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Reserves for Future Policy Benefits and Contract Owner Account Balances
 6 Months Ended
Jun. 30, 2024
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
Health Solutions Group products include long-duration term life insurance, as well as long-term disability products that are mostly employer paid. Health Solutions 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 Health Solutions Group, Health Solutions Voluntary and Businesses Exited as of June 30, 2024 and December 31, 2023.

Health Solutions GroupHealth Solutions VoluntaryBusinesses Exited
202420232024202320242023
Present Value of Expected Net Premiums:
Balance at January 1$68 $77 $101 $97 $3,145 $4,244 
Beginning balance at original discount rate71 84 102 100 2,992 4,128 
Reclassifications (2)
(65)— 65— — — 
Effect of change in cash flow assumptions— (6)— 6 — (921)
Effect of actual variances from expected experience— 11 28 8 (122)(91)
Adjusted balance at January 16 89 195 114 2,870 3,116 
Interest accrual— 2 4 4 81 196 
Net premiums collected(1)
(1)(20)(17)(16)(158)(320)
Ending balance at original discount rate5 71 182 102 2,793 2,992 
Effects of changes in discount rate assumptions— (3)(9)(1)34 153 
Balance at end of period$5 $68 $173 $101 $2,827 $3,145 

Present Value of Expected Future Policy Benefits:
Balance at January 1$899 $881 $307 $285 $7,538 $8,639 
Beginning balance at original discount rate918 913 307 294 7,404 8,644 
Reclassifications (2)
(150)— 150— — — 
Effect of change in cash flow assumptions18 (8)9 13 32 (805)
Effect of actual variances from expected experience(12)(16)26 9 (154)(123)
Adjusted balance at January 1774 889 492 316 7,282 7,716 
Issuances60 136 — — 10 17 
Interest accrual11 24 9 14 187 412 
Benefit payments(61)(131)(22)(23)(347)(741)
Ending balance at original discount rate784 918 479 307 7,132 7,404 
Effects of changes in discount rate assumptions(27)(19)(24)— (123)134 
Balance at end of period$757 $899 $455 $307 $7,009 $7,538 
Net liability for future policy benefits$752 $831 $282 $206 $4,182 $4,392 
Less: Reinsurance recoverable318 315 8 — 4,105 4,342 
Net liability for future policy benefits, after reinsurance recoverable$434 $516 $274 $206 $77 $50 
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.
(2) During the second quarter 2024, the Company reclassified certain insurance products within the Health Solutions from Group to Voluntary. The table was not updated to reflect the reclassification impact on the comparative information and the impacts were primarily related to Net premiums collected and Benefit payments of $(17) and $(17), respectively.

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:
June 30, 2024December 31, 2023
Health Solutions Group$752 $831 
Health Solutions Voluntary282 206 
Businesses Exited - Future policy benefits4,182 4,392 
Businesses Exited - Additional liability
1,958 2,001 
Business Exited - Other
1,2691,335
Other (1)
912 795 
Total$9,355 $9,560 
(1) Primarily consists of short duration contracts.

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
June 30, 2024December 31, 2023
UndiscountedDiscountedUndiscountedDiscounted
Health Solutions Group
Expected future benefit payments$975 $784 $1,144 $918 
Expected future gross premiums10 8 271 214 
Health Solutions Voluntary
Expected future benefit payments881 479 668 307 
Expected future gross premiums644 435 341 213 
    
The following table presents a rollforward of the additional reserve liability for Businesses exited for the periods indicated:
Businesses exited
June 30, 2024December 31, 2023
Balance at beginning of period$2,001 $2,107 
Effect of change in cash flow assumptions— (44)
Effect of actual variances from expected experience27 (100)
Adjusted balance at January 12,028 1,963 
Interest accrual42 84 
Excess Benefits(205)(417)
Assessments93 371 
Balance at end of period1,958 2,001 
Less: Reinsurance recoverable1,908 1,950 
Net additional liability, after reinsurance recoverable$50 $51 
The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated:
Health Solutions GroupHealth Solutions VoluntaryBusinesses Exited
June 30, 2024December 31, 2023June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Weighted average duration (in years)(1)
77151488
Interest accretion rate4.0 %4.0 %5.1 %5.2 %4.9 %4.9 %
Current discount rate5.5 %4.9 %5.6 %5.1 %5.6 %5.1 %
(1) Weighted average duration (in years) for Businesses Exited includes additional liability.

The weighted average interest rates for the additional liability related to businesses exited were 4.3% and 4.2% for the periods ended June 30, 2024 and December 31, 2023, respectively.

The following table presents a rollforward of Contract owner account balances for the periods indicated:
Wealth Solutions Deferred Group and Individual Annuity Businesses Exited

June 30, 2024December 31, 2023June 30, 2024December 31, 2023
Balance at January 1$31,139 $33,622 $4,635 $5,146 
Deposits1,198 2,309 142 288 
Fee income(23)(9)(181)(373)
Surrenders, withdrawals and benefits
(2,606)(5,663)(286)(577)
Net transfers (from) to the general account(1)
39 (5)— 10 
Interest credited424 885 87 141 
Ending Balance$30,171 $31,139 $4,397 $4,635 

Weighted-average crediting rate2.8 %2.8 %3.5 %2.5 %
Net amount at risk (2)
$98 $123 $698 $734 
Cash surrender value$29,715 $30,676 $1,343 $1,491 
(1)    Net transfers (from) to the general account for Wealth Solutions includes transfers of $(712) and $(523) for 2024 and 2023, 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 shows a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated:

June 30, 2024December 31, 2023
Wealth Solutions Deferred group and individual annuity$30,171 $31,139 
Businesses exited4,397 4,635 
Non-puttable funding agreements
1,200 1,175 
Business exited - Other
1,195 1,275 
Other(1)
913 950 
Total$37,876 $39,174 
(1)    Primarily consists of 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 GMIRUp to .50% Above GMIR0.51% - 1.00%
Above GMIR		1.01% - 1.50% Above GMIR1.51% - 2.00% Above GMIRMore than 2.00% Above GMIRTotal
As of June 30, 2024
Up to 1.00%$97$4,660$3,663$1,998$1,110$826$12,354
1.01% - 2.00%47312250726660
2.01% - 3.00%10,5729763106—410,842
3.01% - 4.00%8,628152—10——8,790
4.01% and Above1,51581————1,596
Renewable beyond 12 months (2)
387———2—389
Total discretionary rate setting products$21,672$5,112$3,776$2,121$1,114$836$34,631

As of December 31, 2023
Up to 1.00%$120$5,070$3,460$2,215$863$800$12,528
1.01% - 2.00%52713150836725
2.01% - 3.00%11,2259363108—311,492
3.01% - 4.00%8,873152—6——9,031
4.01% and Above1,56683————1,649
Renewable beyond 12 months (2)
428———3—431
Total discretionary rate setting products$22,739$5,529$3,573$2,337$869$809$35,856
(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 June 30, 2024 and December 31, 2023 on which we are required to credit interest above the contractual GMIR for the next twelve months.