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 June 30, 2023

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 August 4, 2023, 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 June 30, 2023

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	17
	3. Derivative Financial Instruments	29
	4. Fair Value Measurements	35
	5. Deferred Policy Acquisition Costs and Value of Business Acquired	45
	6. Reserves for Contract Owner Account Balances	45
	7. Reinsurance	47
	8. Separate Accounts	48
	9. Accumulated Other Comprehensive Income (Loss)	49
	10. Revenue from Contracts with Customers	51
	11. Income Taxes	52
	12. Financing Agreements	53
	13. Commitments and Contingencies	53
	14. Related Party Transactions	55
Item 2.	Management's Narrative Analysis of the Results of Operations and Financial Condition	56
Item 4.	Controls and Procedures	69
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 6.	Exhibits	70
Exhibit Index		71
Signature		72

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, (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, such as those relating to Federal taxation, state insurance regulations and NAIC regulations and guidelines, (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. 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, 2022 (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

June 30, 2023 and December 31, 2022 (Unaudited)

(In millions, except share and per share data)

	June 30, 2023		December 31, 2022
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $21,255 as of 2023 and $22,218 as of 2022; net of allowance for credit losses of $12 as of 2023 and $7 as of 2022)	$	19,051	$	19,772
Fixed maturities, at fair value using the fair value option	1,311		1,255
Equity securities, at fair value	127		133
Short-term investments	1		248
Mortgage loans on real estate (net of allowance for credit losses of $23 as of 2023 and $14 as of 2022)	4,139		4,213
Policy loans	159		159
Limited partnerships/corporations	1,075		1,043
Derivatives	349		322
Securities pledged (amortized cost of $875 as of 2023 and $894 as of 2022)	789		792
Other investments	131		132
Total investments	27,132		28,069
Cash and cash equivalents	444		220
Short-term investments under securities loan agreements, including collateral delivered	875		939
Accrued investment income	286		289
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $0 as of 2023 and 2022)	2,938		3,032
Deferred policy acquisition costs and Value of business acquired	928		938
Deferred income taxes	702		774
Other assets (net of allowance for credit loss of $0 as of 2023 and 2022)	1,643		1,681
Assets held in separate accounts	86,069		77,639
Total assets	$	121,017	$	113,581

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

June 30, 2023 and December 31, 2022 (Unaudited)

(In millions, except share and per share data)

	June 30, 2023		December 31, 2022
Liabilities:
Future policy benefits and contract owner account balances	$	31,870	$	32,942
Payables under securities loan agreements, including collateral held	876		921
Due to affiliates	124		134
Derivatives	347		331
Other liabilities	726		687
Liabilities related to separate accounts	86,069		77,639
Total liabilities	$	120,012	$	112,654
Commitments and Contingencies (Note 13)
Shareholder's equity:
Common stock (100,000 shares authorized, 55,000 issued and outstanding as of 2023 and 2022, respectively; $50 par value per share)	3		3
Additional paid-in capital	2,770		2,778
Accumulated other comprehensive income (loss)	(1,869)		(2,067)
Retained earnings (deficit)	101		213
Total shareholder's equity	1,005		927
Total liabilities and shareholder's equity	$	121,017	$	113,581

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 Six Months Ended June 30, 2023 and 2022 (Unaudited)

(In millions)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:
Net investment income	$	387	$	420	$	771	$	869
Fee income	247		246		484		509
Premiums	6		5		9		8
Broker-dealer commission revenue	1		1		1		1
Net gains (losses)	(53)		(136)		(78)		(318)
Other revenue	3		17		9		28
Total revenues	591		553		1,196		1,097
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	178		203		362		379
Operating expenses	278		303		581		599
Broker-dealer commission expense	1		1		1		1
Net amortization of Deferred policy acquisition costs and Value of business acquired	20		20		39		41
Interest expense	1		—		1		—
Total benefits and expenses	478		527		984		1,020
Income (loss) before income taxes	113		26		212		77
Income tax expense (benefit)	13		(6)		22		(7)
Net income (loss)	$	100	$	32	$	190	$	84

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 Six Months Ended June 30, 2023 and 2022 (Unaudited)

(In millions)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss)	$	100	$	32	$	190	$	84
Other comprehensive income (loss), before tax:
Change in current discount rate	5		15		11		31
Unrealized gains (losses) on securities	(252)		(1,772)		240		(3,651)
Other comprehensive income (loss), before tax	(247)		(1,757)		251		(3,620)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(51)		(369)		53		(760)
Other comprehensive income (loss), after tax	(196)		(1,388)		198		(2,860)
Comprehensive income (loss)	$	(96)	$	(1,356)	$	388	$	(2,776)

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 June 30, 2023 and 2022 (Unaudited)

(In millions)

	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Deficit)		Total Shareholder's Equity
Balance as of April 1, 2023	$	3	$	2,778	$	(1,673)	$	303	$	1,411
Comprehensive income (loss):
Net income (loss)	—		—		—		100		100
Other comprehensive income (loss), after tax	—		—		(196)		—		(196)
Total comprehensive income (loss)									(96)
Dividends paid and distributions of capital	—		(8)		—		(302)		(310)
Balance as of June 30, 2023	$	3	$	2,770	$	(1,869)	$	101	$	1,005
Balance as of April 1, 2022	$	3	$	3,191	$	90	$	328	$	3,612
Comprehensive income (loss):
Net income (loss)	—		—		—		32		32
Other comprehensive income (loss), after tax	—		—		(1,388)		—		(1,388)
Total comprehensive income (loss)									(1,356)
Dividends paid and distributions of capital	—		(413)		—		(396)		(809)
Balance as of June 30, 2022	$	3	$	2,778	$	(1,298)	$	(36)	$	1,447

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 Six Months Ended June 30, 2023 and 2022 (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, 2023	$	3	$	2,778	$	(2,067)	$	213	$	927
Comprehensive income (loss):
Net income (loss)	—		—		—		190		190
Other comprehensive income (loss), after tax	—		—		198		—		198
Total comprehensive income (loss)									388
Dividends paid and distributions of capital	—		(8)		—		(302)		(310)
Balance as of June 30, 2023	$	3	$	2,770	$	(1,869)	$	101	$	1,005
Balance as of January 1, 2022	$	3	$	3,191	$	1,562	$	324	$	5,080
Comprehensive income (loss):
Net income (loss)	—		—		—		84		84
Other comprehensive income (loss), after tax	—		—		(2,860)		—		(2,860)
Total comprehensive income (loss)									(2,776)
Dividends paid and distributions of capital	—		(413)		—		(444)		(857)
Balance as of June 30, 2022	$	3	$	2,778	$	(1,298)	$	(36)	$	1,447

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 Six Months Ended June 30, 2023 and 2022 (Unaudited)

(In millions)

	Six Months Ended June 30,
	2023		2022
Net cash provided by operating activities	$	604	$	661
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	2,986		2,215
Mortgage loans on real estate	264		353
Limited partnerships/corporations	19		48
Acquisition of:
Fixed maturities	(2,134)		(3,125)
Mortgage loans on real estate	(199)		(292)
Limited partnerships/corporations	(52)		(96)
Short-term investments, net	246		—
Derivatives, net	26		100
Short-term loan to affiliate, net	(58)		130
Receipts on deposit asset contracts	134		57
Other, net	25		(16)
Net cash provided by (used in) investing activities	1,257		(626)
Cash Flows from Financing Activities:
Deposits received for investment contracts	906		2,851
Maturities and withdrawals from investment contracts	(2,255)		(2,244)
Dividends paid and distributions of capital	(310)		(857)
Other, net	22		61
Net cash provided by (used in) financing activities	(1,637)		(189)
Net increase (decrease) in cash and cash equivalents	224		(154)
Cash and cash equivalents, beginning of period	220		436
Cash and cash equivalents, end of period	$	444	$	282

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 the Company 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. 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.

Basis of Presentation

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

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)

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

The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance.

As a result of the modified retrospective adoption methodology for Accounting Standards Update ("ASU") 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, ("ASU 2018-12") adjustments have been made to the December 31, 2022 audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K, filed with the SEC. Certain of these adjustments are included in the Adoption of New Pronouncements - Long-Duration Contracts section, in accordance with the transition disclosure requirements of ASU 2018-12, and are unaudited. These interim 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.

Significant Accounting Policies

Effective January 1, 2023, the Company adopted ASU 2018-12, as amended. As a result, the Company made changes to the following significant accounting policies:

Estimates and Assumptions

Upon adoption of ASU 2018-12, DAC and VOBA were no longer considered significant estimates by the Company, as the amortization methodology is no longer subject to a significant degree of variability and does not require a high degree of judgment.

Deferred Policy Acquisition Costs and Value of Business Acquired

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

Amortization Methodologies

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

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

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

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 Policy Benefits

The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Reserves for payout contracts with life contingencies are equal to the present value of future payments.

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

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

Product Guarantees and Additional Reserves

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

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

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

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

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

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)

Reinsurance

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

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

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

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

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

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

Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in Premiums receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Condensed Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Interest credited and other benefits to contract owners/policyholders are reported net of reinsurance ceded.

Significant accounting policies that were unchanged from those included in the Company’s December 31, 2022 Annual Report on Form 10-K as a result of the adoption of ASU 2018-12 have not been repeated. These policies include Internal Replacements, Contract Owner Account Balances, and Separate Accounts.

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)

Adoption of New Pronouncements

Long-Duration Contracts

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

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

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

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

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

The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholder’s equity. This increase was primarily driven by the removal of DAC/VOBA and Premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of Future policy benefits and Reinsurance recoverable

using the discount rate at January 1, 2021. Total shareholder’s equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts.

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

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

	DAC		VOBA
	Wealth Solutions Deferred and Individual Annuities
Balance, December 31, 2020	$	129	$	40
Adjustment for removal of related balances in AOCI	439		386
Balance, January 1, 2021	$	568	$	426

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)

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

Total Shareholder's equity December 31, 2020	$	4,897
AOCI
Reversal of AOCI adjustments	1,018
Effect of remeasurement of liability at current discount rate	(339)
Total AOCI adjustments	$	679
Retained Earnings
Establishment of MRBs	$	(61)
Other adjustments	3
Total Retained earnings	$	(58)
Total adjustment for the adoption of ASU 2018-12	$	621
Total Shareholder's equity January 1, 2021	$	5,518

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

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

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)

Future Adoption of Accounting Pronouncements

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

Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 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.

2.    Investments

Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of June 30, 2023:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	303	$	4	$	23	$	—	$	284	$	—
U.S. Government agencies and authorities	33		—		3		—		30		—
State, municipalities and political subdivisions	664		1		76		—		589		—
U.S. corporate public securities	6,641		42		902		—		5,780		1
U.S. corporate private securities	3,914		19		325		—		3,608		—
Foreign corporate public securities and foreign governments(1)	2,262		14		266		—		2,007		3
Foreign corporate private securities(1)	2,495		14		158		—		2,350		1
Residential mortgage-backed securities	2,748		22		141		1		2,630		—
Commercial mortgage-backed securities	2,896		—		418		—		2,471		7
Other asset-backed securities	1,485		2		85		—		1,402		—
Total fixed maturities, including securities pledged	23,441		118		2,397		1		21,151		12
Less: Securities pledged	875		—		86		—		789		—
Total fixed maturities	$	22,566	$	118	$	2,311	$	1	$	20,362	$	12

(1) Primarily U.S. dollar denominated.

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

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)

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

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	404	$	4	$	31	$	—	$	377	$	—
U.S. Government agencies and authorities	33		—		3		—		30		—
State, municipalities and political subdivisions	691		1		92		—		600		—
U.S. corporate public securities	6,938		32		1,032		—		5,938		—
U.S. corporate private securities	3,885		11		328		—		3,568		—
Foreign corporate public securities and foreign governments(1)	2,380		9		317		—		2,066		6
Foreign corporate private securities(1)	2,617		6		184		—		2,438		1
Residential mortgage-backed securities	3,023		21		153		2		2,893		—
Commercial mortgage-backed securities	2,978		—		379		—		2,599		—
Other asset-backed securities	1,418		1		109		—		1,310		—
Total fixed maturities, including securities pledged	24,367		85		2,628		2		21,819		7
Less: Securities pledged	894		3		105		—		792		—
Total fixed maturities	$	23,473	$	82	$	2,523	$	2	$	21,027	$	7

(1) Primarily U.S. dollar denominated.

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

The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2023, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.

	Amortized Cost		Fair Value
Due to mature:
One year or less	$	464	$	459
After one year through five years	3,143		2,976
After five years through ten years	3,153		2,941
After ten years	9,552		8,272
Mortgage-backed securities	5,644		5,101
Other asset-backed securities	1,485		1,402
Fixed maturities, including securities pledged	$	23,441	$	21,151

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 June 30, 2023 and December 31, 2022, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total Shareholder's Equity.

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)

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
June 30, 2023
Communications	$	936	$	15	$	98	$	853
Financial	3,042		23		375		2,690
Industrial and other companies	6,017		21		676		5,362
Energy	1,502		15		114		1,403
Utilities	2,604		9		272		2,341
Transportation	875		5		81		799
Total	$	14,976	$	88	$	1,616	$	13,448
December 31, 2022
Communications	$	911	$	8	$	117	$	802
Financial	3,155		16		406		2,765
Industrial and other companies	6,344		10		774		5,580
Energy	1,486		11		131		1,366
Utilities	2,665		9		291		2,383
Transportation	915		1		100		816
Total	$	15,476	$	55	$	1,819	$	13,712

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 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 June 30, 2023 and December 31, 2022, approximately 55.2% and 46.9%, 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 June 30, 2023 and December 31, 2022, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

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)

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 June 30, 2023 and December 31, 2022, the fair value of loaned securities was $657 and $690, 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 June 30, 2023 and December 31, 2022, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $540 and $615, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of June 30, 2023 and December 31, 2022, liabilities to return collateral of $540 and $615, 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 June 30, 2023 and December 31, 2022, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $138 and $103, respectively.

The following table presents borrowings under securities lending transactions by asset class from cash collateral invested and non-cash collateral as of the dates indicated:

	June 30, 2023		December 31, 2022
U.S. Treasuries	$	26	$	51
U.S. corporate public securities	449		466
Short-term Investments	1		—
Foreign corporate public securities and foreign governments	202		201
Total	$	678	$	718

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

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)

capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and does not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements 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 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:

	Six Months Ended June 30, 2023
	U.S. corporate public securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Total
Balance as of January 1, 2023	$	—	$	—	$	6	$	1	$	7
Credit losses on securities for which credit losses were not previously recorded	1		7		(1)		—		7
Reductions for securities sold during the period	—		—		(2)		—		(2)
Balance as of June 30, 2023	$	1	$	7	$	3	$	1	$	12

	Year Ended December 31, 2022
	Residential mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Total
Balance as of January 1, 2022	$	1	$	—	$	47	$	48
Credit losses on securities for which credit losses were not previously recorded	—		6		—		6
Reductions for securities sold during the period	—		—		(49)		(49)
Increase (decrease) on securities with allowance recorded in previous period	(1)		—		3		2
Balance as of December 31, 2022	$	—	$	6	$	1	$	7

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)

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 June 30, 2023:

	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	$	120	$	3	23	$	81	$	20	10	$	201	$	23	33
U.S. Government, agencies and authorities	13		—		1	17		3		2	30		3		3
State, municipalities and political subdivisions	155		8		76	411		68		212	566		76		288
U.S. corporate public securities	1,345		72		278	3,470		830		913	4,815		902		1,191
U.S. corporate private securities	949		44		95	2,049		281		238	2,998		325		333
Foreign corporate public securities and foreign governments	459		16		94	1,188		250		317	1,647		266		411
Foreign corporate private securities	814		27		66	1,265		131		127	2,079		158		193
Residential mortgage-backed	355		17		205	712		124		416	1,067		141		621
Commercial mortgage-backed	355		36		72	2,062		382		475	2,417		418		547
Other asset-backed	120		5		36	1,145		80		390	1,265		85		426
Total	$	4,685	$	228	946	$	12,400	$	2,169	3,100	$	17,085	$	2,397	4,046

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

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)

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, 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	$	223	$	30	18	$	2	$	1	3	$	225	$	31	21
U.S. Government, agencies and authorities	30		3		3	—		—		—	30		3		3
State, municipalities and political subdivisions	545		85		276	15		7		16	560		92		292
U.S. corporate public securities	4,290		613		901	998		419		360	5,288		1,032		1,261
U.S. corporate private securities	2,819		264		312	331		64		32	3,150		328		344
Foreign corporate public securities and foreign governments	1,509		201		348	298		116		93	1,807		317		441
Foreign corporate private securities	2,203		173		200	52		11		6	2,255		184		206
Residential mortgage-backed	1,065		78		441	328		75		215	1,393		153		656
Commercial mortgage-backed	1,792		252		373	759		127		189	2,551		379		562
Other asset-backed	912		68		281	360		41		155	1,272		109		436
Total	$	15,388	$	1,767	3,153	$	3,143	$	861	1,069	$	18,531	$	2,628	4,222

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 June 30, 2023. 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, decreased $231 from $2,628 to $2,397 for the six months ended June 30, 2023. The decreased in gross unrealized capital losses was driven primarily by tighter credit spreads. As of June 30, 2023, $618 of the total $2,397 of gross unrealized losses were from 543 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.

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 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 June 30,
	2023				2022
	Impairment		No. of Securities		Impairment		No. of Securities
Residential mortgage-backed	$	2	$	32	$	2	$	17
Commercial mortgage-backed	4		3		—		—
Total	$	6	35		$	2	17
	Six Months Ended June 30,
	2023				2022
	Impairment		No. of Securities		Impairment		No. of Securities
Residential mortgage-backed	2		34		7		25
Commercial mortgage-backed	4		3		—		—
Total	$	6	37		$	7	25

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

Debt Restructuring

Upon the adoption of ASU 2022-02 as of January 1, 2023, the Company no longer identifies certain debt modifications as troubled debt restructuring, but instead evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three and six months ended June 30, 2023, the Company did not have any material debt modifications that require such disclosure.

Mortgage Loans on Real Estate

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

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

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

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 June 30, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	54	$	124	$	—	$	—	$	—	$	178
2022	210		289		68		—		—		567
2021	188		205		199		—		—		592
2020	131		128		9		10		—		278
2019	166		65		20		—		—		251
2018	120		33		4		—		—		157
2017 and prior	1,788		346		5		—		—		2,139
Total	$	2,657	$	1,190	$	305	$	10	$	—	$	4,162

	As of December 31, 2022
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2022	$	210	$	283	$	63	$	—	$	—	$	556
2021	187		229		239		10		—		665
2020	98		170		24		10		—		302
2019	167		72		20		—		—		259
2018	123		34		3		—		—		160
2017 and prior	1,866		399		20		—		—		2,285
Total	$	2,651	$	1,187	$	369	$	20	$	—	$	4,227

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

	As of June 30, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	53	$	65	$	60	$	—	$	178
2022	210		62		191		104		567
2021	201		18		45		328		592
2020	199		20		5		54		278
2019	137		30		79		5		251
2018	88		19		50		—		157
2017 and prior	1,525		268		160		186		2,139
Total	$	2,413	$	482	$	590	$	677	$	4,162

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

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)

	As of December 31, 2022
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2022	$	278	$	89	$	171	$	18	$	556
2021	212		24		248		181		665
2020	211		9		10		72		302
2019	161		40		53		5		259
2018	93		21		46		—		160
2017 and prior	1,569		331		171		214		2,285
Total	$	2,524	$	514	$	699	$	490	$	4,227

*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 June 30, 2023
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2023	$	14	$	36	$	3	$	71	$	8	$	22	$	2	$	20	$	2	$	178
2022	114		116		46		88		101		81		1		1		19		567
2021	79		44		108		141		97		75		9		38		1		592
2020	63		135		14		8		8		30		—		6		14		278
2019	43		71		6		53		34		4		14		10		16		251
2018	28		53		48		7		7		9		—		5		—		157
2017 and prior	468		443		588		164		159		156		34		111		16		2,139
Total	$	809	$	898	$	813	$	532	$	414	$	377	$	60	$	191	$	68	$	4,162

	As of December 31, 2022
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2022	$	114	$	115	$	46	$	87	$	101	$	73	$	1	$	1	$	18	$	556
2021	79		53		112		139		97		117		9		37		22		665
2020	64		143		14		14		8		30		—		6		23		302
2019	47		73		6		54		34		5		14		10		16		259
2018	28		55		49		7		7		9		—		5		—		160
2017 and prior	485		466		607		196		172		192		34		116		17		2,285
Total	$	817	$	905	$	834	$	497	$	419	$	426	$	58	$	175	$	96	$	4,227

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)

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

	As of June 30, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	66	$	80	$	18	$	14	$	—	$	—	$	—	$	178
2022	72		234		220		25		10		6		—		567
2021	22		130		324		100		—		8		8		592
2020	50		48		64		116		—		—		—		278
2019	29		57		126		30		9		—		—		251
2018	34		67		29		11		—		16		—		157
2017 and prior	577		580		429		354		47		114		38		2,139
Total	$	850	$	1,196	$	1,210	$	650	$	66	$	144	$	46	$	4,162

	As of December 31, 2022
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2022	$	72	$	227	$	216	$	25	$	10	$	6	$	—	$	556
2021	23		144		382		100		—		8		8		665
2020	50		48		80		124		—		—		—		302
2019	29		58		128		33		11		—		—		259
2018	34		69		30		11		—		16		—		160
2017 and prior	633		620		456		372		48		117		39		2,285
Total	$	841	$	1,166	$	1,292	$	665	$	69	$	147	$	47	$	4,227

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

	June 30, 2023		December 31, 2022
Allowance for credit losses, beginning of the period	$	14	$	11
Credit losses on mortgage loans for which credit losses were not previously recorded	2		2
Increase (decrease) on mortgage loans with allowance recorded in previous period	7		1
Provision for expected credit losses	23		14
Write-offs	—		—
Recoveries of amounts previously written off	—		—
Allowance for credit losses, end of period	$	23	$	14

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)

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

	June 30, 2023		December 31, 2022
Delinquency:
Current	$	4,162	$	4,227
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	—		—
Total	$	4,162	$	4,227

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 June 30, 2023 and December 31, 2022, 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 six months ended June 30, 2023 and year ended December 31, 2022.

Net Investment Income

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed maturities	$	318	$	360	$	651	$	709
Equity securities	3		3		6		5
Mortgage loans on real estate	49		45		97		89
Policy loans	2		2		4		4
Short-term investments and cash equivalents	2		—		4		1
Limited partnerships and other	30		28		44		96
Gross investment income	404		438		806		904
Less: Investment expenses	17		18		35		35
Net investment income	$	387	$	420	$	771	$	869

As of June 30, 2023 and December 31, 2022, the Company had $10 and $8, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the 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. Net gains (losses) are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net gains (losses) also include changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology.

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)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed maturities, available-for-sale, including securities pledged	$	(15)	$	(3)	$	(24)	$	(62)
Fixed maturities, at fair value option	(111)		(133)		(100)		(308)
Equity securities, at fair value	(2)		(17)		(6)		(21)
Derivatives	85		5		57		57
Embedded derivatives - fixed maturities	(1)		(1)		—		(3)
Other derivatives, net	—		11		—		18
Managed custody guarantees	—		1		3		(2)
Mortgage loans	(8)		1		(8)		4
Other investments	(1)		—		—		(1)
Net gains (losses)	$	(53)	$	(136)	$	(78)	$	(318)

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Proceeds on sales	$	1,252	$	574	$	2,132	$	1,444
Gross gains	17		8		29		18
Gross losses	18		8		39		33

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

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)

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:

	June 30, 2023						December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	35	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	620		44		3		596		58		2
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	20,966		302		341		12,470		262		327
Foreign exchange contracts	55		3		—		45		2		—
Credit contracts	138		—		3		141		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		1		—		N/A		2		—
Managed custody guarantees(3)	N/A		—		3		N/A		—		6
Total			$	350	$	350			$	324	$	337

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

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

(3) Included in 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 June 30, 2023 and December 31, 2022. 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.

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)

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:

	June 30, 2023
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	138	$	—	$	3
Foreign exchange contracts	675		47		3
Interest rate contracts	18,692		302		340
			349		346
Counterparty netting(1)			(306)		(306)
Cash collateral netting(1)			(37)		(36)
Securities collateral netting(1)			(5)		(4)
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.

	December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	141	$	—	$	2
Foreign exchange contracts	641		60		2
Interest rate contracts	8,736		261		327
			321		331
Counterparty netting(1)			(263)		(263)
Cash collateral netting(1)			(51)		(64)
Securities collateral netting(1)			(6)		(1)
Net receivables/payables			$	1	$	3

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

Collateral

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the 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 June 30, 2023, the Company held $41 and pledged $38 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2022, the Company held $50 and delivered $62 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of June 30, 2023, the Company delivered $132 of securities and held $6 of securities as collateral. As of December 31, 2022, the Company delivered $102 of securities and held $7 securities as collateral.

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 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 June 30,
	2023				2022
	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 Net gains/(losses)		Net investment income/(loss)		Net investment income and Net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(5)	$	—	$	45
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		3
	Six Months Ended June 30,
	2023				2022
	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 Net gains/(losses)		Net investment income/(loss)		Net investment income and Net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(15)	$	(1)	$	51
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		4		—		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 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 June 30,
	2023				2022
	Net investment income/(loss)		Net gains/(losses)		Net investment income/(loss)		Net gains/(losses)
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	387	$	(53)	$	420	$	(136)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		3		—
	Six Months Ended June 30,
	2023				2022
	Net investment income/(loss)		Net gains/(losses)		Net investment income/(loss)		Net gains/(losses)
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	771	(78)		$	869	(318)
Derivatives: Qualifying for hedge accounting
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	4		—		5		—

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)

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) on Derivative	Three Months Ended June 30,
		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	84	$	6
Foreign exchange contracts	Net gains (losses)	—		3
Credit contracts	Net gains (losses)	1		(4)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		(1)
Managed custody guarantees	Net gains (losses)	—		1
Total		$	84	$	5
	Location of Gain or (Loss) Recognized in Income on Derivative	Six Months Ended June 30,
		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	57	$	57
Foreign exchange contracts	Net gains (losses)	—		4
Credit contracts	Net gains (losses)	—		(4)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	—		(3)
Managed custody guarantees	Net gains (losses)	3		(2)
Total		$	60	$	52

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)

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 June 30, 2023:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	230		$	54		$	—		$	284
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			589			—			589
U.S. corporate public securities	—			5,767			13			5,780
U.S. corporate private securities	—			2,303			1,305			3,608
Foreign corporate public securities and foreign governments(1)	—			2,007			—			2,007
Foreign corporate private securities (1)	—			2,017			333			2,350
Residential mortgage-backed securities	—			2,581			49			2,630
Commercial mortgage-backed securities	—			2,471			—			2,471
Other asset-backed securities	—			1,370			32			1,402
Total fixed maturities, including securities pledged	230			19,189			1,732			21,151
Equity securities	13			—			114			127
Derivatives:
Interest rate contracts	—			302			—			302
Foreign exchange contracts	—			47			—			47
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,319			1			—			1,320
Assets held in separate accounts	80,223			5,502			344			86,069
Total assets	$	81,785		$	25,041		$	2,190		$	109,016
Percentage of Level to Total	75		%	23		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	3		$	3
Derivatives:
Interest rate contracts	4			337			—			341
Foreign exchange contracts	—			3			—			3
Credit contracts	—			3			—			3
Total liabilities	$	4		$	343		$	3		$	350

(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)

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

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	291		$	86		$	—		$	377
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			600			—			600
U.S. corporate public securities	—			5,925			13			5,938
U.S. corporate private securities	—			2,212			1,356			3,568
Foreign corporate public securities and foreign governments(1)	—			2,064			2			2,066
Foreign corporate private securities (1)	—			2,099			339			2,438
Residential mortgage-backed securities	—			2,873			20			2,893
Commercial mortgage-backed securities	—			2,599			—			2,599
Other asset-backed securities	—			1,258			52			1,310
Total fixed maturities, including securities pledged	291			19,746			1,782			21,819
Equity securities	16			—			117			133
Derivatives:
Interest rate contracts	1			261			—			262
Foreign exchange contracts	—			60			—			60
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,407			—			—			1,407
Assets held in separate accounts	72,065			5,227			347			77,639
Total assets	$	73,780		$	25,294		$	2,246		$	101,320
Percentage of Level to total	73		%	25		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	6		$	6
Derivatives:
Interest rate contracts	2			325			—			327
Foreign exchange contracts	—			2			—			2
Credit contracts	—			2			—			2
Total liabilities	$	2		$	329		$	6		$	337

(1) Primarily U.S. dollar denominated.

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)

Valuation of Financial Assets and Liabilities at Fair Value

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

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

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

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

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

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

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

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

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

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)

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.

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

The discount rate used to determine the fair value of the 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.

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 June 30, 2023
	Fair Value as of April 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of June 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	$	14	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—
U.S. Corporate private securities	1,364		—		(23)		17		—		(3)		(50)		—		—		1,305		—		(23)
Foreign corporate private securities(1)	352		1		—		15		—		—		(65)		30		—		333		1		—
Residential mortgage-backed securities	48		(2)		—		3		—		—		—		—		—		49		(2)		—
Other asset-backed securities	33		—		—		2		—		—		(1)		—		(2)		32		—		—
Total fixed maturities, including securities pledged	1,811		(1)		(24)		37		—		(3)		(116)		30		(2)		1,732		(1)		(23)
Equity securities, at fair value	113		1		—		—		—		—		—		—		—		114		1		—
Stabilizers and MCGs(2)	(3)		—		—		—		—		—		—		—		—		(3)		—		—
Assets held in separate accounts(4)	349		(8)		—		7		—		(7)		—		3		—		344		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and 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)

	Six Months Ended June 30, 2023
	Fair Value as of January 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of June 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	$	13	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—
U.S. Corporate private securities	1,356		—		3		47		—		(3)		(98)		—				1,305		—		3
Foreign corporate public securities and foreign governments(1)	2		—		—		—		—		—		—		—		(2)		—		—		—
Foreign corporate private securities(1)	339		2		5		63		—		—		(129)		53		—		333		2		4
Residential mortgage-backed securities	20		(2)		—		31		—		—		—		—		—		49		(2)		—
Other asset-backed securities	52		—		—		2		—		—		(2)		—		(20)		32		—		—
Total fixed maturities, including securities pledged	1,782		—		8		143		—		(3)		(229)		53		(22)		1,732		—		7
Equity securities, at fair value	117		(3)		—		—		—		—		—		—		—		114		(4)		—
Stabilizer and MCGs(2)	(6)		3		—		—		—		—		—		—		—		(3)		—		—
Assets held in separate accounts(4)	347		(4)		—		7		—		(9)		—		3		—		344		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and 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)

	Three Months Ended June 30, 2022
	Fair Value as of April 1		Realized/Unrealized Gains (Losses) Included in:			Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of June 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	$	47	$	—		$	—	$	—	$	—	$	—	$	—	$	(39)	$	8	$	—	$	—
U.S. Corporate private securities	1,424		—		(98)	73		—		—		(42)		—		(34)		1,323		—		(98)
Foreign corporate public securities and foreign governments(1)	3		—		—	4		—		—		—		—		(3)		4		—		—
Foreign corporate private securities(1)	378		(3)		(5)	47		—		—		(7)		—		(107)		303		(3)		(5)
Residential mortgage-backed securities	37		(5)		—	—		—		—		(9)		1		(2)		22		(5)		—
Other asset-backed securities	36		—		(2)	26		—		—		(1)		—		(12)		47		—		(2)
Total fixed maturities, including securities pledged	1,925		(8)		(105)	150		—		—		(59)		1		(197)		1,707		(8)		(105)
Equity securities, at fair value	117		(12)		—	23		—		—		—		—		(7)		121		(12)		—
Stabilizer and MCGs(2)	(15)		11		—	—		—		—		—		—		—		(4)		—		—
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreement	7		—		—			—		—		(7)		—		—		—		—		—
Assets held in separate accounts(4)	334		(12)		—	67		—		(3)		—		—		(37)		349		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and 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)

	Six Months Ended June 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 June 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	$	—	$	—	$	—	$	—	$	—	$	8	$	—	$	(1)
U.S. Corporate private securities	1,379		1		(210)		136		—		—		(83)		110		(10)		1,323		—		(210)
Foreign corporate public securities and foreign governments(1)	—		—		—		4		—		—		—		—		—		4		—		—
Foreign corporate private securities(1)	272		(20)		(24)		86		—		—		(17)		110		(104)		303		(3)		(24)
Residential mortgage-backed securities	34		(12)		—		—		—		—		—		1		(1)		22		(12)		—
Other asset-backed securities	33		—		(3)		29		—		(10)		(2)		—		—		47		—		(3)
Total fixed maturities, including securities pledged	1,723		(31)		(238)		259		—		(10)		(102)		221		(115)		1,707		(15)		(238)
Equity securities, at fair value	114		(16)		—		23		—		—		—		—		—		121		(16)		—
Stabilizers and MCGs(2)	(20)		17		—		—		(1)		—		—		—		—		(4)		—		—
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreements	—		—		—		7		—		—		(7)		—		—		—		—		—
Assets held in separate accounts(4)	316		(26)		—		132		—		(4)		—		6		(75)		349		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and 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 six months ended June 30, 2023 and 2022, 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:

	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	21,151	$	21,151	$	21,819	$	21,819
Equity securities	127		127		133		133
Mortgage loans on real estate	4,162		3,875		4,227		3,996
Policy loans	159		159		159		159
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,320		1,320		1,407		1,407
Derivatives	349		349		322		322
Other investments	131		131		132		132
Assets held in separate accounts	86,069		86,069		77,639		77,639
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	28,022		29,593		29,047		30,098
Funding agreements with fixed maturities	762		765		731		733
Supplementary contracts, immediate annuities and other	238		204		251		192
Stabilizer and MCGs	3		3		6		6
Derivatives	347		347		331		331
Short-term debt(2)	54		54		32		32
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 Stabilizer and MCGs 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 table presents a rollforward of DAC and VOBA for the periods indicated:

	DAC		VOBA
	Wealth Solutions Deferred and Individual Annuities
Balance as of January 1, 2022	$	573	$	375
Deferrals of commissions and expenses	54		4
Amortization expense	(49)		(31)
Balance as of December 31, 2022	$	578	$	348
Deferrals of commissions and expenses	27		2
Amortization expense	(23)		(15)
Balance as of June 30, 2023	$	582	$	335

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

	June 30, 2023		December 31, 2022
DAC:
Wealth Solutions Deferred and Individual Annuities	$	582	$	578
Other	11		12
VOBA	335		348
Total	$	928	$	938

There was no loss recognition for VOBA during 2023 and 2022.

6.     Reserves for Contract Owner Account Balances

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

	Wealth Solutions Deferred Group and Individual Annuity
	June 30, 2023		December 31, 2022
Balance at January 1	$	27,951	$	27,095
Deposits	1,126		2,850
Fee income	(4)		(8)
Surrenders and withdrawals	(2,398)		(3,774)
Benefit payments	(64)		(113)
Net transfers from (to) separate accounts	72		1,174
Interest credited	364		714
Other	6		13
Ending Balance	$	27,053	$	27,951

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)

Weighted-average crediting rate	2.7		%	2.6		%
Net amount at risk (1)	$	121		$	154
Cash surrender value	$	26,680		$	27,567

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

The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and Contract owner accounts balances on the Condensed Consolidated Balance Sheets for the periods indicated:

	June 30, 2023		December 31, 2022
Wealth Solutions Deferred group and individual annuity (Contract owner account balances)	$	27,053	$	27,951
Other (Future policy benefits and Contract owner account balances)	4,817		4,991
Ending balance	$	31,870	$	32,942

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of June 30, 2023, and the respective guaranteed minimum interest rates ("GMIRs"):

	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
Guaranteed minimum interest rate
Up to 1.00%	$	13	$	6,159	$	2,715	$	1,863	$	829	$	741	$	12,320
1.01% - 2.00%	147		89		47		3		—		1		287
2.01% - 3.00%	6,670		31		1		—		—		—		6,702
3.01% - 4.00%	8,123		—		—		—		—		—		8,123
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	390		—		—		—		3		—		393
Total discretionary rate setting products	$	15,347	$	6,279	$	2,763	$	1,866	$	832	$	742	$	27,829

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

(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after June 30, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

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)

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of December 31, 2022, and the respective GMIRs:

	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
Guaranteed minimum interest rate
Up to 1.00%	$	5,349	$	2,857	$	1,903	$	1,112	$	1,461	$	102	$	12,784
1.01% - 2.00%	246		27		34		1		—		1		309
2.01% - 3.00%	7,188		11		1		—		—		—		7,200
3.01% - 4.00%	8,329		—		—		—		—		—		8,329
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	391		—		—		—		3		—		394
Total discretionary rate setting products	$	21,507	$	2,895	$	1,938	$	1,113	$	1,464	$	103	$	29,020

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

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

7. Reinsurance

As of June 30, 2023, 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:

	June 30,		December 31,
	2023		2022
Premiums receivable	$	(2)	$	(1)
Reinsurance recoverable, net of allowance for credit losses	2,940		3,033
Total	$	2,938	$	3,032

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

	Three Months Ended June 30
	2023		2022
Premiums:
Direct premiums	$	7	$	7
Reinsurance assumed	—		—
Reinsurance ceded	(1)		(2)
Net premiums	$	6	$	5
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	223	$	215
Reinsurance assumed	1		2
Reinsurance ceded	(46)		(14)
Net interest credited and other benefits to contract owners / policyholders	$	178	$	203

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)

	Six Months Ended June 30
	2023		2022
Premiums:
Direct premiums	$	10	$	10
Reinsurance assumed	—		—
Reinsurance ceded	(1)		(2)
Net premiums	$	9	$	8
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	443	$	429
Reinsurance assumed	2		3
Reinsurance ceded	(83)		(53)
Net interest credited and other benefits to contract owners / policyholders	$	362	$	379

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 June 30, 2023 and December 31, 2022, the Company had a deposit asset of $1.2 billion and $1.3 billion, which is reported in "Other assets" on the accompanying Condensed Consolidated Balance Sheets.

8.    Separate Accounts

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

	June 30, 2023						December 31, 2022
	Wealth Solutions Stabilizer		Wealth Solutions Deferred Annuity		Total		Wealth Solutions Stabilizer		Wealth Solutions Deferred Annuity		Total
Balance at January 1	$	7,196	$	68,373	$	75,569	$	8,091	$	85,852	$	93,943
Policyholder behavior	(119)		354		235		(68)		(1,240)		(1,308)
Fee income	(17)		(200)		(217)		(34)		(412)		(446)
Investment performance	151		8,201		8,352		(794)		(15,828)		(16,622)
Other	—		—		—		1		1		2
Balance at end of period	$	7,211	$	76,728	$	83,939	$	7,196	$	68,373	$	75,569

Reconciliation to Condensed Consolidated Balance Sheets:

Other	2,130		2,070
Total Separate Accounts liabilities	$	86,069	$	77,639

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

Cash surrender value represents the amount of the contract holders' account balances distributable at the balance sheet date, less certain surrender charges. The cash surrender value for Wealth Solutions deferred annuity products was $76,697 and $68,345 as of June 30, 2023 and December 31, 2022, respectively.

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)

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

	June 30		December 31
	2023		2022
U.S. Treasury securities and obligations of U.S government corporations and agencies	$	1,157	$	1,586
Corporate Debt securities:	1,791		1,647
Foreign debt securities	706		660
Mortgage-backed securities	3,274		3,434
Equity securities (including mutual funds)	78,281		69,774
Cash, cash equivalents and short-term investments	454		311
Receivable for securities and accruals	406		227
Total	$	86,069	$	77,639

9.    Accumulated Other Comprehensive Income (Loss)

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

	June 30,
	2023		2022
Fixed maturities, net of impairment	$	(2,279)	$	(1,565)
Derivatives(1)	87		116
Change in current discount rate	(338)		(360)
Deferred income tax asset (liability)	660		508
Total	(1,870)		(1,301)
Pension and other postretirement benefits liability, net of tax	1		3
AOCI	$	(1,869)	$	(1,298)

(1) Gains and losses reported in Accumulated Other Comprehensive Income (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 June 30, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $17.

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)

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 June 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(251)		$	52	$	(199)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	9			(2)		7
Change in unrealized gains (losses) on available-for-sale securities	(242)			50		(192)
Derivatives:
Derivatives	(5)		(1)	1		(4)
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	(10)			2		(8)
Change in current discount rate	5			(1)		4
Change in Accumulated other comprehensive income (loss)	$	(247)		$	51	$	(196)

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

	Six Months Ended June 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	246		$	(52)	$	194
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	19			(4)		15
Change in unrealized gains (losses) on available-for-sale securities	265			(56)		209
Derivatives:
Derivatives	(15)		(1)	3		(12)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(10)			2		(8)
Change in unrealized gains (losses) on derivatives	(25)			5		(20)
Change in current discount rate	11			(2)		9
Change in Accumulated other comprehensive income (loss)	$	251		$	(53)	$	198

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

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)

	Three Months Ended June 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,828)		$	384	$	(1,444)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	17			(3)		14
Change in unrealized gains (losses) on available-for-sale securities	(1,811)			381		(1,430)
Derivatives:
Derivatives	44		(1)	(9)		35
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	39			(8)		31
Change in current discount rate	15			(4)		11
Change in Accumulated other comprehensive income (loss)	(1,757)			369		(1,388)

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

	Six Months Ended June 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(3,767)		$	791	$	(2,976)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	77			(16)		61
Change in unrealized gains (losses) on available-for-sale securities	(3,690)			775		(2,915)
Derivatives:
Derivatives	49		(1)	(10)		39
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(10)			2		(8)
Change in unrealized gains (losses) on derivatives	39			(8)		31
Change in current discount rate	31			(7)		24
Change in Accumulated other comprehensive income (loss)	$	(3,620)		$	760	$	(2,860)

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

10.    Revenue from Contracts with Customers

Revenue for various financial services is measured based on consideration specified in a contract with a customer and is recognized when the Company has satisfied a performance obligation. For advisory and recordkeeping and administration

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)

("R&A") services, the Company recognizes revenue as services are provided, generally over time. For distribution and shareholder servicing , the Company recognizes revenue as related consideration is received and provides distribution services at a point in time and shareholder services over time. Contract terms are typically less than one year, and consideration is variable. For a description of principal activities from which the Company generates revenue, see the Business section above for further information. Revenue for various financial services is recorded in Fee income and Other revenue in the Condensed Consolidated Statements of Operations.

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

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Advisory and R&A	$	114	$	114	$	226	$	232
Distribution and shareholder servicing	18		21		36		42
Total financial services revenue	132		135		262		274
Revenue from other sources(1)	118		128		231		263
Total Fee income and Other revenue	$	250	$	263	$	493	$	537

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

For the six months ended June 30, 2023 and year ended December 31, 2022, a portion of the revenue recognized in the current period from distribution services is related to performance obligations satisfied in previous periods. Receivables of $76 and $90 are included in Other assets on the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022, respectively.

11.    Income Taxes

The Company's effective tax rates for the three and six months ended June 30, 2023 were 11.5% and 10.4%, respectively, and the Company's effective tax rates for the three and six months ended June 30, 2022 were (23.1)% and (9.1)%, respectively. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction and tax credits.

In August 2022, President Biden signed into law the Inflation Reduction Act of 2022, which imposes a 15% corporate alternative minimum tax ("CAMT") on the adjusted financial statement income of large corporations. The CAMT is effective in taxable years beginning after December 31, 2022. The Internal Revenue Service has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. If the CAMT applies, the Company will be required to pay tax at the 15% CAMT rate despite our U.S. Federal net operating loss carryforwards.

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 June 30, 2023, the Company had year-to-date gains on securities of $251 in Other comprehensive income, which reduced the related DTA. Additionally, operating income remained positive for the period and was largely consistent with the 2022 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its 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

52

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)

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

12.    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 interest expense for the three and six months ended June 30, 2023 and immaterial interest expense for the three and six months ended June 30, 2022. The Company earned $8 and $12 of interest income for the three and six months ended June 30, 2023, respectively. The Company earned $2 and $3 of interest income for the three and six months ended June 30, 2022, respectively.

As of June 30, 2023, VRIAC had $58 outstanding receivables and VIPS had an outstanding payable of $53 under the reciprocal loan agreement. As of December 31, 2022, the Company had no outstanding receivable and VIPS had a $31 outstanding payable from/to Voya Financial under the reciprocal loan agreement.

13.    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 June 30, 2023, the Company had off-balance sheet commitments to acquire mortgage loans of $101 and purchase limited partnerships and private placement investments of $658.

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.

53

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

	June 30, 2023		December 31, 2022
Fixed maturity collateral pledged to FHLB(1)	$	1,140	$	997
FHLB restricted stock(2)	36		35
Other fixed maturities-state deposits	11		11
Cash and cash equivalents	2		2
Securities pledged(3)	789		792
Total restricted assets	$	1,978	$	1,837

(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 $657 and $690 as of June 30, 2023 and December 31, 2022, respectively. In addition, as of June 30, 2023 and December 31, 2022, the Company delivered securities as collateral of $132 and $102, 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 June 30, 2023 and December 31, 2022, the Company had $762 and $730, 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 June 30, 2023 and December 31, 2022, assets with a market value of approximately $1,140 and $997, 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

54

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)

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 June 30, 2023, 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. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. The court largely dismissed the claims for breach of fiduciary duty. The remaining claims concern allegations of breaches of the ERISA prohibited transactions rule and a claim for failure to monitor the Voya Small Cap Growth fund. The Company 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.

14.    Related Party Transactions

Operating Agreements

The Company has operating agreements whereby the Company provides or receives services from affiliated entities. For the three and six months ended June 30, 2023, revenues with affiliated entities related to these agreements were $20 and $39 . For the three and six months ended June 30, 2022, revenues with affiliated entities related to these agreements were $21 and $44.

For the three and six months ended June 30, 2023, expenses with affiliated entities related to the aforementioned operating agreements were $145 and $305. For the three and six months ended June 30, 2022, expenses with affiliated entities related to the aforementioned operating agreements were $147 and $308.

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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 six months ended June 30, 2023 and 2022 and financial condition as of June 30, 2023 and December 31, 2022. 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, 2022 ("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.

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. 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:

•Valuation of investments and derivatives;

•Investment 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 that the amounts provided are appropriate based on the facts available upon preparation of the Condensed Consolidated Financial Statements.

Effective January 1, 2023, we adopted Accounting Standards Update ("ASU") 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"). As a result, deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") were no longer considered critical estimates, as the amortization methodology is no longer subject to a significant degree of variability and does not require a high degree of judgment.

The above critical accounting estimates that were not impacted as a result of the adoption of ASU 2018-12 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.

56

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.

Income Taxes

In August 2022, President Biden signed into law the Inflation Reduction Act of 2022 ("IRA of 2022"), which imposes a 15% corporate alternative minimum tax ("CAMT") on the adjusted financial statement income of large 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. The CAMT and the excise tax are effective in taxable years beginning after December 31, 2022. The Internal Revenue Service has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. If the CAMT applies, we will be required to pay tax at the 15% CAMT rate despite our U.S. Federal net operating loss carryforwards. As a separate taxpayer, we do not expect to be subject to the 1% excise tax.

On January 4, 2021, Voya Financial completed a series of transactions pursuant to a Master Transaction Agreement with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of this transaction, Resolution Life US acquired Voya Financial's wholly owned subsidiary, Security Life of Denver Company ("SLD"). Resolution Life US notified Voya Financial that SLD may generate a material capital loss in the 2022 tax year. Pursuant to Federal tax law, the 2022 net capital loss generated by SLD must be carried back to Voya Financial's consolidated tax return and any resulting income tax benefit will be retained by Voya Financial and its subsidiaries, subject to applicable limitations, resulting in a material decrease to Voya Financial and its subsidiaries' effective tax rate. VRIAC may record a related tax benefit upon our verification of the amount of SLD’s capital loss and confirmation that such loss is included in the 2022 Resolution Life US tax return.

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.

57

Results of Operations

($ in millions)	Three Months Ended June 30,						Six Months Ended June 30,
	2023		2022		Change		2023		2022		Change
Revenues:
Net investment income	$	387	$	420	$	(33)	$	771	$	869	$	(98)
Fee income	247		246		1		484		509		(25)
Premiums	6		5		1		9		8		1
Broker-dealer commission revenue	1		1		—		1		1		—
Net gains (losses)	(53)		(136)		83		(78)		(318)		240
Other revenue	3		17		(14)		9		28		(19)
Total revenues	591		553		38		1,196		1,097		99
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	178		203		(25)		362		379		(17)
Operating expenses	278		303		(25)		581		599		(18)
Broker-dealer commission expense	1		1		—		1		1		—
Net amortization of Deferred policy acquisition costs and Value of business acquired	20		20		—		39		41		(2)
Interest expense	1		—		1		1		—		—
Total benefits and expenses	478		527		(49)		984		1,020		(36)
Income (loss) before income taxes	113		26		87		212		77		135
Income tax expense (benefit)	13		(6)		19		22		(7)		29
Net income (loss)	$	100	$	32	$	68	$	190	$	84	$	106

Three Months Ended June 30, 2023 compared to Three Months Ended June 30, 2022

Revenues

Net investment income decreased by $33 million from $420 million to $387 million primarily due to:

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

Net gains (losses) improved by $83 million from a loss of $136 million to a loss of $53 million primarily due to:

•net favorable changes in derivative valuations due to interest rate movements; and

•a favorable change in mark-to-market adjustments on securities subject to fair value option accounting primarily due to interest rate movements.

The improvement was partially offset by:

•higher impairments in the current period primarily related to CECL; and

•higher losses on bond sales due to higher interest rates.

Other revenue decreased by $14 million from $17 million to $3 million primarily due to:

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•lower revenue from transition service agreements; and

•a decrease in VIPS (Voya Institutional Plan Services) related miscellaneous income.

Benefits and Expenses

Interest credited and other benefits to contract owners/policyholders decreased by $25 million from $203 million to $178 million primarily due to:

•lower accretion on deposit assets and favorable changes in CECL allowance.

Income Tax Expense

Income tax expense (benefit) changed $19 million from a benefit of $6 million to an expense of $13 million primarily due to:

•an increase in income before income taxes.

Six Months Ended June 30, 2023 compared to Six Months Ended June 30, 2022

Revenues

Net investment income decreased by $98 million from $869 million to $771 million primarily due to:

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

Net gains (losses) improved by $240 million from a loss of $318 million to a loss of $78 million primarily due to:

•a favorable change in mark-to-market adjustments on securities subject to fair value option accounting primarily due to interest rate movements; and

•higher impairments in the prior period primarily related to CECL.

The improvement was partially offset by:

•net unfavorable changes in derivative valuations due to interest rate movements.

Other revenue decreased by $19 million from $28 million to $9 million primarily due to:

•lower revenue from transition service agreements.

Income Tax Expense

Income tax expense (benefit) changed $29 million from a benefit of $7 million to an expense of $22 million primarily due to:

•an increase 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.

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Portfolio Composition

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

	June 30, 2023				December 31, 2022
($ in millions)	Carrying Value		% of Total		Carrying Value		% of Total
Fixed maturities, available-for-sale, net of allowance	$	19,051	70.2	%	$	19,772	70.4	%
Fixed maturities, at fair value option	1,311		4.8	%	1,255		4.5	%
Equity securities, at fair value	127		0.5	%	133		0.5	%
Short-term investments(1)	1		—	%	248		0.9	%
Mortgage loans on real estate, net of allowance	4,139		15.3	%	4,213		15.0	%
Policy loans	159		0.6	%	159		0.6	%
Limited partnerships/corporations	1,075		4.0	%	1,043		3.7	%
Derivatives	349		1.2	%	322		1.1	%
Securities pledged	789		2.9	%	792		2.8	%
Other investments	131		0.5	%	132		0.5	%
Total investments	$	27,132	100.0	%	$	28,069	100.0	%
(1) Short-term investments include investments with remaining maturities of one year or less, but greater than 3 months, at the time of purchase.

Fixed Maturities

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

	June 30, 2023
($ in millions)	Amortized Cost		% of Total		Fair Value		% of Total
Fixed maturities:
U.S. Treasuries	$	303	1.3	%	$	284	1.3	%
U.S. Government agencies and authorities	33		0.1	%	30		0.1	%
State, municipalities, and political subdivisions	664		2.8	%	589		2.8	%
U.S. corporate public securities	6,641		28.4	%	5,780		27.3	%
U.S. corporate private securities	3,914		16.8	%	3,608		17.1	%
Foreign corporate public securities and foreign governments(1)	2,262		9.6	%	2,007		9.5	%
Foreign corporate private securities(1)	2,495		10.6	%	2,350		11.1	%
Residential mortgage-backed securities	2,748		11.7	%	2,630		12.5	%
Commercial mortgage-backed securities	2,896		12.4	%	2,471		11.7	%
Other asset-backed securities	1,485		6.3	%	1,402		6.6	%
Total fixed maturities, including securities pledged	$	23,441	100.0	%	$	21,151	100.0	%

(1) Primarily U.S. dollar denominated.

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	December 31, 2022
($ in millions)	Amortized Cost		% of Total		Fair Value		% of Total
Fixed maturities:
U.S. Treasuries	$	404	1.7	%	$	377	1.7	%
U.S. Government agencies and authorities	33		0.1	%	30		0.1	%
State, municipalities, and political subdivisions	691		2.8	%	600		2.7	%
U.S. corporate public securities	6,938		28.6	%	5,938		27.2	%
U.S. corporate private securities	3,885		15.9	%	3,568		16.4	%
Foreign corporate public securities and foreign governments(1)	2,380		9.8	%	2,066		9.5	%
Foreign corporate private securities(1)	2,617		10.7	%	2,438		11.2	%
Residential mortgage-backed securities	3,023		12.4	%	2,893		13.3	%
Commercial mortgage-backed securities	2,978		12.2	%	2,599		11.9	%
Other asset-backed securities	1,418		5.8	%	1,310		6.0	%
Total fixed maturities, including securities pledged	$	24,367	100.0	%	$	21,819	100.0	%

(1) Primarily U.S. dollar denominated.

As of June 30, 2023, 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)	June 30, 2023
NAIC Quality Designation	1			2			3			4			5			6			Total Fair Value
U.S. Treasuries	$	284		$	—		$	—		$	—		$	—		$	—		$	284
U.S. Government agencies and authorities	30			—			—			—			—			—			30
State, municipalities and political subdivisions	565			24			—			—			—			—			589
U.S. corporate public securities	1,734			3,815			203			28			—			—			5,780
U.S. corporate private securities	1,322			2,062			152			71			1			—			3,608
Foreign corporate public securities and foreign governments(1)	668			1,212			84			41			—			2			2,007
Foreign corporate private securities(1)	292			1,905			127			16			10			—			2,350
Residential mortgage-backed securities	2,487			128			2			1			5			7			2,630
Commercial mortgage-backed securities	2,068			338			54			6			3			2			2,471
Other asset-backed securities	1,209			183			2			4			1			3			1,402
Total fixed maturities	$	10,659		$	9,667		$	624		$	167		$	20		$	14		$	21,151
% of Fair Value	50.4%			45.7%			2.9%			0.8%			0.1%			0.1%			100.0%
(1) Primarily U.S. dollar denominated.
($ in millions)	December 31, 2022
NAIC Quality Designation	1			2			3			4			5			6			Total Fair Value
U.S. Treasuries	$	377		$	—		$	—		$	—		$	—		$	—		$	377
U.S. Government agencies and authorities	30			—			—			—			—			—			30
State, municipalities and political subdivisions	567			33			—			—			—			—			600
U.S. corporate public securities	1,799			3,886			218			26			—			9			5,938
U.S. corporate private securities	1,293			2,027			180			66			2			—			3,568
Foreign corporate public securities and foreign governments(1)	680			1,266			75			40			—			5			2,066
Foreign corporate private securities(1)	282			2,044			82			21			9			—			2,438
Residential mortgage-backed securities	2,640			238			2			—			5			8			2,893
Commercial mortgage-backed securities	2,160			366			59			7			5			2			2,599
Other asset-backed securities	1,081			218			2			5			1			3			1,310
Total fixed maturities	$	10,909		$	10,078		$	618		$	165		$	22		$	27		$	21,819
% of Fair Value	50.0		%	46.2		%	2.8		%	0.8		%	0.1		%	0.1		%	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)	June 30, 2023
ARO Quality Ratings	AAA			AA			A			BBB			BB and Below			Total Fair Value
U.S. Treasuries	$	284		$	—		$	—		$	—		$	—		$	284
U.S. Government agencies and authorities	28			2			—			—			—			30
State, municipalities and political subdivisions	39			359			166			25			—			589
U.S. corporate public securities	22			257			1,587			3,689			225			5,780
U.S. corporate private securities	28			145			1,150			1,993			292			3,608
Foreign corporate public securities and foreign governments(1)	8			112			585			1,161			141			2,007
Foreign corporate private securities(1)	—			25			222			1,962			141			2,350
Residential mortgage-backed securities	2,169			155			78			100			128			2,630
Commercial mortgage-backed securities	871			278			557			661			104			2,471
Other asset-backed securities	91			318			787			187			19			1,402
Total fixed maturities	$	3,540		$	1,651		$	5,132		$	9,778		$	1,050		$21,151
% of Fair Value	16.7		%	7.8		%	24.3		%	46.2		%	5.0		%	100.0		%
(1) Primarily U.S. dollar denominated.
($ in millions)	December 31, 2022
ARO Quality Ratings	AAA			AA			A			BBB			BB and Below			Total Fair Value
U.S. Treasuries	$	377		$	—		$	—		$	—		$	—		$	377
U.S. Government agencies and authorities	28			2			—			—			—			30
State, municipalities and political subdivisions	38			370			159			33			—			600
U.S. corporate public securities	21			283			1,679			3,686			269			5,938
U.S. corporate private securities	27			146			1,065			2,069			261			3,568
Foreign corporate public securities and foreign governments(1)	8			116			591			1,218			133			2,066
Foreign corporate private securities(1)	—			26			239			2,047			126			2,438
Residential mortgage-backed securities	2,210			145			79			185			274			2,893
Commercial mortgage-backed securities	895			288			608			687			121			2,599
Other asset-backed securities	88			290			694			221			17			1,310
Total fixed maturities	$	3,692		$	1,666		$	5,114		$	10,146		$	1,201		$	21,819
% of Fair Value	16.9		%	7.6		%	23.5		%	46.5		%	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, decreased $231 million from $2.6 billion to $2.4 billion for the six months ended June 30, 2023. The decreased in unrealized losses was driven primarily by tighter credit spreads.

As of June 30, 2023 and December 31, 2022, we held three fixed maturity securities with unrealized capital losses in excess of $10 million. As of June 30, 2023 and December 31, 2022, the unrealized capital losses on these fixed maturity securities equaled $33 million, or 1.4% and $33.2 million, or 1.3%, respectively, of the total unrealized losses.

As of June 30, 2023, we had $1.4 billion of energy sector fixed maturity securities, constituting 6.6% of the total fixed maturities portfolio, with gross unrealized capital losses of $114 million, including no energy sector fixed maturity security with unrealized capital loss in excess of $10 million. As of June 30, 2023, our fixed maturity exposure to the energy sector is comprised of 90.7% investment grade securities.

As of December 31, 2022, we held $1.4 billion of energy sector fixed maturity securities, constituting 6.0% of the total fixed maturities portfolio, with gross unrealized capital losses of $131 million, including no energy sector fixed maturity security with unrealized capital loss in excess of $10 million. As of December 31, 2022, our fixed maturity exposure to the energy sector is comprised of 88.0% 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 June 30, 2023 and December 31, 2022:

	June 30, 2023
($ in millions)	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives		Fair Value
Prime Agency	$	1,540	$	10	$	32	$	—	$	1,518
Prime Non-Agency	1,178		9		107		—		1,080
Alt-A	21		2		1		1		23
Sub-Prime(1)	17		1		1		—		17
Total RMBS	$	2,756	$	22	$	141	$	1	$	2,638
(1) Includes subprime other asset backed securities.
	December 31, 2022
($ in millions)	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives		Fair Value
Prime Agency	$	1,493	$	12	$	33	$	—	$	1,472
Prime Non-Agency	1,496		7		118		—		1,385
Alt-A	24		3		1		1		27
Sub-Prime(1)	19		1		1		—		19
Total RMBS	$	3,032	$	23	$	153	$	1	$	2,903
(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 June 30, 2023 and December 31, 2022:

	June 30, 2023
($ 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
2017 and prior	$	648	$	554	$	125	$	115	$	193	$	171	$	145	$	118	$	98	$	75	$	1,209	$	1,033
2018	74		63		19		16		58		51		33		26		17		11		201		167
2019	126		110		33		31		91		82		200		157		7		6		457		386
2020	38		35		21		18		46		36		102		81		2		2		209		172
2021	121		95		69		62		147		129		239		210		3		2		579		498
2022	19		14		35		32		94		86		80		70		7		7		235		209
2023	—		—		3		4		3		2		—		—		—		—		6		6
Total CMBS	$	1,026	$	871	$	305	$	278	$	632	$	557	$	799	$	662	$	134	$	103	$	2,896	$	2,471
	December 31, 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
2017 and prior	$	642	$	559	$	139	$	129	$	206	$	187	$	160	$	138	$	83	$	74	$	1,230	$	1,087
2018	73		64		19		16		71		64		29		24		17		14		209		182
2019	126		111		33		31		104		94		202		164		6		4		471		404
2020	50		46		21		18		46		37		107		85		—		—		224		186
2021	123		98		67		60		138		121		231		200		3		3		562		482
2022	20		17		36		34		114		105		86		76		26		26		282		258
Total CMBS	$	1,034	$	895	$	315	$	288	$	679	$	608	$	815	$	687	$	135	$	121	$	2,978	$	2,599

As of June 30, 2023, 83.7% and 13.7% of CMBS investments were designated as NAIC-1 and NAIC-2, respectively. As of December 31, 2022, 82.9% and 14.2% 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 June 30, 2023 and December 31, 2022:

	June 30, 2023
($ 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	$	53	$	52	$	271	$	264	$	721	$	696	$	72	$	66	$	15	$	10	$	1,132	$	1,088
Auto-Loans	—		—		6		5		—		—		—		—		—		—		6		5
Student Loans	10		9		53		48		—		—		—		—		—		—		63		57
Credit Card loans	—		—		—		—		2		2		—		—		—		—		2		2
Other Loans	36		30		1		1		101		89		131		117		5		5		274		242
Total Other ABS(1)	$	99	$	91	$	331	$	318	$	824	$	787	$	203	$	183	$	20	$	15	$	1,477	$	1,394
(1) Excludes subprime other asset backed securities
	December 31, 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	$	48	$	247	$	236	$	658	$	616	$	72	$	66	$	15	$	10	$	1,042	$	976
Auto-Loans	—		—		6		6		—		—		—		—		—		—		6		6
Student Loans	10		9		53		48		—		—		—		—		—		—		63		57
Credit Card loans	—		—		—		—		2		1		—		—		—		—		2		1
Other Loans	37		30		1		1		86		76		172		153		—		—		296		260
Total Other ABS(1)	$	97	$	87	$	307	$	291	$	746	$	693	$	244	$	219	$	15	$	10	$	1,409	$	1,300
(1) Excludes subprime other asset backed securities

As of June 30, 2023, 86.2% and 13.1% of Other ABS investments were designated as NAIC-1 and NAIC-2, respectively. As of December 31, 2022, 82.7% and 16.8% of Other ABS investments were designated as NAIC-1 and NAIC-2, respectively.

Mortgage Loans on Real Estate

As of June 30, 2023, our mortgage loans on real estate portfolio had a weighted average DSC of 1.8 times and a weighted average LTV ratio of 46.1%. As of December 31, 2022, our mortgage loans on real estate portfolio had a weighted average DSC of 1.8 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.

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Derivatives

We use derivatives for a variety of hedging purposes. We also have embedded derivatives within fixed maturities instruments and certain product features. See 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 for further information.

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

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 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 June 30, 2023, the Company's total European exposure had an amortized cost and fair value of $2,248 million and $2,044 million, respectively. Some of the major country level exposures were in the United Kingdom of $946 million, in France of $184 million, in The Netherlands of $197 million, in Switzerland of $105 million, in Germany of $171 million, and in Belgium of $48 million. Our direct exposure in Eastern Europe is comparatively small, with $1 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

67

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 June 30, 2023, VRIAC had $58 million outstanding receivable and VIPS had $53 million outstanding payable under the reciprocal loan agreement. As of December 31, 2022, we had no outstanding receivable and VIPS had $31 million outstanding payable from/to Voya Financial under the reciprocal 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 44.7% 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 12.0% 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 June 30, 2023, VRIAC had securities lending collateral assets of $540 million, which represents approximately 0.5% of its general account statutory admitted assets. As of December 31, 2022, VRIAC had securities lending collateral assets of $615 million, which represents approximately 0.6% 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 six months ended June 30, 2023 and June 30, 2022, VRIAC did not receive any capital contribution from its Parent.

During the six months ended June 30, 2023, VRIAC paid an ordinary dividend to its Parent in the aggregate amount of $310 million. During the six months ended June 30, 2022, VRIAC paid an ordinary and extraordinary dividends to its Parent in the aggregate amount of $48 million and $809 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 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 Risk Factors in Part I, Item 1A. of our Annual Report on Form 10-K.

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 December 2022, Moody’s affirmed its outlook for the U.S. life insurance sector as stable. Also, in November 2022, Fitch affirmed its outlook for the U.S. life insurance sector as neutral. 

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 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.

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 June 30, 2023 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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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, 2022 (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.

Item 6.    Exhibits

See Exhibit Index on the following page.

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Voya Retirement Insurance and Annuity Company ("VRIAC")

Exhibit Index
Exhibit Number	Description of Exhibit
10.2+	Amendment No. 10, entered into on June 22, 2023, and effective as of January 1, 2023, amends the Intercompany Agreement, dated as of December 22, 2010, effective January 1, 2010, as amended, by and between VRIAC and Voya Investment Management LLC.
31.1+	Certificate of Michael R. Katz pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2+	Certificate of Rob Grubka pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1+	Certificate of Michael R. Katz pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+	Certificate of Rob Grubka 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.

71

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.

August 10, 2023			Voya Retirement Insurance and Annuity Company
(Date)			(Registrant)
	By:	/s/	Michael R. Katz
			Michael R. Katz
			Chief Financial Officer
			(Duly Authorized Officer and Principal Financial Officer)

72

EX-10.2

Exhibit 10.2

AMENDMENT NO. 10 TO THE INTERCOMPANY AGREEMENT

This Amendment No. 10, entered into on June 22, 2023 and effective as of January 1, 2023, amends the Intercompany Agreement, dated as of December 22, 2010, as amended (the “Agreement”), by and between Voya Investment Management LLC (“VIM”) and Voya Retirement Insurance and Annuity Company (“VRIAC”).

WITNESSETH

WHEREAS, VIM conducts an asset management business through various companies that provides investment advice to and perform administrative services for certain U.S. registered investment companies (“Funds”), including Voya Investments, LLC (“VIL”), an investment adviser for certain Funds; and

WHEREAS, VRIAC is an insurance company which offers a variety of insurance products, including variable annuities and which also provides administrative services to various tax-advantaged plans and programs established under Section 401(a), 403(b), 457 or 408 of the Internal Revenue Code (“Code”), certain non-qualified deferred compensation arrangements, and to custodial accounts established under Code Sections 403(b)(7) or 408 (collectively “non- insurance customers”); and

WHEREAS, VIM pays and/or causes its subsidiaries to pay to VRIAC the amounts derived from applying the annual rates listed in Amended Schedule A against the average net assets invested in the funds by VRIAC non-insurance customers during the prior calendar month; and

WHEREAS, Schedule A is reviewed at least once each calendar quarter and may be modified at any time by mutual written consent; and

WHEREAS, the parties desire to amend the Agreement to (1) clarify that VIM may act as a payment agent for any amounts due from the Funds to VRIAC under separate agreements; and (2) replace Amended Schedule A; and

NOW, THEREFORE, the parties agree as follows:

1.    The second to last paragraph under Section 1 (“Payments”) is deleted in its entirety and replaced with the following:

The Intercompany Payments shall be paid from VIM’s own resources and therefore shall not result in any increase in the expenses borne by the Funds or their shareholders. However, VIM may act as a payment agent for any amounts due from the Funds to VRIAC under separate agreements. The rates listed in Amended Schedule A will be reviewed at least once each calendar quarter and may be modified at any time by mutual written consent.

2.     Amended Schedule A to the Agreement is deleted in its entirety and is replaced with the attached Amended Schedule A.

Exhibit 10.2

3.    Capitalized terms used in this Agreement and not otherwise defined shall have the meanings ascribed to them in the Agreement.

4.    The Amendment may be executed in several counterparts, each of which shall be an original, but all of which together will constitute one and the same instrument.

5.    In all other respects, the Agreement is hereby confirmed and remains in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 10 to be executed as of the day and year first above written.

VOYA INVESTMENT MANAGEMENT LLC	VOYA RETIREMENT INSURANCE LLC
By: /s/ Catrina Willingham	By: /s/ Amy Vaillancourt
Name: Catrina Willingham	Name: Amy Vaillancourt
Title: VP, Voya Investment Management Controller	Title: SVP, Workplace Product, Strategy & Architecture

Exhibit 10.2

This Schedule is effective as of January 1, 2023.

As described in Section 1 VRIAC shall be paid at the rates set forth immediately below. In the case of funds of funds, payments will apply to the shares of the fund of funds held directly at the rate specified.

No payments will be made with respect to assets in Class P2 Shares, Class P3 Shares, Class R6 Shares or Class Z Shares of the funds.

Payments listed in Schedule A shall not be made for assets contained in the following retirement plans:

•Voya Insurance and Annuity Company "Equifund" Retirement Plan

•Voya Financial Savings Plan & ESOP

•The 401(k) Plan for Voya Retirement Insurance and Annuity Company Agents

•Voya Investment Management LLC 401(k) Profit Sharing Plan

Fund Type	Fund	Rate
3rd Party SA	VY BrandywineGLOBAL - Bond Portfolio	0.397%
3rd Party SA	VY CBRE Global Real Estate Portfolio	0.397%
3rd Party SA	Voya Multi-Manager International Factors Fund	0.397%
3rd Party SA	Voya Multi-Manager Emerging Markets Equity Fund	0.397%
3rd Party SA	Voya Multi-Manager International Equity Fund	0.397%
3rd Party SA	Voya Multi-Manager Mid Cap Value Fund	0.397%
3rd Party SA	Voya Multi-Manager International Small Cap Fund	0.397%
3rd Party SA	Voya Russia Fund	0.397%
Fund of Funds	Voya Global Diversified Payment Fund	0.30%
Fund of Funds	Voya Global Multi-Asset Fund	0.20%
Fund of Funds	Voya Global Perspectives Fund	0.20%
Fund of Funds	Voya Global Perspectives Portfolio	0.20%
Fund of Funds	Voya Index Solution Portfolios	0.10%
Fund of Funds	Voya Retirement Portfolios	0.506%
Fund of Funds	Voya Target Retirement Funds	0.00%
Fund of Funds	Voya Solution Portfolios	0.32%
Fund of Funds	Voya Strategic Allocation Portfolios	0.25%
Pooled Inv Vehicle	Voya Emerging Markets Corporate Debt Fund	0.00%
VIM Equity/Balanced	Voya Balanced Portfolio	0.30%
VIM Equity/Balanced	Voya Balanced Income Portfolio	0.30%
VIM Equity/Balanced	Voya Corporate Leaders 100 Fund	0.30%
VIM Equity/Balanced	Voya Corporate Leaders Trust Fund Series B	0.30%
VIM Equity/Balanced	Voya Emerging Markets Index Portfolio	0.30%
VIM Equity/Balanced	Voya Global High Dividend Low Volatility Fund	0.30%
VIM Equity/Balanced	Voya Global High Dividend Low Volatility Portfolio	0.30%
VIM Equity/Balanced	Voya Growth and Income Portfolio	0.30%
VIM Equity/Balanced	Voya Index Plus LargeCap Portfolio	0.30%
VIM Equity/Balanced	Voya Index Plus MidCap Portfolio	0.30%
VIM Equity/Balanced	Voya Index Plus SmallCap Portfolio	0.30%

Exhibit 10.2

VIM Equity/Balanced	Voya International High Dividend Low Volatility Fund	0.30%
VIM Equity/Balanced	Voya International High Dividend Low Volatility Portfolio	0.30%
VIM Equity/Balanced	Voya International Index Portfolio	0.30%
VIM Equity/Balanced	Voya Large-Cap Growth Fund	0.30%
VIM Equity/Balanced	Voya Large Cap Growth Portfolio	0.30%
VIM Equity/Balanced	Voya Large Cap Value Fund	0.30%
VIM Equity/Balanced	Voya Large Cap Value Portfolio	0.00%
VIM Equity/Balanced	Voya Mid Cap Research Enhanced Index Fund	0.30%
VIM Equity/Balanced	Voya MidCap Opportunities Fund	0.30%
VIM Equity/Balanced	Voya MidCap Opportunities Portfolio	0.30%
VIM Equity/Balanced	Voya Russell™ Large Cap Growth Index Portfolio	0.30%
VIM Equity/Balanced	Voya Russell™ Large Cap Index Portfolio	0.30%
VIM Equity/Balanced	Voya Russell™ Large Cap Value Index Portfolio	0.30%
VIM Equity/Balanced	Voya Russell™ Mid Cap Growth Index Portfolio	0.30%
VIM Equity/Balanced	Voya Russell™ Mid Cap Index Portfolio	0.30%
VIM Equity/Balanced	Voya Russell™ Small Cap Index Portfolio	0.30%
VIM Equity/Balanced	Voya Small Company Fund	0.30%
VIM Equity/Balanced	Voya Small Company Portfolio	0.30%
VIM Equity/Balanced	Voya Small Cap Growth Fund	0.30%
VIM Equity/Balanced	Voya SmallCap Opportunities Portfolio	0.30%
VIM Equity/Balanced	Voya U.S. High Dividend Low Volatility Fund	0.30%
VIM Equity/Balanced	Voya U.S. Stock Index Portfolio	0.28%

Fund Type	Fund	Rate
VIM Fixed	Voya Credit Income Fund	0.17%
VIM Fixed	Voya Floating Rate Fund	0.17%
VIM Fixed	Voya Global Bond Fund	0.17%
VIM Fixed	Voya Global Bond Portfolio	0.17%
VIM Fixed	Voya GNMA Income Fund	0.17%
VIM Fixed	Voya Government Liquid Assets Portfolio	0.17%
VIM Fixed	Voya Government Money Market Fund	0.17%
VIM Fixed	Voya Government Money Market Portfolio	0.17%
VIM Fixed	Voya High Yield Bond Fund	0.17%
VIM Fixed	Voya High Yield Portfolio	0.17%
VIM Fixed	Voya Intermediate Bond Fund	0.17%
VIM Fixed	Voya Intermediate Bond Portfolio	0.17%
VIM Fixed	Voya Investment Grade Credit Fund	0.17%
VIM Fixed	Voya Limited Maturity Bond Portfolio	0.17%
VIM Fixed	Voya Securitized Credit Fund	0.17%
VIM Fixed	Voya Short Term Bond Fund	0.17%
VIM Fixed	Voya Strategic Income Opportunities Fund	0.17%
VIM Fixed	Voya U.S. Bond Index Portfolio	0.323%
VIT Portfolios	VY® BlackRock Inflation Protected Bond Portfolio	0.277%
VIT Portfolios	VY® CBRE Real Estate Portfolio	0.277%
VIT Portfolios	VY® Invesco Growth and Income Portfolio	0.277%
VIT Portfolios	VY® JPMorgan Emerging Markets Equity Portfolio	0.277%
VIT Portfolios	VY® JPMorgan Small Cap Core Equity Portfolio	0.277%
VIT Portfolios	VY® Morgan Stanley Global Franchise Portfolio	0.277%
VIT Portfolios	VY® T. Rowe Price Capital Appreciation Portfolio	0.277%

Exhibit 10.2

VIT Portfolios	VY® T. Rowe Price Equity Income Portfolio	0.277%
VPI Portfolios	VY® American Century Small-Mid Cap Value Portfolio	0.356%
VPI Portfolios	VY® Baron Growth Portfolio	0.356%
VPI Portfolios	VY® Columbia Contrarian Core Portfolio	0.356%
VPI Portfolios	VY® Columbia Small Cap Value II Portfolio	0.356%
VPI Portfolios	VY® Invesco Comstock Portfolio	0.356%
VPI Portfolios	VY® Invesco Equity and Income Portfolio	0.356%
VPI Portfolios	VY® JPMorgan Mid Cap Value Portfolio	0.356%
VPI Portfolios	VY® Oppenheimer Global Portfolio	0.356%
VPI Portfolios	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio	0.356%
VPI Portfolios	VY® T. Rowe Price Growth Equity Portfolio	0.356%
For the funds and fund of funds listed above, VIM will pay the amount stated in this Schedule A to the extent such amount is not paid by a fund or fund of funds, as applicable. Neither VIM nor a fund of funds will pay any amounts on assets in the underlying funds in these fund of funds.

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Michael R. 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:		August 10, 2023
By:	/s/	Michael R. Katz
		Michael R. Katz
		Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Rob Grubka, 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:		August 10, 2023
By:	/s/	Rob Grubka
		Rob Grubka
		President
		(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 June 30, 2023 (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.

August 10, 2023	By:	/s/	Michael R. Katz
(Date)			Michael R. 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 June 30, 2023 (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.

August 10, 2023	By:	/s/	Rob Grubka
(Date)			Rob Grubka President

XML

Document and Entity Information - $ / shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	033-23376
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		55,000
Common stock, par value	$ 50
Entity Central Index Key	0000837010
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Investments:
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option	$ 19,051	$ 19,772
Fixed maturities, at fair value using the fair value option	1,311	1,255
Equity Securities, FV-NI, Current	127	133
Less: Allowance for credit losses	23	14
Mortgage loans on real estate, net	4,139	4,213
Policy loans	159	159
Limited partnerships/corporations	1,075	1,043
Derivatives	349	322
Other investments	131	132
Total investments	27,132	28,069
Cash and cash equivalents	444	220
Short-term investments under securities loan agreements, including collateral delivered	875	939
Accrued investment income	286	289
Reinsurance Recoverable, Allowance for Credit Loss	0
Deferred policy acquisition costs and Value of business acquired	928	938
Deferred Income Tax Assets, Net	702	774
Other assets (net of allowance for credit loss of $0 as of 2023 and 2022)	1,643	1,681
Assets held in separate accounts	86,069	77,639
Total assets	121,017	113,581
Liabilities and Shareholder's Equity
Future policy benefits and contract owner account balances	31,870	32,942
Payables under securities loan agreements, including collateral held	876	921
Related Party [Member]	124	134
Derivatives	347	331
Other liabilities	726	687
Liabilities related to separate accounts	86,069	77,639
Total liabilities	120,012	112,654
Commitments and Contingencies (Note 13)
Common stock, par value	$ 50
Common stock, shares authorized	100,000
Common stock, shares issued	55,000
Shareholder's equity:
Common Stock, Value, Issued	$ 3	3
Additional paid-in capital	2,770	2,778
Accumulated other comprehensive income (loss)	(1,869)	(2,067)
Retained earnings (deficit)	101	213
Total shareholder's equity	1,005	927
Total liabilities and shareholder's equity	121,017	113,581
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid	2,938	3,032
Allowance for Credit Loss, Receivable, Other, Current	0
Debt Securities, Available-for-sale, Allowance for Credit Loss	12	7
Fixed maturities, amortized cost	21,255	22,218
Collateral Pledged
Investments:
Debt Securities, Available-for-Sale, Restricted	$ 789	$ 792

XML

Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Securities pledged, amortized costs	$ 875	$ 894
Common stock, par value	$ 50
Common stock, shares issued	55,000
Fixed maturities, amortized cost	$ 21,255	22,218
Common stock, shares authorized	100,000
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option	$ 19,051	19,772
Fixed maturities, at fair value using the fair value option	1,311	1,255
Equity Securities, FV-NI, Current	127	133
Other Short-Term Investments	1	248
Mortgage loans on real estate, net	4,139	4,213
Policy loans	159	159
Limited partnerships/corporations	1,075	1,043
Derivatives	349	322
Other investments	131	132
Investments	27,132	28,069
Cash and cash equivalents	444	220
Short-term investments under securities loan agreements, including collateral delivered	875	939
Accrued investment income	286	289
Premiums and Other Receivables, Net	2,938	3,032
Deferred policy acquisition costs and Value of business acquired	928	938
Deferred Income Tax Assets, Net	702	774
Other assets (net of allowance for credit loss of $0 as of 2023 and 2022)	1,643	1,681
Assets held in separate accounts	86,069	77,639
Total assets	121,017	113,581
Future policy benefits and contract owner account balances	31,870	32,942
Payables under securities loan agreements, including collateral held	876	921
Derivatives	347	331
Other liabilities	726	687
Liabilities related to separate accounts	86,069	77,639
Liabilities	120,012	112,654
Common Stock, Value, Issued	3	3
Additional paid-in capital	2,770	2,778
Accumulated other comprehensive income (loss)	(1,869)	(2,067)
Retained earnings (deficit)	101	213
Total shareholder's equity	1,005	927
Liabilities and Equity	121,017	113,581
Allowance for Credit Loss, Receivable, Other, Current	0
Reinsurance Recoverable, Allowance for Credit Loss	0
Debt Securities, Available-for-sale, Allowance for Credit Loss	12	7
Less: Allowance for credit losses	$ 23	$ 14

XML

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Net investment income	$ 387,000,000	$ 420,000,000	$ 771,000,000	$ 869,000,000
Fee income	247,000,000	246,000,000	484,000,000	509,000,000
Premiums	6,000,000	5,000,000	9,000,000	8,000,000
Other revenue	3,000,000	17,000,000	9,000,000	28,000,000
Total revenues	591,000,000	553,000,000	1,196,000,000	1,097,000,000
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	178,000,000	203,000,000	362,000,000	379,000,000
Operating expenses	278,000,000	303,000,000	581,000,000	599,000,000
Net amortization of Deferred policy acquisition costs and Value of business acquired	20,000,000	20,000,000	39,000,000	41,000,000
Total benefits and expenses	478,000,000	527,000,000	984,000,000	1,020,000,000
Income tax expense (benefit)	13,000,000	(6,000,000)	22,000,000	(7,000,000)
Net income (loss)	100,000,000	32,000,000	190,000,000	84,000,000
Net investment income	387,000,000	420,000,000	771,000,000	869,000,000
Fee income	247,000,000	246,000,000	484,000,000	509,000,000
Premiums	6,000,000	5,000,000	9,000,000	8,000,000
Realized capital gains (losses)	(53,000,000)	(136,000,000)	(78,000,000)	(318,000,000)
Other revenue	3,000,000	17,000,000	9,000,000	28,000,000
Revenues	591,000,000	553,000,000	1,196,000,000	1,097,000,000
Interest credited and other benefits to contract owners/policyholders	178,000,000	203,000,000	362,000,000	379,000,000
Operating expenses	278,000,000	303,000,000	581,000,000	599,000,000
Net amortization of Deferred policy acquisition costs and Value of business acquired	20,000,000	20,000,000	39,000,000	41,000,000
Interest Expense	1,000,000	0	1,000,000	0
Benefits, Losses and Expenses	478,000,000	527,000,000	984,000,000	1,020,000,000
Income tax expense (benefit)	13,000,000	(6,000,000)	22,000,000	(7,000,000)
Net income (loss)	100,000,000	32,000,000	190,000,000	84,000,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	113,000,000	26,000,000	212,000,000	77,000,000
Broker-dealer commission revenue	1,000,000	1,000,000	1,000,000	1,000,000
Broker-Dealer Commission Expense	$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 100	$ 32	$ 190	$ 84
Other comprehensive income (loss), before tax:
Other comprehensive income (loss), after tax	(196)	(1,388)	198	(2,860)
Comprehensive income (loss)	(96)	(1,356)	388	(2,776)
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax	5	15	11	31
Change in unrealized gains (losses) on available-for-sale securities	(252)	(1,772)	240	(3,651)
Other Comprehensive Income (Loss), before Tax	(247)	(1,757)	251	(3,620)
Other Comprehensive Income (Loss), Tax	(51)	(369)	53	(760)
Other Comprehensive Income (Loss), Net of Tax	(196)	(1,388)	198	(2,860)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (96)		$ 388	$ (2,776)
Other comprehensive income (loss), before tax		(1,757)
Income tax expense (benefit) related to items of other comprehensive income (loss)		$ (369)

XML

Condensed Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)
Beginning Balance at Dec. 31, 2021	$ 5,080	$ 3	$ 3,191	$ 1,562	$ 324
Comprehensive income (loss):
Net income (loss)	84	0	0	0	84
Ending Balance at Jun. 30, 2022	1,447	3	2,778	(1,298)	(36)
Comprehensive income (loss):
Dividends	857	0	413	0	444
Other comprehensive income (loss), after tax	(2,860)	0	0	(2,860)	0
Comprehensive income (loss)	(2,776)
Beginning Balance at Mar. 31, 2022	3,612	3	3,191	90	328
Comprehensive income (loss):
Net income (loss)	32	0	0	0	32
Ending Balance at Jun. 30, 2022	1,447	3	2,778	(1,298)	(36)
Comprehensive income (loss):
Dividends	809	0	413	0	396
Other comprehensive income (loss), after tax	(1,388)	0	0	(1,388)	0
Comprehensive income (loss)	(1,356)
Beginning Balance at Dec. 31, 2022	927	3	2,778	(2,067)	213
Comprehensive income (loss):
Net income (loss)	190	0	0	0	190
Ending Balance at Jun. 30, 2023	1,005	3	2,770	(1,869)	101
Comprehensive income (loss):
Dividends	310	0	8	0	302
Other comprehensive income (loss), after tax	198	0	0	198	0
Comprehensive income (loss)	388
Beginning Balance at Mar. 31, 2023	1,411	3	2,778	(1,673)	303
Comprehensive income (loss):
Net income (loss)	100	0	0	0	100
Ending Balance at Jun. 30, 2023	1,005	3	2,770	(1,869)	101
Comprehensive income (loss):
Dividends	310	0	8	0	302
Other comprehensive income (loss), after tax	(196)	$ 0	$ 0	$ (196)	$ 0
Comprehensive income (loss)	$ (96)

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 604	$ 661
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	2,986	2,215
Proceeds from Sale of Loans Held-for-investment	264	353
Limited partnerships/corporations	19	48
Acquisition of:
Fixed maturities	(2,134)	(3,125)
Mortgage loans on real estate	(199)	(292)
Limited partnerships/corporations	(52)	(96)
Derivatives, net	(26)	(100)
Proceeds from Other Deposits	134	57
Other, net	(25)	16
Net cash provided by (used in) investing activities	1,257	(626)
Cash Flows from Financing Activities:
Deposits received for investment contracts	906	2,851
Maturities and withdrawals from investment contracts	(2,255)	(2,244)
Payments of Distributions to Affiliates	(310)	(857)
Net Cash Provided by (Used in) Financing Activities	(1,637)	(189)
Cash and cash equivalents, beginning of period	220	436
Cash and cash equivalents, end of period	444	282
Proceeds from (Payments for) Other Financing Activities	22	61
Net cash provided by operating activities	604	661
Fixed maturities	2,986	2,215
Proceeds from Sale of Loans Held-for-investment	264	353
Limited partnerships/corporations	19	48
Payments to Acquire Debt Securities, Available-for-sale	2,134	3,125
Payments to Acquire Mortgage Notes Receivable	199	292
Payments to Acquire Limited Partnership Interests	52	96
Payments for (Proceeds from) Short-term Investments	246	0
Payments for (Proceeds from) Derivative Instrument, Investing Activities	(26)	(100)
Increase (Decrease) in Notes Receivable, Related Parties	(58)	130
Proceeds from Other Deposits	134	57
Other, net	(25)	16
Net cash provided by (used in) investing activities	1,257	(626)
Deposits received for investment contracts	906	2,851
Withdrawal from Contract Holders Funds	2,255	2,244
Payments of Distributions to Affiliates	310	857
Net Cash Provided by (Used in) Financing Activities	(1,637)	(189)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	224	(154)
Cash and cash equivalents	$ 444	$ 282

XML

Business, Basis of Presentation and Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

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 the Company 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. 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.

Basis of Presentation

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

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

The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance.

As a result of the modified retrospective adoption methodology for Accounting Standards Update ("ASU") 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, ("ASU 2018-12") adjustments have been made to the December 31, 2022 audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K, filed with the SEC. Certain of these adjustments are included in the Adoption of New Pronouncements - Long-Duration Contracts section, in accordance with the transition disclosure requirements of ASU 2018-12, and are unaudited. These interim 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.

Significant Accounting Policies

Effective January 1, 2023, the Company adopted ASU 2018-12, as amended. As a result, the Company made changes to the following significant accounting policies:

Estimates and Assumptions

Upon adoption of ASU 2018-12, DAC and VOBA were no longer considered significant estimates by the Company, as the amortization methodology is no longer subject to a significant degree of variability and does not require a high degree of judgment.

Deferred Policy Acquisition Costs and Value of Business Acquired

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

Amortization Methodologies

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

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

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

Future Policy Benefits

The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Reserves for payout contracts with life contingencies are equal to the present value of future payments.

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

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

Product Guarantees and Additional Reserves

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

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

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

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

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

Reinsurance

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

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

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

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

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

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

Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in Premiums receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Condensed Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Interest credited and other benefits to contract owners/policyholders are reported net of reinsurance ceded.

Significant accounting policies that were unchanged from those included in the Company’s December 31, 2022 Annual Report on Form 10-K as a result of the adoption of ASU 2018-12 have not been repeated. These policies include Internal Replacements, Contract Owner Account Balances, and Separate Accounts.

Adoption of New Pronouncements

Long-Duration Contracts

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

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

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

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

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

The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholder’s equity. This increase was primarily driven by the removal of DAC/VOBA and Premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of Future policy benefits and Reinsurance recoverable

using the discount rate at January 1, 2021. Total shareholder’s equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts.

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

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

	DAC		VOBA
	Wealth Solutions Deferred and Individual Annuities
Balance, December 31, 2020	$	129	$	40
Adjustment for removal of related balances in AOCI	439		386
Balance, January 1, 2021	$	568	$	426

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

Total Shareholder's equity December 31, 2020	$	4,897
AOCI
Reversal of AOCI adjustments	1,018
Effect of remeasurement of liability at current discount rate	(339)
Total AOCI adjustments	$	679
Retained Earnings
Establishment of MRBs	$	(61)
Other adjustments	3
Total Retained earnings	$	(58)
Total adjustment for the adoption of ASU 2018-12	$	621
Total Shareholder's equity January 1, 2021	$	5,518

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

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

Future Adoption of Accounting Pronouncements

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

Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 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.

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Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

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:

	June 30, 2023						December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	35	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	620		44		3		596		58		2
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	20,966		302		341		12,470		262		327
Foreign exchange contracts	55		3		—		45		2		—
Credit contracts	138		—		3		141		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		1		—		N/A		2		—
Managed custody guarantees(3)	N/A		—		3		N/A		—		6
Total			$	350	$	350			$	324	$	337

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

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

(3) Included in 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 June 30, 2023 and December 31, 2022. 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:

	June 30, 2023
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	138	$	—	$	3
Foreign exchange contracts	675		47		3
Interest rate contracts	18,692		302		340
			349		346
Counterparty netting(1)			(306)		(306)
Cash collateral netting(1)			(37)		(36)
Securities collateral netting(1)			(5)		(4)
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.

	December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	141	$	—	$	2
Foreign exchange contracts	641		60		2
Interest rate contracts	8,736		261		327
			321		331
Counterparty netting(1)			(263)		(263)
Cash collateral netting(1)			(51)		(64)
Securities collateral netting(1)			(6)		(1)
Net receivables/payables			$	1	$	3

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

Collateral

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the 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 June 30, 2023, the Company held $41 and pledged $38 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2022, the Company held $50 and delivered $62 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of June 30, 2023, the Company delivered $132 of securities and held $6 of securities as collateral. As of December 31, 2022, the Company delivered $102 of securities and held $7 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 June 30,
	2023				2022
	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 Net gains/(losses)		Net investment income/(loss)		Net investment income and Net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(5)	$	—	$	45
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		3
	Six Months Ended June 30,
	2023				2022
	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 Net gains/(losses)		Net investment income/(loss)		Net investment income and Net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(15)	$	(1)	$	51
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		4		—		5

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 June 30,
	2023				2022
	Net investment income/(loss)		Net gains/(losses)		Net investment income/(loss)		Net gains/(losses)
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	387	$	(53)	$	420	$	(136)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		3		—
	Six Months Ended June 30,
	2023				2022
	Net investment income/(loss)		Net gains/(losses)		Net investment income/(loss)		Net gains/(losses)
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	771	(78)		$	869	(318)
Derivatives: Qualifying for hedge accounting
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	4		—		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) on Derivative	Three Months Ended June 30,
		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	84	$	6
Foreign exchange contracts	Net gains (losses)	—		3
Credit contracts	Net gains (losses)	1		(4)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		(1)
Managed custody guarantees	Net gains (losses)	—		1
Total		$	84	$	5
	Location of Gain or (Loss) Recognized in Income on Derivative	Six Months Ended June 30,
		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	57	$	57
Foreign exchange contracts	Net gains (losses)	—		4
Credit contracts	Net gains (losses)	—		(4)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	—		(3)
Managed custody guarantees	Net gains (losses)	3		(2)
Total		$	60	$	52

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Financial Services, Insurance, ASU 2018-12 Transition

6 Months Ended

Jun. 30, 2023

ASU 2018-12 Transition [Abstract]

Liability for Future Policy Benefits and Unpaid Claims Disclosure

6.     Reserves for Contract Owner Account Balances

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

	Wealth Solutions Deferred Group and Individual Annuity
	June 30, 2023		December 31, 2022
Balance at January 1	$	27,951	$	27,095
Deposits	1,126		2,850
Fee income	(4)		(8)
Surrenders and withdrawals	(2,398)		(3,774)
Benefit payments	(64)		(113)
Net transfers from (to) separate accounts	72		1,174
Interest credited	364		714
Other	6		13
Ending Balance	$	27,053	$	27,951

Weighted-average crediting rate	2.7		%	2.6		%
Net amount at risk (1)	$	121		$	154
Cash surrender value	$	26,680		$	27,567

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

The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and Contract owner accounts balances on the Condensed Consolidated Balance Sheets for the periods indicated:

	June 30, 2023		December 31, 2022
Wealth Solutions Deferred group and individual annuity (Contract owner account balances)	$	27,053	$	27,951
Other (Future policy benefits and Contract owner account balances)	4,817		4,991
Ending balance	$	31,870	$	32,942

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of June 30, 2023, and the respective guaranteed minimum interest rates ("GMIRs"):

	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
Guaranteed minimum interest rate
Up to 1.00%	$	13	$	6,159	$	2,715	$	1,863	$	829	$	741	$	12,320
1.01% - 2.00%	147		89		47		3		—		1		287
2.01% - 3.00%	6,670		31		1		—		—		—		6,702
3.01% - 4.00%	8,123		—		—		—		—		—		8,123
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	390		—		—		—		3		—		393
Total discretionary rate setting products	$	15,347	$	6,279	$	2,763	$	1,866	$	832	$	742	$	27,829

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

(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after June 30, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of December 31, 2022, and the respective GMIRs:

	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
Guaranteed minimum interest rate
Up to 1.00%	$	5,349	$	2,857	$	1,903	$	1,112	$	1,461	$	102	$	12,784
1.01% - 2.00%	246		27		34		1		—		1		309
2.01% - 3.00%	7,188		11		1		—		—		—		7,200
3.01% - 4.00%	8,329		—		—		—		—		—		8,329
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	391		—		—		—		3		—		394
Total discretionary rate setting products	$	21,507	$	2,895	$	1,938	$	1,113	$	1,464	$	103	$	29,020

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

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

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Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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 June 30, 2023:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	230		$	54		$	—		$	284
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			589			—			589
U.S. corporate public securities	—			5,767			13			5,780
U.S. corporate private securities	—			2,303			1,305			3,608
Foreign corporate public securities and foreign governments(1)	—			2,007			—			2,007
Foreign corporate private securities (1)	—			2,017			333			2,350
Residential mortgage-backed securities	—			2,581			49			2,630
Commercial mortgage-backed securities	—			2,471			—			2,471
Other asset-backed securities	—			1,370			32			1,402
Total fixed maturities, including securities pledged	230			19,189			1,732			21,151
Equity securities	13			—			114			127
Derivatives:
Interest rate contracts	—			302			—			302
Foreign exchange contracts	—			47			—			47
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,319			1			—			1,320
Assets held in separate accounts	80,223			5,502			344			86,069
Total assets	$	81,785		$	25,041		$	2,190		$	109,016
Percentage of Level to Total	75		%	23		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	3		$	3
Derivatives:
Interest rate contracts	4			337			—			341
Foreign exchange contracts	—			3			—			3
Credit contracts	—			3			—			3
Total liabilities	$	4		$	343		$	3		$	350

(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, 2022:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	291		$	86		$	—		$	377
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			600			—			600
U.S. corporate public securities	—			5,925			13			5,938
U.S. corporate private securities	—			2,212			1,356			3,568
Foreign corporate public securities and foreign governments(1)	—			2,064			2			2,066
Foreign corporate private securities (1)	—			2,099			339			2,438
Residential mortgage-backed securities	—			2,873			20			2,893
Commercial mortgage-backed securities	—			2,599			—			2,599
Other asset-backed securities	—			1,258			52			1,310
Total fixed maturities, including securities pledged	291			19,746			1,782			21,819
Equity securities	16			—			117			133
Derivatives:
Interest rate contracts	1			261			—			262
Foreign exchange contracts	—			60			—			60
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,407			—			—			1,407
Assets held in separate accounts	72,065			5,227			347			77,639
Total assets	$	73,780		$	25,294		$	2,246		$	101,320
Percentage of Level to total	73		%	25		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	6		$	6
Derivatives:
Interest rate contracts	2			325			—			327
Foreign exchange contracts	—			2			—			2
Credit contracts	—			2			—			2
Total liabilities	$	2		$	329		$	6		$	337

(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.

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

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

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

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

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

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

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

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

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

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

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

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

The discount rate used to determine the fair value of the 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.

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 June 30, 2023
	Fair Value as of April 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of June 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	$	14	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—
U.S. Corporate private securities	1,364		—		(23)		17		—		(3)		(50)		—		—		1,305		—		(23)
Foreign corporate private securities(1)	352		1		—		15		—		—		(65)		30		—		333		1		—
Residential mortgage-backed securities	48		(2)		—		3		—		—		—		—		—		49		(2)		—
Other asset-backed securities	33		—		—		2		—		—		(1)		—		(2)		32		—		—
Total fixed maturities, including securities pledged	1,811		(1)		(24)		37		—		(3)		(116)		30		(2)		1,732		(1)		(23)
Equity securities, at fair value	113		1		—		—		—		—		—		—		—		114		1		—
Stabilizers and MCGs(2)	(3)		—		—		—		—		—		—		—		—		(3)		—		—
Assets held in separate accounts(4)	349		(8)		—		7		—		(7)		—		3		—		344		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and 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.

	Six Months Ended June 30, 2023
	Fair Value as of January 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of June 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	$	13	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—
U.S. Corporate private securities	1,356		—		3		47		—		(3)		(98)		—				1,305		—		3
Foreign corporate public securities and foreign governments(1)	2		—		—		—		—		—		—		—		(2)		—		—		—
Foreign corporate private securities(1)	339		2		5		63		—		—		(129)		53		—		333		2		4
Residential mortgage-backed securities	20		(2)		—		31		—		—		—		—		—		49		(2)		—
Other asset-backed securities	52		—		—		2		—		—		(2)		—		(20)		32		—		—
Total fixed maturities, including securities pledged	1,782		—		8		143		—		(3)		(229)		53		(22)		1,732		—		7
Equity securities, at fair value	117		(3)		—		—		—		—		—		—		—		114		(4)		—
Stabilizer and MCGs(2)	(6)		3		—		—		—		—		—		—		—		(3)		—		—
Assets held in separate accounts(4)	347		(4)		—		7		—		(9)		—		3		—		344		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and 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.

	Three Months Ended June 30, 2022
	Fair Value as of April 1		Realized/Unrealized Gains (Losses) Included in:			Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of June 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	$	47	$	—		$	—	$	—	$	—	$	—	$	—	$	(39)	$	8	$	—	$	—
U.S. Corporate private securities	1,424		—		(98)	73		—		—		(42)		—		(34)		1,323		—		(98)
Foreign corporate public securities and foreign governments(1)	3		—		—	4		—		—		—		—		(3)		4		—		—
Foreign corporate private securities(1)	378		(3)		(5)	47		—		—		(7)		—		(107)		303		(3)		(5)
Residential mortgage-backed securities	37		(5)		—	—		—		—		(9)		1		(2)		22		(5)		—
Other asset-backed securities	36		—		(2)	26		—		—		(1)		—		(12)		47		—		(2)
Total fixed maturities, including securities pledged	1,925		(8)		(105)	150		—		—		(59)		1		(197)		1,707		(8)		(105)
Equity securities, at fair value	117		(12)		—	23		—		—		—		—		(7)		121		(12)		—
Stabilizer and MCGs(2)	(15)		11		—	—		—		—		—		—		—		(4)		—		—
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreement	7		—		—			—		—		(7)		—		—		—		—		—
Assets held in separate accounts(4)	334		(12)		—	67		—		(3)		—		—		(37)		349		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and 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.

	Six Months Ended June 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 June 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	$	—	$	—	$	—	$	—	$	—	$	8	$	—	$	(1)
U.S. Corporate private securities	1,379		1		(210)		136		—		—		(83)		110		(10)		1,323		—		(210)
Foreign corporate public securities and foreign governments(1)	—		—		—		4		—		—		—		—		—		4		—		—
Foreign corporate private securities(1)	272		(20)		(24)		86		—		—		(17)		110		(104)		303		(3)		(24)
Residential mortgage-backed securities	34		(12)		—		—		—		—		—		1		(1)		22		(12)		—
Other asset-backed securities	33		—		(3)		29		—		(10)		(2)		—		—		47		—		(3)
Total fixed maturities, including securities pledged	1,723		(31)		(238)		259		—		(10)		(102)		221		(115)		1,707		(15)		(238)
Equity securities, at fair value	114		(16)		—		23		—		—		—		—		—		121		(16)		—
Stabilizers and MCGs(2)	(20)		17		—		—		(1)		—		—		—		—		(4)		—		—
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreements	—		—		—		7		—		—		(7)		—		—		—		—		—
Assets held in separate accounts(4)	316		(26)		—		132		—		(4)		—		6		(75)		349		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30, amounts are included in Net investment income and 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 six months ended June 30, 2023 and 2022, 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:

	June 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	21,151	$	21,151	$	21,819	$	21,819
Equity securities	127		127		133		133
Mortgage loans on real estate	4,162		3,875		4,227		3,996
Policy loans	159		159		159		159
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,320		1,320		1,407		1,407
Derivatives	349		349		322		322
Other investments	131		131		132		132
Assets held in separate accounts	86,069		86,069		77,639		77,639
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	28,022		29,593		29,047		30,098
Funding agreements with fixed maturities	762		765		731		733
Supplementary contracts, immediate annuities and other	238		204		251		192
Stabilizer and MCGs	3		3		6		6
Derivatives	347		347		331		331
Short-term debt(2)	54		54		32		32
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 Stabilizer and MCGs 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

6 Months Ended

Jun. 30, 2023

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

Deferred Policy Acquisition Costs

5.    Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:

	DAC		VOBA
	Wealth Solutions Deferred and Individual Annuities
Balance as of January 1, 2022	$	573	$	375
Deferrals of commissions and expenses	54		4
Amortization expense	(49)		(31)
Balance as of December 31, 2022	$	578	$	348
Deferrals of commissions and expenses	27		2
Amortization expense	(23)		(15)
Balance as of June 30, 2023	$	582	$	335

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

	June 30, 2023		December 31, 2022
DAC:
Wealth Solutions Deferred and Individual Annuities	$	582	$	578
Other	11		12
VOBA	335		348
Total	$	928	$	938

There was no loss recognition for VOBA during 2023 and 2022.

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Other Income and Expenses

6 Months Ended

Jun. 30, 2023

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:

	June 30,
	2023		2022
Fixed maturities, net of impairment	$	(2,279)	$	(1,565)
Derivatives(1)	87		116
Change in current discount rate	(338)		(360)
Deferred income tax asset (liability)	660		508
Total	(1,870)		(1,301)
Pension and other postretirement benefits liability, net of tax	1		3
AOCI	$	(1,869)	$	(1,298)

(1) Gains and losses reported in Accumulated Other Comprehensive Income (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 June 30, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $17.

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 June 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(251)		$	52	$	(199)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	9			(2)		7
Change in unrealized gains (losses) on available-for-sale securities	(242)			50		(192)
Derivatives:
Derivatives	(5)		(1)	1		(4)
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	(10)			2		(8)
Change in current discount rate	5			(1)		4
Change in Accumulated other comprehensive income (loss)	$	(247)		$	51	$	(196)

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

	Six Months Ended June 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	246		$	(52)	$	194
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	19			(4)		15
Change in unrealized gains (losses) on available-for-sale securities	265			(56)		209
Derivatives:
Derivatives	(15)		(1)	3		(12)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(10)			2		(8)
Change in unrealized gains (losses) on derivatives	(25)			5		(20)
Change in current discount rate	11			(2)		9
Change in Accumulated other comprehensive income (loss)	$	251		$	(53)	$	198

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

	Three Months Ended June 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,828)		$	384	$	(1,444)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	17			(3)		14
Change in unrealized gains (losses) on available-for-sale securities	(1,811)			381		(1,430)
Derivatives:
Derivatives	44		(1)	(9)		35
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	39			(8)		31
Change in current discount rate	15			(4)		11
Change in Accumulated other comprehensive income (loss)	(1,757)			369		(1,388)

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

	Six Months Ended June 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(3,767)		$	791	$	(2,976)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	77			(16)		61
Change in unrealized gains (losses) on available-for-sale securities	(3,690)			775		(2,915)
Derivatives:
Derivatives	49		(1)	(10)		39
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(10)			2		(8)
Change in unrealized gains (losses) on derivatives	39			(8)		31
Change in current discount rate	31			(7)		24
Change in Accumulated other comprehensive income (loss)	$	(3,620)		$	760	$	(2,860)

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

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Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company's effective tax rates for the three and six months ended June 30, 2023 were 11.5% and 10.4%, respectively, and the Company's effective tax rates for the three and six months ended June 30, 2022 were (23.1)% and (9.1)%, respectively. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction and tax credits.

In August 2022, President Biden signed into law the Inflation Reduction Act of 2022, which imposes a 15% corporate alternative minimum tax ("CAMT") on the adjusted financial statement income of large corporations. The CAMT is effective in taxable years beginning after December 31, 2022. The Internal Revenue Service has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. If the CAMT applies, the Company will be required to pay tax at the 15% CAMT rate despite our U.S. Federal net operating loss carryforwards.

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 June 30, 2023, the Company had year-to-date gains on securities of $251 in Other comprehensive income, which reduced the related DTA. Additionally, operating income remained positive for the period and was largely consistent with the 2022 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its 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 2021 through 2023, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2023 tax year, the Company was in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year.

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Financing Agreements

6 Months Ended

Jun. 30, 2023

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 interest expense for the three and six months ended June 30, 2023 and immaterial interest expense for the three and six months ended June 30, 2022. The Company earned $8 and $12 of interest income for the three and six months ended June 30, 2023, respectively. The Company earned $2 and $3 of interest income for the three and six months ended June 30, 2022, respectively.

As of June 30, 2023, VRIAC had $58 outstanding receivables and VIPS had an outstanding payable of $53 under the reciprocal loan agreement. As of December 31, 2022, the Company had no outstanding receivable and VIPS had a $31 outstanding payable from/to Voya Financial under the reciprocal loan agreement.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

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 June 30, 2023, the Company had off-balance sheet commitments to acquire mortgage loans of $101 and purchase limited partnerships and private placement investments of $658.

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:

	June 30, 2023		December 31, 2022
Fixed maturity collateral pledged to FHLB(1)	$	1,140	$	997
FHLB restricted stock(2)	36		35
Other fixed maturities-state deposits	11		11
Cash and cash equivalents	2		2
Securities pledged(3)	789		792
Total restricted assets	$	1,978	$	1,837

(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 $657 and $690 as of June 30, 2023 and December 31, 2022, respectively. In addition, as of June 30, 2023 and December 31, 2022, the Company delivered securities as collateral of $132 and $102, 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 June 30, 2023 and December 31, 2022, the Company had $762 and $730, 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 June 30, 2023 and December 31, 2022, assets with a market value of approximately $1,140 and $997, 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 June 30, 2023, 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. On June 13, 2023, the Court issued a ruling granting in part and denying in part Voya's motion to dismiss. The court largely dismissed the claims for breach of fiduciary duty. The remaining claims concern allegations of breaches of the ERISA prohibited transactions rule and a claim for failure to monitor the Voya Small Cap Growth fund. The Company 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

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

14.    Related Party Transactions

Operating Agreements

The Company has operating agreements whereby the Company provides or receives services from affiliated entities. For the three and six months ended June 30, 2023, revenues with affiliated entities related to these agreements were $20 and $39 . For the three and six months ended June 30, 2022, revenues with affiliated entities related to these agreements were $21 and $44.

For the three and six months ended June 30, 2023, expenses with affiliated entities related to the aforementioned operating agreements were $145 and $305. For the three and six months ended June 30, 2022, expenses with affiliated entities related to the aforementioned operating agreements were $147 and $308.

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

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

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

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

The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance.

As a result of the modified retrospective adoption methodology for Accounting Standards Update ("ASU") 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, ("ASU 2018-12") adjustments have been made to the December 31, 2022 audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K, filed with the SEC. Certain of these adjustments are included in the Adoption of New Pronouncements - Long-Duration Contracts section, in accordance with the transition disclosure requirements of ASU 2018-12, and are unaudited. These interim 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.

Adoption of New Pronouncements

Adoption of New Pronouncements

Long-Duration Contracts

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

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

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

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

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

The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholder’s equity. This increase was primarily driven by the removal of DAC/VOBA and Premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of Future policy benefits and Reinsurance recoverable

using the discount rate at January 1, 2021. Total shareholder’s equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts.

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

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

	DAC		VOBA
	Wealth Solutions Deferred and Individual Annuities
Balance, December 31, 2020	$	129	$	40
Adjustment for removal of related balances in AOCI	439		386
Balance, January 1, 2021	$	568	$	426

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

Total Shareholder's equity December 31, 2020	$	4,897
AOCI
Reversal of AOCI adjustments	1,018
Effect of remeasurement of liability at current discount rate	(339)
Total AOCI adjustments	$	679
Retained Earnings
Establishment of MRBs	$	(61)
Other adjustments	3
Total Retained earnings	$	(58)
Total adjustment for the adoption of ASU 2018-12	$	621
Total Shareholder's equity January 1, 2021	$	5,518

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

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

Future Adoption of Accounting Pronouncements

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

Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 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.

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Derivative Instruments and Hedging Activities (Policies)

6 Months Ended

Jun. 30, 2023

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 June 30, 2023 and December 31, 2022. 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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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments Classified by Contractual Maturity Date

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

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	404	$	4	$	31	$	—	$	377	$	—
U.S. Government agencies and authorities	33		—		3		—		30		—
State, municipalities and political subdivisions	691		1		92		—		600		—
U.S. corporate public securities	6,938		32		1,032		—		5,938		—
U.S. corporate private securities	3,885		11		328		—		3,568		—
Foreign corporate public securities and foreign governments(1)	2,380		9		317		—		2,066		6
Foreign corporate private securities(1)	2,617		6		184		—		2,438		1
Residential mortgage-backed securities	3,023		21		153		2		2,893		—
Commercial mortgage-backed securities	2,978		—		379		—		2,599		—
Other asset-backed securities	1,418		1		109		—		1,310		—
Total fixed maturities, including securities pledged	24,367		85		2,628		2		21,819		7
Less: Securities pledged	894		3		105		—		792		—
Total fixed maturities	$	23,473	$	82	$	2,523	$	2	$	21,027	$	7

(1) Primarily U.S. dollar denominated.

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

The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2023, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.

	Amortized Cost		Fair Value
Due to mature:
One year or less	$	464	$	459
After one year through five years	3,143		2,976
After five years through ten years	3,153		2,941
After ten years	9,552		8,272
Mortgage-backed securities	5,644		5,101
Other asset-backed securities	1,485		1,402
Fixed maturities, including securities pledged	$	23,441	$	21,151

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
June 30, 2023
Communications	$	936	$	15	$	98	$	853
Financial	3,042		23		375		2,690
Industrial and other companies	6,017		21		676		5,362
Energy	1,502		15		114		1,403
Utilities	2,604		9		272		2,341
Transportation	875		5		81		799
Total	$	14,976	$	88	$	1,616	$	13,448
December 31, 2022
Communications	$	911	$	8	$	117	$	802
Financial	3,155		16		406		2,765
Industrial and other companies	6,344		10		774		5,580
Energy	1,486		11		131		1,366
Utilities	2,665		9		291		2,383
Transportation	915		1		100		816
Total	$	15,476	$	55	$	1,819	$	13,712

Schedule of Securities Borrowed Under Securities Lending Transactions

The following table presents borrowings under securities lending transactions by asset class from cash collateral invested and non-cash collateral as of the dates indicated:

	June 30, 2023		December 31, 2022
U.S. Treasuries	$	26	$	51
U.S. corporate public securities	449		466
Short-term Investments	1		—
Foreign corporate public securities and foreign governments	202		201
Total	$	678	$	718

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:

	Six Months Ended June 30, 2023
	U.S. corporate public securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Total
Balance as of January 1, 2023	$	—	$	—	$	6	$	1	$	7
Credit losses on securities for which credit losses were not previously recorded	1		7		(1)		—		7
Reductions for securities sold during the period	—		—		(2)		—		(2)
Balance as of June 30, 2023	$	1	$	7	$	3	$	1	$	12

	Year Ended December 31, 2022
	Residential mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Total
Balance as of January 1, 2022	$	1	$	—	$	47	$	48
Credit losses on securities for which credit losses were not previously recorded	—		6		—		6
Reductions for securities sold during the period	—		—		(49)		(49)
Increase (decrease) on securities with allowance recorded in previous period	(1)		—		3		2
Balance as of December 31, 2022	$	—	$	6	$	1	$	7

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 June 30, 2023:

	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	$	120	$	3	23	$	81	$	20	10	$	201	$	23	33
U.S. Government, agencies and authorities	13		—		1	17		3		2	30		3		3
State, municipalities and political subdivisions	155		8		76	411		68		212	566		76		288
U.S. corporate public securities	1,345		72		278	3,470		830		913	4,815		902		1,191
U.S. corporate private securities	949		44		95	2,049		281		238	2,998		325		333
Foreign corporate public securities and foreign governments	459		16		94	1,188		250		317	1,647		266		411
Foreign corporate private securities	814		27		66	1,265		131		127	2,079		158		193
Residential mortgage-backed	355		17		205	712		124		416	1,067		141		621
Commercial mortgage-backed	355		36		72	2,062		382		475	2,417		418		547
Other asset-backed	120		5		36	1,145		80		390	1,265		85		426
Total	$	4,685	$	228	946	$	12,400	$	2,169	3,100	$	17,085	$	2,397	4,046

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, 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	$	223	$	30	18	$	2	$	1	3	$	225	$	31	21
U.S. Government, agencies and authorities	30		3		3	—		—		—	30		3		3
State, municipalities and political subdivisions	545		85		276	15		7		16	560		92		292
U.S. corporate public securities	4,290		613		901	998		419		360	5,288		1,032		1,261
U.S. corporate private securities	2,819		264		312	331		64		32	3,150		328		344
Foreign corporate public securities and foreign governments	1,509		201		348	298		116		93	1,807		317		441
Foreign corporate private securities	2,203		173		200	52		11		6	2,255		184		206
Residential mortgage-backed	1,065		78		441	328		75		215	1,393		153		656
Commercial mortgage-backed	1,792		252		373	759		127		189	2,551		379		562
Other asset-backed	912		68		281	360		41		155	1,272		109		436
Total	$	15,388	$	1,767	3,153	$	3,143	$	861	1,069	$	18,531	$	2,628	4,222

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 June 30,
	2023				2022
	Impairment		No. of Securities		Impairment		No. of Securities
Residential mortgage-backed	$	2	$	32	$	2	$	17
Commercial mortgage-backed	4		3		—		—
Total	$	6	35		$	2	17
	Six Months Ended June 30,
	2023				2022
	Impairment		No. of Securities		Impairment		No. of Securities
Residential mortgage-backed	2		34		7		25
Commercial mortgage-backed	4		3		—		—
Total	$	6	37		$	7	25

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 June 30, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	54	$	124	$	—	$	—	$	—	$	178
2022	210		289		68		—		—		567
2021	188		205		199		—		—		592
2020	131		128		9		10		—		278
2019	166		65		20		—		—		251
2018	120		33		4		—		—		157
2017 and prior	1,788		346		5		—		—		2,139
Total	$	2,657	$	1,190	$	305	$	10	$	—	$	4,162

	As of December 31, 2022
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2022	$	210	$	283	$	63	$	—	$	—	$	556
2021	187		229		239		10		—		665
2020	98		170		24		10		—		302
2019	167		72		20		—		—		259
2018	123		34		3		—		—		160
2017 and prior	1,866		399		20		—		—		2,285
Total	$	2,651	$	1,187	$	369	$	20	$	—	$	4,227

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 June 30, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	53	$	65	$	60	$	—	$	178
2022	210		62		191		104		567
2021	201		18		45		328		592
2020	199		20		5		54		278
2019	137		30		79		5		251
2018	88		19		50		—		157
2017 and prior	1,525		268		160		186		2,139
Total	$	2,413	$	482	$	590	$	677	$	4,162

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

	As of December 31, 2022
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2022	$	278	$	89	$	171	$	18	$	556
2021	212		24		248		181		665
2020	211		9		10		72		302
2019	161		40		53		5		259
2018	93		21		46		—		160
2017 and prior	1,569		331		171		214		2,285
Total	$	2,524	$	514	$	699	$	490	$	4,227

*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 June 30, 2023
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2023	$	14	$	36	$	3	$	71	$	8	$	22	$	2	$	20	$	2	$	178
2022	114		116		46		88		101		81		1		1		19		567
2021	79		44		108		141		97		75		9		38		1		592
2020	63		135		14		8		8		30		—		6		14		278
2019	43		71		6		53		34		4		14		10		16		251
2018	28		53		48		7		7		9		—		5		—		157
2017 and prior	468		443		588		164		159		156		34		111		16		2,139
Total	$	809	$	898	$	813	$	532	$	414	$	377	$	60	$	191	$	68	$	4,162

	As of December 31, 2022
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2022	$	114	$	115	$	46	$	87	$	101	$	73	$	1	$	1	$	18	$	556
2021	79		53		112		139		97		117		9		37		22		665
2020	64		143		14		14		8		30		—		6		23		302
2019	47		73		6		54		34		5		14		10		16		259
2018	28		55		49		7		7		9		—		5		—		160
2017 and prior	485		466		607		196		172		192		34		116		17		2,285
Total	$	817	$	905	$	834	$	497	$	419	$	426	$	58	$	175	$	96	$	4,227

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 June 30, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	66	$	80	$	18	$	14	$	—	$	—	$	—	$	178
2022	72		234		220		25		10		6		—		567
2021	22		130		324		100		—		8		8		592
2020	50		48		64		116		—		—		—		278
2019	29		57		126		30		9		—		—		251
2018	34		67		29		11		—		16		—		157
2017 and prior	577		580		429		354		47		114		38		2,139
Total	$	850	$	1,196	$	1,210	$	650	$	66	$	144	$	46	$	4,162

	As of December 31, 2022
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2022	$	72	$	227	$	216	$	25	$	10	$	6	$	—	$	556
2021	23		144		382		100		—		8		8		665
2020	50		48		80		124		—		—		—		302
2019	29		58		128		33		11		—		—		259
2018	34		69		30		11		—		16		—		160
2017 and prior	633		620		456		372		48		117		39		2,285
Total	$	841	$	1,166	$	1,292	$	665	$	69	$	147	$	47	$	4,227

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:

	June 30, 2023		December 31, 2022
Allowance for credit losses, beginning of the period	$	14	$	11
Credit losses on mortgage loans for which credit losses were not previously recorded	2		2
Increase (decrease) on mortgage loans with allowance recorded in previous period	7		1
Provision for expected credit losses	23		14
Write-offs	—		—
Recoveries of amounts previously written off	—		—
Allowance for credit losses, end of period	$	23	$	14

Financing Receivable, Past Due

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

	June 30, 2023		December 31, 2022
Delinquency:
Current	$	4,162	$	4,227
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	—		—
Total	$	4,162	$	4,227

Net Investment Income

Net Investment Income

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed maturities	$	318	$	360	$	651	$	709
Equity securities	3		3		6		5
Mortgage loans on real estate	49		45		97		89
Policy loans	2		2		4		4
Short-term investments and cash equivalents	2		—		4		1
Limited partnerships and other	30		28		44		96
Gross investment income	404		438		806		904
Less: Investment expenses	17		18		35		35
Net investment income	$	387	$	420	$	771	$	869

Realized Gain (Loss) on Investments

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed maturities, available-for-sale, including securities pledged	$	(15)	$	(3)	$	(24)	$	(62)
Fixed maturities, at fair value option	(111)		(133)		(100)		(308)
Equity securities, at fair value	(2)		(17)		(6)		(21)
Derivatives	85		5		57		57
Embedded derivatives - fixed maturities	(1)		(1)		—		(3)
Other derivatives, net	—		11		—		18
Managed custody guarantees	—		1		3		(2)
Mortgage loans	(8)		1		(8)		4
Other investments	(1)		—		—		(1)
Net gains (losses)	$	(53)	$	(136)	$	(78)	$	(318)

Gain (Loss) on Securities

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Proceeds on sales	$	1,252	$	574	$	2,132	$	1,444
Gross gains	17		8		29		18
Gross losses	18		8		39		33

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 June 30,
	2023				2022
	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 Net gains/(losses)		Net investment income/(loss)		Net investment income and Net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(5)	$	—	$	45
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		3
	Six Months Ended June 30,
	2023				2022
	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 Net gains/(losses)		Net investment income/(loss)		Net investment income and Net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(15)	$	(1)	$	51
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		4		—		5

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 June 30,
	2023				2022
	Net investment income/(loss)		Net gains/(losses)		Net investment income/(loss)		Net gains/(losses)
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	387	$	(53)	$	420	$	(136)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		3		—
	Six Months Ended June 30,
	2023				2022
	Net investment income/(loss)		Net gains/(losses)		Net investment income/(loss)		Net gains/(losses)
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	771	(78)		$	869	(318)
Derivatives: Qualifying for hedge accounting
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	4		—		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) on Derivative	Three Months Ended June 30,
		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	84	$	6
Foreign exchange contracts	Net gains (losses)	—		3
Credit contracts	Net gains (losses)	1		(4)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		(1)
Managed custody guarantees	Net gains (losses)	—		1
Total		$	84	$	5
	Location of Gain or (Loss) Recognized in Income on Derivative	Six Months Ended June 30,
		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	57	$	57
Foreign exchange contracts	Net gains (losses)	—		4
Credit contracts	Net gains (losses)	—		(4)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	—		(3)
Managed custody guarantees	Net gains (losses)	3		(2)
Total		$	60	$	52

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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

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

	June 30, 2023						December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	35	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	620		44		3		596		58		2
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	20,966		302		341		12,470		262		327
Foreign exchange contracts	55		3		—		45		2		—
Credit contracts	138		—		3		141		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		1		—		N/A		2		—
Managed custody guarantees(3)	N/A		—		3		N/A		—		6
Total			$	350	$	350			$	324	$	337

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

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

(3) Included in 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:

	June 30, 2023
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	138	$	—	$	3
Foreign exchange contracts	675		47		3
Interest rate contracts	18,692		302		340
			349		346
Counterparty netting(1)			(306)		(306)
Cash collateral netting(1)			(37)		(36)
Securities collateral netting(1)			(5)		(4)
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.

	December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value
Credit contracts	$	141	$	—	$	2
Foreign exchange contracts	641		60		2
Interest rate contracts	8,736		261		327
			321		331
Counterparty netting(1)			(263)		(263)
Cash collateral netting(1)			(51)		(64)
Securities collateral netting(1)			(6)		(1)
Net receivables/payables			$	1	$	3

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

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

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 June 30,
	2023				2022
	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 Net gains/(losses)		Net investment income/(loss)		Net investment income and Net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(5)	$	—	$	45
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		3
	Six Months Ended June 30,
	2023				2022
	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 Net gains/(losses)		Net investment income/(loss)		Net investment income and Net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(15)	$	(1)	$	51
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		4		—		5

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 June 30,
	2023				2022
	Net investment income/(loss)		Net gains/(losses)		Net investment income/(loss)		Net gains/(losses)
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	387	$	(53)	$	420	$	(136)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		3		—
	Six Months Ended June 30,
	2023				2022
	Net investment income/(loss)		Net gains/(losses)		Net investment income/(loss)		Net gains/(losses)
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	771	(78)		$	869	(318)
Derivatives: Qualifying for hedge accounting
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	4		—		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) on Derivative	Three Months Ended June 30,
		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	84	$	6
Foreign exchange contracts	Net gains (losses)	—		3
Credit contracts	Net gains (losses)	1		(4)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		(1)
Managed custody guarantees	Net gains (losses)	—		1
Total		$	84	$	5
	Location of Gain or (Loss) Recognized in Income on Derivative	Six Months Ended June 30,
		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	57	$	57
Foreign exchange contracts	Net gains (losses)	—		4
Credit contracts	Net gains (losses)	—		(4)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	—		(3)
Managed custody guarantees	Net gains (losses)	3		(2)
Total		$	60	$	52

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Financial Services, Insurance, ASU 2018-12 Transition (Tables)

6 Months Ended

Jun. 30, 2023

ASU 2018-12 Transition [Abstract]

Liability for Future Policy Benefit, Activity

6.     Reserves for Contract Owner Account Balances

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

	Wealth Solutions Deferred Group and Individual Annuity
	June 30, 2023		December 31, 2022
Balance at January 1	$	27,951	$	27,095
Deposits	1,126		2,850
Fee income	(4)		(8)
Surrenders and withdrawals	(2,398)		(3,774)
Benefit payments	(64)		(113)
Net transfers from (to) separate accounts	72		1,174
Interest credited	364		714
Other	6		13
Ending Balance	$	27,053	$	27,951

Weighted-average crediting rate	2.7		%	2.6		%
Net amount at risk (1)	$	121		$	154
Cash surrender value	$	26,680		$	27,567

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

The following table shows a reconciliation of the Contract owner account balances for deferred group and individual annuities to the Future policy benefits and Contract owner accounts balances on the Condensed Consolidated Balance Sheets for the periods indicated:

	June 30, 2023		December 31, 2022
Wealth Solutions Deferred group and individual annuity (Contract owner account balances)	$	27,053	$	27,951
Other (Future policy benefits and Contract owner account balances)	4,817		4,991
Ending balance	$	31,870	$	32,942

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of June 30, 2023, and the respective guaranteed minimum interest rates ("GMIRs"):

	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
Guaranteed minimum interest rate
Up to 1.00%	$	13	$	6,159	$	2,715	$	1,863	$	829	$	741	$	12,320
1.01% - 2.00%	147		89		47		3		—		1		287
2.01% - 3.00%	6,670		31		1		—		—		—		6,702
3.01% - 4.00%	8,123		—		—		—		—		—		8,123
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	390		—		—		—		3		—		393
Total discretionary rate setting products	$	15,347	$	6,279	$	2,763	$	1,866	$	832	$	742	$	27,829

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

(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after June 30, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of December 31, 2022, and the respective GMIRs:

	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
Guaranteed minimum interest rate
Up to 1.00%	$	5,349	$	2,857	$	1,903	$	1,112	$	1,461	$	102	$	12,784
1.01% - 2.00%	246		27		34		1		—		1		309
2.01% - 3.00%	7,188		11		1		—		—		—		7,200
3.01% - 4.00%	8,329		—		—		—		—		—		8,329
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	391		—		—		—		3		—		394
Total discretionary rate setting products	$	21,507	$	2,895	$	1,938	$	1,113	$	1,464	$	103	$	29,020

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

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

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2023:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	230		$	54		$	—		$	284
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			589			—			589
U.S. corporate public securities	—			5,767			13			5,780
U.S. corporate private securities	—			2,303			1,305			3,608
Foreign corporate public securities and foreign governments(1)	—			2,007			—			2,007
Foreign corporate private securities (1)	—			2,017			333			2,350
Residential mortgage-backed securities	—			2,581			49			2,630
Commercial mortgage-backed securities	—			2,471			—			2,471
Other asset-backed securities	—			1,370			32			1,402
Total fixed maturities, including securities pledged	230			19,189			1,732			21,151
Equity securities	13			—			114			127
Derivatives:
Interest rate contracts	—			302			—			302
Foreign exchange contracts	—			47			—			47
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,319			1			—			1,320
Assets held in separate accounts	80,223			5,502			344			86,069
Total assets	$	81,785		$	25,041		$	2,190		$	109,016
Percentage of Level to Total	75		%	23		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	3		$	3
Derivatives:
Interest rate contracts	4			337			—			341
Foreign exchange contracts	—			3			—			3
Credit contracts	—			3			—			3
Total liabilities	$	4		$	343		$	3		$	350

(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, 2022:

	Level 1			Level 2			Level 3			Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	291		$	86		$	—		$	377
U.S. Government agencies and authorities	—			30			—			30
State, municipalities and political subdivisions	—			600			—			600
U.S. corporate public securities	—			5,925			13			5,938
U.S. corporate private securities	—			2,212			1,356			3,568
Foreign corporate public securities and foreign governments(1)	—			2,064			2			2,066
Foreign corporate private securities (1)	—			2,099			339			2,438
Residential mortgage-backed securities	—			2,873			20			2,893
Commercial mortgage-backed securities	—			2,599			—			2,599
Other asset-backed securities	—			1,258			52			1,310
Total fixed maturities, including securities pledged	291			19,746			1,782			21,819
Equity securities	16			—			117			133
Derivatives:
Interest rate contracts	1			261			—			262
Foreign exchange contracts	—			60			—			60
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,407			—			—			1,407
Assets held in separate accounts	72,065			5,227			347			77,639
Total assets	$	73,780		$	25,294		$	2,246		$	101,320
Percentage of Level to total	73		%	25		%	2		%	100		%
Liabilities:
Stabilizer and MCGs	$	—		$	—		$	6		$	6
Derivatives:
Interest rate contracts	2			325			—			327
Foreign exchange contracts	—			2			—			2
Credit contracts	—			2			—			2
Total liabilities	$	2		$	329		$	6		$	337

(1) Primarily U.S. dollar denominated.

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

6 Months Ended

Jun. 30, 2023

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

Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:

	DAC		VOBA
	Wealth Solutions Deferred and Individual Annuities
Balance as of January 1, 2022	$	573	$	375
Deferrals of commissions and expenses	54		4
Amortization expense	(49)		(31)
Balance as of December 31, 2022	$	578	$	348
Deferrals of commissions and expenses	27		2
Amortization expense	(23)		(15)
Balance as of June 30, 2023	$	582	$	335

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

	June 30, 2023		December 31, 2022
DAC:
Wealth Solutions Deferred and Individual Annuities	$	582	$	578
Other	11		12
VOBA	335		348
Total	$	928	$	938

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Other Income and Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

	Six Months Ended June 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	246		$	(52)	$	194
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	19			(4)		15
Change in unrealized gains (losses) on available-for-sale securities	265			(56)		209
Derivatives:
Derivatives	(15)		(1)	3		(12)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(10)			2		(8)
Change in unrealized gains (losses) on derivatives	(25)			5		(20)
Change in current discount rate	11			(2)		9
Change in Accumulated other comprehensive income (loss)	$	251		$	(53)	$	198

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

	Three Months Ended June 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,828)		$	384	$	(1,444)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	17			(3)		14
Change in unrealized gains (losses) on available-for-sale securities	(1,811)			381		(1,430)
Derivatives:
Derivatives	44		(1)	(9)		35
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	39			(8)		31
Change in current discount rate	15			(4)		11
Change in Accumulated other comprehensive income (loss)	(1,757)			369		(1,388)

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

	Six Months Ended June 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(3,767)		$	791	$	(2,976)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	77			(16)		61
Change in unrealized gains (losses) on available-for-sale securities	(3,690)			775		(2,915)
Derivatives:
Derivatives	49		(1)	(10)		39
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(10)			2		(8)
Change in unrealized gains (losses) on derivatives	39			(8)		31
Change in current discount rate	31			(7)		24
Change in Accumulated other comprehensive income (loss)	$	(3,620)		$	760	$	(2,860)

(1) 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:

	June 30,
	2023		2022
Fixed maturities, net of impairment	$	(2,279)	$	(1,565)
Derivatives(1)	87		116
Change in current discount rate	(338)		(360)
Deferred income tax asset (liability)	660		508
Total	(1,870)		(1,301)
Pension and other postretirement benefits liability, net of tax	1		3
AOCI	$	(1,869)	$	(1,298)

(1) Gains and losses reported in Accumulated Other Comprehensive Income (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 June 30, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $17.

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)

6 Months Ended

Jun. 30, 2023

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:

	June 30, 2023		December 31, 2022
Fixed maturity collateral pledged to FHLB(1)	$	1,140	$	997
FHLB restricted stock(2)	36		35
Other fixed maturities-state deposits	11		11
Cash and cash equivalents	2		2
Securities pledged(3)	789		792
Total restricted assets	$	1,978	$	1,837

(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 $657 and $690 as of June 30, 2023 and December 31, 2022, respectively. In addition, as of June 30, 2023 and December 31, 2022, the Company delivered securities as collateral of $132 and $102, 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) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Dec. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Deferred Policy Acquisition Cost		$ 928		$ 928		$ 938
Present Value of Future Insurance Profits, Net		335		335		348	$ 375
Revenue from other sources (non-financial services revenue)		118	$ 128	231	$ 263
Total Fee income and Other revenue		250	263	493	537
Revenue from Contract with Customer, Excluding Assessed Tax		132	135	262	274
Accounting Standards Update 2014-09
Accounts Receivable, after Allowance for Credit Loss		76		76		90
Recordkeeping Administration
Revenue from Contract with Customer, Excluding Assessed Tax		114	114	226	232
Distribution Fees
Revenue from Contract with Customer, Excluding Assessed Tax		18	$ 21	36	$ 42
Retirement
Deferred Policy Acquisition Cost		$ 582		$ 582		$ 578	$ 573
Previously Reported [Member]
Present Value of Future Insurance Profits, Net	$ 40
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	4,897
Previously Reported [Member] | Retirement
Deferred Policy Acquisition Cost	129
Revision of Prior Period, Adjustment [Member]
Present Value of Future Insurance Profits, Net								$ 426
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest								5,518
Revision of Prior Period, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss)
Present Value of Future Insurance Profits, Net	386
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,018
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	(339)
Revision of Prior Period, Adjustment [Member] | Retained Earnings (Deficit)
Market Risk Benefit, after Increase (Decrease) from Instrument-Specific Credit Risk	(61)
Other Adjustments	3
Revision of Prior Period, Adjustment [Member] | Retirement
Deferred Policy Acquisition Cost								$ 568
Revision of Prior Period, Adjustment [Member] | Retirement | Accumulated Other Comprehensive Income (Loss)
Deferred Policy Acquisition Cost	439
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	621
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | Accumulated Other Comprehensive Income (Loss)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	679
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 [Member] | Retained Earnings (Deficit)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ (58)

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Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities pledged, amortized costs	$ 875	$ 894
Debt Securities, Available-for-sale, Allowance for Credit Loss	12	7
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	303	404
Fixed maturities, Gross Unrealized Capital Gains	4	4
Fixed maturities, Gross Unrealized Capital Losses	23	31
Embedded Derivatives	0	0
Fair Value	284	377
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
OTTI		0
US Treasury and Government
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	33	33
Fixed maturities, Gross Unrealized Capital Gains	0	0
Fixed maturities, Gross Unrealized Capital Losses	3	3
Embedded Derivatives	0	0
Fair Value	30	30
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
OTTI		0
State, municipalities and political subdivisions
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	664	691
Fixed maturities, Gross Unrealized Capital Gains	1	1
Fixed maturities, Gross Unrealized Capital Losses	76	92
Embedded Derivatives	0	0
Fair Value	589	600
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
OTTI		0
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	6,641	6,938
Fixed maturities, Gross Unrealized Capital Gains	42	32
Fixed maturities, Gross Unrealized Capital Losses	902	1,032
Embedded Derivatives	0	0
Fair Value	5,780	5,938
Debt Securities, Available-for-sale, Allowance for Credit Loss	1
OTTI		0
U.S. corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	3,914	3,885
Fixed maturities, Gross Unrealized Capital Gains	19	11
Fixed maturities, Gross Unrealized Capital Losses	325	328
Embedded Derivatives	0	0
Fair Value	3,608	3,568
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
OTTI		0
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	2,262	2,380
Fixed maturities, Gross Unrealized Capital Gains	14	9
Fixed maturities, Gross Unrealized Capital Losses	266	317
Embedded Derivatives	0	0
Fair Value	2,007	2,066
Debt Securities, Available-for-sale, Allowance for Credit Loss	3
OTTI		6
Foreign corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	2,495	2,617
Fixed maturities, Gross Unrealized Capital Gains	14	6
Fixed maturities, Gross Unrealized Capital Losses	158	184
Embedded Derivatives	0	0
Fair Value	2,350	2,438
Debt Securities, Available-for-sale, Allowance for Credit Loss	1
OTTI		1
Residential mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	2,748	3,023
Fixed maturities, Gross Unrealized Capital Gains	22	21
Fixed maturities, Gross Unrealized Capital Losses	141	153
Embedded Derivatives	(1)	(2)
Fair Value	2,630	2,893
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
OTTI		0
Commercial mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	2,896	2,978
Fixed maturities, Gross Unrealized Capital Gains	0	0
Fixed maturities, Gross Unrealized Capital Losses	418	379
Embedded Derivatives	0	0
Fair Value	2,471	2,599
Debt Securities, Available-for-sale, Allowance for Credit Loss	7
OTTI		0
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	1,485	1,418
Fixed maturities, Gross Unrealized Capital Gains	2	1
Fixed maturities, Gross Unrealized Capital Losses	85	109
Embedded Derivatives	0	0
Fair Value	1,402	1,310
Debt Securities, Available-for-sale, Allowance for Credit Loss	0
OTTI		0
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	23,441	24,367
Fixed maturities, Gross Unrealized Capital Gains	118	85
Fixed maturities, Gross Unrealized Capital Losses	2,397	2,628
Embedded Derivatives	(1)	(2)
Fair Value	21,151	21,819
Total fixed maturities, less securities pledged, Amortized Cost	22,566	23,473
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains	118	82
Total fixed maturities, less securities pledged, Fair Value	20,362	21,027
Debt Securities, Available-for-sale, Allowance for Credit Loss	12
OTTI	12	7
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses	2,311	2,523
Collateral Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities pledged	789	792
Collateral Pledged | Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Embedded Derivatives	0	0
Securities pledged, amortized costs	875	894
Securities pledged, Gross Unrealized Capital Gains	0	3
Securities pledged	789	792
Debt Securities, Available-for-sale, Allowance for Credit Loss	0	0
Available-for-sale Securities, Pledged as Collateral, Debt Securities, Unrecognized Holding Loss	$ 86	$ 105

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Investments - Debt Maturities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale Securities Including Securities Pledged [Line Items]
Fixed Maturities, single issuers in excess of total equity	no
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
One year or less, Amortized Cost	$ 464
One year or less, Fair Value	459
After one year through five years, Amortized Cost	3,143
After one year through five years, Fair Value	2,976
After five years through ten years, Amortized Cost	3,153
After five years through ten years, Fair Value	2,941
After ten years, Amortized Cost	9,552
After ten years, Fair Value	8,272
Amortized Cost	23,441	$ 24,367
Fixed maturities, including securities pledged	$ 21,151	$ 21,819
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	55.20%	46.90%
Without single maturity date, Amortized Cost	$ 5,644
Without single maturity date, Fair Value	5,101
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Without single maturity date, Amortized Cost	1,485
Without single maturity date, Fair Value	1,402
Amortized Cost	1,485	$ 1,418
Fixed maturities, including securities pledged	$ 1,402	$ 1,310

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Investments - Composition of US and Foreign Corporate Securities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Collateral Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities Sold under Agreements to Repurchase, Asset	$ 0
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	55.20%	46.90%
Communications
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	$ 936	$ 911
Gross Unrealized Capital Gains	15	8
Gross Unrealized Capital Losses	98	117
Fair Value	853	802
Financial
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	3,042	3,155
Gross Unrealized Capital Gains	23	16
Gross Unrealized Capital Losses	375	406
Fair Value	2,690	2,765
Industrial and other companies
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	6,017	6,344
Gross Unrealized Capital Gains	21	10
Gross Unrealized Capital Losses	676	774
Fair Value	5,362	5,580
Energy
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	1,502	1,486
Gross Unrealized Capital Gains	15	11
Gross Unrealized Capital Losses	114	131
Fair Value	1,403	1,366
Utilities
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	2,604	2,665
Gross Unrealized Capital Gains	9	9
Gross Unrealized Capital Losses	272	291
Fair Value	2,341	2,383
Transportation
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	875	915
Gross Unrealized Capital Gains	5	1
Gross Unrealized Capital Losses	81	100
Fair Value	799	816
Total
Available-for-sale Securities Including Securities Pledged [Line Items]
Amortized Cost	14,976	15,476
Gross Unrealized Capital Gains	88	55
Gross Unrealized Capital Losses	1,616	1,819
Fair Value	$ 13,448	$ 13,712

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Investments - Repurchase Agreement, Securities Lending, VIEs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
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	$ 138	$ 103
Payables under securities loan agreements, including collateral held	876	921
Securities pledged as collateral
Available-for-sale Securities Including Securities Pledged [Line Items]
Fair value of loaned securities	657	690
Short-term Investments
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities received as collateral	540	615
Cash collateral, included in Payables
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	540	615
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	26	51
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	449	466
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	202	201
Payables under securities loan agreements
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	678	718
Short-term Investments
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) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2023 USD ($) securities	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($) securities	Jun. 30, 2023 USD ($) securities	Jun. 30, 2022 USD ($) securities
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2023		$ 7		$ 7	$ 48
Credit losses on securities for which credit losses were not previously recorded		(6)		(7)
Financing Receivable, Allowance for Credit Loss, Sale		49		(2)
Increase (decrease) on securities with allowance recorded in previous period		2
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings	$ 6		$ 2	$ 6	$ 7
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Number of Securities | securities	35		17	37	25
Residential mortgage-backed
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2023		0		$ 0	$ 1
Credit losses on securities for which credit losses were not previously recorded		0
Financing Receivable, Allowance for Credit Loss, Sale		0
Increase (decrease) on securities with allowance recorded in previous period		(1)
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings	$ 2		$ 2	$ 2	$ 7
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Number of Securities | securities	32		17	34	25
Commercial mortgage-backed
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2023		0		$ 0
Credit losses on securities for which credit losses were not previously recorded				(7)
Reductions for securities sold during the period				0
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings	$ 4		$ 0	$ 4	$ 0
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Number of Securities | securities	3		0	3	0
Foreign corporate private securities
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2023		1		$ 1	$ 47
Credit losses on securities for which credit losses were not previously recorded		0		0
Financing Receivable, Allowance for Credit Loss, Sale		49		0
Increase (decrease) on securities with allowance recorded in previous period		3
Foreign corporate public securities and foreign governments
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2023		6		6	$ 0
Credit losses on securities for which credit losses were not previously recorded		(6)		(1)
Financing Receivable, Allowance for Credit Loss, Sale		0		(2)
Increase (decrease) on securities with allowance recorded in previous period		0
U.S. corporate public securities
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2023		$ 0		0
Credit losses on securities for which credit losses were not previously recorded				(1)
Reductions for securities sold during the period				$ 0

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Investments - Unrealized Capital Losses (Details) $ in Millions	Jun. 30, 2023 USD ($) securities	Dec. 31, 2022 USD ($) 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	946
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 2,397	$ 2,628
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 228
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	4,046	4,222
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	3,100	1,069
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 12,400	$ 3,143
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	4,685
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,169	861
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 17,085	18,531
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		15,388
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 1,767
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		3,153
Fair value decline below amortized cost greater than 20%
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	543
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 618
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	23
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 23	$ 31
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	33	21
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	10	3
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 81	$ 2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	120
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	20	1
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 201	225
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		223
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 30
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		18
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	76
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 76	$ 92
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 8
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	288	292
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	212	16
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 411	$ 15
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	155
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	68	7
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 566	560
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		545
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 85
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		276
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	278
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 902	$ 1,032
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 72
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	1,191	1,261
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	913	360
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 3,470	$ 998
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	1,345
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	830	419
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 4,815	5,288
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		4,290
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 613
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		901
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	95
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 325	$ 328
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 44
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	333	344
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	238	32
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 2,049	$ 331
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	949
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	281	64
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 2,998	3,150
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		2,819
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 264
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		312
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	94
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 266	$ 317
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 16
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	411	441
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	317	93
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 1,188	$ 298
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	459
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	250	116
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 1,647	1,807
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		1,509
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 201
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		348
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	66
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 158	$ 184
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 27
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	193	206
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	127	6
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 1,265	$ 52
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	814
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	131	11
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 2,079	2,255
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		2,203
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 173
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		200
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	205
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 141	$ 153
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 17
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	621	656
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	416	215
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 712	$ 328
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	355
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	124	75
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 1,067	1,393
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		1,065
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 78
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		441
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	72
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 418	$ 379
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 36
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	547	562
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	475	189
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 2,062	$ 759
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	355
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	382	127
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 2,417	2,551
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		1,792
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 252
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		373
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	36
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 85	$ 109
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 5
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	426	436
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	390	155
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 1,145	$ 360
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	120
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	80	41
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 1,265	1,272
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		912
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 68
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		281
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	1
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 0
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities	3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | securities	2
Debt Securities, Available-for-sale, Unrealized Loss Position	$ 17
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	13
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	3
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 30
US Treasury and Government
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss		$ 3
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | securities		3
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, 12 Months or Longer		0
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value		30
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		30
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		$ 3
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | securities		3

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Investments - Unrealized Capital Losses 1 (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) securities	Dec. 31, 2022 securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Available For Sale Securities Change in Loss Position | $	$ (231)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions	3,100	1,069
Fair value decline below amortized cost greater than 20%
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions	543

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Investments - OTTI (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) securities	Jun. 30, 2022 USD ($) securities	Jun. 30, 2023 USD ($) securities	Jun. 30, 2022 USD ($) securities
Available-for-sale Securities Including Securities Pledged [Line Items]
No. of Securities | securities	35	17	37	25
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings | $	$ 6	$ 2	$ 6	$ 7
Residential mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
No. of Securities | securities	32	17	34	25
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings | $	$ 2	$ 2	$ 2	$ 7
Commercial mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
No. of Securities | securities	3	0	3	0
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings | $	$ 4	$ 0	$ 4	$ 0

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Investments - Troubled Debt Restructuring (Details)	6 Months Ended
	Jun. 30, 2023 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%
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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 4,162	$ 4,227
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	$ 2,657	$ 2,651
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	$ 1,190	$ 1,187
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	$ 305	$ 369
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	$ 10	$ 20
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	$ 278	$ 302
Year of Origination 2020 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	131	98
Year of Origination 2020 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	128	170
Year of Origination 2020 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	9	24
Year of Origination 2020 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	10	10
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	251	259
Year of Origination 2019 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	166	167
Year of Origination 2019 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	65	72
Year of Origination 2019 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	20	20
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	157	160
Year of Origination 2018 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	120	123
Year of Origination 2018 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	33	34
Year of Origination 2018 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	4	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	2,139	2,285
Year of Origination 2017 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,788	1,866
Year of Origination 2017 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	346	399
Year of Origination 2017 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	5	20
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 2021
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	592	665
Year of Origination 2021 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	188	187
Year of Origination 2021 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	205	229
Year of Origination 2021 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	199	239
Year of Origination 2021 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	10
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	567	556
Year of Origination 2022 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	210	210
Year of Origination 2022 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	289	283
Year of Origination 2022 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	68	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	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	$ 0
Year of Origination 2023
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	178
Year of Origination 2023 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	54
Year of Origination 2023 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	124
Year of Origination 2023 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Year of Origination 2023 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Year of Origination 2023 | >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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	$ 4,162	$ 4,227
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	$ 2,413	$ 2,524
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	$ 482	$ 514
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	$ 590	$ 699
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	$ 677	$ 490
Year of Origination 2020
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	278	302
Year of Origination 2020 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	199	211
Year of Origination 2020 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	20	9
Year of Origination 2020 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	5	10
Year of Origination 2020 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	54	72
Year of Origination 2019
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	251	259
Year of Origination 2019 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	137	161
Year of Origination 2019 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	30	40
Year of Origination 2019 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	79	53
Year of Origination 2019 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	5	5
Year of Origination 2018
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	157	160
Year of Origination 2018 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	88	93
Year of Origination 2018 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	19	21
Year of Origination 2018 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	50	46
Year of Origination 2018 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	0	0
Year of Origination 2017
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	2,139	2,285
Year of Origination 2017 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	1,525	1,569
Year of Origination 2017 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	268	331
Year of Origination 2017 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	160	171
Year of Origination 2017 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	186	214
Year of Origination 2021
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	592	665
Year of Origination 2021 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	201	212
Year of Origination 2021 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	18	24
Year of Origination 2021 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	45	248
Year of Origination 2021 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	328	181
Year of Origination 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	567	556
Year of Origination 2022 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	210	278
Year of Origination 2022 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	62	89
Year of Origination 2022 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	191	171
Year of Origination 2022 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	104	$ 18
Year of Origination 2023
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	178
Year of Origination 2023 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	53
Year of Origination 2023 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	65
Year of Origination 2023 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans	60
Year of Origination 2023 | 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	Jun. 30, 2023	Dec. 31, 2022
Open Option Contracts Written [Line Items]
Commercial mortgage loans	$ 4,162	$ 4,227
Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	809	817
South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	898	905
Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	813	834
West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	532	497
Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	414	419
East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	377	426
New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	60	58
West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	191	175
East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	68	96
Year of Origination 2020
Open Option Contracts Written [Line Items]
Commercial mortgage loans	278	302
Year of Origination 2020 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	63	64
Year of Origination 2020 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	135	143
Year of Origination 2020 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	14	14
Year of Origination 2020 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	8	14
Year of Origination 2020 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	8	8
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	0
Year of Origination 2020 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	6	6
Year of Origination 2020 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	14	23
Year of Origination 2019
Open Option Contracts Written [Line Items]
Commercial mortgage loans	251	259
Year of Origination 2019 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	43	47
Year of Origination 2019 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	71	73
Year of Origination 2019 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	6	6
Year of Origination 2019 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	53	54
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	5
Year of Origination 2019 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	14	14
Year of Origination 2019 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	10	10
Year of Origination 2019 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	16	16
Year of Origination 2018
Open Option Contracts Written [Line Items]
Commercial mortgage loans	157	160
Year of Origination 2018 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	28	28
Year of Origination 2018 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	53	55
Year of Origination 2018 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	48	49
Year of Origination 2018 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	7	7
Year of Origination 2018 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	7	7
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	2,139	2,285
Year of Origination 2017 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	468	485
Year of Origination 2017 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	443	466
Year of Origination 2017 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	588	607
Year of Origination 2017 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	164	196
Year of Origination 2017 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	159	172
Year of Origination 2017 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	156	192
Year of Origination 2017 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	34	34
Year of Origination 2017 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	111	116
Year of Origination 2017 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	16	17
Year of Origination 2021
Open Option Contracts Written [Line Items]
Commercial mortgage loans	592	665
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	44	53
Year of Origination 2021 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	108	112
Year of Origination 2021 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	141	139
Year of Origination 2021 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	97	97
Year of Origination 2021 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	75	117
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	38	37
Year of Origination 2021 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	1	22
Year of Origination 2022
Open Option Contracts Written [Line Items]
Commercial mortgage loans	567	556
Year of Origination 2022 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	114	114
Year of Origination 2022 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	116	115
Year of Origination 2022 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	46	46
Year of Origination 2022 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	88	87
Year of Origination 2022 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	101	101
Year of Origination 2022 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	81	73
Year of Origination 2022 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	1	1
Year of Origination 2022 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	1	1
Year of Origination 2022 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	19	$ 18
Year of Origination 2023
Open Option Contracts Written [Line Items]
Commercial mortgage loans	178
Year of Origination 2023 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	14
Year of Origination 2023 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	36
Year of Origination 2023 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	3
Year of Origination 2023 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	71
Year of Origination 2023 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	8
Year of Origination 2023 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	22
Year of Origination 2023 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	2
Year of Origination 2023 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	20
Year of Origination 2023 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	$ 2

XML

Investments - Loans by Property Type (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 4,162	$ 4,227
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	850	841
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,196	1,166
Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,210	1,292
Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	650	665
Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	66	69
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	144	147
Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	46	47
Year of Origination 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	278	302
Year of Origination 2020 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	50	50
Year of Origination 2020 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	48	48
Year of Origination 2020 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	64	80
Year of Origination 2020 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	116	124
Year of Origination 2020 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2020 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2020 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	251	259
Year of Origination 2019 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	29	29
Year of Origination 2019 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	57	58
Year of Origination 2019 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	126	128
Year of Origination 2019 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	30	33
Year of Origination 2019 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	9	11
Year of Origination 2019 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2019 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	157	160
Year of Origination 2018 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	34	34
Year of Origination 2018 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	67	69
Year of Origination 2018 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	29	30
Year of Origination 2018 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	11	11
Year of Origination 2018 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2018 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	16	16
Year of Origination 2018 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2017
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	2,139	2,285
Year of Origination 2017 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	577	633
Year of Origination 2017 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	580	620
Year of Origination 2017 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	429	456
Year of Origination 2017 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	354	372
Year of Origination 2017 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	47	48
Year of Origination 2017 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	114	117
Year of Origination 2017 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	38	39
Year of Origination 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	592	665
Year of Origination 2021 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	22	23
Year of Origination 2021 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	130	144
Year of Origination 2021 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	324	382
Year of Origination 2021 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	100	100
Year of Origination 2021 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	0
Year of Origination 2021 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	8	8
Year of Origination 2021 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	8	8
Year of Origination 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	567	556
Year of Origination 2022 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	72	72
Year of Origination 2022 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	234	227
Year of Origination 2022 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	220	216
Year of Origination 2022 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	25	25
Year of Origination 2022 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	10	10
Year of Origination 2022 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	6	6
Year of Origination 2022 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0	$ 0
Year of Origination 2023
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	178
Year of Origination 2023 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	66
Year of Origination 2023 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	80
Year of Origination 2023 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	18
Year of Origination 2023 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	14
Year of Origination 2023 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Year of Origination 2023 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	0
Year of Origination 2023 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 0

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Investments - Allowance for Losses for Commercial Mortgage Loans (Details) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2023	$ 7	$ 7	$ 48
Credit losses on mortgage loans for which credit losses were not previously recorded	6	$ 7
Increase (decrease) on mortgage loans with allowance recorded in previous period	2
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, 2023	$ 14	14	11
Credit losses on mortgage loans for which credit losses were not previously recorded		2	2
Increase (decrease) on mortgage loans with allowance recorded in previous period		7	1
Premium Receivable, Credit Loss Expense (Reversal)		23	14
Write-offs		0	0
Recoveries of amounts previously written off		$ 0	$ 0
Troubled debt restructuring, number of contracts | loan		0

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Investments - Past due commercial mortgage loans (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current
Financing Receivable, Past Due [Line Items]
Past due commercial mortgage loans	$ 4,162	$ 4,227
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
Total Segment
Financing Receivable, Past Due [Line Items]
Past due commercial mortgage loans	$ 4,162	$ 4,227

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Investments - Net Investment Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 404,000,000	$ 438,000,000	$ 806,000,000	$ 904,000,000
Less: investment expense	17,000,000	18,000,000	35,000,000	35,000,000
Net investment income	387,000,000	420,000,000	771,000,000	869,000,000
Realized capital gains (losses)	(53,000,000)	(136,000,000)	(78,000,000)	(318,000,000)
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	318,000,000	360,000,000	651,000,000	709,000,000
Investments in fixed maturities that did not produce net income	10,000,000		10,000,000		$ 8,000,000
Equity securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	3,000,000	3,000,000	6,000,000	5,000,000
Mortgage loans on real estate
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	49,000,000	45,000,000	97,000,000	89,000,000
Realized capital gains (losses)	(1,000,000)	0
Policy loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	2,000,000	2,000,000	4,000,000	4,000,000
Short-term investments and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	2,000,000	0	4,000,000	1,000,000
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	30,000,000	28,000,000	44,000,000	96,000,000
Realized capital gains (losses)	$ (53,000,000)	$ (136,000,000)	$ 0	$ (1,000,000)

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Investments - Net Realized Capital Gains (Losses) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ (53,000,000)	$ (136,000,000)	$ (78,000,000)	$ (318,000,000)
Available for Sale Securities, Gross Realized Gains (Losses), Proceeds on Sales	1,252,000,000	574,000,000
Debt Securities, Available-for-Sale, Realized Gain	17,000,000	8,000,000	29,000,000	18,000,000
Debt Securities, Available-for-Sale, Realized Loss	18,000,000	8,000,000	39,000,000	33,000,000
Gain (Loss) on Securities [Line Items]
Available for Sale Securities, Gross Realized Gains (Losses), Proceeds on Sales	1,252,000,000	574,000,000
Proceeds on sales			2,132,000,000	1,444,000,000
Debt Securities, Available-for-Sale, Realized Gain	17,000,000	8,000,000	29,000,000	18,000,000
Debt Securities, Available-for-Sale, Realized Loss	18,000,000	8,000,000	39,000,000	33,000,000
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(1,000,000)	(1,000,000)	0	(3,000,000)
Mortgages [Member]
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)			(8,000,000)	4,000,000
Stabilizer and Managed Custody Guarantees
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(8,000,000)	1,000,000
Other derivatives, net
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	0	11,000,000	0	18,000,000
Standalone derivatives
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	0	1,000,000	3,000,000	(2,000,000)
Derivatives
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	85,000,000	5,000,000	57,000,000	57,000,000
Other investments
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(53,000,000)	(136,000,000)	0	(1,000,000)
Mortgages [Member]
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(1,000,000)	0
Fixed Maturities, Available-for-sale, Including Securities Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(15,000,000)	(3,000,000)	(24,000,000)	(62,000,000)
Fixed Maturities, at Fair Value Using the Fair Value Option
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(111,000,000)	(133,000,000)	(100,000,000)	(308,000,000)
Equity securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ (2,000,000)	$ (17,000,000)	$ (6,000,000)	$ (21,000,000)

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Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	$ 350	$ 324
Derivatives, Liability Fair Value	350	337
Credit contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	138	141
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	18,692	8,736
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	675	641
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	35	18
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges | Derivatives
Derivatives, Fair Value [Line Items]
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	620	596
Designated as Hedging Instrument | Foreign exchange contracts | Cash flow hedges | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	44	58
Derivatives, Liability Fair Value	3	2
Not Designated as Hedging Instrument | Credit contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	138	141
Not Designated as Hedging Instrument | Credit contracts | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	3	2
Not Designated as Hedging Instrument | Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	20,966	12,470
Not Designated as Hedging Instrument | Interest rate contracts | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	302	262
Derivatives, Liability Fair Value	341	327
Not Designated as Hedging Instrument | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	55	45
Not Designated as Hedging Instrument | Foreign exchange contracts | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	3	2
Derivatives, Liability Fair Value	0	0
Not Designated as Hedging Instrument | Fixed maturities
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	1	2
Derivatives, Liability Fair Value	0	0
Not Designated as Hedging Instrument | Stabilizer and Managed Custody Guarantees
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	$ 3	$ 6

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Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Offsetting Assets and liabilities [Line Items]
Asset Fair Value	$ 349	$ 321
Liability Fair Value	346	331
Counterparty netting, Assets	(306)	(263)
Counterparty netting, Liabilities	(306)	(263)
Cash collateral netting, Assets	(37)	(51)
Cash collateral netting, Liabilities	(36)	(64)
Securities collateral netting, Assets	(5)	(6)
Securities collateral netting, Liabilities	(4)	(1)
Net receivables	1	1
Net payables	0	3
Foreign exchange contracts
Offsetting Assets and liabilities [Line Items]
Notional Amount	675	641
Asset Fair Value	47	60
Liability Fair Value	3	2
Interest rate contracts
Offsetting Assets and liabilities [Line Items]
Notional Amount	18,692	8,736
Asset Fair Value	302	261
Liability Fair Value	340	327
Credit contracts
Offsetting Assets and liabilities [Line Items]
Notional Amount	138	141
Asset Fair Value	0	0
Liability Fair Value	$ 3	$ 2

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Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Securities pledged as collateral
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	$ 6	$ 7
Collateral Securities Repledged, Delivered, or Used	132	102
Over the Counter | Payables under securities loan agreement, including collateral held
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	41	50
Exchange Cleared | Payables under securities loan agreement, including collateral held
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	$ 38	$ 62

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Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivatives, Fair Value [Line Items]
Net Investment Income	$ 387	$ 420	$ 771	$ 869
Derivative, Gain (Loss) on Derivative, Net	84	5	60	52
Interest rate contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	84	6	57	57
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	0	0	0	(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
Foreign exchange contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	3	0	4
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	(5)	45	(15)	51
Foreign exchange contracts | Investment Income | Designated as Hedging Instrument | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	2	3	4	5
Net realized gains (losses) on derivatives			4	5
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
Foreign exchange contracts | Gain (Loss) on Investments | Designated as Hedging Instrument | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Fixed maturities
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1)	(1)	0	(3)
Managed Custody Guarantees
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	1	3	(2)
Credit contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 1	$ (4)	$ 0	$ (4)

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Financial Services, Insurance, ASU 2018-12 Transition (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 31,870	$ 32,942
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance [Line Items]
Policyholder Account Balance	15,347	21,507
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder Account Balance	6,279	2,895
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	2,763	1,938
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,866	1,113
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200
Policyholder Account Balance [Line Items]
Policyholder Account Balance	832	1,464
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	742	103
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	12,320	12,784
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance [Line Items]
Policyholder Account Balance	13	5,349
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder Account Balance	6,159	2,857
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	2,715	1,903
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,863	1,112
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200
Policyholder Account Balance [Line Items]
Policyholder Account Balance	829	1,461
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	741	102
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199
Policyholder Account Balance [Line Items]
Policyholder Account Balance	287	309
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance [Line Items]
Policyholder Account Balance	147	246
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder Account Balance	89	27
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	47	34
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150
Policyholder Account Balance [Line Items]
Policyholder Account Balance	3	1
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1	1
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299
Policyholder Account Balance [Line Items]
Policyholder Account Balance	6,702	7,200
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance [Line Items]
Policyholder Account Balance	6,670	7,188
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder Account Balance	31	11
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1	1
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399
Policyholder Account Balance [Line Items]
Policyholder Account Balance	8,123	8,329
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance [Line Items]
Policyholder Account Balance	8,123	8,329
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0300 to 0399 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	4	4
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance [Line Items]
Policyholder Account Balance	4	4
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months
Policyholder Account Balance [Line Items]
Policyholder Account Balance	393	394
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance [Line Items]
Policyholder Account Balance	390	391
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200
Policyholder Account Balance [Line Items]
Policyholder Account Balance	3	3
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Renewable Beyond 12 Months | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Total discretionary rate setting products
Policyholder Account Balance [Line Items]
Policyholder Account Balance	27,829	29,020
Retirement
Policyholder Account Balance [Line Items]
Policyholder Account Balance	27,053	27,951	$ 27,095
Policyholder Account Balance, Premium Received	1,126	2,850
Policyholder Account Balance, Policy Charge	(4)	(8)
Policyholder Account Balance, Surrender and Withdrawal	(2,398)	(3,774)
Policyholder Account Balance, Benefit Payment	(64)	(113)
Transfer to (from) Policyholder Account Balance (to) from Separate Account	72	1,174
Policyholder Account Balance, Interest Expense	364	714
Policyholder Account Balance, Increase (Decrease) from Other Change	$ 6	$ 13
Policyholder Account Balance, Weighted Average Crediting Rate	2.70%	2.60%
Policyholder Account Balance, Net Amount at Risk	$ 121	$ 154
Policyholder Account Balance, Cash Surrender Value	26,680	27,567
Other Segments
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 4,817	$ 4,991

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Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Reinsurance Payable					$ 3,033
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid	$ 2,938		$ 2,938		3,032
Direct Premiums Earned	7	$ 7	10	$ 10
Assumed Premiums Earned	0	0	0	0
Ceded Premiums Earned	(1)	(2)	(1)	(2)
Premiums	6	5	9	8
Policyholder Benefits and Claims Incurred, Direct	223	215	443	429
Policyholder Benefits and Claims Incurred, Assumed	1	2	2	3
Policyholder Benefits and Claims Incurred, Ceded	(46)	(14)	(83)	(53)
Policyholder Interest and Other Benefits, Net	178	$ 203	362	$ 379
Premiums receivable and reinsurance recoverable, net	(2)		(2)
Premiums Receivable, Net	$ 2,940		$ 2,940		$ (1)

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Reinsurance (Text) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Deposits Assets	$ 1,200	$ 1,300

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Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets:
Derivatives	$ 349	$ 322
Assets held in separate accounts	86,069	77,639
Liabilities:
Derivatives	347	331
U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	284	377
US Treasury and Government
Assets:
Fixed maturities, including securities pledged	30	30
State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	589	600
U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	5,780	5,938
U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	3,608	3,568
Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	2,007	2,066
Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	2,350	2,438
Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,630	2,893
Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,471	2,599
Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,402	1,310
Assets measured on recurring basis
Assets:
Fixed maturities, including securities pledged	21,151	21,819
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,320	1,407
Assets held in separate accounts	86,069	77,639
Total assets, fair value	$ 109,016	$ 101,320
Percentage of Level to total assets	100.00%	100.00%
Liabilities:
Total liabilities, fair value	$ 350	$ 337
Assets measured on recurring basis | Stabilizer and MCGs
Liabilities:
Product guarantees	3	6
Assets measured on recurring basis | Interest rate contracts
Assets:
Derivatives	302	262
Liabilities:
Derivatives	341	327
Assets measured on recurring basis | Foreign exchange contracts
Assets:
Derivatives	47	60
Liabilities:
Derivatives	3	2
Assets measured on recurring basis | Credit contracts
Liabilities:
Derivatives	3	2
Assets measured on recurring basis | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	284	377
Assets measured on recurring basis | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	30	30
Assets measured on recurring basis | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	589	600
Assets measured on recurring basis | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	5,780	5,938
Assets measured on recurring basis | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	3,608	3,568
Assets measured on recurring basis | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	2,007	2,066
Assets measured on recurring basis | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	2,350	2,438
Assets measured on recurring basis | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,630	2,893
Assets measured on recurring basis | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,471	2,599
Assets measured on recurring basis | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,402	1,310
Assets measured on recurring basis | Equity securities
Liabilities:
Equity Securities, FV-NI	127	133
Assets measured on recurring basis | Level 1
Assets:
Fixed maturities, including securities pledged	230	291
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,319	1,407
Assets held in separate accounts	80,223	72,065
Total assets, fair value	$ 81,785	$ 73,780
Percentage of Level to total assets	75.00%	73.00%
Liabilities:
Total liabilities, fair value	$ 4	$ 2
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	0	1
Liabilities:
Derivatives	4	2
Assets measured on recurring basis | Level 1 | Foreign exchange contracts
Assets:
Derivatives	0	0
Liabilities:
Derivatives	0	0
Assets measured on recurring basis | Level 1 | Credit contracts
Liabilities:
Derivatives	0	0
Assets measured on recurring basis | Level 1 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	230	291
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	13	16
Assets measured on recurring basis | Level 2
Assets:
Fixed maturities, including securities pledged	19,189	19,746
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1	0
Assets held in separate accounts	5,502	5,227
Total assets, fair value	$ 25,041	$ 25,294
Percentage of Level to total assets	23.00%	25.00%
Liabilities:
Total liabilities, fair value	$ 343	$ 329
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	302	261
Liabilities:
Derivatives	337	325
Assets measured on recurring basis | Level 2 | Foreign exchange contracts
Assets:
Derivatives	47	60
Liabilities:
Derivatives	3	2
Assets measured on recurring basis | Level 2 | Credit contracts
Liabilities:
Derivatives	3	2
Assets measured on recurring basis | Level 2 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	54	86
Assets measured on recurring basis | Level 2 | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	30	30
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	589	600
Assets measured on recurring basis | Level 2 | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	5,767	5,925
Assets measured on recurring basis | Level 2 | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	2,303	2,212
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	2,007	2,064
Assets measured on recurring basis | Level 2 | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	2,017	2,099
Assets measured on recurring basis | Level 2 | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,581	2,873
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,471	2,599
Assets measured on recurring basis | Level 2 | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,370	1,258
Assets measured on recurring basis | Level 2 | Equity securities
Liabilities:
Equity Securities, FV-NI	0	0
Assets measured on recurring basis | Level 3
Assets:
Fixed maturities, including securities pledged	1,732	1,782
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	0	0
Assets held in separate accounts	344	347
Total assets, fair value	$ 2,190	$ 2,246
Percentage of Level to total assets	2.00%	2.00%
Liabilities:
Total liabilities, fair value	$ 3	$ 6
Assets measured on recurring basis | Level 3 | Stabilizer and MCGs
Liabilities:
Product guarantees	3	6
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	0
Assets measured on recurring basis | Level 3 | Credit contracts
Liabilities:
Derivatives	0	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	13	13
Assets measured on recurring basis | Level 3 | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	1,305	1,356
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	0	2
Assets measured on recurring basis | Level 3 | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	333	339
Assets measured on recurring basis | Level 3 | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	49	20
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	32	52
Assets measured on recurring basis | Level 3 | Equity securities
Liabilities:
Equity Securities, FV-NI	$ 114	$ 117

XML

Fair Value Measurements - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Assets held in separate accounts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	$ 349	$ 334	$ 347	$ 316
Total Realized/Unrealized Gains (Losses) Included in Net Income	(8)	(12)	(4)	(26)
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0	0	0
Purchases	7	67	7	132
Issuances	0	0	0	0
Sales	(7)	(3)	(9)	(4)
Settlements	0	0	0	0
Transfers in to Level 3	3	0	3	6
Transfers out of Level 3	0	(37)	0	(75)
Fair Value, assets, ending balance	344	349	344	349
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
Stabilizer (Investment Only) and MCG Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	(3)	(15)	(6)	(20)
Total Realized/Unrealized Gains (Losses) Included in Net Income	0	11	3	17
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0	0	0
Purchases	0	0	0	0
Issuances	0	0	0	(1)
Sales	0	0	0	0
Settlements	0	0	0	0
Transfers in to Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Fair Value, assets, ending balance	(3)	(4)	(3)	(4)
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
U.S. corporate public securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	14	47	13	5
Total Realized/Unrealized Gains (Losses) Included in Net Income		0		0
Total Realized/Unrealized Gains (Losses) Included in OCI	(1)			(1)
Purchases		0		4
Issuances		0		0
Sales		0		0
Settlements		0		0
Transfers in to Level 3		0		0
Transfers out of Level 3		(39)		0
Fair Value, assets, ending balance	13	8	13	8
Change in Unrealized Gains (Losses) Included in Earnings		0		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	(1)
U.S. corporate private securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	1,364	1,424	1,356	1,379
Total Realized/Unrealized Gains (Losses) Included in Net Income		0		1
Total Realized/Unrealized Gains (Losses) Included in OCI	(23)	(98)	3	(210)
Purchases	17	73	47	136
Issuances		0		0
Sales	(3)	0	(3)	0
Settlements	(50)	(42)	(98)	(83)
Transfers in to Level 3		0		110
Transfers out of Level 3		(34)		(10)
Fair Value, assets, ending balance	1,305	1,323	1,305	1,323
Change in Unrealized Gains (Losses) Included in Earnings		0		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(23)	(98)	3	(210)
Foreign corporate public securities and foreign governments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance		3	2
Purchases		4		4
Transfers out of Level 3		(3)	(2)
Fair Value, assets, ending balance		4		4
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI		0	0	0
Foreign corporate private securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	352	378	339	272
Total Realized/Unrealized Gains (Losses) Included in Net Income	1	(3)	2	(20)
Total Realized/Unrealized Gains (Losses) Included in OCI		(5)	5	(24)
Purchases	15	47	63	86
Issuances		0		0
Sales		0		0
Settlements	(65)	(7)	(129)	(17)
Transfers in to Level 3	30	0	53	110
Transfers out of Level 3		(107)		(104)
Fair Value, assets, ending balance	333	303	333	303
Change in Unrealized Gains (Losses) Included in Earnings	1	(3)	2	(3)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	(5)	4	(24)
Residential mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	48	37	20	34
Total Realized/Unrealized Gains (Losses) Included in Net Income	(2)	(5)	(2)	(12)
Total Realized/Unrealized Gains (Losses) Included in OCI		0		0
Purchases	3	0	31	0
Issuances		0		0
Sales		0		0
Settlements		(9)		0
Transfers in to Level 3		1		1
Transfers out of Level 3		(2)		(1)
Fair Value, assets, ending balance	49	22	49	22
Change in Unrealized Gains (Losses) Included in Earnings	(2)	(5)	(2)	(12)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0	0	0
Other asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	33	36	52	33
Total Realized/Unrealized Gains (Losses) Included in Net Income		0		0
Total Realized/Unrealized Gains (Losses) Included in OCI		(2)		(3)
Purchases	2	26	2	29
Issuances		0		0
Sales		0		(10)
Settlements	(1)	(1)	(2)	(2)
Transfers in to Level 3		0		0
Transfers out of Level 3	(2)	(12)	(20)	0
Fair Value, assets, ending balance	32	47	32	47
Change in Unrealized Gains (Losses) Included in Earnings		0		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	(2)	0	(3)
Fixed maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	1,811	1,925	1,782	1,723
Total Realized/Unrealized Gains (Losses) Included in Net Income	(1)	(8)		(31)
Total Realized/Unrealized Gains (Losses) Included in OCI	(24)	(105)	8	(238)
Purchases	37	150	143	259
Issuances		0		0
Sales	(3)	0	(3)	(10)
Settlements	(116)	(59)	(229)	(102)
Transfers in to Level 3	30	1	53	221
Transfers out of Level 3	(2)	(197)	(22)	(115)
Fair Value, assets, ending balance	1,732	1,707	1,732	1,707
Change in Unrealized Gains (Losses) Included in Earnings	(1)	(8)		(15)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(23)	(105)	7	(238)
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	113	117	117	114
Total Realized/Unrealized Gains (Losses) Included in Net Income	1	(12)	(3)	(16)
Total Realized/Unrealized Gains (Losses) Included in OCI		0		0
Purchases		23		23
Issuances		0		0
Sales		0		0
Settlements		0		0
Transfers in to Level 3		0		0
Transfers out of Level 3		(7)		0
Fair Value, assets, ending balance	114	121	114	121
Change in Unrealized Gains (Losses) Included in Earnings	1	(12)	(4)	(16)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	$ 0	0	$ 0	0
Short-term investments and cash equivalents
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance		7		0
Total Realized/Unrealized Gains (Losses) Included in Net Income		0		0
Total Realized/Unrealized Gains (Losses) Included in OCI		0		0
Purchases				7
Issuances		0		0
Sales		0		0
Settlements		(7)		(7)
Transfers in to Level 3		0		0
Transfers out of Level 3		0		0
Fair Value, assets, ending balance		0		0
Change in Unrealized Gains (Losses) Included in Earnings		0		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI		$ 0		$ 0

XML

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	$ 21,151	$ 21,819
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,320	1,407
Derivative assets	349	322
Other investments	131	132
Assets held in separate accounts	86,069	77,639
Short-term Debt	54	32
Long-term debt	2	2
Equity Securities, FV-NI	127	133
Fair Value | Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	29,593	30,098
Fair Value | Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	765	733
Fair Value | Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	204	192
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	3	6
Fair Value | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	3,875	3,996
Fair Value | Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	159	159
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	21,151	21,819
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,320	1,407
Derivative assets	349	322
Other investments	131	132
Assets held in separate accounts	86,069	77,639
Short-term Debt	54	32
Long-term debt	2	2
Equity Securities, FV-NI	127	133
Carrying Value | Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	28,022	29,047
Carrying Value | Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	762	731
Carrying Value | Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	238	251
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	3	6
Carrying Value | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	4,162	4,227
Carrying Value | Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	159	159
Derivative assets	349	322
Other investments	131	132
Assets held in separate accounts	86,069	77,639
Derivatives liabilities	347	331
Other derivatives | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives liabilities	347	331
Other derivatives | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives liabilities	$ 347	$ 331

XML

Deferred Policy Acquisition Costs and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items]
Deferred Policy Acquisition Cost		$ 928	$ 938
Present Value of Future Insurance Profits, Net		335	348	$ 375
Deferrals of commissions and expenses	$ 4	2
Present Value of Future Insurance Profits, Amortization Expense	(31)	(15)
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Deferred Policy Acquisition Cost		928	938
Present Value of Future Insurance Profits, Net		335	348	375
Retirement
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items]
Deferred Policy Acquisition Cost		582	578	573
Deferrals of commissions and expenses	54	27
As of December 31, 2022	$ (49)	(23)
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Deferred Policy Acquisition Cost		$ 582	$ 578	$ 573

XML

Separate Account Liability (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	$ 86,069	$ 77,639
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	86,069	77,639
Liabilities related to separate accounts	86,069	77,639
Retirement
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	83,939	75,569	$ 93,943
Separate Account, Liability, Policyholder Behavior	235	(1,308)
Policyholder Account Balance, Policy Charge	4	8
Separate Account, Liability, Policy Charge	(217)	(446)
Separate Account, Liability, Increase (Decrease) from Invested Performance	8,352	(16,622)
Separate Account, Liability, Increase (Decrease) from Other Change	0	2
Other Segments
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	2,130	2,070
Wealth Solutions Stabilizer
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Separate Account, Liability, Policyholder Behavior	(119)
Policyholder Account Balance, Policy Charge	(17)
Wealth Solutions Stabilizer | Retirement
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	7,211	7,196	8,091
Separate Account, Liability, Policyholder Behavior		(68)
Separate Account, Liability, Policy Charge		(34)
Separate Account, Liability, Increase (Decrease) from Invested Performance	151	(794)
Separate Account, Liability, Increase (Decrease) from Other Change	0	1
Deferred Variable Annuity | Retirement
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	76,728	68,373	$ 85,852
Separate Account, Liability, Policyholder Behavior	354	(1,240)
Separate Account, Liability, Policy Charge	(200)	(412)
Separate Account, Liability, Increase (Decrease) from Invested Performance	8,201	(15,828)
Separate Account, Liability, Increase (Decrease) from Other Change	0	1
Cash Surrender Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	76,697	68,345
US Treasury and Government
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	1,157	1,586
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	1,157	1,586
Corporate Debt Securities
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	1,791	1,647
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	1,791	1,647
Separate Account, Debt Security
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	706	660
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	706	660
Separate Account, Mortgage-Backed Security
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	3,274	3,434
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	3,274	3,434
Separate Account, Equity Security
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	78,281	69,774
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	78,281	69,774
Separate Account, Cash and Cash Equivalents
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	454	311
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	454	311
Asset-Backed Securities, Securitized Loans and Receivables
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	406	227
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	$ 406	$ 227

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Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Fixed maturities	$ (251)	$ (1,828)	$ 246	$ (3,767)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	52	384	(52)	791
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(199)	(1,444)	194	(2,976)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	9	17	19	77
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(2)	(3)	(4)	(16)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	7	14	15	61
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	50	381	(56)	775
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax	(192)	(1,430)	209	(2,915)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(4)	35	(12)	39
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	(1)	9	(3)	10
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	(5)	44	(15)	49
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	5	5	10	10
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	1	1	2	2
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	4	4	8	8
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(8)	31	(20)	31
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	(2)	8	(5)	8
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	(10)	39	(25)	39
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax	5	15	11	31
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, Tax	(1)	(4)	(2)	(7)
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax	4	11	9	24
Unrealized gains (losses) on securities	(242)	(1,811)	265	(3,690)
Other Comprehensive Income (Loss), before Tax	(247)	(1,757)	251	(3,620)
Other Comprehensive Income (Loss), Tax	51	369	(53)	760
Other Comprehensive Income (Loss), Net of Tax	$ (196)	$ (1,388)	$ 198	$ (2,860)

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Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fixed maturities, net of impairment	$ (2,279)		$ (1,565)
Deferred income tax asset (liability)	660		508
Accumulated Other Comprehensive Income (Loss), Unrealized Capital Gains (Losses), Adjustment, Net of Tax	(1,870)		(1,301)
Pension and other postretirement benefits liability, net of tax	1		3
Accumulated other comprehensive income (loss)	(1,869)	$ (2,067)	(1,298)
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	17
Accumulated Other Comprehensive Income (Loss), Deferred Acquisition Costs and Value Of Business Acquired (VOBA), Available for Sale Securities Adjustment, before Tax	87		116
AOCI, Liability for Future Policy Benefit, before Tax	$ (338)		$ (360)

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	11.50%	(23.10%)	10.40%	(9.10%)
Statutory tax rate			21.00%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 113	$ 26	$ 212	$ 77
Income tax expense (benefit)	13	(6)	22	(7)
Other Comprehensive Income (Loss), before Tax	$ (247)	$ (1,757)	$ 251	$ (3,620)

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Financing Agreements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Interest Expense	$ 1	$ 0	$ 1	$ 0
Voya Financial, Inc. | Reciprocal Loan Agreement | Affiliated Entity
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Percentage of Statutory admitted assets that can be borrowed under Reciprocal Loan Agreement	3.00%		3.00%
Voya Financial, Inc. | Reciprocal Loan Agreement | Related Party [Member] | Affiliated Entity
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Interest Income, Operating	$ 8	$ 2	$ 12	$ 3
Interest Expense	1		1
Other Receivables					$ 31
Voya Financial, Inc. | Reciprocal Loan Agreement | Related Party [Member] | Receivable [Domain]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Other Receivables	58		58		$ 0
Voya Financial, Inc. | Reciprocal Loan Agreement | Related Party [Member] | Loans Payable
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Other Receivables	$ 53		$ 53

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Pledged Collateral	$ 1,140	$ 997
Securities pledged as collateral
Loss Contingencies [Line Items]
Securities Pledged under repurchase agreements	132	102
Acquisition of mortgage loans
Loss Contingencies [Line Items]
Amount of purchase commitment	101
Purchase of limited partnerships and private placement investments
Loss Contingencies [Line Items]
Amount of purchase commitment	658
Federal Home Loan Bank of Boston | Line of Credit
Loss Contingencies [Line Items]
Non-putable funding agreements issued to FHLB	762	730
Pledged Collateral	$ 1,140	$ 997

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Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
FHLB restricted stock	$ 36	$ 35
Debt Securities, Trading	11	11
Restricted Cash and Cash Equivalents	2	2
Total restricted assets	1,978	1,837
Pledged Collateral	1,140	997
Securities pledged as collateral
Loss Contingencies [Line Items]
Fair value of loaned securities	657	690
Collateral Pledged
Loss Contingencies [Line Items]
Securities pledged	$ 789	$ 792

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Related Party - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Revenues	$ 591	$ 553	$ 1,196	$ 1,097
Other Affiliates
Related Party Transaction [Line Items]
Revenues	20	21	39	44
Other Expenses	$ 145	$ 147	$ 305	$ 308

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Label	Element	Value
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	$ 12,000,000
Commercial Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	23,000,000
U.S. Corporate Public Securities [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	1,000,000
Foreign Corporate Private Securities [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	1,000,000
Foreign Corporate Public Securities and Foreign Governments [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	3,000,000
Commercial Mortgage-Backed Securities [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	$ 7,000,000