10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

——————————————————————

FORM 10-Q

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

For the quarterly period ended September 30, 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 November 3, 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 September 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	27
	4. Fair Value Measurements	32
	5. Deferred Policy Acquisition Costs and Value of Business Acquired	42
	6. Reserves for Contract Owner Account Balances	42
	7. Reinsurance	44
	8. Separate Accounts	45
	9. Accumulated Other Comprehensive Income (Loss)	46
	10. Revenue from Contracts with Customers	48
	11. Income Taxes	49
	12. Financing Agreements	50
	13. Commitments and Contingencies	50
	14. Related Party Transactions	52
Item 2.	Management's Narrative Analysis of the Results of Operations and Financial Condition	53
Item 4.	Controls and Procedures	64
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	65
Item 1A.	Risk Factors	65
Item 6.	Exhibits	65
Exhibit Index		66
Signature		67

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) interest rates, (iv) the frequency and severity of insured loss events, (v) the effects of natural or man-made disasters, including pandemic events, (vi) mortality and morbidity levels, (vii) persistency and lapse levels, (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

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

(In millions, except share and per share data)

	September 30, 2023		December 31, 2022
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $20,985 as of 2023 and $22,218 as of 2022; net of allowance for credit losses of $14 as of 2023 and $7 as of 2022)	$	18,131	$	19,772
Fixed maturities, at fair value using the fair value option	1,230		1,255
Equity securities, at fair value	123		133
Short-term investments	186		248
Mortgage loans on real estate (net of allowance for credit losses of $24 as of 2023 and $14 as of 2022)	4,129		4,213
Policy loans	161		159
Limited partnerships/corporations	1,085		1,043
Derivatives	328		322
Securities pledged (amortized cost of $845 as of 2023 and $894 as of 2022)	718		792
Other investments	127		132
Total investments	26,218		28,069
Cash and cash equivalents	154		220
Short-term investments under securities loan agreements, including collateral delivered	753		939
Accrued investment income	309		289
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $0 as of 2023 and 2022)	2,811		3,032
Deferred policy acquisition costs and Value of business acquired	923		938
Deferred income taxes	888		774
Other assets (net of allowance for credit loss of $0 as of 2023 and 2022)	1,690		1,681
Assets held in separate accounts	82,861		77,639
Total assets	$	116,607	$	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

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

(In millions, except share and per share data)

	September 30, 2023		December 31, 2022
Liabilities:
Future policy benefits and contract owner account balances	$	31,213	$	32,942
Payables under securities loan agreements, including collateral held	779		921
Due to affiliates	115		134
Derivatives	305		331
Other liabilities	797		687
Liabilities related to separate accounts	82,861		77,639
Total liabilities	$	116,070	$	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)	(2,407)		(2,067)
Retained earnings (deficit)	171		213
Total shareholder's equity	537		927
Total liabilities and shareholder's equity	$	116,607	$	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 Nine Months Ended September 30, 2023 and 2022 (Unaudited)

(In millions)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues:
Net investment income	$	384	$	366	$	1,155	$	1,235
Fee income	254		237		738		746
Premiums	15		2		24		10
Net gains (losses)	(64)		(69)		(142)		(387)
Other revenue	2		8		12		37
Total revenues	591		544		1,787		1,641
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	261		174		623		553
Operating expenses	269		269		851		869
Net amortization of Deferred policy acquisition costs and Value of business acquired	19		21		58		62
Interest expense	1		1		2		1
Total benefits and expenses	550		465		1,534		1,485
Income (loss) before income taxes	41		79		253		156
Income tax expense (benefit)	(29)		5		(7)		(2)
Net income (loss)	$	70	$	74	$	260	$	158

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

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Comprehensive Income

For the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

(In millions)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income (loss)	$	70	$	74	$	260	$	158
Other comprehensive income (loss), before tax:
Change in current discount rate	4		10		15		41
Unrealized gains (losses) on securities	(686)		(1,220)		(446)		(4,871)
Other comprehensive income (loss), before tax	(682)		(1,210)		(431)		(4,830)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(144)		(254)		(91)		(1,014)
Other comprehensive income (loss), after tax	(538)		(956)		(340)		(3,816)
Comprehensive income (loss)	$	(468)	$	(882)	$	(80)	$	(3,658)

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

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Changes in Shareholder’s Equity

For the Three Months Ended September 30, 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 July 1, 2023	$	3	$	2,770	$	(1,869)	$	101	$	1,005
Comprehensive income (loss):
Net income (loss)	—		—		—		70		70
Other comprehensive income (loss), after tax	—		—		(538)		—		(538)
Total comprehensive income (loss)									(468)
Balance as of September 30, 2023	$	3	$	2,770	$	(2,407)	$	171	$	537
Balance as of July 1, 2022	$	3	$	2,778	$	(1,298)	$	(36)	$	1,447
Comprehensive income (loss):
Net income (loss)	—		—		—		74		74
Other comprehensive income (loss), after tax	—		—		(956)		—		(956)
Total comprehensive income (loss)									(882)
Balance as of September 30, 2022	$	3	$	2,778	$	(2,254)	$	38	$	565

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

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Changes in Shareholder’s Equity

For the Nine Months Ended September 30, 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)	—		—		—		260		260
Other comprehensive income (loss), after tax	—		—		(340)				(340)
Total comprehensive income (loss)									(80)
Dividends paid and distributions of capital	—		(8)		—		(302)		(310)
Balance as of September 30, 2023	$	3	$	2,770	$	(2,407)	$	171	$	537
Balance as of January 1, 2022	$	3	$	3,191	$	1,562	$	324	$	5,080
Comprehensive income (loss):
Net income (loss)	—		—		—		158		158
Other comprehensive income (loss), after tax	—		—		(3,816)		—		(3,816)
Total comprehensive income (loss)									(3,658)
Dividends paid and distributions of capital	—		(413)		—		(444)		(857)
Balance as of September 30, 2022	$	3	$	2,778	$	(2,254)	$	38	$	565

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

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2023 and 2022 (Unaudited)

(In millions)

	Nine Months Ended September 30,
	2023		2022
Net cash provided by operating activities	$	931	$	1,020
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	3,829		3,352
Equity securities	4		—
Mortgage loans on real estate	340		506
Limited partnerships/corporations	38		61
Acquisition of:
Fixed maturities	(2,690)		(4,574)
Mortgage loans on real estate	(267)		(464)
Limited partnerships/corporations	(84)		(129)
Short-term investments, net	62		—
Derivatives, net	42		166
Short-term loan to affiliate, net	(161)		26
Receipts on deposit asset contracts	196		85
Other, net	50		41
Net cash provided by (used in) investing activities	1,359		(930)
Cash Flows from Financing Activities:
Deposits received for investment contracts	1,159		3,763
Maturities and withdrawals from investment contracts	(3,254)		(3,305)
Dividends paid and distributions of capital	(310)		(857)
Other, net	49		80
Net cash provided by (used in) financing activities	(2,356)		(319)
Net increase (decrease) in cash and cash equivalents	(66)		(229)
Cash and cash equivalents, beginning of period	220		436
Cash and cash equivalents, end of period	$	154	$	207

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 ("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.

On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), under the modified retrospective adoption method. ASU 2018-12 provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The unaudited Condensed Consolidated Financial Statements are presented under the new guidance for reporting periods beginning January 1, 2021. See “Adoption of New Pronouncements” below for additional information regarding this adoption and the transition impacts recorded as of January 1, 2021. See "Significant Accounting Policies" below for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the unaudited Condensed Consolidated Financial Statements. This section is meant to serve as an update to, and should be read in conjunction with the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K for the year ended December 31, 2022.

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.

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)

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.

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)

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 Interest credited and other benefits to contract owners/policyholders 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 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 the project nears completion.

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 September 30, 2023:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	328	$	—	$	40	$	—	$	—	$	288
U.S. Government agencies and authorities	32		—		4		—		—		28
State, municipalities and political subdivisions	626		—		109		—		—		517
U.S. corporate public securities	6,470		16		1,197		—		1		5,288
U.S. corporate private securities	3,909		7		413		—		—		3,503
Foreign corporate public securities and foreign governments(1)	2,242		4		346		—		3		1,897
Foreign corporate private securities(1)	2,499		7		198		—		1		2,307
Residential mortgage-backed securities	2,612		19		172		(2)		—		2,457
Commercial mortgage-backed securities	2,829		1		479		—		9		2,342
Other asset-backed securities	1,513		4		65		—		—		1,452
Total fixed maturities, including securities pledged	23,060		58		3,023		(2)		14		20,079
Less: Securities pledged	845		—		127		—		—		718
Total fixed maturities	$	22,215	$	58	$	2,896	$	(2)	$	14	$	19,361

(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)		Allowance for credit losses		Fair Value
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		—		6		2,066
Foreign corporate private securities(1)	2,617		6		184		—		1		2,438
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		7		21,819
Less: Securities pledged	894		3		105		—		—		792
Total fixed maturities	$	23,473	$	82	$	2,523	$	2	$	7	$	21,027

(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 September 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	$	633	$	616
After one year through five years	3,013		2,833
After five years through ten years	3,148		2,843
After ten years	9,312		7,536
Mortgage-backed securities	5,441		4,799
Other asset-backed securities	1,513		1,452
Fixed maturities, including securities pledged	$	23,060	$	20,079

As of September 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)

Repurchase Agreements and Securities Pledged

As of September 30, 2023 and December 31, 2022, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

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

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

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

	September 30, 2023		December 31, 2022
Securities loaned to lending agent(1)	$	559	$	690
Securities pledged as collateral(1)(2)	159		102
Total	$	718	$	792

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

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

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

	September 30, 2023		December 31, 2022
U.S. Treasuries	$	18	$	51
U.S. corporate public securities	404		466
Foreign corporate public securities and foreign governments	158		201
Total(1)	$	580	$	718

(1) As of September 30, 2023 and December 31, 2022, liabilities to return cash collateral were $460 and $615, respectively, and included in Payables under securities loan agreements, including collateral held on the Condensed Consolidated Balance Sheets.

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

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)

Allowance for credit losses

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

	Nine Months Ended September 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		9		—		—		10
Reductions for securities sold during the period	—		—		(2)		—		(2)
Increase (decrease) on securities with allowance recorded in previous period	—		—		(1)		—		(1)
Balance as of September 30, 2023	$	1	$	9	$	3	$	1	$	14

	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

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

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)

Unrealized Capital Losses

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

	As of September 30, 2023
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	192	$	8	$	96	$	32	$	288	$	40
U.S. Government, agencies and authorities	12		1		16		3		28		4
State, municipalities and political subdivisions	23		1		493		108		516		109
U.S. corporate public securities	1,059		74		3,933		1,123		4,992		1,197
U.S. corporate private securities	691		27		2,550		386		3,241		413
Foreign corporate public securities and foreign governments	443		21		1,315		325		1,758		346
Foreign corporate private securities	346		15		1,716		183		2,062		198
Residential mortgage-backed	238		12		776		160		1,014		172
Commercial mortgage-backed	62		3		2,216		476		2,278		479
Other asset-backed	80		4		1,045		61		1,125		65
Total	$	3,146	$	166	$	14,156	$	2,857	$	17,302	$	3,023

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)

	As of December 31, 2022
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	223	$	30	$	2	$	1	$	225	$	31
U.S. Government, agencies and authorities	30		3		—		—		30		3
State, municipalities and political subdivisions	545		85		15		7		560		92
U.S. corporate public securities	4,290		613		998		419		5,288		1,032
U.S. corporate private securities	2,819		264		331		64		3,150		328
Foreign corporate public securities and foreign governments	1,509		201		298		116		1,807		317
Foreign corporate private securities	2,203		173		52		11		2,255		184
Residential mortgage-backed	1,065		78		328		75		1,393		153
Commercial mortgage-backed	1,792		252		759		127		2,551		379
Other asset-backed	912		68		360		41		1,272		109
Total	$	15,388	$	1,767	$	3,143	$	861	$	18,531	$	2,628

As of September 30, 2023, the average duration of our fixed maturities portfolio, including securities pledged, is between 6.0 and 6.5 years.

As of September 30, 2023 and December 31, 2022, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Evaluating Securities for Impairments

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

For the three and nine months ended September 30, 2023, intent impairments included in the Condensed Consolidated Statements of Operations, but excluding impairments included in Other comprehensive income (loss), were $15 and $21 respectively. For the three and nine months ended September 30, 2022, intent impairments were $8 and $15, respectively.

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

Debt Restructuring

Upon the adoption of ASU 2022-02 as of January 1, 2023, the Company no longer identifies certain debt modifications as troubled debt restructuring, but instead evaluates all debt modifications to determine whether a modification results in a new

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)

loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three and nine months ended September 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. These ratios are utilized as part of the review process described above.

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively.

	As of September 30, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	63	$	177	$	—	$	—	$	—	$	240
2022	206		297		65		—		—		568
2021	194		183		215		—		—		592
2020	133		119		—		10		11		273
2019	170		59		20		—		—		249
Prior	1,882		310		5		—		34		2,231
Total	$	2,648	$	1,145	$	305	$	10	$	45	$	4,153

	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
Prior	1,866		399		20		—		—		2,285
Total	$	2,651	$	1,187	$	369	$	20	$	—	$	4,227

23

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively.

	As of September 30, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	113	$	78	$	49	$	—	$	240
2022	197		40		183		148		568
2021	206		12		57		317		592
2020	185		21		5		62		273
2019	153		18		63		15		249
Prior	1,635		236		217		143		2,231
Total	$	2,489	$	405	$	574	$	685	$	4,153

*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
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. The information is updated as of September 30, 2023 and December 31, 2022, respectively.

	As of September 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	$	51	$	42	$	6	$	72	$	16	$	29	$	2	$	20	$	2	$	240
2022	114		116		46		88		100		81		2		1		20		568
2021	79		44		106		142		97		75		10		38		1		592
2020	63		131		13		9		8		30		—		6		13		273
2019	43		70		6		53		34		4		13		10		16		249
Prior	485		465		626		169		164		163		33		115		11		2,231
Total	$	835	$	868	$	803	$	533	$	419	$	382	$	60	$	190	$	63	$	4,153

24

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	As of December 31, 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
Prior	485		466		607		196		172		192		34		116		17		2,285
Total	$	817	$	905	$	834	$	497	$	419	$	426	$	58	$	175	$	96	$	4,227

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively.

	As of September 30, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	66	$	118	$	17	$	14	$	25	$	—	$	—	$	240
2022	72		233		221		26		10		6		—		568
2021	22		128		327		100		—		7		8		592
2020	50		47		60		116		—		—		—		273
2019	29		56		126		29		9		—		—		249
Prior	572		636		450		360		46		129		38		2,231
Total	$	811	$	1,218	$	1,201	$	645	$	90	$	142	$	46	$	4,153

	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
Prior	633		620		456		372		48		117		39		2,285
Total	$	841	$	1,166	$	1,292	$	665	$	69	$	147	$	47	$	4,227

25

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	September 30, 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 an allowance recorded in a previous period	8		1
Provision for expected credit losses	24		14
Write-offs	—		—
Recoveries of amounts previously written-off	—		—
Allowance for credit losses, end of period	$	24	$	14

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

	September 30, 2023		December 31, 2022
Delinquency:
Current	$	4,127	$	4,227
30-59 days past due	26		—
60-89 days past due	—		—
Greater than 90 days past due	—		—
Total	$	4,153	$	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 September 30, 2023, the Company had $26 of matured loans not paid off or extended, with an LTV ratio of 100%. As of December 31, 2022, the Company had no commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the nine months ended September 30, 2023 was immaterial. There was no interest income recognized on loans in non-accrual status for the year ended December 31, 2022.

Net Investment Income

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities	$	319	$	351	$	970	$	1,060
Equity securities	2		2		8		7
Mortgage loans on real estate	50		45		147		134
Policy loans	2		2		6		6
Short-term investments and cash equivalents	3		1		7		2
Limited partnerships and other	25		(16)		69		80
Gross investment income	401		385		1,207		1,289
Less: Investment expenses	17		19		52		54
Net investment income	$	384	$	366	$	1,155	$	1,235

26

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

Net Gains (Losses)

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities, available-for-sale, including securities pledged	$	(12)	$	12	$	(36)	$	(50)
Fixed maturities, at fair value option	(90)		(196)		(190)		(504)
Equity securities, at fair value	(1)		(4)		(7)		(25)
Derivatives	66		125		123		182
Embedded derivatives - fixed maturities	(3)		(2)		(3)		(5)
Other derivatives	1		2		1		1
Managed custody guarantees	(15)		(6)		(12)		(8)
Stabilizers	(9)		—		(9)		19
Mortgage loans	(1)		(1)		(9)		3
Other investments	—		1		—		—
Net gains (losses)	$	(64)	$	(69)	$	(142)	$	(387)

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Proceeds on sales	$	584	$	723	$	2,716	$	2,167
Gross gains	9		16		38		34
Gross losses	5		12		44		45

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

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)

Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices.

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

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of September 30, 2023 and December 31, 2022.

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

	September 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	$	18	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	612		50		2		596		58		2
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	12,092		274		301		12,470		262		327
Foreign exchange contracts	79		4		—		45		2		—
Credit contracts	118		—		2		141		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		—		2		N/A		2		—
Managed custody guarantees(3)	N/A		—		18		N/A		—		6
Stabilizers(3)	N/A		—		9		N/A		—		—
Total			$	328	$	334			$	324	$	337

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

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

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

N/A - Not Applicable

28

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	Gross Amount Recognized(1)		Counterparty Netting(2)		Cash Collateral Netting(2)		Securities Collateral Netting(2)		Net receivables/ payables
September 30, 2023
Derivative assets	$	328	$	(277)	$	(44)	$	(6)	$	1
Derivative liabilities	305		(277)		(19)		(9)		—
December 31, 2022
Derivative assets	321		(263)		(51)		(6)		1
Derivative liabilities	331		(263)		(64)		(1)		3

(1) As of September 30, 2023, gross amounts do not exclude asset and liability exchange traded contracts. As of December 31, 2022, gross amounts exclude asset and liability exchange traded contracts of $1 and $0, respectively.

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

Collateral

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

As of September 30, 2023, the Company held $47 and pledged $19 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 September 30, 2023, the Company delivered $159 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.

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)

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:

	2023				2022
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income		Net investment income and Net gains (losses)		Net investment income		Net investment income and Net gains (losses)
Three Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	6	$	(1)	$	54
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		3		—		2
Nine Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(9)	$	(2)	$	105
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		7

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:

	2023				2022
	Net investment income		Net gains (losses)		Net investment income		Net gains (losses)
Three Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	384	$	(64)	$	366	$	(69)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	3		—		2		—
Nine Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	1,155	$	(142)	$	1,235	$	(387)
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		7		—

30

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	Location of Gain (Loss) on Derivative	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	64	$	121	$	121	$	178
Foreign exchange contracts	Net gains (losses)	2		3		2		7
Credit contracts	Net gains (losses)	—		1		—		(3)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(3)		(2)		(3)		(5)
Managed custody guarantees	Net gains (losses)	(15)		(6)		(12)		(8)
Stabilizers	Net gains (losses)	(9)		—		(9)		19
Total		$	40	$	118	$	100	$	189

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)

4.    Fair Value Measurements

Fair Value Measurement

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

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	239	$	49	$	—	$	288
U.S. Government agencies and authorities	—		28		—		28
State, municipalities and political subdivisions	—		517		—		517
U.S. corporate public securities	—		5,275		13		5,288
U.S. corporate private securities	—		2,378		1,125		3,503
Foreign corporate public securities and foreign governments(1)	—		1,897		—		1,897
Foreign corporate private securities (1)	—		1,931		376		2,307
Residential mortgage-backed securities	—		2,403		54		2,457
Commercial mortgage-backed securities	—		2,342		—		2,342
Other asset-backed securities	—		1,413		39		1,452
Total fixed maturities, including securities pledged	239		18,233		1,607		20,079
Equity securities	10		—		113		123
Derivatives:
Interest rate contracts	1		273		—		274
Foreign exchange contracts	—		54		—		54
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,092		1		—		1,093
Assets held in separate accounts	77,145		5,375		341		82,861
Total assets	$	78,487	$	23,936	$	2,061	$	104,484
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	27	$	27
Derivatives:
Interest rate contracts	9		292		—		301
Foreign exchange contracts	—		2		—		2
Credit contracts	—		2		—		2
Total liabilities	$	9	$	296	$	27	$	332

(1) Primarily U.S. dollar denominated.

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 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
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

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)

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

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)

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.

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

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

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.

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

	Three Months Ended September 30, 2023
	Fair Value as of July 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities	$	13	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—
U.S. Corporate private securities	1,305		—		(36)		17		—		—		(36)		47		(172)		1,125		—		(37)
Foreign corporate private securities(1)	333		(1)		(7)		41		—		—		(17)		43		(16)		376		(1)		(7)
Residential mortgage-backed securities	49		(3)		—		3		—		—		—		5		—		54		(3)		—
Other asset-backed securities	32		—		—		10		—		—		(1)		—		(2)		39		—		—
Total fixed maturities, including securities pledged	1,732		(4)		(43)		71		—		—		(54)		95		(190)		1,607		(4)		(44)
Equity securities, at fair value	114		(1)		—		—		—		—		—		—		—		113		(1)		—
Stabilizers and MCGs(2)	(3)		(23)		—		—		(1)		—		—		—		—		(27)		—		—
Assets held in separate accounts(4)	344		(5)		—		1		—		(4)		—		6		(1)		341		—		—
(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 September 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.

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)

	Nine Months Ended September 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 September 30		Change in Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities	$	13	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—
U.S. Corporate private securities	1,356		—		(34)		79		—		(3)		(113)		32		(192)		1,125		—		(36)
Foreign corporate public securities and foreign governments(1)	2		—		—		—		—		—		—		—		(2)		—		—		—
Foreign corporate private securities(1)	339		1		(1)		89		—		—		(145)		95		(2)		376		1		(2)
Residential mortgage-backed securities	20		(5)		—		37		—		—		—		2		—		54		(5)		—
Other asset-backed securities	52		—		(1)		10		—		—		(2)		—		(20)		39		—		—
Total fixed maturities, including securities pledged	1,782		(4)		(36)		215		—		(3)		(260)		129		(216)		1,607		(4)		(38)
Equity securities, at fair value	117		(7)		—		—		—		—		—		3		—		113		(7)		—
Stabilizer and MCGs(2)	(6)		(20)		—		—		(1)		—		—		—		—		(27)		—		—
Assets held in separate accounts(4)	347		(9)		—		8		—		(13)		—		9		(1)		341		—		—
(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 September 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.

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)

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

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)

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

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)

For the three and nine months ended September 30, 2023 and 2022, the transfers in and out of Level 3 for fixed maturities were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

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.

40

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	20,079	$	20,079	$	21,819	$	21,819
Equity securities	123		123		133		133
Mortgage loans on real estate	4,153		3,813		4,227		3,996
Policy loans	161		161		159		159
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,093		1,093		1,407		1,407
Derivatives	328		328		322		322
Other investments	127		127		132		132
Assets held in separate accounts	82,861		82,861		77,639		77,639
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	27,559		28,482		29,047		30,098
Funding agreements with fixed maturities	672		674		731		733
Supplementary contracts, immediate annuities and other	235		185		251		192
Stabilizer and MCGs	27		27		6		6
Derivatives	305		305		331		331
Short-term debt(2)	80		80		32		32
Long-term debt(2)	1		1		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

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)

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	41		2
Amortization expense	(34)		(22)
Balance as of September 30, 2023	$	585	$	328

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

	September 30, 2023		December 31, 2022
DAC:
Wealth Solutions Deferred and Individual Annuities	$	585	$	578
Other	10		12
VOBA	328		348
Total	$	923	$	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
	September 30, 2023		December 31, 2022
Balance at January 1	$	27,951	$	27,095
Deposits	1,662		2,850
Fee income	(6)		(8)
Surrenders and withdrawals	(3,390)		(3,774)
Benefit payments	(94)		(113)
Net transfers from (to) the general account	(55)		1,174
Interest credited	550		714
Other	8		13
Ending Balance	$	26,626	$	27,951

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)

Weighted-average crediting rate	2.7		%	2.6		%
Net amount at risk (1)	$	127		$	154
Cash surrender value	$	26,255		$	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:

	September 30, 2023		December 31, 2022
Wealth Solutions Deferred group and individual annuity (Contract owner account balances)	$	26,626	$	27,951
Other (Future policy benefits and Contract owner account balances)	4,587		4,991
Ending balance	$	31,213	$	32,942

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of September 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	$	5,845	$	2,690	$	1,998	$	829	$	784	$	12,159
1.01% - 2.00%	146		81		46		3		—		—		276
2.01% - 3.00%	6,478		30		1		—		—		—		6,509
3.01% - 4.00%	8,017		—		—		—		—		—		8,017
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	397		—		—		—		3		—		400
Total discretionary rate setting products	$	15,055	$	5,956	$	2,737	$	2,001	$	832	$	784	$	27,365

(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 September 30, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

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 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 September 30, 2023, the Company has reinsurance treaties with three unaffiliated reinsurers covering a significant portion of the mortality risks and guaranteed death benefits under its variable contracts. Premiums receivable and reinsurance recoverable were comprised of the following as of the dates indicated:

	September 30,		December 31,
	2023		2022
Premiums receivable	$	(1)	$	(1)
Reinsurance recoverable, net of allowance for credit losses	2,812		3,033
Total	$	2,811	$	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 September 30
	2023		2022
Premiums:
Direct premiums	$	16	$	2
Reinsurance ceded	(1)		—
Net premiums	$	15	$	2
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	256	$	226
Reinsurance assumed	1		—
Reinsurance ceded	4		(52)
Net interest credited and other benefits to contract owners / policyholders	$	261	$	174

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)

	Nine Months Ended September 30
	2023		2022
Premiums:
Direct premiums	$	26	$	12
Reinsurance ceded	(2)		(2)
Net premiums	$	24	$	10
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	699	$	655
Reinsurance assumed	3		3
Reinsurance ceded	(79)		(105)
Net interest credited and other benefits to contract owners / policyholders	$	623	$	553

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of September 30, 2023 and December 31, 2022, the Company had a deposit asset of $1.1 billion and $1.3 billion, which is reported in Other assets on the 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:

	September 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	(288)		298		10		(68)		(1,240)		(1,308)
Fee income	(25)		(307)		(332)		(34)		(412)		(446)
Investment performance	35		5,611		5,646		(794)		(15,828)		(16,622)
Other	1		—		1		1		1		2
Balance at end of period	$	6,919	$	73,975	$	80,894	$	7,196	$	68,373	$	75,569

Reconciliation to Condensed Consolidated Balance Sheets:

Other	1,967		2,070
Total Separate Accounts liabilities	$	82,861	$	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 $73,947 and $68,345 as of September 30, 2023 and December 31, 2022, respectively.

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

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)

	September 30		December 31
	2023		2022
US Treasury securities and obligations of US government corporations and agencies	$	1,026	$	1,586
Corporate debt securities	1,752		1,647
Foreign debt securities	672		660
Mortgage-backed securities	3,319		3,434
Equity securities (including mutual funds)	75,503		69,774
Cash, cash equivalents and short-term investments	337		311
Receivable for securities and accruals	252		227
Total	$	82,861	$	77,639

9.    Accumulated Other Comprehensive Income (Loss)

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

	September 30,
	2023		2022
Fixed maturities, net of impairment	$	(2,965)	$	(2,831)
Derivatives(1)	88		163
Change in current discount rate	(334)		(350)
Deferred income tax asset (liability)	803		762
Total	(2,408)		(2,256)
Pension and other postretirement benefits liability, net of tax	1		2
AOCI	$	(2,407)	$	(2,254)

(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 September 30, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $16.

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)

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

	Three Months Ended September 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(697)		$	147	$	(550)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	10			(2)		8
Change in unrealized gains (losses) on available-for-sale securities	(687)			145		(542)
Derivatives:
Derivatives	6		(1)	(1)		5
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	1			—		1
Change in current discount rate	4			(1)		3
Change in Accumulated other comprehensive income (loss)	$	(682)		$	144	$	(538)

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

	Nine Months Ended September 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(451)		$	95	$	(356)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	29			(6)		23
Change in unrealized gains (losses) on available-for-sale securities	(422)			89		(333)
Derivatives:
Derivatives	(9)		(1)	2		(7)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(15)			3		(12)
Change in unrealized gains (losses) on derivatives	(24)			5		(19)
Change in current discount rate	15			(3)		12
Change in Accumulated other comprehensive income (loss)	$	(431)		$	91	$	(340)

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

47

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	Three Months Ended September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,262)		$	265	$	(997)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(5)			1		(4)
Change in unrealized gains (losses) on available-for-sale securities	(1,267)			266		(1,001)
Derivatives:
Derivatives	52		(1)	(11)		41
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	47			(10)		37
Change in current discount rate	10			(2)		8
Change in Accumulated other comprehensive income (loss)	(1,210)			254		(956)

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

	Nine Months Ended September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(5,029)		$	1,056	$	(3,973)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	72			(15)		57
Change in unrealized gains (losses) on available-for-sale securities	(4,957)			1,041		(3,916)
Derivatives:
Derivatives	101		(1)	(21)		80
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(15)			3		(12)
Change in unrealized gains (losses) on derivatives	86			(18)		68
Change in current discount rate	41			(9)		32
Change in Accumulated other comprehensive income (loss)	$	(4,830)		$	1,014	$	(3,816)

(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, unless the transaction price includes variable

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)

consideration that is constrained; in such case, we recognize revenue when the uncertainty associated with the constrained amount is subsequently resolved. For advisory and recordkeeping and administration ("R&A") services, the Company recognizes revenue as services are provided, generally over time. The Company provides distribution services at a point in time and recognizes the related revenue as consideration is received. Revenue from shareholder servicing is recognized as services are provided 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 September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Advisory and R&A	$	115	$	108	$	341	$	340
Distribution and shareholder servicing	19		19		55		61
Total financial services revenue	134		127		396		401
Revenue from other sources(1)	122		118		354		382
Total Fee income and Other revenue	$	256	$	245	$	750	$	783

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

Receivables of $89 and $90 are included in Other assets on the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, respectively.

11.    Income Taxes

The Company's effective tax rates for the three and nine months ended September 30, 2023 were (70.7)% and (2.8)%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction ("DRD"), the Resolution Capital Loss described below and tax credits.

The Company's effective tax rates for the three and nine months ended September 30, 2022 were 6.3% and (1.3)%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits.

On January 4, 2021, Voya Financial completed a series of transactions pursuant to a Master Transaction Agreement ("MTA") with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired Voya Financial's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2022 tax year, which will be included in a carryback claim for Voya Financial in accordance with the MTA, resulting in a $26 tax benefit and decrease to the effective tax rate (the "Resolution Capital Loss") for the Company.

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. Recently, the Treasury issued guidance clarifying the treatment of financial statement income related to noncontrolling interests, making it clear that the Company will not be within the scope of CAMT for 2023. For the 2024 tax year, there is uncertainty around whether the Company will be subject to the CAMT, which is driven by limited guidance to date by the US Treasury and IRS. If the CAMT applies in a future year, 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 September 30, 2023, the Company had year-to-date losses on securities of $(446) in Other comprehensive income, which increased the related DTA. However, 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

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)

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 participates 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 is 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 and $2 interest expense for the three and nine months ended September 30, 2023, respectively, and $1 interest expense for the three and nine months ended September 30, 2022. The Company earned $3 and $14 of interest income for the three and nine months ended September 30, 2023, respectively. The Company earned $1 and $4 of interest income for the three and nine months ended September 30, 2022, respectively.

As of September 30, 2023, VRIAC had $161 outstanding receivables and VIPS had an outstanding payable of $80 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 September 30, 2023, the Company had off-balance sheet commitments to acquire mortgage loans of $45 and purchase limited partnerships and private placement investments of $628.

50

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Restricted Assets

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

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

	September 30, 2023		December 31, 2022
Fixed maturity collateral pledged to FHLB(1)	$	1,032	$	997
FHLB restricted stock(2)	33		35
Other fixed maturities-state deposits	11		11
Cash and cash equivalents	2		2
Securities pledged(3)	718		792
Total restricted assets	$	1,796	$	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 $559 and $690 as of September 30, 2023 and December 31, 2022, respectively. In addition, as of September 30, 2023 and December 31, 2022, the Company delivered securities as collateral of $159 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 September 30, 2023 and December 31, 2022, the Company had $672 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 September 30, 2023 and December 31, 2022, assets with a market value of approximately $1,032 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 Contingencies

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

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

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

51

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

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

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 nine months ended September 30, 2023, revenues with affiliated entities related to these agreements were $19 and $58 . For the three and nine months ended September 30, 2022, revenues with affiliated entities related to these agreements were $20 and $64.

For the three and nine months ended September 30, 2023, expenses with affiliated entities related to the aforementioned operating agreements were $143 and $448. For the three and nine months ended September 30, 2022, expenses with affiliated entities related to the aforementioned operating agreements were $142 and $450.

52

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

(Dollar amounts in millions, unless otherwise stated)

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

The following discussion and analysis presents a review of our results of operations for the three and nine months ended September 30, 2023 and 2022 and financial condition as of September 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.

53

Impact of New Accounting Pronouncements

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

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. Recently, the U.S. Treasury issued guidance clarifying the treatment of financial statement income related to noncontrolling interests, making it clear that Voya Financial will not be within the scope of CAMT for 2023. For the 2024 tax year, there is uncertainty around whether Voya Financial will be subject to the CAMT, which is driven by limited guidance to date by the U.S. Treasury and IRS. If the CAMT applies in a future year, 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 ("MTA") with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired Voya Financial's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2022 tax year, which will be included in a carryback claim for Voya Financial in accordance with the MTA, resulting in a $26 tax benefit and decrease to the effective tax rate for VRIAC.

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.

54

Results of Operations

($ in millions)	Three Months Ended September 30,						Nine Months Ended September 30,
	2023		2022		Change		2023		2022		Change
Revenues:
Net investment income	$	384	$	366	$	18	$	1,155	$	1,235	$	(80)
Fee income	254		237		17		738		746		(8)
Premiums	15		2		13		24		10		14
Net gains (losses)	(64)		(69)		5		(142)		(387)		245
Other revenue	2		8		(6)		12		37		(25)
Total revenues	591		544		47		1,787		1,641		146
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	261		174		87		623		553		70
Operating expenses	269		269		—		851		869		(18)
Net amortization of Deferred policy acquisition costs and Value of business acquired	19		21		(2)		58		62		(4)
Interest expense	1		1		—		2		1		1
Total benefits and expenses	550		465		85		1,534		1,485		49
Income (loss) before income taxes	41		79		(38)		253		156		97
Income tax expense (benefit)	(29)		5		(34)		(7)		(2)		(5)
Net income (loss)	$	70	$	74	$	(4)	$	260	$	158	$	102

For the third quarter of 2023, the impact of annual assumption updates was $63 million unfavorable primarily driven by changes in lapse assumptions as well remeasurement of liability of Future policy benefits, The unfavorable remeasurement impact is mainly reflected in Interest credited and other benefits to contract owners/policyholders, Net gains (losses) and Premiums in the Condensed Consolidated Statements of Operations. There was no material impact from assumption updates for the third quarter of 2022.

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

Revenues

Premiums increased by $13 million from $2 million to $15 million primarily due to:

•remeasurement of deferred profit liability.

Other revenue decreased by $6 million from $8 million to $2 million primarily due to:

•lower revenue from transition service agreements.

Benefits and Expenses

Interest credited and other benefits to contract owners/policyholders increased by $87 million from $174 million to $261 million primarily due to:

•unfavorable amortization on deposit assets due to assumption updates in the current period; and

•higher participant crediting rates due to higher interest rates.

Income Tax Expense (Benefit)

Income tax expense (benefit) changed $34 million from an expense of $5 million to a benefit of $29 million primarily due to:

•the Resolution Capital Loss; and

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•a decrease in income before income taxes.

Nine Months Ended September 30, 2023 compared to Nine Months Ended September 30, 2022

Revenues

Net gains (losses) improved by $245 million from a loss of $387 million to a loss of $142 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.

The improvement was partially offset by:

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

Other revenue decreased by $25 million from $37 million to $12 million primarily due to:

•lower revenue from transition service agreements.

Benefits and Expenses

Interest credited and other benefits to contract owners/policyholders increased by $70 million from $553 million to $623 million primarily due to:

•unfavorable amortization on deposit assets due to annual assumption updates in the current period; and

•higher participant crediting rates due to higher interest rates.

Income Tax Expense (Benefit)

Income tax benefit increased $5 million from $2 million to $7 million primarily due to:

•the Resolution Capital Loss.

The increase was partially offset by:

•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. Additionally, see the Condensed Consolidated Balance Sheets to our Condensed Consolidated Financial Statements Part I, Item 1. of this Quarterly Report on Form 10-Q for a composition of our investment portfolio.

Fixed Maturities Credit Quality - Ratings

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

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

($ in millions)	September 30, 2023
NAIC Quality Designation	1		2		3		4		5		6		Total Fair Value
U.S. Treasuries	$	288	$	—	$	—	$	—	$	—	$	—	$	288
U.S. Government agencies and authorities	28		—		—		—		—		—		28
State, municipalities and political subdivisions	499		18		—		—		—		—		517
U.S. corporate public securities	1,619		3,451		190		27		1		—		5,288
U.S. corporate private securities	1,260		1,978		230		33		2		—		3,503
Foreign corporate public securities and foreign governments(1)	651		1,120		76		48		—		2		1,897
Foreign corporate private securities(1)	280		1,876		131		10		10		—		2,307
Residential mortgage-backed securities	2,333		113		2		1		3		5		2,457
Commercial mortgage-backed securities	1,939		337		55		6		3		2		2,342
Other asset-backed securities	1,261		181		1		5		1		3		1,452
Total fixed maturities	$	10,158	$	9,074	$	685	$	130	$	20	$	12	$	20,079
% of Fair Value	50.6%		45.2%		3.4%		0.6%		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)	September 30, 2023
ARO Quality Ratings	AAA			AA			A			BBB			BB and Below			Total Fair Value
U.S. Treasuries	$	—		$	288		$	—		$	—		$	—		$	288
U.S. Government agencies and authorities	—			28			—			—			—			28
State, municipalities and political subdivisions	35			315			150			17			—			517
U.S. corporate public securities	21			227			1,448			3,380			212			5,288
U.S. corporate private securities	17			148			1,109			1,914			315			3,503
Foreign corporate public securities and foreign governments(1)	8			102			579			1,069			139			1,897
Foreign corporate private securities(1)	—			27			215			1,886			179			2,307
Residential mortgage-backed securities	677			1,507			59			90			124			2,457
Commercial mortgage-backed securities	145			930			520			629			118			2,342
Other asset-backed securities	84			359			806			185			18			1,452
Total fixed maturities	$	987		$	3,931		$	4,886		$	9,170		$	1,105		$	20,079
% of Fair Value	4.9		%	19.6		%	24.3		%	45.7		%	5.5		%	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

As of September 30, 2023 and December 31, 2022, we held five and three, fixed maturity securities with unrealized capital losses in excess of $10 million, respectively. As of September 30, 2023 and December 31, 2022, the unrealized capital losses on these fixed maturity securities equaled $58 million, or 1.9% and $33.2 million, or 1.3%, respectively, of the total unrealized losses.

As of September 30, 2023, we had $1.5 billion of energy sector fixed maturity securities, constituting 7.3% of the total fixed maturities portfolio, with gross unrealized capital losses of $161 million, including no energy sector fixed maturity security with unrealized capital loss in excess of $10 million. As of September 30, 2023, our fixed maturity exposure to the energy sector is comprised of 92.1% 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 the dates indicated:

	September 30, 2023
($ in millions)	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives		Fair Value
Prime Agency	$	1,439	$	9	$	43	$	(2)	$	1,403
Prime Non-Agency	1,145		8		127		—		1,026
Alt-A	20		2		1		—		21
Sub-Prime(1)	16		—		1		—		15
Total RMBS	$	2,620	$	19	$	172	$	(2)	$	2,465
(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 by origination as of the dates indicated:

	September 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
2023	$	—	$	—	$	—	$	—	$	2	$	3	$	—	$	—	$	—	$	—	$	2	$	3
2022	8		8		48		40		93		85		80		72		—		—		229		205
2021	69		61		120		90		144		126		235		207		4		4		572		488
2020	27		25		30		25		38		29		102		80		10		7		207		166
2019	9		8		141		118		81		70		199		152		9		8		439		356
Prior	52		43		803		657		239		207		143		118		143		99		1,380		1,124
Total	$	165	$	145	$	1,142	$	930	$	597	$	520	$	759	$	629	$	166	$	118	$	2,829	$	2,342
	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
2022	$	20	$	17	$	36	$	34	$	114	$	105	$	86	$	76	$	26	$	26	$	282	$	258
2021	123		98		67		60		138		121		231		200		3		3		562		482
2020	50		46		21		18		46		37		107		85		—		—		224		186
2019	126		111		33		31		104		94		202		164		6		4		471		404
2018	73		64		19		16		71		64		29		24		17		14		209		182
Prior	642		559		139		129		206		187		160		138		83		74		1,230		1,087
Total	$	1,034	$	895	$	315	$	288	$	679	$	608	$	815	$	687	$	135	$	121	$	2,978	$	2,599

As of September 30, 2023, 82.8% and 14.4% 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 the dates indicated:

	September 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	$	317	$	315	$	717	$	709	$	72	$	69	$	15	$	10	$	1,174	$	1,155
Auto-Loans	—		—		—		—		—		—		—		—		—		—		—		—
Student Loans	4		4		49		43		—		—		—		—		—		—		53		47
Credit Card loans	—		—		—		—		2		1		—		—		—		—		2		1
Other Loans	36		28		1		1		108		96		127		112		4		4		276		241
Total Other ABS(1)	$	93	$	84	$	367	$	359	$	827	$	806	$	199	$	181	$	19	$	14	$	1,505	$	1,444
(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 September 30, 2023, 86.8% and 12.6% 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 September 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 46.3%. 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 September 30, 2023, the Company's total European exposure had an amortized cost and fair value of $2,238 million and $1,967 million, respectively. Some of the major country level exposures were in the United Kingdom of $934 million, in France of $175 million, in The Netherlands of $187 million, in Switzerland of $87 million, in Germany of $172 million, and in Belgium of $37 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

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factors. The objective of portfolio management is to maximize returns, taking into account interest rate and credit risk, as well as other risks. Our asset/liability management discipline includes strategies to minimize exposure to loss as interest rates and economic and market conditions change. In executing this strategy, we use derivative instruments to manage these risks. Our derivative counterparties are of high credit quality.

Liquidity and Capital Resources

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

•A reciprocal loan agreement with Voya Financial, an affiliate, whereby either party can borrow from the other up to 3.0% of VRIAC's statutory admitted assets as of the prior December 31. As of September 30, 2023, VRIAC had $161 million outstanding receivable and VIPS had $80 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 45.6% of our assets in marketable securities. These assets include cash, U.S. Treasuries, Agencies, Corporate Bonds, ABS, CMBS and collateralized mortgage obligations ("CMO") and Equity securities. In the event of a temporary liquidity need, cash may be raised by entering into repurchase agreements, dollar rolls and/or security lending agreements by temporarily lending securities and receiving cash collateral. Under our Liquidity Plan, up to 12.0% 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 September 30, 2023, VRIAC had securities lending collateral assets of $460 million, which represents approximately 0.4% 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 nine months ended September 30, 2023 and September 30, 2022, VRIAC did not receive any capital contribution from its Parent.

During the nine months ended September 30, 2023, VRIAC paid an ordinary dividend to its Parent in the aggregate amount of $310 million. During the nine months ended September 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 North American 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 September 30, 2023 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

64

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 and uncertainties, see Risk Factors in Part I, Item 1A. of 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.

65

Voya Retirement Insurance and Annuity Company

Exhibit Index
Exhibit No.	Description of Exhibit
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.

66

SIGNATURE

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

November 9, 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)

67

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:		November 9, 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:		November 9, 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 September 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.

November 9, 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 September 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.

November 9, 2023	By:	/s/	Rob Grubka
(Date)			Rob Grubka President

XML

Document and Entity Information - $ / shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments:
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option	$ 18,131	$ 19,772
Fixed maturities, at fair value using the fair value option	1,230	1,255
Equity Securities, FV-NI, Current	123	133
Less: Allowance for credit losses	24	14
Mortgage loans on real estate, net	4,129	4,213
Policy loans	161	159
Limited partnerships/corporations	1,085	1,043
Derivatives	328	322
Other investments	127	132
Total investments	26,218	28,069
Cash and cash equivalents	154	220
Short-term investments under securities loan agreements, including collateral delivered	753	939
Accrued investment income	309	289
Reinsurance Recoverable, Allowance for Credit Loss	0
Deferred policy acquisition costs and Value of business acquired	923	938
Deferred Income Tax Assets, Net	888	774
Other assets (net of allowance for credit loss of $0 as of 2023 and 2022)	1,690	1,681
Assets held in separate accounts	82,861	77,639
Total assets	116,607	113,581
Liabilities and Shareholder's Equity
Future policy benefits and contract owner account balances	31,213	32,942
Payables under securities loan agreements, including collateral held	779	921
Related Party [Member]	115	134
Derivatives	305	331
Other liabilities	797	687
Liabilities related to separate accounts	82,861	77,639
Total liabilities	116,070	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)	(2,407)	(2,067)
Retained earnings (deficit)	171	213
Total shareholder's equity	537	927
Total liabilities and shareholder's equity	116,607	113,581
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid	2,811	3,032
Allowance for Credit Loss, Receivable, Other, Current	0
Debt Securities, Available-for-sale, Allowance for Credit Loss	14	7
Fixed maturities, amortized cost	20,985	22,218
Collateral Pledged
Investments:
Debt Securities, Available-for-Sale, Restricted	$ 718	$ 792

XML

Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Securities pledged, amortized costs	$ 845	$ 894
Common stock, par value	$ 50
Common stock, shares issued	55,000
Fixed maturities, amortized cost	$ 20,985	22,218
Common stock, shares authorized	100,000
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option	$ 18,131	19,772
Fixed maturities, at fair value using the fair value option	1,230	1,255
Equity Securities, FV-NI, Current	123	133
Other Short-Term Investments	186	248
Mortgage loans on real estate, net	4,129	4,213
Policy loans	161	159
Limited partnerships/corporations	1,085	1,043
Derivatives	328	322
Other investments	127	132
Investments	26,218	28,069
Cash and cash equivalents	154	220
Short-term investments under securities loan agreements, including collateral delivered	753	939
Accrued investment income	309	289
Premiums and Other Receivables, Net	2,811	3,032
Deferred policy acquisition costs and Value of business acquired	923	938
Deferred Income Tax Assets, Net	888	774
Other assets (net of allowance for credit loss of $0 as of 2023 and 2022)	1,690	1,681
Assets held in separate accounts	82,861	77,639
Total assets	116,607	113,581
Future policy benefits and contract owner account balances	31,213	32,942
Payables under securities loan agreements, including collateral held	779	921
Derivatives	305	331
Other liabilities	797	687
Liabilities related to separate accounts	82,861	77,639
Liabilities	116,070	112,654
Common Stock, Value, Issued	3	3
Additional paid-in capital	2,770	2,778
Accumulated other comprehensive income (loss)	(2,407)	(2,067)
Retained earnings (deficit)	171	213
Total shareholder's equity	537	927
Liabilities and Equity	116,607	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	14	7
Less: Allowance for credit losses	$ 24	$ 14

XML

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Net investment income	$ 384,000,000	$ 366,000,000	$ 1,155,000,000	$ 1,235,000,000
Fee income	254,000,000	237,000,000	738,000,000	746,000,000
Premiums	15,000,000	2,000,000	24,000,000	10,000,000
Other revenue	2,000,000	8,000,000	12,000,000	37,000,000
Total revenues	591,000,000	544,000,000	1,787,000,000	1,641,000,000
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	261,000,000	174,000,000	623,000,000	553,000,000
Operating expenses	269,000,000	269,000,000	851,000,000	869,000,000
Net amortization of Deferred policy acquisition costs and Value of business acquired	19,000,000	21,000,000	58,000,000	62,000,000
Total benefits and expenses	550,000,000	465,000,000	1,534,000,000	1,485,000,000
Income tax expense (benefit)	(29,000,000)	5,000,000	(7,000,000)	(2,000,000)
Net income (loss)	70,000,000	74,000,000	260,000,000	158,000,000
Net investment income	384,000,000	366,000,000	1,155,000,000	1,235,000,000
Fee income	254,000,000	237,000,000	738,000,000	746,000,000
Premiums	15,000,000	2,000,000	24,000,000	10,000,000
Realized capital gains (losses)	(64,000,000)	(69,000,000)	(142,000,000)	(387,000,000)
Other revenue	2,000,000	8,000,000	12,000,000	37,000,000
Revenues	591,000,000	544,000,000	1,787,000,000	1,641,000,000
Interest credited and other benefits to contract owners/policyholders	261,000,000	174,000,000	623,000,000	553,000,000
Operating expenses	269,000,000	269,000,000	851,000,000	869,000,000
Net amortization of Deferred policy acquisition costs and Value of business acquired	19,000,000	21,000,000	58,000,000	62,000,000
Interest Expense	1,000,000	1,000,000	2,000,000	1,000,000
Benefits, Losses and Expenses	550,000,000	465,000,000	1,534,000,000	1,485,000,000
Income tax expense (benefit)	(29,000,000)	5,000,000	(7,000,000)	(2,000,000)
Net income (loss)	70,000,000	74,000,000	260,000,000	158,000,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 41,000,000	$ 79,000,000	$ 253,000,000	$ 156,000,000

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 70	$ 74	$ 260	$ 158
Other comprehensive income (loss), before tax:
Other comprehensive income (loss), after tax	(538)	(956)	(340)	(3,816)
Comprehensive income (loss)	(468)	(882)	(80)	(3,658)
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax	4	10	15	41
Change in unrealized gains (losses) on available-for-sale securities	(686)	(1,220)	(446)	(4,871)
Other Comprehensive Income (Loss), before Tax	(682)	(1,210)	(431)	(4,830)
Other Comprehensive Income (Loss), Tax	(144)	(254)	(91)	(1,014)
Other Comprehensive Income (Loss), Net of Tax	(538)	(956)	(340)	(3,816)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ (468)		$ (80)	$ (3,658)
Other comprehensive income (loss), before tax		(1,210)
Income tax expense (benefit) related to items of other comprehensive income (loss)		$ (254)

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)	158	0	0	0	158
Ending Balance at Sep. 30, 2022	565	3	2,778	(2,254)	38
Comprehensive income (loss):
Dividends	857	0	413	0	444
Other comprehensive income (loss), after tax	(3,816)	0	0	(3,816)	0
Comprehensive income (loss)	(3,658)
Beginning Balance at Jun. 30, 2022	1,447	3	2,778	(1,298)	(36)
Comprehensive income (loss):
Net income (loss)	74	0	0	0	74
Ending Balance at Sep. 30, 2022	565	3	2,778	(2,254)	38
Comprehensive income (loss):
Other comprehensive income (loss), after tax	(956)	0	0	(956)	0
Comprehensive income (loss)	(882)
Beginning Balance at Dec. 31, 2022	927	3	2,778	(2,067)	213
Comprehensive income (loss):
Net income (loss)	260	0	0	0	260
Ending Balance at Sep. 30, 2023	537	3	2,770	(2,407)	171
Comprehensive income (loss):
Dividends	310	0	8	0	302
Other comprehensive income (loss), after tax	(340)	0	0	(340)
Comprehensive income (loss)	(80)
Beginning Balance at Jun. 30, 2023	1,005	3	2,770	(1,869)	101
Comprehensive income (loss):
Net income (loss)	70	0	0	0	70
Ending Balance at Sep. 30, 2023	537	3	2,770	(2,407)	171
Comprehensive income (loss):
Other comprehensive income (loss), after tax	(538)	$ 0	$ 0	$ (538)	$ 0
Comprehensive income (loss)	$ (468)

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 931	$ 1,020
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	3,829	3,352
Proceeds from Sale of Loans Held-for-investment	340	506
Limited partnerships/corporations	38	61
Acquisition of:
Fixed maturities	(2,690)	(4,574)
Mortgage loans on real estate	(267)	(464)
Limited partnerships/corporations	(84)	(129)
Derivatives, net	(42)	(166)
Proceeds from Other Deposits	196	85
Other, net	(50)	(41)
Net cash provided by (used in) investing activities	1,359	(930)
Cash Flows from Financing Activities:
Deposits received for investment contracts	1,159	3,763
Maturities and withdrawals from investment contracts	(3,254)	(3,305)
Payments of Distributions to Affiliates	(310)	(857)
Net Cash Provided by (Used in) Financing Activities	(2,356)	(319)
Cash and cash equivalents, beginning of period	220	436
Cash and cash equivalents, end of period	154	207
Proceeds from (Payments for) Other Financing Activities	49	80
Net cash provided by operating activities	931	1,020
Fixed maturities	3,829	3,352
Proceeds from Sale of Loans Held-for-investment	340	506
Limited partnerships/corporations	38	61
Payments to Acquire Debt Securities, Available-for-sale	2,690	4,574
Payments to Acquire Mortgage Notes Receivable	267	464
Payments to Acquire Limited Partnership Interests	84	129
Payments for (Proceeds from) Short-term Investments	62	0
Payments for (Proceeds from) Derivative Instrument, Investing Activities	(42)	(166)
Increase (Decrease) in Notes Receivable, Related Parties	(161)	26
Proceeds from Other Deposits	196	85
Other, net	(50)	(41)
Net cash provided by (used in) investing activities	1,359	(930)
Deposits received for investment contracts	1,159	3,763
Withdrawal from Contract Holders Funds	3,254	3,305
Payments of Distributions to Affiliates	310	857
Net Cash Provided by (Used in) Financing Activities	(2,356)	(319)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(66)	(229)
Cash and cash equivalents	154	207
Proceeds from Sale of Equity Securities, FV-NI	$ 4	$ 0

XML

Business, Basis of Presentation and Significant Accounting Policies

9 Months Ended

Sep. 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 ("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.

On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), under the modified retrospective adoption method. ASU 2018-12 provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The unaudited Condensed Consolidated Financial Statements are presented under the new guidance for reporting periods beginning January 1, 2021. See “Adoption of New Pronouncements” below for additional information regarding this adoption and the transition impacts recorded as of January 1, 2021. See "Significant Accounting Policies" below for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the unaudited Condensed Consolidated Financial Statements. This section is meant to serve as an update to, and should be read in conjunction with the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K for the year ended December 31, 2022.

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 Interest credited and other benefits to contract owners/policyholders 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 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 the project nears completion.

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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Financial Services, Insurance, ASU 2018-12 Transition

9 Months Ended

Sep. 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
	September 30, 2023		December 31, 2022
Balance at January 1	$	27,951	$	27,095
Deposits	1,662		2,850
Fee income	(6)		(8)
Surrenders and withdrawals	(3,390)		(3,774)
Benefit payments	(94)		(113)
Net transfers from (to) the general account	(55)		1,174
Interest credited	550		714
Other	8		13
Ending Balance	$	26,626	$	27,951

Weighted-average crediting rate	2.7		%	2.6		%
Net amount at risk (1)	$	127		$	154
Cash surrender value	$	26,255		$	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:

	September 30, 2023		December 31, 2022
Wealth Solutions Deferred group and individual annuity (Contract owner account balances)	$	26,626	$	27,951
Other (Future policy benefits and Contract owner account balances)	4,587		4,991
Ending balance	$	31,213	$	32,942

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of September 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	$	5,845	$	2,690	$	1,998	$	829	$	784	$	12,159
1.01% - 2.00%	146		81		46		3		—		—		276
2.01% - 3.00%	6,478		30		1		—		—		—		6,509
3.01% - 4.00%	8,017		—		—		—		—		—		8,017
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	397		—		—		—		3		—		400
Total discretionary rate setting products	$	15,055	$	5,956	$	2,737	$	2,001	$	832	$	784	$	27,365

(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 September 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

9 Months Ended

Sep. 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 September 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	239	$	49	$	—	$	288
U.S. Government agencies and authorities	—		28		—		28
State, municipalities and political subdivisions	—		517		—		517
U.S. corporate public securities	—		5,275		13		5,288
U.S. corporate private securities	—		2,378		1,125		3,503
Foreign corporate public securities and foreign governments(1)	—		1,897		—		1,897
Foreign corporate private securities (1)	—		1,931		376		2,307
Residential mortgage-backed securities	—		2,403		54		2,457
Commercial mortgage-backed securities	—		2,342		—		2,342
Other asset-backed securities	—		1,413		39		1,452
Total fixed maturities, including securities pledged	239		18,233		1,607		20,079
Equity securities	10		—		113		123
Derivatives:
Interest rate contracts	1		273		—		274
Foreign exchange contracts	—		54		—		54
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,092		1		—		1,093
Assets held in separate accounts	77,145		5,375		341		82,861
Total assets	$	78,487	$	23,936	$	2,061	$	104,484
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	27	$	27
Derivatives:
Interest rate contracts	9		292		—		301
Foreign exchange contracts	—		2		—		2
Credit contracts	—		2		—		2
Total liabilities	$	9	$	296	$	27	$	332

(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
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.

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

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

Level 3 Financial Instruments

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

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

	Three Months Ended September 30, 2023
	Fair Value as of July 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities	$	13	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—
U.S. Corporate private securities	1,305		—		(36)		17		—		—		(36)		47		(172)		1,125		—		(37)
Foreign corporate private securities(1)	333		(1)		(7)		41		—		—		(17)		43		(16)		376		(1)		(7)
Residential mortgage-backed securities	49		(3)		—		3		—		—		—		5		—		54		(3)		—
Other asset-backed securities	32		—		—		10		—		—		(1)		—		(2)		39		—		—
Total fixed maturities, including securities pledged	1,732		(4)		(43)		71		—		—		(54)		95		(190)		1,607		(4)		(44)
Equity securities, at fair value	114		(1)		—		—		—		—		—		—		—		113		(1)		—
Stabilizers and MCGs(2)	(3)		(23)		—		—		(1)		—		—		—		—		(27)		—		—
Assets held in separate accounts(4)	344		(5)		—		1		—		(4)		—		6		(1)		341		—		—
(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 September 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.

	Nine Months Ended September 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 September 30		Change in Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities	$	13	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—
U.S. Corporate private securities	1,356		—		(34)		79		—		(3)		(113)		32		(192)		1,125		—		(36)
Foreign corporate public securities and foreign governments(1)	2		—		—		—		—		—		—		—		(2)		—		—		—
Foreign corporate private securities(1)	339		1		(1)		89		—		—		(145)		95		(2)		376		1		(2)
Residential mortgage-backed securities	20		(5)		—		37		—		—		—		2		—		54		(5)		—
Other asset-backed securities	52		—		(1)		10		—		—		(2)		—		(20)		39		—		—
Total fixed maturities, including securities pledged	1,782		(4)		(36)		215		—		(3)		(260)		129		(216)		1,607		(4)		(38)
Equity securities, at fair value	117		(7)		—		—		—		—		—		3		—		113		(7)		—
Stabilizer and MCGs(2)	(6)		(20)		—		—		(1)		—		—		—		—		(27)		—		—
Assets held in separate accounts(4)	347		(9)		—		8		—		(13)		—		9		(1)		341		—		—
(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 September 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 September 30, 2022
	Fair Value as of July 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities	$	8	$	—	$	(1)	$	1	$	—	$	—	$	(1)	$	—	$	—	$	7	$	—	$	(1)
U.S. Corporate private securities	1,323		—		(71)		63		—		—		(28)		11		—		1,298		—		(72)
Foreign corporate public securities and foreign governments(1)	4		—		—		—		—		—		—		—		(4)		—		—		—
Foreign corporate private securities(1)	303		(2)		(8)		20		—		—		(3)		—		(4)		306		(3)		(9)
Residential mortgage-backed securities	22		(2)		—		2		—		—		—		—		(1)		21		(2)		—
Other asset-backed securities	47		—		(2)		13		—		—		(1)		—		(4)		53		—		(2)
Total fixed maturities, including securities pledged	1,707		(4)		(82)		99		—		—		(33)		11		(13)		1,685		(5)		(84)
Equity securities, at fair value	121		(5)		—		—		—		—		—		—		—		116		(5)		—
Stabilizer and MCGs(2)	(4)		(5)		—		—		—		—		—		—		—		(9)		—		—
Assets held in separate accounts(4)	349		(9)		—		32		—		(16)		—		—		(17)		339		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.

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

For the three and nine months ended September 30, 2023 and 2022, the transfers in and out of Level 3 for fixed maturities were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

Significant Unobservable Inputs

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

Other Financial Instruments

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

ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company

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

	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	20,079	$	20,079	$	21,819	$	21,819
Equity securities	123		123		133		133
Mortgage loans on real estate	4,153		3,813		4,227		3,996
Policy loans	161		161		159		159
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,093		1,093		1,407		1,407
Derivatives	328		328		322		322
Other investments	127		127		132		132
Assets held in separate accounts	82,861		82,861		77,639		77,639
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	27,559		28,482		29,047		30,098
Funding agreements with fixed maturities	672		674		731		733
Supplementary contracts, immediate annuities and other	235		185		251		192
Stabilizer and MCGs	27		27		6		6
Derivatives	305		305		331		331
Short-term debt(2)	80		80		32		32
Long-term debt(2)	1		1		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

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [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	41		2
Amortization expense	(34)		(22)
Balance as of September 30, 2023	$	585	$	328

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

	September 30, 2023		December 31, 2022
DAC:
Wealth Solutions Deferred and Individual Annuities	$	585	$	578
Other	10		12
VOBA	328		348
Total	$	923	$	938

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

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Other Income and Expenses

9 Months Ended

Sep. 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:

	September 30,
	2023		2022
Fixed maturities, net of impairment	$	(2,965)	$	(2,831)
Derivatives(1)	88		163
Change in current discount rate	(334)		(350)
Deferred income tax asset (liability)	803		762
Total	(2,408)		(2,256)
Pension and other postretirement benefits liability, net of tax	1		2
AOCI	$	(2,407)	$	(2,254)

(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 September 30, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $16.

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

	Three Months Ended September 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(697)		$	147	$	(550)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	10			(2)		8
Change in unrealized gains (losses) on available-for-sale securities	(687)			145		(542)
Derivatives:
Derivatives	6		(1)	(1)		5
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	1			—		1
Change in current discount rate	4			(1)		3
Change in Accumulated other comprehensive income (loss)	$	(682)		$	144	$	(538)

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

	Nine Months Ended September 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(451)		$	95	$	(356)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	29			(6)		23
Change in unrealized gains (losses) on available-for-sale securities	(422)			89		(333)
Derivatives:
Derivatives	(9)		(1)	2		(7)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(15)			3		(12)
Change in unrealized gains (losses) on derivatives	(24)			5		(19)
Change in current discount rate	15			(3)		12
Change in Accumulated other comprehensive income (loss)	$	(431)		$	91	$	(340)

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

	Three Months Ended September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,262)		$	265	$	(997)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(5)			1		(4)
Change in unrealized gains (losses) on available-for-sale securities	(1,267)			266		(1,001)
Derivatives:
Derivatives	52		(1)	(11)		41
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	47			(10)		37
Change in current discount rate	10			(2)		8
Change in Accumulated other comprehensive income (loss)	(1,210)			254		(956)

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

	Nine Months Ended September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(5,029)		$	1,056	$	(3,973)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	72			(15)		57
Change in unrealized gains (losses) on available-for-sale securities	(4,957)			1,041		(3,916)
Derivatives:
Derivatives	101		(1)	(21)		80
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(15)			3		(12)
Change in unrealized gains (losses) on derivatives	86			(18)		68
Change in current discount rate	41			(9)		32
Change in Accumulated other comprehensive income (loss)	$	(4,830)		$	1,014	$	(3,816)

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

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Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company's effective tax rates for the three and nine months ended September 30, 2023 were (70.7)% and (2.8)%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the dividends received deduction ("DRD"), the Resolution Capital Loss described below and tax credits.

The Company's effective tax rates for the three and nine months ended September 30, 2022 were 6.3% and (1.3)%, respectively. The effective tax rates differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits.

On January 4, 2021, Voya Financial completed a series of transactions pursuant to a Master Transaction Agreement ("MTA") with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired Voya Financial's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2022 tax year, which will be included in a carryback claim for Voya Financial in accordance with the MTA, resulting in a $26 tax benefit and decrease to the effective tax rate (the "Resolution Capital Loss") for the Company.

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. Recently, the Treasury issued guidance clarifying the treatment of financial statement income related to noncontrolling interests, making it clear that the Company will not be within the scope of CAMT for 2023. For the 2024 tax year, there is uncertainty around whether the Company will be subject to the CAMT, which is driven by limited guidance to date by the US Treasury and IRS. If the CAMT applies in a future year, 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 September 30, 2023, the Company had year-to-date losses on securities of $(446) in Other comprehensive income, which increased the related DTA. However, 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 participates 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 is in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for that tax year.

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Financing Agreements

9 Months Ended

Sep. 30, 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 and $2 interest expense for the three and nine months ended September 30, 2023, respectively, and $1 interest expense for the three and nine months ended September 30, 2022. The Company earned $3 and $14 of interest income for the three and nine months ended September 30, 2023, respectively. The Company earned $1 and $4 of interest income for the three and nine months ended September 30, 2022, respectively.

As of September 30, 2023, VRIAC had $161 outstanding receivables and VIPS had an outstanding payable of $80 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

9 Months Ended

Sep. 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 September 30, 2023, the Company had off-balance sheet commitments to acquire mortgage loans of $45 and purchase limited partnerships and private placement investments of $628.

Restricted Assets

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

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

	September 30, 2023		December 31, 2022
Fixed maturity collateral pledged to FHLB(1)	$	1,032	$	997
FHLB restricted stock(2)	33		35
Other fixed maturities-state deposits	11		11
Cash and cash equivalents	2		2
Securities pledged(3)	718		792
Total restricted assets	$	1,796	$	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 $559 and $690 as of September 30, 2023 and December 31, 2022, respectively. In addition, as of September 30, 2023 and December 31, 2022, the Company delivered securities as collateral of $159 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 September 30, 2023 and December 31, 2022, the Company had $672 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 September 30, 2023 and December 31, 2022, assets with a market value of approximately $1,032 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 Contingencies

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

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

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

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

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

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Related Party

9 Months Ended

Sep. 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 nine months ended September 30, 2023, revenues with affiliated entities related to these agreements were $19 and $58 . For the three and nine months ended September 30, 2022, revenues with affiliated entities related to these agreements were $20 and $64.

For the three and nine months ended September 30, 2023, expenses with affiliated entities related to the aforementioned operating agreements were $143 and $448. For the three and nine months ended September 30, 2022, expenses with affiliated entities related to the aforementioned operating agreements were $142 and $450.

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

9 Months Ended

Sep. 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.

On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), under the modified retrospective adoption method. ASU 2018-12 provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The unaudited Condensed Consolidated Financial Statements are presented under the new guidance for reporting periods beginning January 1, 2021. See “Adoption of New Pronouncements” below for additional information regarding this adoption and the transition impacts recorded as of January 1, 2021. See "Significant Accounting Policies" below for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the unaudited Condensed Consolidated Financial Statements. This section is meant to serve as an update to, and should be read in conjunction with the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K for the year ended December 31, 2022.

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 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 the project nears completion.

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)

9 Months Ended

Sep. 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.

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of September 30, 2023 and December 31, 2022.

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Investments (Tables)

9 Months Ended

Sep. 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)		Allowance for credit losses		Fair Value
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		—		6		2,066
Foreign corporate private securities(1)	2,617		6		184		—		1		2,438
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		7		21,819
Less: Securities pledged	894		3		105		—		—		792
Total fixed maturities	$	23,473	$	82	$	2,523	$	2	$	7	$	21,027

(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 September 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	$	633	$	616
After one year through five years	3,013		2,833
After five years through ten years	3,148		2,843
After ten years	9,312		7,536
Mortgage-backed securities	5,441		4,799
Other asset-backed securities	1,513		1,452
Fixed maturities, including securities pledged	$	23,060	$	20,079

Schedule of Securities Borrowed Under Securities Lending Transactions

	September 30, 2023		December 31, 2022
U.S. Treasuries	$	18	$	51
U.S. corporate public securities	404		466
Foreign corporate public securities and foreign governments	158		201
Total(1)	$	580	$	718

Financing Receivable, Allowance for Credit Loss

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

	Nine Months Ended September 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		9		—		—		10
Reductions for securities sold during the period	—		—		(2)		—		(2)
Increase (decrease) on securities with allowance recorded in previous period	—		—		(1)		—		(1)
Balance as of September 30, 2023	$	1	$	9	$	3	$	1	$	14

	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

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.

Schedule of Unrealized Loss on Investments

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

	As of September 30, 2023
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	192	$	8	$	96	$	32	$	288	$	40
U.S. Government, agencies and authorities	12		1		16		3		28		4
State, municipalities and political subdivisions	23		1		493		108		516		109
U.S. corporate public securities	1,059		74		3,933		1,123		4,992		1,197
U.S. corporate private securities	691		27		2,550		386		3,241		413
Foreign corporate public securities and foreign governments	443		21		1,315		325		1,758		346
Foreign corporate private securities	346		15		1,716		183		2,062		198
Residential mortgage-backed	238		12		776		160		1,014		172
Commercial mortgage-backed	62		3		2,216		476		2,278		479
Other asset-backed	80		4		1,045		61		1,125		65
Total	$	3,146	$	166	$	14,156	$	2,857	$	17,302	$	3,023

	As of December 31, 2022
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	223	$	30	$	2	$	1	$	225	$	31
U.S. Government, agencies and authorities	30		3		—		—		30		3
State, municipalities and political subdivisions	545		85		15		7		560		92
U.S. corporate public securities	4,290		613		998		419		5,288		1,032
U.S. corporate private securities	2,819		264		331		64		3,150		328
Foreign corporate public securities and foreign governments	1,509		201		298		116		1,807		317
Foreign corporate private securities	2,203		173		52		11		2,255		184
Residential mortgage-backed	1,065		78		328		75		1,393		153
Commercial mortgage-backed	1,792		252		759		127		2,551		379
Other asset-backed	912		68		360		41		1,272		109
Total	$	15,388	$	1,767	$	3,143	$	861	$	18,531	$	2,628

Other than Temporary Impairment, Credit Losses Recognized in Earnings

Mortgage Loans by Loan to Value Ratio

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of September 30, 2023 and December 31, 2022, respectively.

	As of September 30, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	63	$	177	$	—	$	—	$	—	$	240
2022	206		297		65		—		—		568
2021	194		183		215		—		—		592
2020	133		119		—		10		11		273
2019	170		59		20		—		—		249
Prior	1,882		310		5		—		34		2,231
Total	$	2,648	$	1,145	$	305	$	10	$	45	$	4,153

	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
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. The information is updated as of September 30, 2023 and December 31, 2022, respectively.

	As of September 30, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	113	$	78	$	49	$	—	$	240
2022	197		40		183		148		568
2021	206		12		57		317		592
2020	185		21		5		62		273
2019	153		18		63		15		249
Prior	1,635		236		217		143		2,231
Total	$	2,489	$	405	$	574	$	685	$	4,153

*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
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. The information is updated as of September 30, 2023 and December 31, 2022, respectively.

	As of September 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	$	51	$	42	$	6	$	72	$	16	$	29	$	2	$	20	$	2	$	240
2022	114		116		46		88		100		81		2		1		20		568
2021	79		44		106		142		97		75		10		38		1		592
2020	63		131		13		9		8		30		—		6		13		273
2019	43		70		6		53		34		4		13		10		16		249
Prior	485		465		626		169		164		163		33		115		11		2,231
Total	$	835	$	868	$	803	$	533	$	419	$	382	$	60	$	190	$	63	$	4,153

	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
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. The information is updated as of September 30, 2023 and December 31, 2022, respectively.

	As of September 30, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	66	$	118	$	17	$	14	$	25	$	—	$	—	$	240
2022	72		233		221		26		10		6		—		568
2021	22		128		327		100		—		7		8		592
2020	50		47		60		116		—		—		—		273
2019	29		56		126		29		9		—		—		249
Prior	572		636		450		360		46		129		38		2,231
Total	$	811	$	1,218	$	1,201	$	645	$	90	$	142	$	46	$	4,153

	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
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:

	September 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 an allowance recorded in a previous period	8		1
Provision for expected credit losses	24		14
Write-offs	—		—
Recoveries of amounts previously written-off	—		—
Allowance for credit losses, end of period	$	24	$	14

Financing Receivable, Past Due

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

	September 30, 2023		December 31, 2022
Delinquency:
Current	$	4,127	$	4,227
30-59 days past due	26		—
60-89 days past due	—		—
Greater than 90 days past due	—		—
Total	$	4,153	$	4,227

Net Investment Income

Net Investment Income

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities	$	319	$	351	$	970	$	1,060
Equity securities	2		2		8		7
Mortgage loans on real estate	50		45		147		134
Policy loans	2		2		6		6
Short-term investments and cash equivalents	3		1		7		2
Limited partnerships and other	25		(16)		69		80
Gross investment income	401		385		1,207		1,289
Less: Investment expenses	17		19		52		54
Net investment income	$	384	$	366	$	1,155	$	1,235

Realized Gain (Loss) on Investments

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities, available-for-sale, including securities pledged	$	(12)	$	12	$	(36)	$	(50)
Fixed maturities, at fair value option	(90)		(196)		(190)		(504)
Equity securities, at fair value	(1)		(4)		(7)		(25)
Derivatives	66		125		123		182
Embedded derivatives - fixed maturities	(3)		(2)		(3)		(5)
Other derivatives	1		2		1		1
Managed custody guarantees	(15)		(6)		(12)		(8)
Stabilizers	(9)		—		(9)		19
Mortgage loans	(1)		(1)		(9)		3
Other investments	—		1		—		—
Net gains (losses)	$	(64)	$	(69)	$	(142)	$	(387)

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Proceeds on sales	$	584	$	723	$	2,716	$	2,167
Gross gains	9		16		38		34
Gross losses	5		12		44		45

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:

	2023				2022
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income		Net investment income and Net gains (losses)		Net investment income		Net investment income and Net gains (losses)
Three Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	6	$	(1)	$	54
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		3		—		2
Nine Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(9)	$	(2)	$	105
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		7

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:

	2023				2022
	Net investment income		Net gains (losses)		Net investment income		Net gains (losses)
Three Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	384	$	(64)	$	366	$	(69)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	3		—		2		—
Nine Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	1,155	$	(142)	$	1,235	$	(387)
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		7		—

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 (Loss) on Derivative	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	64	$	121	$	121	$	178
Foreign exchange contracts	Net gains (losses)	2		3		2		7
Credit contracts	Net gains (losses)	—		1		—		(3)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(3)		(2)		(3)		(5)
Managed custody guarantees	Net gains (losses)	(15)		(6)		(12)		(8)
Stabilizers	Net gains (losses)	(9)		—		(9)		19
Total		$	40	$	118	$	100	$	189

XML

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 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:

	September 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	$	18	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	612		50		2		596		58		2
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	12,092		274		301		12,470		262		327
Foreign exchange contracts	79		4		—		45		2		—
Credit contracts	118		—		2		141		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		—		2		N/A		2		—
Managed custody guarantees(3)	N/A		—		18		N/A		—		6
Stabilizers(3)	N/A		—		9		N/A		—		—
Total			$	328	$	334			$	324	$	337

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

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

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

N/A - Not Applicable

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:

	2023				2022
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income		Net investment income and Net gains (losses)		Net investment income		Net investment income and Net gains (losses)
Three Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	6	$	(1)	$	54
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		3		—		2
Nine Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(9)	$	(2)	$	105
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		7

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:

	2023				2022
	Net investment income		Net gains (losses)		Net investment income		Net gains (losses)
Three Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	384	$	(64)	$	366	$	(69)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	3		—		2		—
Nine Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	1,155	$	(142)	$	1,235	$	(387)
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		7		—

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 (Loss) on Derivative	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	64	$	121	$	121	$	178
Foreign exchange contracts	Net gains (losses)	2		3		2		7
Credit contracts	Net gains (losses)	—		1		—		(3)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(3)		(2)		(3)		(5)
Managed custody guarantees	Net gains (losses)	(15)		(6)		(12)		(8)
Stabilizers	Net gains (losses)	(9)		—		(9)		19
Total		$	40	$	118	$	100	$	189

Derivatives Not Designated as Hedging 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 Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of September 30, 2023 and December 31, 2022.

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

	September 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	$	18	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	612		50		2		596		58		2
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	12,092		274		301		12,470		262		327
Foreign exchange contracts	79		4		—		45		2		—
Credit contracts	118		—		2		141		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		—		2		N/A		2		—
Managed custody guarantees(3)	N/A		—		18		N/A		—		6
Stabilizers(3)	N/A		—		9		N/A		—		—
Total			$	328	$	334			$	324	$	337

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

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

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

N/A - Not Applicable

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

	Gross Amount Recognized(1)		Counterparty Netting(2)		Cash Collateral Netting(2)		Securities Collateral Netting(2)		Net receivables/ payables
September 30, 2023
Derivative assets	$	328	$	(277)	$	(44)	$	(6)	$	1
Derivative liabilities	305		(277)		(19)		(9)		—
December 31, 2022
Derivative assets	321		(263)		(51)		(6)		1
Derivative liabilities	331		(263)		(64)		(1)		3

(1) As of September 30, 2023, gross amounts do not exclude asset and liability exchange traded contracts. As of December 31, 2022, gross amounts exclude asset and liability exchange traded contracts of $1 and $0, respectively.

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

Collateral

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

As of September 30, 2023, the Company held $47 and pledged $19 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 September 30, 2023, the Company delivered $159 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:

	2023				2022
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income		Net investment income and Net gains (losses)		Net investment income		Net investment income and Net gains (losses)
Three Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	6	$	(1)	$	54
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		3		—		2
Nine Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(9)	$	(2)	$	105
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		7

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:

	2023				2022
	Net investment income		Net gains (losses)		Net investment income		Net gains (losses)
Three Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	384	$	(64)	$	366	$	(69)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	3		—		2		—
Nine Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	1,155	$	(142)	$	1,235	$	(387)
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		7		—

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 (Loss) on Derivative	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	64	$	121	$	121	$	178
Foreign exchange contracts	Net gains (losses)	2		3		2		7
Credit contracts	Net gains (losses)	—		1		—		(3)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(3)		(2)		(3)		(5)
Managed custody guarantees	Net gains (losses)	(15)		(6)		(12)		(8)
Stabilizers	Net gains (losses)	(9)		—		(9)		19
Total		$	40	$	118	$	100	$	189

XML

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

9 Months Ended

Sep. 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
	September 30, 2023		December 31, 2022
Balance at January 1	$	27,951	$	27,095
Deposits	1,662		2,850
Fee income	(6)		(8)
Surrenders and withdrawals	(3,390)		(3,774)
Benefit payments	(94)		(113)
Net transfers from (to) the general account	(55)		1,174
Interest credited	550		714
Other	8		13
Ending Balance	$	26,626	$	27,951

Weighted-average crediting rate	2.7		%	2.6		%
Net amount at risk (1)	$	127		$	154
Cash surrender value	$	26,255		$	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:

	September 30, 2023		December 31, 2022
Wealth Solutions Deferred group and individual annuity (Contract owner account balances)	$	26,626	$	27,951
Other (Future policy benefits and Contract owner account balances)	4,587		4,991
Ending balance	$	31,213	$	32,942

The following table summarizes detail on the differences between the interest rate being credited to contract holders as of September 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	$	5,845	$	2,690	$	1,998	$	829	$	784	$	12,159
1.01% - 2.00%	146		81		46		3		—		—		276
2.01% - 3.00%	6,478		30		1		—		—		—		6,509
3.01% - 4.00%	8,017		—		—		—		—		—		8,017
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	397		—		—		—		3		—		400
Total discretionary rate setting products	$	15,055	$	5,956	$	2,737	$	2,001	$	832	$	784	$	27,365

(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 September 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)

9 Months Ended

Sep. 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 September 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	239	$	49	$	—	$	288
U.S. Government agencies and authorities	—		28		—		28
State, municipalities and political subdivisions	—		517		—		517
U.S. corporate public securities	—		5,275		13		5,288
U.S. corporate private securities	—		2,378		1,125		3,503
Foreign corporate public securities and foreign governments(1)	—		1,897		—		1,897
Foreign corporate private securities (1)	—		1,931		376		2,307
Residential mortgage-backed securities	—		2,403		54		2,457
Commercial mortgage-backed securities	—		2,342		—		2,342
Other asset-backed securities	—		1,413		39		1,452
Total fixed maturities, including securities pledged	239		18,233		1,607		20,079
Equity securities	10		—		113		123
Derivatives:
Interest rate contracts	1		273		—		274
Foreign exchange contracts	—		54		—		54
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,092		1		—		1,093
Assets held in separate accounts	77,145		5,375		341		82,861
Total assets	$	78,487	$	23,936	$	2,061	$	104,484
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	27	$	27
Derivatives:
Interest rate contracts	9		292		—		301
Foreign exchange contracts	—		2		—		2
Credit contracts	—		2		—		2
Total liabilities	$	9	$	296	$	27	$	332

(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
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)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [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	41		2
Amortization expense	(34)		(22)
Balance as of September 30, 2023	$	585	$	328

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

	September 30, 2023		December 31, 2022
DAC:
Wealth Solutions Deferred and Individual Annuities	$	585	$	578
Other	10		12
VOBA	328		348
Total	$	923	$	938

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Other Income and Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

	Nine Months Ended September 30, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(451)		$	95	$	(356)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	29			(6)		23
Change in unrealized gains (losses) on available-for-sale securities	(422)			89		(333)
Derivatives:
Derivatives	(9)		(1)	2		(7)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(15)			3		(12)
Change in unrealized gains (losses) on derivatives	(24)			5		(19)
Change in current discount rate	15			(3)		12
Change in Accumulated other comprehensive income (loss)	$	(431)		$	91	$	(340)

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

	Three Months Ended September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,262)		$	265	$	(997)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(5)			1		(4)
Change in unrealized gains (losses) on available-for-sale securities	(1,267)			266		(1,001)
Derivatives:
Derivatives	52		(1)	(11)		41
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	47			(10)		37
Change in current discount rate	10			(2)		8
Change in Accumulated other comprehensive income (loss)	(1,210)			254		(956)

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

	Nine Months Ended September 30, 2022
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(5,029)		$	1,056	$	(3,973)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	72			(15)		57
Change in unrealized gains (losses) on available-for-sale securities	(4,957)			1,041		(3,916)
Derivatives:
Derivatives	101		(1)	(21)		80
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(15)			3		(12)
Change in unrealized gains (losses) on derivatives	86			(18)		68
Change in current discount rate	41			(9)		32
Change in Accumulated other comprehensive income (loss)	$	(4,830)		$	1,014	$	(3,816)

(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:

	September 30,
	2023		2022
Fixed maturities, net of impairment	$	(2,965)	$	(2,831)
Derivatives(1)	88		163
Change in current discount rate	(334)		(350)
Deferred income tax asset (liability)	803		762
Total	(2,408)		(2,256)
Pension and other postretirement benefits liability, net of tax	1		2
AOCI	$	(2,407)	$	(2,254)

(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 September 30, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $16.

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

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 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:

	September 30, 2023		December 31, 2022
Fixed maturity collateral pledged to FHLB(1)	$	1,032	$	997
FHLB restricted stock(2)	33		35
Other fixed maturities-state deposits	11		11
Cash and cash equivalents	2		2
Securities pledged(3)	718		792
Total restricted assets	$	1,796	$	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 $559 and $690 as of September 30, 2023 and December 31, 2022, respectively. In addition, as of September 30, 2023 and December 31, 2022, the Company delivered securities as collateral of $159 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		9 Months Ended
	Dec. 31, 2020	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Deferred Policy Acquisition Cost		$ 923		$ 923		$ 938
Present Value of Future Insurance Profits, Net		328		328		348	$ 375
Revenue from other sources (non-financial services revenue)		122	$ 118	354	$ 382
Total Fee income and Other revenue		256	245	750	783
Revenue from Contract with Customer, Excluding Assessed Tax		134	127	396	401
Accounting Standards Update 2014-09
Accounts Receivable, after Allowance for Credit Loss		89		89		90
Recordkeeping Administration
Revenue from Contract with Customer, Excluding Assessed Tax		115	108	341	340
Distribution Fees
Revenue from Contract with Customer, Excluding Assessed Tax		19	$ 19	55	$ 61
Retirement
Deferred Policy Acquisition Cost		$ 585		$ 585		$ 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	Sep. 30, 2023	Dec. 31, 2022
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities pledged, amortized costs	$ 845	$ 894
Debt Securities, Available-for-sale, Allowance for Credit Loss	14	7
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost	328	404
Fixed maturities, Gross Unrealized Capital Gains	0	4
Fixed maturities, Gross Unrealized Capital Losses	40	31
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale	288	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]
Debt Securities, Available-for-Sale, Amortized Cost	32	33
Fixed maturities, Gross Unrealized Capital Gains	0	0
Fixed maturities, Gross Unrealized Capital Losses	4	3
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale	28	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]
Debt Securities, Available-for-Sale, Amortized Cost	626	691
Fixed maturities, Gross Unrealized Capital Gains	0	1
Fixed maturities, Gross Unrealized Capital Losses	109	92
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale	517	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]
Debt Securities, Available-for-Sale, Amortized Cost	6,470	6,938
Fixed maturities, Gross Unrealized Capital Gains	16	32
Fixed maturities, Gross Unrealized Capital Losses	1,197	1,032
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale	5,288	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]
Debt Securities, Available-for-Sale, Amortized Cost	3,909	3,885
Fixed maturities, Gross Unrealized Capital Gains	7	11
Fixed maturities, Gross Unrealized Capital Losses	413	328
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale	3,503	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]
Debt Securities, Available-for-Sale, Amortized Cost	2,242	2,380
Fixed maturities, Gross Unrealized Capital Gains	4	9
Fixed maturities, Gross Unrealized Capital Losses	346	317
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale	1,897	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]
Debt Securities, Available-for-Sale, Amortized Cost	2,499	2,617
Fixed maturities, Gross Unrealized Capital Gains	7	6
Fixed maturities, Gross Unrealized Capital Losses	198	184
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale	2,307	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]
Debt Securities, Available-for-Sale, Amortized Cost	2,612	3,023
Fixed maturities, Gross Unrealized Capital Gains	19	21
Fixed maturities, Gross Unrealized Capital Losses	172	153
Embedded Derivatives	2	(2)
Debt Securities, Available-for-Sale	2,457	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]
Debt Securities, Available-for-Sale, Amortized Cost	2,829	2,978
Fixed maturities, Gross Unrealized Capital Gains	1	0
Fixed maturities, Gross Unrealized Capital Losses	479	379
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale	2,342	2,599
Debt Securities, Available-for-sale, Allowance for Credit Loss	9
OTTI		0
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost	1,513	1,418
Fixed maturities, Gross Unrealized Capital Gains	4	1
Fixed maturities, Gross Unrealized Capital Losses	65	109
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale	1,452	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]
Debt Securities, Available-for-Sale, Amortized Cost	23,060	24,367
Fixed maturities, Gross Unrealized Capital Gains	58	85
Fixed maturities, Gross Unrealized Capital Losses	3,023	2,628
Embedded Derivatives	2	(2)
Debt Securities, Available-for-Sale	20,079	21,819
Total fixed maturities, less securities pledged, Amortized Cost	22,215	23,473
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains	58	82
Total fixed maturities, less securities pledged, Fair Value	19,361	21,027
Debt Securities, Available-for-sale, Allowance for Credit Loss	14
OTTI	14	7
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses	2,896	2,523
Collateral Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities pledged	718	792
Collateral Pledged | Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Embedded Derivatives	0	0
Securities pledged, amortized costs	845	894
Securities pledged, Gross Unrealized Capital Gains	0	3
Securities pledged	718	792
Debt Securities, Available-for-sale, Allowance for Credit Loss	0	0
Available-for-sale Securities, Pledged as Collateral, Debt Securities, Unrecognized Holding Loss	$ 127	$ 105

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Investments - Debt Maturities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 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	$ 633
One year or less, Fair Value	616
After one year through five years, Amortized Cost	3,013
After one year through five years, Fair Value	2,833
After five years through ten years, Amortized Cost	3,148
After five years through ten years, Fair Value	2,843
After ten years, Amortized Cost	9,312
After ten years, Fair Value	7,536
Debt Securities, Available-for-Sale, Amortized Cost	23,060	$ 24,367
Fixed maturities, including securities pledged	20,079	21,819
Mortgage-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Without single maturity date, Amortized Cost	5,441
Without single maturity date, Fair Value	4,799
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Without single maturity date, Amortized Cost	1,513
Without single maturity date, Fair Value	1,452
Debt Securities, Available-for-Sale, Amortized Cost	1,513	1,418
Fixed maturities, including securities pledged	$ 1,452	$ 1,310

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Investments - Composition of US and Foreign Corporate Securities (Details) $ in Millions	Sep. 30, 2023 USD ($)
Collateral Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities Sold under Agreements to Repurchase, Asset	$ 0

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Investments - Repurchase Agreement, Securities Lending, VIEs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 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%
Payables under securities loan agreements, including collateral held	$ 779	$ 921
Securities pledged as collateral
Available-for-sale Securities Including Securities Pledged [Line Items]
Fair value of loaned securities	559	690
Collateral Securities Repledged, Delivered, or Used	159	102
Cash collateral, included in Payables
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	460	615
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	18	51
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	404	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	158	201
Payables under securities loan agreements
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	$ 580	$ 718

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Investments - Allowance for credit losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
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)	(10)
Financing Receivable, Allowance for Credit Loss, Sale			49	(2)
Increase (decrease) on securities with allowance recorded in previous period			2	(1)
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings	$ 15	$ 8		21	15
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)
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				(9)
Increase (decrease) on securities with allowance recorded in previous period				0
Reductions for securities sold during the period				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	0
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)	0
Financing Receivable, Allowance for Credit Loss, Sale			0	(2)
Increase (decrease) on securities with allowance recorded in previous period			0	(1)
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) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 3,023	$ 2,628
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	166
Debt Securities, Available-for-sale, Unrealized Loss Position	14,156	3,143
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	3,146
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,857	861
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	17,302	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
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	40	31
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	8
Debt Securities, Available-for-sale, Unrealized Loss Position	96	2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	192
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	32	1
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	288	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
State, municipalities and political subdivisions
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	109	92
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1
Debt Securities, Available-for-sale, Unrealized Loss Position	493	15
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	23
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	108	7
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	516	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
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	1,197	1,032
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	74
Debt Securities, Available-for-sale, Unrealized Loss Position	3,933	998
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	1,059
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,123	419
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	4,992	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
U.S. corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	413	328
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	27
Debt Securities, Available-for-sale, Unrealized Loss Position	2,550	331
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	691
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	386	64
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	3,241	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
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	346	317
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	21
Debt Securities, Available-for-sale, Unrealized Loss Position	1,315	298
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	443
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	325	116
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	1,758	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
Foreign corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	198	184
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	15
Debt Securities, Available-for-sale, Unrealized Loss Position	1,716	52
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	346
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	183	11
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	2,062	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
Residential mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	172	153
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	12
Debt Securities, Available-for-sale, Unrealized Loss Position	776	328
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	238
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	160	75
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	1,014	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
Commercial mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	479	379
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	3
Debt Securities, Available-for-sale, Unrealized Loss Position	2,216	759
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	62
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	476	127
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	2,278	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
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	65	109
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	4
Debt Securities, Available-for-sale, Unrealized Loss Position	1,045	360
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	80
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	61	41
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	1,125	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
US Government Corporations and Agencies Securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1
Debt Securities, Available-for-sale, Unrealized Loss Position	16
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value	12
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	3
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value	$ 28
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		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

XML

Investments - OTTI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Available-for-sale Securities Including Securities Pledged [Line Items]
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings	$ 15	$ 8	$ 21	$ 15

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Investments - Troubled Debt Restructuring (Details)	9 Months Ended
	Sep. 30, 2023 loan
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	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		$ 4,153	$ 4,227
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate		75.00%
0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		$ 2,648	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		$ 1,145	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		$ 45	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		$ 273	302
Year of Origination 2020 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		133	98
Year of Origination 2020 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		119	170
Year of Origination 2020 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		0	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		11	0
Year of Origination 2019
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		249	259
Year of Origination 2019 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		170	167
Year of Origination 2019 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		59	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		2,231	160
Year of Origination 2018 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		1,882	123
Year of Origination 2018 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		310	34
Year of Origination 2018 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		5	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		34	0
Year of Origination 2017
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss			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			1,866
Year of Origination 2017 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss			399
Year of Origination 2017 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss			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
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
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		194	187
Year of Origination 2021 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		183	229
Year of Origination 2021 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		215	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		568	556
Year of Origination 2022 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		206	210
Year of Origination 2022 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		297	283
Year of Origination 2022 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		65	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		240
Year of Origination 2023 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		63
Year of Origination 2023 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, before Allowance for Credit Loss		177
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

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Investments - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		$ 4,153	$ 4,227
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		$ 2,489	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		$ 405	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		$ 574	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		$ 685	490
Year of Origination 2020
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		273	302
Year of Origination 2020 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		185	211
Year of Origination 2020 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		21	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		62	72
Year of Origination 2019
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		249	259
Year of Origination 2019 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		153	161
Year of Origination 2019 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		18	40
Year of Origination 2019 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		63	53
Year of Origination 2019 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		15	5
Year of Origination 2018
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		2,231	160
Year of Origination 2018 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		1,635	93
Year of Origination 2018 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		236	21
Year of Origination 2018 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		217	46
Year of Origination 2018 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		143	0
Year of Origination 2017
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans			2,285
Year of Origination 2017 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans			1,569
Year of Origination 2017 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans			331
Year of Origination 2017 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans			171
Year of Origination 2017 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans			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		206	212
Year of Origination 2021 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		12	24
Year of Origination 2021 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		57	248
Year of Origination 2021 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		317	181
Year of Origination 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		568	556
Year of Origination 2022 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		197	278
Year of Origination 2022 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		40	89
Year of Origination 2022 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		183	171
Year of Origination 2022 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		148	$ 18
Year of Origination 2023
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		240
Year of Origination 2023 | Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		113
Year of Origination 2023 | 1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		78
Year of Origination 2023 | 1.0x - 1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		49
Year of Origination 2023 | Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Commercial mortgage loans		$ 0

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Investments - Loans by U.S. Region (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Open Option Contracts Written [Line Items]
Commercial mortgage loans	$ 4,153	$ 4,227
Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	835	817
South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	868	905
Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	803	834
West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	533	497
Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	419	419
East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	382	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	190	175
East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	63	96
Year of Origination 2020
Open Option Contracts Written [Line Items]
Commercial mortgage loans	273	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	131	143
Year of Origination 2020 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	13	14
Year of Origination 2020 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	9	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	13	23
Year of Origination 2019
Open Option Contracts Written [Line Items]
Commercial mortgage loans	249	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	70	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	13	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	2,231	160
Year of Origination 2018 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	485	28
Year of Origination 2018 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	465	55
Year of Origination 2018 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	626	49
Year of Origination 2018 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	169	7
Year of Origination 2018 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	164	7
Year of Origination 2018 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	163	9
Year of Origination 2018 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans	33	0
Year of Origination 2018 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	115	5
Year of Origination 2018 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	11	0
Year of Origination 2017
Open Option Contracts Written [Line Items]
Commercial mortgage loans		2,285
Year of Origination 2017 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans		485
Year of Origination 2017 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans		466
Year of Origination 2017 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans		607
Year of Origination 2017 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans		196
Year of Origination 2017 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans		172
Year of Origination 2017 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans		192
Year of Origination 2017 | New England
Open Option Contracts Written [Line Items]
Commercial mortgage loans		34
Year of Origination 2017 | West North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans		116
Year of Origination 2017 | East South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans		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	106	112
Year of Origination 2021 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	142	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	10	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	568	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	100	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	2	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	20	$ 18
Year of Origination 2023
Open Option Contracts Written [Line Items]
Commercial mortgage loans	240
Year of Origination 2023 | Pacific
Open Option Contracts Written [Line Items]
Commercial mortgage loans	51
Year of Origination 2023 | South Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	42
Year of Origination 2023 | Middle Atlantic
Open Option Contracts Written [Line Items]
Commercial mortgage loans	6
Year of Origination 2023 | West South Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	72
Year of Origination 2023 | Mountain
Open Option Contracts Written [Line Items]
Commercial mortgage loans	16
Year of Origination 2023 | East North Central
Open Option Contracts Written [Line Items]
Commercial mortgage loans	29
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	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	$ 4,153	$ 4,227
Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	811	841
Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,218	1,166
Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	1,201	1,292
Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	645	665
Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	90	69
Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	142	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	273	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	47	48
Year of Origination 2020 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	60	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	249	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	56	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	29	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	2,231	160
Year of Origination 2018 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	572	34
Year of Origination 2018 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	636	69
Year of Origination 2018 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	450	30
Year of Origination 2018 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	360	11
Year of Origination 2018 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	46	0
Year of Origination 2018 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	129	16
Year of Origination 2018 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	38	0
Year of Origination 2017
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss		2,285
Year of Origination 2017 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss		633
Year of Origination 2017 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss		620
Year of Origination 2017 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss		456
Year of Origination 2017 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss		372
Year of Origination 2017 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss		48
Year of Origination 2017 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss		117
Year of Origination 2017 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss		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	128	144
Year of Origination 2021 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	327	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	7	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	568	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	233	227
Year of Origination 2022 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	221	216
Year of Origination 2022 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	26	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	240
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	118
Year of Origination 2023 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, before Allowance for Credit Loss	17
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	25
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

XML

Investments - Allowance for Losses for Commercial Mortgage Loans (Details) $ in Millions	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) loan
Allowance for Loan and Lease Losses [Roll Forward]
Balance as of January 1, 2023	$ 7	$ 7	$ 7
Credit losses on mortgage loans for which credit losses were not previously recorded		6	10
Increase (decrease) on mortgage loans with allowance recorded in previous period		2	$ (1)
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	14
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	1		8
Premium Receivable, Credit Loss Expense (Reversal)	14		24
Write-offs	0		0
Recoveries of amounts previously written off	$ 0		$ 0
Troubled debt restructuring, number of contracts | loan			0

XML

Investments - Past due commercial mortgage loans (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current
Financing Receivable, Past Due [Line Items]
Past due commercial mortgage loans	$ 4,127	$ 4,227
30 to 59 Days Past Due
Financing Receivable, Past Due [Line Items]
Past due commercial mortgage loans	26	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	$ 4,153	$ 4,227

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Investments - Net Investment Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 401,000,000	$ 385,000,000	$ 1,207,000,000	$ 1,289,000,000
Less: investment expense	17,000,000	19,000,000	52,000,000	54,000,000
Net investment income	384,000,000	366,000,000	1,155,000,000	1,235,000,000
Realized capital gains (losses)	(64,000,000)	(69,000,000)	(142,000,000)	(387,000,000)
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	319,000,000	351,000,000	970,000,000	1,060,000,000
Investments in fixed maturities that did not produce net income	8,000,000		8,000,000
Equity securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	2,000,000	2,000,000	8,000,000	7,000,000
Mortgage loans on real estate
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	50,000,000	45,000,000	147,000,000	134,000,000
Realized capital gains (losses)	0	1,000,000
Policy loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	2,000,000	2,000,000	6,000,000	6,000,000
Short-term investments and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	3,000,000	1,000,000	7,000,000	2,000,000
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	25,000,000	(16,000,000)	69,000,000	80,000,000
Realized capital gains (losses)	$ (64,000,000)	$ (69,000,000)	$ 0	$ 0

XML

Investments - Net Realized Capital Gains (Losses) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ (64,000,000)	$ (69,000,000)	$ (142,000,000)	$ (387,000,000)
Available for Sale Securities, Gross Realized Gains (Losses), Proceeds on Sales	584,000,000	723,000,000
Debt Securities, Available-for-Sale, Realized Gain	9,000,000	16,000,000	38,000,000	34,000,000
Debt Securities, Available-for-Sale, Realized Loss	5,000,000	12,000,000	44,000,000	45,000,000
Gain (Loss) on Securities [Line Items]
Available for Sale Securities, Gross Realized Gains (Losses), Proceeds on Sales	584,000,000	723,000,000
Proceeds on sales			2,716,000,000	2,167,000,000
Debt Securities, Available-for-Sale, Realized Gain	9,000,000	16,000,000	38,000,000	34,000,000
Debt Securities, Available-for-Sale, Realized Loss	5,000,000	12,000,000	44,000,000	45,000,000
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(3,000,000)	(2,000,000)	(3,000,000)	(5,000,000)
Mortgages [Member]
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)			(9,000,000)	3,000,000
Stabilizer and Managed Custody Guarantees
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(1,000,000)	(1,000,000)
Other derivatives, net
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	1,000,000	2,000,000	1,000,000	1,000,000
Standalone derivatives
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(15,000,000)	(6,000,000)	(12,000,000)	(8,000,000)
Derivatives
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	66,000,000	125,000,000	123,000,000	182,000,000
Other investments
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(64,000,000)	(69,000,000)	0	0
Mortgages [Member]
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	0	1,000,000
Fixed Maturities, Available-for-sale, Including Securities Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(12,000,000)	12,000,000	(36,000,000)	(50,000,000)
Fixed Maturities, at Fair Value Using the Fair Value Option
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(90,000,000)	(196,000,000)	(190,000,000)	(504,000,000)
Equity securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ (1,000,000)	$ (4,000,000)	$ (7,000,000)	$ (25,000,000)

XML

Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	$ 328	$ 324
Derivatives, Liability Fair Value	334	337
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	18	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	612	596
Designated as Hedging Instrument | Foreign exchange contracts | Cash flow hedges | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	50	58
Derivatives, Liability Fair Value	2	2
Not Designated as Hedging Instrument | Credit contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	118	141
Not Designated as Hedging Instrument | Credit contracts | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	2	2
Not Designated as Hedging Instrument | Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	12,092	12,470
Not Designated as Hedging Instrument | Interest rate contracts | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	274	262
Derivatives, Liability Fair Value	301	327
Not Designated as Hedging Instrument | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	79	45
Not Designated as Hedging Instrument | Foreign exchange contracts | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	4	2
Derivatives, Liability Fair Value	0	0
Not Designated as Hedging Instrument | Fixed maturities
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	2
Derivatives, Liability Fair Value	2	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	$ 18	$ 6

XML

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Offsetting Assets and liabilities [Line Items]
Asset Fair Value	$ 328,000,000	$ 321,000,000
Liability Fair Value	305,000,000	331,000,000
Counterparty netting, Assets	(277,000,000)	(263,000,000)
Counterparty netting, Liabilities	(277,000,000)	(263,000,000)
Cash collateral netting, Assets	(44,000,000)	(51,000,000)
Cash collateral netting, Liabilities	(19,000,000)	(64,000,000)
Securities collateral netting, Assets	(6,000,000)	(6,000,000)
Securities collateral netting, Liabilities	(9,000,000)	(1,000,000)
Net receivables	1,000,000	1,000,000
Net payables	0	3,000,000
excluded Liability Exchange Traded Contracts		0
Excluded assets exchange traded contract	$ 0	$ 1

XML

Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions	Sep. 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	159	102
Over the Counter | Payables under securities loan agreement, including collateral held
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	47	50
Exchange Cleared | Payables under securities loan agreement, including collateral held
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	$ 19	$ 62

XML

Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivatives, Fair Value [Line Items]
Net Investment Income	$ 384,000,000	$ 366,000,000	$ 1,155,000,000	$ 1,235,000,000
Derivative, Gain (Loss) on Derivative, Net	40,000,000	118,000,000	100,000,000	189,000,000
Realized capital gains (losses)	(64,000,000)	(69,000,000)	(142,000,000)	(387,000,000)
Interest rate contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	64,000,000	121,000,000	121,000,000	178,000,000
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	(1,000,000)	0	(2,000,000)
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	2,000,000	3,000,000	2,000,000	7,000,000
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	6,000,000	54,000,000	(9,000,000)	105,000,000
Foreign exchange contracts | Investment Income | Designated as Hedging Instrument | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	3,000,000	2,000,000	7,000,000	7,000,000
Net realized gains (losses) on derivatives			7,000,000	7,000,000
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	(3,000,000)	(2,000,000)	(3,000,000)	(5,000,000)
Realized capital gains (losses)	(3,000,000)	(2,000,000)	(3,000,000)	(5,000,000)
Managed Custody Guarantees
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(15,000,000)	(6,000,000)	(12,000,000)	(8,000,000)
Credit contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ 1,000,000	$ 0	$ (3,000,000)

XML

Financial Services, Insurance, ASU 2018-12 Transition (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 31,213	$ 32,942
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance [Line Items]
Policyholder Account Balance	15,055	21,507
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder Account Balance	5,956	2,895
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	2,737	1,938
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150
Policyholder Account Balance [Line Items]
Policyholder Account Balance	2,001	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	784	103
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	12,159	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	5,845	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	2,690	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	1,998	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	784	102
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199
Policyholder Account Balance [Line Items]
Policyholder Account Balance	276	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	146	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	81	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	46	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	0	1
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299
Policyholder Account Balance [Line Items]
Policyholder Account Balance	6,509	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	6,478	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	30	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	8,017	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	8,017	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	400	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	397	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	27,365	29,020
Retirement
Policyholder Account Balance [Line Items]
Policyholder Account Balance	26,626	27,951	$ 27,095
Policyholder Account Balance, Premium Received	1,662	2,850
Policyholder Account Balance, Policy Charge	(6)	(8)
Policyholder Account Balance, Surrender and Withdrawal	(3,390)	(3,774)
Policyholder Account Balance, Benefit Payment	(94)	(113)
Transfer to (from) Policyholder Account Balance (to) from Separate Account	(55)	1,174
Policyholder Account Balance, Interest Expense	550	714
Policyholder Account Balance, Increase (Decrease) from Other Change	$ 8	$ 13
Policyholder Account Balance, Weighted Average Crediting Rate	2.70%	2.60%
Policyholder Account Balance, Net Amount at Risk	$ 127	$ 154
Policyholder Account Balance, Cash Surrender Value	26,255	27,567
Other Segments
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 4,587	$ 4,991

XML

Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	$ 2,811		$ 2,811		3,032
Direct Premiums Earned	16	$ 2	26	$ 12
Ceded Premiums Earned	(1)	0	(2)	(2)
Premiums	15	2	24	10
Policyholder Benefits and Claims Incurred, Direct	256	226	699	655
Policyholder Benefits and Claims Incurred, Assumed	1	0	3	3
Policyholder Benefits and Claims Incurred, Ceded	4	(52)	(79)	(105)
Policyholder Interest and Other Benefits, Net	261	$ 174	623	$ 553
Premiums receivable and reinsurance recoverable, net	(1)		(1)
Premiums Receivable, Net	$ 2,812		$ 2,812		$ (1)

XML

Reinsurance (Text) $ in Millions	Sep. 30, 2023 USD ($)
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]
Deposits Assets	$ 1,100

XML

Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets:
Derivatives	$ 328	$ 322
Assets held in separate accounts	82,861	77,639
Liabilities:
Derivatives	305	331
U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	288	377
US Treasury and Government
Assets:
Fixed maturities, including securities pledged	28	30
State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	517	600
U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	5,288	5,938
U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	3,503	3,568
Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	1,897	2,066
Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	2,307	2,438
Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,457	2,893
Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,342	2,599
Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,452	1,310
Assets measured on recurring basis
Assets:
Fixed maturities, including securities pledged	20,079	21,819
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,093	1,407
Assets held in separate accounts	82,861	77,639
Total assets, fair value	104,484	101,320
Liabilities:
Total liabilities, fair value	332	337
Assets measured on recurring basis | Stabilizer and MCGs
Liabilities:
Product guarantees	27	6
Assets measured on recurring basis | Interest rate contracts
Assets:
Derivatives	274	262
Liabilities:
Derivatives	301	327
Assets measured on recurring basis | Foreign exchange contracts
Assets:
Derivatives	54	60
Liabilities:
Derivatives	2	2
Assets measured on recurring basis | Credit contracts
Liabilities:
Derivatives	2	2
Assets measured on recurring basis | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	288	377
Assets measured on recurring basis | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	28	30
Assets measured on recurring basis | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	517	600
Assets measured on recurring basis | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	5,288	5,938
Assets measured on recurring basis | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	3,503	3,568
Assets measured on recurring basis | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	1,897	2,066
Assets measured on recurring basis | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	2,307	2,438
Assets measured on recurring basis | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,457	2,893
Assets measured on recurring basis | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,342	2,599
Assets measured on recurring basis | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,452	1,310
Assets measured on recurring basis | Equity securities
Liabilities:
Equity Securities, FV-NI	123	133
Assets measured on recurring basis | Level 1
Assets:
Fixed maturities, including securities pledged	239	291
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,092	1,407
Assets held in separate accounts	77,145	72,065
Total assets, fair value	78,487	73,780
Liabilities:
Total liabilities, fair value	9	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	1	1
Liabilities:
Derivatives	9	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	239	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	10	16
Assets measured on recurring basis | Level 2
Assets:
Fixed maturities, including securities pledged	18,233	19,746
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1	0
Assets held in separate accounts	5,375	5,227
Total assets, fair value	23,936	25,294
Liabilities:
Total liabilities, fair value	296	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	273	261
Liabilities:
Derivatives	292	325
Assets measured on recurring basis | Level 2 | Foreign exchange contracts
Assets:
Derivatives	54	60
Liabilities:
Derivatives	2	2
Assets measured on recurring basis | Level 2 | Credit contracts
Liabilities:
Derivatives	2	2
Assets measured on recurring basis | Level 2 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	49	86
Assets measured on recurring basis | Level 2 | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	28	30
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	517	600
Assets measured on recurring basis | Level 2 | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	5,275	5,925
Assets measured on recurring basis | Level 2 | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	2,378	2,212
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	1,897	2,064
Assets measured on recurring basis | Level 2 | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	1,931	2,099
Assets measured on recurring basis | Level 2 | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,403	2,873
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,342	2,599
Assets measured on recurring basis | Level 2 | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,413	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	1,607	1,782
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	0	0
Assets held in separate accounts	341	347
Total assets, fair value	2,061	2,246
Liabilities:
Total liabilities, fair value	27	6
Assets measured on recurring basis | Level 3 | Stabilizer and MCGs
Liabilities:
Product guarantees	27	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	1,125	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	376	339
Assets measured on recurring basis | Level 3 | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	54	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	39	52
Assets measured on recurring basis | Level 3 | Equity securities
Liabilities:
Equity Securities, FV-NI	$ 113	$ 117

XML

Fair Value Measurements - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 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	$ 344	$ 349	$ 347	$ 316
Total Realized/Unrealized Gains (Losses) Included in Net Income	(5)	(9)	(9)	(35)
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0	0	0
Purchases	1	32	8	164
Issuances	0	0	0	0
Sales	(4)	(16)	(13)	(20)
Settlements	0	0	0	0
Transfers in to Level 3	6	0	9	6
Transfers out of Level 3	(1)	(17)	(1)	(92)
Fair Value, assets, ending balance	341	339	341	339
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)	(4)	(6)	(20)
Total Realized/Unrealized Gains (Losses) Included in Net Income	(23)	(5)	(20)	12
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0	0	0
Purchases	0	0	0	0
Issuances	(1)	0	(1)	(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	(27)	(9)	(27)	(9)
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	13	8	13	5
Total Realized/Unrealized Gains (Losses) Included in Net Income		0		0
Total Realized/Unrealized Gains (Losses) Included in OCI		(1)		(1)
Purchases		1		4
Issuances		0		0
Sales		0		0
Settlements		(1)		(1)
Transfers in to Level 3		0		0
Transfers out of Level 3		0		0
Fair Value, assets, ending balance	13	7	13	7
Change in Unrealized Gains (Losses) Included in Earnings		0		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	(1)	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	1,305	1,323	1,356	1,379
Total Realized/Unrealized Gains (Losses) Included in Net Income		0		0
Total Realized/Unrealized Gains (Losses) Included in OCI	(36)	(71)	(34)	(283)
Purchases	17	63	79	199
Issuances		0		0
Sales		0	(3)	0
Settlements	(36)	(28)	(113)	(111)
Transfers in to Level 3	47	11	32	124
Transfers out of Level 3	(172)	0	(192)	(10)
Fair Value, assets, ending balance	1,125	1,298	1,125	1,298
Change in Unrealized Gains (Losses) Included in Earnings		0		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(37)	(72)	(36)	(282)
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		4	2
Transfers out of Level 3		(4)	(2)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI		0	0
Foreign corporate private securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	333	303	339	272
Total Realized/Unrealized Gains (Losses) Included in Net Income	(1)	(2)	1	(21)
Total Realized/Unrealized Gains (Losses) Included in OCI	(7)	(8)	(1)	(32)
Purchases	41	20	89	101
Issuances		0		0
Sales		0		0
Settlements	(17)	(3)	(145)	(21)
Transfers in to Level 3	43	0	95	110
Transfers out of Level 3	(16)	(4)	(2)	(103)
Fair Value, assets, ending balance	376	306	376	306
Change in Unrealized Gains (Losses) Included in Earnings	(1)	(3)	1	(5)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(7)	(9)	(2)	(33)
Residential mortgage-backed
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	49	22	20	34
Total Realized/Unrealized Gains (Losses) Included in Net Income	(3)	(2)	(5)	(14)
Total Realized/Unrealized Gains (Losses) Included in OCI		0		0
Purchases	3	2	37	2
Issuances		0		0
Sales		0		0
Settlements		0		0
Transfers in to Level 3	5	0	2	0
Transfers out of Level 3		(1)		(1)
Fair Value, assets, ending balance	54	21	54	21
Change in Unrealized Gains (Losses) Included in Earnings	(3)	(2)	(5)	(14)
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	32	47	52	33
Total Realized/Unrealized Gains (Losses) Included in Net Income		0		0
Total Realized/Unrealized Gains (Losses) Included in OCI		(2)	(1)	(6)
Purchases	10	13	10	39
Issuances		0		0
Sales		0		(10)
Settlements	(1)	(1)	(2)	(3)
Transfers in to Level 3		0		0
Transfers out of Level 3	(2)	(4)	(20)	0
Fair Value, assets, ending balance	39	53	39	53
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	(5)
Fixed maturities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	1,732	1,707	1,782	1,723
Total Realized/Unrealized Gains (Losses) Included in Net Income	(4)	(4)	(4)	(35)
Total Realized/Unrealized Gains (Losses) Included in OCI	(43)	(82)	(36)	(322)
Purchases	71	99	215	345
Issuances		0		0
Sales		0	(3)	(10)
Settlements	(54)	(33)	(260)	(136)
Transfers in to Level 3	95	11	129	234
Transfers out of Level 3	(190)	(13)	(216)	(114)
Fair Value, assets, ending balance	1,607	1,685	1,607	1,685
Change in Unrealized Gains (Losses) Included in Earnings	(4)	(5)	(4)	(19)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(44)	(84)	(38)	(321)
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	114	121	117	114
Total Realized/Unrealized Gains (Losses) Included in Net Income	(1)	(5)	(7)	(22)
Total Realized/Unrealized Gains (Losses) Included in OCI		0		0
Purchases		0		24
Issuances		0		0
Sales		0		0
Settlements		0		0
Transfers in to Level 3		0	3	0
Transfers out of Level 3		0		0
Fair Value, assets, ending balance	113	116	113	116
Change in Unrealized Gains (Losses) Included in Earnings	(1)	(5)	(7)	(22)
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				0
Total Realized/Unrealized Gains (Losses) Included in Net Income				0
Total Realized/Unrealized Gains (Losses) Included in OCI				0
Purchases				7
Issuances				0
Sales				0
Settlements				(7)
Transfers in to Level 3				0
Transfers out of Level 3				0
Fair Value, assets, ending balance		$ 0		0
Change in Unrealized Gains (Losses) Included in Earnings				0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI				$ 0

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Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	$ 20,079	$ 21,819
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,093	1,407
Derivative assets	328	322
Other investments	127	132
Assets held in separate accounts	82,861	77,639
Short-term Debt	80	32
Long-term debt	1	2
Equity Securities, FV-NI	123	133
Fair Value | Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	28,482	30,098
Fair Value | Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	674	733
Fair Value | Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	185	192
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	27	6
Fair Value | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	3,813	3,996
Fair Value | Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	161	159
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	20,079	21,819
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,093	1,407
Derivative assets	328	322
Other investments	127	132
Assets held in separate accounts	82,861	77,639
Short-term Debt	80	32
Long-term debt	1	2
Equity Securities, FV-NI	123	133
Carrying Value | Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	27,559	29,047
Carrying Value | Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	672	731
Carrying Value | Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	235	251
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	27	6
Carrying Value | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	4,153	4,227
Carrying Value | Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	161	159
Derivative assets	328	322
Other investments	127	132
Assets held in separate accounts	82,861	77,639
Derivatives liabilities	305	331
Other derivatives | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives liabilities	305	331
Other derivatives | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives liabilities	$ 305	$ 331

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Deferred Policy Acquisition Costs and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions	6 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
DAC VOBA Reconciliation [Line Items]
Deferred Policy Acquisition Cost		$ 923	$ 938
Present Value of Future Insurance Profits, Net		328	348	$ 375
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Derivatives		328	322
Other investments		127	132
Assets held in separate accounts		82,861	77,639
Derivatives		305	331
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items]
Deferred Policy Acquisition Cost		923	938
Present Value of Future Insurance Profits, Net		328	348	375
Deferrals of commissions and expenses	$ 4	2
Present Value of Future Insurance Profits, Amortization Expense	(31)	(22)
Retirement
DAC VOBA Reconciliation [Line Items]
Deferred Policy Acquisition Cost		585	578	573
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items]
Deferred Policy Acquisition Cost		585	578	$ 573
Deferrals of commissions and expenses	54	41
As of December 31, 2022	$ (49)	(34)
Other [Domain]
DAC VOBA Reconciliation [Line Items]
Deferred Policy Acquisition Cost		10	12
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items]
Deferred Policy Acquisition Cost		10	12
Carrying Value
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Fixed maturities, including securities pledged		20,079	21,819
Equity Securities, FV-NI		123	133
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement		1,093	1,407
Derivatives		328	322
Other investments		127	132
Assets held in separate accounts		82,861	77,639
Short-term Debt		80	32
Long-term debt		1	2
Carrying Value | Derivatives
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Derivatives		305	331
Carrying Value | Funding agreements without fixed maturities and deferred annuities
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Product guarantees		27,559	29,047
Carrying Value | Funding agreements with fixed maturities
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Product guarantees		672	731
Carrying Value | Supplementary contracts, immediate annuities and other
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Product guarantees		235	251
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Product guarantees		27	6
Carrying Value | Mortgages [Member]
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Loans Receivable, Fair Value Disclosure		4,153	4,227
Carrying Value | Policy loans
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Loans Receivable, Fair Value Disclosure		161	159
Fair Value
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Fixed maturities, including securities pledged		20,079	21,819
Equity Securities, FV-NI		123	133
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement		1,093	1,407
Derivatives		328	322
Other investments		127	132
Assets held in separate accounts		82,861	77,639
Short-term Debt		80	32
Long-term debt		1	2
Fair Value | Derivatives
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Derivatives		305	331
Fair Value | Funding agreements without fixed maturities and deferred annuities
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Product guarantees		28,482	30,098
Fair Value | Funding agreements with fixed maturities
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Product guarantees		674	733
Fair Value | Supplementary contracts, immediate annuities and other
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Product guarantees		185	192
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Product guarantees		27	6
Fair Value | Mortgages [Member]
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Loans Receivable, Fair Value Disclosure		3,813	3,996
Fair Value | Policy loans
Deferred Policy Acquisition Cost and Value of Businesses Acquired [Line Items]
Loans Receivable, Fair Value Disclosure		$ 161	$ 159

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Separate Account Liability (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	$ 82,861	$ 77,639
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	82,861	77,639
Liabilities related to separate accounts	82,861	77,639
Retirement
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	80,894	75,569	$ 93,943
Separate Account, Liability, Policyholder Behavior	10	(1,308)
Policyholder Account Balance, Policy Charge	6	8
Separate Account, Liability, Policy Charge	(332)	(446)
Separate Account, Liability, Increase (Decrease) from Invested Performance	5,646	(16,622)
Separate Account, Liability, Increase (Decrease) from Other Change	1	2
Other Segments
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	1,967	2,070
Wealth Solutions Stabilizer
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Separate Account, Liability, Policyholder Behavior	(288)
Policyholder Account Balance, Policy Charge	(25)
Wealth Solutions Stabilizer | Retirement
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	6,919	7,196	8,091
Separate Account, Liability, Policyholder Behavior		(68)
Separate Account, Liability, Policy Charge		(34)
Separate Account, Liability, Increase (Decrease) from Invested Performance	35	(794)
Separate Account, Liability, Increase (Decrease) from Other Change	1	1
Deferred Variable Annuity | Retirement
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	73,975	68,373	$ 85,852
Separate Account, Liability, Policyholder Behavior	298	(1,240)
Separate Account, Liability, Policy Charge	(307)	(412)
Separate Account, Liability, Increase (Decrease) from Invested Performance	5,611	(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	73,947	68,345
US Treasury and Government
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	1,026	1,586
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	1,026	1,586
Corporate Debt Securities
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	1,752	1,647
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	1,752	1,647
Separate Account, Debt Security
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	672	660
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	672	660
Separate Account, Mortgage-Backed Security
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	3,319	3,434
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	3,319	3,434
Separate Account, Equity Security
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	75,503	69,774
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	75,503	69,774
Separate Account, Cash and Cash Equivalents
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	337	311
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	337	311
Asset-Backed Securities, Securitized Loans and Receivables
Other Liabilities Disclosure [Abstract]
Assets held in separate accounts	252	227
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	$ 252	$ 227

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Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Fixed maturities	$ (697)	$ (1,262)	$ (451)	$ (5,029)
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	147	265	95	1,056
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(550)	(997)	(356)	(3,973)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	10	(5)	29	72
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(2)	1	(6)	(15)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	8	(4)	23	57
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	145	266	89	1,041
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax	(542)	(1,001)	(333)	(3,916)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	5	41	(7)	80
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	1	11	(2)	21
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	6	52	(9)	101
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	5	5	15	15
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	1	1	3	3
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	4	4	12	12
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	1	37	(19)	68
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	0	10	(5)	18
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	1	47	(24)	86
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax	4	10	15	41
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, Tax	(1)	(2)	(3)	(9)
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax	3	8	12	32
Unrealized gains (losses) on securities	(687)	(1,267)	(422)	(4,957)
Other Comprehensive Income (Loss), before Tax	(682)	(1,210)	(431)	(4,830)
Other Comprehensive Income (Loss), Tax	144	254	91	1,014
Other Comprehensive Income (Loss), Net of Tax	$ (538)	$ (956)	$ (340)	$ (3,816)

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Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fixed maturities, net of impairment	$ (2,965)		$ (2,831)
Deferred income tax asset (liability)	803		762
Accumulated Other Comprehensive Income (Loss), Unrealized Capital Gains (Losses), Adjustment, Net of Tax	(2,408)		(2,256)
Pension and other postretirement benefits liability, net of tax	1		2
Accumulated other comprehensive income (loss)	(2,407)	$ (2,067)	(2,254)
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	16
Accumulated Other Comprehensive Income (Loss), Deferred Acquisition Costs and Value Of Business Acquired (VOBA), Available for Sale Securities Adjustment, before Tax	88		163
AOCI, Liability for Future Policy Benefit, before Tax	$ (334)		$ (350)

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	(70.70%)	6.30%	(2.80%)	(1.30%)
Statutory tax rate			21.00%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 41	$ 79	$ 253	$ 156
Income tax expense (benefit)	(29)	5	(7)	(2)
Other Comprehensive Income (Loss), before Tax	$ (682)	$ (1,210)	$ (431)	$ (4,830)

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Financing Agreements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Interest Expense	$ 1	$ 1	$ 2	$ 1
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	$ 3	1	$ 14	4
Interest Expense	1	$ 1	2	$ 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	161		161		$ 0
Voya Financial, Inc. | Reciprocal Loan Agreement | Related Party [Member] | Loans Payable
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Other Receivables	$ 80		$ 80

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Pledged Collateral	$ 1,032	$ 997
Securities pledged as collateral
Loss Contingencies [Line Items]
Securities Pledged under repurchase agreements	159	102
Acquisition of mortgage loans
Loss Contingencies [Line Items]
Amount of purchase commitment	45
Purchase of limited partnerships and private placement investments
Loss Contingencies [Line Items]
Amount of purchase commitment	628
Federal Home Loan Bank of Boston | Line of Credit
Loss Contingencies [Line Items]
Non-putable funding agreements issued to FHLB	672	730
Pledged Collateral	$ 1,032	$ 997

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Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
FHLB restricted stock	$ 33	$ 35
Debt Securities, Trading	11	11
Restricted Cash and Cash Equivalents	2	2
Total restricted assets	1,796	1,837
Pledged Collateral	1,032	997
Securities pledged as collateral
Loss Contingencies [Line Items]
Fair value of loaned securities	559	690
Collateral Pledged
Loss Contingencies [Line Items]
Securities pledged	$ 718	$ 792

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Related Party - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Revenues	$ 591	$ 544	$ 1,787	$ 1,641
Other Affiliates
Related Party Transaction [Line Items]
Revenues	19	20	58	64
Other Expenses	$ 143	$ 142	$ 448	$ 450

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Label	Element	Value
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	$ 14,000,000
Commercial Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	24,000,000
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	11,000,000
Foreign Corporate Public Securities and Foreign Governments [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	3,000,000
U.S. Corporate Public Securities [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	1,000,000
Commercial Mortgage-Backed Securities [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	9,000,000
Foreign Corporate Private Securities [Member]
Financing Receivable, Allowance for Credit Loss	us-gaap_FinancingReceivableAllowanceForCreditLosses	$ 1,000,000