10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

——————————————————————

FORM 10-Q

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                         to                         

Commission File Number: 033-23376

VOYA RETIREMENT INSURANCE & ANNUITY CO

(Exact name of registrant as specified in its charter)

Connecticut	71-0294708
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

One Orange Way
Windsor	Connecticut	06095-4774
(Address of principal executive offices)		(Zip Code)

(860) 580-4646

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.            ý Yes       o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).            ý Yes       o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	x	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).         ☐ Yes       ý No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.            ☐ Yes    ☐ No

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of November 4, 2022, 55,000 shares of Common Stock, $50 par value were outstanding, all of which were directly owned by Voya Holdings Inc.

NOTE:  WHEREAS VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q, THIS FORM IS BEING FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2).

1

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Form 10-Q for the period ended September 30, 2022

INDEX

		PAGE
PART I.	FINANCIAL INFORMATION (UNAUDITED)
Item 1.	Financial Statements:
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Income	7
	Condensed Consolidated Statements of Changes in Shareholder's Equity	8
	Condensed Consolidated Statements of Cash Flows	10
	Notes to Condensed Consolidated Financial Statements:	11
	1. Business, Basis of Presentation and Significant Accounting Policies	11
	2. Investments	15
	3. Derivative Financial Instruments	28
	4. Fair Value Measurements	34
	5. Deferred Policy Acquisition Costs and Value of Business Acquired	45
	6. Reinsurance	45
	7. Accumulated Other Comprehensive Income (Loss)	47
	8. Income Taxes	49
	9. Financing Agreements	50
	10. Commitments and Contingencies	50
	11. Related Party Transactions	52
Item 2.	Management's Narrative Analysis of the Results of Operations and Financial Condition	53
Item 4.	Controls and Procedures	68
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	68
Item 1A.	Risk Factors	68
Item 6.	Exhibits	69
Exhibit Index		70
Signature		71

2

As used in this Quarterly Report on Form 10-Q, "VRIAC" refers to Voya Retirement Insurance and Annuity Company and the "Company," "we," "our" and "us" refer to VRIAC and its wholly owned subsidiaries.

NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including "Risk Factors" and "Management’s Narrative Analysis of the Results of Operations and Financial Condition" contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) the effects of natural or man-made disasters, including pandemic events and specifically the current COVID-19 pandemic event, (v) mortality and morbidity levels, (vi) persistency and lapse levels, (vii) interest rates, (viii) currency exchange rates, (ix) general competitive factors, (x) changes in laws and regulations, including those relating to insurance regulatory reform initiatives applicable to captive reinsurance entities and those made pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act or the U.S. Department of Labor's final rules and exemptions pertaining to the fiduciary status of providers of investment advice, (xi) changes in the policies of governments and/or regulatory authorities, and (xii) our parent company, Voya Financial, Inc.'s ability to successfully manage the separation of the Individual Life business that closed on January 4, 2021, including the transition services on the expected timeline and economic terms. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors" and "Management’s Narrative Analysis of the Results of Operations and Financial Condition" in the Annual Report on Form 10-K for the year ended December 31, 2021 (File No. 033-23376) (the "Annual Report on Form 10-K") and in this Quarterly Report on Form 10-Q.

The risks included here are not exhaustive. Current reports on Form 8-K and other documents filed with the Securities and Exchange Commission ("SEC") include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

3

PART I.     FINANCIAL INFORMATION (UNAUDITED)

Item 1.     Financial Statements

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Balance Sheets

September 30, 2022 (Unaudited) and December 31, 2021

(In millions, except share and per share data)

	September 30, 2022		December 31, 2021
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $22,962 as of 2022 and $22,349 as of 2021; allowance for credit losses of $26 as of 2022 and $48 as of 2021)	$	20,222	$	24,360
Fixed maturities, at fair value using the fair value option	1,206		1,253
Equity securities, at fair value (cost of $139 as of 2022 and $141 as of 2021)	139		141
Mortgage loans on real estate	4,194		4,233
Less: Allowance for credit losses	11		11
Mortgage loans on real estate, net	4,183		4,222
Policy loans	162		171
Limited partnerships/corporations	1,033		980
Derivatives	379		149
Securities pledged (amortized cost of $864 as of 2022 and $725 as of 2021)	750		799
Other investments	134		143
Total investments	28,208		32,218
Cash and cash equivalents	207		436
Short-term investments under securities loan agreements, including collateral delivered	934		808
Accrued investment income	312		285
Premiums receivable and reinsurance recoverable	3,445		3,598
Less: Allowance for credit losses	5		—
Premiums receivable and reinsurance recoverable, net	3,440		3,598
Deferred policy acquisition costs, Value of business acquired and Sales inducements to contract owners	1,603		422
Short-term loan to affiliate	104		130
Current income tax recoverable	2		—
Deferred income taxes	553		—
Due from affiliates	60		70
Property and equipment	38		72
Other assets (net of allowance for credit loss of $2 as of 2022 and $0 as of 2021)	1,769		1,635
Assets held in separate accounts	73,547		96,964
Total assets	$	110,777	$	136,638

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
	4

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Balance Sheets

September 30, 2022 (Unaudited) and December 31, 2021

(In millions, except share and per share data)

	September 30, 2022		December 31, 2021
Liabilities and Shareholder's Equity
Future policy benefits and contract owner account balances	$	33,734	$	32,926
Payable for securities purchased	210		—
Payables under securities loan agreements, including collateral held	957		811
Due to affiliates	113		110
Derivatives	327		144
Current income taxes	—		42
Deferred income taxes	—		227
Other liabilities	472		384
Liabilities related to separate accounts	73,547		96,964
Total liabilities	$	109,360	$	131,608
Commitments and Contingencies (Note 10)
Shareholder's equity:
Common stock (100,000 shares authorized, 55,000 issued and outstanding as of 2022 and 2021, respectively; $50 par value per share)	3		3
Additional paid-in capital	2,778		3,191
Accumulated other comprehensive income (loss)	(1,495)		1,423
Retained earnings (deficit)	131		413
Total shareholder's equity	1,417		5,030
Total liabilities and shareholder's equity	$	110,777	$	136,638

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
	5

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)

(In millions)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues:
Net investment income	$	366	$	514	$	1,235	$	1,485
Fee income	237		280		746		810
Premiums	3		10		14		(2,431)
Broker-dealer commission revenue	—		1		1		2
Net gains (losses):
Total impairments	(8)		—		(15)		—
Other net gains (losses)	(62)		(88)		(373)		317
Total net gains (losses)	(70)		(88)		(388)		317
Other revenue	8		8		36		25
Total revenues	544		725		1,644		208
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	181		206		574		(1,674)
Operating expenses	269		312		868		904
Broker-dealer commission expense	—		1		1		2
Net amortization of Deferred policy acquisition costs and Value of business acquired	(29)		5		39		83
Interest expense	1		—		1		—
Total benefits and expenses	422		524		1,483		(685)
Income (loss) before income taxes	122		201		161		893
Income tax expense (benefit)	14		31		(1)		154
Net income (loss)	$	108	$	170	$	162	$	739

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
	6

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Comprehensive Income

For the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)

(In millions)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income (loss)	$	108	$	170	$	162	$	739
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on securities	(932)		(97)		(3,694)		(409)
Pension and other postretirement benefits liability	—		—		—		(1)
Other comprehensive income (loss), before tax	(932)		(97)		(3,694)		(410)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(196)		(20)		(776)		(86)
Other comprehensive income (loss), after tax	(736)		(77)		(2,918)		(324)
Comprehensive income (loss)	$	(628)	$	93	$	(2,756)	$	415

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
	7

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Changes in Shareholder’s Equity

For the Three Months Ended September 30, 2022 and 2021 (Unaudited)

(In millions)

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Deficit)		Total Shareholder's Equity
Balance as of July 1, 2022	$	3	$	2,778	$	(759)	$	23	$	2,045
Comprehensive income (loss):
Net income (loss)	—		—		—		108		108
Other comprehensive income (loss), after tax	—		—		(736)		—		(736)
Total comprehensive income (loss)									(628)
Balance as of September 30, 2022	$	3	$	2,778	$	(1,495)	$	131	$	1,417
Balance as of July 1, 2021	$	3	$	3,191	$	1,635	$	156	$	4,985
Comprehensive income (loss):
Net income (loss)	—		—		—		170		170
Other comprehensive income (loss), after tax	—		—		(77)		—		(77)
Total comprehensive income (loss)									93
Balance as of September 30, 2021	$	3	$	3,191	$	1,558	$	326	$	5,078

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
	8

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Changes in Shareholder’s Equity

For the Nine Months Ended September 30, 2022 and 2021 (Unaudited)

(In millions)

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Deficit)		Total Shareholder's Equity
Balance as of January 1, 2022	$	3	$	3,191	$	1,423	$	413	$	5,030
Comprehensive income (loss):
Net income (loss)	—		—		—		162		162
Other comprehensive income (loss), after tax	—		—		(2,918)		—		(2,918)
Total comprehensive income (loss)									(2,756)
Dividends paid and distributions of capital	—		(413)		—		(444)		(857)
Balance as of September 30, 2022	$	3	$	2,778	$	(1,495)	$	131	$	1,417
Balance as of January 1, 2021	$	3	$	2,873	$	1,882	$	139	$	4,897
Comprehensive income (loss):
Net income (loss)	—		—		—		739		739
Other comprehensive income (loss), after tax	—		—		(324)		—		(324)
Total comprehensive income (loss)									415
Dividends paid and distributions of capital	—		(5)		—		(552)		(557)
Contribution of capital	—		323		—		—		323
Balance as of September 30, 2021	$	3	$	3,191	$	1,558	$	326	$	5,078

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
	9

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2022 and 2021 (Unaudited)

(In millions)

	Nine Months Ended September 30,
	2022		2021
Net cash provided by operating activities	$	1,020	$	1,001
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	3,352		3,166
Fixed maturities, trading	—		29
Equity securities	—		128
Mortgage loans on real estate	506		433
Limited partnerships/corporations	61		281
Acquisition of:
Fixed maturities	(4,574)		(4,053)
Fixed maturities, trading	—		(33)
Equity securities	—		(178)
Mortgage loans on real estate	(464)		(447)
Limited partnerships/corporations	(129)		(180)
Derivatives, net	166		(12)
Short-term investments, net	—		15
Collateral received (delivered), net	20		(15)
Short-term loan to affiliate, net	26		653
Receipts on deposit asset contracts	85		49
Other, net	21		(89)
Net cash used in investing activities	(930)		(253)
Cash Flows from Financing Activities:
Deposits received for investment contracts	3,763		3,018
Maturities and withdrawals from investment contracts	(3,305)		(3,291)
Proceeds from loans with affiliates, net	80		60
Dividends paid and distributions of capital	(857)		(552)
Capital contribution from parent	—		20
Net cash used in financing activities	(319)		(745)
Net increase (decrease) in cash and cash equivalents	(229)		3
Cash and cash equivalents, beginning of period	436		360
Cash and cash equivalents, end of period	$	207	$	363
Supplemental disclosure of cash flow information:
Noncash capital contribution from parent	$	—	$	298

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
	10

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

1.    Business, Basis of Presentation and Significant Accounting Policies

Business

Voya Retirement Insurance and Annuity Company ("VRIAC") is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, the "Company") provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands.

VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial").

The Company derives its revenue mainly from (a) Investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) Net gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by us and other general business expenses, and (c) Amortization of Deferred acquisition costs ("DAC") and Value of business acquired ("VOBA"). In addition, the Company collects broker-dealer commission revenues through Voya Financial Partners, LLC ("VFP"), which are, in turn, paid to broker-dealers and expensed.

The Company offers qualified and non-qualified annuity contracts that include a variety of funding and payout options for individuals and employer-sponsored retirement plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as non-qualified deferred compensation plans and related services. The Company's products are offered primarily to public and private school systems, higher education institutions, hospitals and healthcare facilities, not-for-profit organizations, state and local governments, small to mid-sized corporations and individuals. The Company also provides stable value investment options, including separate account guaranteed investment contracts (e.g., GICs) and synthetic GICs, to institutional clients. Pension risk transfer group annuity solutions were previously offered to institutional plan sponsors who needed to transfer their defined benefit plan obligations to the Company. The Company discontinued sales of these solutions to better align business activities to the Company's priorities. This business was transferred as part of the Individual Life Transaction described below. The Company's products are generally distributed through independent brokers and advisors, third-party administrators and consultants.

Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. The Company's products also include programs offered to qualified plans and non-qualified deferred compensation plans that package administrative and record-keeping services, participant education, and retirement readiness planning tools along with a variety of investment options, including proprietary and non-proprietary mutual funds and variable and fixed investment options. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services.

The Company has one operating segment.

On January 4, 2021, VRIAC's ultimate parent, Voya Financial completed a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019 with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the shares of the capital stock of Security Life of Denver Company ("SLD") and Security Life of Denver International Limited ("SLDI"), including the capital stock of several subsidiaries of SLD and SLDI. Concurrently with the sale, SLD entered into reinsurance agreements with ReliaStar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York (“RLNY”), and VRIAC, each of which is a direct or indirect wholly owned subsidiary of Voya Financial. The reinsurance agreements along with the sale of the legal entities noted above (referred to as the "Individual Life Transaction") resulted in the disposition of substantially all of Voya Financial's life insurance and legacy non-retirement annuity businesses and related assets. See the Reinsurance Note in Part II, Item 8. of our Annual Report on Form 10-K for more information regarding the Individual Life Transaction.

11

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Effective as of March 1, 2021, VRIAC acquired 49.9% of the issued and outstanding common stock of Voya Special Investments, Inc. from Voya Financial. The investment has been accounted for as an equity method investment and recognized within Other investments in Condensed Consolidated Balance Sheets. Also, effective as of March 1, 2021, the Company acquired $80 of SLD issued surplus notes and $73 of Resolution (Life U.S. Intermediate Holdings Ltd.) issued preferred shares from affiliated entities, which were received in connection with the Individual Life Transaction.

On June 9, 2021, Voya Financial completed the sale of the independent financial planning channel of Voya Financial Advisors, Inc. ("VFA") to Cetera Financial Group, Inc. (“Cetera”), one of the nation’s largest networks of independently managed broker-dealers. VFA is one of the channels through which VRIAC distributes its products. In connection with this transaction, VFA transferred more than 800 independent financial professionals serving retail customers with approximately $38 billion in assets under advisement to Cetera, while retaining approximately 500 field and phone-based financial professionals who support our business.

Impairment of Long-lived Assets

The carrying value of long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss is recognized whenever the carrying amount of an asset exceeds its estimated fair value. The amount of the impairment loss is calculated as the excess of the asset’s carrying value over its fair value. During the second quarter of 2022, the Company had a triggering event related to a decrease in the market price of its office building. Consequently, the Company determined its fair value, based on an appraisal, to be lower than its carrying value. As a result, the Company recognized an impairment loss of $32, which is included in Operating expenses in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022.

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. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, VFP, Voya Institutional Plan Services ("VIPS"), and Voya Retirement Advisors ("VRA"). Intercompany transactions and balances have been eliminated.

The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2022, and its results of operations, comprehensive income, and changes in shareholder's equity for the three and nine months ended September 30, 2022 and 2021, and its statements of cash flows for the nine months ended September 30, 2022 and 2021, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance.

The December 31, 2021 Consolidated Balance Sheets are from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K, filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K.

12

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Future Adoption of Accounting Pronouncements

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

Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.	The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03.
ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures	This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables.	The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities have the option to apply the amendments involving the recognition and measurement of TDRs using a modified retrospective transition method; the other amendments are required to be applied prospectively.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-02.
ASU 2020-04, Reference Rate Reform	This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January, 2021 the Financial Accounting Standards Board ("FASB") issued ASU 2021-01 which clarified the scope of relief related to ASU 2020-04.	The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022.	The Company expects that it may elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating its options under this guidance as the reference rate reform adoption process continues. To date, the adoption of the ASU has not had an impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses.

13

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts	This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: •Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts. The effect of updating cash flow assumptions will be measured on a retrospective catch-up basis and presented in the Statement of Operations in the period in which the update is made. The rate used to discount these liabilities will be required to be updated quarterly, with related changes in the liability recorded in Accumulated other comprehensive income ("AOCI"). •Fair value measurement of contract guarantee features qualifying as Market Risk Benefits ("MRB"), with changes in fair value recognized in the Statement of Operations, except for changes in the instrument-specific credit risk, which will be recorded in AOCI. •Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. Elimination of adjustments in AOCI related to DAC and balances amortized on a basis consistent with DAC. DAC will no longer be subjected to loss recognition testing.	The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Initial adoption for the liability for future policy benefits and DAC is required to be reported using either a full retrospective or modified retrospective approach. For market risk benefits, full retrospective application is required.	Evaluation of the implications of these requirements and related potential financial statement impacts is continuing, in accordance with an established governance framework and implementation plan, which includes design and testing of internal controls related to new processes. The Company does not plan to early adopt the ASU and expects to apply a modified retrospective transition method for the liability for future policy benefits and DAC. The Company expects the January 1, 2021 transition impact will increase Total shareholder’s equity by $0.5 billion to $0.7 billion, primarily driven by a positive impact to AOCI resulting from the reversal of DAC/VOBA adjustment balances of approximately $1.0 billion after tax, offset by an unfavorable impact to AOCI of between $0.2 billion and $0.4 billion after tax, resulting from the remeasurement of Future policy benefits and Reinsurance recoverable using January 1, 2021 discount rates. The expected transition effect on Total shareholder's equity will also include an unfavorable impact on Retained earnings (deficit) of approximately $0.1 billion after tax associated with the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The majority of the ASU 2018-12 transition impact of between $0.2 billion and $0.4 billion associated with Future policy benefits and Reinsurance recoverable and approximately 20% of the $0.1 billion transition impact associated with the establishment of MRB liabilities are related to business that was reinsured to Resolution Life US in January 2021. The ultimate effects the standard will have on the financial statements are highly dependent on policyholder behavior, actuarial assumptions and macroeconomic conditions, particularly interest rates and spreads, which may materially change ASU 2018-12-related equity impacts in periods subsequent to transition. The Company estimates the impact of ASU 2018-12 will shift to a reduction of Total shareholder’s equity as of September 30, 2022, primarily related to a negative impact in AOCI resulting from the reversal of DAC/VOBA adjustment balances, which have declined significantly since January 2021 due to increases in interest rates and spreads. While rising interest rates since January 1, 2021 will result in a less unfavorable impact on AOCI due to remeasurement of the liability for Future policy benefits, this will be materially offset by the impact from remeasurement of Reinsurance recoverable.

14

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

2.    Investments

Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of September 30, 2022:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	564	$	13	$	28	$	—	$	549	$	—
U.S. Government agencies and authorities	20		—		3		—		17		—
State, municipalities and political subdivisions	705		1		90		—		616		—
U.S. corporate public securities	7,396		31		1,198		—		6,228		1
U.S. corporate private securities	3,841		6		381		—		3,466		—
Foreign corporate public securities and foreign governments(1)	2,382		5		376		—		2,002		9
Foreign corporate private securities(1)	2,686		2		250		—		2,426		12
Residential mortgage-backed securities	3,028		24		153		2		2,899		2
Commercial mortgage-backed securities	2,997		3		310		—		2,689		1
Other asset-backed securities	1,413		1		127		—		1,286		1
Total fixed maturities, including securities pledged	25,032		86		2,916		2		22,178		26
Less: Securities pledged	864		5		119		—		750		—
Total fixed maturities	$	24,168	$	81	$	2,797	$	2	$	21,428	$	26

(1) Primarily U.S. dollar denominated.

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

15

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2021:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	554	$	137	$	—	$	—	$	691	$	—
U.S. Government agencies and authorities	20		—		—		—		20		—
State, municipalities and political subdivisions	716		88		1		—		803		—
U.S. corporate public securities	7,314		994		39		—		8,269		—
U.S. corporate private securities	3,620		334		15		—		3,939		—
Foreign corporate public securities and foreign governments(1)	2,352		253		14		—		2,591		—
Foreign corporate private securities(1)	2,563		188		1		—		2,703		47
Residential mortgage-backed securities	3,081		97		20		7		3,164		1
Commercial mortgage-backed securities	2,766		130		15		—		2,881		—
Other asset-backed securities	1,341		16		6		—		1,351		—
Total fixed maturities, including securities pledged	24,327		2,237		111		7		26,412		48
Less: Securities pledged	725		74		—		—		799		—
Total fixed maturities	$	23,602	$	2,163	$	111	$	7	$	25,613	$	48

(1) Primarily U.S. dollar denominated.

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

The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2022, 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	$	504	$	485
After one year through five years	3,183		2,973
After five years through ten years	3,707		3,340
After ten years	10,200		8,506
Mortgage-backed securities	6,025		5,588
Other asset-backed securities	1,413		1,286
Fixed maturities, including securities pledged	$	25,032	$	22,178

The investment portfolio is monitored to maintain a diversified portfolio on an ongoing basis. Credit risk is mitigated by monitoring concentrations by issuer, sector and geographic stratification and limiting exposure to any one issuer.

As of September 30, 2022 and December 31, 2021, 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 Shareholder's Equity.

16

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Fair Value
September 30, 2022
Communications	$	940	$	8	$	134	$	814
Financial	3,259		12		461		2,810
Industrial and other companies	6,761		9		953		5,817
Energy	1,376		8		147		1,237
Utilities	2,728		5		344		2,389
Transportation	884		1		114		771
Total	$	15,948	$	43	$	2,153	$	13,838
December 31, 2021
Communications	$	883	$	154	$	2	$	1,035
Financial	2,713		275		13		2,975
Industrial and other companies	7,004		713		26		7,691
Energy	1,385		216		14		1,587
Utilities	2,658		310		10		2,958
Transportation	854		71		1		924
Total	$	15,497	$	1,739	$	66	$	17,170

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

value recorded in Other net gains (losses) in the Condensed Consolidated Statements of Operations.

The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of September 30, 2022 and December 31, 2021, approximately 45.0% and 45.1%, respectively, of the Company’s CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs.

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

Repurchase Agreements

As of September 30, 2022 and December 31, 2021, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

17

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Securities Lending

The Company engages in securities lending whereby the initial collateral is required at a rate of 102% of the market value of the loaned securities.  The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of September 30, 2022 and December 31, 2021, the fair value of loaned securities was $653 and $739, respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets.

If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. As of September 30, 2022 and December 31, 2021, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $610 and $677, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, liabilities to return collateral of $610 and $677, respectively, are included in Payables under securities loan agreements, including collateral held, on the Condensed Consolidated Balance Sheets.

The Company accepts non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of September 30, 2022 and December 31, 2021, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $76 and $87, respectively.

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

	September 30, 2022		December 31, 2021
U.S. Treasuries	$	19	$	42
U.S. corporate public securities	495		479
Foreign corporate public securities and foreign governments	171		243
Equity securities	1		—
Payables under securities loan agreements	$	686	$	764

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.

Variable Interest Entities ("VIEs")

The Company holds certain VIEs for investment purposes. VIEs may be in the form of private placement securities, structured securities, securitization transactions or limited partnerships. The Company has reviewed each of its holdings and determined that consolidation of these investments in the Company’s financial statements is not required, as the Company is not the primary beneficiary, because the Company does not have both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation or right to potentially significant losses or benefits, for any of its investments in VIEs. The Company did not provide any non-contractual financial support and its carrying value represents the Company’s exposure to loss. The carrying value and ownership interest of these investments are included in Limited partnerships/corporations on the Condensed Consolidated Balance Sheets. Income and losses recognized on these investments are reported in Net investment income in the Condensed Consolidated Statements of Operations.

Securitizations

The Company invests in various tranches of securitization entities, including Residential mortgage-backed securities ("RMBS"), Commercial mortgage-backed securities ("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

18

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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 Note to these Condensed Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS that are accounted for under the FVO, for which changes in fair value are reflected in Other 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.

Allowance for credit losses

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:

	Nine Months Ended September 30, 2022
	U.S. corporate public securities		Residential mortgage-backed securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2022	$	—	$	1	$	—	$	—	$	47	$	—	$	48
Credit losses on securities for which credit losses were not previously recorded	1		1		1		9		—		1		13
Initial allowance for credit losses recognized on financial assets accounted for as PCD	—		—		—		—		—		—		—
Reductions for securities sold during the period	—		—		—		—		(37)		—		(37)
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	—		—		—		—		—		—		—
Increase (decrease) on securities with allowance recorded in previous period	—		—		—		—		2		—		2
Write-offs	—		—		—		—		—		—		—
Recoveries of amounts previously written-off	—		—		—		—		—		—		—
Balance at September 30, 2022	$	1	$	2	$	1	$	9	$	12	$	1	$	26

19

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	Year Ended December 31, 2021
	Residential mortgage-backed securities		Commercial mortgage-backed securities		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2021	$	1	$	—	$	11	$	2	$	14
Credit losses on securities for which credit losses were not previously recorded	1		—		35		—		36
Initial allowance for credit losses recognized on financial assets accounted for as PCD	—		—		—		—		—
Reductions for securities sold during the period	—		—		—		—		—
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	—		—		—		—		—
Increase (decrease) on securities with allowance recorded in previous period	(1)		—		1		(2)		(2)
Write-offs	—		—		—		—		—
Recoveries of amounts previously written-off	—		—		—		—		—
Balance as of December 31, 2021	$	1	$	—	$	47	$	—	$	48

Unrealized Capital Losses

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of September 30, 2022:

	Twelve Months or Less Below Amortized Cost					More Than Twelve Months Below Amortized Cost						Total
	Fair Value		Unrealized Capital  Losses		Number of securities	Fair Value		Unrealized Capital  Losses			Number of securities	Fair Value		Unrealized Capital  Losses		Number of securities
U.S. Treasuries	$	253	$	28	21	$	6	$	—	*	2	$	259	$	28	23
U.S. Government, agencies and authorities	17		3		2	—		—			—	17		3		2
State, municipalities and political subdivisions	582		89		295	2		1			4	584		90		299
U.S. corporate public securities	4,922		862		1,068	712		336			283	5,634		1,198		1,351
U.S. corporate private securities	2,918		343		331	205		38			18	3,123		381		349
Foreign corporate public securities and foreign governments	1,684		288		406	192		88			71	1,876		376		477
Foreign corporate private securities	2,289		248		218	12		2			3	2,301		250		221
Residential mortgage-backed	1,267		100		435	316		53			177	1,583		153		612
Commercial mortgage-backed	2,255		260		471	358		50			84	2,613		310		555
Other asset-backed	1,122		109		349	141		18			82	1,263		127		431
Total	$	17,309	$	2,330	3,596	$	1,944	$	586		724	$	19,253	$	2,916	4,320

*Less than $1

20

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are not credit related.

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2021:

	Twelve Months or Less Below Amortized Cost						More Than Twelve Months Below Amortized Cost						Total
	Fair Value		Unrealized Capital  Losses			Number of securities	Fair Value		Unrealized Capital  Losses			Number of securities	Fair Value		Unrealized Capital  Losses			Number of securities
U.S. Treasuries	$	7	$	—	*	4	$	7	$	—	*	2	$	14	$	—	*	6
State, municipalities and political subdivisions	33		1			21	—		—			—	33		1			21
U.S. corporate public securities	1,237		32			290	110		7			138	1,347		39			428
U.S. corporate private securities	325		2			35	94		13			8	419		15			43
Foreign corporate public securities and foreign governments	425		13			90	21		1			17	446		14			107
Foreign corporate private securities	54		1			7	10		—		*	1	64		1			8
Residential mortgage-backed	400		11			181	241		9			96	641		20			277
Commercial mortgage-backed	780		8			178	155		7			27	935		15			205
Other asset-backed	577		4			183	70		2			48	647		6			231
Total	$	3,838	$	72		989	$	708	$	39		337	$	4,546	$	111		1,326

*Less than $1

Based on the Company's quarterly evaluation of its securities in a unrealized loss position, described below, the Company concluded that these securities were not impaired as of September 30, 2022. 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.

Gross unrealized capital losses on fixed maturities, including securities pledged, increased $2,805 from $111 to $2,916 for the nine months ended September 30, 2022. The increase in gross unrealized capital losses was driven primarily by materially higher interest rates across the curve and moderately wider credit spreads.

As of September 30, 2022, $5 of the total $2,916 of gross unrealized losses were from 5 available-for-sale fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for 12 months or greater.

Evaluating Securities for Impairments

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

21

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table identifies the Company's intent impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:

	Three Months Ended September 30,
	2022				2021
	Impairment			No. of Securities	Impairment			No. of Securities
Foreign corporate public securities and foreign governments(1)	$	—	*	1	$	—		—
Residential mortgage-backed	8			66	—		*	2
Commercial mortgage-backed	—		*	2	—			—
Total	$	8		69	$	—	*	2
(1) Primarily U.S. dollar denominated.
*Less than $1
	Nine Months Ended September 30,
	2022				2021
	Impairment			No. of Securities	Impairment			No. of Securities
Foreign corporate public securities and foreign governments(1)	$	—	*	1	$	—		—
Residential mortgage-backed	15			76	—		*	9
Commercial mortgage-backed	—		*	2	—		*	1
Total	$	15		79	$	—	*	10
(1) Primarily U.S. dollar denominated.
*Less than $1

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.

Troubled Debt Restructuring

The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific credit allowance recorded in connection with the troubled debt restructuring. A credit allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the three and nine months ended September 30, 2022, the Company did not have any new commercial mortgage loan troubled debt restructurings. For the three months ended September 30, 2022, the Company had no new private placement troubled debt restructurings. For the nine months ended September 30, 2022, the Company had 6 new private placement troubled debt restructurings with a pre and post modification carrying value of $91 and $67, respectively. For the three and nine months ended September 30, 2021, the Company did not have any new commercial mortgage loan troubled debt restructurings or new private placement troubled debt restructurings.

For the three and nine months ended September 30, 2022 and September 30, 2021, the Company did not have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default.

22

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Mortgage Loans on Real Estate

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

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

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated:

	As of September 30, 2022
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2022	$	139	$	238	$	63	$	—	$	—	$	440
2021	192		238		222		10		—		662
2020	94		185		25		10		—		314
2019	147		109		20		—		—		276
2018	122		37		2		—		—		161
2017	518		190		4		—		—		712
2016 and prior	1,395		218		16		—		—		1,629
Total	$	2,607	$	1,215	$	352	$	20	$	—	$	4,194

	As of December 31, 2021
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2021	$	215	$	273	$	182	$	—	$	—	$	670
2020	114		202		69		—		—		385
2019	150		145		61		—		—		356
2018	127		43		3		—		—		173
2017	543		202		3		—		—		748
2016 and prior	1,451		434		16		—		—		1,901
Total	$	2,600	$	1,299	$	334	$	—	$	—	$	4,233

23

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated:

	As of September 30, 2022
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2022	$	283	$	52	$	105	$	—	$	440
2021	286		211		85		80		662
2020	223		18		30		43		314
2019	178		36		43		19		276
2018	95		19		47		—		161
2017	418		78		66		150		712
2016 and prior	1,197		247		109		76		1,629
Total	$	2,680	$	661	$	485	$	368	$	4,194

*No commercial mortgage loans were secured by land or construction loans

	As of December 31, 2021
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2021	$	556	$	23	$	34	$	57	$	670
2020	342		15		23		5		385
2019	206		43		84		23		356
2018	96		3		49		25		173
2017	355		139		93		161		748
2016 and prior	1,505		154		166		76		1,901
Total	$	3,060	$	377	$	449	$	347	$	4,233

*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:

	As of September 30, 2022
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2022	$	51	$	105	$	30	$	78	$	95	$	61	$	1	$	1	$	18	$	440
2021	79		53		114		137		96		116		9		36		22		662
2020	64		144		14		14		19		30		—		6		23		314
2019	47		89		6		54		34		4		14		11		17		276
2018	28		55		50		7		7		9		—		5		—		161
2017	85		81		283		126		43		54		5		35		—		712
2016 and prior	411		390		348		73		131		141		30		81		24		1,629
Total	$	765	$	917	$	845	$	489	$	425	$	415	$	59	$	175	$	104	$	4,194

24

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	As of December 31, 2021
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2021	$	79	$	58	$	120	$	132	$	96	$	118	$	9	$	36	$	22	$	670
2020	70		159		25		33		34		30		1		12		21		385
2019	48		106		10		103		34		12		15		11		17		356
2018	32		60		53		8		6		9		—		5		—		173
2017	87		82		311		129		44		55		4		36		—		748
2016 and prior	438		437		414		92		179		165		52		99		25		1,901
Total	$	754	$	902	$	933	$	497	$	393	$	389	$	81	$	199	$	85	$	4,233

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated:

	As of September 30, 2022
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2022	$	22	$	200	$	195	$	13	$	10	$	—	$	—	$	440
2021	23		146		378		99		—		8		8		662
2020	50		49		91		124		—		—		—		314
2019	29		58		139		39		11		—		—		276
2018	35		69		30		11		—		16		—		161
2017	89		338		169		113		3		—		—		712
2016 and prior	552		308		303		263		45		118		40		1,629
Total	$	800	$	1,168	$	1,305	$	662	$	69	$	142	$	48	$	4,194

	As of December 31, 2021
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2021	$	24	$	159	$	368	$	104	$	—	$	7	$	8	$	670
2020	51		72		124		138		—		—		—		385
2019	30		66		173		67		20		—		—		356
2018	35		72		31		15		3		17		—		173
2017	90		355		184		116		3		—		—		748
2016 and prior	631		408		335		280		63		144		40		1,901
Total	$	861	$	1,132	$	1,215	$	720	$	89	$	168	$	48	$	4,233

25

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	September 30, 2022		December 31, 2021
Allowance for credit losses, beginning of the period	$	11	$	67
Credit losses on mortgage loans for which credit losses were not previously recorded	1		1
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution	—		(7)
Increase (decrease) on mortgage loans with allowance recorded in previous period	(1)		(50)
Provision for expected credit losses	11		11
Write-offs	—		—
Recoveries of amounts previously written off	—		—
Allowance for credit losses, end of period	$	11	$	11

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

	September 30, 2022		December 31, 2021
Delinquency:
Current	$	4,194	$	4,233
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	—		—
Total	$	4,194	$	4,233

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of September 30, 2022 and December 31, 2021, the Company had no commercial mortgage loans in non-accrual status. There was no interest income recognized on loans in non-accrual status for the nine months ended September 30, 2022 and year ended December 31, 2021.

Net Investment Income

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Fixed maturities	$	351	$	364	$	1,060	$	1,101
Equity securities	2		2		7		9
Mortgage loans on real estate	45		44		134		134
Policy loans	2		2		6		6
Short-term investments and cash equivalents	1		1		2		3
Limited partnerships and other	(16)		118		80		284
Gross investment income	385		531		1,289		1,537
Less: Investment expenses	19		17		54		52
Net investment income	$	366	$	514	$	1,235	$	1,485

26

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

As of September 30, 2022, the Company had $12 investments in fixed maturities that did not produce net investment income. As of December 31, 2021, the Company had no investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

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

Net Gains (Losses)

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

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Fixed maturities, available-for-sale, including securities pledged	$	13	$	2	$	(49)	$	522
Fixed maturities, at fair value option	(196)		(108)		(504)		(395)
Equity securities, at fair value	(4)		—		(25)		7
Derivatives	125		4		182		(44)
Embedded derivatives - fixed maturities	(2)		(1)		(5)		(3)
Guaranteed benefit derivatives	(5)		2		11		39
Mortgage loans	(1)		12		3		96
Other investments	—		1		(1)		95
Net gains (losses)	$	(70)	$	(88)	$	(388)	$	317

On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net gains (losses) in the Condensed Consolidated Statements of Operations.

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Proceeds on sales	$	723	$	279	$	2,167	$	4,141
Gross gains	16		16		34		517
Gross losses	12		1		45		3

27

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

3.    Derivative Financial Instruments

The Company primarily enters into the following types of derivatives:

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

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

Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. 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.

28

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	September 30, 2022						December 31, 2021
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	18	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	579		104		—		567		14		15
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	12,823		270		324		10,514		135		129
Foreign exchange contracts	45		5		—		34		—		—
Credit contracts	143		—		3		110		—		—
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	N/A		2		—		N/A		7		—
Within products(2)	N/A		—		8		N/A		—		28
Managed custody guarantees(2)	N/A		—		9		N/A		—		1
Total			$	381	$	344			$	156	$	173

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

(2) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets.

N/A - Not Applicable

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of September 30, 2022 and December 31, 2021. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815.

29

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates

indicated:

	September 30, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	143	$	—	$	3
Foreign exchange contracts	624		109		—
Interest rate contracts	8,360		267		324
			376		327
Counterparty netting(1)			(268)		(268)
Cash collateral netting(1)			(97)		(56)
Securities collateral netting(1)			(11)		(1)
Net receivables/payables			$	—	$	2

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

	December 31, 2021
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	110	$	—	$	—
Foreign exchange contracts	601		14		15
Interest rate contracts	9,576		135		129
			149		144
Counterparty netting(1)			(140)		(140)
Cash collateral netting(1)			(7)		(2)
Securities collateral netting(1)			(2)		(1)
Net receivables/payables			$	—	$	1

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

Collateral

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

As of September 30, 2022, the Company held $104 and pledged $79 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2021, the Company held $8 and delivered $2 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of September 30, 2022, the Company delivered $97 of securities and held $11 of securities as collateral. As of December 31, 2021, the Company delivered $60 of securities and held $2 securities as collateral.

30

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	Three Months Ended September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income/(loss)		Net investment income and Other net gains/(losses)		Net investment income/(loss)		Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(1)	$	54	$	—	$	20
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		2
	Nine Months Ended September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income/(loss)		Net investment income and Other net gains/(losses)		Net investment income/(loss)		Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(2)	$	105	$	(1)	$	30
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		1

31

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	Three Months Ended September 30,
	2022				2021
	Net investment income/(loss)		Other net gains/(losses)		Net investment income/(loss)		Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	366	$	(62)	$	514	$	(88)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		2		—
	Nine Months Ended September 30,
	2022				2021
	Net investment income/(loss)		Other net gains/(losses)		Net investment income/(loss)		Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	1,235	$	(373)	$	1,485	$	317
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		6		(5)

32

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	Location of Gain or (Loss) Recognized in Income on Derivative	Three Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	121	$	3
Foreign exchange contracts	Other net gains (losses)	3		2
Credit contracts	Other net gains (losses)	1		—
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(2)		(1)
Within products	Other net gains (losses)	2		2
Managed custody guarantees	Other net gains (losses)	(6)		(1)
Total		$	119	$	5
	Location of Gain or (Loss) Recognized in Income on Derivative	Nine Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	178	$	(41)
Foreign exchange contracts	Other net gains (losses)	7		1
Credit contracts	Other net gains (losses)	(3)		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(5)		(3)
Within products	Other net gains (losses)	21		35
Managed custody guarantees	Other net gains (losses)	(8)		3
Total		$	190	$	(4)

33

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

4.    Fair Value Measurements

Fair Value Measurement

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2022:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	398		$	151		$	—		$	549
U.S. Government agencies and authorities	—			17			—			17
State, municipalities and political subdivisions	—			616			—			616
U.S. corporate public securities	—			6,221			7			6,228
U.S. corporate private securities	—			2,168			1,298			3,466
Foreign corporate public securities and foreign governments(1)	—			2,002			—			2,002
Foreign corporate private securities (1)	—			2,120			306			2,426
Residential mortgage-backed securities	—			2,878			21			2,899
Commercial mortgage-backed securities	—			2,689			—			2,689
Other asset-backed securities	—			1,233			53			1,286
Total fixed maturities, including securities pledged	398			20,095			1,685			22,178
Equity securities	15			8			116			139
Derivatives:
Interest rate contracts	3			267			—			270
Foreign exchange contracts	—			109			—			109
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,141			—			—			1,141
Assets held in separate accounts	67,736			5,472			339			73,547
Total assets	$	69,293		$	25,951		$	2,140		$	97,384
Percentage of Level to Total	71		%	27		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	8		$	8
Stabilizer and MCGs	—			—			9			9
Other derivatives:
Interest rate contracts	—			324			—			324
Credit contracts	—			3			—			3
Total liabilities	$	—		$	327		$	17		$	344

(1) Primarily U.S. dollar denominated.

34

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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, 2021:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	510		$	181		$	—		$	691
U.S. Government agencies and authorities	—			20			—			20
State, municipalities and political subdivisions	—			803			—			803
U.S. corporate public securities	—			8,264			5			8,269
U.S. corporate private securities	—			2,560			1,379			3,939
Foreign corporate public securities and foreign governments(1)	—			2,591			—			2,591
Foreign corporate private securities (1)	—			2,431			272			2,703
Residential mortgage-backed securities	—			3,130			34			3,164
Commercial mortgage-backed securities	—			2,881			—			2,881
Other asset-backed securities	—			1,318			33			1,351
Total fixed maturities, including securities pledged	510			24,179			1,723			26,412
Equity securities	27			—			114			141
Derivatives:
Interest rate contracts	—			135			—			135
Foreign exchange contracts	—			14			—			14
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,244			—			—			1,244
Assets held in separate accounts	91,474			5,174			316			96,964
Total assets	$	93,255		$	29,502		$	2,153		$	124,910
Percentage of Level to total	74		%	24		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	9		$	9
Stabilizer and MCGs	—			—			20			20
Other derivatives:
Interest rate contracts	—			129			—			129
Foreign exchange contracts	—			15			—			15
Total liabilities	$	—		$	144		$	29		$	173

(1) Primarily U.S. dollar denominated.

35

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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.

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.

36

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

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

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

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

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

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

The discount rate used to determine the fair value of the embedded derivatives and stand-alone derivative includes an adjustment for 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 Company, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims.

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

37

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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.

38

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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 September 30, 2022
	Fair Value as of July 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		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	$	8	$	—	$	(1)	$	1	$	—	$	—	$	(1)	$	—	$	—	$	7	$	—	$	(1)
U.S. Corporate private securities	1,323		—		(71)		63		—		—		(28)		11		—		1,298		—		(72)
Foreign corporate public securities and foreign governments(1)	4		—		—		—		—		—		—		—		(4)		—		—		—
Foreign corporate private securities(1)	303		(2)		(8)		20		—		—		(3)		—		(4)		306		(3)		(9)
Residential mortgage-backed securities	22		(2)		—		2		—		—		—		—		(1)		21		(2)		—
Other asset-backed securities	47		—		(2)		13		—		—		(1)		—		(4)		53		—		(2)
Total fixed maturities, including securities pledged	1,707		(4)		(82)		99		—		—		(33)		11		(13)		1,685		(5)		(84)
Equity securities, at fair value	121		(5)		—		—		—		—		—		—		—		116		(5)		—
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)	(4)		(5)		—		—		—		—		—		—		—		(9)		—		—
FIA(2)	(9)		1		—		—		—		—		—		—		—		(8)		—		—
Assets held in separate accounts(4)	349		(9)		—		32		—		(16)		—		—		(17)		339		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

39

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	Nine Months Ended September 30, 2022
	Fair Value as of January 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		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	$	5	$	—	$	(1)	$	4	$	—	$	—	$	(1)	$	—	$	—	$	7	$	—	$	(1)
U.S. Corporate private securities	1,379		—		(283)		199		—		—		(111)		124		(10)		1,298		—		(282)
Foreign corporate private securities(1)	272		(21)		(32)		101		—		—		(21)		110		(103)		306		(5)		(33)
Residential mortgage-backed securities	34		(14)		—		2		—		—		—		—		(1)		21		(14)		—
Other asset-backed securities	33		—		(6)		39		—		(10)		(3)		—		—		53		—		(5)
Total fixed maturities, including securities pledged	1,723		(35)		(322)		345		—		(10)		(136)		234		(114)		1,685		(19)		(321)
Equity securities, at fair value	114		(22)		—		24		—		—		—		—		—		116		(22)		—
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)	(20)		12		—		—		(1)		—		—		—		—		(9)		—		—
FIA(2)	(9)		1		—		—		—		—		—		—		—		(8)		—		—
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreements	—		—		—		7		—		—		(7)		—		—		—		—		—
Assets held in separate accounts(4)	316		(35)		—		164		—		(20)		—		6		(92)		339		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

40

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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 September 30, 2021
	Fair Value as of July 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		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	$	18	$	—	$	—	$	6	$	—	$	—	$	(1)	$	—	$	—	$	23	$	—	$	1
U.S. Corporate private securities	1,413		8		(6)		116		—		(15)		(113)		—		(30)		1,373		—		(5)
Foreign corporate public securities and foreign governments(1)	7		—		—		15		—		—		—		—		(7)		15		—		—
Foreign corporate private securities(1)	264		(13)		19		27		—		—		(4)		—		—		293		—		19
Residential mortgage-backed securities	31		(4)		—		15		—		—		—		—		(2)		40		(4)		—
Commercial mortgage-backed securities	—		—		—		9		—		—		—		—		—		9		—		—
Other asset-backed securities	52		—		—		7		—		—		(17)		—		(7)		35		—		—
Total fixed maturities, including securities pledged	1,785		(9)		13		195		—		(15)		(135)		—		(46)		1,788		(4)		15
Fixed maturities, trading, at fair value	33		—		—		—		—		(29)		—		—		—		4		—		—
Equity securities, at fair value	145		—		—		—		—		—		—		—		—		145		—		—
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)	(15)		1		—		—		(1)		—		—		—		—		(15)		—		—
FIA(2)	(10)		—		—		—		(1)		—		1		—		—		(10)		—		—
Assets held in separate accounts(4)	293		1		—		53		—		(5)		—		—		(30)		312		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

41

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	Nine Months Ended September 30, 2021
	Fair Value as of January 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		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	$	57	$	—	$	1	$	5	$	—	$	(9)	$	(1)	$	—	$	(30)	$	23	$	—	$	1
U.S. Corporate private securities	1,286		13		(38)		148		—		(99)		(126)		283		(94)		1,373		—		(26)
Foreign corporate public securities and foreign governments(1)	—		—		—		15		—		—		—		—		—		15		—		—
Foreign corporate private securities(1)	295		(10)		20		27		—		(22)		(17)		—		—		293		2		17
Residential mortgage-backed securities	33		(8)		—		21		—		(7)		—		1		—		40		(8)		—
Commercial mortgage-backed securities	—		—		—		9		—		—		—		—		—		9		—		—
Other asset-backed securities	37		—		(2)		14		—		—		(32)		18		—		35		—		(1)
Total fixed maturities, including securities pledged	1,708		(5)		(19)		239		—		(137)		(176)		302		(124)		1,788		(6)		(9)
Fixed maturities, trading, at fair value	—		—		—		33		—		(29)		—		—		—		4		—		—
Equity securities, at fair value	99		8		—		75		—		(30)		(7)		—		—		145		(1)		—
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)	(53)		38		—		—		(1)		—		1		—		—		(15)		—		—
FIA(2)	(10)		—		—		—		(1)		—		1		—		—		(10)		—		—
Assets held in separate accounts(4)	222		4		—		157		—		(6)		—		—		(65)		312		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

42

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

For the three and nine months ended September 30, 2022 and 2021, 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.

Significant Unobservable Inputs

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

Other Financial Instruments

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets.

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.

43

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	September 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	22,178	$	22,178	$	26,412	$	26,412
Equity securities	139		139		141		141
Mortgage loans on real estate	4,194		3,921		4,233		4,495
Policy loans	162		162		171		171
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,141		1,141		1,244		1,244
Derivatives	379		379		149		149
Short-term loan to affiliate	104		104		130		130
Other investments	134		134		143		143
Assets held in separate accounts	73,547		73,547		96,964		96,964
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	29,454		30,133		28,128		35,256
Funding agreements with fixed maturities	731		729		925		925
Supplementary contracts, immediate annuities and other	255		194		257		267
Derivatives:
Guaranteed benefit derivatives:
FIA	8		8		9		9
Stabilizer and MCGs	9		9		20		20
Other derivatives	327		327		144		144
Short-term debt(2)	100		100		19		19
Long-term debt(2)	2		2		2		2
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.
(2) Included in Other Liabilities on the Condensed Consolidated Balance Sheets.

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

Financial Instrument	Classification
Mortgage loans on real estate	Level 3
Policy loans	Level 2
Other investments	Level 2
Funding agreements without fixed maturities and deferred annuities	Level 3
Funding agreements with fixed maturities	Level 2
Supplementary contracts, immediate annuities and other	Level 3
Short-term debt and Long-term debt	Level 2

44

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

5.    Deferred Policy Acquisition Costs and Value of Business Acquired

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

	2022
	DAC		VOBA			Total
Balance as of January 1, 2022	$	270	$	139		$	409
Deferrals of commissions and expenses	41		3			44
Amortization:
Amortization, excluding unlocking(2)	(52)		(31)			(83)
Unlocking (1)	(2)		2			—
Interest accrued	26		18		(3)	44
Net amortization included in the Condensed Consolidated Statements of Operations	(28)		(11)			(39)
Change due to unrealized capital gains/losses on available-for-sale securities	669		508			1,177
Balance as of September 30, 2022	$	952	$	639		$	1,591

	2021
	DAC		VOBA			Total
Balance as of January 1, 2021	$	122	$	40		$	162
Deferrals of commissions and expenses	41		3			44
Amortization:
Amortization, excluding unlocking(2)	(79)		(79)			(158)
Unlocking (1)	9		21			30
Interest accrued	26		19		(3)	45
Net amortization included in the Condensed Consolidated Statements of Operations	(44)		(39)			(83)
Change due to unrealized capital gains/losses on available-for-sale securities	120		115			235
Balance as of September 30, 2021	$	239	$	119		$	358

(1) Includes the impacts of annual review of assumptions which typically occurs in the third quarter; and retrospective and prospective unlocking.

(2) There was no loss recognition during 2022. During the nine months ended September 30, 2021 the Company recognized $2 of loss recognition related to DAC.

(3) Interest accrued at the following rates for VOBA: 7.0% during 2022 and 5.5% to 7.0% during 2021.

6. Reinsurance

As of September 30, 2022, the Company has reinsurance treaties with 3 unaffiliated reinsurers covering a significant portion of the mortality risks and guaranteed death benefits under its variable contracts. Premiums receivable and reinsurance recoverable were comprised of the following as of the dates indicated:

	September 30,		December 31,
	2022		2021
Premiums receivable	$	(1)	$	(3)
Reinsurance recoverable, net of allowance for credit losses	3,441		3,601
Total	$	3,440	$	3,598

45

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	Three Months Ended September 30,
	2022		2021
Premiums:
Direct premiums	$	3	$	11
Reinsurance assumed	—		—
Reinsurance ceded	—		(1)
Net premiums	$	3	$	10
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	230	$	238
Reinsurance assumed	—		—
Reinsurance ceded	(49)		(32)
Net interest credited and other benefits to contract owners / policyholders	$	181	$	206

	Nine Months Ended September 30,
	2022		2021
Premiums:
Direct premiums	$	16	$	28
Reinsurance assumed	—		—
Reinsurance ceded	(2)		(2,459)
Net premiums	$	14	$	(2,431)
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	679	$	911
Reinsurance assumed	3		7
Reinsurance ceded	(108)		(2,592)
Net interest credited and other benefits to contract owners / policyholders	$	574	$	(1,674)

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 September 30, 2022 and December 31, 2021, the Company had a deposit asset of $1.3 billion and $1.4 billion respectively, which is reported in Other assets on the accompanying Condensed Consolidated Balance Sheets.

46

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

7.    Accumulated Other Comprehensive Income (Loss)

Shareholder’s equity included the following components of AOCI as of the dates indicated:

	September 30,
	2022		2021
Fixed maturities, net of impairments	$	(2,830)	$	2,343
Derivatives(1)	163		80
DAC/VOBA adjustment on available-for-sale securities(2)	610		(616)
Unrealized capital gains (losses), before tax	(2,057)		1,807
Deferred income tax asset (liability)	560		(251)
Net unrealized capital gains (losses)	(1,497)		1,556
Pension and other postretirement benefits liability, net of tax	2		2
AOCI	$	(1,495)	$	1,558

(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 September 30, 2022, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $19.

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

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 September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,260)		$	265	$	(995)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(5)			1		(4)
DAC/VOBA and Sales inducements	288			(60)		228
Change in unrealized gains (losses) on available-for-sale securities	(977)			206		(771)
Derivatives:
Derivatives	51		(1)	(11)		40
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(6)			1		(5)
Change in unrealized gains (losses) on derivatives	45			(10)		35
Change in Accumulated other comprehensive income (loss)	$	(932)		$	196	$	(736)

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

47

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	Nine Months Ended September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(5,028)		$	1,056	$	(3,972)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	72			(15)		57
DAC/VOBA and Sales inducements	1,177		(1)	(247)		930
Change in unrealized gains (losses) on available-for-sale securities	(3,779)			794		(2,985)
Derivatives:
Derivatives	100		(2)	(21)		79
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(15)			3		(12)
Change in unrealized gains (losses) on derivatives	85			(18)		67
Change in Accumulated other comprehensive income (loss)	$	(3,694)		$	776	$	(2,918)

(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.

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

	Three Months Ended September 30, 2021
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(134)		$	28	$	(106)
Other	(1)			—		(1)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(16)			3		(13)
DAC/VOBA and Sales inducements	40			(8)		32
Change in unrealized gains (losses) on available-for-sale securities	(111)			23		(88)
Derivatives:
Derivatives	19		(1)	(4)		15
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(5)			1		(4)
Change in unrealized gains (losses) on derivatives	14			(3)		11
Change in Accumulated other comprehensive income (loss)	$	(97)		$	20	$	(77)

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

48

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	Nine Months Ended September 30, 2021
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(553)		$	117	$	(436)
Other	(2)			—		(2)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(533)			112		(421)
DAC/VOBA and Sales inducements	238		(1)	(50)		188
Premium deficiency reserve adjustment	434			(91)		343
Change in unrealized gains (losses) on available-for-sale securities	(416)			88		(328)
Derivatives:
Derivatives	23		(2)	(5)		18
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(16)			3		(13)
Change in unrealized gains (losses) on derivatives	7			(2)		5
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations	(1)			—		(1)
Change in pension and other postretirement benefits liability	(1)			—		(1)
Change in Accumulated other comprehensive income (loss)	$	(410)		$	86	$	(324)

(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.

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

8.    Income Taxes

The Company's effective tax rates for the three and nine months ended September 30, 2022 were 11.5% and (0.6)%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction ("DRD") and tax credits.

The Company's effective tax rates for the three and nine months ended September 30, 2021 were 15.4% and 17.2%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits.

In August 2022, the Inflation Reduction Act ("IRA of 2022") was signed into law creating the corporate alternative minimum tax ("CAMT"). The IRA of 2022 has tasked the U.S. Department of Treasury with issuing regulations at a future date. As these regulations have not yet been issued, the Company is uncertain as to whether it will qualify for the CAMT and will continue to evaluate the applicability as more guidance is provided.

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 September 30, 2022, the Company had year-to-date losses on securities of $3,694 in Other comprehensive income primarily driven by increases in interest rates. The Company determined that the increase in unrealized losses on fixed income investments will be offset in future years by the ordinary income produced from these investments as

49

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

they reach maturity. Additionally, operating income remained positive for the period and was largely consistent with the 2021 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgement regarding the realization of DTAs and did not establish a valuation allowance. For more information related to the valuation allowance, refer to the Income Taxes Note to the Consolidated Financial Statements included in Part II, Item 8 of the Annual Report on form 10-K.

Tax Sharing Agreement

The results of the Company's operations are included in the consolidated tax return of Voya Financial. Generally, the Company's consolidated financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC Topic 740) as if the Company were a separate taxpayer rather than a member of Voya Financial's consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. If the Company instead were to follow a separate taxpayer approach without any exceptions, there would be no impact to income tax expense (benefit) for the periods indicated above. Also, any current tax benefit related to the Company's tax attributes realized by virtue of its inclusion in the consolidated tax return of Voya Financial would have been recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial will pay the Company for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated.

Tax Regulatory Matters

For the tax years 2020 through 2022, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2020 tax year, the Company was in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year.

9.    Financing Agreements

Reciprocal Loan Agreement

The Company maintains a reciprocal loan agreement with Voya Financial, an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which expires on April 1, 2026, either party can borrow from the other up to 3.0% of the Company’s statutory admitted assets as of the preceding December 31. Interest on any borrowing by either the Company or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities.

Under this agreement, the Company incurred $1 and $1 interest expense for the three and nine months ended September 30, 2022. The Company earned $1 and $4 of interest income for the three months and nine months ended September 30, 2022, respectively. The Company incurred immaterial interest expense for the three and nine months ended September 30, 2021. The Company earned $1 interest income for the three and nine months ended September 30, 2021. As of September 30, 2022, VRIAC had $104 outstanding receivables and VIPS had an outstanding payable of $99. As of December 31, 2021, VRIAC had an outstanding receivable of $130 and VIPS had a $19 outstanding payable from/to Voya Financial under the reciprocal loan agreement.

10.    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 September 30, 2022, the Company had off-balance sheet commitments to acquire mortgage loans of $129 and purchase limited partnerships and private placement investments of $707.

50

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Restricted Assets

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, letter of credit ("LOC") and derivative transactions as described further in this note.

The components of the fair value of the restricted assets were as follows as of the dates indicated:

	September 30, 2022		December 31, 2021
Fixed maturity collateral pledged to FHLB(1)	$	888	$	1,124
FHLB restricted stock(2)	35		47
Other fixed maturities-state deposits	11		14
Cash and cash equivalents	3		3
Securities pledged(3)	750		799
Total restricted assets	$	1,687	$	1,987

(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 $653 and $739 as of September 30, 2022 and December 31, 2021, respectively. In addition, as of September 30, 2022 and December 31, 2021, the Company delivered securities as collateral of $97 and $60, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets.

Federal Home Loan Bank Funding

The Company is a member of the Federal Home Loan Bank of Boston ("FHLB") and is required to pledge collateral to back funding agreements issued to the FHLB. As of September 30, 2022 and December 31, 2021, the Company had $731 and $925, respectively, in non-putable funding agreements, which are included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, assets with a market value of approximately $888 and $1,124, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.

Litigation, Regulatory Matters and Loss Contingencies

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

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

The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies.

51

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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 September 30, 2022, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, as not material to the Company.

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

Litigation includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants, which include the Company, breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously.

Finally, industry wide, life insurers continue to be exposed to class action litigation related to the cost of insurance rates and periodic deductions from cash value. Common allegations include that insurance companies have breached the terms of their universal life insurance policies by establishing or increasing the cost of insurance rates using cost factors not permitted by the contract, thereby unjustly enriching themselves. This litigation is generally known as cost of insurance litigation.

11.    Related Party Transactions

Operating Agreements

The Company has operating agreements whereby the Company provides or receives services from affiliated entities. For the three and nine months ended September 30, 2022, revenues with affiliated entities related to these agreements were $20 and $64. For the three and nine months ended September 30, 2021, revenues with affiliated entities related to these agreements were $25 and $73. For the three and nine months ended September 30, 2022, expenses with affiliated entities related to the aforementioned operating agreements, as amended, were $142 and $450. For the three and nine months ended September 30, 2021, expenses with affiliated entities related to the aforementioned operating agreements, as amended, were $154 and $484

52

Item 2.    Management’s Narrative Analysis of the Results of Operations and Financial Condition

(Dollar amounts in millions, unless otherwise stated)

For the purposes of the discussion in this Quarterly Report on Form 10-Q, the term "VRIAC" refers to Voya Retirement Insurance and Annuity Company, and the terms "Company," "we," "our," "us" refer to Voya Retirement Insurance and Annuity Company and its subsidiaries. We are a direct, wholly owned subsidiary of Voya Holdings Inc., which is a direct, wholly owned subsidiary of Voya Financial, Inc.

The following discussion and analysis presents a review of our results of operations for the three and nine months ended September 30, 2022 and 2021 and financial condition as of September 30, 2022 and December 31, 2021. This item should be read in its entirety and in conjunction with the Condensed Consolidated Financial Statements and related notes contained in Part I., Item 1. of this Quarterly Report on Form 10-Q, as well as "Management's Narrative Analysis of the Results of Operations and Financial Condition" section contained in our Annual Report on Form 10-K for the year ended December 31, 2021 ("Annual Report on Form 10-K").

In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See Note Concerning Forward-Looking Statements.

Overview

VRIAC is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, the "Company") provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands.

On January 4, 2021, VRIAC's ultimate parent, Voya Financial, completed a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019 with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the shares of the capital stock of Security Life of Denver Company ("SLD") and Security Life of Denver International Limited ("SLDI"), including the capital stock of several subsidiaries of SLD and SLDI. Concurrently with the sale, SLD entered into reinsurance agreements with ReliaStar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York (“RLNY”), and VRIAC, each of which is a direct or indirect wholly owned subsidiary of Voya Financial. The reinsurance agreements along with the sale of the legal entities noted above (referred to as the "Individual Life Transaction") resulted in the disposition of substantially all of Voya Financial's life insurance and legacy non-retirement annuity businesses and related assets. See the Reinsurance Note in Part II, Item 8. of our Annual Report on Form 10-K for more information regarding the Individual Life Transaction.

Effective as of March 1, 2021, Voya Retirement Insurance and Annuity Company acquired 49.9% of the issued and outstanding common stock of Voya Special Investments, Inc. from Voya Financial, Inc. The investment has been accounted for as an equity method investment and recognized within Other investments in the Condensed Consolidated Balance Sheets. Also, effective as of March 1, 2021, the Company acquired $80 million of SLD issued surplus notes and $73 million of Resolution (Life U.S. Intermediate Holdings Ltd.) issued preferred shares from affiliated entities, which were received in connection with the Individual Life Transaction.

On June 9, 2021, Voya Financial completed the sale of the independent financial planning channel of Voya Financial Advisors, Inc. ("VFA") to Cetera Financial Group, Inc. ("Cetera"), one of the nation’s largest networks of independently managed broker-dealers. VFA is one of the channels through which VRIAC distributes its products. In connection with this transaction, VFA transferred more than 800 independent financial professionals serving retail customers with approximately $38 billion in assets under advisement to Cetera, while retaining approximately 500 field and phone-based financial professionals who support our business.

During the third quarter of 2022 and 2021, we conducted our annual review of assumptions, market conditions and other projection model inputs. For further information, see the Critical Accounting Judgements and Estimates section of the Management's Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2. of this Quarterly Report on Form 10-Q.

53

Impact of New Accounting Pronouncements

For information regarding the impact of new accounting pronouncements, see the Business, Basis of Presentation and Significant Accounting Policies Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Critical Accounting Judgments and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") requires us 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. Critical estimates and assumptions are evaluated on an on-going basis based on historical developments, market conditions, industry trends and other information that is reasonable under the circumstances. There can be no assurance that actual results will conform to estimates and assumptions and that reported results of operations will not be materially affected by the need to make future accounting adjustments to reflect changes in these estimates and assumptions from time to time. The inputs into our estimates and assumptions consider the economic implications of COVID-19 on our critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the accompanying Condensed Consolidated Financial Statements.

We have identified the following accounting judgments and estimates as critical in that they involve a higher degree of judgment and are subject to a significant degree of variability:

•Reserves for future policy benefits;

•Deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA");

•Valuation of investments and derivatives;

•Impairments;

•Income taxes; and

•Contingencies.

In developing these accounting estimates, we make subjective and complex judgments that are inherently uncertain and subject to material changes as facts and circumstances develop. Although variability is inherent in these estimates, we believe the amounts provided are appropriate based on the facts available upon preparation of the Condensed Consolidated Financial Statements.

The above critical accounting estimates are described in the Business, Basis of Presentation and Significant Accounting Policies Note in our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K.

Assumptions and Periodic Review

Changes in assumptions can have a significant impact on DAC and VOBA balances, amortization rates, reserve levels and results of operations. Assumptions are management's best estimates of future outcome. We periodically review these assumptions against actual experience and, based on additional information that becomes available, update our assumptions. Deviation of emerging experience from our assumptions could have a significant effect on our DAC and VOBA, reserves and the related results of operations. During the third quarter of 2022 and 2021, we conducted our annual review of assumptions, including projection model inputs and made a number of changes to our assumptions which impacted the results of our segments included in our Net income (loss) and discussed below.

For the third quarter of 2022, the impact of annual assumption changes on our results of operations was $51 million favorable DAC/VOBA unlocking. The favorable DAC/VOBA unlocking for the current period was primarily driven by higher interest rates. DAC/VOBA unlocking is reflected in Net amortization of Deferred policy acquisition costs and Value of business acquired in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022.

During the first quarter of 2021 and as a result of the close of the Individual Life transaction, we reviewed our blocks of business to determine recoverability of DAC, VOBA and other intangibles. This review, referred to as loss recognition testing, resulted in the write down of DAC/VOBA of $2 million and increase in reserves of $216 million in our divested businesses. The loss recognition related to DAC/VOBA and reserves was recorded in Net amortization of Deferred policy acquisition costs and Value of business acquired and Interest credited and other benefits to contract owners/policyholders, respectively in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2021.

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For the third quarter of 2021, the impact of annual assumption changes on our results of operations was $20 million favorable DAC/VOBA unlocking. The favorable DAC/VOBA unlocking during 2021 was primarily driven by changes in asset return assumptions.

Sensitivity

We perform sensitivity analyses to assess the impact that certain assumptions have on DAC/VOBA and other intangibles, as well as certain reserves. The following table presents the estimated instantaneous net impact to income from continuing operations of various assumption changes on our DAC/VOBA and other intangible balances and the impact on related reserves for future policy benefits and reinsurance. The effects are not representative of the aggregate impacts that could result if a combination of such changes to equity markets, interest rates and other assumptions occurred.

($ in millions)	As of September 30, 2022
Decrease in long-term equity rate of return assumption by 100 basis points	$	(35)
A change to the long-term interest rate assumption of -50 basis points	(16)
A change to the long-term interest rate assumption of +50 basis points	13
An assumed increase in future mortality by 1%	—

Lower assumed equity rates of return, lower assumed interest rates and decreases in equity market values generally decrease DAC and VOBA and increase future policy benefits, thus decreasing income before income taxes. Higher assumed interest rates generally increase DAC and VOBA and decrease future policy benefits, thus increasing income before income taxes.

Income Taxes

In August 2022, President Biden signed into law the Inflation Reduction Act of 2022 ("IRA of 2022"), which includes a 15% book income alternative minimum tax (“CAMT”) on corporations. The CAMT is effective in taxable years beginning after December 31, 2022. The IRA of 2022 has tasked the U.S. Department of Treasury with issuing regulations at a future date. As these regulations have not yet been issued, we are uncertain as to whether we will qualify for the CAMT and will continue to evaluate the applicability as more guidance is provided.

See the Income Taxes Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on income taxes.

Recent Developments

All statements in this section, other than statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For a discussion of factors that could cause actual results, performance, or events to differ from those discussed in any forward-looking statement, including in a material manner, see Note Concerning Forward-Looking Statements in this Quarterly Report on Form 10-Q.

COVID-19 and its Effect on the Global Economy

COVID-19, the disease caused by the novel coronavirus, has had a significant adverse effect on the global economy since March of 2020. Even though vaccinations are widely available in many countries, including the United States, the disease continues to spread throughout the world. The persistence of new infections, including the introduction of new variants, has impacted the re-opening of the U.S. economy and, even in regions where restrictions have largely been lifted, economic activity has been slow to recover. Longer-term, the economic outlook is uncertain, but may depend in significant part on progress with respect to effective therapies to treat COVID-19 or the approval of additional vaccines and the pace at which they are administered globally.

Effect on VRIAC - Financial Condition, Capital and Liquidity

Because both public health and economic circumstances are changing so rapidly at present, it is impossible to predict how COVID-19 will affect VRIAC’s future financial condition. Absent a further significant and prolonged market shock, however,

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we do not anticipate a material effect on our balance sheet or liquidity. Our capital levels remain strong and significantly above our targets.

Effect on VRIAC - Results of Operations

Predicting with accuracy the consequences of COVID-19 on our results of operations is impossible. To date, the most significant effects of adverse economic conditions have been on our fee-based income, with net investment income experiencing milder effects. Underwriting income, principally affected by increases to mortality and morbidity due to the disease, has also been negatively affected.

The effects of COVID-19 have become less distinguishable as other geopolitical developments have driven uncertainty in the macroeconomic environment. Ongoing equity market volatility and declines drive variability in AUM levels and associated fee-based margin. Higher interest rate levels have provided and may continue to provide some offsetting revenue lift on our general account fixed products. On a prospective basis, general economic uncertainty due to COVID-19, combined with other factors and events, could serve to negatively impact sales and flows into our products.

Results of Operations

($ in millions)	Three Months Ended September 30,						Nine Months Ended September 30,
	2022		2021		Change		2022		2021		Change
Revenues:
Net investment income	$	366	$	514	$	(148)	$	1,235	$	1,485	$	(250)
Fee income	237		280		(43)		746		810		(64)
Premiums	3		10		(7)		14		(2,431)		2,445
Broker-dealer commission revenue	—		1		(1)		1		2		(1)
Total net gains (losses)	(70)		(88)		18		(388)		317		(705)
Other revenue	8		8		—		36		25		11
Total revenues	544		725		(181)		1,644		208		1,436
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	181		206		(25)		574		(1,674)		2,248
Operating expenses	269		312		(43)		868		904		(36)
Broker-dealer commission expense	—		1		(1)		1		2		(1)
Net amortization of Deferred policy acquisition costs and Value of business acquired	(29)		5		(34)		39		83		(44)
Interest expense	1		—		1		1		—		—
Total benefits and expenses	422		524		(102)		1,483		(685)		2,168
Income (loss) before income taxes	122		201		(79)		161		893		(732)
Income tax expense (benefit)	14		31		(17)		(1)		154		(155)
Net income (loss)	$	108	$	170	$	(62)	$	162	$	739	$	(577)

Three Months Ended September 30, 2022 compared to Three Months Ended September 30, 2021

Revenues

Net investment income decreased by $148 million from $514 million to $366 million primarily due to:

•lower alternative investment and prepayment fee income in the current period primarily driven by the impact of equity market performance.

Fee income decreased by $43 million from $280 million to $237 million primarily due to:

•lower fee income primarily driven by lower average equity markets and a lower earned rate.

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Premiums decreased by $7 million from $10 million to $3 million primarily due to:

•a shift from monthly to quarterly Annuity valuation payout processes.

Total net gains (losses) decreased by $18 million from a loss of $88 million to a loss of $70 million primarily due to:

•favorable changes in derivatives due to interest rate movements; and

•favorable changes in fixed maturities, including securities pledged driven by a reduction in CECL allowance.

The decrease was partially offset by:

•unfavorable changes in fixed maturities, using the fair value option due to interest rate movements and spread changes;

•higher gains on mortgage loans in the prior period driven by a decrease in loss rates; and

•unfavorable changes in equity securities, available-for-sale driven by market value movements.

Benefits and Expenses

Interest credited and other benefits to contract owners/policyholders decreased by $25 million from $206 million to $181 million primarily due to:

•a reclass of products between Annuity and CBVA;

•run off of Annuity business in reserves; and

•a shift from monthly to quarterly Annuity valuation payout processes.

Operating expenses decreased by $43 million from $312 million to $269 million primarily due to:

• a decrease in asset based commission and a legal accrual in the prior period.

Net amortization of DAC and VOBA decreased by $34 million from $5 million to $(29) million primarily due to:

•higher favorable unlocking in the current period compared to prior period due to annual assumption updates.

Income tax expense decreased by $17 million from $31 million to $14 million primarily due to:

•a decrease in income before income taxes.

Nine Months Ended September 30, 2022 compared to Nine Months Ended September 30, 2021

Revenues

Net investment income decreased by $250 million from $1,485 million to $1,235 million primarily due to:

•lower alternative investment and prepayment fee income in the current period primarily driven by the impact of equity market performance.

Premiums increased by $2,445 million from $(2,431) million to $14 million primarily due to:

•the close of the Individual Life Transaction in the prior period, at which point the Pension Risk Transfer (PRT) and annuity business was ceded to Resolution.

Total net gains (losses) changed by $705 million from a gain of $317 million to a loss of $388 million primarily due to:

•higher gains on fixed maturities, including securities pledged, in the prior period driven by the transfer of assets from reinsurance portfolios to Resolution upon the close of the transaction;

•unfavorable changes in fixed maturities, using the fair value option due to interest rate movements and spread changes;

•unfavorable changes in equity securities, available-for-sale driven by market value movements;

•unfavorable changes in derivatives due to interest rate movements;

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•higher gains on mortgage loans in the prior period driven by the sale of loans from reinsurance portfolios to Resolution upon the close of the transaction and a decline in CECL allowance; and

•unfavorable changes in other investments driven by the sale of the Company's stake in VA Capital in the prior period.

Benefits and Expense

Interest credited and other benefits to contract owners/policyholders increased by $2,248 million from $(1,674) million to $574 million primarily due to:

•the ceding of the PRT and annuity business to Resolution as part of the Life Transaction in the prior period.

The increase was partially offset by:

•a decrease in PRT reserves which were updated to reflect a change in yield assumptions related to liabilities in the current period that did not occur in the prior period.

Net amortization of DAC and VOBA decreased by $44 million from $83 million to $39 million primarily due to:

•DAC/VOBA balance within the Annuities business being written down to zero in the prior period as the block did not pass Loss Recognition Testing (LRT)

The decrease was partially offset by:

•higher favorable DAC unlocking primarily due to third quarter annual assumption updates in the current year.

Income tax expense (benefit) changed by $155 million from an expense of $154 million to a benefit of $1 million primarily due to:

•a decrease in income before income taxes.

Investments

See Management's Narrative Analysis of the Results of Operations and Financial Condition in Part II, Item. 7. of our Annual Report on Form 10-K for information on our investment strategy.

See the Investments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for more information on investments.

Portfolio Composition

The following table presents the investment portfolio as of the dates indicated:

	September 30, 2022				December 31, 2021
($ in millions)	Carrying Value		% of Total		Carrying Value		% of Total
Fixed maturities, available-for-sale, excluding securities pledged	$	20,222	71.6	%	$	24,360	75.6	%
Fixed maturities, at fair value option	1,206		4.3	%	1,253		3.9	%
Equity securities, at fair value	139		0.5	%	141		0.4	%
Mortgage loans on real estate	4,183		14.8	%	4,222		13.1	%
Policy loans	162		0.6	%	171		0.5	%
Limited partnerships/corporations	1,033		3.7	%	980		3.0	%
Derivatives	379		1.3	%	149		0.5	%
Securities pledged	750		2.7	%	799		2.5	%
Other investments	134		0.5	%	143		0.5	%
Total investments	$	28,208	100.0	%	$	32,218	100.0	%

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Fixed Maturities

The following tables present total fixed maturities, including securities pledged, by market sector as of the dates indicated:

	September 30, 2022
($ in millions)	Amortized Cost		% of Total		Fair Value		% of Total
Fixed maturities:
U.S. Treasuries	$	564	2.3	%	$	549	2.5	%
U.S. Government agencies and authorities	20		0.1	%	17		0.1	%
State, municipalities, and political subdivisions	705		2.8	%	616		2.8	%
U.S. corporate public securities	7,396		29.6	%	6,228		28.1	%
U.S. corporate private securities	3,841		15.3	%	3,466		15.6	%
Foreign corporate public securities and foreign governments(1)	2,382		9.5	%	2,002		9.0	%
Foreign corporate private securities(1)	2,686		10.7	%	2,426		10.9	%
Residential mortgage-backed securities	3,028		12.1	%	2,899		13.1	%
Commercial mortgage-backed securities	2,997		12.0	%	2,689		12.1	%
Other asset-backed securities	1,413		5.6	%	1,286		5.8	%
Total fixed maturities, including securities pledged	$	25,032	100.0	%	$	22,178	100.0	%

(1) Primarily U.S. dollar denominated.

	December 31, 2021
($ in millions)	Amortized Cost		% of Total		Fair Value		% of Total
Fixed maturities:
U.S. Treasuries	$	554	2.3	%	$	691	2.6	%
U.S. Government agencies and authorities	20		0.1	%	20		0.1	%
State, municipalities, and political subdivisions	716		2.9	%	803		3.0	%
U.S. corporate public securities	7,314		30.1	%	8,269		31.4	%
U.S. corporate private securities	3,620		14.9	%	3,939		14.9	%
Foreign corporate public securities and foreign governments(1)	2,352		9.7	%	2,591		9.8	%
Foreign corporate private securities(1)	2,563		10.5	%	2,703		10.2	%
Residential mortgage-backed securities	3,081		12.7	%	3,164		12.0	%
Commercial mortgage-backed securities	2,766		11.4	%	2,881		10.9	%
Other asset-backed securities	1,341		5.4	%	1,351		5.1	%
Total fixed maturities, including securities pledged	$	24,327	100.0	%	$	26,412	100.0	%

(1) Primarily U.S. dollar denominated.

As of September 30, 2022, the average duration of our fixed maturities portfolio, including securities pledged, is between 6.5 and 7.0 years.

Fixed Maturities Credit Quality - Ratings

For information regarding our fixed maturities credit quality ratings, see the Management's Narrative Analysis of the Results of Operations and Financial Condition in Part II, Item. 7. of our Annual Report on Form 10-K.

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The following tables present credit quality of fixed maturities, including securities pledged, using NAIC designations as of the dates indicated:

($ in millions)	September 30, 2022
NAIC Quality Designation	1			2			3			4			5			6			Total Fair Value
U.S. Treasuries	$	549		$	—		$	—		$	—		$	—		$	—		$	549
U.S. Government agencies and authorities	17			—			—			—			—			—			17
State, municipalities and political subdivisions	576			40			—			—			—			—			616
U.S. corporate public securities	1,988			4,020			198			15			—			7			6,228
U.S. corporate private securities	1,279			1,918			192			75			2			—			3,466
Foreign corporate public securities and foreign governments(1)	638			1,244			69			40			—			11			2,002
Foreign corporate private securities(1)	313			1,976			106			22			9			—			2,426
Residential mortgage-backed securities	2,654			232			—			1			6			6			2,899
Commercial mortgage-backed securities	2,269			357			55			8			—			—			2,689
Other asset-backed securities	1,056			218			2			5			5			—			1,286
Total fixed maturities	$	11,339		$	10,005		$	622		$	166		$	22		$	24		$	22,178
% of Fair Value	51.1%			45.1%			2.8%			0.8%			0.1%			0.1%			100.0%
(1) Primarily U.S. dollar denominated.
($ in millions)	December 31, 2021
NAIC Quality Designation	1			2			3			4			5			6			Total Fair Value
U.S. Treasuries	$	691		$	—		$	—		$	—		$	—		$	—		$	691
U.S. Government agencies and authorities	20			—			—			—			—			—			20
State, municipalities and political subdivisions	737			65			1			—			—			—			803
U.S. corporate public securities	2,697			5,285			239			41			7			—			8,269
U.S. corporate private securities	1,315			2,300			243			79			2			—			3,939
Foreign corporate public securities and foreign governments(1)	789			1,689			106			7			—			—			2,591
Foreign corporate private securities(1)	223			2,202			146			67			—			65			2,703
Residential mortgage-backed securities	3,116			22			—			1			10			15			3,164
Commercial mortgage-backed securities	2,488			332			54			7			—			—			2,881
Other asset-backed securities	1,112			221			4			6			8			—			1,351
Total fixed maturities	$	13,188		$	12,116		$	793		$	208		$	27		$	80		$	26,412
% of Fair Value	49.9		%	45.9		%	3.0		%	0.8		%	0.1		%	0.3		%	100.0		%
(1) Primarily U.S. dollar denominated.

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The following tables present credit quality of fixed maturities, including securities pledged, using ARO ratings as of the dates

indicated:

($ in millions)	September 30, 2022
ARO Quality Ratings	AAA			AA			A			BBB			BB and Below			Total Fair Value
U.S. Treasuries	$	549		$	—		$	—		$	—		$	—		$	549
U.S. Government agencies and authorities	15			2			—			—			—			17
State, municipalities and political subdivisions	49			364			163			38			2			616
U.S. corporate public securities	22			311			1,813			3,845			237			6,228
U.S. corporate private securities	27			130			1,067			1,973			269			3,466
Foreign corporate public securities and foreign governments(1)	8			127			567			1,169			131			2,002
Foreign corporate private securities(1)	—			32			239			2,023			132			2,426
Residential mortgage-backed securities	2,026			331			106			178			258			2,899
Commercial mortgage-backed securities	952			284			636			714			103			2,689
Other asset-backed securities	90			280			675			218			23			1,286
Total fixed maturities	$	3,738		$	1,861		$	5,266		$	10,158		$	1,155		$22,178
% of Fair Value	16.9		%	8.4		%	23.7		%	45.8		%	5.2		%	100.0		%
(1) Primarily U.S. dollar denominated.
($ in millions)	December 31, 2021
ARO Quality Ratings	AAA			AA			A			BBB			BB and Below			Total Fair Value
U.S. Treasuries	$	691		$	—		$	—		$	—		$	—		$	691
U.S. Government agencies and authorities	18			—			2			—			—			20
State, municipalities and political subdivisions	47			465			225			65			1			803
U.S. corporate public securities	46			483			2,429			5,047			264			8,269
U.S. corporate private securities	32			68			1,147			2,447			245			3,939
Foreign corporate public securities and foreign governments(1)	8			176			716			1,562			129			2,591
Foreign corporate private securities(1)	—			29			198						210			2,703
Residential mortgage-backed securities	2,089			214			159			222			480			3,164
Commercial mortgage-backed securities	1,167			289			580			753			92			2,881
Other asset-backed securities	150			303			647			217			34			1,351
Total fixed maturities	$	4,248		$	2,027		$	6,103		$	12,579		$	1,455		$	26,412
% of Fair Value	16.1		%	7.7		%	23.1		%	47.6		%	5.5		%	100.0		%
(1) Primarily U.S. dollar denominated.

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Fixed maturities rated BB and below may have speculative characteristics and changes in economic conditions or other circumstances that are more likely to lead to a weakened capacity of the issuer to make principal and interest payments than is the case with higher rated fixed maturities.

Unrealized Capital Losses

Gross unrealized losses on fixed maturities, including securities pledged, increased $2,805 million from $111 million to $2,916 million for the nine months ended September 30, 2022. The large increase in unrealized losses was driven primarily by materially higher interest rates across the curve and moderately wider credit spreads.

As of September 30, 2022, we held nine fixed maturity securities with unrealized capital losses in excess of $10 million. The unrealized capital losses on these fixed maturities equaled $103 million or 3.5% of the total unrealized losses. As of December 31, 2021, we held no fixed maturity securities with unrealized capital losses in excess of $10 million.

As of September 30, 2022, we had $1.2 billion of energy sector fixed maturity securities, constituting 5.6% of the total fixed maturities portfolio, with gross unrealized capital losses of $147 million, including no energy sector fixed maturity security with unrealized capital loss in excess of $10 million. As of September 30, 2022, our fixed maturity exposure to the energy sector is comprised of 87.7% investment grade securities.

As of December 31, 2021, we held $1.6 billion of energy sector fixed maturity securities, constituting 6.0% of the total fixed maturities portfolio, with gross unrealized capital losses of $14 million, including no energy sector fixed maturity security with unrealized capital loss in excess of $10 million. As of December 31, 2021, our fixed maturity exposure to the energy sector is comprised of 87.0% investment grade securities.

See the Investments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on unrealized capital losses.

Residential Mortgage-backed Securities

The following tables present our residential mortgage-backed securities as of September 30, 2022 and December 31, 2021:

	September 30, 2022
($ in millions)	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives		Fair Value
Prime Agency	$	1,403	$	13	$	34	$	1	$	1,383
Prime Non-Agency	1,592		7		118		—		1,481
Alt-A	23		3		1		1		26
Sub-Prime(1)	21		1		—		—		22
Total RMBS	$	3,039	$	24	$	153	$	2	$	2,912
(1) Includes subprime other asset backed securities.
	December 31, 2021
($ in millions)	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives		Fair Value
Prime Agency	$	1,501	$	60	$	5	$	3	$	1,559
Prime Non-Agency	1,543		31		14		1		1,561
Alt-A	27		5		1		3		34
Sub-Prime(1)	25		3		—		—		28
Total RMBS	$	3,096	$	99	$	20	$	7	$	3,182
(1) Includes subprime other asset backed securities.

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Commercial Mortgage-backed Securities

The following tables present our commercial mortgage-backed securities as of September 30, 2022 and December 31, 2021:

	September 30, 2022
($ in millions)	AAA				AA				A				BBB				BB and Below				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2015 and prior	$	588	$	531	$	107	$	101	$	149	$	141	$	92	$	87	$	63	$	60	$	999	$	920
2016	23		20		17		16		30		28		24		20		—		—		94		84
2017	52		43		16		15		45		40		49		42		23		21		185		161
2018	73		66		19		17		71		66		29		25		17		15		209		189
2019	135		127		33		31		104		94		201		168		6		4		479		424
2020	51		47		21		18		46		38		107		88		—		—		225		191
2021	124		101		67		62		138		124		231		206		3		3		563		496
2022	20		17		26		24		112		105		85		78		—		—		243		224
Total CMBS	$	1,066	$	952	$	306	$	284	$	695	$	636	$	818	$	714	$	112	$	103	$	2,997	$	2,689
	December 31, 2021
($ in millions)	AAA				AA				A				BBB				BB and Below				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
2015 and prior	$	585	$	649	$	107	$	111	$	129	$	133	$	102	$	103	$	64	$	62	$	987	$	1,058
2016	23		25		16		17		22		23		24		24		—		—		85		89
2017	53		58		18		18		46		47		35		36		22		23		174		182
2018	72		80		19		19		74		75		47		48		2		2		214		224
2019	146		163		31		31		112		114		198		199		6		5		493		512
2020	64		66		22		22		45		46		118		119		—		—		249		253
2021	126		126		71		71		142		142		225		224		—		—		564		563
Total CMBS	$	1,069	$	1,167	$	284	$	289	$	570	$	580	$	749	$	753	$	94	$	92	$	2,766	$	2,881

As of September 30, 2022, 84.4% and 13.3% of CMBS investments were designated as NAIC-1 and NAIC-2, respectively. As of December 31, 2021, 86.4% and 11.5% of CMBS investments were designated as NAIC-1 and NAIC-2, respectively.

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Other Asset-backed Securities

The following tables present our other asset-backed securities as of September 30, 2022 and December 31, 2021:

	September 30, 2022
($ in millions)	AAA				AA				A				BBB				BB and Below				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Collateralized Obligation	$	50	$	47	$	239	$	224	$	655	$	600	$	72	$	63	$	15	$	11	$	1,031	$	945
Auto-Loans	—		—		5		5		1		1		—		—		—		—		6		6
Student Loans	11		11		53		49		—		—		1		1		—		—		65		61
Credit Card loans	—		—		—		—		2		2		—		—		—		—		2		2
Other Loans	38		32		1		1		84		72		172		154		—		—		295		259
Total Other ABS(1)	$	99	$	90	$	298	$	279	$	742	$	675	$	245	$	218	$	15	$	11	$	1,399	$	1,273
(1) Excludes subprime other asset backed securities
	December 31, 2021
($ in millions)	AAA				AA				A				BBB				BB and Below				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Collateralized Obligation	$	100	$	101	$	233	$	233	$	568	$	568	$	71	$	70	$	19	$	17	$	991	$	989
Auto-Loans	—		—		1		1		5		6		—		—		—		—		6		7
Student Loans	12		12		66		68		6		6		2		2		—		—		86		88
Credit Card loans	—		—		—		—		2		2		—		—		—		—		2		2
Other Loans	35		37		1		1		63		64		141		145		—		—		240		247
Total Other ABS(1)	$	147	$	150	$	301	$	303	$	644	$	646	$	214	$	217	$	19	$	17	$	1,325	$	1,333
(1) Excludes subprime other asset backed securities

As of September 30, 2022, 82.0% and 17.1% of Other ABS investments were designated as NAIC-1 and NAIC-2, respectively. As of December 31, 2021, 82.2% and 16.4% of Other ABS investments were designated as NAIC-1 and NAIC-2, respectively.

Mortgage Loans on Real Estate

As of September 30, 2022, our mortgage loans on real estate portfolio had a weighted average DSC of 1.9 times and a weighted average LTV ratio of 46.8%. As of December 31, 2021, our mortgage loans on real estate portfolio had a weighted average DSC of 2.0 times and a weighted average LTV ratio of 46.6%. See the Investments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on mortgage loans on real estate.

Impairments

We evaluate available-for-sale fixed maturities for impairment on a regular basis. The assessment of whether impairments have occurred is based on a case-by-case evaluation of the underlying reasons for the decline in estimated fair value. See the Business, Basis of Presentation and Significant Accounting Policies Note to our Consolidated Financial Statements in Part II, Item 8. of our Annual Report on Form 10-K for the policy used to evaluate whether the investments are impaired.

See the Investments Note to our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q for further information on impairments.

European Exposures

We quantify and allocate our exposure to the region by attempting to identify aspects of the region or country risk to which we are exposed. Among the factors we consider are the nationality of the issuer, the nationality of the issuer's ultimate parent, the

64

corporate and economic relationship between the issuer and its parent, as well as the political, legal and economic environment in which each functions. By undertaking this assessment, we believe that we develop a more accurate assessment of the actual geographic risk, with a more integrated understanding of contributing factors to the full risk profile of the issuer.

In the normal course of our ongoing risk and portfolio management process, we closely monitor compliance with a credit limit hierarchy designed to minimize overly concentrated risk exposures by geography, sector and issuer. This framework takes into account various factors such as internal and external ratings, capital efficiency and liquidity and is overseen by a combination of Investment and Corporate Risk Management, as well as insurance portfolio managers focused specifically on managing the investment risk embedded in our portfolio.

While economic conditions in Europe have broadly improved, geopolitical tensions emanating from the Russia-Ukraine conflict remain a notable tail risk. Despite signs of economic improvement in the region, we continue to closely monitor our exposure to the region.

As of September 30, 2022, the Company's total European exposure had an amortized cost and fair value of $2,426 million and $2,090 million, respectively. Some of the major country level exposures were in the United Kingdom of $963 million, in France of $170 million, in The Netherlands of $197 million, in Switzerland of $157 million, in Germany of $159 million, and in Belgium of $82 million. Our direct exposure in Eastern Europe is comparatively small, with only $11 million of exposure in Russia and none in Ukraine or Belarus.

Liquidity and Capital Resources

Liquidity refers to our ability to access sufficient sources of cash to meet the requirements of our operating, investing and financing activities. Capital refers to our long-term financial resources available to support business operations and future growth. Our ability to generate and maintain sufficient liquidity and capital depends on the profitability of the businesses, timing of cash flows on investments and products, general economic conditions and access to the capital markets and the other sources of liquidity and capital described herein.

Liquidity Management

Our principal available sources of liquidity are product charges, investment income, proceeds from maturity and sale of investments, proceeds from debt issuance and borrowing facilities, repurchase agreements, contract deposits, securities lending and capital contributions. Primary uses of these funds are payments of commissions and operating expenses, interest credits, investment purchases and contract maturities, withdrawals and surrenders and payment of dividends.

Our liquidity position is managed by maintaining adequate levels of liquid assets, such as cash, cash equivalents and short-term investments. As part of the liquidity management process, different scenarios are modeled to determine whether existing assets are adequate to meet projected cash flows. Key variables in the modeling process include interest rates, equity market movements, quantity and type of interest and equity market hedges, anticipated contract owner behavior, market value of the general account assets, variable separate account performance and implications of rating agency actions.

The fixed account liabilities are supported by a general account portfolio, principally composed of fixed rate investments with matching duration characteristics that can generate predictable, steady rates of return. The portfolio management strategy for the fixed account considers the assets available-for-sale. This strategy enables us to respond to changes in market interest rates, prepayment risk, relative values of asset sectors and individual securities and loans, credit quality outlook and other relevant factors. The objective of portfolio management is to maximize returns, taking into account interest rate and credit risk, as well as other risks. Our asset/liability management discipline includes strategies to minimize exposure to loss as interest rates and economic and market conditions change. In executing this strategy, we use derivative instruments to manage these risks. Our derivative counterparties are of high credit quality.

Liquidity and Capital Resources

Additional sources of liquidity include borrowing facilities to meet short-term cash requirements that arise in the ordinary course of business. We maintain the following agreements:

•A reciprocal loan agreement with Voya Financial, an affiliate, whereby either party can borrow from the other up to 3.0% of VRIAC's statutory admitted assets as of the prior December 31. As of September 30, 2022, VRIAC had $104 million outstanding receivables and VIPS had a $99 million outstanding payable. As of December 31, 2021, we had an outstanding receivable of $130 million and VIPS had a $19 million outstanding payable from/to Voya Financial under the reciprocal

65

loan agreement. We and Voya Financial continue to maintain the reciprocal loan agreement and future borrowings by either party will be subjected to the reciprocal loan terms summarized above. Interest on any borrowing by either us or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities.

•We hold approximately 47.6% of our assets in marketable securities. These assets include cash, U.S. Treasuries, Agencies, Corporate Bonds, ABS, CMBS and collateralized mortgage obligations ("CMO") and Equity securities. In the event of a temporary liquidity need, cash may be raised by entering into repurchase agreements, dollar rolls and/or security lending agreements by temporarily lending securities and receiving cash collateral. Under our Liquidity Plan, up to 12% of our general account statutory admitted assets may be allocated to repurchase, securities lending and dollar roll programs. At the time a temporary cash need arises, the actual percentage of admitted assets available for repurchase transactions will depend upon outstanding allocations to the three programs. As of September 30, 2022, VRIAC had securities lending collateral assets of $610 million, which represents approximately 0.6% of its general account statutory admitted assets. As of December 31, 2021, VRIAC had securities lending collateral assets of $676 million, which represents approximately 0.5% of its general account statutory admitted assets.

Management believes that our sources of liquidity are adequate to meet our short-term cash obligations.

Capital Contributions and Dividends

During the nine months ended September 30, 2022, VRIAC did not receive any capital contribution from its Parent. During the nine months ended September 30, 2021, VRIAC received $318 million capital contribution from its Parent, comprised of cash and non-cash assets.

During the nine months ended September 30, 2022, VRIAC paid an ordinary and extraordinary dividend to its Parent in the aggregate amount of $48 million and $809 million, respectively. During the nine months ended September 30, 2021, VRIAC paid an ordinary and extraordinary dividends to its Parent in the aggregate amount of $78 million and $474 million, respectively.

Ratings

Our access to funding and our related cost of borrowing, collateral requirements for derivative instruments and the attractiveness of certain of our products to customers are affected by our credit ratings and insurance financial strength ratings, which are periodically reviewed by the rating agencies. Financial strength ratings and credit ratings are important factors affecting public confidence in an insurer and its competitive position in marketing products. Credit ratings are also important to our ability to raise capital through the issuance of debt and for the cost of such financing.

A downgrade in our credit ratings or the credit or financial strength ratings of our Parent or rated affiliates could have a material adverse effect on our results of operations and financial condition. See Risk Factors- A downgrade or a potential downgrade in our financial strength or credit ratings could result in a loss of business and adversely affect our results of operations and financial condition in Part I, Item 1A. of our Annual Report on Form 10-K for additional information.

Financial strength ratings represent the opinions of rating agencies regarding the financial ability of an insurance company to meet its obligations under an insurance policy. Credit ratings represent the opinions of rating agencies regarding an entity's ability to repay its indebtedness. These ratings are not a recommendation to buy or hold any of our securities and they may be revised or revoked at any time at the sole discretion of the rating organization.

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Our financial strength rating as of the date of this Quarterly Report on Form 10-Q are summarized in the following table.

	Rating Agency
	Fitch, Inc.	Moody's Investors Service, Inc.	Standard & Poor's
Company	("Fitch")(1)	("Moody's")(2)	("S&P")(3)
Voya Retirement Insurance and Annuity Company
Financial Strength Rating	A	A2	A+

(1) Fitch's financial strength rating for insurance companies range from "AAA (exceptionally strong)" to "C (distressed). " Long-term credit ratings range from

"AAA (highest credit quality)," which denotes exceptionally strong capacity for timely payment of financial commitments, to "D (default)."

(2) Moody’s financial strength ratings for insurance companies range from "Aaa (exceptional)" to "C (lowest)." Numeric modifiers are used to refer to the ranking within the group- with 1 being the highest and 3 being the lowest. These modifiers are used to indicate relative strength within a category. Long-term credit ratings range from "Aaa (highest)" to "C (default)."

(3) S&P's financial strength ratings for insurance companies range from "AAA (extremely strong)" to "D (default)." Long-term credit ratings range from "AAA

(extremely strong)" to "D (default)."

Rating agencies use an "outlook" statement for both industry sectors and individual companies. For an industry sector, a stable outlook generally implies that over the next 12 to 18 months the rating agency expects ratings to remain unchanged among companies in the sector. For a particular company, an outlook generally indicates a medium or long-term trend in credit fundamentals, which if continued, may lead to a rating change. In June 2021, Moody’s revised its outlook for the U.S. life insurance sector from negative to stable. In December 2021, Fitch revised its outlook for the U.S. life insurance sector from negative to neutral. 

Derivatives

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

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

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

In addition, we have entered into a reinsurance agreement, accounted for under the deposit method, that contains an embedded derivative, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivatives within the reinsurance agreements are reported in Other liabilities on the Condensed Consolidated Balance Sheets, and changes in the fair value of the embedded derivative are recorded in Interest credited and other benefit to contract owners/policyholders in the Condensed Consolidated Statements of Operations.

Off-Balance Sheet Arrangements

We have obligations for the return of non-cash collateral under an amendment to our securities lending program. Non-cash collateral received in connection with the securities lending program may not be sold or re-pledged by our lending agent, except in the event of default, and is not reflected on our Condensed Consolidated Balance Sheets. For information regarding

67

obligations under this program, see the Investments Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

For changes in commitments related to the acquisition of mortgage loans and the purchase of limited partnerships and private placement investments, see the Commitments and Contingencies Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

Legislative and Regulatory Developments

In August 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the "Inflation Reduction Act"), which includes a 15% book-income alternative minimum tax ("CAMT") on corporations and a 1% excise tax on the fair market value of stock that is repurchased by publicly traded U.S. corporations or their specified affiliates. For additional information about this development, see Income Taxes in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part I, Item 2. of this Quarterly Report on Form 10-Q.

Item 4.     Controls and Procedures

Disclosure Controls and Procedures

The Company carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended ("Exchange Act")) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company's current disclosure controls and procedures are effective in ensuring that material information relating to the Company required to be disclosed in the Company's periodic SEC filings is made known to them in a timely manner.

Changes in Internal Control Over Financial Reporting

There were no changes to the Company's internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended September 30, 2022 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II.    OTHER INFORMATION

Item 1.        Legal Proceedings

See the Commitments and Contingencies Note in our Condensed Consolidated Financial Statements in Part I., Item 1. of this Quarterly Report on Form 10-Q.

Item 1A.    Risk Factors

For a discussion of the Company's potential risks or uncertainties, please see "Risk Factors" in Part I, Item 1A. in our Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report on Form 10-K") filed with the Securities and Exchange Commission. In addition, please see "Management’s Narrative Analysis of the Results of Operations and Financial Condition" Part I, Item 2. of this Quarterly Report on Form 10-Q.

Recent U.S. tax law changes could impact the taxation of our operations

The recently enacted Inflation Reduction Act of 2022 includes a minimum tax equal to fifteen percent of the adjusted financial statement income (“CAMT”) of certain corporations as well as a one percent excise tax on share buybacks, effective for tax years beginning in 2023. When effective, it is possible that the CAMT could result in an additional tax liability over the regular federal corporate tax liability in a given year based on differences between book and taxable income (including as a result of temporary differences). The resulting tax liability could adversely impact our business, financial condition, results of operation and liquidity. The excise tax on share buybacks is currently not expected to have a material impact on our tax liability. Additionally, the resulting tax liability may create variability in the amount of cash taxes that we pay, which may lead to further variability in our ordinary dividend capacity.

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Item 6.    Exhibits

See Exhibit Index on the following page.

69

Voya Retirement Insurance and Annuity Company ("VRIAC")

Exhibit Index
Exhibit Number	Description of Exhibit
31.1+	Certificate of Michael Katz pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2+	Certificate of Charles P. Nelson pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1+	Certificate of Michael Katz pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+	Certificate of Charles P. Nelson pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH+	Inline XBRL Taxonomy Extension Schema
101.CAL+	Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF+	Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB+	Inline XBRL Taxonomy Extension Label Linkbase
101.PRE+	Inline XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).

+Filed herewith.

70

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

November 10, 2022			Voya Retirement Insurance and Annuity Company
(Date)			(Registrant)
	By:	/s/	Michael Katz
			Michael Katz
			Chief Financial Officer
			(Duly Authorized Officer and Principal Financial Officer)

71

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Michael Katz, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Voya Retirement Insurance and Annuity Company;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:		November 10, 2022
By:	/s/	Michael Katz
		Michael Katz
		Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Charles P. Nelson, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Voya Retirement Insurance and Annuity Company;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:		November 10, 2022
By:	/s/	Charles P. Nelson
		Charles P. Nelson
		Vice Chairman
		(Duly Authorized Officer and Principal Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION

Pursuant to 18 U.S.C. §1350, the undersigned officer of Voya Retirement Insurance and Annuity Company (the "Company") hereby certifies that, to the officer's knowledge, the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the "Report") fully complies with the requirements of Section 13 or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 10, 2022	By:	/s/	Michael Katz
(Date)			Michael Katz Chief Financial Officer

EX-32.2

Exhibit 32.2

CERTIFICATION

Pursuant to 18 U.S.C. §1350, the undersigned officer of Voya Retirement Insurance and Annuity Company (the "Company") hereby certifies that, to the officer's knowledge, the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 (the "Report") fully complies with the requirements of Section 13 or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 10, 2022	By:	/s/	Charles P. Nelson
(Date)			Charles P. Nelson Vice Chairman

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	Sep. 30, 2022	Nov. 04, 2022
Entity Information [Line Items]
Document Type	10-Q
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Document Period End Date	Sep. 30, 2022
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Entity Registrant Name	VOYA RETIREMENT INSURANCE & ANNUITY CO
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	71-0294708
Entity Address, Address Line One	One Orange Way
Entity Address, City or Town	Windsor
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06095-4774
City Area Code	860
Local Phone Number	580-4646
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Entity Emerging Growth Company	false
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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments:
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option	$ 20,222	$ 24,360
Fixed maturities, at fair value using the fair value option	1,206	1,253
Equity Securities, FV-NI, Current	139	141
Financing Receivable, before Allowance for Credit Loss, Current	4,194	4,233
Less: Allowance for credit losses	11	11
Mortgage loans on real estate, net	4,183	4,222
Policy loans	162	171
Limited partnerships/corporations	1,033	980
Derivatives	379	149
Other investments	134	143
Total investments	28,208	32,218
Cash and cash equivalents	207	436
Short-term investments under securities loan agreements, including collateral delivered	934	808
Accrued investment income	312	285
Premiums receivable and reinsurance recoverable	3,445	3,598
Reinsurance Recoverable, Allowance for Credit Loss	5	0
Deferred policy acquisition costs, Value of business acquired and Sales inducements to contract owners	1,603	422
Short-term loan to affiliate	104	130
Current income tax recoverable	2	0
Deferred Income Tax Assets, Net	553	0
Due from affiliates	60	70
Property and equipment	38	72
Other assets (net of allowance for credit loss of $2 as of 2022 and $0 as of 2021)	1,769	1,635
Assets held in separate accounts	73,547	96,964
Total assets	110,777	136,638
Liabilities and Shareholder's Equity
Future policy benefits and contract owner account balances	33,734	32,926
Payable for securities purchased	210	0
Payables under securities loan agreements, including collateral held	957	811
Due to affiliates	113	110
Derivatives	327	144
Taxes Payable	0	42
Accrued Income Taxes, Current	0	227
Other liabilities	472	384
Liabilities related to separate accounts	73,547	96,964
Total liabilities	109,360	131,608
Commitments and Contingencies (Note 10)
Shareholder's equity:
Common Stock, Value, Issued	3	3
Additional paid-in capital	2,778	3,191
Accumulated other comprehensive income (loss)	(1,495)	1,423
Retained earnings (deficit)	131	413
Total shareholder's equity	1,417	5,030
Total liabilities and shareholder's equity	110,777	136,638
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid	3,440	3,598
Allowance for Credit Loss, Receivable, Other, Current	2	0
Debt Securities, Available-for-sale, Allowance for Credit Loss	26	48
Fixed maturities, amortized cost	22,962	22,349
Collateral Pledged
Investments:
Debt Securities, Available-for-Sale, Restricted	$ 750	$ 799

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Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Securities pledged, amortized costs	$ 864	$ 725
Common stock, par value	$ 50
Common stock, shares issued	55,000
Fixed maturities, amortized cost	$ 22,962	22,349
Equity securities, cost	$ 139	$ 141
Common stock, shares authorized	100,000

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Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Net investment income	$ 366	$ 514	$ 1,235	$ 1,485
Fee income	237	280	746	810
Premiums	3	10	14	(2,431)
Broker-dealer commission revenue	0	1	1	2
Net realized capital gains (losses):
Other than Temporary Impairment Losses, Investments	(8)	0	(15)	0
Other net gains (losses)	(62)	(88)	(373)	317
Total net gains (losses)	(70)	(88)	(388)	317
Other revenue	8	8	36	25
Total revenues	544	725	1,644	208
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	181	206	574	(1,674)
Operating expenses	269	312	868	904
Broker-dealer commission expense	0	1	1	2
Net amortization of Deferred policy acquisition costs and Value of business acquired	(29)	5	39	83
Total benefits and expenses	422	524	1,483	(685)
Income (loss) before income taxes	122	201	161	893
Income tax expense (benefit)	14	31	(1)	154
Net income (loss)	108	170	162	739
Net investment income	366	514	1,235	1,485
Fee income	237	280	746	810
Premiums	3	10	14	(2,431)
Broker-dealer commission revenue	0	1	1	2
Other than Temporary Impairment Losses, Investments	8	0	15	0
Other net gains (losses)	(62)	(88)	(373)	317
Realized capital gains (losses)	(70)	(88)	(388)	317
Other revenue	8	8	36	25
Revenues	544	725	1,644	208
Interest credited and other benefits to contract owners/policyholders	181	206	574	(1,674)
Operating expenses	269	312	868	904
Broker-dealer commission expense	0	1	1	2
Net amortization of Deferred policy acquisition costs and Value of business acquired	(29)	5	39	83
Interest Expense	1	0	1	0
Benefits, Losses and Expenses	422	524	1,483	(685)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	122	201	161	893
Income tax expense (benefit)	14	31	(1)	154
Net income (loss)	$ 108	$ 170	$ 162	$ 739

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Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 108	$ 170	$ 162	$ 739
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on securities	(932)	(97)	(3,694)	(409)
Other comprehensive income (loss), before tax	(932)	(97)	(3,694)	(410)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(196)	(20)	(776)	(86)
Other comprehensive income (loss), after tax	(736)	(77)	(2,918)	(324)
Comprehensive income (loss)	(628)	93	(2,756)	415
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent	$ 0	$ 0	$ 0	$ (1)

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Condensed Consolidated Statements of Changes in Shareholder's Equity - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)
Beginning Balance at Dec. 31, 2020	$ 4,897,000,000	$ 3,000,000	$ 2,873,000,000	$ 1,882,000,000	$ 139,000,000
Comprehensive income (loss):
Net income (loss)	739,000,000	0	0	0	739,000,000
Ending Balance at Sep. 30, 2021	5,078,000,000	3,000,000	3,191,000,000	1,558,000,000	326,000,000
Comprehensive income (loss):
Dividends	(557,000,000)		(5,000,000)		(552,000,000)
Adjustments to Additional Paid in Capital, Other	323,000,000		323,000,000
Other comprehensive income (loss), after tax	(324,000,000)	0	0	(324,000,000)	0
Comprehensive income (loss)	415,000,000
Beginning Balance at Jun. 30, 2021	4,985,000,000	3,000,000	3,191,000,000	1,635,000,000	156,000,000
Comprehensive income (loss):
Net income (loss)	170,000,000	0	0	0	170,000,000
Ending Balance at Sep. 30, 2021	5,078,000,000	3,000,000	3,191,000,000	1,558,000,000	326,000,000
Comprehensive income (loss):
Other comprehensive income (loss), after tax	(77,000,000)	0	0	(77,000,000)	0
Comprehensive income (loss)	93,000,000
Beginning Balance at Dec. 31, 2021	5,030,000,000	3,000,000	3,191,000,000	1,423,000,000	413,000,000
Comprehensive income (loss):
Net income (loss)	162,000,000	0	0	0	162,000,000
Ending Balance at Sep. 30, 2022	1,417,000,000	3,000,000	2,778,000,000	(1,495,000,000)	131,000,000
Comprehensive income (loss):
Dividends	(857,000,000)		(413,000,000)		(444,000,000)
Other comprehensive income (loss), after tax	(2,918,000,000)	0	0	(2,918,000,000)	0
Comprehensive income (loss)	(2,756,000,000)
Beginning Balance at Jun. 30, 2022	2,045,000,000	3,000,000	2,778,000,000	(759,000,000)	23,000,000
Comprehensive income (loss):
Net income (loss)	108,000,000	0	0	0	108,000,000
Ending Balance at Sep. 30, 2022	1,417,000,000	3,000,000	2,778,000,000	(1,495,000,000)	131,000,000
Comprehensive income (loss):
Other comprehensive income (loss), after tax	(736,000,000)	$ 0	$ 0	$ (736,000,000)	$ 0
Comprehensive income (loss)	$ (628,000,000)

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 1,020	$ 1,001
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	3,352	3,166
Equity securities	0	128
Proceeds from Sale of Loans Held-for-investment	506	433
Limited partnerships/corporations	61	281
Acquisition of:
Fixed maturities	(4,574)	(4,053)
Mortgage loans on real estate	(464)	(447)
Limited partnerships/corporations	(129)	(180)
Payments to Acquire Trading Securities Held-for-investment	0	(33)
Equity securities	0	(178)
Derivatives, net	166	(12)
Short-term loan to affiliate, net	26	653
Collateral received (delivered), net	20	(15)
Proceeds from Other Deposits	85	49
Other, net	21	(89)
Net cash used in investing activities	(930)	(253)
Cash Flows from Financing Activities:
Deposits received for investment contracts	3,763	3,018
Maturities and withdrawals from investment contracts	(3,305)	(3,291)
Proceeds from loans with affiliates, net	80	60
Payments of Distributions to Affiliates	(857)	(552)
Proceeds from Contributions from Parent	0	20
Net cash used in financing activities	(319)	(745)
Net increase (decrease) in cash and cash equivalents	(229)	3
Cash and cash equivalents, beginning of period	436	360
Cash and cash equivalents, end of period	207	363
Proceeds from Contributions from Parent	0	20
Proceeds from Sale of Debt and Equity Securities, FV-NI, Held-for-investment	0	29
Payments for (Proceeds from) Short-term Investments	$ 0	15
Other Significant Noncash Transaction, Value of Consideration Given		$ 298

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Schedule of Significant non cash transaction - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Proceeds from Contributions from Parent	$ 0	$ 20

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Business, Basis of Presentation and Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

Business, Basis of Presentation and Significant Accounting Policies

Business

Voya Retirement Insurance and Annuity Company ("VRIAC") is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, the "Company") provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands.

VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial").

The Company derives its revenue mainly from (a) Investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) Net gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by us and other general business expenses, and (c) Amortization of Deferred acquisition costs ("DAC") and Value of business acquired ("VOBA"). In addition, the Company collects broker-dealer commission revenues through Voya Financial Partners, LLC ("VFP"), which are, in turn, paid to broker-dealers and expensed.

The Company offers qualified and non-qualified annuity contracts that include a variety of funding and payout options for individuals and employer-sponsored retirement plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as non-qualified deferred compensation plans and related services. The Company's products are offered primarily to public and private school systems, higher education institutions, hospitals and healthcare facilities, not-for-profit organizations, state and local governments, small to mid-sized corporations and individuals. The Company also provides stable value investment options, including separate account guaranteed investment contracts (e.g., GICs) and synthetic GICs, to institutional clients. Pension risk transfer group annuity solutions were previously offered to institutional plan sponsors who needed to transfer their defined benefit plan obligations to the Company. The Company discontinued sales of these solutions to better align business activities to the Company's priorities. This business was transferred as part of the Individual Life Transaction described below. The Company's products are generally distributed through independent brokers and advisors, third-party administrators and consultants.

Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. The Company's products also include programs offered to qualified plans and non-qualified deferred compensation plans that package administrative and record-keeping services, participant education, and retirement readiness planning tools along with a variety of investment options, including proprietary and non-proprietary mutual funds and variable and fixed investment options. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services.

The Company has one operating segment.

On January 4, 2021, VRIAC's ultimate parent, Voya Financial completed a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019 with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the shares of the capital stock of Security Life of Denver Company ("SLD") and Security Life of Denver International Limited ("SLDI"), including the capital stock of several subsidiaries of SLD and SLDI. Concurrently with the sale, SLD entered into reinsurance agreements with ReliaStar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York (“RLNY”), and VRIAC, each of which is a direct or indirect wholly owned subsidiary of Voya Financial. The reinsurance agreements along with the sale of the legal entities noted above (referred to as the "Individual Life Transaction") resulted in the disposition of substantially all of Voya Financial's life insurance and legacy non-retirement annuity businesses and related assets. See the Reinsurance Note in Part II, Item 8. of our Annual Report on Form 10-K for more information regarding the Individual Life Transaction.

Effective as of March 1, 2021, VRIAC acquired 49.9% of the issued and outstanding common stock of Voya Special Investments, Inc. from Voya Financial. The investment has been accounted for as an equity method investment and recognized within Other investments in Condensed Consolidated Balance Sheets. Also, effective as of March 1, 2021, the Company acquired $80 of SLD issued surplus notes and $73 of Resolution (Life U.S. Intermediate Holdings Ltd.) issued preferred shares from affiliated entities, which were received in connection with the Individual Life Transaction.

On June 9, 2021, Voya Financial completed the sale of the independent financial planning channel of Voya Financial Advisors, Inc. ("VFA") to Cetera Financial Group, Inc. (“Cetera”), one of the nation’s largest networks of independently managed broker-dealers. VFA is one of the channels through which VRIAC distributes its products. In connection with this transaction, VFA transferred more than 800 independent financial professionals serving retail customers with approximately $38 billion in assets under advisement to Cetera, while retaining approximately 500 field and phone-based financial professionals who support our business.

Impairment of Long-lived Assets

The carrying value of long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss is recognized whenever the carrying amount of an asset exceeds its estimated fair value. The amount of the impairment loss is calculated as the excess of the asset’s carrying value over its fair value. During the second quarter of 2022, the Company had a triggering event related to a decrease in the market price of its office building. Consequently, the Company determined its fair value, based on an appraisal, to be lower than its carrying value. As a result, the Company recognized an impairment loss of $32, which is included in Operating expenses in the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2022.

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. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, VFP, Voya Institutional Plan Services ("VIPS"), and Voya Retirement Advisors ("VRA"). Intercompany transactions and balances have been eliminated.

The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2022, and its results of operations, comprehensive income, and changes in shareholder's equity for the three and nine months ended September 30, 2022 and 2021, and its statements of cash flows for the nine months ended September 30, 2022 and 2021, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance.

The December 31, 2021 Consolidated Balance Sheets are from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K, filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K.

Future Adoption of Accounting Pronouncements

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

Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.	The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03.
ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures	This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables.	The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities have the option to apply the amendments involving the recognition and measurement of TDRs using a modified retrospective transition method; the other amendments are required to be applied prospectively.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-02.
ASU 2020-04, Reference Rate Reform	This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January, 2021 the Financial Accounting Standards Board ("FASB") issued ASU 2021-01 which clarified the scope of relief related to ASU 2020-04.	The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022.	The Company expects that it may elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating its options under this guidance as the reference rate reform adoption process continues. To date, the adoption of the ASU has not had an impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses.

Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts	This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: •Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts. The effect of updating cash flow assumptions will be measured on a retrospective catch-up basis and presented in the Statement of Operations in the period in which the update is made. The rate used to discount these liabilities will be required to be updated quarterly, with related changes in the liability recorded in Accumulated other comprehensive income ("AOCI"). •Fair value measurement of contract guarantee features qualifying as Market Risk Benefits ("MRB"), with changes in fair value recognized in the Statement of Operations, except for changes in the instrument-specific credit risk, which will be recorded in AOCI. •Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. Elimination of adjustments in AOCI related to DAC and balances amortized on a basis consistent with DAC. DAC will no longer be subjected to loss recognition testing.	The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Initial adoption for the liability for future policy benefits and DAC is required to be reported using either a full retrospective or modified retrospective approach. For market risk benefits, full retrospective application is required.	Evaluation of the implications of these requirements and related potential financial statement impacts is continuing, in accordance with an established governance framework and implementation plan, which includes design and testing of internal controls related to new processes. The Company does not plan to early adopt the ASU and expects to apply a modified retrospective transition method for the liability for future policy benefits and DAC. The Company expects the January 1, 2021 transition impact will increase Total shareholder’s equity by $0.5 billion to $0.7 billion, primarily driven by a positive impact to AOCI resulting from the reversal of DAC/VOBA adjustment balances of approximately $1.0 billion after tax, offset by an unfavorable impact to AOCI of between $0.2 billion and $0.4 billion after tax, resulting from the remeasurement of Future policy benefits and Reinsurance recoverable using January 1, 2021 discount rates. The expected transition effect on Total shareholder's equity will also include an unfavorable impact on Retained earnings (deficit) of approximately $0.1 billion after tax associated with the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The majority of the ASU 2018-12 transition impact of between $0.2 billion and $0.4 billion associated with Future policy benefits and Reinsurance recoverable and approximately 20% of the $0.1 billion transition impact associated with the establishment of MRB liabilities are related to business that was reinsured to Resolution Life US in January 2021. The ultimate effects the standard will have on the financial statements are highly dependent on policyholder behavior, actuarial assumptions and macroeconomic conditions, particularly interest rates and spreads, which may materially change ASU 2018-12-related equity impacts in periods subsequent to transition. The Company estimates the impact of ASU 2018-12 will shift to a reduction of Total shareholder’s equity as of September 30, 2022, primarily related to a negative impact in AOCI resulting from the reversal of DAC/VOBA adjustment balances, which have declined significantly since January 2021 due to increases in interest rates and spreads. While rising interest rates since January 1, 2021 will result in a less unfavorable impact on AOCI due to remeasurement of the liability for Future policy benefits, this will be materially offset by the impact from remeasurement of Reinsurance recoverable.

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Derivative Financial Instruments

9 Months Ended

Sep. 30, 2022

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

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

Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices.

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

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

	September 30, 2022						December 31, 2021
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	18	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	579		104		—		567		14		15
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	12,823		270		324		10,514		135		129
Foreign exchange contracts	45		5		—		34		—		—
Credit contracts	143		—		3		110		—		—
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	N/A		2		—		N/A		7		—
Within products(2)	N/A		—		8		N/A		—		28
Managed custody guarantees(2)	N/A		—		9		N/A		—		1
Total			$	381	$	344			$	156	$	173

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

(2) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets.

N/A - Not Applicable

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of September 30, 2022 and December 31, 2021. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815.

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates

indicated:

	September 30, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	143	$	—	$	3
Foreign exchange contracts	624		109		—
Interest rate contracts	8,360		267		324
			376		327
Counterparty netting(1)			(268)		(268)
Cash collateral netting(1)			(97)		(56)
Securities collateral netting(1)			(11)		(1)
Net receivables/payables			$	—	$	2

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

	December 31, 2021
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	110	$	—	$	—
Foreign exchange contracts	601		14		15
Interest rate contracts	9,576		135		129
			149		144
Counterparty netting(1)			(140)		(140)
Cash collateral netting(1)			(7)		(2)
Securities collateral netting(1)			(2)		(1)
Net receivables/payables			$	—	$	1

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

Collateral

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

As of September 30, 2022, the Company held $104 and pledged $79 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2021, the Company held $8 and delivered $2 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of September 30, 2022, the Company delivered $97 of securities and held $11 of securities as collateral. As of December 31, 2021, the Company delivered $60 of securities and held $2 securities as collateral.

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

	Three Months Ended September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income/(loss)		Net investment income and Other net gains/(losses)		Net investment income/(loss)		Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(1)	$	54	$	—	$	20
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		2
	Nine Months Ended September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income/(loss)		Net investment income and Other net gains/(losses)		Net investment income/(loss)		Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(2)	$	105	$	(1)	$	30
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		1

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

	Three Months Ended September 30,
	2022				2021
	Net investment income/(loss)		Other net gains/(losses)		Net investment income/(loss)		Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	366	$	(62)	$	514	$	(88)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		2		—
	Nine Months Ended September 30,
	2022				2021
	Net investment income/(loss)		Other net gains/(losses)		Net investment income/(loss)		Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	1,235	$	(373)	$	1,485	$	317
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		6		(5)

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

	Location of Gain or (Loss) Recognized in Income on Derivative	Three Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	121	$	3
Foreign exchange contracts	Other net gains (losses)	3		2
Credit contracts	Other net gains (losses)	1		—
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(2)		(1)
Within products	Other net gains (losses)	2		2
Managed custody guarantees	Other net gains (losses)	(6)		(1)
Total		$	119	$	5
	Location of Gain or (Loss) Recognized in Income on Derivative	Nine Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	178	$	(41)
Foreign exchange contracts	Other net gains (losses)	7		1
Credit contracts	Other net gains (losses)	(3)		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(5)		(3)
Within products	Other net gains (losses)	21		35
Managed custody guarantees	Other net gains (losses)	(8)		3
Total		$	190	$	(4)

XML

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair Value Measurement

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2022:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	398		$	151		$	—		$	549
U.S. Government agencies and authorities	—			17			—			17
State, municipalities and political subdivisions	—			616			—			616
U.S. corporate public securities	—			6,221			7			6,228
U.S. corporate private securities	—			2,168			1,298			3,466
Foreign corporate public securities and foreign governments(1)	—			2,002			—			2,002
Foreign corporate private securities (1)	—			2,120			306			2,426
Residential mortgage-backed securities	—			2,878			21			2,899
Commercial mortgage-backed securities	—			2,689			—			2,689
Other asset-backed securities	—			1,233			53			1,286
Total fixed maturities, including securities pledged	398			20,095			1,685			22,178
Equity securities	15			8			116			139
Derivatives:
Interest rate contracts	3			267			—			270
Foreign exchange contracts	—			109			—			109
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,141			—			—			1,141
Assets held in separate accounts	67,736			5,472			339			73,547
Total assets	$	69,293		$	25,951		$	2,140		$	97,384
Percentage of Level to Total	71		%	27		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	8		$	8
Stabilizer and MCGs	—			—			9			9
Other derivatives:
Interest rate contracts	—			324			—			324
Credit contracts	—			3			—			3
Total liabilities	$	—		$	327		$	17		$	344

(1) Primarily U.S. dollar denominated.

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2021:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	510		$	181		$	—		$	691
U.S. Government agencies and authorities	—			20			—			20
State, municipalities and political subdivisions	—			803			—			803
U.S. corporate public securities	—			8,264			5			8,269
U.S. corporate private securities	—			2,560			1,379			3,939
Foreign corporate public securities and foreign governments(1)	—			2,591			—			2,591
Foreign corporate private securities (1)	—			2,431			272			2,703
Residential mortgage-backed securities	—			3,130			34			3,164
Commercial mortgage-backed securities	—			2,881			—			2,881
Other asset-backed securities	—			1,318			33			1,351
Total fixed maturities, including securities pledged	510			24,179			1,723			26,412
Equity securities	27			—			114			141
Derivatives:
Interest rate contracts	—			135			—			135
Foreign exchange contracts	—			14			—			14
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,244			—			—			1,244
Assets held in separate accounts	91,474			5,174			316			96,964
Total assets	$	93,255		$	29,502		$	2,153		$	124,910
Percentage of Level to total	74		%	24		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	9		$	9
Stabilizer and MCGs	—			—			20			20
Other derivatives:
Interest rate contracts	—			129			—			129
Foreign exchange contracts	—			15			—			15
Total liabilities	$	—		$	144		$	29		$	173

(1) Primarily U.S. dollar denominated.

Valuation of Financial Assets and Liabilities at Fair Value

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

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

The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below.

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

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

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

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

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

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

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

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

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

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

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

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

The discount rate used to determine the fair value of the embedded derivatives and stand-alone derivative includes an adjustment for 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 Company, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims.

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

Level 3 Financial Instruments

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

The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:

	Three Months Ended September 30, 2022
	Fair Value as of July 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		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	$	8	$	—	$	(1)	$	1	$	—	$	—	$	(1)	$	—	$	—	$	7	$	—	$	(1)
U.S. Corporate private securities	1,323		—		(71)		63		—		—		(28)		11		—		1,298		—		(72)
Foreign corporate public securities and foreign governments(1)	4		—		—		—		—		—		—		—		(4)		—		—		—
Foreign corporate private securities(1)	303		(2)		(8)		20		—		—		(3)		—		(4)		306		(3)		(9)
Residential mortgage-backed securities	22		(2)		—		2		—		—		—		—		(1)		21		(2)		—
Other asset-backed securities	47		—		(2)		13		—		—		(1)		—		(4)		53		—		(2)
Total fixed maturities, including securities pledged	1,707		(4)		(82)		99		—		—		(33)		11		(13)		1,685		(5)		(84)
Equity securities, at fair value	121		(5)		—		—		—		—		—		—		—		116		(5)		—
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)	(4)		(5)		—		—		—		—		—		—		—		(9)		—		—
FIA(2)	(9)		1		—		—		—		—		—		—		—		(8)		—		—
Assets held in separate accounts(4)	349		(9)		—		32		—		(16)		—		—		(17)		339		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

	Nine Months Ended September 30, 2022
	Fair Value as of January 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		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	$	5	$	—	$	(1)	$	4	$	—	$	—	$	(1)	$	—	$	—	$	7	$	—	$	(1)
U.S. Corporate private securities	1,379		—		(283)		199		—		—		(111)		124		(10)		1,298		—		(282)
Foreign corporate private securities(1)	272		(21)		(32)		101		—		—		(21)		110		(103)		306		(5)		(33)
Residential mortgage-backed securities	34		(14)		—		2		—		—		—		—		(1)		21		(14)		—
Other asset-backed securities	33		—		(6)		39		—		(10)		(3)		—		—		53		—		(5)
Total fixed maturities, including securities pledged	1,723		(35)		(322)		345		—		(10)		(136)		234		(114)		1,685		(19)		(321)
Equity securities, at fair value	114		(22)		—		24		—		—		—		—		—		116		(22)		—
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)	(20)		12		—		—		(1)		—		—		—		—		(9)		—		—
FIA(2)	(9)		1		—		—		—		—		—		—		—		(8)		—		—
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreements	—		—		—		7		—		—		(7)		—		—		—		—		—
Assets held in separate accounts(4)	316		(35)		—		164		—		(20)		—		6		(92)		339		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

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 September 30, 2021
	Fair Value as of July 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		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	$	18	$	—	$	—	$	6	$	—	$	—	$	(1)	$	—	$	—	$	23	$	—	$	1
U.S. Corporate private securities	1,413		8		(6)		116		—		(15)		(113)		—		(30)		1,373		—		(5)
Foreign corporate public securities and foreign governments(1)	7		—		—		15		—		—		—		—		(7)		15		—		—
Foreign corporate private securities(1)	264		(13)		19		27		—		—		(4)		—		—		293		—		19
Residential mortgage-backed securities	31		(4)		—		15		—		—		—		—		(2)		40		(4)		—
Commercial mortgage-backed securities	—		—		—		9		—		—		—		—		—		9		—		—
Other asset-backed securities	52		—		—		7		—		—		(17)		—		(7)		35		—		—
Total fixed maturities, including securities pledged	1,785		(9)		13		195		—		(15)		(135)		—		(46)		1,788		(4)		15
Fixed maturities, trading, at fair value	33		—		—		—		—		(29)		—		—		—		4		—		—
Equity securities, at fair value	145		—		—		—		—		—		—		—		—		145		—		—
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)	(15)		1		—		—		(1)		—		—		—		—		(15)		—		—
FIA(2)	(10)		—		—		—		(1)		—		1		—		—		(10)		—		—
Assets held in separate accounts(4)	293		1		—		53		—		(5)		—		—		(30)		312		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

	Nine Months Ended September 30, 2021
	Fair Value as of January 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		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	$	57	$	—	$	1	$	5	$	—	$	(9)	$	(1)	$	—	$	(30)	$	23	$	—	$	1
U.S. Corporate private securities	1,286		13		(38)		148		—		(99)		(126)		283		(94)		1,373		—		(26)
Foreign corporate public securities and foreign governments(1)	—		—		—		15		—		—		—		—		—		15		—		—
Foreign corporate private securities(1)	295		(10)		20		27		—		(22)		(17)		—		—		293		2		17
Residential mortgage-backed securities	33		(8)		—		21		—		(7)		—		1		—		40		(8)		—
Commercial mortgage-backed securities	—		—		—		9		—		—		—		—		—		9		—		—
Other asset-backed securities	37		—		(2)		14		—		—		(32)		18		—		35		—		(1)
Total fixed maturities, including securities pledged	1,708		(5)		(19)		239		—		(137)		(176)		302		(124)		1,788		(6)		(9)
Fixed maturities, trading, at fair value	—		—		—		33		—		(29)		—		—		—		4		—		—
Equity securities, at fair value	99		8		—		75		—		(30)		(7)		—		—		145		(1)		—
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)	(53)		38		—		—		(1)		—		1		—		—		(15)		—		—
FIA(2)	(10)		—		—		—		(1)		—		1		—		—		(10)		—		—
Assets held in separate accounts(4)	222		4		—		157		—		(6)		—		—		(65)		312		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

For the three and nine months ended September 30, 2022 and 2021, 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.

Significant Unobservable Inputs

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

Other Financial Instruments

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets.

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:

	September 30, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	22,178	$	22,178	$	26,412	$	26,412
Equity securities	139		139		141		141
Mortgage loans on real estate	4,194		3,921		4,233		4,495
Policy loans	162		162		171		171
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,141		1,141		1,244		1,244
Derivatives	379		379		149		149
Short-term loan to affiliate	104		104		130		130
Other investments	134		134		143		143
Assets held in separate accounts	73,547		73,547		96,964		96,964
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	29,454		30,133		28,128		35,256
Funding agreements with fixed maturities	731		729		925		925
Supplementary contracts, immediate annuities and other	255		194		257		267
Derivatives:
Guaranteed benefit derivatives:
FIA	8		8		9		9
Stabilizer and MCGs	9		9		20		20
Other derivatives	327		327		144		144
Short-term debt(2)	100		100		19		19
Long-term debt(2)	2		2		2		2
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.
(2) Included in Other Liabilities on the Condensed Consolidated Balance Sheets.

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

Financial Instrument	Classification
Mortgage loans on real estate	Level 3
Policy loans	Level 2
Other investments	Level 2
Funding agreements without fixed maturities and deferred annuities	Level 3
Funding agreements with fixed maturities	Level 2
Supplementary contracts, immediate annuities and other	Level 3
Short-term debt and Long-term debt	Level 2

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Deferred Policy Acquisition Costs and Value of Business Acquired

9 Months Ended

Sep. 30, 2022

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

	2022
	DAC		VOBA			Total
Balance as of January 1, 2022	$	270	$	139		$	409
Deferrals of commissions and expenses	41		3			44
Amortization:
Amortization, excluding unlocking(2)	(52)		(31)			(83)
Unlocking (1)	(2)		2			—
Interest accrued	26		18		(3)	44
Net amortization included in the Condensed Consolidated Statements of Operations	(28)		(11)			(39)
Change due to unrealized capital gains/losses on available-for-sale securities	669		508			1,177
Balance as of September 30, 2022	$	952	$	639		$	1,591

	2021
	DAC		VOBA			Total
Balance as of January 1, 2021	$	122	$	40		$	162
Deferrals of commissions and expenses	41		3			44
Amortization:
Amortization, excluding unlocking(2)	(79)		(79)			(158)
Unlocking (1)	9		21			30
Interest accrued	26		19		(3)	45
Net amortization included in the Condensed Consolidated Statements of Operations	(44)		(39)			(83)
Change due to unrealized capital gains/losses on available-for-sale securities	120		115			235
Balance as of September 30, 2021	$	239	$	119		$	358

(1) Includes the impacts of annual review of assumptions which typically occurs in the third quarter; and retrospective and prospective unlocking.

(2) There was no loss recognition during 2022. During the nine months ended September 30, 2021 the Company recognized $2 of loss recognition related to DAC.

(3) Interest accrued at the following rates for VOBA: 7.0% during 2022 and 5.5% to 7.0% during 2021.

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Other Income and Expenses

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Shareholder’s equity included the following components of AOCI as of the dates indicated:

	September 30,
	2022		2021
Fixed maturities, net of impairments	$	(2,830)	$	2,343
Derivatives(1)	163		80
DAC/VOBA adjustment on available-for-sale securities(2)	610		(616)
Unrealized capital gains (losses), before tax	(2,057)		1,807
Deferred income tax asset (liability)	560		(251)
Net unrealized capital gains (losses)	(1,497)		1,556
Pension and other postretirement benefits liability, net of tax	2		2
AOCI	$	(1,495)	$	1,558

(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 September 30, 2022, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $19.

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

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 September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,260)		$	265	$	(995)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(5)			1		(4)
DAC/VOBA and Sales inducements	288			(60)		228
Change in unrealized gains (losses) on available-for-sale securities	(977)			206		(771)
Derivatives:
Derivatives	51		(1)	(11)		40
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(6)			1		(5)
Change in unrealized gains (losses) on derivatives	45			(10)		35
Change in Accumulated other comprehensive income (loss)	$	(932)		$	196	$	(736)

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

	Nine Months Ended September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(5,028)		$	1,056	$	(3,972)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	72			(15)		57
DAC/VOBA and Sales inducements	1,177		(1)	(247)		930
Change in unrealized gains (losses) on available-for-sale securities	(3,779)			794		(2,985)
Derivatives:
Derivatives	100		(2)	(21)		79
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(15)			3		(12)
Change in unrealized gains (losses) on derivatives	85			(18)		67
Change in Accumulated other comprehensive income (loss)	$	(3,694)		$	776	$	(2,918)

(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.

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

	Three Months Ended September 30, 2021
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(134)		$	28	$	(106)
Other	(1)			—		(1)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(16)			3		(13)
DAC/VOBA and Sales inducements	40			(8)		32
Change in unrealized gains (losses) on available-for-sale securities	(111)			23		(88)
Derivatives:
Derivatives	19		(1)	(4)		15
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(5)			1		(4)
Change in unrealized gains (losses) on derivatives	14			(3)		11
Change in Accumulated other comprehensive income (loss)	$	(97)		$	20	$	(77)

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

	Nine Months Ended September 30, 2021
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(553)		$	117	$	(436)
Other	(2)			—		(2)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(533)			112		(421)
DAC/VOBA and Sales inducements	238		(1)	(50)		188
Premium deficiency reserve adjustment	434			(91)		343
Change in unrealized gains (losses) on available-for-sale securities	(416)			88		(328)
Derivatives:
Derivatives	23		(2)	(5)		18
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(16)			3		(13)
Change in unrealized gains (losses) on derivatives	7			(2)		5
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations	(1)			—		(1)
Change in pension and other postretirement benefits liability	(1)			—		(1)
Change in Accumulated other comprehensive income (loss)	$	(410)		$	86	$	(324)

(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.

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

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Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The Company's effective tax rates for the three and nine months ended September 30, 2022 were 11.5% and (0.6)%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction ("DRD") and tax credits.

The Company's effective tax rates for the three and nine months ended September 30, 2021 were 15.4% and 17.2%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits.

In August 2022, the Inflation Reduction Act ("IRA of 2022") was signed into law creating the corporate alternative minimum tax ("CAMT"). The IRA of 2022 has tasked the U.S. Department of Treasury with issuing regulations at a future date. As these regulations have not yet been issued, the Company is uncertain as to whether it will qualify for the CAMT and will continue to evaluate the applicability as more guidance is provided.

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 September 30, 2022, the Company had year-to-date losses on securities of $3,694 in Other comprehensive income primarily driven by increases in interest rates. The Company determined that the increase in unrealized losses on fixed income investments will be offset in future years by the ordinary income produced from these investments as

they reach maturity. Additionally, operating income remained positive for the period and was largely consistent with the 2021 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgement regarding the realization of DTAs and did not establish a valuation allowance. For more information related to the valuation allowance, refer to the Income Taxes Note to the Consolidated Financial Statements included in Part II, Item 8 of the Annual Report on form 10-K.

Tax Sharing Agreement

The results of the Company's operations are included in the consolidated tax return of Voya Financial. Generally, the Company's consolidated financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC Topic 740) as if the Company were a separate taxpayer rather than a member of Voya Financial's consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. If the Company instead were to follow a separate taxpayer approach without any exceptions, there would be no impact to income tax expense (benefit) for the periods indicated above. Also, any current tax benefit related to the Company's tax attributes realized by virtue of its inclusion in the consolidated tax return of Voya Financial would have been recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial will pay the Company for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated.

Tax Regulatory Matters

For the tax years 2020 through 2022, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2020 tax year, the Company was in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year.

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Financing Agreements

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Financing Agreements

Financing Agreements

Reciprocal Loan Agreement

The Company maintains a reciprocal loan agreement with Voya Financial, an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which expires on April 1, 2026, either party can borrow from the other up to 3.0% of the Company’s statutory admitted assets as of the preceding December 31. Interest on any borrowing by either the Company or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities.

Under this agreement, the Company incurred $1 and $1 interest expense for the three and nine months ended September 30, 2022. The Company earned $1 and $4 of interest income for the three months and nine months ended September 30, 2022, respectively. The Company incurred immaterial interest expense for the three and nine months ended September 30, 2021. The Company earned $1 interest income for the three and nine months ended September 30, 2021. As of September 30, 2022, VRIAC had $104 outstanding receivables and VIPS had an outstanding payable of $99. As of December 31, 2021, VRIAC had an outstanding receivable of $130 and VIPS had a $19 outstanding payable from/to Voya Financial under the reciprocal loan agreement.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

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 September 30, 2022, the Company had off-balance sheet commitments to acquire mortgage loans of $129 and purchase limited partnerships and private placement investments of $707.

Restricted Assets

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, letter of credit ("LOC") and derivative transactions as described further in this note.

The components of the fair value of the restricted assets were as follows as of the dates indicated:

	September 30, 2022		December 31, 2021
Fixed maturity collateral pledged to FHLB(1)	$	888	$	1,124
FHLB restricted stock(2)	35		47
Other fixed maturities-state deposits	11		14
Cash and cash equivalents	3		3
Securities pledged(3)	750		799
Total restricted assets	$	1,687	$	1,987

(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 $653 and $739 as of September 30, 2022 and December 31, 2021, respectively. In addition, as of September 30, 2022 and December 31, 2021, the Company delivered securities as collateral of $97 and $60, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets.

Federal Home Loan Bank Funding

The Company is a member of the Federal Home Loan Bank of Boston ("FHLB") and is required to pledge collateral to back funding agreements issued to the FHLB. As of September 30, 2022 and December 31, 2021, the Company had $731 and $925, respectively, in non-putable funding agreements, which are included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, assets with a market value of approximately $888 and $1,124, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.

Litigation, Regulatory Matters and Loss Contingencies

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

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

The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters, litigation and other loss contingencies.

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

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of September 30, 2022, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, as not material to the Company.

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

Litigation includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants, which include the Company, breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously.

Finally, industry wide, life insurers continue to be exposed to class action litigation related to the cost of insurance rates and periodic deductions from cash value. Common allegations include that insurance companies have breached the terms of their universal life insurance policies by establishing or increasing the cost of insurance rates using cost factors not permitted by the contract, thereby unjustly enriching themselves. This litigation is generally known as cost of insurance litigation.

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Related Party

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

Related Party Transactions

11.    Related Party Transactions

Operating Agreements

The Company has operating agreements whereby the Company provides or receives services from affiliated entities. For the three and nine months ended September 30, 2022, revenues with affiliated entities related to these agreements were $20 and $64. For the three and nine months ended September 30, 2021, revenues with affiliated entities related to these agreements were $25 and $73. For the three and nine months ended September 30, 2022, expenses with affiliated entities related to the aforementioned operating agreements, as amended, were $142 and $450. For the three and nine months ended September 30, 2021, expenses with affiliated entities related to the aforementioned operating agreements, as amended, were $154 and $484

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Business, Basis of Presentation and Significant Accounting Policies (Policies) - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2022

Dec. 31, 2021

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. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, VFP, Voya Institutional Plan Services ("VIPS"), and Voya Retirement Advisors ("VRA"). Intercompany transactions and balances have been eliminated.

The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2022, and its results of operations, comprehensive income, and changes in shareholder's equity for the three and nine months ended September 30, 2022 and 2021, and its statements of cash flows for the nine months ended September 30, 2022 and 2021, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance.

The December 31, 2021 Consolidated Balance Sheets are from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K, filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K.

Derivatives

The Company primarily enters into the following types of derivatives:

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

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

Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. 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.

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of September 30, 2022 and December 31, 2021. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815.

Financing Receivable, before Allowance for Credit Loss, Current

$ 4,194

$ 4,233

Adoption of New Pronouncements

Future Adoption of Accounting Pronouncements

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

Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.	The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03.
ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures	This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables.	The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities have the option to apply the amendments involving the recognition and measurement of TDRs using a modified retrospective transition method; the other amendments are required to be applied prospectively.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-02.
ASU 2020-04, Reference Rate Reform	This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January, 2021 the Financial Accounting Standards Board ("FASB") issued ASU 2021-01 which clarified the scope of relief related to ASU 2020-04.	The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022.	The Company expects that it may elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating its options under this guidance as the reference rate reform adoption process continues. To date, the adoption of the ASU has not had an impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses.

Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts	This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: •Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts. The effect of updating cash flow assumptions will be measured on a retrospective catch-up basis and presented in the Statement of Operations in the period in which the update is made. The rate used to discount these liabilities will be required to be updated quarterly, with related changes in the liability recorded in Accumulated other comprehensive income ("AOCI"). •Fair value measurement of contract guarantee features qualifying as Market Risk Benefits ("MRB"), with changes in fair value recognized in the Statement of Operations, except for changes in the instrument-specific credit risk, which will be recorded in AOCI. •Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. Elimination of adjustments in AOCI related to DAC and balances amortized on a basis consistent with DAC. DAC will no longer be subjected to loss recognition testing.	The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Initial adoption for the liability for future policy benefits and DAC is required to be reported using either a full retrospective or modified retrospective approach. For market risk benefits, full retrospective application is required.	Evaluation of the implications of these requirements and related potential financial statement impacts is continuing, in accordance with an established governance framework and implementation plan, which includes design and testing of internal controls related to new processes. The Company does not plan to early adopt the ASU and expects to apply a modified retrospective transition method for the liability for future policy benefits and DAC. The Company expects the January 1, 2021 transition impact will increase Total shareholder’s equity by $0.5 billion to $0.7 billion, primarily driven by a positive impact to AOCI resulting from the reversal of DAC/VOBA adjustment balances of approximately $1.0 billion after tax, offset by an unfavorable impact to AOCI of between $0.2 billion and $0.4 billion after tax, resulting from the remeasurement of Future policy benefits and Reinsurance recoverable using January 1, 2021 discount rates. The expected transition effect on Total shareholder's equity will also include an unfavorable impact on Retained earnings (deficit) of approximately $0.1 billion after tax associated with the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The majority of the ASU 2018-12 transition impact of between $0.2 billion and $0.4 billion associated with Future policy benefits and Reinsurance recoverable and approximately 20% of the $0.1 billion transition impact associated with the establishment of MRB liabilities are related to business that was reinsured to Resolution Life US in January 2021. The ultimate effects the standard will have on the financial statements are highly dependent on policyholder behavior, actuarial assumptions and macroeconomic conditions, particularly interest rates and spreads, which may materially change ASU 2018-12-related equity impacts in periods subsequent to transition. The Company estimates the impact of ASU 2018-12 will shift to a reduction of Total shareholder’s equity as of September 30, 2022, primarily related to a negative impact in AOCI resulting from the reversal of DAC/VOBA adjustment balances, which have declined significantly since January 2021 due to increases in interest rates and spreads. While rising interest rates since January 1, 2021 will result in a less unfavorable impact on AOCI due to remeasurement of the liability for Future policy benefits, this will be materially offset by the impact from remeasurement of Reinsurance recoverable.

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Derivative Instruments and Hedging Activities (Policies)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company primarily enters into the following types of derivatives:

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

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

Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. 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.

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of September 30, 2022 and December 31, 2021. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815.

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Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Details of Impairment of Long-Lived Assets Held and Used by Asset	32

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Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments Classified by Contractual Maturity Date

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of September 30, 2022:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	564	$	13	$	28	$	—	$	549	$	—
U.S. Government agencies and authorities	20		—		3		—		17		—
State, municipalities and political subdivisions	705		1		90		—		616		—
U.S. corporate public securities	7,396		31		1,198		—		6,228		1
U.S. corporate private securities	3,841		6		381		—		3,466		—
Foreign corporate public securities and foreign governments(1)	2,382		5		376		—		2,002		9
Foreign corporate private securities(1)	2,686		2		250		—		2,426		12
Residential mortgage-backed securities	3,028		24		153		2		2,899		2
Commercial mortgage-backed securities	2,997		3		310		—		2,689		1
Other asset-backed securities	1,413		1		127		—		1,286		1
Total fixed maturities, including securities pledged	25,032		86		2,916		2		22,178		26
Less: Securities pledged	864		5		119		—		750		—
Total fixed maturities	$	24,168	$	81	$	2,797	$	2	$	21,428	$	26

(1) Primarily U.S. dollar denominated.

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

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2021:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	554	$	137	$	—	$	—	$	691	$	—
U.S. Government agencies and authorities	20		—		—		—		20		—
State, municipalities and political subdivisions	716		88		1		—		803		—
U.S. corporate public securities	7,314		994		39		—		8,269		—
U.S. corporate private securities	3,620		334		15		—		3,939		—
Foreign corporate public securities and foreign governments(1)	2,352		253		14		—		2,591		—
Foreign corporate private securities(1)	2,563		188		1		—		2,703		47
Residential mortgage-backed securities	3,081		97		20		7		3,164		1
Commercial mortgage-backed securities	2,766		130		15		—		2,881		—
Other asset-backed securities	1,341		16		6		—		1,351		—
Total fixed maturities, including securities pledged	24,327		2,237		111		7		26,412		48
Less: Securities pledged	725		74		—		—		799		—
Total fixed maturities	$	23,602	$	2,163	$	111	$	7	$	25,613	$	48

(1) Primarily U.S. dollar denominated.

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

The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2022, 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	$	504	$	485
After one year through five years	3,183		2,973
After five years through ten years	3,707		3,340
After ten years	10,200		8,506
Mortgage-backed securities	6,025		5,588
Other asset-backed securities	1,413		1,286
Fixed maturities, including securities pledged	$	25,032	$	22,178

U.S. and Foreign Corporate Securities by Industry

The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Fair Value
September 30, 2022
Communications	$	940	$	8	$	134	$	814
Financial	3,259		12		461		2,810
Industrial and other companies	6,761		9		953		5,817
Energy	1,376		8		147		1,237
Utilities	2,728		5		344		2,389
Transportation	884		1		114		771
Total	$	15,948	$	43	$	2,153	$	13,838
December 31, 2021
Communications	$	883	$	154	$	2	$	1,035
Financial	2,713		275		13		2,975
Industrial and other companies	7,004		713		26		7,691
Energy	1,385		216		14		1,587
Utilities	2,658		310		10		2,958
Transportation	854		71		1		924
Total	$	15,497	$	1,739	$	66	$	17,170

Schedule of Securities Borrowed Under Securities Lending Transactions

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

	September 30, 2022		December 31, 2021
U.S. Treasuries	$	19	$	42
U.S. corporate public securities	495		479
Foreign corporate public securities and foreign governments	171		243
Equity securities	1		—
Payables under securities loan agreements	$	686	$	764

Financing Receivable, Allowance for Credit Loss

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:

	Nine Months Ended September 30, 2022
	U.S. corporate public securities		Residential mortgage-backed securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2022	$	—	$	1	$	—	$	—	$	47	$	—	$	48
Credit losses on securities for which credit losses were not previously recorded	1		1		1		9		—		1		13
Initial allowance for credit losses recognized on financial assets accounted for as PCD	—		—		—		—		—		—		—
Reductions for securities sold during the period	—		—		—		—		(37)		—		(37)
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	—		—		—		—		—		—		—
Increase (decrease) on securities with allowance recorded in previous period	—		—		—		—		2		—		2
Write-offs	—		—		—		—		—		—		—
Recoveries of amounts previously written-off	—		—		—		—		—		—		—
Balance at September 30, 2022	$	1	$	2	$	1	$	9	$	12	$	1	$	26

	Year Ended December 31, 2021
	Residential mortgage-backed securities		Commercial mortgage-backed securities		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2021	$	1	$	—	$	11	$	2	$	14
Credit losses on securities for which credit losses were not previously recorded	1		—		35		—		36
Initial allowance for credit losses recognized on financial assets accounted for as PCD	—		—		—		—		—
Reductions for securities sold during the period	—		—		—		—		—
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	—		—		—		—		—
Increase (decrease) on securities with allowance recorded in previous period	(1)		—		1		(2)		(2)
Write-offs	—		—		—		—		—
Recoveries of amounts previously written-off	—		—		—		—		—
Balance as of December 31, 2021	$	1	$	—	$	47	$	—	$	48

Schedule of Unrealized Loss on Investments

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of September 30, 2022:

	Twelve Months or Less Below Amortized Cost					More Than Twelve Months Below Amortized Cost						Total
	Fair Value		Unrealized Capital  Losses		Number of securities	Fair Value		Unrealized Capital  Losses			Number of securities	Fair Value		Unrealized Capital  Losses		Number of securities
U.S. Treasuries	$	253	$	28	21	$	6	$	—	*	2	$	259	$	28	23
U.S. Government, agencies and authorities	17		3		2	—		—			—	17		3		2
State, municipalities and political subdivisions	582		89		295	2		1			4	584		90		299
U.S. corporate public securities	4,922		862		1,068	712		336			283	5,634		1,198		1,351
U.S. corporate private securities	2,918		343		331	205		38			18	3,123		381		349
Foreign corporate public securities and foreign governments	1,684		288		406	192		88			71	1,876		376		477
Foreign corporate private securities	2,289		248		218	12		2			3	2,301		250		221
Residential mortgage-backed	1,267		100		435	316		53			177	1,583		153		612
Commercial mortgage-backed	2,255		260		471	358		50			84	2,613		310		555
Other asset-backed	1,122		109		349	141		18			82	1,263		127		431
Total	$	17,309	$	2,330	3,596	$	1,944	$	586		724	$	19,253	$	2,916	4,320

*Less than $1

The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are not credit related.

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2021:

	Twelve Months or Less Below Amortized Cost						More Than Twelve Months Below Amortized Cost						Total
	Fair Value		Unrealized Capital  Losses			Number of securities	Fair Value		Unrealized Capital  Losses			Number of securities	Fair Value		Unrealized Capital  Losses			Number of securities
U.S. Treasuries	$	7	$	—	*	4	$	7	$	—	*	2	$	14	$	—	*	6
State, municipalities and political subdivisions	33		1			21	—		—			—	33		1			21
U.S. corporate public securities	1,237		32			290	110		7			138	1,347		39			428
U.S. corporate private securities	325		2			35	94		13			8	419		15			43
Foreign corporate public securities and foreign governments	425		13			90	21		1			17	446		14			107
Foreign corporate private securities	54		1			7	10		—		*	1	64		1			8
Residential mortgage-backed	400		11			181	241		9			96	641		20			277
Commercial mortgage-backed	780		8			178	155		7			27	935		15			205
Other asset-backed	577		4			183	70		2			48	647		6			231
Total	$	3,838	$	72		989	$	708	$	39		337	$	4,546	$	111		1,326

*Less than $1

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table identifies the Company's intent impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:

	Three Months Ended September 30,
	2022				2021
	Impairment			No. of Securities	Impairment			No. of Securities
Foreign corporate public securities and foreign governments(1)	$	—	*	1	$	—		—
Residential mortgage-backed	8			66	—		*	2
Commercial mortgage-backed	—		*	2	—			—
Total	$	8		69	$	—	*	2
(1) Primarily U.S. dollar denominated.
*Less than $1
	Nine Months Ended September 30,
	2022				2021
	Impairment			No. of Securities	Impairment			No. of Securities
Foreign corporate public securities and foreign governments(1)	$	—	*	1	$	—		—
Residential mortgage-backed	15			76	—		*	9
Commercial mortgage-backed	—		*	2	—		*	1
Total	$	15		79	$	—	*	10
(1) Primarily U.S. dollar denominated.
*Less than $1

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:

	As of September 30, 2022
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2022	$	139	$	238	$	63	$	—	$	—	$	440
2021	192		238		222		10		—		662
2020	94		185		25		10		—		314
2019	147		109		20		—		—		276
2018	122		37		2		—		—		161
2017	518		190		4		—		—		712
2016 and prior	1,395		218		16		—		—		1,629
Total	$	2,607	$	1,215	$	352	$	20	$	—	$	4,194

	As of December 31, 2021
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2021	$	215	$	273	$	182	$	—	$	—	$	670
2020	114		202		69		—		—		385
2019	150		145		61		—		—		356
2018	127		43		3		—		—		173
2017	543		202		3		—		—		748
2016 and prior	1,451		434		16		—		—		1,901
Total	$	2,600	$	1,299	$	334	$	—	$	—	$	4,233

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:

	As of September 30, 2022
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2022	$	283	$	52	$	105	$	—	$	440
2021	286		211		85		80		662
2020	223		18		30		43		314
2019	178		36		43		19		276
2018	95		19		47		—		161
2017	418		78		66		150		712
2016 and prior	1,197		247		109		76		1,629
Total	$	2,680	$	661	$	485	$	368	$	4,194

*No commercial mortgage loans were secured by land or construction loans

	As of December 31, 2021
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2021	$	556	$	23	$	34	$	57	$	670
2020	342		15		23		5		385
2019	206		43		84		23		356
2018	96		3		49		25		173
2017	355		139		93		161		748
2016 and prior	1,505		154		166		76		1,901
Total	$	3,060	$	377	$	449	$	347	$	4,233

*No commercial mortgage loans were secured by land or construction loans

Mortgage Loans by Geographic Location of Collateral

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated:

	As of September 30, 2022
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2022	$	51	$	105	$	30	$	78	$	95	$	61	$	1	$	1	$	18	$	440
2021	79		53		114		137		96		116		9		36		22		662
2020	64		144		14		14		19		30		—		6		23		314
2019	47		89		6		54		34		4		14		11		17		276
2018	28		55		50		7		7		9		—		5		—		161
2017	85		81		283		126		43		54		5		35		—		712
2016 and prior	411		390		348		73		131		141		30		81		24		1,629
Total	$	765	$	917	$	845	$	489	$	425	$	415	$	59	$	175	$	104	$	4,194

	As of December 31, 2021
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2021	$	79	$	58	$	120	$	132	$	96	$	118	$	9	$	36	$	22	$	670
2020	70		159		25		33		34		30		1		12		21		385
2019	48		106		10		103		34		12		15		11		17		356
2018	32		60		53		8		6		9		—		5		—		173
2017	87		82		311		129		44		55		4		36		—		748
2016 and prior	438		437		414		92		179		165		52		99		25		1,901
Total	$	754	$	902	$	933	$	497	$	393	$	389	$	81	$	199	$	85	$	4,233

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:

	As of September 30, 2022
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2022	$	22	$	200	$	195	$	13	$	10	$	—	$	—	$	440
2021	23		146		378		99		—		8		8		662
2020	50		49		91		124		—		—		—		314
2019	29		58		139		39		11		—		—		276
2018	35		69		30		11		—		16		—		161
2017	89		338		169		113		3		—		—		712
2016 and prior	552		308		303		263		45		118		40		1,629
Total	$	800	$	1,168	$	1,305	$	662	$	69	$	142	$	48	$	4,194

	As of December 31, 2021
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2021	$	24	$	159	$	368	$	104	$	—	$	7	$	8	$	670
2020	51		72		124		138		—		—		—		385
2019	30		66		173		67		20		—		—		356
2018	35		72		31		15		3		17		—		173
2017	90		355		184		116		3		—		—		748
2016 and prior	631		408		335		280		63		144		40		1,901
Total	$	861	$	1,132	$	1,215	$	720	$	89	$	168	$	48	$	4,233

Allowance for Credit Losses on Financing Receivables

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

	September 30, 2022		December 31, 2021
Allowance for credit losses, beginning of the period	$	11	$	67
Credit losses on mortgage loans for which credit losses were not previously recorded	1		1
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution	—		(7)
Increase (decrease) on mortgage loans with allowance recorded in previous period	(1)		(50)
Provision for expected credit losses	11		11
Write-offs	—		—
Recoveries of amounts previously written off	—		—
Allowance for credit losses, end of period	$	11	$	11

Financing Receivable, Past Due

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

	September 30, 2022		December 31, 2021
Delinquency:
Current	$	4,194	$	4,233
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	—		—
Total	$	4,194	$	4,233

Net Investment Income

Net Investment Income

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Fixed maturities	$	351	$	364	$	1,060	$	1,101
Equity securities	2		2		7		9
Mortgage loans on real estate	45		44		134		134
Policy loans	2		2		6		6
Short-term investments and cash equivalents	1		1		2		3
Limited partnerships and other	(16)		118		80		284
Gross investment income	385		531		1,289		1,537
Less: Investment expenses	19		17		54		52
Net investment income	$	366	$	514	$	1,235	$	1,485

Realized Gain (Loss) on Investments

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Fixed maturities, available-for-sale, including securities pledged	$	13	$	2	$	(49)	$	522
Fixed maturities, at fair value option	(196)		(108)		(504)		(395)
Equity securities, at fair value	(4)		—		(25)		7
Derivatives	125		4		182		(44)
Embedded derivatives - fixed maturities	(2)		(1)		(5)		(3)
Guaranteed benefit derivatives	(5)		2		11		39
Mortgage loans	(1)		12		3		96
Other investments	—		1		(1)		95
Net gains (losses)	$	(70)	$	(88)	$	(388)	$	317

On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net gains (losses) in the Condensed Consolidated Statements of Operations.

Gain (Loss) on Securities

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Proceeds on sales	$	723	$	279	$	2,167	$	4,141
Gross gains	16		16		34		517
Gross losses	12		1		45		3

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

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

	Three Months Ended September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income/(loss)		Net investment income and Other net gains/(losses)		Net investment income/(loss)		Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(1)	$	54	$	—	$	20
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		2
	Nine Months Ended September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income/(loss)		Net investment income and Other net gains/(losses)		Net investment income/(loss)		Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(2)	$	105	$	(1)	$	30
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		1

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

	Three Months Ended September 30,
	2022				2021
	Net investment income/(loss)		Other net gains/(losses)		Net investment income/(loss)		Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	366	$	(62)	$	514	$	(88)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		2		—
	Nine Months Ended September 30,
	2022				2021
	Net investment income/(loss)		Other net gains/(losses)		Net investment income/(loss)		Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	1,235	$	(373)	$	1,485	$	317
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		6		(5)

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

	Location of Gain or (Loss) Recognized in Income on Derivative	Three Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	121	$	3
Foreign exchange contracts	Other net gains (losses)	3		2
Credit contracts	Other net gains (losses)	1		—
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(2)		(1)
Within products	Other net gains (losses)	2		2
Managed custody guarantees	Other net gains (losses)	(6)		(1)
Total		$	119	$	5
	Location of Gain or (Loss) Recognized in Income on Derivative	Nine Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	178	$	(41)
Foreign exchange contracts	Other net gains (losses)	7		1
Credit contracts	Other net gains (losses)	(3)		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(5)		(3)
Within products	Other net gains (losses)	21		35
Managed custody guarantees	Other net gains (losses)	(8)		3
Total		$	190	$	(4)

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Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

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

	September 30, 2022						December 31, 2021
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	18	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	579		104		—		567		14		15
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	12,823		270		324		10,514		135		129
Foreign exchange contracts	45		5		—		34		—		—
Credit contracts	143		—		3		110		—		—
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	N/A		2		—		N/A		7		—
Within products(2)	N/A		—		8		N/A		—		28
Managed custody guarantees(2)	N/A		—		9		N/A		—		1
Total			$	381	$	344			$	156	$	173

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

(2) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets.

N/A - Not Applicable

Offsetting Assets and Liabilities

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates

indicated:

	September 30, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	143	$	—	$	3
Foreign exchange contracts	624		109		—
Interest rate contracts	8,360		267		324
			376		327
Counterparty netting(1)			(268)		(268)
Cash collateral netting(1)			(97)		(56)
Securities collateral netting(1)			(11)		(1)
Net receivables/payables			$	—	$	2

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

	December 31, 2021
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	110	$	—	$	—
Foreign exchange contracts	601		14		15
Interest rate contracts	9,576		135		129
			149		144
Counterparty netting(1)			(140)		(140)
Cash collateral netting(1)			(7)		(2)
Securities collateral netting(1)			(2)		(1)
Net receivables/payables			$	—	$	1

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

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

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

	Three Months Ended September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income/(loss)		Net investment income and Other net gains/(losses)		Net investment income/(loss)		Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(1)	$	54	$	—	$	20
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		2
	Nine Months Ended September 30,
	2022				2021
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income/(loss)		Net investment income and Other net gains/(losses)		Net investment income/(loss)		Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	(2)	$	105	$	(1)	$	30
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		1

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

	Three Months Ended September 30,
	2022				2021
	Net investment income/(loss)		Other net gains/(losses)		Net investment income/(loss)		Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	366	$	(62)	$	514	$	(88)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		2		—
	Nine Months Ended September 30,
	2022				2021
	Net investment income/(loss)		Other net gains/(losses)		Net investment income/(loss)		Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded	$	1,235	$	(373)	$	1,485	$	317
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		6		(5)

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

	Location of Gain or (Loss) Recognized in Income on Derivative	Three Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	121	$	3
Foreign exchange contracts	Other net gains (losses)	3		2
Credit contracts	Other net gains (losses)	1		—
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(2)		(1)
Within products	Other net gains (losses)	2		2
Managed custody guarantees	Other net gains (losses)	(6)		(1)
Total		$	119	$	5
	Location of Gain or (Loss) Recognized in Income on Derivative	Nine Months Ended September 30,
		2022		2021
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Other net gains (losses)	$	178	$	(41)
Foreign exchange contracts	Other net gains (losses)	7		1
Credit contracts	Other net gains (losses)	(3)		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Other net gains (losses)	(5)		(3)
Within products	Other net gains (losses)	21		35
Managed custody guarantees	Other net gains (losses)	(8)		3
Total		$	190	$	(4)

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	398		$	151		$	—		$	549
U.S. Government agencies and authorities	—			17			—			17
State, municipalities and political subdivisions	—			616			—			616
U.S. corporate public securities	—			6,221			7			6,228
U.S. corporate private securities	—			2,168			1,298			3,466
Foreign corporate public securities and foreign governments(1)	—			2,002			—			2,002
Foreign corporate private securities (1)	—			2,120			306			2,426
Residential mortgage-backed securities	—			2,878			21			2,899
Commercial mortgage-backed securities	—			2,689			—			2,689
Other asset-backed securities	—			1,233			53			1,286
Total fixed maturities, including securities pledged	398			20,095			1,685			22,178
Equity securities	15			8			116			139
Derivatives:
Interest rate contracts	3			267			—			270
Foreign exchange contracts	—			109			—			109
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,141			—			—			1,141
Assets held in separate accounts	67,736			5,472			339			73,547
Total assets	$	69,293		$	25,951		$	2,140		$	97,384
Percentage of Level to Total	71		%	27		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	8		$	8
Stabilizer and MCGs	—			—			9			9
Other derivatives:
Interest rate contracts	—			324			—			324
Credit contracts	—			3			—			3
Total liabilities	$	—		$	327		$	17		$	344

(1) Primarily U.S. dollar denominated.

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2021:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	510		$	181		$	—		$	691
U.S. Government agencies and authorities	—			20			—			20
State, municipalities and political subdivisions	—			803			—			803
U.S. corporate public securities	—			8,264			5			8,269
U.S. corporate private securities	—			2,560			1,379			3,939
Foreign corporate public securities and foreign governments(1)	—			2,591			—			2,591
Foreign corporate private securities (1)	—			2,431			272			2,703
Residential mortgage-backed securities	—			3,130			34			3,164
Commercial mortgage-backed securities	—			2,881			—			2,881
Other asset-backed securities	—			1,318			33			1,351
Total fixed maturities, including securities pledged	510			24,179			1,723			26,412
Equity securities	27			—			114			141
Derivatives:
Interest rate contracts	—			135			—			135
Foreign exchange contracts	—			14			—			14
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,244			—			—			1,244
Assets held in separate accounts	91,474			5,174			316			96,964
Total assets	$	93,255		$	29,502		$	2,153		$	124,910
Percentage of Level to total	74		%	24		%	2		%	100		%
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA	$	—		$	—		$	9		$	9
Stabilizer and MCGs	—			—			20			20
Other derivatives:
Interest rate contracts	—			129			—			129
Foreign exchange contracts	—			15			—			15
Total liabilities	$	—		$	144		$	29		$	173

(1) Primarily U.S. dollar denominated.

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Deferred Policy Acquisition Costs and Value of Business Acquired (Tables)

9 Months Ended

Sep. 30, 2022

Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract]

Deferred Policy Acquisition Costs and Value of Business Acquired

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

	2022
	DAC		VOBA			Total
Balance as of January 1, 2022	$	270	$	139		$	409
Deferrals of commissions and expenses	41		3			44
Amortization:
Amortization, excluding unlocking(2)	(52)		(31)			(83)
Unlocking (1)	(2)		2			—
Interest accrued	26		18		(3)	44
Net amortization included in the Condensed Consolidated Statements of Operations	(28)		(11)			(39)
Change due to unrealized capital gains/losses on available-for-sale securities	669		508			1,177
Balance as of September 30, 2022	$	952	$	639		$	1,591

	2021
	DAC		VOBA			Total
Balance as of January 1, 2021	$	122	$	40		$	162
Deferrals of commissions and expenses	41		3			44
Amortization:
Amortization, excluding unlocking(2)	(79)		(79)			(158)
Unlocking (1)	9		21			30
Interest accrued	26		19		(3)	45
Net amortization included in the Condensed Consolidated Statements of Operations	(44)		(39)			(83)
Change due to unrealized capital gains/losses on available-for-sale securities	120		115			235
Balance as of September 30, 2021	$	239	$	119		$	358

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Other Income and Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

	Nine Months Ended September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(5,028)		$	1,056	$	(3,972)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	72			(15)		57
DAC/VOBA and Sales inducements	1,177		(1)	(247)		930
Change in unrealized gains (losses) on available-for-sale securities	(3,779)			794		(2,985)
Derivatives:
Derivatives	100		(2)	(21)		79
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(15)			3		(12)
Change in unrealized gains (losses) on derivatives	85			(18)		67
Change in Accumulated other comprehensive income (loss)	$	(3,694)		$	776	$	(2,918)

(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.

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

	Three Months Ended September 30, 2021
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(134)		$	28	$	(106)
Other	(1)			—		(1)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(16)			3		(13)
DAC/VOBA and Sales inducements	40			(8)		32
Change in unrealized gains (losses) on available-for-sale securities	(111)			23		(88)
Derivatives:
Derivatives	19		(1)	(4)		15
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(5)			1		(4)
Change in unrealized gains (losses) on derivatives	14			(3)		11
Change in Accumulated other comprehensive income (loss)	$	(97)		$	20	$	(77)

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

	Nine Months Ended September 30, 2021
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(553)		$	117	$	(436)
Other	(2)			—		(2)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(533)			112		(421)
DAC/VOBA and Sales inducements	238		(1)	(50)		188
Premium deficiency reserve adjustment	434			(91)		343
Change in unrealized gains (losses) on available-for-sale securities	(416)			88		(328)
Derivatives:
Derivatives	23		(2)	(5)		18
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(16)			3		(13)
Change in unrealized gains (losses) on derivatives	7			(2)		5
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations	(1)			—		(1)
Change in pension and other postretirement benefits liability	(1)			—		(1)
Change in Accumulated other comprehensive income (loss)	$	(410)		$	86	$	(324)

(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.

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

Schedule of Accumulated Other Comprehensive Income (Loss)

Shareholder’s equity included the following components of AOCI as of the dates indicated:

	September 30,
	2022		2021
Fixed maturities, net of impairments	$	(2,830)	$	2,343
Derivatives(1)	163		80
DAC/VOBA adjustment on available-for-sale securities(2)	610		(616)
Unrealized capital gains (losses), before tax	(2,057)		1,807
Deferred income tax asset (liability)	560		(251)
Net unrealized capital gains (losses)	(1,497)		1,556
Pension and other postretirement benefits liability, net of tax	2		2
AOCI	$	(1,495)	$	1,558

(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 September 30, 2022, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $19.

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

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

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Restricted Assets

The components of the fair value of the restricted assets were as follows as of the dates indicated:

	September 30, 2022		December 31, 2021
Fixed maturity collateral pledged to FHLB(1)	$	888	$	1,124
FHLB restricted stock(2)	35		47
Other fixed maturities-state deposits	11		14
Cash and cash equivalents	3		3
Securities pledged(3)	750		799
Total restricted assets	$	1,687	$	1,987

(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 $653 and $739 as of September 30, 2022 and December 31, 2021, respectively. In addition, as of September 30, 2022 and December 31, 2021, the Company delivered securities as collateral of $97 and $60, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets.

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Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Millions			3 Months Ended		9 Months Ended
	Jun. 09, 2021 USD ($) professional	Mar. 01, 2021 USD ($) shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Transactions [Line Items]
Number of Operating Segments | segment					1
Policyholder Benefits and Claims Incurred, Ceded			$ 49	$ 32	$ 108	$ 2,592
Common stock, shares issued | shares			55,000		55,000
Realized capital gains (losses)			$ (70)	$ (88)	$ (388)	$ 317
Reinsurance Payable			1		1		$ 3
Retained earnings (deficit)			$ 131		$ 131		$ 413
Voya Special Investments, Inc
Schedule of Equity Transactions [Line Items]
Common stock, shares issued | shares		0.499
Security Life of Denver Company
Schedule of Equity Transactions [Line Items]
Notes Issued		$ 80
Resolution (Life U.S. Intermediate Holdings Ltd.)
Schedule of Equity Transactions [Line Items]
Preferred Stock, Shares Issued | shares		73,000,000
Discontinued Operations, Disposed of by Sale | Independent Financial Planning Channel | Cetera Financial Group, Inc
Schedule of Equity Transactions [Line Items]
Disposal Group, Including Discontinued Operation, Number Of Financial Professionals Transferred | professional	800
Disposal Group, Including Discontinued Operation, Assets	$ 38,000
Disposal Group, Including Discontinued Operation, Number Of Financial Professionals Retained | professional	500

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Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities pledged, amortized costs	$ 864	$ 725
Fixed Maturities, single issuers in excess of total equity	no
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	$ 564	554
Fixed maturities, Gross Unrealized Capital Gains	13	137
Fixed maturities, Gross Unrealized Capital Losses	28	0
Embedded Derivatives	0	0
Fair Value	549	691
OTTI	0	0
US Treasury and Government
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	20	20
Fixed maturities, Gross Unrealized Capital Gains	0	0
Fixed maturities, Gross Unrealized Capital Losses	3	0
Embedded Derivatives	0	0
Fair Value	17	20
OTTI	0	0
State, municipalities and political subdivisions
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	705	716
Fixed maturities, Gross Unrealized Capital Gains	1	88
Fixed maturities, Gross Unrealized Capital Losses	90	1
Embedded Derivatives	0	0
Fair Value	616	803
OTTI	0	0
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	7,396	7,314
Fixed maturities, Gross Unrealized Capital Gains	31	994
Fixed maturities, Gross Unrealized Capital Losses	1,198	39
Embedded Derivatives	0	0
Fair Value	6,228	8,269
OTTI	1	0
U.S. corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	3,841	3,620
Fixed maturities, Gross Unrealized Capital Gains	6	334
Fixed maturities, Gross Unrealized Capital Losses	381	15
Embedded Derivatives	0	0
Fair Value	3,466	3,939
OTTI	0	0
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	2,382	2,352
Fixed maturities, Gross Unrealized Capital Gains	5	253
Fixed maturities, Gross Unrealized Capital Losses	376	14
Embedded Derivatives	0	0
Fair Value	2,002	2,591
OTTI	9	0
Foreign corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	2,686	2,563
Fixed maturities, Gross Unrealized Capital Gains	2	188
Fixed maturities, Gross Unrealized Capital Losses	250	1
Embedded Derivatives	0	0
Fair Value	2,426	2,703
OTTI	12	47
Residential mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	3,028	3,081
Fixed maturities, Gross Unrealized Capital Gains	24	97
Fixed maturities, Gross Unrealized Capital Losses	153	20
Embedded Derivatives	2	7
Fair Value	2,899	3,164
OTTI	2	1
Commercial mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	2,997	2,766
Fixed maturities, Gross Unrealized Capital Gains	3	130
Fixed maturities, Gross Unrealized Capital Losses	310	15
Embedded Derivatives	0	0
Fair Value	2,689	2,881
OTTI	1	0
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	1,413	1,341
Fixed maturities, Gross Unrealized Capital Gains	1	16
Fixed maturities, Gross Unrealized Capital Losses	127	6
Embedded Derivatives	0	0
Fair Value	1,286	1,351
OTTI	1	0
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	25,032	24,327
Fixed maturities, Gross Unrealized Capital Gains	86	2,237
Fixed maturities, Gross Unrealized Capital Losses	2,916	111
Embedded Derivatives	2	7
Fair Value	22,178	26,412
OTTI	26	48
Total fixed maturities, less securities pledged, Amortized Cost	24,168	23,602
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains	81	2,163
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses	2,797	111
Total fixed maturities, less securities pledged, Fair Value	21,428	25,613
Collateral Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities pledged	750	799
Securities Sold under Agreements to Repurchase, Asset	0
Collateral Pledged | Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Embedded Derivatives	0	0
OTTI	0	0
Securities pledged, amortized costs	864	725
Securities pledged, Gross Unrealized Capital Gains	5	74
Securities pledged, Gross Unrealized Capital Losses	119	0
Securities pledged	$ 750	$ 799

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Investments - Debt Maturities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
One year or less, Amortized Cost	$ 504
One year or less, Fair Value	485
After one year through five years, Amortized Cost	3,183
After one year through five years, Fair Value	2,973
After five years through ten years, Amortized Cost	3,707
After five years through ten years, Fair Value	3,340
After ten years, Amortized Cost	10,200
After ten years, Fair Value	8,506
Amortized Cost	25,032	$ 24,327
Fixed maturities, including securities pledged	$ 22,178	$ 26,412
Mortgage-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Percent Collateralized Mortgage Backed Securities including Interest-Only Strip or Principal-Only Strip	45.00%	45.10%
Without single maturity date, Amortized Cost	$ 6,025
Without single maturity date, Fair Value	5,588
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Without single maturity date, Amortized Cost	1,413
Without single maturity date, Fair Value	1,286
Amortized Cost	1,413	$ 1,341
Fixed maturities, including securities pledged	$ 1,286	$ 1,351

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Investments - Composition of US and Foreign Corporate Securities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Communications
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	$ 940	$ 883
Gross Unrealized Capital Gains	8	154
Gross Unrealized Capital Losses	134	2
Fair Value	814	1,035
Financial
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	3,259	2,713
Gross Unrealized Capital Gains	12	275
Gross Unrealized Capital Losses	461	13
Fair Value	2,810	2,975
Industrial and other companies
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	6,761	7,004
Gross Unrealized Capital Gains	9	713
Gross Unrealized Capital Losses	953	26
Fair Value	5,817	7,691
Energy
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	1,376	1,385
Gross Unrealized Capital Gains	8	216
Gross Unrealized Capital Losses	147	14
Fair Value	1,237	1,587
Utilities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	2,728	2,658
Gross Unrealized Capital Gains	5	310
Gross Unrealized Capital Losses	344	10
Fair Value	2,389	2,958
Transportation
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	884	854
Gross Unrealized Capital Gains	1	71
Gross Unrealized Capital Losses	114	1
Fair Value	771	924
Total
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	15,948	15,497
Gross Unrealized Capital Gains	43	1,739
Gross Unrealized Capital Losses	2,153	66
Fair Value	$ 13,838	$ 17,170

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Investments - Repurchase Agreement, Securities Lending, VIEs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Available-for-sale Securities Including Securities Pledged [Line Items]
Initial collateral required, percent of market value of loaned securities	102.00%
Securities received as collateral	$ 76	$ 87
Payables under securities loan agreements, including collateral held	957	811
Securities pledged as collateral
Available-for-sale Securities Including Securities Pledged [Line Items]
Fair value of loaned securities	653	739
Short-term Investments
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities received as collateral	610	677
Cash collateral, included in Payables
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	610	677
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	19	42
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	495	479
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	171	243
Payables under securities loan agreements
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	686	764
Equity securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	$ 1	$ 0

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Investments - Allowance for credit losses (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2022	$ 48	$ 14
Credit losses on securities for which credit losses were not previously recorded	13	36
Initial allowance for credit losses recognized on financial assets accounted for as PCD	0	0
Reductions for securities sold during the period	(37)	0
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	0	0
Increase (decrease) on securities with allowance recorded in previous period	2	(2)
Write-offs	0	0
Recoveries of amounts previously written-off	0	0
Balance at September 30, 2022	26	48
Residential mortgage-backed
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2022	1	1
Credit losses on securities for which credit losses were not previously recorded	1	1
Initial allowance for credit losses recognized on financial assets accounted for as PCD	0	0
Reductions for securities sold during the period	0	0
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	0	0
Increase (decrease) on securities with allowance recorded in previous period	0	(1)
Write-offs	0	0
Recoveries of amounts previously written-off	0	0
Balance at September 30, 2022	2	1
Commercial mortgage-backed
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2022	0	0
Credit losses on securities for which credit losses were not previously recorded	1	0
Initial allowance for credit losses recognized on financial assets accounted for as PCD	0	0
Reductions for securities sold during the period	0	0
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	0	0
Increase (decrease) on securities with allowance recorded in previous period	0	0
Write-offs	0	0
Recoveries of amounts previously written-off	0	0
Balance at September 30, 2022	1	0
Foreign corporate private securities
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2022	47	11
Credit losses on securities for which credit losses were not previously recorded	0	35
Initial allowance for credit losses recognized on financial assets accounted for as PCD	0	0
Reductions for securities sold during the period	(37)	0
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	0	0
Increase (decrease) on securities with allowance recorded in previous period	2	1
Write-offs	0	0
Recoveries of amounts previously written-off	0	0
Balance at September 30, 2022	12	47
Other Asset-backed Securities [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2022	0	2
Credit losses on securities for which credit losses were not previously recorded	1	0
Initial allowance for credit losses recognized on financial assets accounted for as PCD	0	0
Reductions for securities sold during the period	0	0
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	0	0
Increase (decrease) on securities with allowance recorded in previous period	0	(2)
Write-offs	0	0
Recoveries of amounts previously written-off	0	0
Balance at September 30, 2022	1	0
Foreign corporate public securities and foreign governments
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2022	0
Credit losses on securities for which credit losses were not previously recorded	9
Initial allowance for credit losses recognized on financial assets accounted for as PCD	0
Reductions for securities sold during the period	0
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	0
Increase (decrease) on securities with allowance recorded in previous period	0
Write-offs	0
Recoveries of amounts previously written-off	0
Balance at September 30, 2022	9	0
U.S. corporate private securities
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2022	0
Credit losses on securities for which credit losses were not previously recorded	1
Initial allowance for credit losses recognized on financial assets accounted for as PCD	0
Reductions for securities sold during the period	0
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	0
Increase (decrease) on securities with allowance recorded in previous period	0
Write-offs	0
Recoveries of amounts previously written-off	0
Balance at September 30, 2022	$ 1	$ 0

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Investments - Unrealized Capital Losses (Details) $ in Millions	Sep. 30, 2022 USD ($) securities	Dec. 31, 2021 USD ($) securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	3,596	989
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 2,916	$ 111
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 2,330	$ 72
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	4,320	1,326
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	724	337
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 1,944	$ 708
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	17,309	3,838
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	586	39
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 19,253	$ 4,546
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	21	4
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 28	$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 28	$ 0
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	23	6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	2	2
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 6	$ 7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	253	7
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 259	$ 14
State, municipalities and political subdivisions
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	295	21
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 90	$ 1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 89	$ 1
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	299	21
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	4	0
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 2	$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	582	33
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 584	$ 33
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	1,068	290
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 1,198	$ 39
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 862	$ 32
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	1,351	428
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	283	138
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 712	$ 110
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	4,922	1,237
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	336	7
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 5,634	$ 1,347
U.S. corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	331	35
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 381	$ 15
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 343	$ 2
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	349	43
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	18	8
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 205	$ 94
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	2,918	325
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	38	13
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 3,123	$ 419
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	406	90
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 376	$ 14
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 288	$ 13
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	477	107
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	71	17
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 192	$ 21
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	1,684	425
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	88	1
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 1,876	$ 446
Foreign corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	218	7
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 250	$ 1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 248	$ 1
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	221	8
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	3	1
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 12	$ 10
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	2,289	54
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 2,301	$ 64
Residential mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	435	181
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 153	$ 20
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 100	$ 11
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	612	277
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	177	96
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 316	$ 241
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	1,267	400
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	53	9
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 1,583	$ 641
Commercial mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	471	178
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 310	$ 15
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 260	$ 8
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	555	205
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	84	27
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 358	$ 155
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	2,255	780
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	50	7
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 2,613	$ 935
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	349	183
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 127	$ 6
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 109	$ 4
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	431	231
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	82	48
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 141	$ 70
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	1,122	577
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	18	2
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 1,263	$ 647
US Government Corporations and Agencies Securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | securities	2
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 3
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	0
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	17
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	0
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 17

XML

Investments - Unrealized Capital Losses 1 (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Available For Sale Securities Change in Loss Position	$ 2,805
Fair value decline below amortized cost greater than 20%
Available-for-sale Securities Including Securities Pledged [Line Items]
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss	$ 5
More than twelve months below amortized cost, Number of Securities | securities	5

XML

Investments - OTTI (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) securities	Sep. 30, 2021 USD ($) securities	Sep. 30, 2022 USD ($) securities	Sep. 30, 2021 USD ($) securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Impairment | $	$ 8	$ 0	$ 15	$ 0
No. of Securities | securities	69	2	79	10
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Impairment | $	$ 0	$ 0	$ 0	$ 0
No. of Securities | securities	1	0	1	0
Residential mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Impairment | $	$ 8	$ 0	$ 15	$ 0
No. of Securities | securities	66	2	76	9
Commercial mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Impairment | $	$ 0	$ 0	$ 0	$ 0
No. of Securities | securities	2	0	2	1

XML

Investments - Troubled Debt Restructuring (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021 loan	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Loans and Leases Receivable, Loan to Value, Benchmark Ratio		100.00%
Loans and Leases Receivable, Debt Service Coverage, Benchmark Ratio		100.00%
Private Placement
Financing Receivable, Troubled Debt Restructuring [Line Items]
Pre-modification carrying value | $		$ 91
Post-modification carrying value | $		$ 67
Private Placement
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled debt restructuring, number of contracts	0	6
Commercial Mortgage Loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled debt restructuring, number of contracts			0
Commercial Portfolio Segment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled debt restructuring, number of contracts		0

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Investments - Loans by Loan to Value (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 4,194	$ 4,233
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate	75.00%
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral	100.00%
0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 2,607	$ 2,600
Loans Receivable, Loan to Value Ratio, Minimum	0.00%	0.00%
Loans Receivable, Loan to Value Ratio, Maximum	50.00%	50.00%
50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 1,215	$ 1,299
Loans Receivable, Loan to Value Ratio, Minimum	50.00%	50.00%
Loans Receivable, Loan to Value Ratio, Maximum	60.00%	60.00%
60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 352	$ 334
Loans Receivable, Loan to Value Ratio, Minimum	60.00%	60.00%
Loans Receivable, Loan to Value Ratio, Maximum	70.00%	70.00%
70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 20	$ 0
Loans Receivable, Loan to Value Ratio, Minimum	70.00%	70.00%
Loans Receivable, Loan to Value Ratio, Maximum	80.00%	80.00%
>80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 0	$ 0
Loans Receivable, Loan to Value Ratio, Minimum	80.00%	80.00%
Year of Origination 2020
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 314	$ 385
Year of Origination 2020 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	94	114
Year of Origination 2020 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	185	202
Year of Origination 2020 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	25	69
Year of Origination 2020 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	10	0
Year of Origination 2020 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2019
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	276	356
Year of Origination 2019 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	147	150
Year of Origination 2019 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	109	145
Year of Origination 2019 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	20	61
Year of Origination 2019 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2019 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2018
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	161	173
Year of Origination 2018 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	122	127
Year of Origination 2018 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	37	43
Year of Origination 2018 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	2	3
Year of Origination 2018 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2018 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2017
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	712	748
Year of Origination 2017 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	518	543
Year of Origination 2017 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	190	202
Year of Origination 2017 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	4	3
Year of Origination 2017 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2017 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2016
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,629	1,901
Year of Origination 2016 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,395	1,451
Year of Origination 2016 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	218	434
Year of Origination 2016 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	16	16
Year of Origination 2016 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2016 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2021
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	662	670
Year of Origination 2021 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	192	215
Year of Origination 2021 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	238	273
Year of Origination 2021 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	222	182
Year of Origination 2021 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	10	0
Year of Origination 2021 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	$ 0
Year of Origination 2022
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	440
Year of Origination 2022 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	139
Year of Origination 2022 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	238
Year of Origination 2022 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	63
Year of Origination 2022 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Year of Origination 2022 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 0

XML

Investments - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	$ 4,194	$ 4,233
Loans and Leases Receivable, Debt Service Coverage, Benchmark Ratio	100.00%
Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Loans Receivable, Debt Service Coverage Ratio, Minimum	150.00%	150.00%
Commercial mortgage loans	$ 2,680	$ 3,060
1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Loans Receivable, Debt Service Coverage Ratio, Minimum	125.00%	125.00%
Loans Receivable, Debt Service Coverage Ratio, Maximum	150.00%	150.00%
Commercial mortgage loans	$ 661	$ 377
1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Loans Receivable, Debt Service Coverage Ratio, Minimum	100.00%	100.00%
Loans Receivable, Debt Service Coverage Ratio, Maximum	125.00%	125.00%
Commercial mortgage loans	$ 485	$ 449
Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Loans Receivable, Debt Service Coverage Ratio, Maximum	100.00%	100.00%
Commercial mortgage loans	$ 368	$ 347
Year of Origination 2020
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	314	385
Year of Origination 2020 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	223	342
Year of Origination 2020 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	18	15
Year of Origination 2020 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	30	23
Year of Origination 2020 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	43	5
Year of Origination 2019
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	276	356
Year of Origination 2019 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	178	206
Year of Origination 2019 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	36	43
Year of Origination 2019 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	43	84
Year of Origination 2019 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	19	23
Year of Origination 2018
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	161	173
Year of Origination 2018 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	95	96
Year of Origination 2018 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	19	3
Year of Origination 2018 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	47	49
Year of Origination 2018 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	0	25
Year of Origination 2017
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	712	748
Year of Origination 2017 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	418	355
Year of Origination 2017 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	78	139
Year of Origination 2017 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	66	93
Year of Origination 2017 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	150	161
Year of Origination 2016
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	1,629	1,901
Year of Origination 2016 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	1,197	1,505
Year of Origination 2016 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	247	154
Year of Origination 2016 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	109	166
Year of Origination 2016 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	76	76
Year of Origination 2021
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	662	670
Year of Origination 2021 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	286	556
Year of Origination 2021 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	211	23
Year of Origination 2021 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	85	34
Year of Origination 2021 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	80	$ 57
Year of Origination 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	440
Year of Origination 2022 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	283
Year of Origination 2022 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	52
Year of Origination 2022 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	105
Year of Origination 2022 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	$ 0

XML

Investments - Loans by U.S. Region (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Open Option Contracts Written [Line Items]
Commercial mortgage loans	$ 4,194	$ 4,233
Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	765	754
South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	917	902
Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	845	933
West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	489	497
Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	425	393
East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	415	389
New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	59	81
West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	175	199
East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	104	85
Year of Origination 2020
Open Option Contracts Written [Line Items]
Commercial mortgage loans	314	385
Year of Origination 2020 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	64	70
Year of Origination 2020 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	144	159
Year of Origination 2020 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	14	25
Year of Origination 2020 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	14	33
Year of Origination 2020 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	19	34
Year of Origination 2020 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	30	30
Year of Origination 2020 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	0	1
Year of Origination 2020 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	6	12
Year of Origination 2020 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	23	21
Year of Origination 2019
Open Option Contracts Written [Line Items]
Commercial mortgage loans	276	356
Year of Origination 2019 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	47	48
Year of Origination 2019 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	89	106
Year of Origination 2019 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	6	10
Year of Origination 2019 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	54	103
Year of Origination 2019 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	34	34
Year of Origination 2019 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	4	12
Year of Origination 2019 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	14	15
Year of Origination 2019 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	11	11
Year of Origination 2019 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	17	17
Year of Origination 2018
Open Option Contracts Written [Line Items]
Commercial mortgage loans	161	173
Year of Origination 2018 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	28	32
Year of Origination 2018 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	55	60
Year of Origination 2018 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	50	53
Year of Origination 2018 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	7	8
Year of Origination 2018 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	7	6
Year of Origination 2018 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	9	9
Year of Origination 2018 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2018 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	5	5
Year of Origination 2018 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2017
Open Option Contracts Written [Line Items]
Commercial mortgage loans	712	748
Year of Origination 2017 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	85	87
Year of Origination 2017 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	81	82
Year of Origination 2017 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	283	311
Year of Origination 2017 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	126	129
Year of Origination 2017 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	43	44
Year of Origination 2017 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	54	55
Year of Origination 2017 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	5	4
Year of Origination 2017 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	35	36
Year of Origination 2017 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2016
Open Option Contracts Written [Line Items]
Commercial mortgage loans	1,629	1,901
Year of Origination 2016 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	411	438
Year of Origination 2016 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	390	437
Year of Origination 2016 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	348	414
Year of Origination 2016 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	73	92
Year of Origination 2016 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	131	179
Year of Origination 2016 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	141	165
Year of Origination 2016 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	30	52
Year of Origination 2016 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	81	99
Year of Origination 2016 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	24	25
Year of Origination 2021
Open Option Contracts Written [Line Items]
Commercial mortgage loans	662	670
Year of Origination 2021 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	79	79
Year of Origination 2021 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	53	58
Year of Origination 2021 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	114	120
Year of Origination 2021 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	137	132
Year of Origination 2021 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	96	96
Year of Origination 2021 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	116	118
Year of Origination 2021 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	9	9
Year of Origination 2021 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	36	36
Year of Origination 2021 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	22	$ 22
Year of Origination 2022
Open Option Contracts Written [Line Items]
Commercial mortgage loans	440
Year of Origination 2022 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	51
Year of Origination 2022 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	105
Year of Origination 2022 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	30
Year of Origination 2022 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	78
Year of Origination 2022 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	95
Year of Origination 2022 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	61
Year of Origination 2022 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	1
Year of Origination 2022 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	1
Year of Origination 2022 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	$ 18

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Investments - Loans by Property Type (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Commercial mortgage loans	$ 4,194	$ 4,233
Retail
Investment Holdings [Line Items]
Commercial mortgage loans	800	861
Industrial
Investment Holdings [Line Items]
Commercial mortgage loans	1,168	1,132
Apartments
Investment Holdings [Line Items]
Commercial mortgage loans	1,305	1,215
Office
Investment Holdings [Line Items]
Commercial mortgage loans	662	720
Hotel/Motel
Investment Holdings [Line Items]
Commercial mortgage loans	69	89
Other
Investment Holdings [Line Items]
Commercial mortgage loans	142	168
Mixed Use
Investment Holdings [Line Items]
Commercial mortgage loans	48	48
Year of Origination 2020
Investment Holdings [Line Items]
Commercial mortgage loans	314	385
Year of Origination 2020 | Retail
Investment Holdings [Line Items]
Commercial mortgage loans	50	51
Year of Origination 2020 | Industrial
Investment Holdings [Line Items]
Commercial mortgage loans	49	72
Year of Origination 2020 | Apartments
Investment Holdings [Line Items]
Commercial mortgage loans	91	124
Year of Origination 2020 | Office
Investment Holdings [Line Items]
Commercial mortgage loans	124	138
Year of Origination 2020 | Hotel/Motel
Investment Holdings [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2020 | Other
Investment Holdings [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2020 | Mixed Use
Investment Holdings [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2019
Investment Holdings [Line Items]
Commercial mortgage loans	276	356
Year of Origination 2019 | Retail
Investment Holdings [Line Items]
Commercial mortgage loans	29	30
Year of Origination 2019 | Industrial
Investment Holdings [Line Items]
Commercial mortgage loans	58	66
Year of Origination 2019 | Apartments
Investment Holdings [Line Items]
Commercial mortgage loans	139	173
Year of Origination 2019 | Office
Investment Holdings [Line Items]
Commercial mortgage loans	39	67
Year of Origination 2019 | Hotel/Motel
Investment Holdings [Line Items]
Commercial mortgage loans	11	20
Year of Origination 2019 | Other
Investment Holdings [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2019 | Mixed Use
Investment Holdings [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2018
Investment Holdings [Line Items]
Commercial mortgage loans	161	173
Year of Origination 2018 | Retail
Investment Holdings [Line Items]
Commercial mortgage loans	35	35
Year of Origination 2018 | Industrial
Investment Holdings [Line Items]
Commercial mortgage loans	69	72
Year of Origination 2018 | Apartments
Investment Holdings [Line Items]
Commercial mortgage loans	30	31
Year of Origination 2018 | Office
Investment Holdings [Line Items]
Commercial mortgage loans	11	15
Year of Origination 2018 | Hotel/Motel
Investment Holdings [Line Items]
Commercial mortgage loans	0	3
Year of Origination 2018 | Other
Investment Holdings [Line Items]
Commercial mortgage loans	16	17
Year of Origination 2018 | Mixed Use
Investment Holdings [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2017
Investment Holdings [Line Items]
Commercial mortgage loans	712	748
Year of Origination 2017 | Retail
Investment Holdings [Line Items]
Commercial mortgage loans	89	90
Year of Origination 2017 | Industrial
Investment Holdings [Line Items]
Commercial mortgage loans	338	355
Year of Origination 2017 | Apartments
Investment Holdings [Line Items]
Commercial mortgage loans	169	184
Year of Origination 2017 | Office
Investment Holdings [Line Items]
Commercial mortgage loans	113	116
Year of Origination 2017 | Hotel/Motel
Investment Holdings [Line Items]
Commercial mortgage loans	3	3
Year of Origination 2017 | Other
Investment Holdings [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2017 | Mixed Use
Investment Holdings [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2016
Investment Holdings [Line Items]
Commercial mortgage loans	1,629	1,901
Year of Origination 2016 | Retail
Investment Holdings [Line Items]
Commercial mortgage loans	552	631
Year of Origination 2016 | Industrial
Investment Holdings [Line Items]
Commercial mortgage loans	308	408
Year of Origination 2016 | Apartments
Investment Holdings [Line Items]
Commercial mortgage loans	303	335
Year of Origination 2016 | Office
Investment Holdings [Line Items]
Commercial mortgage loans	263	280
Year of Origination 2016 | Hotel/Motel
Investment Holdings [Line Items]
Commercial mortgage loans	45	63
Year of Origination 2016 | Other
Investment Holdings [Line Items]
Commercial mortgage loans	118	144
Year of Origination 2016 | Mixed Use
Investment Holdings [Line Items]
Commercial mortgage loans	40	40
Year of Origination 2021
Investment Holdings [Line Items]
Commercial mortgage loans	662	670
Year of Origination 2021 | Retail
Investment Holdings [Line Items]
Commercial mortgage loans	23	24
Year of Origination 2021 | Industrial
Investment Holdings [Line Items]
Commercial mortgage loans	146	159
Year of Origination 2021 | Apartments
Investment Holdings [Line Items]
Commercial mortgage loans	378	368
Year of Origination 2021 | Office
Investment Holdings [Line Items]
Commercial mortgage loans	99	104
Year of Origination 2021 | Hotel/Motel
Investment Holdings [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2021 | Other
Investment Holdings [Line Items]
Commercial mortgage loans	8	7
Year of Origination 2021 | Mixed Use
Investment Holdings [Line Items]
Commercial mortgage loans	8	$ 8
Year of Origination 2022
Investment Holdings [Line Items]
Commercial mortgage loans	440
Year of Origination 2022 | Retail
Investment Holdings [Line Items]
Commercial mortgage loans	22
Year of Origination 2022 | Industrial
Investment Holdings [Line Items]
Commercial mortgage loans	200
Year of Origination 2022 | Apartments
Investment Holdings [Line Items]
Commercial mortgage loans	195
Year of Origination 2022 | Office
Investment Holdings [Line Items]
Commercial mortgage loans	13
Year of Origination 2022 | Hotel/Motel
Investment Holdings [Line Items]
Commercial mortgage loans	10
Year of Origination 2022 | Other
Investment Holdings [Line Items]
Commercial mortgage loans	0
Year of Origination 2022 | Mixed Use
Investment Holdings [Line Items]
Commercial mortgage loans	$ 0

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Investments - Allowance for Losses for Commercial Mortgage Loans (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2022	$ 48	$ 14
Credit losses on mortgage loans for which credit losses were not previously recorded	13	36
Initial allowance for credit losses recognized on financial assets accounted for as PCD	0	0
Increase (decrease) on mortgage loans with allowance recorded in previous period	2	(2)
Write-offs	0	0
Recoveries of amounts previously written off	0	0
Balance at September 30, 2022	$ 26	48
Financing Receivable, Nonaccrual, Number Of Loans | loan	0
Financing Receivable, Nonaccrual, Interest Income	$ 0
Commercial Portfolio Segment
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2022	11	67
Credit losses on mortgage loans for which credit losses were not previously recorded	1	1
Accounts Receivable, Sale	0	(7)
Increase (decrease) on mortgage loans with allowance recorded in previous period	(1)	(50)
Premium Receivable, Credit Loss Expense (Reversal)	11	11
Write-offs	0	0
Recoveries of amounts previously written off	0	0
Balance at September 30, 2022	$ 11	$ 11
Troubled debt restructuring, number of contracts | loan	0

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Investments - Past due commercial mortgage loans (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021 loan	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 loan	Dec. 31, 2021 USD ($)
Financing Receivable, Past Due [Line Items]
Past due commercial mortgage loans		$ 4,194		$ 4,233
Commercial Mortgage Loans
Financing Receivable, Past Due [Line Items]
Troubled debt restructuring, number of contracts | loan			0
Private Placement
Financing Receivable, Past Due [Line Items]
Troubled debt restructuring, number of contracts | loan	0	6
Current
Financing Receivable, Past Due [Line Items]
Past due commercial mortgage loans		$ 4,194		4,233
30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due commercial mortgage loans		0		0
60 to 89 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due commercial mortgage loans		0		0
Greater than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due commercial mortgage loans		$ 0		$ 0

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Investments - Net Investment Income (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jun. 01, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income		$ 385	$ 531	$ 1,289	$ 1,537
Less: investment expense		19	17	54	52
Net investment income		366	514	1,235	1,485
Discontinued Operation, Equity Method Investment Retained after Disposal, Ownership Interest after Disposal	9.99%
Realized capital gains (losses)		(70)	(88)	(388)	317
Discontinued Operations
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Realized capital gains (losses)	$ 95
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income		351	364	1,060	1,101
Investments in fixed maturities that did not produce net income		12		12		$ 0
Equity securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income		2	2	7	9
Mortgage loans on real estate
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income		45	44	134	134
Realized capital gains (losses)		(1)	12	3	96
Policy loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income		2	2	6	6
Short-term investments and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income		1	1	2	3
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income		(16)	118	80	284
Realized capital gains (losses)		$ 0	$ 1	$ (1)	$ 95

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Investments - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ (70)	$ (88)	$ (388)	$ 317
Proceeds from sale of investments
Proceeds on sales	723	279	2,167	4,141
Gross gains	16	16	34	517
Gross losses	12	1	45	3
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(2)	(1)	(5)	(3)
Guaranteed benefit derivatives
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(5)	2	11	39
Derivatives
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	125	4	182	(44)
Other investments
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	0	1	(1)	95
Mortgages [Member]
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(1)	12	3	96
Fixed Maturities, Available-for-sale, Including Securities Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	13	2	(49)	522
Fixed Maturities, at Fair Value Using the Fair Value Option
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(196)	(108)	(504)	(395)
Equity securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ (4)	$ 0	$ (25)	$ 7

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Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	$ 381	$ 156
Derivatives, Liability Fair Value	344	173
Credit contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	143	110
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	8,360	9,576
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	624	601
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	18	18
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	0	0
Designated as Hedging Instrument | Foreign exchange contracts | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	579	567
Derivatives, Asset Fair Value	104	14
Derivatives, Liability Fair Value	0	15
Not Designated as Hedging Instrument | Credit contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	143	110
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	3	0
Not Designated as Hedging Instrument | Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	12,823	10,514
Derivatives, Asset Fair Value	270	135
Derivatives, Liability Fair Value	324	129
Not Designated as Hedging Instrument | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	45	34
Derivatives, Asset Fair Value	5	0
Derivatives, Liability Fair Value	0	0
Not Designated as Hedging Instrument | Fixed maturities
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	2	7
Derivatives, Liability Fair Value	0	0
Not Designated as Hedging Instrument | Within products
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	8	28
Not Designated as Hedging Instrument | Managed Custody Guarantees
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	$ 9	$ 1

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Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Offsetting Assets and liabilities [Line Items]
Asset Fair Value	$ 376	$ 149
Liability Fair Value	327	144
Counterparty netting, Assets	(268)	(140)
Counterparty netting, Liabilities	(268)	(140)
Cash collateral netting, Assets	(97)	(7)
Cash collateral netting, Liabilities	(56)	(2)
Securities collateral netting, Assets	(11)	(2)
Securities collateral netting, Liabilities	(1)	(1)
Net receivables	0	0
Net payables	2	1
Foreign exchange contracts
Offsetting Assets and liabilities [Line Items]
Notional Amount	624	601
Asset Fair Value	109	14
Liability Fair Value	0	15
Interest rate contracts
Offsetting Assets and liabilities [Line Items]
Notional Amount	8,360	9,576
Asset Fair Value	267	135
Liability Fair Value	324	129
Credit contracts
Offsetting Assets and liabilities [Line Items]
Notional Amount	143	110
Asset Fair Value	0	0
Liability Fair Value	$ 3	$ 0

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Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Securities pledged as collateral
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	$ 11	$ 2
Collateral Securities Repledged, Delivered, or Used	97	60
Over the Counter | Payables under securities loan agreement, including collateral held
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	104	8
Exchange Cleared | Payables under securities loan agreement, including collateral held
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	$ 79	$ 2

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Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivatives, Fair Value [Line Items]
Net Investment Income	$ 366	$ 514	$ 1,235	$ 1,485
Other net gains (losses)	(62)	(88)	(373)	317
Derivative, Gain (Loss) on Derivative, Net	119	5	190	(4)
Interest rate contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1)	0	(2)	(1)
Interest rate contracts | Investment Income | Designated as Hedging Instrument | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0	0	0
Interest rate contracts | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	121	3	178	(41)
Foreign exchange contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	54	20	105	30
Foreign exchange contracts | Investment Income | Designated as Hedging Instrument | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	2	2	7	1
Net realized gains (losses) on derivatives	2	2	7	6
Foreign exchange contracts | Other Net Realized Capital Gains (Losses) | Designated as Hedging Instrument | Cash flow hedges
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	0	0	0	(5)
Foreign exchange contracts | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	3	2	7	1
Fixed maturities | Other Net Realized Capital Gains (Losses)
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(2)	(1)	(5)	(3)
Product | Other Net Realized Capital Gains (Losses)
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	2	2	21	35
Managed Custody Guarantees | Gain (Loss) on Investments
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(6)	(1)	(8)	3
Credit contracts | Other Net Realized Capital Gains (Losses) | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 1	$ 0	$ (3)	$ 1

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Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance Payable	$ (1)		$ (1)		$ (3)
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid	3,440		3,440		3,598
Direct Premiums Earned	3	$ 11	16	$ 28
Assumed Premiums Earned	0	0	0	0
Ceded Premiums Earned	0	(1)	(2)	(2,459)
Premiums	3	10	14	(2,431)
Policyholder Benefits and Claims Incurred, Direct	230	238	679	911
Policyholder Benefits and Claims Incurred, Assumed	0	0	3	7
Policyholder Benefits and Claims Incurred, Ceded	(49)	(32)	(108)	(2,592)
Policyholder Interest and Other Benefits, Net	181	$ 206	574	$ (1,674)
Premiums receivable and reinsurance recoverable, net	$ 3,441		$ 3,441		$ 3,601

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Reinsurance (Text) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Deposit assets	$ 1,300	$ 1,400

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Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets:
Derivatives	$ 379	$ 149
Assets held in separate accounts	73,547	96,964
Liabilities:
Derivatives	327	144
U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	549	691
US Treasury and Government
Assets:
Fixed maturities, including securities pledged	17	20
State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	616	803
U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	6,228	8,269
U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	3,466	3,939
Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	2,002	2,591
Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	2,426	2,703
Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,899	3,164
Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,689	2,881
Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,286	1,351
Assets measured on recurring basis
Assets:
Fixed maturities, including securities pledged	22,178	26,412
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,141	1,244
Assets held in separate accounts	73,547	96,964
Total assets, fair value	$ 97,384	$ 124,910
Percentage of Level to total assets	100.00%	100.00%
Liabilities:
Total liabilities, fair value	$ 344	$ 173
Assets measured on recurring basis | FIA
Liabilities:
Product guarantees	8	9
Assets measured on recurring basis | Stabilizer and MCGs
Liabilities:
Product guarantees	9	20
Assets measured on recurring basis | Interest rate contracts
Assets:
Derivatives	270	135
Liabilities:
Derivatives	324	129
Assets measured on recurring basis | Foreign exchange contracts
Assets:
Derivatives	109	14
Liabilities:
Derivatives		15
Assets measured on recurring basis | Credit contracts
Liabilities:
Derivatives	3
Assets measured on recurring basis | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	549	691
Assets measured on recurring basis | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	17	20
Assets measured on recurring basis | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	616	803
Assets measured on recurring basis | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	6,228	8,269
Assets measured on recurring basis | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	3,466	3,939
Assets measured on recurring basis | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	2,002	2,591
Assets measured on recurring basis | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	2,426	2,703
Assets measured on recurring basis | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,899	3,164
Assets measured on recurring basis | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,689	2,881
Assets measured on recurring basis | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,286	1,351
Assets measured on recurring basis | Equity securities
Liabilities:
Equity Securities, FV-NI	139	141
Assets measured on recurring basis | Level 1
Assets:
Fixed maturities, including securities pledged	398	510
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,141	1,244
Assets held in separate accounts	67,736	91,474
Total assets, fair value	$ 69,293	$ 93,255
Percentage of Level to total assets	71.00%	74.00%
Liabilities:
Total liabilities, fair value	$ 0	$ 0
Assets measured on recurring basis | Level 1 | FIA
Liabilities:
Product guarantees	0	0
Assets measured on recurring basis | Level 1 | Stabilizer and MCGs
Liabilities:
Product guarantees	0	0
Assets measured on recurring basis | Level 1 | Interest rate contracts
Assets:
Derivatives	3	0
Liabilities:
Derivatives	0	0
Assets measured on recurring basis | Level 1 | Foreign exchange contracts
Assets:
Derivatives	0	0
Liabilities:
Derivatives		0
Assets measured on recurring basis | Level 1 | Credit contracts
Liabilities:
Derivatives	0
Assets measured on recurring basis | Level 1 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	398	510
Assets measured on recurring basis | Level 1 | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 1 | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 1 | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 1 | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 1 | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 1 | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 1 | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 1 | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 1 | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 1 | Equity securities
Liabilities:
Equity Securities, FV-NI	15	27
Assets measured on recurring basis | Level 2
Assets:
Fixed maturities, including securities pledged	20,095	24,179
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	0	0
Assets held in separate accounts	5,472	5,174
Total assets, fair value	$ 25,951	$ 29,502
Percentage of Level to total assets	27.00%	24.00%
Liabilities:
Total liabilities, fair value	$ 327	$ 144
Assets measured on recurring basis | Level 2 | FIA
Liabilities:
Product guarantees	0	0
Assets measured on recurring basis | Level 2 | Stabilizer and MCGs
Liabilities:
Product guarantees	0	0
Assets measured on recurring basis | Level 2 | Interest rate contracts
Assets:
Derivatives	267	135
Liabilities:
Derivatives	324	129
Assets measured on recurring basis | Level 2 | Foreign exchange contracts
Assets:
Derivatives	109	14
Liabilities:
Derivatives		15
Assets measured on recurring basis | Level 2 | Credit contracts
Liabilities:
Derivatives	3
Assets measured on recurring basis | Level 2 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	151	181
Assets measured on recurring basis | Level 2 | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	17	20
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	616	803
Assets measured on recurring basis | Level 2 | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	6,221	8,264
Assets measured on recurring basis | Level 2 | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	2,168	2,560
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	2,002	2,591
Assets measured on recurring basis | Level 2 | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	2,120	2,431
Assets measured on recurring basis | Level 2 | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,878	3,130
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,689	2,881
Assets measured on recurring basis | Level 2 | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,233	1,318
Assets measured on recurring basis | Level 2 | Equity securities
Liabilities:
Equity Securities, FV-NI	8	0
Assets measured on recurring basis | Level 3
Assets:
Fixed maturities, including securities pledged	1,685	1,723
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	0	0
Assets held in separate accounts	339	316
Total assets, fair value	$ 2,140	$ 2,153
Percentage of Level to total assets	2.00%	2.00%
Liabilities:
Total liabilities, fair value	$ 17	$ 29
Assets measured on recurring basis | Level 3 | FIA
Liabilities:
Product guarantees	8	9
Assets measured on recurring basis | Level 3 | Stabilizer and MCGs
Liabilities:
Product guarantees	9	20
Assets measured on recurring basis | Level 3 | Interest rate contracts
Assets:
Derivatives	0	0
Liabilities:
Derivatives	0	0
Assets measured on recurring basis | Level 3 | Foreign exchange contracts
Assets:
Derivatives	0	0
Liabilities:
Derivatives		0
Assets measured on recurring basis | Level 3 | Credit contracts
Liabilities:
Derivatives	0
Assets measured on recurring basis | Level 3 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 3 | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 3 | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 3 | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	7	5
Assets measured on recurring basis | Level 3 | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	1,298	1,379
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 3 | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	306	272
Assets measured on recurring basis | Level 3 | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	21	34
Assets measured on recurring basis | Level 3 | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 3 | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	53	33
Assets measured on recurring basis | Level 3 | Equity securities
Liabilities:
Equity Securities, FV-NI	$ 116	$ 114

XML

Fair Value Measurements - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Assets held in separate accounts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	$ 349	$ 293	$ 316	$ 222
Total Realized/Unrealized Gains (Losses) Included in Net Income	(9)	1	(35)	4
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0	0	0
Purchases	32	53	164	157
Issuances	0	0	0	0
Sales	(16)	(5)	(20)	(6)
Settlements	0	0	0	0
Transfers in to Level 3	0	0	6	0
Transfers out of Level 3	(17)	(30)	(92)	(65)
Fair Value, assets, ending balance	339	312	339	312
Change in Unrealized Gains (Losses) Included in Earnings	0	0	0	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
Cash and Cash Equivalents
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value, Derivatives, beginning balance			0
Total Realized/Unrealized Gains (Losses) Included in Net Income			0
Total Realized/Unrealized Gains (Losses) Included in OCI			0
Purchases			7
Issues			0
Sales			0
Settlements			(7)
Transfers in to Level 3			0
Transfers out of Level 3			0
Fair Value, Derivatives, ending balance	0		0
Change In Unrealized Gains (Losses) Included in Earnings			0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI			0
Stabilizer (Investment Only) and MCG Contracts
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value, Derivatives, beginning balance	(4)	(15)	(20)	(53)
Total Realized/Unrealized Gains (Losses) Included in Net Income	(5)	1	12	38
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0	0	0
Purchases	0	0	0	0
Issues	0	(1)	(1)	(1)
Sales	0	0	0	0
Settlements	0	0	0	1
Transfers in to Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Fair Value, Derivatives, ending balance	(9)	(15)	(9)	(15)
Change In Unrealized Gains (Losses) Included in Earnings	0	0	0	0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
FIA
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Fair Value, Derivatives, beginning balance	(9)	(10)	(9)	(10)
Total Realized/Unrealized Gains (Losses) Included in Net Income	1	0	1	0
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0	0	0
Purchases	0	0	0	0
Issues	0	(1)	0	(1)
Sales	0	0	0	0
Settlements	0	1	0	1
Transfers in to Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Fair Value, Derivatives, ending balance	(8)	(10)	(8)	(10)
Change In Unrealized Gains (Losses) Included in Earnings	0	0	0	0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
U.S. corporate public securities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	8	18	5	57
Total Realized/Unrealized Gains (Losses) Included in Net Income	0	0	0	0
Total Realized/Unrealized Gains (Losses) Included in OCI	(1)	0	(1)	1
Purchases	1	6	4	5
Issuances	0	0	0	0
Sales	0	0	0	(9)
Settlements	(1)	(1)	(1)	(1)
Transfers in to Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	(30)
Fair Value, assets, ending balance	7	23	7	23
Change in Unrealized Gains (Losses) Included in Earnings	0	0	0	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(1)	1	(1)	1
U.S. corporate private securities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	1,323	1,413	1,379	1,286
Total Realized/Unrealized Gains (Losses) Included in Net Income	0	8	0	13
Total Realized/Unrealized Gains (Losses) Included in OCI	(71)	(6)	(283)	(38)
Purchases	63	116	199	148
Issuances	0	0	0	0
Sales	0	(15)	0	(99)
Settlements	(28)	(113)	(111)	(126)
Transfers in to Level 3	11	0	124	283
Transfers out of Level 3	0	(30)	(10)	(94)
Fair Value, assets, ending balance	1,298	1,373	1,298	1,373
Change in Unrealized Gains (Losses) Included in Earnings	0	0	0	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(72)	(5)	(282)	(26)
Foreign corporate public securities and foreign governments | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	4	7		0
Total Realized/Unrealized Gains (Losses) Included in Net Income	0	0		0
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0		0
Purchases	0	15		15
Issuances	0	0		0
Sales	0	0		0
Settlements	0	0		0
Transfers in to Level 3	0	0		0
Transfers out of Level 3	(4)	7		0
Fair Value, assets, ending balance	0	15	0	15
Change in Unrealized Gains (Losses) Included in Earnings	0	0		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0		0
Foreign corporate private securities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	303	264	272	295
Total Realized/Unrealized Gains (Losses) Included in Net Income	(2)	(13)	(21)	(10)
Total Realized/Unrealized Gains (Losses) Included in OCI	(8)	19	(32)	20
Purchases	20	27	101	27
Issuances	0	0	0	0
Sales	0	0	0	(22)
Settlements	(3)	(4)	(21)	(17)
Transfers in to Level 3	0	0	110	0
Transfers out of Level 3	(4)	0	(103)	0
Fair Value, assets, ending balance	306	293	306	293
Change in Unrealized Gains (Losses) Included in Earnings	(3)	0	(5)	2
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(9)	19	(33)	17
Residential mortgage-backed | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	22	31	34	33
Total Realized/Unrealized Gains (Losses) Included in Net Income	(2)	(4)	(14)	(8)
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0	0	0
Purchases	2	15	2	21
Issuances	0	0	0	0
Sales	0	0	0	(7)
Settlements	0	0	0	0
Transfers in to Level 3	0	0	0	1
Transfers out of Level 3	(1)	(2)	(1)	0
Fair Value, assets, ending balance	21	40	21	40
Change in Unrealized Gains (Losses) Included in Earnings	(2)	(4)	(14)	(8)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
Commercial mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance		0		0
Total Realized/Unrealized Gains (Losses) Included in Net Income		0		0
Total Realized/Unrealized Gains (Losses) Included in OCI		0		0
Purchases		9		9
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		9		9
Change in Unrealized Gains (Losses) Included in Earnings		0		0
Commercial mortgage-backed | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI		0		0
Other asset-backed securities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	47	52	33	37
Total Realized/Unrealized Gains (Losses) Included in Net Income	0	0	0	0
Total Realized/Unrealized Gains (Losses) Included in OCI	(2)	0	(6)	(2)
Purchases	13	7	39	14
Issuances	0	0	0	0
Sales	0	0	(10)	0
Settlements	(1)	(17)	(3)	(32)
Transfers in to Level 3	0	0	0	18
Transfers out of Level 3	(4)	(7)	0	0
Fair Value, assets, ending balance	53	35	53	35
Change in Unrealized Gains (Losses) Included in Earnings	0	0	0	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(2)	0	(5)	(1)
Fixed maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers in to Level 3			0
Fixed maturities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	1,707	1,785	1,723	1,708
Total Realized/Unrealized Gains (Losses) Included in Net Income	(4)	(9)	(35)	(5)
Total Realized/Unrealized Gains (Losses) Included in OCI	(82)	13	(322)	(19)
Purchases	99	195	345	239
Issuances	0	0	0	0
Sales	0	(15)	(10)	(137)
Settlements	(33)	(135)	(136)	(176)
Transfers in to Level 3	11	0	234	302
Transfers out of Level 3	(13)	(46)	(114)	(124)
Fair Value, assets, ending balance	1,685	1,788	1,685	1,788
Change in Unrealized Gains (Losses) Included in Earnings	(5)	(4)	(19)	(6)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(84)	15	(321)	(9)
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	121	145	114	99
Total Realized/Unrealized Gains (Losses) Included in Net Income	(5)	0	(22)	8
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0	0	0
Purchases	0	0	24	75
Issuances	0	0	0	0
Sales	0	0	0	(30)
Settlements	0	0	0	(7)
Transfers in to Level 3	0	0		0
Transfers out of Level 3	0	0	0	0
Fair Value, assets, ending balance	116	145	116	145
Change in Unrealized Gains (Losses) Included in Earnings	(5)	0	(22)	(1)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	$ 0	0	$ 0	0
Fixed Maturities, Trading
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance		33		0
Total Realized/Unrealized Gains (Losses) Included in Net Income		0		0
Total Realized/Unrealized Gains (Losses) Included in OCI		0		0
Purchases		0		33
Issuances		0		0
Sales		(29)		(29)
Settlements		0		0
Transfers in to Level 3		0		0
Transfers out of Level 3		0		0
Fair Value, assets, ending balance		4		4
Change in Unrealized Gains (Losses) Included in Earnings		0		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI		$ 0		$ 0

XML

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	$ 22,178	$ 26,412
Equity securities	139	141
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,141	1,244
Derivative assets	379	149
Other investments	134	143
Assets held in separate accounts	73,547	96,964
Short-term Debt	100	19
Short Term Loan Affiliate	104	130
Long-term debt	2	2
Fair Value | Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	30,133	35,256
Fair Value | Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	729	925
Fair Value | Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	194	267
Fair Value | FIA
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	8	9
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	9	20
Fair Value | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	3,921	4,495
Fair Value | Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	162	171
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	22,178	26,412
Equity securities	139	141
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,141	1,244
Derivative assets	379	149
Other investments	134	143
Assets held in separate accounts	73,547	96,964
Short-term Debt		19
Short Term Loan Affiliate	104	130
Long-term debt	2	2
Carrying Value | Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	29,454	28,128
Carrying Value | Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	731	925
Carrying Value | Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	255	257
Carrying Value | FIA
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	8	9
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	9	20
Carrying Value | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	4,194	4,233
Carrying Value | Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	162	171
Derivative assets	379	149
Other investments	134	143
Assets held in separate accounts	73,547	96,964
Derivatives liabilities	327	144
Other derivatives | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives liabilities	327	144
Other derivatives | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives liabilities	$ 327	$ 144

XML

Deferred Policy Acquisition Costs and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance			$ 270	$ 122
Deferrals of commissions and expenses			41	41
Amortization:
Amortization, excluding unlocking(2)			(52)	(79)
Unlocking			(2)	9
Interest accrued			26	26
Net amortization included in the Condensed Consolidated Statements of Operations			(28)	44
Change due to unrealized capital gains/losses on available-for-sale securities			669	120
Ending balance	$ 952	$ 239	952	239
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward]
Beginning balance			139	40
Deferrals of commissions and expenses			3	3
Amortization, excluding unlocking(2)			(31)	(79)
Unlocking			2	(21)
Interest accrued			18	19
Net amortization included in the Condensed Consolidated Statements of Operations			(11)	39
Change due to unrealized capital gains/losses on available-for-sale securities			508	115
Ending balance	639	119	639	119
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
Beginning balance			409	162
Deferrals of commissions and expenses			44	44
Amortization, excluding unlocking(2)			(83)	(158)
Unlocking			0	(30)
Interest accrued			44	45
Net amortization included in the Condensed Consolidated Statements of Operations	29	(5)	(39)	(83)
Change due to unrealized capital gains/losses on available-for-sale securities			1,177	235
Ending balance	$ 1,591	$ 358	1,591	$ 358
Deferred Policy Acquisition Costs, Impairment Loss			$ 2
Minimum
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
Value of Business Acquired (VOBA), Interest accrued percentage			7.00%	550.00%
Maximum
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
Value of Business Acquired (VOBA), Interest accrued percentage			7.00%	7.00%

XML

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Fixed maturities	$ (1,260)	$ (134)	$ (5,028)	$ (553)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	265	28	1,056	117
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(995)	(106)	(3,972)	(436)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(5)	(16)	72	(533)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	1	3	(15)	112
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	(4)	(13)	57	(421)
DAC/VOBA and Sales inducements	288	40	1,177	238
DAC/VOBA and Sales inducements	(60)	(8)	(247)	(50)
Other Comprehensive Income (Loss), Deferred Acquisition Costs, Value of Business Acquired (VOBA), and Sales Inducements Adjustment for Available-for-sale Securities, Net of Tax	228	32	930	188
Change in unrealized gains (losses) on available-for-sale securities	(977)	(111)	(3,779)	(416)
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	206	23	794	88
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax	(771)	(88)	(2,985)	(328)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	40	15	79	18
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	11	4	21	5
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	51	19	100	23
Other comprehensive income (loss), before tax	(932)	(97)	(3,694)	(410)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	196	20	776	86
Other comprehensive income (loss), after tax	(736)	(77)	(2,918)	(324)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	6	5	(15)	16
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	1	1	3	3
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	5	4	(12)	13
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	35	11	67	5
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	10	3	18	2
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	45	14	85	7
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations				(1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax				0
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations				(1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Tax, after Reclassification Adjustment, Attributable to Parent	$ 0	0	$ 0	(1)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent				0
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent				(1)
Premium deficiency reserve adjustment				434
Premium deficiency reserve adjustment				(91)
Other Comprehensive Income (Loss), Premium Deficiency Reserve, Adjustment for Available-for-sale Securities, Net of Tax				343
Other Comprehensive Income (Loss), Debt Securities, Available-for-Sale, Other, Before Adjustment And Tax		(1)		(2)
Other Comprehensive Income, Other, Net of Tax		$ (1)		$ (2)

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Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fixed maturities, net of impairments	$ (2,830)		$ 2,343
Derivatives	163		80
DAC/VOBA adjustment on available-for-sale securities(2)	610		(616)
Unrealized capital gains (losses), before tax	(2,057)		1,807
Deferred income tax asset (liability)	560		(251)
Accumulated Other Comprehensive Income (Loss), Unrealized Capital Gains (Losses), Adjustment, Net of Tax	(1,497)		1,556
Pension and other postretirement benefits liability, net of tax	2		2
Accumulated other comprehensive income (loss)	(1,495)	$ 1,423	$ 1,558
Other Contract
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	$ 19

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Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	11.50%	15.40%	(0.60%)
Statutory tax rate			21.00%

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Financing Agreements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Short-term Debt [Line Items]
Short-term loan to affiliate	$ 104	$ 104		$ 130
Due to affiliates	$ 113	$ 113		110
Voya Financial, Inc. | Affiliated Entity | Reciprocal Loan Agreement
Short-term Debt [Line Items]
Percentage of Statutory admitted assets that can be borrowed under Reciprocal Loan Agreement	3.00%	3.00%
Short-term loan to affiliate	$ 104	$ 104		130
Due to affiliates	99	99		$ 19
Interest Income, Related Party	$ 1	4
Voya Retirement Insurance and Annuity Company | Affiliated Entity | Reciprocal Loan Agreement
Short-term Debt [Line Items]
Interest Expense, Related Party		$ 1	$ 0

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Pledged Collateral	$ 888	$ 1,124
Securities pledged as collateral
Loss Contingencies [Line Items]
Securities Pledged under repurchase agreements	97	60
Acquisition of mortgage loans
Loss Contingencies [Line Items]
Amount of purchase commitment	129
Purchase of limited partnerships and private placement investments
Loss Contingencies [Line Items]
Amount of purchase commitment	707
Federal Home Loan Bank of Boston | Line of Credit
Loss Contingencies [Line Items]
Non-putable funding agreements issued to FHLB	731	925
Pledged Collateral	$ 888	$ 1,124

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Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
FHLB restricted stock	$ 35	$ 47
Debt Securities, Trading	11	14
Restricted Cash and Cash Equivalents	3	3
Total restricted assets	1,687	1,987
Pledged Collateral	888	1,124
Securities pledged as collateral
Loss Contingencies [Line Items]
Fair value of loaned securities	653	739
Collateral Pledged
Loss Contingencies [Line Items]
Securities pledged	$ 750	$ 799

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Related Party - Narrative (Details) - Other Affiliates - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Revenue with affiliated entities	$ 20	$ 25	$ 64	$ 73
Expenses with affiliated entities	$ 142	$ 154	$ 450	$ 484