangible assets as of the dates indicated:
Weighted
Average
Amortization
Lives (Years)
March 31, 2026December 31, 2025
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Indefinite-life intangibles:
Management contract rightsN/A$350 $— $350 $350 $— $350 
Finite-life intangibles:
Management contract rights17131 29 102 131 27 104 
Customer relationship lists
16345 167 178 345 162 183 
Trademarks815 6 9 15 6 9 
Computer software
5525 300 225 506 278 228 
Total intangible assets$1,366 $502 $864 $1,347 $473 $874 
v3.26.1
Share-based Incentive Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Compensation Expense
The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans and the 2024 Omnibus Plan for the periods indicated:
Three Months Ended March 31,
20262025
Restricted Stock Unit (RSU) awards$24 $20 
Performance Stock Unit (PSU) awards11 8 
Total share-based compensation expense35 28 
Income tax benefit6 7 
After-tax share-based compensation expense$29 $21 
Schedule of Share-based Compensation, Activity
The following table summarizes RSU and PSU awards activity under the Omnibus Plans and the 2024 Omnibus Plan for the periods indicated:
RSU AwardsPSU Awards
(awards in millions)
Number of AwardsWeighted Average Grant Date Fair ValueNumber of AwardsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 20261.8 $70.48 1.9 $71.43 
Adjustment for PSU performance factor— — (0.4)73.12 
Granted1.1 73.11 0.6 82.19 
Vested(0.7)71.07 (0.3)82.72 
Forfeited(0.1)72.07 — 
*
73.54 
Outstanding as of March 31, 2026
2.1 $71.64 1.8 $73.08 
*less than 0.1
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes the number of options under the Omnibus Plans for the periods indicated:
Stock Options
(awards in millions)
Number of AwardsWeighted Average Exercise Price
Outstanding as of January 1, 20260.5 $50.03 
Granted— — 
Exercised— — 
Forfeited— — 
Outstanding as of March 31, 2026
0.5 $50.03 
Vested, exercisable, as of March 31, 2026
0.5 $50.03 
v3.26.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
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)
IssuedHeld in TreasuryOutstanding
Balance, January 1, 2025
105.6 10.1 95.5 
Common shares issued0.1 — 0.1 
Common shares acquired - share repurchase— 2.7 (2.7)
Share-based compensation programs1.7 0.8 0.9 
Balance, December 31, 2025
107.413.693.8
Common shares issued— — — 
Common shares acquired - share repurchase— 2.1 (2.1)
Share-based compensation programs1.0 0.3 0.7 
Balance, March 31, 2026
108.416.092.4
Schedule of Dividends Declared
Dividends declared per share of common stock were as follows for the periods indicated:
Three Months Ended March 31,
20262025
Dividends declared per share of common stock$0.47 $0.45 
on preferred stock per share and in the aggregate were as follows for the periods indicated:
Series ASeries B
Three Months Ended March 31,Per ShareAggregatePer ShareAggregate
2026$38.790 $13 $13.375 $4 
202538.790 13 13.375 4 
Schedule of Preferred Stock Issued and Outstanding stock issued and outstanding were as follows for the periods indicated:
March 31, 2026December 31, 2025
SeriesIssuedOutstandingIssuedOutstanding
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 
Total625,000 625,000 625,000 625,000 
Schedule of Share Repurchases The following table presents repurchases of the Company's common stock for the periods indicated:
Three Months Ended March 31,
(shares in millions)
20262025
Shares of common stock2.1— 
Payment$150 $— 
Accelerated Share Repurchases
v3.26.1
Earnings per Common Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents a reconciliation of Net income and shares used in calculating basic and diluted net income per common share for the periods indicated:
Three Months Ended March 31,
(in millions, except for per share data)20262025
Earnings
Net income available to common shareholders:
Net income$195 $151 
Less: Preferred stock dividends17 17 
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest
13 (5)
Net income available to common shareholders$165 $139 
Weighted average common shares outstanding
Basic93.1 95.9 
Dilutive Effects:
RSUs1.0 1.1 
PSUs0.2 0.5 
Stock Options0.2 0.3 
Diluted94.5 97.8 
Net income available to Voya Financial, Inc.'s common shareholders per common share(1)
Basic$1.78 $1.45 
Diluted$1.75 $1.42 
(1) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. Diluted earnings per share is computed assuming the issuance of restricted stock units, stock options and performance share units using the treasury stock method.
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Accumulated Other Comprehensive Income
Shareholders' equity included the following components of Accumulated other comprehensive income (loss) ("AOCI") as of the dates indicated:
March 31, 2026March 31, 2025
Fixed maturities, net of impairment$(2,061)$(2,190)
Derivatives(1)
10 47 
Change in current discount rate(713)(775)
Deferred income tax asset(2)
702 736 
Total(2,062)(2,182)
Pension and other postretirement benefits liability, net of tax1 1 
AOCI$(2,061)$(2,181)
(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2026, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $1.
(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated:
Three Months Ended March 31, 2026
Before-Tax AmountIncome Tax After-Tax Amount
Available-for-sale securities:
Fixed maturities$(381)$79 $(302)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations(4)1 (3)
Change in unrealized gains (losses) on available-for-sale securities(385)80 (305)
Derivatives:
Derivatives11 (2)9 
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(3)1 (2)
Change in unrealized gains (losses) on derivatives8 (1)7 
Change in current discount rate 32 (7)25 
Change in AOCI
$(345)$72 $(273)

Three Months Ended March 31, 2025
Before-Tax AmountIncome Tax After-Tax Amount
Available-for-sale securities:
Fixed maturities$332 $(69)$263 
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations31 (7)24 
Change in unrealized gains (losses) on available-for-sale securities363 (76)287 
Derivatives:
Derivatives(16)3 (13)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(3)1 (2)
Change in unrealized gains (losses) on derivatives(19)4 (15)
Change in current discount rate12 (3)9 
Change in AOCI
$356 $(75)$281 
v3.26.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2026
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:
Three Months Ended March 31,
2026
2025
Retirement
Advisory and recordkeeping and administration
$162 $176 
Distribution and shareholder servicing27 31 
Investment Management
Advisory, asset management and recordkeeping and administration
240 236 
Distribution and shareholder servicing27 36 
Employee Benefits
Recordkeeping and administration
11 8 
Software subscriptions and services53 51 
Total financial services and software subscriptions and services revenue520 538 
Revenue from other sources(1)
193 136 
Total Fee income and Other revenue$713 $674 
(1) Primarily consists of revenue from insurance contracts, financial instruments and intersegment eliminations. Intersegment eliminations for the three months ended March 31, 2026 and 2025, were $34 and $33, respectively.
v3.26.1
Financing Agreements (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of the periods indicated:
 
Issuer
MaturityMarch 31, 2026December 31, 2025
3.65% Senior Notes, due 2026 (2)(3)
Voya Financial, Inc.06/15/2026$447 $447 
5.0% Senior Notes, due 2034 (2)(3)
Voya Financial, Inc.09/20/2034396 396 
5.05% Senior Notes, due 2036 (2)(3)
Voya Financial, Inc.03/02/2036395 — 
5.7% Senior Notes, due 2043 (2)(3)
Voya Financial, Inc.07/15/2043396 396 
4.8% Senior Notes, due 2046 (2)(3)
Voya Financial, Inc.06/15/2046298 297 
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 (2)(3)
Voya Financial, Inc.01/23/2048336 336 
7.625% Voya Holdings Inc. debentures, due 2026(1)
Voya Holdings Inc.
08/15/2026139 139 
6.97% Voya Holdings Inc. debentures, due 2036(1)
Voya Holdings Inc.
08/15/203679 79 
8.424% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Equitable of Iowa Capital Trust II04/01/202713 13 
1.00% Windsor Property Loan
Voya Retirement Insurance and Annuity Company06/14/20271 1 
Subtotal2,500 2,104 
Less: Current portion of long-term debt587 586 
Total$1,913 $1,518 
(1) Guaranteed by ING Group.
(2) Interest is paid semi-annually in arrears.
(3) Guaranteed by Voya Holdings.
v3.26.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Restricted Assets
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 the dates indicated:
March 31, 2026December 31, 2025
Fixed maturity collateral pledged to FHLB(1)
$2,473 $2,467 
FHLB restricted stock(2)
89 83 
Fixed maturities-state and other deposits35 34 
Cash and cash equivalents19 25 
Securities pledged(3)
1,210 1,261 
Total restricted assets$3,826 $3,870 
(1) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.
(2) Included in Other investments on the Condensed Consolidated Balance Sheets.
(3) Includes the fair value of loaned securities of $774 and $731 as of March 31, 2026 and December 31, 2025, respectively. In addition, as of March 31, 2026 and December 31, 2025, the Company delivered securities as collateral of $215 and $204, respectively, and repurchase agreements of $221 and $326, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets.
v3.26.1
Consolidated and Nonconsolidated Investment Entities (Tables)
 3 Months Ended
Mar. 31, 2026
Consolidated Investment Entities [Abstract]  
Fair Value, by Balance Sheet Grouping
The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:

March 31, 2026December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:
Fixed maturities, including securities pledged$29,551 $29,551 $30,151 $30,151 
Equity securities193 193 201 201 
Mortgage loans on real estate5,664 5,524 5,608 5,522 
Policy loans316 316 323 323 
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements2,191 2,191 2,357 2,357 
Derivatives203 203 197 197 
Embedded derivatives within reinsurance
46 46 55 55 
Other investments
90 90 86 86 
Assets held in separate accounts108,467 108,467 113,007 113,007 
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)
$33,570 $36,578 $33,793 $37,154 
Funding agreements with fixed maturities2,256 2,276 2,101 2,120 
Supplementary contracts and immediate annuities
501 483 504 481 
Stabilizer and MCGs7 7 5 5 
Derivatives262 262 282 282 
Embedded derivatives within reinsurance(2)
(9)(9)(9)(9)
Short-term debt587 587 586 588 
Long-term debt1,913 1,826 1,518 1,489 
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.
(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
The following table shows the fair value hierarchy for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of March 31, 2026:
Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents
$118 $— $— $— $118 
Corporate loans— 1,488 — — 1,488 
Limited partnerships/corporations— — — 2,971 2,971 
Other investments(1)
— — 66 — 66 
VOEs
Cash and cash equivalents3 — — — 3 
Other investments(1)
— — — 20 20 
Total assets$121 $1,488 $66 $2,991 $4,666 
Liabilities
VIEs
CLO notes$— $1,173 $— $— $1,173 
Total liabilities$— $1,173 $— $— $1,173 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.

The following table shows the fair value for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of December 31, 2025:

Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents$116 $— $— $— $116 
Corporate loans— 1,350 — — 1,350 
Limited partnerships/corporations— — — 3,142 3,142 
Other investments(1)
— — 43 — 43 
VOEs
Cash and cash equivalents4 — — — 4 
Other investments(1)
— — — 47 47 
Total assets$120 $1,350 $43 $3,189 $4,702 
Liabilities
VIEs
CLO notes$— $1,134 $— $— $1,134 
Total liabilities$— $1,134 $— $— $1,134 
v3.26.1
Business, Basis of Presentation and Significant Accounting Policies (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Business Combination [Line Items]  
Number of operating segments | segment 3
OneAmerica  
Business Combination [Line Items]  
Cash purchase consideration $ 50
Business Combination, Contingent Consideration, Change in Contingent Consideration, Liability, Increase (Decrease) 129
Business Combination, Contingent Consideration, Range of Outcomes, Maximum, Amount $ 20
v3.26.1
Investments (excluding Consolidated Investment Entities) - Fixed Maturities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost $ 28,612 $ 28,724  
Securities pledged, Amortized Cost 1,334 1,388  
Fixed maturities, allowance for credit losses 33 26 $ 38
Collateral Pledged      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Debt Securities, Available-for-Sale, Restricted 1,210 1,261  
U.S. Treasuries      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 685 663  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 1 2  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 58 51  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 0 0  
Fixed maturities, including securities pledged, Fair Value 628 614  
U.S. Government agencies and authorities      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 30 30  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 1 1  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 0 0  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 0 0  
Fixed maturities, including securities pledged, Fair Value 31 31  
State, municipalities and political subdivisions      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 559 606  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 0 0  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 95 96  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 0 0  
Fixed maturities, including securities pledged, Fair Value 464 510  
U.S. corporate public securities      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 8,829 8,600  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 115 177  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 1,019 913  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 0 0  
Fixed maturities, including securities pledged, Fair Value 7,925 7,864  
U.S. corporate private securities      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 5,708 5,748  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 46 86  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 239 203  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 11 9 6
Fixed maturities, including securities pledged, Fair Value 5,504 5,622  
Foreign corporate public securities and foreign governments      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 2,882 2,926  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 35 69  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 239 215  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 2 2 2
Fixed maturities, including securities pledged, Fair Value 2,676 2,778  
Foreign corporate private securities      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 2,883 2,805  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 41 61  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 64 49  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 8 8 9
Fixed maturities, including securities pledged, Fair Value 2,852 2,809  
Residential mortgage-backed      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 4,338 4,489  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 41 54  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 207 200  
Embedded Derivatives 0 (1)  
Fixed maturities, allowance for credit losses 0 0  
Fixed maturities, including securities pledged, Fair Value 4,172 4,344  
Commercial mortgage-backed securities      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 2,882 3,071  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 4 6  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 402 401  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 0 0 17
Fixed maturities, including securities pledged, Fair Value 2,484 2,676  
Other asset-backed securities      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 2,845 2,914  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 19 27  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 37 31  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 12 7 $ 4
Fixed maturities, including securities pledged, Fair Value 2,815 2,903  
Fixed maturities      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Fixed maturities, including securities pledged, Amortized Cost 31,641 31,852  
Total fixed maturities, less securities pledged, Amortized Cost 30,307 30,464  
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains 303 483  
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains 303 483  
Fixed maturities, including securities pledged, Gross Unrealized Capital Losses 2,360 2,159  
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses 2,236 2,032  
Embedded Derivatives 0 1  
Fixed maturities, allowance for credit losses 33 26  
Fixed maturities, including securities pledged, Fair Value 29,551 30,151  
Total fixed maturities, less securities pledged, Fair Value 28,341 28,890  
Fixed maturities | Collateral Pledged      
Schedule of Available for Sale, including Securities Pledged [Line Items]      
Securities pledged, Amortized Cost 1,334 1,388  
Securities pledged, Gross Unrealized Capital Gains 0 0  
Securities pledged, Gross Unrealized Capital Losses 124 127  
Embedded Derivatives 0 0  
Fixed maturities, allowance for credit losses 0 0  
Debt Securities, Available-for-Sale, Restricted $ 1,210 $ 1,261  
v3.26.1
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Available-for-sale Securities, Including Securities Pledged [Line Items]    
One year or less, Amortized Cost $ 907  
After one year through five years, Amortized Cost 3,595  
After five years through ten years, Amortized Cost 3,824  
After ten years, Amortized Cost 13,250  
Fixed maturities, amortized cost 28,612 $ 28,724
One year or less, Fair Value 906  
After one year through five years, Fair Value 3,556  
After five years through ten years, Fair Value 3,769  
After ten years, Fair Value 11,849  
Mortgage-backed securities    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Without single maturity date, Amortized Cost 7,220  
Without single maturity date, Fair Value 6,656  
Other asset-backed securities    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Without single maturity date, Amortized Cost 2,845  
Fixed maturities, amortized cost 2,845 2,914
Without single maturity date, Fair Value 2,815  
Fixed maturities, fair value 2,815 2,903
Fixed maturities    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Fixed maturities, amortized cost 31,641 31,852
Fixed maturities, fair value $ 29,551 $ 30,151
v3.26.1
Investments (excluding Consolidated Investment Entities) - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Financing Receivable, Nonaccrual [Line Items]      
Single issuer in excess of total equity $ 0    
Intent impairments $ 4,000,000 $ 19,000,000  
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate 75.00%    
Loans on non-accrual status $ 58,000,000   $ 1,000,000
Nonaccrual, interest income $ 0    
Investment, Type [Extensible Enumeration] Fixed maturities   Fixed maturities
Private placement debt      
Financing Receivable, Nonaccrual [Line Items]      
Threshold period past due, nonaccrual 90 days    
Loans on non-accrual status $ 71,000,000   $ 71,000,000
Minimum      
Financing Receivable, Nonaccrual [Line Items]      
Fixed maturities average duration 6 years    
Maximum      
Financing Receivable, Nonaccrual [Line Items]      
Fixed maturities average duration 6 years 6 months    
v3.26.1
Investments (excluding Consolidated Investment Entities) - Repurchase Agreements and Securities Pledged (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Securities Financing Transaction [Line Items]    
Payables under securities loan and repurchase agreements, including collateral held $ 1,218 $ 1,273
Securities received as collateral 766 726
Total collateral held    
Securities Financing Transaction [Line Items]    
Payables under securities loan and repurchase agreements, including collateral held 799 762
U.S. Treasuries    
Securities Financing Transaction [Line Items]    
Payables under securities loan and repurchase agreements, including collateral held 57 52
U.S. corporate public securities    
Securities Financing Transaction [Line Items]    
Payables under securities loan and repurchase agreements, including collateral held 480 495
Short-term Investments    
Securities Financing Transaction [Line Items]    
Payables under securities loan and repurchase agreements, including collateral held 31 16
Foreign corporate public securities and foreign governments    
Securities Financing Transaction [Line Items]    
Payables under securities loan and repurchase agreements, including collateral held $ 231 $ 199
v3.26.1
Investments (excluding Consolidated Investment Entities) - Allowance for Credit Losses on Available-for-sale Fixed Maturity Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning Balance $ 26 $ 38
Credit losses on securities for which credit losses were not previously recorded 3 12
Reductions for securities sold during the period 0 (23)
Increase (decrease) on securities with allowance recorded in previous period 4 (1)
Ending Balance 33 26
U.S. corporate private securities    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning Balance 9 6
Credit losses on securities for which credit losses were not previously recorded 0 9
Reductions for securities sold during the period 0 (6)
Increase (decrease) on securities with allowance recorded in previous period 2 0
Ending Balance 11 9
Commercial mortgage-backed securities    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning Balance 0 17
Credit losses on securities for which credit losses were not previously recorded 0 0
Reductions for securities sold during the period 0 (17)
Increase (decrease) on securities with allowance recorded in previous period 0 0
Ending Balance 0 0
Foreign corporate public securities and foreign governments    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning Balance 2 2
Credit losses on securities for which credit losses were not previously recorded 0 0
Reductions for securities sold during the period 0 0
Increase (decrease) on securities with allowance recorded in previous period 0 0
Ending Balance 2 2
Foreign corporate private securities    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning Balance 8 9
Credit losses on securities for which credit losses were not previously recorded 0 0
Reductions for securities sold during the period 0 0
Increase (decrease) on securities with allowance recorded in previous period 0 (1)
Ending Balance 8 8
Other asset-backed securities    
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning Balance 7 4
Credit losses on securities for which credit losses were not previously recorded 3 3
Reductions for securities sold during the period 0 0
Increase (decrease) on securities with allowance recorded in previous period 2 0
Ending Balance $ 12 $ 7
v3.26.1
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Twelve months or less below amortized cost, Fair Value $ 5,597 $ 1,980
Twelve months or less below amortized cost, Unrealized Capital Loss 127 61
More than twelve months below amortized cost, Fair Value 12,297 13,438
More than twelve months below amortized cost, Unrealized Capital Loss 2,233 2,098
Total, Fair Value 17,894 15,418
Total Unrealized Capital Losses 2,360 2,159
U.S. Treasuries    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Twelve months or less below amortized cost, Fair Value 282 257
Twelve months or less below amortized cost, Unrealized Capital Loss 7 4
More than twelve months below amortized cost, Fair Value 287 291
More than twelve months below amortized cost, Unrealized Capital Loss 51 47
Total, Fair Value 569 548
Total Unrealized Capital Losses 58 51
State, municipalities and political subdivisions    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Twelve months or less below amortized cost, Fair Value 4 4
Twelve months or less below amortized cost, Unrealized Capital Loss 0 0
More than twelve months below amortized cost, Fair Value 450 493
More than twelve months below amortized cost, Unrealized Capital Loss 95 96
Total, Fair Value 454 497
Total Unrealized Capital Losses 95 96
U.S. corporate public securities    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Twelve months or less below amortized cost, Fair Value 1,445 568
Twelve months or less below amortized cost, Unrealized Capital Loss 68 42
More than twelve months below amortized cost, Fair Value 4,136 4,282
More than twelve months below amortized cost, Unrealized Capital Loss 951 871
Total, Fair Value 5,581 4,850
Total Unrealized Capital Losses 1,019 913
U.S. corporate private securities    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Twelve months or less below amortized cost, Fair Value 1,071 348
Twelve months or less below amortized cost, Unrealized Capital Loss 17 4
More than twelve months below amortized cost, Fair Value 2,100 2,334
More than twelve months below amortized cost, Unrealized Capital Loss 222 199
Total, Fair Value 3,171 2,682
Total Unrealized Capital Losses 239 203
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 665 163
Twelve months or less below amortized cost, Unrealized Capital Loss 12 4
More than twelve months below amortized cost, Fair Value 1,091 1,247
More than twelve months below amortized cost, Unrealized Capital Loss 227 211
Total, Fair Value 1,756 1,410
Total Unrealized Capital Losses 239 215
Foreign corporate private securities    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Twelve months or less below amortized cost, Fair Value 667 70
Twelve months or less below amortized cost, Unrealized Capital Loss 7 1
More than twelve months below amortized cost, Fair Value 960 1,118
More than twelve months below amortized cost, Unrealized Capital Loss 57 48
Total, Fair Value 1,627 1,188
Total Unrealized Capital Losses 64 49
Residential mortgage-backed    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Twelve months or less below amortized cost, Fair Value 595 244
Twelve months or less below amortized cost, Unrealized Capital Loss 7 2
More than twelve months below amortized cost, Fair Value 997 1,170
More than twelve months below amortized cost, Unrealized Capital Loss 200 198
Total, Fair Value 1,592 1,414
Total Unrealized Capital Losses 207 200
Commercial mortgage-backed securities    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Twelve months or less below amortized cost, Fair Value 96 75
Twelve months or less below amortized cost, Unrealized Capital Loss 0 1
More than twelve months below amortized cost, Fair Value 2,034 2,243
More than twelve months below amortized cost, Unrealized Capital Loss 402 400
Total, Fair Value 2,130 2,318
Total Unrealized Capital Losses 402 401
Other asset-backed securities    
Available-for-sale Securities, Including Securities Pledged [Line Items]    
Twelve months or less below amortized cost, Fair Value 772 251
Twelve months or less below amortized cost, Unrealized Capital Loss 9 3
More than twelve months below amortized cost, Fair Value 242 260
More than twelve months below amortized cost, Unrealized Capital Loss 28 28
Total, Fair Value 1,014 511
Total Unrealized Capital Losses $ 37 $ 31
v3.26.1
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Schedule of Loans by Loan to Value Ratio [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 210 $ 968
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 975 345
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 341 293
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 272 588
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 553 466
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 3,313 2,948
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 5,664 $ 5,608
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%
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 68 $ 387
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 394 180
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 200 90
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 73 249
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 249 227
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 2,935 2,783
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 3,919 $ 3,916
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%
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 114 $ 489
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 489 147
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 123 203
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 199 254
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 224 185
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 322 163
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 1,471 $ 1,441
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%
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 28 $ 92
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 72 18
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 18 0
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 0 85
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 77 37
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 37 0
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 232 $ 232
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%
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 20 0
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 3 17
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 17 0
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 40 $ 17
80% and above    
Schedule of Loans by Loan to Value Ratio [Line Items]    
Loan to value ratio, minimum 80.00% 80.00%
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 0 $ 0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 2 2
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 2 $ 2
v3.26.1
Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Schedule of Loans by Debt Service Coverage Ratio [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 210 $ 968
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 975 345
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 341 293
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 272 588
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 553 466
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 3,313 2,948
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 5,664 $ 5,608
>1.5x    
Schedule of Loans by Debt Service Coverage Ratio [Line Items]    
Debt Service Coverage Ratio, minimum 1.5 1.5
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 89 $ 736
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 730 161
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 167 168
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 164 337
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 347 313
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 2,471 2,207
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 3,968 $ 3,922
>1.25x - 1.5x    
Schedule of Loans by Debt Service Coverage Ratio [Line Items]    
Debt Service Coverage Ratio, minimum 1.25 1.25
Debt Service Coverage Ratio, maximum 1.5 1.5
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 93 $ 150
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 136 129
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 100 34
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 33 116
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 99 20
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 403 402
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 864 $ 851
>1.0x - 1.25x    
Schedule of Loans by Debt Service Coverage Ratio [Line Items]    
Debt Service Coverage Ratio, minimum 1.0 1.0
Debt Service Coverage Ratio, maximum 1.25 1.25
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 28 $ 67
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 68 49
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 46 89
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 73 48
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 28 48
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 295 245
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 538 $ 546
Less than 1.0x    
Schedule of Loans by Debt Service Coverage Ratio [Line Items]    
Debt Service Coverage Ratio, maximum 1.0 1.0
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 0 $ 15
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 41 6
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 28 2
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 2 87
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 79 85
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 144 94
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 294 $ 289
v3.26.1
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 210 $ 968
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 975 345
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 341 293
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 272 588
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 553 466
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 3,313 2,948
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 5,664 5,608
Pacific    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 34 244
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 244 60
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 64 33
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 32 151
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 139 102
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 840 764
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 1,353 1,354
South Atlantic    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 69 109
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 108 104
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 107 42
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 38 73
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 68 55
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 746 719
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 1,136 1,102
Middle Atlantic    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 58 238
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 238 49
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 49 16
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 16 55
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 55 97
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 679 598
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 1,095 1,053
West South Central    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 23 189
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 193 69
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 58 96
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 96 79
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 79 60
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 245 190
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 694 683
Mountain    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 2 75
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 76 20
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 20 38
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 38 108
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 107 89
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 293 217
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 536 547
East North Central    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 13 33
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 33 17
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 16 36
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 23 94
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 77 51
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 274 228
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 436 459
New England    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 2 36
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 37 7
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 7 3
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 0 1
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 1 2
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 61 60
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 108 109
West North Central    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 0 19
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 21 3
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 3 26
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 26 7
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 7 10
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 95 91
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 152 156
East South Central    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 9 25
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 25 16
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 17 3
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 3 20
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 20 0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 80 81
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 154 $ 145
v3.26.1
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year $ 210 $ 968
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 975 345
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 341 293
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 272 588
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 553 466
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 3,313 2,948
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 5,664 5,608
Retail    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 0 406
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 405 73
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 60 121
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 117 107
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 106 46
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 735 713
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 1,423 1,466
Industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 124 403
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 409 197
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 202 120
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 116 247
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 235 137
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 866 750
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 1,952 1,854
Apartments    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 33 145
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 146 59
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 63 7
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 7 178
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 156 166
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 905 779
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 1,310 1,334
Office    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 0 7
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 7 16
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 16 13
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 0 37
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 37 104
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 575 480
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 635 657
Hotel/Motel    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 53 4
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 5 0
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 0 32
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 32 9
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 9 0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 46 46
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 145 91
Other    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 0 3
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 3 0
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 0 10
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 10 0
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 135 141
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 148 154
Mixed Use    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year 0 0
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year 0 13
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year 51 39
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 51 $ 52
v3.26.1
Investments (excluding Consolidated Investment Entities) - Allowance for Losses for Commercial Mortgage Loans (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Allowance for Loan and Lease Losses [Roll Forward]    
Beginning Balance $ 31 $ 24
Credit losses on mortgage loans for which credit losses were not previously recorded 1 16
Increase (decrease) on mortgage loans with an allowance recorded in a previous period (2) 2
Provision for expected credit losses 30 42
Write-offs 0 (11)
Ending Balance $ 30 $ 31
v3.26.1
Investments (excluding Consolidated Investment Entities) - Past Due Commercial Mortgage Loans (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financing Receivable, Past Due [Line Items]    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 5,664 $ 5,608
Current    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 5,593 5,537
30-59 days past due    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 0 0
60-89 days past due    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss 0 0
Greater than 90 days past due    
Financing Receivable, Past Due [Line Items]    
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss $ 71 $ 71
v3.26.1
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net Investment Income [Line Items]    
Gross investment income $ 590 $ 582
Less: Investment expenses 21 22
Net investment income 569 560
Fixed maturities    
Net Investment Income [Line Items]    
Gross investment income 467 465
Equity securities    
Net Investment Income [Line Items]    
Gross investment income 2 3
Mortgage loans on real estate    
Net Investment Income [Line Items]    
Gross investment income 69 67
Policy loans    
Net Investment Income [Line Items]    
Gross investment income 5 5
Short-term investments and cash equivalents    
Net Investment Income [Line Items]    
Gross investment income 9 10
Limited partnerships and other    
Net Investment Income [Line Items]    
Gross investment income $ 38 $ 32
v3.26.1
Investments (excluding Consolidated Investment Entities) - Net Gains (Losses) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Realized Gain/(Losses) [Line Items]    
Net gains (losses) $ (45) $ (34)
Embedded derivatives within fixed maturities    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) (1) 4
Standalone derivative    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) 0 1
Managed custody guarantees    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) 0 (1)
Stabilizer    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) (2) 4
Derivatives    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) 17 (53)
Mortgage loans on real estate    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) 0 (6)
Other investments    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) 24 (5)
Fixed maturities, available-for-sale, including securities pledged    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) (16) 1
Fixed maturities, at fair value option    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) (64) 20
Equity securities, at fair value    
Realized Gain/(Losses) [Line Items]    
Net gains (losses) $ (3) $ 1
v3.26.1
Investments (excluding Consolidated Investment Entities) - Proceeds and Gross Gains/(Losses) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Proceeds on sales $ 1,253 $ 1,410
Gross gains 27 17
Gross losses $ 22 $ 35
v3.26.1
Derivative Financial Instruments - Effect on Other Comprehensive Income (Loss) (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest rate contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other Comprehensive Income (Loss), before Reclassifications, before Tax $ 0 $ 0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 0 0
Foreign exchange contracts    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Other Comprehensive Income (Loss), before Reclassifications, before Tax 11 (16)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax $ 2 $ 2
v3.26.1
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative [Line Items]    
Asset Fair Value $ 249 $ 253
Liability Fair Value 260 278
Interest rate contracts    
Derivative [Line Items]    
Hedged asset, fair value hedge 370 365
Hedged asset, fair value hedge, cumulative increase (decrease) 1 4
Hedged asset, discontinued fair value hedge, cumulative increase (decrease) 2 2
Interest rate contracts | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 15,123 14,815
Asset Fair Value 185 184
Liability Fair Value 244 258
Interest rate contracts | Fair Value Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 0 0
Asset Fair Value 0 0
Liability Fair Value 0 0
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 12 12
Asset Fair Value 0 0
Liability Fair Value 0 0
Foreign exchange contracts | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 211 197
Asset Fair Value 1 1
Liability Fair Value 3 2
Foreign exchange contracts | Fair Value Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 173 166
Asset Fair Value 2 0
Liability Fair Value 0 2
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 525 521
Asset Fair Value 14 9
Liability Fair Value 12 18
Equity contracts | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 206 248
Asset Fair Value 1 3
Liability Fair Value 3 2
Credit contracts | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Notional Amount 110 75
Asset Fair Value 0 0
Liability Fair Value 0 0
Fixed maturities | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Asset Fair Value 0 1
Liability Fair Value 0 0
Embedded derivatives within reinsurance | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Asset Fair Value 46 55
Liability Fair Value (9) (9)
Stabilizer | Not Designated as Hedging Instrument    
Derivative [Line Items]    
Asset Fair Value 0 0
Liability Fair Value $ 7 $ 5
v3.26.1
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Gross amount recognized, Assets $ 203 $ 197
Gross amount recognized, Liabilities 262 282
Counterparty netting, Assets (192) (189)
Counterparty netting, Liabilities (192) (189)
Cash collateral netting, Assets (7) (5)
Cash collateral netting, Liabilities (54) (79)
Securities collateral netting, Assets (2) 0
Securities collateral netting, Liabilities (12) (11)
Net receivables/payables, Assets 2 3
Net receivables/payables, Liabilities $ 4 $ 3
v3.26.1
Derivative Financial Instruments - Effect of Qualifying Hedge Accounting (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]    
Net investment income $ 569 $ 560
Net gains (losses) (45) (34)
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net 1 (37)
Interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net 22 (47)
Interest rate contracts | Cash Flow Hedging | Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 0 0
Foreign exchange contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net (2) 5
Foreign exchange contracts | Income Statement Location [Axis]: us-gaap:NetInvestmentIncome    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Fair Value Hedges Recognized in Earnings 0 0
Foreign exchange contracts | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Fair Value Hedges Recognized in Earnings (3) 4
Foreign exchange contracts | Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) from Components Excluded from Assessment of Fair Value Hedge Effectiveness, Net 1 0
Foreign exchange contracts | Designated as Hedging Instrument | Income Statement Location [Axis]: us-gaap:NetInvestmentIncome    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Fair Value Hedges Recognized in Earnings 0 0
Foreign exchange contracts | Designated as Hedging Instrument | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (Loss) on Fair Value Hedges Recognized in Earnings 4 (4)
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 2 2
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Income Statement Location [Axis]: us-gaap:NetInvestmentIncome    
Derivative Instruments, Gain (Loss) [Line Items]    
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax 2 2
Foreign exchange contracts | Cash Flow Hedging | Designated as Hedging Instrument | Income Statement Location [Axis]: us-gaap:RealizedInvestmentGainsLosses    
Derivative Instruments, Gain (Loss) [Line Items]    
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax $ 0 $ 0
v3.26.1
Derivative Financial Instruments - Effect of Non-Qualifying Hedge Accounting (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ 1 $ (37)
Interest rate contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net 22 (47)
Foreign exchange contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net (2) 5
Equity contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net (7) (7)
Fixed maturities    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net (1) 4
Embedded derivatives within reinsurance    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net (9) 5
Embedded derivatives within reinsurance | Level 3 | Measured at fair value on a recurring basis    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) from standalone derivatives recognized in Net gains (losses) 0 1
Managed custody guarantees    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net 0 (1)
Stabilizer    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net (2) $ 4
Stabilizer | Level 3 | Measured at fair value on a recurring basis    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (losses) from standalone derivatives recognized in Net gains (losses) $ (2)  
v3.26.1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value [Line Items]    
Securities pledged as collateral $ 215 $ 204
Securities Held as Collateral, at Fair Value 3 0
Over the counter    
Derivatives, Fair Value [Line Items]    
Securities held as collateral 3 3
Cleared derivative contract    
Derivatives, Fair Value [Line Items]    
Securities held as collateral $ 54 $ 77
v3.26.1
Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets held in separate accounts $ 108,467 $ 113,007
Total assets 173,433 178,859
Derivatives 262 282
Total liabilities 166,727 171,820
Fixed maturities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 29,551 30,151
U.S. Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 628 614
U.S. Government agencies and authorities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 31 31
State, municipalities and political subdivisions    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 464 510
U.S. corporate public securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 7,925 7,864
U.S. corporate private securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 5,504 5,622
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 2,676 2,778
Foreign corporate private securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 2,852 2,809
Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 4,172 4,344
Commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 2,484 2,676
Other asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 2,815 2,903
Measured at fair value on a recurring basis    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,191 2,357
Assets held in separate accounts 108,467 113,007
Total assets 140,651 145,968
Contingent consideration 22 147
Total liabilities 282 425
Measured at fair value on a recurring basis | Stabilizer and MCGs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 7 5
Measured at fair value on a recurring basis | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 185 184
Derivatives 244 258
Measured at fair value on a recurring basis | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 17 10
Derivatives 15 22
Measured at fair value on a recurring basis | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 1 3
Derivatives 3 2
Measured at fair value on a recurring basis | Embedded derivatives within reinsurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 46 55
Embedded derivatives within reinsurance (9) (9)
Measured at fair value on a recurring basis | Fixed maturities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 29,551 30,151
Measured at fair value on a recurring basis | U.S. Treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 628 614
Measured at fair value on a 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 31 31
Measured at fair value on a 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 464 510
Measured at fair value on a 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 7,925 7,864
Measured at fair value on a recurring basis | U.S. corporate private securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 5,504 5,622
Measured at fair value on a 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 2,676 2,778
Measured at fair value on a recurring basis | Foreign corporate private securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 2,852 2,809
Measured at fair value on a recurring basis | Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 4,172 4,344
Measured at fair value on a recurring basis | Commercial mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 2,484 2,676
Measured at fair value on a recurring basis | Other asset-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 2,815 2,903
Measured at fair value on a recurring basis | Equity securities, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 193 201
Measured at fair value on a recurring basis | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,183 2,352
Assets held in separate accounts 102,819 107,191
Total assets 105,615 110,138
Contingent consideration 0 0
Total liabilities 5 0
Measured at fair value on a recurring basis | Level 1 | Stabilizer and MCGs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 0 0
Measured at fair value on a recurring basis | Level 1 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 0 2
Derivatives 5 0
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a recurring basis | Level 1 | Embedded derivatives within reinsurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 0 0
Embedded derivatives within reinsurance 0 0
Measured at fair value on a recurring basis | Level 1 | Fixed maturities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 503 486
Measured at fair value on a 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 503 486
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a recurring basis | Level 1 | Equity securities, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 110 107
Measured at fair value on a recurring basis | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 8 5
Assets held in separate accounts 5,222 5,428
Total assets 30,952 32,109
Contingent consideration 0 0
Total liabilities 248 273
Measured at fair value on a recurring basis | Level 2 | Stabilizer and MCGs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 0 0
Measured at fair value on a recurring basis | Level 2 | Interest rate contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 185 182
Derivatives 239 258
Measured at fair value on a recurring basis | Level 2 | Foreign exchange contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 17 10
Derivatives 15 22
Measured at fair value on a recurring basis | Level 2 | Equity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 1 3
Derivatives 3 2
Measured at fair value on a recurring basis | Level 2 | Embedded derivatives within reinsurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 46 55
Embedded derivatives within reinsurance (9) (9)
Measured at fair value on a recurring basis | Level 2 | Fixed maturities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 25,473 26,426
Measured at fair value on a 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 125 128
Measured at fair value on a 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 31 31
Measured at fair value on a 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 464 510
Measured at fair value on a 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 7,848 7,786
Measured at fair value on a 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 3,198 3,522
Measured at fair value on a 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 2,617 2,718
Measured at fair value on a 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 2,112 2,178
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 4,097 4,273
Measured at fair value on a 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 2,484 2,676
Measured at fair value on a 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 2,497 2,604
Measured at fair value on a recurring basis | Level 2 | Equity securities, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities 0 0
Measured at fair value on a recurring basis | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 0 0
Assets held in separate accounts 426 388
Total assets 4,084 3,721
Contingent consideration 22 147
Total liabilities 29 152
Measured at fair value on a recurring basis | Level 3 | Stabilizer and MCGs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 7 5
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a 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
Measured at fair value on a recurring basis | Level 3 | Embedded derivatives within reinsurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 0 0
Embedded derivatives within reinsurance 0 0
Measured at fair value on a recurring basis | Level 3 | Fixed maturities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 3,575 3,239
Measured at fair value on a 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
Measured at fair value on a recurring basis | Level 3 | U.S. Government agencies and authorities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 0 0
Measured at fair value on a 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
Measured at fair value on a 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 77 78
Measured at fair value on a 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 2,306 2,100
Measured at fair value on a 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 59 60
Measured at fair value on a 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 740 631
Measured at fair value on a 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 75 71
Measured at fair value on a 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
Measured at fair value on a 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 318 299
Measured at fair value on a recurring basis | Level 3 | Equity securities, at fair value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity securities $ 83 $ 94
v3.26.1
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) - Level 3 - Measured at fair value on a recurring basis - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Managed custody guarantees    
Derivatives Rollforward:    
Fair Value, Derivatives, beginning balance $ (5)  
Gains (losses) from standalone derivatives recognized in Net gains (losses) (2)  
Total Realized/Unrealized Gains (Losses) Included in OCI 0  
Purchases 0  
Issuances 0  
Sales 0  
Settlements 0  
Transfers in to Level 3 0  
Transfers out of Level 3 0  
Change In Unrealized Gains (Losses) Included in Earnings 0  
Change In Unrealized Gains (Losses) Included in OCI 0  
Embedded derivatives within reinsurance    
Derivatives Rollforward:    
Fair Value, Derivatives, beginning balance   $ (53)
Gains (losses) from standalone derivatives recognized in Net gains (losses) 0 1
Total Realized/Unrealized Gains (Losses) Included in OCI   0
Purchases   0
Issuances   0
Sales   0
Settlements   0
Transfers in to Level 3   0
Transfers out of Level 3   0
Fair Value, Derivatives, ending balance   (52)
Change In Unrealized Gains (Losses) Included in Earnings   0
Change In Unrealized Gains (Losses) Included in OCI   0
Short-term investments and cash equivalents    
Derivatives Rollforward:    
Fair Value, Derivatives, beginning balance   23
Gains (losses) from standalone derivatives recognized in Net gains (losses)   0
Total Realized/Unrealized Gains (Losses) Included in OCI   1
Purchases   0
Issuances   0
Sales   0
Settlements   0
Transfers in to Level 3   0
Transfers out of Level 3   0
Fair Value, Derivatives, ending balance   24
Change In Unrealized Gains (Losses) Included in Earnings   0
Change In Unrealized Gains (Losses) Included in OCI   1
Fixed maturities    
Assets Rollforward:    
Fair Value, Assets, beginning balance 3,239 2,127
Total Realized/Unrealized Gains (Losses) Included in Net income (6) (24)
Total Realized/Unrealized Gains (Losses) Included in OCI (34) 49
Purchases 496 375
Issuances 0 0
Sales (43) (18)
Settlements (123) (30)
Transfers in to Level 3 120 0
Transfers out of Level 3 (74) (16)
Fair Value, Assets, ending balance 3,575 2,463
Change In Unrealized Gains (Losses) Included in Earnings (2) (22)
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI (35) 47
U.S. corporate public securities    
Assets Rollforward:    
Fair Value, Assets, beginning balance 78 59
Total Realized/Unrealized Gains (Losses) Included in Net income 0 (1)
Total Realized/Unrealized Gains (Losses) Included in OCI (1) 2
Purchases 0 1
Issuances 0 0
Sales 0 (11)
Settlements 0 0
Transfers in to Level 3 0 0
Transfers out of Level 3 0 (2)
Fair Value, Assets, ending balance 77 48
Change In Unrealized Gains (Losses) Included in Earnings 0 0
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI (1) 0
U.S. corporate private securities    
Assets Rollforward:    
Fair Value, Assets, beginning balance 2,100 1,497
Total Realized/Unrealized Gains (Losses) Included in Net income (3) (1)
Total Realized/Unrealized Gains (Losses) Included in OCI (27) 19
Purchases 283 194
Issuances 0 0
Sales (41) (7)
Settlements (101) (25)
Transfers in to Level 3 120 0
Transfers out of Level 3 (25) 0
Fair Value, Assets, ending balance 2,306 1,677
Change In Unrealized Gains (Losses) Included in Earnings 0 0
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI (27) 19
Foreign corporate public securities and foreign governments    
Assets Rollforward:    
Fair Value, Assets, beginning balance 60 60
Total Realized/Unrealized Gains (Losses) Included in Net income 0 0
Total Realized/Unrealized Gains (Losses) Included in OCI (1) (1)
Purchases 0 0
Issuances 0 0
Sales 0 0
Settlements 0 0
Transfers in to Level 3 0 0
Transfers out of Level 3 0 0
Fair Value, Assets, ending balance 59 59
Change In Unrealized Gains (Losses) Included in Earnings 0 0
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI (1) (1)
Foreign corporate private securities    
Assets Rollforward:    
Fair Value, Assets, beginning balance 631 421
Total Realized/Unrealized Gains (Losses) Included in Net income (1) (19)
Total Realized/Unrealized Gains (Losses) Included in OCI (6) 29
Purchases 124 161
Issuances 0 0
Sales 0 0
Settlements (8) (2)
Transfers in to Level 3 0 0
Transfers out of Level 3 0 0
Fair Value, Assets, ending balance 740 590
Change In Unrealized Gains (Losses) Included in Earnings 0 (19)
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI (7) 29
Residential mortgage-backed securities    
Assets Rollforward:    
Fair Value, Assets, beginning balance 71 67
Total Realized/Unrealized Gains (Losses) Included in Net income (2) (3)
Total Realized/Unrealized Gains (Losses) Included in OCI 0 0
Purchases 11 16
Issuances 0 0
Sales 0 0
Settlements 0 0
Transfers in to Level 3 0 0
Transfers out of Level 3 (5) (10)
Fair Value, Assets, ending balance 75 70
Change In Unrealized Gains (Losses) Included in Earnings (2) (3)
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI 0 0
Other asset-backed securities    
Assets Rollforward:    
Fair Value, Assets, beginning balance 299 23
Total Realized/Unrealized Gains (Losses) Included in Net income 0 0
Total Realized/Unrealized Gains (Losses) Included in OCI 1 0
Purchases 78 3
Issuances 0 0
Sales (2) 0
Settlements (14) (3)
Transfers in to Level 3 0 0
Transfers out of Level 3 (44) (4)
Fair Value, Assets, ending balance 318 19
Change In Unrealized Gains (Losses) Included in Earnings 0 0
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI 1 0
Equity securities, at fair value    
Assets Rollforward:    
Fair Value, Assets, beginning balance 94 98
Total Realized/Unrealized Gains (Losses) Included in Net income 0 3
Total Realized/Unrealized Gains (Losses) Included in OCI 0 0
Purchases 0 9
Issuances 0 0
Sales (11) 0
Settlements 0 0
Transfers in to Level 3 0 0
Transfers out of Level 3 0 0
Fair Value, Assets, ending balance 83 110
Change In Unrealized Gains (Losses) Included in Earnings 0 3
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI 0 0
Contingent Consideration    
Liabilities Rollforward:    
Fair Value, Liabilities, Ending Balance (147) (2)
Total Realized/Unrealized Gains (Losses) Included in Net income (4) (2)
Total Realized/Unrealized Gains (Losses) Included in OCI 0 0
Purchases 0 0
Issuances 0 (149)
Sales 0 0

Settlements 129 1
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair Value, Liabilities, Ending Balance (22) (152)
Change In Unrealized Gains (Losses) Included in Earnings 0 0
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI 0 0
Managed custody guarantees    
Liabilities Rollforward:    
Fair Value, Liabilities, Ending Balance   (19)
Total Realized/Unrealized Gains (Losses) Included in Net income   3
Total Realized/Unrealized Gains (Losses) Included in OCI   0
Purchases   0
Issuances   0
Sales   0

Settlements   0
Transfers into Level 3   0
Transfers out of Level 3   0
Fair Value, Liabilities, Ending Balance (7) (16)
Change In Unrealized Gains (Losses) Included in Earnings   0
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI   0
Assets held in separate accounts    
Assets Rollforward:    
Fair Value, Assets, beginning balance 388 340
Total Realized/Unrealized Gains (Losses) Included in Net income (4) 4
Total Realized/Unrealized Gains (Losses) Included in OCI 0 0
Purchases 38 8
Issuances 0 0
Sales (7) (14)
Settlements 0 0
Transfers in to Level 3 12 0
Transfers out of Level 3 (1) 0
Fair Value, Assets, ending balance 426 338
Change In Unrealized Gains (Losses) Included in Earnings 0 0
Derivatives Rollforward:    
Change In Unrealized Gains (Losses) Included in OCI $ 0 $ 0
v3.26.1
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets held in separate accounts $ 108,467 $ 113,007
Derivatives 262 282
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 29,551 30,151
Equity securities 193 201
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,191 2,357
Derivatives 203 197
Other investments 90 86
Assets held in separate accounts 108,467 113,007
Short-term debt 587 586
Long-term debt 1,913 1,518
Carrying Value | Embedded derivatives within reinsurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 46 55
Derivatives (9) (9)
Carrying Value | Stabilizer and MCGs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 7 5
Carrying Value | Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 262 282
Carrying Value | Funding agreements without fixed maturities and deferred annuities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 33,570 33,793
Carrying Value | Funding agreements with fixed maturities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 2,256 2,101
Carrying Value | Supplementary contracts and immediate annuities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 501 504
Carrying Value | Mortgage loans on real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate loans 5,664 5,608
Carrying Value | Policy loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate loans 316 323
Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fixed maturities, including securities pledged 29,551 30,151
Equity securities 193 201
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,191 2,357
Derivatives 203 197
Other investments 90 86
Assets held in separate accounts 108,467 113,007
Short-term debt 587 588
Long-term debt 1,826 1,489
Estimate of Fair Value Measurement | Embedded derivatives within reinsurance    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 46 55
Derivatives (9) (9)
Estimate of Fair Value Measurement | Stabilizer and MCGs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 7 5
Estimate of Fair Value Measurement | Derivatives    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivatives 262 282
Estimate of Fair Value Measurement | Funding agreements without fixed maturities and deferred annuities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 36,578 37,154
Estimate of Fair Value Measurement | Funding agreements with fixed maturities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 2,276 2,120
Estimate of Fair Value Measurement | Supplementary contracts and immediate annuities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Guaranteed benefit derivatives 483 481
Estimate of Fair Value Measurement | Mortgage loans on real estate    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate loans 5,524 5,522
Estimate of Fair Value Measurement | Policy loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Corporate loans $ 316 $ 323
v3.26.1
Deferred Policy Acquisition Costs and Value of Business Acquired - DAC and VOBA Activity (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
VOBA    
Beginning balance $ 710 $ 376
Net amortization included in Condensed Consolidated Statements of Operations (14) (60)
Ending balance 697 710
OneAmerica    
VOBA    
Deferrals of commissions and expenses   390
Deferrals    
VOBA    
Deferrals of commissions and expenses 1 4
Retirement Deferred Group and Individual Annuity    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning balance 706 701
Deferrals of commissions and expenses 16 59
Net amortization included in the Consolidated Statements of Operations (14) (54)
Ending balance 708 706
Retirement Deferred Group and Individual Annuity | OneAmerica    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferrals of commissions and expenses   0
Retirement Deferred Group and Individual Annuity | OneAmerica    
VOBA    
Deferrals of commissions and expenses 0 3,458
Health Solutions    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning balance 221 215
Deferrals of commissions and expenses 10 46
Net amortization included in the Consolidated Statements of Operations (14) (40)
Ending balance 217 221
Businesses Exited    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Beginning balance 744 838
Deferrals of commissions and expenses 0 0
Net amortization included in the Consolidated Statements of Operations (22) (94)
Ending balance 722 744
Businesses Exited | OneAmerica    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferrals of commissions and expenses   0
Businesses Exited | OneAmerica    
VOBA    
Deferrals of commissions and expenses $ 0 0
Health Solutions Segment | OneAmerica    
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]    
Deferrals of commissions and expenses   $ 0
v3.26.1
Deferred Policy Acquisition Costs and Value of Business Acquired - Reconciliation of DAC and VOBA (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Deferred Acquisition Cost and Value of Business Acquired [Line Items]      
VOBA $ 697 $ 710 $ 376
Deferred policy acquisition costs ("DAC") and Value of business acquired ("VOBA") 2,364 2,401  
Retirement Deferred Group and Individual Annuity      
Deferred Acquisition Cost and Value of Business Acquired [Line Items]      
DAC 708 706 701
Health Solutions      
Deferred Acquisition Cost and Value of Business Acquired [Line Items]      
DAC 217 221 215
Businesses Exited      
Deferred Acquisition Cost and Value of Business Acquired [Line Items]      
DAC 722 744 $ 838
Other      
Deferred Acquisition Cost and Value of Business Acquired [Line Items]      
DAC $ 20 $ 20  
v3.26.1
Reserves for Future Policy Benefits and Contract Owner Account Balances - Liability for Future Policy Benefits (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
yr
Dec. 31, 2025
USD ($)
yr
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Present Value of Expected Future Policy Benefits:        
Net liability for future policy benefits $ 8,790 $ 8,982    
Liability for Claims and Claims Adjustment Expense $ 405 $ 458 $ 476 $ 595
Current discount rate 4.20% 4.30%    
Employee Benefits Group        
Present Value of Expected Net Premiums:        
Balance at beginning of period $ 4 $ 4    
Beginning balance at original discount rate 4 4    
Effect of change in cash flow assumptions 0 0    
Effect of actual variances from expected experience 0 0    
Adjusted balance at January 1 4 4    
Interest accrual 0 0    
Net premiums collected 0 0    
Ending balance at original discount rate 4 4    
Effects of changes in discount rate assumptions 0 0    
Balance at end of period 4 4    
Present Value of Expected Future Policy Benefits:        
Balance at beginning of period 792 772    
Beginning balance at original discount rate 802 801    
Effect of change in cash flow assumptions 0 (5)    
Effect of actual variances from expected experience (15) (30)    
Adjusted balance at January 1 787 766    
Issuances 38 102    
Interest accrual 6 17    
Benefit payments (31) (83)    
Ending balance at original discount rate 800 802    
Effects of changes in discount rate assumptions (19) (10)    
Balance at end of period 781 792    
Net liability for future policy benefits 777 788    
Less: Reinsurance recoverable 357 353    
Net additional liability, after reinsurance recoverable 420 435    
Expected future benefit payments, Undiscounted 1,003 1,005    
Expected future gross premiums, Undiscounted 10 11    
Expected future benefit payments, Discounted 800 802   801
Expected future gross premiums, Discounted $ 8 $ 8    
Weighted average duration (in years) | yr 7 7    
Interest accretion rate 4.30% 4.20%    
Current discount rate 5.20% 5.00%    
Employee Benefits Voluntary        
Present Value of Expected Net Premiums:        
Balance at beginning of period $ 166 $ 171    
Beginning balance at original discount rate 169 180    
Effect of change in cash flow assumptions 0 (11)    
Effect of actual variances from expected experience 9 20    
Adjusted balance at January 1 178 189    
Interest accrual 2 6    
Net premiums collected (9) (26)    
Ending balance at original discount rate 171 169    
Effects of changes in discount rate assumptions (5) (3)    
Balance at end of period 166 166    
Present Value of Expected Future Policy Benefits:        
Balance at beginning of period 498 461    
Beginning balance at original discount rate 517 487    
Effect of change in cash flow assumptions 0 (12)    
Effect of actual variances from expected experience 9 60    
Adjusted balance at January 1 526 535    
Issuances 0 0    
Interest accrual 5 14    
Benefit payments (10) (32)    
Ending balance at original discount rate 521 517    
Effects of changes in discount rate assumptions (26) (19)    
Balance at end of period 495 498    
Net liability for future policy benefits 329 332    
Less: Reinsurance recoverable 17 16    
Net additional liability, after reinsurance recoverable 312 316    
Expected future benefit payments, Undiscounted 915 910    
Expected future gross premiums, Undiscounted 584 566    
Expected future benefit payments, Discounted 521 517   487
Expected future gross premiums, Discounted $ 412 $ 398    
Weighted average duration (in years) | yr 14,000,000 14,000,000    
Interest accretion rate 5.00% 5.10%    
Current discount rate 5.90% 5.70%    
Businesses Exited        
Present Value of Expected Net Premiums:        
Balance at beginning of period $ 2,557 $ 2,872    
Beginning balance at original discount rate 2,479 2,842    
Effect of change in cash flow assumptions 0 (194)    
Effect of actual variances from expected experience 12 (17)    
Adjusted balance at January 1 2,491 2,631    
Interest accrual 34 148    
Net premiums collected (71) (300)    
Ending balance at original discount rate 2,454 2,479    
Effects of changes in discount rate assumptions 37 78    
Balance at end of period 2,491 2,557    
Present Value of Expected Future Policy Benefits:        
Balance at beginning of period 6,527 7,017    
Beginning balance at original discount rate 6,494 7,138    
Effect of change in cash flow assumptions 0 (244)    
Effect of actual variances from expected experience 16 (57)    
Adjusted balance at January 1 6,510 6,837    
Issuances 2 13    
Interest accrual 83 351    
Benefit payments (174) (707)    
Ending balance at original discount rate 6,421 6,494    
Effects of changes in discount rate assumptions (63) 33    
Balance at end of period 6,358 6,527    
Net liability for future policy benefits 3,867 3,970    
Less: Reinsurance recoverable 3,781 3,883    
Net additional liability, after reinsurance recoverable 86 87    
Expected future benefit payments, Discounted $ 6,421 $ 6,494   7,138
Weighted average duration (in years) | yr 7,000,000 8,000,000    
Interest accretion rate 5.10% 5.00%    
Current discount rate 5.50% 5.30%    
Businesses Exited - Additional liability        
Present Value of Expected Future Policy Benefits:        
Balance at beginning of period $ 1,880 $ 1,883    
Effect of change in cash flow assumptions   0   59
Effect of actual variances from expected experience   5   (11)
Adjusted balance at January 1   1,885   $ 1,931
Interest accrual 19 80    
Benefit payments (105) (406)    
Assessments 66 275    
Balance at end of period   1,880    
Net liability for future policy benefits 1,865 1,880    
Less: Reinsurance recoverable 1,813 1,827    
Net additional liability, after reinsurance recoverable 52 53    
Businesses Exited - Other        
Present Value of Expected Future Policy Benefits:        
Net liability for future policy benefits 1,228 1,236    
Other        
Present Value of Expected Future Policy Benefits:        
Net liability for future policy benefits $ 319 $ 318    
v3.26.1
Reserves for Future Policy Benefits and Contract Owner Account Balances - Contract Owner Account Balances (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Policyholder Account Balance [Roll Forward]      
Beginning Balance $ 40,374    
Interest credited 255 $ 256  
Ending Balance 40,238   $ 40,374
Net transfers (from) to separate accounts (139)   (884)
Retirement Deferred Group and Individual Annuity      
Policyholder Account Balance [Roll Forward]      
Beginning Balance 32,209 29,624 29,624
Deposits 758   3,034
Fee income (19)   (63)
Surrenders, withdrawals and benefits (1,372)   (5,446)
Net transfers (from) to the general account 233   690
Interest credited 221   912
Ending Balance $ 32,030   $ 32,209
Weighted-average crediting rate 2.80%   2.80%
Net amount at risk $ 61   $ 61
Cash surrender value 31,604   31,778
Net transfers (from) to separate accounts (372)   (1,574)
Retirement Deferred Group and Individual Annuity | OneAmerica      
Policyholder Account Balance [Roll Forward]      
Deferrals of commissions and expenses 0   3,458
Businesses Exited      
Policyholder Account Balance [Roll Forward]      
Beginning Balance 3,844 $ 4,182 4,182
Deposits 67   266
Fee income (86)   (362)
Surrenders, withdrawals and benefits (101)   (410)
Net transfers (from) to the general account 3   10
Interest credited 36   158
Ending Balance $ 3,763   $ 3,844
Weighted-average crediting rate 3.70%   4.00%
Net amount at risk $ 634   $ 629
Cash surrender value 1,052   1,083
Businesses Exited | OneAmerica      
Policyholder Account Balance [Roll Forward]      
Deferrals of commissions and expenses 0   0
Non-puttable funding agreement      
Policyholder Account Balance [Roll Forward]      
Beginning Balance 2,101    
Ending Balance 2,256   2,101
Business Exited Excluded      
Policyholder Account Balance [Roll Forward]      
Beginning Balance 1,048    
Ending Balance 1,036   1,048
Other      
Policyholder Account Balance [Roll Forward]      
Beginning Balance 1,172    
Ending Balance $ 1,153   $ 1,172
v3.26.1
Reserves for Future Policy Benefits and Contract Owner Account Balances - GMIR (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 40,238 $ 40,374
Up to 1.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 14,647 $ 14,565
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.00% 1.00%
1.01% - 2.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 551 $ 567
1.01% - 2.00% | Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, Guaranteed Minimum Credit Rating 1.01% 1.01%
1.01% - 2.00% | Maximum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.00% 2.00%
2.01% - 3.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 10,127 $ 10,264
2.01% - 3.00% | Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, Guaranteed Minimum Credit Rating 2.01% 2.01%
2.01% - 3.00% | Maximum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, Guaranteed Minimum Credit Rating 3.00% 3.00%
3.01% - 4.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 8,729 $ 8,885
3.01% - 4.00% | Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, Guaranteed Minimum Credit Rating 3.01% 3.01%
3.01% - 4.00% | Maximum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.00% 4.00%
4.01% and Above    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 1,412 $ 1,442
Policyholder Account Balance, Guaranteed Minimum Credit Rating 4.01% 4.01%
Renewable beyond 12 months (MYGA)    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 337 $ 343
Total discretionary rate setting products    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 35,803 36,066
At GMIR    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 20,490 20,803
At GMIR | Up to 1.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 123 105
At GMIR | 1.01% - 2.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 381 394
At GMIR | 2.01% - 3.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 9,731 9,860
At GMIR | 3.01% - 4.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 8,581 8,736
At GMIR | 4.01% and Above    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 1,339 1,367
At GMIR | Renewable beyond 12 months (MYGA)    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 335 341
Up to .50% Above GMIR    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 4,616 $ 4,570
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 0.0050 0.0050
Up to .50% Above GMIR | Up to 1.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 4,051 $ 4,004
Up to .50% Above GMIR | 1.01% - 2.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 90 94
Up to .50% Above GMIR | 2.01% - 3.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 256 249
Up to .50% Above GMIR | 3.01% - 4.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 146 148
Up to .50% Above GMIR | 4.01% and Above    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 73 75
Up to .50% Above GMIR | Renewable beyond 12 months (MYGA)    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
0.51% - 1.00% Above GMIR    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 4,025 $ 4,046
0.51% - 1.00% Above GMIR | Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 0.0051 0.0051
0.51% - 1.00% Above GMIR | Maximum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 0.0100 0.0100
0.51% - 1.00% Above GMIR | Up to 1.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 3,898 $ 3,917
0.51% - 1.00% Above GMIR | 1.01% - 2.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 63 63
0.51% - 1.00% Above GMIR | 2.01% - 3.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 64 66
0.51% - 1.00% Above GMIR | 3.01% - 4.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
0.51% - 1.00% Above GMIR | 4.01% and Above    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
0.51% - 1.00% Above GMIR | Renewable beyond 12 months (MYGA)    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
1.01% - 1.50% Above GMIR    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 2,017 $ 2,127
1.01% - 1.50% Above GMIR | Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 0.0101 0.0101
1.01% - 1.50% Above GMIR | Maximum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 0.0150 0.0150
1.01% - 1.50% Above GMIR | Up to 1.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 1,935 $ 2,035
1.01% - 1.50% Above GMIR | 1.01% - 2.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 10 8
1.01% - 1.50% Above GMIR | 2.01% - 3.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 70 83
1.01% - 1.50% Above GMIR | 3.01% - 4.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 2 1
1.01% - 1.50% Above GMIR | 4.01% and Above    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
1.01% - 1.50% Above GMIR | Renewable beyond 12 months (MYGA)    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
1.51% - 2.00% Above GMIR    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 1,924 $ 2,167
1.51% - 2.00% Above GMIR | Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 0.0151 0.0151
1.51% - 2.00% Above GMIR | Maximum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 0.0200 0.0200
1.51% - 2.00% Above GMIR | Up to 1.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 1,919 $ 2,162
1.51% - 2.00% Above GMIR | 1.01% - 2.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 3 3
1.51% - 2.00% Above GMIR | 2.01% - 3.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
1.51% - 2.00% Above GMIR | 3.01% - 4.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance   0
1.51% - 2.00% Above GMIR | 4.01% and Above    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
1.51% - 2.00% Above GMIR | Renewable beyond 12 months (MYGA)    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 2 2
More than 2.00% Above GMIR    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 2,731 $ 2,353
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate 0.0200 0.0200
More than 2.00% Above GMIR | Up to 1.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 2,721 $ 2,342
More than 2.00% Above GMIR | 1.01% - 2.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 4 5
More than 2.00% Above GMIR | 2.01% - 3.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 6 6
More than 2.00% Above GMIR | 3.01% - 4.00%    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
More than 2.00% Above GMIR | 4.01% and Above    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 0 0
More than 2.00% Above GMIR | Renewable beyond 12 months (MYGA)    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 0 $ 0
v3.26.1
Reserves for Future Policy Benefits and Contract Owner Account Balances - Rollforward of the Liability for Unpaid Claims and Claim Adjustment Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Balance at January 1 $ 458 $ 595
Less: Reinsurance recoverable (2) (5)
Net balance at January 1 456 590
Current year 262 273
Prior years 39 12
Total incurred 301 285
Current year (23) (25)
Prior years (333) (383)
Total paid (356) (408)
Net balance at end of period 401 467
Plus: Reinsurance recoverable (4) (9)
Balance as of March 31, 2026 $ 405 $ 476
v3.26.1
Reinsurance - Assets and Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets    
Premiums receivable, direct $ 206 $ 189
Premiums Receivable, assumed 14 12
Premiums receivable, ceded (259) (241)
Premiums receivable, net of reinsurance (39) (40)
Reinsurance recoverable, net of allowance for credit losses, ceded 10,648 10,753
Reinsurance recoverable, net of allowance for credit losses, net 10,648 10,753
Total assets, direct 206 189
Total assets, assumed 14 12
Total assets, ceded 10,389 10,512
Premiums Receivable And Reinsurance Recoverables, Including Reinsurance Premium Paid 10,609 10,713
Liabilities    
Future policy benefits and contract owner account balances, direct 45,138 45,302
Future policy benefits and contract owner account balances, assumed 3,890 4,054
Future policy benefits and contract owner account balances, net 49,028 49,356
Total liabilities, direct 45,138 45,302
Total liabilities, assumed 3,890 4,054
Total liabilities, net 49,028 49,356
Effects of Reinsurance [Line Items]    
Future policy benefits and contract owner account balances, assumed $ 3,890 $ 4,054
v3.26.1
Reinsurance - Effect of Reinusance (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Premiums:    
Direct premiums $ 957 $ 958
Reinsurance assumed 11 8
Reinsurance ceded 224 229
Premiums Earned, Net, Total 744 737
Fee income:    
Gross fee income 680 645
Reinsurance assumed 24 26
Reinsurance ceded 100 101
Net fee income 604 570
Interest credited and other benefits to contract owners / policyholders:    
Direct interest credited and other benefits to contract owners / policyholders 1,204 1,154
Reinsurance assumed 25 25
Reinsurance ceded 410 344
Net interest credited and other benefits to contract owners / policyholders $ 819 $ 835
v3.26.1
Reinsurance - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Insurance [Abstract]    
Deposit asset $ 900 $ 900
Funds withheld, funds held under reinsurance agreements, liability, direct 110 108
Funds held under reinsurance agreements, liability, assumed $ 900 $ 900
v3.26.1
Separate Accounts - Separate Account Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Separate Account, Liability [Roll Forward]    
Balance at January 1 $ 113,007  
Net transfers (from) to separate accounts (139) $ (884)
Balance at end of period 108,467 113,007
Retirement Deferred Group and Individual Annuity    
Separate Account, Liability [Roll Forward]    
Balance at January 1 108,304 97,657
Premiums and deposits 3,144 11,721
Fee income (140) (545)
Surrenders, withdrawals and benefits (4,139) (13,784)
Net transfers (from) to separate accounts (372) (1,574)
Investment performance (2,738) 14,829
Balance at end of period 104,059 108,304
Other    
Separate Account, Liability [Roll Forward]    
Balance at January 1 4,703  
Balance at end of period 4,408 4,703
Wealth Solutions Stabilizer | Retirement Deferred Group and Individual Annuity    
Separate Account, Liability [Roll Forward]    
Balance at January 1 7,159 6,901
Premiums and deposits 233 963
Fee income (8) (31)
Surrenders, withdrawals and benefits 328 1,205
Net transfers (from) to separate accounts 0 0
Investment performance 11 531
Balance at end of period 7,067 7,159
Deferred Variable Annuity | Retirement Deferred Group and Individual Annuity    
Separate Account, Liability [Roll Forward]    
Balance at January 1 101,145 90,756
Premiums and deposits 2,911 10,758
Fee income (132) (514)
Surrenders, withdrawals and benefits 3,811 12,579
Net transfers (from) to separate accounts (372) (1,574)
Investment performance (2,749) 14,298
Balance at end of period $ 96,992 $ 101,145
v3.26.1
Separate Accounts - Separate Account Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Separate Account Investment [Line Items]    
Assets held in separate accounts $ 108,467 $ 113,007
U.S. Government agencies and authorities    
Fair Value, Separate Account Investment [Line Items]    
Assets held in separate accounts 862 909
Corporate and foreign debt securities    
Fair Value, Separate Account Investment [Line Items]    
Assets held in separate accounts 2,729 2,635
Mortgage-backed securities    
Fair Value, Separate Account Investment [Line Items]    
Assets held in separate accounts 3,015 2,928
Equity securities (including mutual funds)    
Fair Value, Separate Account Investment [Line Items]    
Assets held in separate accounts 100,890 105,331
Cash, cash equivalents and short-term investments    
Fair Value, Separate Account Investment [Line Items]    
Assets held in separate accounts 572 734
Receivable for securities and accruals    
Fair Value, Separate Account Investment [Line Items]    
Assets held in separate accounts $ 399 $ 470
v3.26.1
Separate Accounts - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Retirement Deferred Group and Individual Annuity    
Separate Account, Liability [Line Items]    
Cash surrender value $ 96,973 $ 101,123
v3.26.1
Segments - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
Segment Reporting [Abstract]    
Number of operating segments | segment 3  
Segment Reporting [Line Items]    
Number of Reportable Segments | segment 3  
Adjustments    
Segment Reporting [Line Items]    
Investment Gains (Losses) and Other Related Adjustments $ (22) $ (5)
Disposal Group, Including Discontinued Operation, Revenue 19 28
Revenues Attributable to Noncontrolling Interest 46 25
Other Operating Income $ 55 $ 33
v3.26.1
Segments - Operating Earnings Before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Line Items]    
Net Income (Loss) Attributable to Noncontrolling Interest $ 13 $ (5)
Dividends, Preferred Stock 17 17
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 230 173
Net investment income 569 560
Net gains (losses) (45) (34)
Net investment income 50 32
Revenues 2,031 1,969
Other expense 8 8
Operating Segments | Investment Management Segment    
Segment Reporting [Line Items]    
Adjusted operating earnings before income taxes 46 41
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax 59 53
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 13 12
External customer revenue 234 223
Net investment income 3 7
Net gains (losses) (1) (1)
Net investment income 50 36
Intersegment Fee income and elimination 22 22
Adjusted operating revenues 251 243
Other Nonrecurring (Income) Expense (58) (44)
Interest Credited to Policy Owner Account 0 0
Administrative Fees Expense 192 190
Noninterest Income 0 0
Net commissions 0 0
Deferred Policy Acquisition Cost, Amortization Expense, Other 0 0
Financing Costs And Dividends, Preferred Stock 0 0
Other expense 0 0
Operating Segments | Wealth Solutions Segment    
Segment Reporting [Line Items]    
Adjusted operating earnings before income taxes 209 207
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 0 0
External customer revenue 404 380
Net investment income 481 471
Net gains (losses) (56) (31)
Net investment income 0 0
Intersegment Fee income and elimination 0 0
Adjusted operating revenues 821 798
Other Nonrecurring (Income) Expense (8) (22)
Interest Credited to Policy Owner Account 226 231
Administrative Fees Expense 286 261
Noninterest Income 0 0
Net commissions 73 71
Deferred Policy Acquisition Cost, Amortization Expense, Other 28 28
Financing Costs And Dividends, Preferred Stock 0 0
Other expense 0 0
Operating Segments | Health Solutions Segment    
Segment Reporting [Line Items]    
Adjusted operating earnings before income taxes 63 46
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 0 0
External customer revenue 817 807
Net investment income 39 36
Net gains (losses) 0 (1)
Net investment income 0 0
Intersegment Fee income and elimination 0 0
Adjusted operating revenues 855 841
Other Nonrecurring (Income) Expense (1) (1)
Interest Credited to Policy Owner Account 538 551
Administrative Fees Expense 145 139
Net commissions 44 45
Deferred Policy Acquisition Cost, Amortization Expense, Other 14 9
Financing Costs And Dividends, Preferred Stock 0 0
Other expense 0 0
Adjustments    
Segment Reporting [Line Items]    
Gain (Loss) on Investments   (2)
Other Adjustments to Operating Income (Loss)   (30)
Gain (Loss) on Disposition of Business   (39)
Segment Reporting, Reconciling Item, Corporate Nonsegment    
Segment Reporting [Line Items]    
Adjusted operating earnings before income taxes (61) (62)
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax (63) (63)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest (2) (1)
External customer revenue 2 1
Net investment income 45 46
Net gains (losses) 11 (1)
Net investment income 0 (4)
Intersegment Fee income and elimination (22) (22)
Adjusted operating revenues 5 6
Other Nonrecurring (Income) Expense (31) (14)
Interest Credited to Policy Owner Account 0 0
Administrative Fees Expense 0 0
Noninterest Income 0 0
Net commissions 0 0
Deferred Policy Acquisition Cost, Amortization Expense, Other 0 0
Financing Costs And Dividends, Preferred Stock 48 47
Other expense 21 22
Operating Segments And Corporate Non Segment    
Segment Reporting [Line Items]    
Adjusted operating earnings before income taxes 257 232
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax 267 243
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 11 11
Gain (Loss) on Investments (37)  
Other Adjustments to Operating Income (Loss) 6  
External customer revenue 1,457 1,411
Net investment income 569 560
Net gains (losses) (45) (34)
Net investment income 50 32
Intersegment Fee income and elimination 0 0
Adjusted operating revenues 1,932 1,888
Other Nonrecurring (Income) Expense (99) (81)
Interest Credited to Policy Owner Account 764 782
Administrative Fees Expense 623 590
Noninterest Income 50 50
Net commissions 117 116
Deferred Policy Acquisition Cost, Amortization Expense, Other 42 $ 37
Gain (Loss) on Disposition of Business $ (26)  
v3.26.1
Segments - Operating Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Line Items]    
Total revenues $ 2,031 $ 1,969
Net investment income 569 560
Net gains (losses) (45) (34)
Net investment income 50 32
Other expense 8 8
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 13 (5)
Less: Preferred stock dividends 17 17
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 230 173
Operating Segments | Health Solutions Segment    
Segment Reporting [Line Items]    
Net commissions 44 45
Adjusted operating earnings before income taxes 63 46
Net investment income 39 36
Net gains (losses) 0 (1)
External customer revenue 817 807
Net investment income 0 0
Intersegment Fee income and elimination 0 0
Other Nonrecurring (Income) Expense (1) (1)
Adjusted operating revenues 855 841
Interest Credited to Policy Owner Account 538 551
Administrative Fees Expense 145 139
Deferred Policy Acquisition Cost, Amortization Expense, Other 14 9
Financing Costs And Dividends, Preferred Stock 0 0
Other expense 0 0
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 0 0
Operating Segments | Investment Management Segment    
Segment Reporting [Line Items]    
Net commissions 0 0
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax 59 53
Adjusted operating earnings before income taxes 46 41
Net investment income 3 7
Net gains (losses) (1) (1)
External customer revenue 234 223
Net investment income 50 36
Intersegment Fee income and elimination 22 22
Other Nonrecurring (Income) Expense (58) (44)
Adjusted operating revenues 251 243
Interest Credited to Policy Owner Account 0 0
Administrative Fees Expense 192 190
Noninterest Income 0 0
Deferred Policy Acquisition Cost, Amortization Expense, Other 0 0
Financing Costs And Dividends, Preferred Stock 0 0
Other expense 0 0
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 13 12
Operating Segments | Wealth Solutions Segment    
Segment Reporting [Line Items]    
Net commissions 73 71
Adjusted operating earnings before income taxes 209 207
Net investment income 481 471
Net gains (losses) (56) (31)
External customer revenue 404 380
Net investment income 0 0
Intersegment Fee income and elimination 0 0
Other Nonrecurring (Income) Expense (8) (22)
Adjusted operating revenues 821 798
Interest Credited to Policy Owner Account 226 231
Administrative Fees Expense 286 261
Noninterest Income 0 0
Deferred Policy Acquisition Cost, Amortization Expense, Other 28 28
Financing Costs And Dividends, Preferred Stock 0 0
Other expense 0 0
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 0 0
Adjustments    
Segment Reporting [Line Items]    
Investment Gains (Losses) and Other Related Adjustments (22) (5)
Disposal Group, Including Discontinued Operation, Revenue 19 28
Revenues Attributable to Noncontrolling Interest 46 25
Other Operating Income 55 33
Gain (Loss) on Investments   (2)
Gain (Loss) on Disposition of Business   (39)
Segment Reporting, Reconciling Item, Corporate Nonsegment    
Segment Reporting [Line Items]    
Net commissions 0 0
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax (63) (63)
Adjusted operating earnings before income taxes (61) (62)
Net investment income 45 46
Net gains (losses) 11 (1)
External customer revenue 2 1
Net investment income 0 (4)
Intersegment Fee income and elimination (22) (22)
Other Nonrecurring (Income) Expense (31) (14)
Adjusted operating revenues 5 6
Interest Credited to Policy Owner Account 0 0
Administrative Fees Expense 0 0
Noninterest Income 0 0
Deferred Policy Acquisition Cost, Amortization Expense, Other 0 0
Financing Costs And Dividends, Preferred Stock 48 47
Other expense 21 22
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest (2) (1)
Operating Segments And Corporate Non Segment    
Segment Reporting [Line Items]    
Net commissions 117 116
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax 267 243
Gain (Loss) on Investments (37)  
Gain (Loss) on Disposition of Business (26)  
Adjusted operating earnings before income taxes 257 232
Net investment income 569 560
Net gains (losses) (45) (34)
External customer revenue 1,457 1,411
Net investment income 50 32
Intersegment Fee income and elimination 0 0
Other Nonrecurring (Income) Expense (99) (81)
Adjusted operating revenues 1,932 1,888
Interest Credited to Policy Owner Account 764 782
Administrative Fees Expense 623 590
Noninterest Income 50 50
Deferred Policy Acquisition Cost, Amortization Expense, Other 42 37
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest $ 11 $ 11
v3.26.1
Segments - Total Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Segment Reporting [Line Items]      
Total assets $ 173,433   $ 178,859
Net investment income 50 $ 32  
Revenues 2,031 1,969  
Other Corporate 8 8  
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 13 (5)  
Less: Preferred stock dividends 17 17  
Corporate      
Segment Reporting [Line Items]      
Total assets 24,334   24,749
Total | Parent      
Segment Reporting [Line Items]      
Total assets 169,004   174,410
Operating Segments | Retirement Deferred Group and Individual Annuity      
Segment Reporting [Line Items]      
Total assets 139,633   144,423
Operating Segments | Employee Benefits [Member]      
Segment Reporting [Line Items]      
Total assets 3,167   3,330
Operating Segments | Investment Management [Member]      
Segment Reporting [Line Items]      
Total assets 1,870   1,905
Operating Segments | Wealth Solutions Segment      
Segment Reporting [Line Items]      
External customer revenue 404 380  
Net investment income 0 0  
Other Nonrecurring (Income) Expense (8) (22)  
Adjusted operating revenues 821 798  
Interest Credited to Policy Owner Account 226 231  
Administrative Fees Expense 286 261  
Noninterest Income 0 0  
Intersegment Fee income and elimination 0 0  
Deferred Policy Acquisition Cost, Amortization Expense, Other 28 28  
Financing Costs And Dividends, Preferred Stock 0 0  
Other Corporate 0 0  
Adjusted operating earnings before income taxes 209 207  
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 0 0  
Operating Segments | Health Solutions Segment      
Segment Reporting [Line Items]      
External customer revenue 817 807  
Net investment income 0 0  
Other Nonrecurring (Income) Expense (1) (1)  
Adjusted operating revenues 855 841  
Interest Credited to Policy Owner Account 538 551  
Administrative Fees Expense 145 139  
Intersegment Fee income and elimination 0 0  
Deferred Policy Acquisition Cost, Amortization Expense, Other 14 9  
Financing Costs And Dividends, Preferred Stock 0 0  
Other Corporate 0 0  
Adjusted operating earnings before income taxes 63 46  
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 0 0  
Operating Segments | Investment Management Segment      
Segment Reporting [Line Items]      
External customer revenue 234 223  
Net investment income 50 36  
Other Nonrecurring (Income) Expense (58) (44)  
Adjusted operating revenues 251 243  
Interest Credited to Policy Owner Account 0 0  
Administrative Fees Expense 192 190  
Noninterest Income 0 0  
Intersegment Fee income and elimination 22 22  
Deferred Policy Acquisition Cost, Amortization Expense, Other 0 0  
Financing Costs And Dividends, Preferred Stock 0 0  
Other Corporate 0 0  
Adjusted operating earnings before income taxes 46 41  
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 13 12  
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax 59 53  
Segment Reporting, Reconciling Item, Corporate Nonsegment      
Segment Reporting [Line Items]      
External customer revenue 2 1  
Net investment income 0 (4)  
Other Nonrecurring (Income) Expense (31) (14)  
Adjusted operating revenues 5 6  
Interest Credited to Policy Owner Account 0 0  
Administrative Fees Expense 0 0  
Noninterest Income 0 0  
Intersegment Fee income and elimination (22) (22)  
Deferred Policy Acquisition Cost, Amortization Expense, Other 0 0  
Financing Costs And Dividends, Preferred Stock 48 47  
Other Corporate 21 22  
Adjusted operating earnings before income taxes (61) (62)  
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest (2) (1)  
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax (63) (63)  
Operating Segments And Corporate Non Segment      
Segment Reporting [Line Items]      
External customer revenue 1,457 1,411  
Net investment income 50 32  
Other Nonrecurring (Income) Expense (99) (81)  
Adjusted operating revenues 1,932 1,888  
Interest Credited to Policy Owner Account 764 782  
Administrative Fees Expense 623 590  
Noninterest Income 50 50  
Intersegment Fee income and elimination 0 0  
Deferred Policy Acquisition Cost, Amortization Expense, Other 42 37  
Adjusted operating earnings before income taxes 257 232  
Other Adjustments to Operating Income (Loss) 6    
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest 11 11  
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax 267 243  
Adjustments      
Segment Reporting [Line Items]      
Total assets $ 4,429   $ 4,449
Other Adjustments to Operating Income (Loss)   $ (30)  
v3.26.1
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill [Roll Forward]    
Goodwill, Beginning Balance $ 804 $ 748
Additions from business combinations 0 56
Goodwill, Ending Balance 804 804
Segment Reporting, Reconciling Item, Corporate Nonsegment    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 102 102
Additions from business combinations 0 0
Goodwill, Ending Balance 102 102
Wealth Solutions Segment | Segment Reporting, Reconciling Item, Corporate Nonsegment    
Goodwill [Roll Forward]    
Goodwill, Ending Balance 72  
Health Solutions Segment | Segment Reporting, Reconciling Item, Corporate Nonsegment    
Goodwill [Roll Forward]    
Goodwill, Ending Balance 20  
Investment Management Segment | Segment Reporting, Reconciling Item, Corporate Nonsegment    
Goodwill [Roll Forward]    
Goodwill, Ending Balance 10  
Wealth Solutions Segment | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 73 17
Additions from business combinations 0 56
Goodwill, Ending Balance 73 73
Health Solutions Segment | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 343 343
Additions from business combinations 0 0
Goodwill, Ending Balance 343 343
Investment Management Segment | Operating Segments    
Goodwill [Roll Forward]    
Goodwill, Beginning Balance 286 286
Additions from business combinations 0 0
Goodwill, Ending Balance $ 286 $ 286
v3.26.1
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]      
Finite-life intangibles, Accumulated Amortization $ 502   $ 473
Intangible Asset, Excluding Goodwill, after Accumulated Amortization 864   874
Intangible Asset, Excluding Goodwill, before Accumulated Amortization 1,366   1,347
Amortization of intangible assets $ 29 $ 25  
Contractual Rights      
Intangible Asset, Finite-Lived [Line Items]      
Finite-life intangibles, Weighted Average Amortization Lives 17 years    
Finite-life intangibles, Gross Carrying Amount $ 131   131
Finite-life intangibles, Accumulated Amortization 29   27
Finite-life intangibles, Net Carrying Amount $ 102   104
Customer Relationships      
Intangible Asset, Finite-Lived [Line Items]      
Finite-life intangibles, Weighted Average Amortization Lives 16 years    
Finite-life intangibles, Gross Carrying Amount $ 345   345
Finite-life intangibles, Accumulated Amortization 167   162
Finite-life intangibles, Net Carrying Amount $ 178   183
Trademarks      
Intangible Asset, Finite-Lived [Line Items]      
Finite-life intangibles, Weighted Average Amortization Lives 8 years    
Finite-life intangibles, Gross Carrying Amount $ 15   15
Finite-life intangibles, Accumulated Amortization 6   6
Finite-life intangibles, Net Carrying Amount $ 9   9
Software, In-Development, Internally Developed, and Purchased      
Intangible Asset, Finite-Lived [Line Items]      
Finite-life intangibles, Weighted Average Amortization Lives 5 years    
Finite-life intangibles, Gross Carrying Amount $ 525   506
Finite-life intangibles, Accumulated Amortization 300   278
Finite-life intangibles, Net Carrying Amount 225   228
Contractual Rights      
Intangible Asset, Finite-Lived [Line Items]      
Indefinite-life intangibles, Gross Carrying Amount 350   350
Indefinite-life intangibles, Net $ 350   $ 350
v3.26.1
Share-based Incentive Compensation Plans - Narrative (Details)
Mar. 31, 2026
shares
Share-Based Payment Arrangement [Abstract]  
Shares available for grant (in shares) 5,100,000
v3.26.1
Share-based Incentive Compensation Plans - Compensation Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation cost $ 35 $ 28
Income tax benefit 6 7
After-tax share-based compensation expense 29 21
Restricted Stock Unit (RSU) awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation cost 24 20
Performance Stock Unit (PSU) awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Compensation cost $ 11 $ 8
v3.26.1
Share-based Incentive Compensation Plans - Awards Outstanding (Details)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
RSU awards  
Number of Awards  
Outstanding, beginning balance (in shares) | shares 1,800,000
Adjustment for PSU performance factor (in shares) | shares 0
Granted (in shares) | shares 1,100,000
Vested (in shares) | shares (700,000)
Forfeited (in shares) | shares (100,000)
Outstanding, ending balance (in shares) | shares 2,100,000
Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (usd per share) | $ / shares $ 70.48
Adjustment for PSU performance factor (usd per share) | $ / shares 0
Granted (usd per share) | $ / shares 73.11
Vested (usd per share) | $ / shares 71.07
Forfeited (usd per share) | $ / shares 72.07
Outstanding, ending balance (usd per share) | $ / shares $ 71.64
PSU awards  
Number of Awards  
Outstanding, beginning balance (in shares) | shares 1,900,000
Adjustment for PSU performance factor (in shares) | shares (400,000)
Granted (in shares) | shares 600,000
Vested (in shares) | shares (300,000)
Forfeited (in shares) | shares 0
Outstanding, ending balance (in shares) | shares 1,800,000
Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (usd per share) | $ / shares $ 71.43
Adjustment for PSU performance factor (usd per share) | $ / shares 73.12
Granted (usd per share) | $ / shares 82.19
Vested (usd per share) | $ / shares 82.72
Forfeited (usd per share) | $ / shares 73.54
Outstanding, ending balance (usd per share) | $ / shares $ 73.08
Stock options  
Number of Awards  
Outstanding, beginning balance (in shares) | shares 500,000
Granted (in shares) | shares 0
Exercised (in shares) | shares 0
Forfeited (in shares) | shares 0
Outstanding, ending balance (in shares) | shares 500,000
Vested, exercisable (in shares) | shares 500,000
Weighted Average Exercise Price  
Outstanding, beginning balance (usd per share) | $ / shares $ 50.03
Granted (usd per share) | $ / shares 0
Exercised (usd per share) | $ / shares 0
Forfeited (usd per share) | $ / shares 0
Outstanding, ending balance (usd per share) | $ / shares 50.03
Vested, exercisable, weighted average exercise price (usd per share) | $ / shares $ 50.03
v3.26.1
Shareholders' Equity - Common Stock Rollforward (Details) - shares
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Increase (Decrease) in Stockholders' Equity    
Common stock, shares issued, beginning balance (in shares) 107,424,252  
Common shares, held in treasury, beginning balance (in shares) 13,581,636  
Common shares, beginning balance (in shares) 93,842,616  
Common stock acquired - share repurchase (in shares) 2,100,000 2,700,000
Share-based compensation programs (in shares) 700,000 900,000
Common stock, shares issued, ending balance (in shares) 108,408,962 107,424,252
Common shares, held in treasury, ending balance (in shares) 16,001,076 13,581,636
Common shares, ending balance (in shares) 92,407,886 93,842,616
Common Stock    
Increase (Decrease) in Stockholders' Equity    
Common stock, shares issued, beginning balance (in shares) 107,400,000 105,600,000
Common shares, beginning balance (in shares) 93,800,000 95,500,000
Common shares issued (in shares) 0 100,000
Share-based compensation programs (in shares) 1,000,000.0 1,700,000
Common stock, shares issued, ending balance (in shares) 108,400,000 107,400,000
Common shares, ending balance (in shares) 92,400,000 93,800,000
Treasury Stock    
Increase (Decrease) in Stockholders' Equity    
Common shares, held in treasury, beginning balance (in shares) 13,600,000 (10,100,000)
Common stock acquired - share repurchase (in shares) 2,100,000 2,700,000
Share-based compensation programs (in shares) 300,000 800,000
Common shares, held in treasury, ending balance (in shares) 16,000,000.0 13,600,000
v3.26.1
Shareholders' Equity - Common stock Dividends Declared (Details) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity [Abstract]    
Dividends declared per share of Common Stock (usd per share) $ 0.47 $ 0.45
v3.26.1
Shareholders' Equity - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Class of Stock [Line Items]      
Remaining authorized repurchase amount   $ 413  
Common stock acquired - share repurchase (in shares)   2,100,000 2,700,000
Payment for share repurchases   $ 151  
Preferred Stock, shares authorized (in shares)   100,000,000 100,000,000
Preferred Stock, amount of preferred dividends in arrears   $ 0  
Subsequent Event      
Class of Stock [Line Items]      
Payment for share repurchases $ 150    
v3.26.1
Shareholders' Equity - Share Repurchases through Share Repurchase Agreements with Third Party Financial Institutions (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Equity [Abstract]      
Initial Shares Delivered (in shares)   2.1 2.7
Class of Stock [Line Items]      
Payment for share repurchases   $ 151  
Common stock acquired - share repurchase (in shares)   2.1 2.7
Subsequent Event      
Class of Stock [Line Items]      
Payment for share repurchases $ 150    
v3.26.1
Shareholders' Equity - Repurchases Pursuant to 10b5-1 Plans and Open Market Repurchases (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity [Abstract]    
Payment $ 150 $ 0
Shares of common stock 2.1 0
v3.26.1
Shareholders' Equity - Preferred Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Class of Stock [Line Items]      
Aggregate (in shares) $ 17 $ 17  
Preferred Stock, shares authorized (in shares) 100,000,000   100,000,000
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]      
Dividend rate, percentage 7.758%    
Preferred Stock, shares issued (in shares) 325,000   325,000
Preferred Stock, shares outstanding (in shares) 325,000   325,000
Per Share (usd per share) $ 38.790 $ 38.790  
Aggregate (in shares) $ 13 $ 13  
Series B Preferred Stock      
Class of Stock [Line Items]      
Dividend rate, percentage 5.35%    
Preferred Stock, shares issued (in shares) 300,000   300,000
Preferred Stock, shares outstanding (in shares) 300,000   300,000
Per Share (usd per share) $ 13.375 $ 13.375  
Aggregate (in shares) $ 4 $ 4  
v3.26.1
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Net income available to common shareholders:    
Net income $ 195 $ 151
Less: Preferred stock dividends 17 17
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest 13 (5)
Net income available to Voya Financial, Inc.'s common shareholders $ 165 $ 139
Weighted average common shares outstanding    
Basic (in shares) 93.1 95.9
Dilutive Effects:    
Diluted (in shares) 94.5 97.8
Net income available to Voya Financial, Inc.'s common shareholders per common share:    
Basic (usd per share) $ 1.78 $ 1.45
Diluted (usd per share) $ 1.75 $ 1.42
RSUs    
Dilutive Effects:    
Dilutive Effects (in shares) 1.0 1.1
PSUs    
Dilutive Effects:    
Dilutive Effects (in shares) 0.2 0.5
Stock options    
Dilutive Effects:    
Dilutive Effects (in shares) 0.2 0.3
v3.26.1
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Fixed maturities, net of impairment $ (2,061)   $ (2,190)
Derivatives 10   47
Change in current discount rate (713)   (775)
Deferred income tax asset (liability) 702   736
Total (2,062)   (2,182)
Pension and other postretirement benefits liability, net of tax 1   1
AOCI (2,061) $ (1,788) $ (2,181)
Other Contract      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Portion of AOCI expected to be reclassified into earnings within next 12 months $ 1    
v3.26.1
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Available-for-sale securities, Before-Tax Amount:    
Fixed maturities $ (381) $ 332
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (4) 31
Change in unrealized gains (losses) on available-for-sale securities (385) 363
Available-for-sale securities, Income Tax:    
Fixed maturities 79 (69)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations 1 (7)
Change in unrealized gains (losses) on available-for-sale securities 80 (76)
Available-for-sale securities, After-Tax Amount:    
Fixed maturities (302) 263
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations (3) 24
Change in unrealized gains (losses) on available-for-sale securities (305) 287
Derivatives, Before-Tax Amount:    
Derivatives 11 (16)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (3) (3)
Change in unrealized gains/losses on derivatives 8 (19)
Derivatives, Income Tax:    
Derivatives (2) 3
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations 1 1
Change in unrealized gains/losses on derivatives (1) 4
Derivatives, After-Tax Amount:    
Derivatives 9 (13)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (2) (2)
Change in unrealized gains/losses on derivatives 7 (15)
Change in current discount rate, before-tax amount 32 12
Change in current discount rate, income tax (7) (3)
Change in current discount rate, after-tax amount 25 9
Other comprehensive income (loss), before tax (345) 356
Other comprehensive income (loss), tax 72 (75)
Other comprehensive income (loss), after tax $ (273) $ 281
v3.26.1
Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total financial services and software subscriptions and services revenue $ 520 $ 538
Revenue from other sources 193 136
Total fee income and other revenue 713 674
Intersegment    
Disaggregation of Revenue [Line Items]    
Revenue from other sources 34 33
Retirement Deferred Group and Individual Annuity    
Disaggregation of Revenue [Line Items]    
Total financial services and software subscriptions and services revenue 162 176
Retirement Deferred Group and Individual Annuity | Distribution and shareholder servicing    
Disaggregation of Revenue [Line Items]    
Total financial services and software subscriptions and services revenue 27 31
Investment Management [Member]    
Disaggregation of Revenue [Line Items]    
Total financial services and software subscriptions and services revenue 240 236
Investment Management [Member] | Distribution and shareholder servicing    
Disaggregation of Revenue [Line Items]    
Total financial services and software subscriptions and services revenue 27 36
Employee Benefits [Member]    
Disaggregation of Revenue [Line Items]    
Total financial services and software subscriptions and services revenue 11 8
Benefitfocus    
Disaggregation of Revenue [Line Items]    
Total financial services and software subscriptions and services revenue $ 53 $ 51
v3.26.1
Revenue from Contract with Customer - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]    
Net receivables $ 344 $ 378
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Net Investment Income [Line Items]      
Effective tax rate 15.20% 12.70%  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00%  
Accumulated other comprehensive income (loss) $ (2,061) $ (2,181) $ (1,788)
Fixed maturities      
Net Investment Income [Line Items]      
Accumulated other comprehensive income (loss) $ (2,100)    
v3.26.1
Financing Agreements - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
May 21, 2025
Debt Instrument [Line Items]      
Long-term debt $ 2,500 $ 2,104  
Less: Current portion of long-term debt 587 586  
Total long-term debt, excluding current portion $ 1,913 1,518  
Senior Notes      
Debt Instrument [Line Items]      
Annual interest rate on debt     1.518%
Senior Notes | 3.65% Senior Notes, due 2026      
Debt Instrument [Line Items]      
Annual interest rate on debt 3.65%    
Long-term debt $ 447 447  
Senior Notes | 5.0% Senior Notes, due 2034      
Debt Instrument [Line Items]      
Annual interest rate on debt 5.00%    
Long-term debt $ 396 396  
Senior Notes | Five Point Zero Five Percent Senior Notes, Due 2036      
Debt Instrument [Line Items]      
Annual interest rate on debt 5.05%    
Long-term debt $ 395 0  
Senior Notes | 5.7% Senior Notes, due 2043      
Debt Instrument [Line Items]      
Annual interest rate on debt 5.70%    
Long-term debt $ 396 396  
Senior Notes | 4.8% Senior Notes, due 2046      
Debt Instrument [Line Items]      
Annual interest rate on debt 4.80%    
Long-term debt $ 298 297  
Junior Subordinated Notes | Four Point Seven Percent Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 [Member]      
Debt Instrument [Line Items]      
Annual interest rate on debt 4.70%    
Long-term debt $ 336 336  
Debentures | 7.63% Voya Holdings Inc. debentures, due 2026      
Debt Instrument [Line Items]      
Annual interest rate on debt 7.625%    
Long-term debt $ 139 139  
Debentures | 6.97% Voya Holdings Inc. debentures, due 2036      
Debt Instrument [Line Items]      
Annual interest rate on debt 6.97%    
Long-term debt $ 79 79  
Notes payable, other | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027      
Debt Instrument [Line Items]      
Annual interest rate on debt 8.424%    
Long-term debt $ 13 13  
Loans payable | 1.00% Windsor Property Loan      
Debt Instrument [Line Items]      
Annual interest rate on debt 1.00%    
Long-term debt $ 1 $ 1  
v3.26.1
Financing Agreements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
May 21, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
May 01, 2023
Debt Instrument [Line Items]          
Outstanding par amount of guaranteed debentures   $ 2,500   $ 2,104  
Total fees associated with credit facilities   0 $ 0    
Business agreement processing and operation services period 10 years        
Facility Agreement, Face Amount $ 600        
Revolving Credit agreement          
Debt Instrument [Line Items]          
Outstanding borrowings   0      
Revolving Credit agreement          
Debt Instrument [Line Items]          
Maximum borrowing capacity   500      
Minimum net worth required for compliance         $ 4,998
Senior Notes          
Debt Instrument [Line Items]          
Annual interest rate on debt 1.518%        
Revolving Credit agreement          
Debt Instrument [Line Items]          
Amount of letters of credit outstanding   0      
Outstanding borrowings   $ 0      
5.0% Senior Notes, due 2034 | Senior Notes          
Debt Instrument [Line Items]          
Annual interest rate on debt   5.00%      
Outstanding par amount of guaranteed debentures   $ 396   396  
Five Point Zero Five Percent Senior Notes, Due 2036 | Senior Notes          
Debt Instrument [Line Items]          
Debt instrument face amount   $ 400      
Annual interest rate on debt   5.05%      
Outstanding par amount of guaranteed debentures   $ 395   0  
7.63% Voya Holdings Inc. debentures, due 2026 | Debentures          
Debt Instrument [Line Items]          
Annual interest rate on debt   7.625%      
Outstanding par amount of guaranteed debentures   $ 139   139  
6.97% Voya Holdings Inc. debentures, due 2036 | Debentures          
Debt Instrument [Line Items]          
Annual interest rate on debt   6.97%      
Outstanding par amount of guaranteed debentures   $ 79   $ 79  
Voya Holdings Debentures | Aetna Notes          
Debt Instrument [Line Items]          
Amount of collateral for credit facility   231      
Voya Holdings Debentures | Debentures          
Debt Instrument [Line Items]          
Outstanding par amount of guaranteed debentures   $ 218      
Pre-Capitalized Trust | Senior Notes          
Debt Instrument [Line Items]          
Annual interest rate on debt 6.012%        
Short-term Debt | Revolving Credit agreement          
Debt Instrument [Line Items]          
Maximum borrowing capacity         $ 25
v3.26.1
Commitments and Contingencies - Restricted Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Loss Contingencies [Line Items]    
Fixed maturity collateral pledged to FHLB $ 2,473 $ 2,467
FHLB restricted stock 89 83
Other fixed maturities-state deposits 35 34
Cash and cash equivalents 19 25
Total restricted assets 3,826 3,870
Fair value of loaned securities 774 731
Securities pledged as collateral 215 204
Securities pledged under repurchase agreements, carrying value 221 326
Collateral Pledged    
Loss Contingencies [Line Items]    
Debt Securities, Available-for-Sale, Restricted $ 1,210 $ 1,261
v3.26.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Loss Contingencies [Line Items]    
Pledged Collateral $ 2,473 $ 2,467
Possible losses in excess of amounts accrued 25  
Potential future loss 98  
Federal Home Loan Bank | Line of Credit    
Loss Contingencies [Line Items]    
Non-putable funding agreements issued to FHLB 1,850 1,700
FABNTrustMember | Line of Credit    
Loss Contingencies [Line Items]    
Non-putable funding agreements issued to FHLB 406 $ 400
Acquisition of mortgage loans    
Loss Contingencies [Line Items]    
Amount of purchase commitments 93  
Purchase of limited partnership and private placement investments    
Loss Contingencies [Line Items]    
Amount of purchase commitments 2,431  
Purchase of limited partnership and private placement investments | VOEs    
Loss Contingencies [Line Items]    
Amount of purchase commitments $ 359  
v3.26.1
Consolidated and Nonconsolidated Investment Entities - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
numberOfYears
fund
CLO
deconsolidation
Mar. 31, 2025
USD ($)
deconsolidation
Dec. 31, 2025
USD ($)
CLO
fund
Variable Interest Entity [Line Items]      
Consolidated collateral loan obligations | CLO 5   6
Limited Partnerships life 10 years    
Consolidated funds | fund 10   11
Noncontrolling interest $ 1,822   $ 1,864
Fair value transfers $ 0 $ 0  
Number of deconsolidated investment entities | deconsolidation 2 0  
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] EURIBOR Or SOFR [Member]    
Consolidated Investment Entities      
Variable Interest Entity [Line Items]      
Maximum exposure to loss $ 341   376
VIE, Corporate Loan Investments | Senior secured corporate loans      
Variable Interest Entity [Line Items]      
Unpaid principal exceeds fair value, amount 64   46
VIEs      
Variable Interest Entity [Line Items]      
Investment in unconsolidated partnerships $ 2,971   3,142
VIE, CLO Notes | Senior secured corporate loans      
Variable Interest Entity [Line Items]      
Weighted average maturity on debt | numberOfYears 9    
VIE, CLO Notes | Minimum | Senior secured corporate loans      
Variable Interest Entity [Line Items]      
Basis spread on notes 0.80%    
VIE, CLO Notes | Maximum | Senior secured corporate loans      
Variable Interest Entity [Line Items]      
Basis spread on notes 8.80%    
VIE, Private Equity Funds      
Variable Interest Entity [Line Items]      
Maximum borrowing capacity $ 1,103   1,308
Renewal period for term loan 3 years    
Outstanding borrowings $ 963   1,029
VIE, Private Equity Funds | Minimum      
Variable Interest Entity [Line Items]      
Basis spread on notes 1.85%    
VIE, Private Equity Funds | Maximum      
Variable Interest Entity [Line Items]      
Basis spread on notes 2.15%    
Nonconsolidated VIEs      
Variable Interest Entity [Line Items]      
Amount of ownership interest in unconsolidated CLOs $ 413   438
Excluding consolidated VIEs      
Variable Interest Entity [Line Items]      
Investment in unconsolidated partnerships $ 1,919   $ 1,891
v3.26.1
Consolidated and Nonconsolidated Investment Entities - Fair Value Hierarchy (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
VIEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
CLO notes $ 1,173 $ 1,134
Measured at fair value on a recurring basis    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets 4,666 4,702
Total liabilities 1,173 1,134
Measured at fair value on a recurring basis | VIEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 118 116
Corporate loans 1,488 1,350
Limited partnerships/corporations 2,971 3,142
Other investments 66 43
CLO notes 1,173 1,134
Measured at fair value on a recurring basis | VOEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 3 4
Limited partnerships/corporations 20 47
Measured at fair value on a recurring basis | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets 121 120
Total liabilities 0 0
Measured at fair value on a recurring basis | Level 1 | VIEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 118 116
Corporate loans 0 0
CLO notes 0 0
Measured at fair value on a recurring basis | Level 1 | VOEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 3 4
Measured at fair value on a recurring basis | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets 1,488 1,350
Total liabilities 1,173 1,134
Measured at fair value on a recurring basis | Level 2 | VIEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0 0
Corporate loans 1,488 1,350
CLO notes 1,173 1,134
Measured at fair value on a recurring basis | Level 2 | VOEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0  
Measured at fair value on a recurring basis | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets 66 43
Total liabilities 0 0
Measured at fair value on a recurring basis | Level 3 | VIEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0 0
Corporate loans 0 0
Other investments 66 43
CLO notes 0 0
Measured at fair value on a recurring basis | Level 3 | VOEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 0  
Measured at fair value on a recurring basis | NAV    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets 2,991 3,189
Measured at fair value on a recurring basis | NAV | VIEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Limited partnerships/corporations 2,971 3,142
Measured at fair value on a recurring basis | NAV | VOEs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Limited partnerships/corporations $ 20 $ 47