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 March 31, 2024

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	(860) 580-4646
(Address of principal executive offices)			(Zip Code)	(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 May 3, 2024, 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 March 31, 2024

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	9
	Notes to Condensed Consolidated Financial Statements:	10
	1. Business, Basis of Presentation and Significant Accounting Policies	10
	2. Investments	12
	3. Derivative Financial Instruments	22
	4. Fair Value Measurements	26
	5. Deferred Policy Acquisition Costs and Value of Business Acquired	34
	6. Reserves for Contract Owner Account Balances	34
	7. Reinsurance	36
	8. Separate Accounts	37
	9. Accumulated Other Comprehensive Income (Loss)	38
	10. Revenue from Contracts with Customers	39
	11. Income Taxes	39
	12. Financing Agreements	41
	13. Commitments and Contingencies	41
	14. Related Party Transactions	43
Item 2.	Management's Narrative Analysis of the Results of Operations and Financial Condition	44
Item 4.	Controls and Procedures	48
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 6.	Exhibits	48
Exhibit Index		49
Signature		50

2

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) global market risks, including general economic conditions, our ability to manage such risks and interest rates; (ii) liquidity and credit risks, including financial strength or credit ratings downgrades, requirements to post collateral, and availability of funds through lending programs; (iii) strategic and business risks, including our ability to maintain market share or otherwise manage our third party relationships; (iv) investment risks, including the ability to achieve desired returns or liquidate certain assets; (v) operational risks, including cybersecurity and privacy failures and our dependence on third parties; (vi) tax, regulatory and legal risks, including limits on our ability to use deferred tax assets, changes in law, regulation or accounting standards, and our ability to comply with regulations. 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, 2023 (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

March 31, 2024 (Unaudited) and December 31, 2023

(In millions, except share and per share data)

	March 31, 2024		December 31, 2023
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $19,886 and $20,496 as of 2024 and 2023, respectively; net of allowance for credit losses of $16 and $14 as of 2024 and 2023, respectively)	$	18,029	$	18,713
Fixed maturities, at fair value using the fair value option	1,235		1,328
Equity securities, at fair value	68		65
Short-term investments	30		86
Mortgage loans on real estate (net of allowance for credit losses of $22 as of 2024 and 2023)	3,954		4,026
Policy loans	161		161
Limited partnerships/corporations	1,108		1,046
Derivatives	259		213
Securities pledged (amortized cost of $951 and $855 as of 2024 and 2023, respectively)	864		798
Other investments	89		88
Total investments	25,797		26,524
Cash and cash equivalents	316		186
Short-term investments under securities loan agreements, including collateral delivered	783		789
Accrued investment income	292		283
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $0 as of 2024 and 2023)	2,796		2,899
Deferred policy acquisition costs and Value of business acquired	917		920
Deferred income taxes	653		633
Other assets (net of allowance for credit loss of $0 as of 2024 and 2023)	1,828		1,726
Assets held in separate accounts	95,594		90,282
Total assets	$	128,976	$	124,242

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

March 31, 2024 (Unaudited) and December 31, 2023

(In millions, except share and per share data)

	March 31, 2024		December 31, 2023
Liabilities:
Future policy benefits and contract owner account balances	$	30,046	$	30,577
Payables under securities loan agreements, including collateral held	762		692
Due to affiliates	118		173
Derivatives	275		299
Other liabilities	714		679
Liabilities related to separate accounts	95,594		90,282
Total liabilities	$	127,509	$	122,702
Commitments and Contingencies (Note 13)
Shareholder's equity:
Common stock ($50 par value per share, 100,000 shares authorized, 55,000 issued and outstanding as of 2024 and 2023)	3		3
Additional paid-in capital	2,770		2,770
Accumulated other comprehensive income (loss)	(1,601)		(1,531)
Retained earnings (deficit)	295		298
Total shareholder's equity	1,467		1,540
Total liabilities and shareholder's equity	$	128,976	$	124,242

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 Months Ended March 31, 2024 and 2023 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2024		2023
Revenues:
Net investment income	$	376	$	384
Fee income	272		237
Premiums	—		3
Net gains (losses)	15		(25)
Other revenue	11		6
Total revenues	674		605
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	182		184
Operating expenses	304		303
Net amortization of Deferred policy acquisition costs and Value of business acquired	18		19
Total benefits and expenses	504		506
Income (loss) before income taxes	170		99
Income tax expense (benefit)	10		9
Net income (loss)	$	160	$	90

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 Months Ended March 31, 2024 and 2023 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2024		2023
Net income (loss)	$	160	$	90
Other comprehensive income (loss), before tax:
Change in current discount rate	9		6
Unrealized gains (losses) on securities	(97)		492
Other comprehensive income (loss), before tax	(88)		498
Income tax expense (benefit) related to items of other comprehensive income (loss)	(18)		104
Other comprehensive income (loss), after tax	(70)		394
Comprehensive income (loss)	$	90	$	484

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 March 31, 2024 and 2023 (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, 2024	$	3	$	2,770	$	(1,531)	$	298	$	1,540
Comprehensive income (loss):
Net income (loss)	—		—		—		160		160
Other comprehensive income (loss), after tax	—		—		(70)		—		(70)
Total comprehensive income (loss)									90
Dividends paid and distributions of capital	—		—		—		(163)		(163)
Balance as of March 31, 2024	$	3	$	2,770	$	(1,601)	$	295	$	1,467
Balance as of January 1, 2023	$	3	$	2,778	$	(2,067)	$	213	$	927
Comprehensive income (loss):
Net income (loss)	—		—		—		90		90
Other comprehensive income (loss), after tax	—		—		394		—		394
Total comprehensive income (loss)									484
Balance as of March 31, 2023	$	3	$	2,778	$	(1,673)	$	303	$	1,411

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 Cash Flows

For the Three Months Ended March 31, 2024 and 2023 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2024		2023
Net cash provided by operating activities	$	230	$	285
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	905		1,398
Mortgage loans on real estate	152		132
Limited partnerships/corporations	9		8
Acquisition of:
Fixed maturities	(344)		(969)
Mortgage loans on real estate	(82)		(53)
Limited partnerships/corporations	(64)		(31)
Short-term investments, net	56		247
Derivatives, net	29		4
Short-term loan to affiliate, net	(105)		(409)
Receipts on deposit asset contracts	65		68
Other, net	69		(38)
Net cash provided by (used in) investing activities	690		357
Cash Flows from Financing Activities:
Deposits received for investment contracts	498		540
Maturities and withdrawals from investment contracts	(1,131)		(1,206)
Dividends paid and distributions of capital	(163)		—
Other, net	6		37
Net cash provided by (used in) financing activities	(790)		(629)
Net increase (decrease) in cash and cash equivalents	130		13
Cash and cash equivalents, beginning of period	186		220
Cash and cash equivalents, end of period	$	316	$	233

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.)

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.

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)

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.

The December 31, 2023 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K.

Adoption of New Pronouncements

Equity Securities Subject to Contractual Sale Restrictions

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, "Fair Value Measurement (Topic 280): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"), which 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 the fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.

The provisions of ASU 2022-03 were adopted prospectively on January 1, 2024. The adoption did not have an impact on the Company's financial condition, results of operations, or cash flows.

Future Adoption of Accounting Pronouncements

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires:

•A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold.

•Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold.

The amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-09.

Segment Disclosures

In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses.

The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-07.

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)

Climate Related Disclosures

In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures will be phased in beginning with the Company's annual report for the year ending December 31, 2025. While the implementation of this rule is pending the outcome of legal challenges, the Company is currently assessing the impact of adoption on the Consolidated Financial Statements and related disclosures in the event that the stay is lifted.

2.    Investments

Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of March 31, 2024:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	288	$	1	$	29	$	—	$	—	$	260
U.S. Government agencies and authorities	32		—		3		—		—		29
State, municipalities and political subdivisions	559		—		73		—		—		486
U.S. corporate public securities	6,137		64		816		—		—		5,385
U.S. corporate private securities	3,831		25		289		—		—		3,567
Foreign corporate public securities and foreign governments(1)	2,103		23		219		—		1		1,906
Foreign corporate private securities(1)	2,331		15		125		—		1		2,220
Residential mortgage-backed securities	2,550		19		134		—		—		2,435
Commercial mortgage-backed securities	2,720		1		372		—		13		2,336
Other asset-backed securities	1,521		14		30		—		1		1,504
Total fixed maturities, including securities pledged	22,072		162		2,090		—		16		20,128
Less: Securities pledged	951		—		87		—		—		864
Total fixed maturities	$	21,121	$	162	$	2,003	$	—	$	16	$	19,264

(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.

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)

Available-for-sale and FVO fixed maturities were as follows as of December 31, 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	$	297	$	3	$	25	$	—	$	—	$	275
U.S. Government agencies and authorities	32		—		2		—		—		30
State, municipalities and political subdivisions	623		1		70		—		—		554
U.S. corporate public securities	6,291		73		759		—		—		5,605
U.S. corporate private securities	3,861		31		256		—		—		3,636
Foreign corporate public securities and foreign governments(1)	2,214		27		216		—		3		2,022
Foreign corporate private securities(1)	2,385		20		105		—		1		2,299
Residential mortgage-backed securities	2,631		24		124		1		—		2,532
Commercial mortgage-backed securities	2,781		1		415		—		9		2,358
Other asset-backed securities	1,564		8		43		—		1		1,528
Total fixed maturities, including securities pledged	22,679		188		2,015		1		14		20,839
Less: Securities pledged	855		—		57		—		—		798
Total fixed maturities	$	21,824	$	188	$	1,958	$	1	$	14	$	20,041

(1) Primarily U.S. dollar denominated.

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

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2024, 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	$	607	$	595
After one year through five years	2,922		2,806
After five years through ten years	2,868		2,723
After ten years	8,884		7,729
Mortgage-backed securities	5,270		4,771
Other asset-backed securities	1,521		1,504
Fixed maturities, including securities pledged	$	22,072	$	20,128

As of March 31, 2024 and December 31, 2023, 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.

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)

Repurchase Agreements and Securities Pledged

As of March 31, 2024 and December 31, 2023, 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:

	March 31, 2024		December 31, 2023
Securities loaned to lending agent(1)	$	710	$	645
Securities pledged as collateral(1)(2)	154		153
Total	$	864	$	798

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

(2) See Collateral within the Derivatives Financial Instruments 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:

	March 31, 2024		December 31, 2023
U.S. Treasuries	$	32	$	12
U.S. corporate public securities	487		438
Short-term Investments	15		31
Foreign corporate public securities and foreign governments	200		189
Total(1)	$	734	$	670

(1) As of March 31, 2024 and December 31, 2023, liabilities to return cash collateral were $513 and $499, 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.

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)

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:

	Three Months Ended March 31, 2024
	Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2024	$	9	$	3	$	1	$	1	$	14
Credit losses on securities for which credit losses were not previously recorded	4		—		—		—		4
Reductions for securities sold during the period	—		(2)		—		—		(2)
Increase (decrease) on securities with allowance recorded in previous period	—		—		—		—		—
Balance as of March 31, 2024	$	13	$	1	$	1	$	1	$	16

	Year Ended December 31, 2023
	Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2023	$	—	$	6	$	1	$	—	$	7
Credit losses on securities for which credit losses were not previously recorded	9		—		—		1		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 December 31, 2023	$	9	$	3	$	1	$	1	$	14

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.

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)

Unrealized Capital Losses

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

	As of March 31, 2024
	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	$	57	$	2	$	114	$	27	$	171	$	29
U.S. Government, agencies and authorities	13		—		17		3		30		3
State, municipalities and political subdivisions	11		—		472		73		483		73
U.S. corporate public securities	207		17		4,069		799		4,276		816
U.S. corporate private securities	320		9		2,541		280		2,861		289
Foreign corporate public securities and foreign governments	110		2		1,257		217		1,367		219
Foreign corporate private securities	220		4		1,739		121		1,959		125
Residential mortgage-backed	147		3		777		131		924		134
Commercial mortgage-backed	16		—		2,234		372		2,250		372
Other asset-backed	47		—		270		30		317		30
Total	$	1,148	$	37	$	13,490	$	2,053	$	14,638	$	2,090

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)

	As of December 31, 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	$	60	$	2	$	105	$	23	$	165	$	25
U.S. Government, agencies and authorities	—		—		17		2		17		2
State, municipalities and political subdivisions	16		—		528		70		544		70
U.S. corporate public securities	215		13		4,233		746		4,448		759
U.S. corporate private securities	128		5		2,653		251		2,781		256
Foreign corporate public securities and foreign governments	70		1		1,385		215		1,455		216
Foreign corporate private securities	151		4		1,744		101		1,895		105
Residential mortgage-backed	74		2		803		122		877		124
Commercial mortgage-backed	52		3		2,252		412		2,304		415
Other asset-backed	97		3		744		40		841		43
Total	$	863	$	33	$	14,464	$	1,982	$	15,327	$	2,015

As of March 31, 2024, the average duration of our fixed maturities portfolio, including securities pledged, is between 6.5 and 7 years.

As of March 31, 2024 and December 31, 2023, 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.

There were no intent impairments for the three months ended March 31, 2024 and 2023.

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

Debt Restructuring

Upon the adoption of ASU 2022-02 as of January 1, 2023, the Company no longer identifies certain debt modifications as troubled debt restructuring, but instead evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three months ended March 31, 2024 and 2023 the Company had no material debt modifications that require such disclosure.

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)

Mortgage Loans on Real Estate

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

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. These ratios are utilized as part of the review process described above.

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively.

	As of March 31, 2024
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2024	$	53	$	25	$	—	$	—	$	—	$	78
2023	90		177		—		—		—		267
2022	214		281		72		—		—		567
2021	191		169		194		—		—		554
2020	144		82		—		—		11		237
Prior	1,993		248		13		—		19		2,273
Total	$	2,685	$	982	$	279	$	—	$	30	$	3,976

	As of December 31, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	113	$	152	$	—	$	—	$	—	$	265
2022	215		282		73		—		—		570
2021	191		181		197		—		—		569
2020	137		93		—		10		11		251
2019	173		54		20		—		—		247
Prior	1,878		246		3		—		19		2,146
Total	$	2,707	$	1,008	$	293	$	10	$	30	$	4,048

18

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively.

	As of March 31, 2024
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2024	$	16	$	25	$	34	$	3	$	78
2023	109		109		49		—		267
2022	172		46		169		180		567
2021	204		13		45		292		554
2020	173		19		16		29		237
Prior	1,668		200		266		139		2,273
Total	$	2,342	$	412	$	579	$	643	$	3,976

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

	As of December 31, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	133	$	83	$	49	$	—	$	265
2022	173		54		172		171		570
2021	205		12		51		301		569
2020	175		20		16		40		251
2019	151		19		62		15		247
Prior	1,619		197		212		118		2,146
Total	$	2,456	$	385	$	562	$	645	$	4,048

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

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively.

	As of March 31, 2024
	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
2024	$	2	$	34	$	15	$	10	$	10	$	—	$	5	$	2	$	—	$	78
2023	50		64		10		75		16		28		2		20		2		267
2022	114		118		45		87		100		81		1		1		20		567
2021	77		43		101		143		84		59		10		36		1		554
2020	53		127		13		8		8		10		—		6		12		237
Prior	484		509		583		170		193		138		46		123		27		2,273
Total	$	780	$	895	$	767	$	493	$	411	$	316	$	64	$	188	$	62	$	3,976

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)

	As of December 31, 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	$	61	$	9	$	75	$	16	$	29	$	2	$	20	$	2	$	265
2022	114		118		46		89		100		81		1		1		20		570
2021	76		44		103		143		96		60		10		36		1		569
2020	53		130		14		8		8		20		—		6		12		251
2019	43		69		6		52		34		4		13		10		16		247
Prior	456		456		616		158		162		140		33		114		11		2,146
Total	$	793	$	878	$	794	$	525	$	416	$	334	$	59	$	187	$	62	$	4,048

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively.

	As of March 31, 2024
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2024	$	14	$	55	$	9	$	—	$	—	$	—	$	—	$	78
2023	81		125		24		13		24		—		—		267
2022	72		231		222		25		10		7		—		567
2021	22		120		310		87		—		7		8		554
2020	49		37		60		91		—		—		—		237
Prior	505		665		523		367		50		126		37		2,273
Total	$	743	$	1,233	$	1,148	$	583	$	84	$	140	$	45	$	3,976

	As of December 31, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	82	$	122	$	24	$	13	$	24	$	—	$	—	$	265
2022	72		233		224		25		10		6		—		570
2021	22		122		310		99		—		8		8		569
2020	49		37		60		105		—		—		—		251
2019	29		56		124		29		9		—		—		247
Prior	559		625		414		342		42		127		37		2,146
Total	$	813	$	1,195	$	1,156	$	613	$	85	$	141	$	45	$	4,048

20

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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

	March 31, 2024		December 31, 2023
Allowance for credit losses, beginning of the period	$	22	$	14
Credit losses on mortgage loans for which credit losses were not previously recorded	—		2
Increase (decrease) on mortgage loans with an allowance recorded in a previous period	—		8
Provision for expected credit losses	22		24
Write-offs	—		(2)
Recoveries of amounts previously written-off	—		—
Allowance for credit losses, end of period	$	22	$	22

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

	March 31, 2024		December 31, 2023
Delinquency:
Current	$	3,946	$	4,037
30-59 days past due	19		—
60-89 days past due	—		—
Greater than 90 days past due	11		11
Total	$	3,976	$	4,048

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 March 31, 2024 and December 31, 2023 the Company had $30 and $11, respectively, commercial mortgage loans in non-accrual status, with an LTV ratio of 100%. The amount of interest income recognized on loans in non-accrual status for the three months ended March 31, 2024 and the year ended December 31, 2023 was immaterial.

Net Investment Income

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

	Three Months Ended March 31,
	2024		2023
Fixed maturities	$	304	$	333
Equity securities	1		3
Mortgage loans on real estate	48		48
Policy loans	2		2
Short-term investments and cash equivalents	3		2
Limited partnerships and other	34		14
Gross investment income	392		402
Less: Investment expenses	16		18
Net investment income	$	376	$	384

As of March 31, 2024 and December 31, 2023, the Company had $8 and $7 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.

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)

Net Gains (Losses)

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

	Three Months Ended March 31,
	2024		2023
Fixed maturities, available-for-sale, including securities pledged	$	(16)	$	(9)
Fixed maturities, at fair value option	(63)		11
Equity securities, at fair value	2		(4)
Derivatives	90		(28)
Embedded derivatives - fixed maturities	(1)		1
Other derivatives	1		—
Managed custody guarantees	1		3
Mortgage loans	1		—
Other investments	—		1
Net gains (losses)	$	15	$	(25)

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

	Three Months Ended March 31,
	2024		2023
Proceeds on sales	$	596	$	880
Gross gains	7		12
Gross losses	21		21

3.    Derivative Financial Instruments

The Company primarily enters into the following types of derivatives:

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

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

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

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)

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 March 31, 2024 and December 31, 2023.

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

	March 31, 2024						December 31, 2023
	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	$	10	$	—	$	—	$	10	$	—	$	—
Foreign exchange contracts	597		31		4		597		27		6
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	11,427		228		268		11,125		186		290
Foreign exchange contracts	46		—		—		66		—		2
Credit contracts	130		—		3		101		—		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		—		—		N/A		1		—
Managed custody guarantees(3)	N/A		—		7		N/A		—		8
Stabilizers(3)	N/A		—		1		N/A		—		1
Total			$	259	$	283			$	214	$	308

(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

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 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
March 31, 2024
Derivative assets	$	259	$	(229)	$	(24)	$	(4)	$	2
Derivative liabilities	275		(229)		(44)		(2)		—
December 31, 2023
Derivative assets	213		(184)		(17)		(8)		4
Derivative liabilities	299		(184)		(111)		(3)		1

(1) As of March 31, 2024 and December 31, 2023 gross amounts exclude asset and liability exchange traded contracts of $0 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 March 31, 2024, the Company held $26 and pledged $46 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2023, the Company held $17 and delivered $112 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2024, the Company delivered $154 of securities and held $4 of securities as collateral. As of December 31, 2023, the Company delivered $153 of securities and held $10 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:

	2024				2023
	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 March 31,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	7	$	—	$	(10)
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		2

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)

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

	Three Months Ended March 31,
	2024				2023
	Net investment income		Net gains (losses)		Net investment income		Net gains (losses)
Three Months Ended March 31,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	376	$	15	$	384	$	(25)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		2		—

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) Recognized on Derivative	Three Months Ended March 31,
		2024		2023
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	89	$	(27)
Foreign exchange contracts	Net gains (losses)	1		—
Credit contracts	Net gains (losses)	—		(1)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		1
Managed custody guarantees	Net gains (losses)	1		3
Total		$	90	$	(24)

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)

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 March 31, 2024:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	186	$	74	$	—	$	260
U.S. Government agencies and authorities	—		29		—		29
State, municipalities and political subdivisions	—		486		—		486
U.S. corporate public securities	—		5,371		14		5,385
U.S. corporate private securities	—		2,441		1,126		3,567
Foreign corporate public securities and foreign governments(1)	—		1,906		—		1,906
Foreign corporate private securities (1)	—		1,853		367		2,220
Residential mortgage-backed securities	—		2,392		43		2,435
Commercial mortgage-backed securities	—		2,336		—		2,336
Other asset-backed securities	—		1,465		39		1,504
Total fixed maturities, including securities pledged	186		18,353		1,589		20,128
Equity securities	11		—		57		68
Derivatives:
Interest rate contracts	1		227		—		228
Foreign exchange contracts	—		31		—		31
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,129		—		—		1,129
Assets held in separate accounts	89,543		5,691		360		95,594
Total assets	$	90,870	$	24,302	$	2,006	$	117,178
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	8	$	8
Derivatives:
Interest rate contracts	1		267		—		268
Foreign exchange contracts	—		4		—		4
Credit contracts	—		3		—		3
Total liabilities	$	1	$	274	$	8	$	283

(1) Primarily U.S. dollar denominated.

26

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	221	$	54	$	—	$	275
U.S. Government agencies and authorities	—		30		—		30
State, municipalities and political subdivisions	—		554		—		554
U.S. corporate public securities	—		5,592		13		5,605
U.S. corporate private securities	—		2,451		1,185		3,636
Foreign corporate public securities and foreign governments(1)	—		2,022		—		2,022
Foreign corporate private securities (1)	—		1,945		354		2,299
Residential mortgage-backed securities	—		2,484		48		2,532
Commercial mortgage-backed securities	—		2,358		—		2,358
Other asset-backed securities	—		1,491		37		1,528
Total fixed maturities, including securities pledged	221		18,981		1,637		20,839
Equity securities	11		—		54		65
Derivatives:
Interest rate contracts	6		180		—		186
Foreign exchange contracts	—		27		—		27
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,061		—		—		1,061
Assets held in separate accounts	84,329		5,605		348		90,282
Total assets	$	85,628	$	24,793	$	2,039	$	112,460
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	9	$	9
Derivatives:
Interest rate contracts	—		290		—		290
Foreign exchange contracts	—		8		—		8
Credit contracts	—		1		—		1
Total liabilities	$	—	$	299	$	9	$	308

(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

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)

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

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)

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.

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.

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

	Three Months Ended March 31, 2024
	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 March 31		Change in Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities	$	13	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	—
U.S. Corporate private securities	1,185		—		(13)		55		—		(9)		(66)		—		(26)		1,126		—		(16)
Foreign corporate private securities(1)	354		—		(3)		—		—		—		(28)		44		—		367		—		(4)
Residential mortgage-backed securities	48		(1)		—		—		—		—		—		—		(4)		43		(1)		—
Other asset-backed securities	37		—		—		3		—		—		(1)		—		—		39		—		—
Total fixed maturities, including securities pledged	1,637		(1)		(15)		58		—		(9)		(95)		44		(30)		1,589		(1)		(20)
Equity securities, at fair value	54		3		—		—		—		—		—		—		—		57		3		—
Stabilizer and MCGs(2)	(9)		2		—		—		(1)		—		—		—		—		(8)		—		—
Assets held in separate accounts(4)	348		—		—		16		—		(3)		—		5		(6)		360		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis.These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on 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.

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)

	Three Months Ended March 31, 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 March 31		Change in Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities	$	13	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	—
U.S. Corporate private securities	1,356		—		26		30		—		—		(48)		—				1,364		—		26
Foreign corporate public securities and foreign governments(1)	2		—		—		—		—		—		—		—		(2)		—		—		—
Foreign corporate private securities(1)	339		1		4		49		—		—		(41)		—		—		352		1		4
Residential mortgage-backed securities	20		—		—		28		—		—		—		—		—		48		—		—
Other asset-backed securities	52		—		—		2		—		—		(1)		—		(20)		33		—		—
Total fixed maturities, including securities pledged	1,782		2		30		109		—		—		(90)		—		(22)		1,811		1		30
Equity securities, at fair value	117		(4)		—		—		—		—		—		—		—		113		(3)		—
Stabilizers and MCGs(2)	(6)		3		—		—		—		—		—		—		—		(3)		—		—
Assets held in separate accounts(4)	347		4		—		—		—		(2)		—		—		—		349		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31, 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.

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)

For the three months ended March 31, 2024 and 2023, 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.

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

	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	20,128	$	20,128	$	20,839	$	20,839
Equity securities	68		68		65		65
Mortgage loans on real estate	3,976		3,750		4,048		3,829
Policy loans	161		161		161		161
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,129		1,129		1,061		1,061
Derivatives	259		259		213		213
Short-term loan to affiliate(2)	400		400		295		295
Other investments	89		89		88		88
Assets held in separate accounts	95,594		95,594		90,282		90,282
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	26,409		28,358		26,867		28,954
Funding agreements with fixed maturities	696		700		671		672
Supplementary contracts, immediate annuities and other	223		182		231		192
Stabilizer and MCGs	8		8		9		9
Derivatives	275		275		299		299
Short-term debt(3)	37		37		31		31
Long-term debt(3)	1		1		1		1
(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 Assets on the Condensed Consolidated Balance Sheets.
(3) 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
Short-term loan to affiliate	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

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)

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(1)
	Wealth Solutions Deferred and Individual Annuities
Balance as of January 1, 2023	$	578	$	348
Deferrals of commissions and expenses	56		3
Amortization expense	(45)		(30)
Balance as of December 31, 2023	$	589	$	321
Deferrals of commissions and expenses	14		1
Amortization expense	(11)		(7)
Balance as of March 31, 2024	$	592	$	315

(1)There was no loss recognition for VOBA during the periods presented.

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

	March 31, 2024		December 31, 2023
DAC:
Wealth Solutions Deferred and Individual Annuities	$	592	$	589
Other	10		10
VOBA	315		321
Total	$	917	$	920

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
	March 31, 2024		December 31, 2023
Balance at January 1	$	25,991	$	27,951
Deposits	611		2,223
Fee income	(11)		(9)
Surrenders, withdrawals and benefits	(1,141)		(4,900)
Net transfers (from) to the general account(2)	(47)		(9)
Interest credited	178		735
Ending Balance	$	25,581	$	25,991

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)

Weighted-average crediting rate	2.8		%	2.7		%
Net amount at risk (1)	$	93		$	116
Cash surrender value	$	25,223		$	25,631

(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.

(2) Net transfers (from) to the general account includes transfers of $(439) and $(524) for 2024 and 2023, respectively related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.

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:

	March 31, 2024		December 31, 2023
Wealth Solutions Deferred group and individual annuity (Contract owner account balances)	$	25,581	$	25,991
Non-puttable funding agreements	$	696	671
Other (Future policy benefits and Contract owner account balances)	3,769		3,915
Ending balance	$	30,046	$	30,577

(1) Primarily related to reinsured business

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

	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
As of March 31, 2024
Up to 1.00%	$	11	$	4,412	$	3,632	$	2,018	$	1,015	$	784	$	11,872
1.01% - 2.00%	134		68		41		6		—		1		250
2.01% - 3.00%	6,080		35		1		—		—		—		6,116
3.01% - 4.00%	7,585		—		—		—		—		—		7,585
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	385		—		—		—		3		—		388
Total discretionary rate setting products	$	14,199	$	4,515	$	3,674	$	2,024	$	1,018	$	785	$	26,215

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)

As of December 31, 2023
Up to 1.00%	$	11	$	4,663	$	3,451	$	2,204	$	858	$	797	$	11,984
1.01% - 2.00%	141		73		44		6		—		1		265
2.01% - 3.00%	6,275		36		1		—		—		—		6,312
3.01% - 4.00%	7,708		—		—		—		—		—		7,708
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	398		—		—		—		3		—		401
Total discretionary rate setting products	$	14,537	$	4,772	$	3,496	$	2,210	$	861	$	798	$	26,674

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

(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2024 and December 31, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

7. Reinsurance

As of March 31, 2024, 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:

	March 31		December 31,
	2024		2023
Premiums receivable	$	(2)	$	—
Reinsurance recoverable, net of allowance for credit losses	2,798		2,899
Total	$	2,796	$	2,899

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

	Three Months Ended March 31,
	2024		2023
Premiums:
Direct premiums	$	1	$	3
Reinsurance ceded	(1)		—
Net premiums	$	—	$	3
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	206	$	220
Reinsurance assumed	1		1
Reinsurance ceded	(25)		(37)
Net interest credited and other benefits to contract owners / policyholders	$	182	$	184

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of March 31, 2024 and December 31, 2023, the Company had a deposit asset net of the allowance for credit losses of $1.0 billion, which is reported in Other assets on the Condensed Consolidated Balance Sheets.

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)

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:

	March 31, 2024						December 31, 2023
	Wealth Solutions Stabilizer		Wealth Solutions Deferred Annuity		Total		Wealth Solutions Stabilizer		Wealth Solutions Deferred Annuity		Total
Balance at January 1	$	7,175	$	81,440	$	88,615	$	7,196	$	68,373	$	75,569
Deposits	281		2,582		2,863		940		10,036		10,976
Fee income	(8)		(113)		(121)		(34)		(414)		(448)
Surrenders, withdrawals and benefits	(379)		(2,939)		(3,318)		(1,342)		(9,545)		(10,887)
Net transfers (from) to separate accounts	—		(392)		(392)		—		(515)		(515)
Investment performance	—		6,160		6,160		415		13,505		13,920
Balance at end of period	$	7,069	$	86,738	$	93,807	$	7,175	$	81,440	$	88,615

Reconciliation to Condensed Consolidated Balance Sheets:

Other	1,787		1,667
Total Separate Accounts liabilities	$	95,594	$	90,282

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 $86,718 and $81,420 as of March 31, 2024 and December 31, 2023, respectively.

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

	March 31		December 31
	2024		2023
US Treasury securities and obligations of US government corporations and agencies	$	902	$	1,015
Corporate and foreign debt securities	2,688		2,528
Mortgage-backed securities	3,191		3,231
Equity securities (including mutual funds)	88,451		83,065
Cash, cash equivalents and short-term investments	289		399
Receivable for securities and accruals	73		44
Total	$	95,594	$	90,282

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)

9.    Accumulated Other Comprehensive Income (Loss)

Shareholder’s equity included the following components of Accumulated other comprehensive income ("AOCI") as of the dates indicated:

	March 31,
	2024		2023
Fixed maturities, net of impairment	$	(1,928)	$	(2,037)
Derivatives(1)	60		97
Change in current discount rate	(324)		(343)
Deferred income tax asset (liability)(2)	589		608
Total	(1,603)		(1,675)
Pension and other postretirement benefits liability, net of tax	2		2
AOCI	$	(1,601)	$	(1,673)

(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $14

(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.

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

	Three Months Ended March 31, 2024
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(113)		$	23	$	(90)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	13			(3)		10
Change in unrealized gains (losses) on available-for-sale securities	(100)			20		(80)
Derivatives:
Derivatives	7		(1)	(1)		6
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(4)			1		(3)
Change in unrealized gains (losses) on derivatives	3			—		3
Change in current discount rate	9			(2)		7
Change in Accumulated other comprehensive income (loss)	$	(88)		$	18	$	(70)

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

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)

	Three Months Ended March 31, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	497		$	(104)	$	393
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	507			(106)		401
Derivatives:
Derivatives	(10)		(1)	2		(8)
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	(15)			3		(12)
Change in current discount rate	6			(1)		5
Change in Accumulated other comprehensive income (loss)	$	498		$	(104)	$	394

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

10.    Revenue from Contracts with Customers

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

	Three months ended March 31,
	2024		2023
Advisory and recordkeeping & administration	$	133	$	112
Distribution and shareholder servicing	20		18
Total financial services revenue	153		130
Revenue from other sources(1)	130		113
Total Fee income and Other revenue	$	283	$	243

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

Receivables of $72 and $94 are included in Other assets on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively.

11.    Income Taxes

The Company's effective tax rate for the three months ended March 31, 2024 was 5.9%. The effective tax rate differed from the statutory rate of 21% primarily due to the Security Life of Denver Company capital loss carryback, the effect of the dividends received deduction ("DRD") and tax credits.

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)

On January 4, 2021, the Company completed a series of transactions pursuant to a Master Transaction Agreement with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired Voya Financial's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2023 and 2022 tax years, which are included in a carryback claim for Voya Financial. The Company recorded a $13 and $23 tax benefit in 2024 and 2023, respectively, resulting in a decrease to the effective tax rate (the "Security Life of Denver Company capital loss carryback").

The Company's effective tax rate for the three months ended March 31, 2023 was 9.1%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits.

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of March 31, 2024, the Company had year-to-date losses on securities of $97 in Other comprehensive income, which increased the related DTA. However, operating income remained positive for the period and was largely consistent with the 2023 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 2022 through 2024, 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. For the 2024 tax year, the Company is in the Compliance Maintenance Bridge Plus ("Bridge Plus") phase of CAP. In the Bridge Plus phase, the IRS will review the tax return and issue either a full or partial acceptance letter upon completion of review.

Tax Legislative Matters

In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). The IRS has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. The Company is not subject to the CAMT based on this guidance and will continue to evaluate the applicability as more guidance is provided.

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)

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 immaterial interest expense for the three months ended March 31, 2024 and 2023. The Company earned $6 and $4 of interest income for the three months ended March 31, 2024 and 2023.

As of March 31, 2024, the Company had $400 outstanding receivables and VIPS had an outstanding payable of $37 under the reciprocal loan agreement. As of December 31, 2023, the Company had $295 outstanding receivables and VIPS had a $31 outstanding payable 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 March 31, 2024, the Company had off-balance sheet commitments to acquire mortgage loans of $54 and purchase limited partnerships and private placement investments of $641.

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:

	March 31, 2024		December 31, 2023
Fixed maturity collateral pledged to FHLB(1)	$	1,108	$	1,205
FHLB restricted stock(2)	33		33
Other fixed maturities-state deposits	12		11
Cash and cash equivalents	2		2
Securities pledged(3)	864		798
Total restricted assets	$	2,019	$	2,049

(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 $710 and $645 as of March 31, 2024 and December 31, 2023, respectively. In addition, as of March 31, 2024 and December 31, 2023, the Company delivered securities as collateral of $154 and $153, 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 March 31, 2024 and December 31, 2023, the Company had $696 and $671, 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 March 31, 2024 and December 31, 2023, assets with a market

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)

value of approximately $1,108 and $1,205, 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 March 31, 2024, 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

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)

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 months ended March 31, 2024, revenues with affiliated entities related to these agreements were $21. For the three months ended March 31, 2023, revenues with affiliated entities related to these agreements were $19.

For the three months ended March 31, 2024, expenses with affiliated entities related to the aforementioned operating agreements were $150. For the three months ended March 31, 2023, expenses with affiliated entities related to the aforementioned operating agreements were $160.

43

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

For the purposes of this discussion, the terms "VRIAC", "the Company", "we", "our", and "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" or "Parent").

The following discussion and analysis presents a review of our results of operations for the three months ended March 31, 2024 and 2023 and financial condition as of March 31, 2024 and December 31, 2023. 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, 2023 ("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.

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

44

Income Taxes

In August 2022, President Biden signed into law the Inflation Reduction Act of 2022, which includes a 15% corporate alternative minimum tax ("CAMT"). The CAMT is effective in taxable years beginning after December 31, 2022. The Internal Revenue Service has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. Based on this guidance, we do not expect to be subject to the CAMT for 2024.

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.

Results of Operations

($ in millions)	Three Months Ended March 31,
	2024		2023		Change
Revenues:
Net investment income	$	376	$	384	$	(8)
Fee income	272		237		35
Premiums	—		3		(3)
Net gains (losses)	15		(25)		40
Other revenue	11		6		5
Total revenues	674		605		69
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	182		184		(2)
Operating expenses	304		303		1
Net amortization of Deferred policy acquisition costs and Value of business acquired	18		19		(1)
Total benefits and expenses	504		506		(2)
Income (loss) before income taxes	170		99		71
Income tax expense (benefit)	10		9		1
Net income (loss)	$	160	$	90	$	70

Three Months Ended March 31, 2024 compared to Three Months Ended March 31, 2023

Revenues

Fee income increased by $35 million from $237 million to $272 million primarily due to:

• market appreciation and business growth.

Net gains (losses) improved by $40 million from a loss of $25 million to a gain of $15 million primarily due to:

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

The improvement was partially offset by:

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

45

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.

The following discussion presents a review of our sources and uses of liquidity and capital. This discussion should be read in its entirety and in conjunction with the Off-Balance Sheet Arrangements and Aggregate Contractual Obligations table included further below.

Liquidity Management

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

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

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

Liquidity and Capital Resources

Additional sources of liquidity include borrowing facilities to meet short-term cash requirements that arise in the ordinary course of business. For information regarding our reciprocal loan agreement with Voya Financial, see the Financing Agreements Note in our Condensed Consolidated Financial Statements in Part I, Item 1. of this Quarterly Report on Form 10-Q.

We hold approximately 46.6% 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 March 31, 2024, VRIAC had securities lending collateral assets of $513 million, which represents approximately 0.4% of its general account statutory admitted assets. As of December 31, 2023, VRIAC had securities lending collateral assets of $499 million, which represents approximately 0.4% 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 three months ended March 31, 2024 and March 31, 2023, VRIAC did not receive any capital contribution from its Parent.

46

During the three months ended March 31, 2024, VRIAC paid an ordinary dividend to its Parent in the aggregate amount of $163 million. During the three months ended March 31, 2023, VRIAC did not pay either an ordinary or extraordinary dividend to its Parent.

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 may 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.

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 2023, Moody’s affirmed its outlook for the U.S. life insurance sector as stable. Also, in November 2023, Fitch changed its outlook from neutral to improving for the North American life insurance sector.

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.

47

Legislative and Regulatory Developments

Department of Labor ("DOL") Retirement Security Rule

On April 23, 2024, the DOL released the Retirement Security Rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The DOL also released final amendments to class prohibited transaction exemptions (PTEs) available to investment advice fiduciaries, including PTE 2020-02 and PTE 84-24.

The effective date for the Retirement Security Rule and amendments to the PTEs is expected to be on or around September 23, 2024. There is a one (1) year transition rule applicable to certain conditions contained in the PTE amendments. The new definition of an investment advice fiduciary expands the definition of who the DOL considers a fiduciary under ERISA. Voya is continuing to study the effect the Retirement Security Rule and amendments may have on its Wealth Solutions business and operations but currently anticipates that such effects will not be significant. Voya’s current in-plan investment advisory services program, which is designed to comply with previous DOL guidance, remains unchanged.

Qualified Professional Asset Manager ("QPAM") Exemption Updates

In April 2024, the DOL published changes to class prohibited transaction exemption 84-14 (the “QPAM Exemption”). As a result of these changes, we will be required to notify the DOL prior to relying on the QPAM Exemption, in addition to satisfying new minimum qualification and recordkeeping requirements.

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 March 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II.    OTHER INFORMATION

Item 1.        Legal Proceedings

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

Item 1A.    Risk Factors

For a discussion of the Company's potential risks and uncertainties, see Risk Factors in Part I, Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report on Form 10-K") (file No. 033-23376).

Item 6.    Exhibits

See Exhibit Index on the following page.

48

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 Robert L. 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 Robert L. 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.

49

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.

May 9, 2024			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)

50

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:		May 9, 2024
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, Robert L. 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:		May 9, 2024
By:	/s/	Robert L. Grubka
		Robert L. 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 March 31, 2024 (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.

May 9, 2024	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 March 31, 2024 (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.

May 9, 2024	By:	/s/	Robert L. Grubka
(Date)			Robert L. Grubka President

XML

Document and Entity Information - $ / shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments:
Available-for-sale, Debt Securities, Excluding Securities Valued at Fair Value Option	$ 18,029	$ 18,713
Fixed maturities, at fair value using the fair value option	1,235	1,328
Equity Securities, FV-NI, Current	68	65
Other Short-Term Investments	30	86
Mortgage loans on real estate, net	3,954	4,026
Policy loans	161	161
Limited partnerships/corporations	1,108	1,046
Derivatives	259	213
Other investments	89	88
Total investments	25,797	26,524
Cash and cash equivalents	316	186
Short-term investments under securities loan agreements, including collateral delivered	783	789
Accrued investment income	292	283
Premiums and Other Receivables, Net	2,796	2,899
Deferred policy acquisition costs and Value of business acquired	917	920
Deferred Income Tax Assets, Net	653	633
Other assets (net of allowance for credit loss of $0 as of 2024 and 2023)	1,828	1,726
Assets held in separate accounts	95,594	90,282
Total assets	128,976	124,242
Liabilities and Shareholder's Equity
Future policy benefits and contract owner account balances	30,046	30,577
Payables under securities loan agreements, including collateral held	762	692
Related Party [Member]	118	173
Derivatives	275	299
Other liabilities	714	679
Liabilities related to separate accounts	95,594	90,282
Total liabilities	127,509	122,702
Commitments and Contingencies (Note 13)
Shareholder's equity:
Common Stock, Value, Issued	3	3
Additional paid-in capital	2,770	2,770
Accumulated other comprehensive income (loss)	(1,601)	(1,531)
Retained earnings (deficit)	295	298
Total shareholder's equity	1,467	1,540
Total liabilities and shareholder's equity	128,976	124,242
Collateral Pledged
Investments:
Debt Securities, Available-for-Sale, Restricted	$ 864	$ 798

XML

Condensed Consolidated Balance Sheets Parenthetical - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed maturities, amortized cost	$ 19,886	$ 20,496
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	16	14
Less: Allowance for credit losses	22
Securities pledged, amortized costs	951	$ 855
Reinsurance Recoverable, Allowance for Credit Loss	0
Allowance for Credit Loss, Receivable, Other, Current	$ 0
Common stock, par value	$ 50
Common stock, shares authorized	100,000
Common stock, shares issued	55,000

XML

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Net investment income	$ 376,000,000	$ 384,000,000
Fee income	272,000,000	237,000,000
Premiums	0	3,000,000
Realized capital gains (losses)	15,000,000	(25,000,000)
Other revenue	11,000,000	6,000,000
Total revenues	674,000,000	605,000,000
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	182,000,000	184,000,000
Operating expenses	304,000,000	303,000,000
Net amortization of Deferred policy acquisition costs and Value of business acquired	18,000,000	19,000,000
Total benefits and expenses	504,000,000	506,000,000
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	170,000,000	99,000,000
Income tax expense (benefit)	10,000,000	9,000,000
Net income (loss)	$ 160,000,000	$ 90,000,000

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 160	$ 90
Other comprehensive income (loss), before tax:
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax	9	6
Change in unrealized gains (losses) on available-for-sale securities	(97)	492
Other Comprehensive Income (Loss), before Tax	(88)	498
Other Comprehensive Income (Loss), Tax	(18)	104
Other Comprehensive Income (Loss), Net of Tax	(70)	394
Comprehensive income (loss)	$ 90	$ 484

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, 2022	$ 927	$ 3	$ 2,778	$ (2,067)	$ 213
Comprehensive income (loss):
Net income (loss)	90	0	0	0	90
Ending Balance at Mar. 31, 2023	1,411	3	2,778	(1,673)	303
Comprehensive income (loss):
Other comprehensive income (loss), after tax	394	0	0	394	0
Comprehensive income (loss)	484
Beginning Balance at Dec. 31, 2023	1,540	3	2,770	(1,531)	298
Comprehensive income (loss):
Net income (loss)	160	0	0	0	160
Ending Balance at Mar. 31, 2024	1,467	3	2,770	(1,601)	295
Comprehensive income (loss):
Dividends	163	0	0	0	163
Other comprehensive income (loss), after tax	(70)	$ 0	$ 0	$ (70)	$ 0
Comprehensive income (loss)	$ 90

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 230	$ 285
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	905	1,398
Mortgage loans on real estate	152	132
Limited partnerships/corporations	9	8
Acquisition of:
Fixed maturities	(344)	(969)
Mortgage loans on real estate	(82)	(53)
Limited partnerships/corporations	(64)	(31)
Short-term investments, net	56	247
Derivatives, net	(29)	(4)
Increase (Decrease) in Notes Receivable, Related Parties	(105)	(409)
Receipts on deposit asset contracts	65	68
Other, net	(69)	38
Net cash provided by (used in) investing activities	690	357
Cash Flows from Financing Activities:
Deposits received for investment contracts	498	540
Maturities and withdrawals from investment contracts	(1,131)	(1,206)
Dividends paid and distributions of capital	(163)	0
Other, net	6	37
Net Cash Provided by (Used in) Financing Activities	(790)	(629)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	130	13
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	$ 316	$ 233

XML

Business, Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

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.

The December 31, 2023 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K.

Adoption of New Pronouncements

Equity Securities Subject to Contractual Sale Restrictions

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, "Fair Value Measurement (Topic 280): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"), which 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 the fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.

The provisions of ASU 2022-03 were adopted prospectively on January 1, 2024. The adoption did not have an impact on the Company's financial condition, results of operations, or cash flows.

Future Adoption of Accounting Pronouncements

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires:

•A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold.

•Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold.

The amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-09.

Segment Disclosures

In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses.

The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-07.

Climate Related Disclosures

In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures will be phased in beginning with the Company's annual report for the year ending December 31, 2025. While the implementation of this rule is pending the outcome of legal challenges, the Company is currently assessing the impact of adoption on the Consolidated Financial Statements and related disclosures in the event that the stay is lifted.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

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 March 31, 2024:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	186	$	74	$	—	$	260
U.S. Government agencies and authorities	—		29		—		29
State, municipalities and political subdivisions	—		486		—		486
U.S. corporate public securities	—		5,371		14		5,385
U.S. corporate private securities	—		2,441		1,126		3,567
Foreign corporate public securities and foreign governments(1)	—		1,906		—		1,906
Foreign corporate private securities (1)	—		1,853		367		2,220
Residential mortgage-backed securities	—		2,392		43		2,435
Commercial mortgage-backed securities	—		2,336		—		2,336
Other asset-backed securities	—		1,465		39		1,504
Total fixed maturities, including securities pledged	186		18,353		1,589		20,128
Equity securities	11		—		57		68
Derivatives:
Interest rate contracts	1		227		—		228
Foreign exchange contracts	—		31		—		31
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,129		—		—		1,129
Assets held in separate accounts	89,543		5,691		360		95,594
Total assets	$	90,870	$	24,302	$	2,006	$	117,178
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	8	$	8
Derivatives:
Interest rate contracts	1		267		—		268
Foreign exchange contracts	—		4		—		4
Credit contracts	—		3		—		3
Total liabilities	$	1	$	274	$	8	$	283

(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, 2023:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	221	$	54	$	—	$	275
U.S. Government agencies and authorities	—		30		—		30
State, municipalities and political subdivisions	—		554		—		554
U.S. corporate public securities	—		5,592		13		5,605
U.S. corporate private securities	—		2,451		1,185		3,636
Foreign corporate public securities and foreign governments(1)	—		2,022		—		2,022
Foreign corporate private securities (1)	—		1,945		354		2,299
Residential mortgage-backed securities	—		2,484		48		2,532
Commercial mortgage-backed securities	—		2,358		—		2,358
Other asset-backed securities	—		1,491		37		1,528
Total fixed maturities, including securities pledged	221		18,981		1,637		20,839
Equity securities	11		—		54		65
Derivatives:
Interest rate contracts	6		180		—		186
Foreign exchange contracts	—		27		—		27
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,061		—		—		1,061
Assets held in separate accounts	84,329		5,605		348		90,282
Total assets	$	85,628	$	24,793	$	2,039	$	112,460
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	9	$	9
Derivatives:
Interest rate contracts	—		290		—		290
Foreign exchange contracts	—		8		—		8
Credit contracts	—		1		—		1
Total liabilities	$	—	$	299	$	9	$	308

(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 March 31, 2024
	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 March 31		Change in Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities	$	13	$	—	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	—
U.S. Corporate private securities	1,185		—		(13)		55		—		(9)		(66)		—		(26)		1,126		—		(16)
Foreign corporate private securities(1)	354		—		(3)		—		—		—		(28)		44		—		367		—		(4)
Residential mortgage-backed securities	48		(1)		—		—		—		—		—		—		(4)		43		(1)		—
Other asset-backed securities	37		—		—		3		—		—		(1)		—		—		39		—		—
Total fixed maturities, including securities pledged	1,637		(1)		(15)		58		—		(9)		(95)		44		(30)		1,589		(1)		(20)
Equity securities, at fair value	54		3		—		—		—		—		—		—		—		57		3		—
Stabilizer and MCGs(2)	(9)		2		—		—		(1)		—		—		—		—		(8)		—		—
Assets held in separate accounts(4)	348		—		—		16		—		(3)		—		5		(6)		360		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis.These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on 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 March 31, 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 March 31		Change in Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities	$	13	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	—
U.S. Corporate private securities	1,356		—		26		30		—		—		(48)		—				1,364		—		26
Foreign corporate public securities and foreign governments(1)	2		—		—		—		—		—		—		—		(2)		—		—		—
Foreign corporate private securities(1)	339		1		4		49		—		—		(41)		—		—		352		1		4
Residential mortgage-backed securities	20		—		—		28		—		—		—		—		—		48		—		—
Other asset-backed securities	52		—		—		2		—		—		(1)		—		(20)		33		—		—
Total fixed maturities, including securities pledged	1,782		2		30		109		—		—		(90)		—		(22)		1,811		1		30
Equity securities, at fair value	117		(4)		—		—		—		—		—		—		—		113		(3)		—
Stabilizers and MCGs(2)	(6)		3		—		—		—		—		—		—		—		(3)		—		—
Assets held in separate accounts(4)	347		4		—		—		—		(2)		—		—		—		349		—		—
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of March 31, 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 months ended March 31, 2024 and 2023, 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:

	March 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	20,128	$	20,128	$	20,839	$	20,839
Equity securities	68		68		65		65
Mortgage loans on real estate	3,976		3,750		4,048		3,829
Policy loans	161		161		161		161
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,129		1,129		1,061		1,061
Derivatives	259		259		213		213
Short-term loan to affiliate(2)	400		400		295		295
Other investments	89		89		88		88
Assets held in separate accounts	95,594		95,594		90,282		90,282
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	26,409		28,358		26,867		28,954
Funding agreements with fixed maturities	696		700		671		672
Supplementary contracts, immediate annuities and other	223		182		231		192
Stabilizer and MCGs	8		8		9		9
Derivatives	275		275		299		299
Short-term debt(3)	37		37		31		31
Long-term debt(3)	1		1		1		1
(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 Assets on the Condensed Consolidated Balance Sheets.
(3) 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
Short-term loan to affiliate	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

3 Months Ended

Mar. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [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(1)
	Wealth Solutions Deferred and Individual Annuities
Balance as of January 1, 2023	$	578	$	348
Deferrals of commissions and expenses	56		3
Amortization expense	(45)		(30)
Balance as of December 31, 2023	$	589	$	321
Deferrals of commissions and expenses	14		1
Amortization expense	(11)		(7)
Balance as of March 31, 2024	$	592	$	315

(1)There was no loss recognition for VOBA during the periods presented.

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

	March 31, 2024		December 31, 2023
DAC:
Wealth Solutions Deferred and Individual Annuities	$	592	$	589
Other	10		10
VOBA	315		321
Total	$	917	$	920

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Reserves for Future Policy Benefits and Contract Owner Account Balances

3 Months Ended

Mar. 31, 2024

Reserves for Future Policy Benefits and Contract Owner Balances [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
	March 31, 2024		December 31, 2023
Balance at January 1	$	25,991	$	27,951
Deposits	611		2,223
Fee income	(11)		(9)
Surrenders, withdrawals and benefits	(1,141)		(4,900)
Net transfers (from) to the general account(2)	(47)		(9)
Interest credited	178		735
Ending Balance	$	25,581	$	25,991

Weighted-average crediting rate	2.8		%	2.7		%
Net amount at risk (1)	$	93		$	116
Cash surrender value	$	25,223		$	25,631

(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.

(2) Net transfers (from) to the general account includes transfers of $(439) and $(524) for 2024 and 2023, respectively related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.

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:

	March 31, 2024		December 31, 2023
Wealth Solutions Deferred group and individual annuity (Contract owner account balances)	$	25,581	$	25,991
Non-puttable funding agreements	$	696	671
Other (Future policy benefits and Contract owner account balances)	3,769		3,915
Ending balance	$	30,046	$	30,577

(1) Primarily related to reinsured business

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

	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
As of March 31, 2024
Up to 1.00%	$	11	$	4,412	$	3,632	$	2,018	$	1,015	$	784	$	11,872
1.01% - 2.00%	134		68		41		6		—		1		250
2.01% - 3.00%	6,080		35		1		—		—		—		6,116
3.01% - 4.00%	7,585		—		—		—		—		—		7,585
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	385		—		—		—		3		—		388
Total discretionary rate setting products	$	14,199	$	4,515	$	3,674	$	2,024	$	1,018	$	785	$	26,215

As of December 31, 2023
Up to 1.00%	$	11	$	4,663	$	3,451	$	2,204	$	858	$	797	$	11,984
1.01% - 2.00%	141		73		44		6		—		1		265
2.01% - 3.00%	6,275		36		1		—		—		—		6,312
3.01% - 4.00%	7,708		—		—		—		—		—		7,708
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	398		—		—		—		3		—		401
Total discretionary rate setting products	$	14,537	$	4,772	$	3,496	$	2,210	$	861	$	798	$	26,674

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

(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2024 and December 31, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

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Other Income and Expenses

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Shareholder’s equity included the following components of Accumulated other comprehensive income ("AOCI") as of the dates indicated:

	March 31,
	2024		2023
Fixed maturities, net of impairment	$	(1,928)	$	(2,037)
Derivatives(1)	60		97
Change in current discount rate	(324)		(343)
Deferred income tax asset (liability)(2)	589		608
Total	(1,603)		(1,675)
Pension and other postretirement benefits liability, net of tax	2		2
AOCI	$	(1,601)	$	(1,673)

(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $14

(2) The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.

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

	Three Months Ended March 31, 2024
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(113)		$	23	$	(90)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	13			(3)		10
Change in unrealized gains (losses) on available-for-sale securities	(100)			20		(80)
Derivatives:
Derivatives	7		(1)	(1)		6
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(4)			1		(3)
Change in unrealized gains (losses) on derivatives	3			—		3
Change in current discount rate	9			(2)		7
Change in Accumulated other comprehensive income (loss)	$	(88)		$	18	$	(70)

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

	Three Months Ended March 31, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	497		$	(104)	$	393
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	507			(106)		401
Derivatives:
Derivatives	(10)		(1)	2		(8)
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	(15)			3		(12)
Change in current discount rate	6			(1)		5
Change in Accumulated other comprehensive income (loss)	$	498		$	(104)	$	394

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

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Revenue from Contract with Customer

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue from Contracts with Customers

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

	Three months ended March 31,
	2024		2023
Advisory and recordkeeping & administration	$	133	$	112
Distribution and shareholder servicing	20		18
Total financial services revenue	153		130
Revenue from other sources(1)	130		113
Total Fee income and Other revenue	$	283	$	243

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

Receivables of $72 and $94 are included in Other assets on the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, respectively.

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Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company's effective tax rate for the three months ended March 31, 2024 was 5.9%. The effective tax rate differed from the statutory rate of 21% primarily due to the Security Life of Denver Company capital loss carryback, the effect of the dividends received deduction ("DRD") and tax credits.

On January 4, 2021, the Company completed a series of transactions pursuant to a Master Transaction Agreement with Resolution Life U.S. Holdings Inc. ("Resolution Life US"). As a part of these transactions, Resolution Life US acquired Voya Financial's wholly owned subsidiary, Security Life of Denver Company ("SLD"). SLD generated capital losses in the 2023 and 2022 tax years, which are included in a carryback claim for Voya Financial. The Company recorded a $13 and $23 tax benefit in 2024 and 2023, respectively, resulting in a decrease to the effective tax rate (the "Security Life of Denver Company capital loss carryback").

The Company's effective tax rate for the three months ended March 31, 2023 was 9.1%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the DRD and tax credits.

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of March 31, 2024, the Company had year-to-date losses on securities of $97 in Other comprehensive income, which increased the related DTA. However, operating income remained positive for the period and was largely consistent with the 2023 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 2022 through 2024, 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. For the 2024 tax year, the Company is in the Compliance Maintenance Bridge Plus ("Bridge Plus") phase of CAP. In the Bridge Plus phase, the IRS will review the tax return and issue either a full or partial acceptance letter upon completion of review.

Tax Legislative Matters

In August 2022, the Inflation Reduction Act was signed into law creating the corporate alternative minimum tax ("CAMT"). The IRS has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. The Company is not subject to the CAMT based on this guidance and will continue to evaluate the applicability as more guidance is provided.

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Financing Agreements

3 Months Ended

Mar. 31, 2024

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 immaterial interest expense for the three months ended March 31, 2024 and 2023. The Company earned $6 and $4 of interest income for the three months ended March 31, 2024 and 2023.

As of March 31, 2024, the Company had $400 outstanding receivables and VIPS had an outstanding payable of $37 under the reciprocal loan agreement. As of December 31, 2023, the Company had $295 outstanding receivables and VIPS had a $31 outstanding payable under the reciprocal loan agreement.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Commitments

Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments. As of March 31, 2024, the Company had off-balance sheet commitments to acquire mortgage loans of $54 and purchase limited partnerships and private placement investments of $641.

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:

	March 31, 2024		December 31, 2023
Fixed maturity collateral pledged to FHLB(1)	$	1,108	$	1,205
FHLB restricted stock(2)	33		33
Other fixed maturities-state deposits	12		11
Cash and cash equivalents	2		2
Securities pledged(3)	864		798
Total restricted assets	$	2,019	$	2,049

(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 $710 and $645 as of March 31, 2024 and December 31, 2023, respectively. In addition, as of March 31, 2024 and December 31, 2023, the Company delivered securities as collateral of $154 and $153, 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 March 31, 2024 and December 31, 2023, the Company had $696 and $671, 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 March 31, 2024 and December 31, 2023, assets with a market

value of approximately $1,108 and $1,205, 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 March 31, 2024, 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

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024, revenues with affiliated entities related to these agreements were $21. For the three months ended March 31, 2023, revenues with affiliated entities related to these agreements were $19.

For the three months ended March 31, 2024, expenses with affiliated entities related to the aforementioned operating agreements were $150. For the three months ended March 31, 2023, expenses with affiliated entities related to the aforementioned operating agreements were $160.

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

3 Months Ended

Mar. 31, 2024

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.

The December 31, 2023 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K.

Adoption of New Pronouncements

Adoption of New Pronouncements

Equity Securities Subject to Contractual Sale Restrictions

In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-03, "Fair Value Measurement (Topic 280): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" ("ASU 2022-03"), which 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 the fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.

The provisions of ASU 2022-03 were adopted prospectively on January 1, 2024. The adoption did not have an impact on the Company's financial condition, results of operations, or cash flows.

Future Adoption of Accounting Pronouncements

Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires:

•A tabular rate reconciliation of (1) reported income tax expense/benefit from continuing operations, to (2) the product of the income/loss from continuing operations before income taxes and the statutory federal income tax rate, using specific categories, as well as disclosure of certain reconciling items based on a 5% threshold.

•Year-to-date net income taxes paid, disaggregated by federal, state, and foreign, as well as disaggregated information on net income taxes paid to an individual jurisdiction based on a 5% threshold.

The amendments are effective for annual periods beginning after December 15, 2024 and should be applied prospectively, with retrospective application permitted. Early adoption is also permitted. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-09.

Segment Disclosures

In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires all current annual disclosures about profit/loss and assets to be reported in interim periods, as well as enhanced disclosures about significant segment expenses.

The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, and are required to be applied retrospectively. Restated prior period disclosures should be based on the significant segment expense categories disclosed in the period of adoption. The Company is currently in the process of determining the impacts of adoption of the provisions of ASU 2023-07.

Climate Related Disclosures

In March 2024, the SEC adopted a final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, to enhance and standardize climate-related disclosures. The rule will require companies to disclose material Scope 1 and Scope 2 greenhouse gas emissions; climate-related risks, governance, and oversight; and the financial effects of severe weather events and other natural conditions. These disclosures will be phased in beginning with the Company's annual report for the year ending December 31, 2025. While the implementation of this rule is pending the outcome of legal challenges, the Company is currently assessing the impact of adoption on the Consolidated Financial Statements and related disclosures in the event that the stay is lifted.

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Derivative Instruments and Hedging Activities (Policies)

3 Months Ended

Mar. 31, 2024

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.

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 March 31, 2024 and December 31, 2023.

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

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, 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	$	297	$	3	$	25	$	—	$	—	$	275
U.S. Government agencies and authorities	32		—		2		—		—		30
State, municipalities and political subdivisions	623		1		70		—		—		554
U.S. corporate public securities	6,291		73		759		—		—		5,605
U.S. corporate private securities	3,861		31		256		—		—		3,636
Foreign corporate public securities and foreign governments(1)	2,214		27		216		—		3		2,022
Foreign corporate private securities(1)	2,385		20		105		—		1		2,299
Residential mortgage-backed securities	2,631		24		124		1		—		2,532
Commercial mortgage-backed securities	2,781		1		415		—		9		2,358
Other asset-backed securities	1,564		8		43		—		1		1,528
Total fixed maturities, including securities pledged	22,679		188		2,015		1		14		20,839
Less: Securities pledged	855		—		57		—		—		798
Total fixed maturities	$	21,824	$	188	$	1,958	$	1	$	14	$	20,041

(1) Primarily U.S. dollar denominated.

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

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2024, 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	$	607	$	595
After one year through five years	2,922		2,806
After five years through ten years	2,868		2,723
After ten years	8,884		7,729
Mortgage-backed securities	5,270		4,771
Other asset-backed securities	1,521		1,504
Fixed maturities, including securities pledged	$	22,072	$	20,128

Schedule of Securities Borrowed Under Securities Lending Transactions

	March 31, 2024		December 31, 2023
U.S. Treasuries	$	32	$	12
U.S. corporate public securities	487		438
Short-term Investments	15		31
Foreign corporate public securities and foreign governments	200		189
Total(1)	$	734	$	670

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:

	Three Months Ended March 31, 2024
	Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2024	$	9	$	3	$	1	$	1	$	14
Credit losses on securities for which credit losses were not previously recorded	4		—		—		—		4
Reductions for securities sold during the period	—		(2)		—		—		(2)
Increase (decrease) on securities with allowance recorded in previous period	—		—		—		—		—
Balance as of March 31, 2024	$	13	$	1	$	1	$	1	$	16

	Year Ended December 31, 2023
	Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2023	$	—	$	6	$	1	$	—	$	7
Credit losses on securities for which credit losses were not previously recorded	9		—		—		1		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 December 31, 2023	$	9	$	3	$	1	$	1	$	14

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 March 31, 2024
	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	$	57	$	2	$	114	$	27	$	171	$	29
U.S. Government, agencies and authorities	13		—		17		3		30		3
State, municipalities and political subdivisions	11		—		472		73		483		73
U.S. corporate public securities	207		17		4,069		799		4,276		816
U.S. corporate private securities	320		9		2,541		280		2,861		289
Foreign corporate public securities and foreign governments	110		2		1,257		217		1,367		219
Foreign corporate private securities	220		4		1,739		121		1,959		125
Residential mortgage-backed	147		3		777		131		924		134
Commercial mortgage-backed	16		—		2,234		372		2,250		372
Other asset-backed	47		—		270		30		317		30
Total	$	1,148	$	37	$	13,490	$	2,053	$	14,638	$	2,090

	As of December 31, 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	$	60	$	2	$	105	$	23	$	165	$	25
U.S. Government, agencies and authorities	—		—		17		2		17		2
State, municipalities and political subdivisions	16		—		528		70		544		70
U.S. corporate public securities	215		13		4,233		746		4,448		759
U.S. corporate private securities	128		5		2,653		251		2,781		256
Foreign corporate public securities and foreign governments	70		1		1,385		215		1,455		216
Foreign corporate private securities	151		4		1,744		101		1,895		105
Residential mortgage-backed	74		2		803		122		877		124
Commercial mortgage-backed	52		3		2,252		412		2,304		415
Other asset-backed	97		3		744		40		841		43
Total	$	863	$	33	$	14,464	$	1,982	$	15,327	$	2,015

Mortgage Loans by Loan to Value Ratio

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively.

	As of March 31, 2024
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2024	$	53	$	25	$	—	$	—	$	—	$	78
2023	90		177		—		—		—		267
2022	214		281		72		—		—		567
2021	191		169		194		—		—		554
2020	144		82		—		—		11		237
Prior	1,993		248		13		—		19		2,273
Total	$	2,685	$	982	$	279	$	—	$	30	$	3,976

	As of December 31, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	113	$	152	$	—	$	—	$	—	$	265
2022	215		282		73		—		—		570
2021	191		181		197		—		—		569
2020	137		93		—		10		11		251
2019	173		54		20		—		—		247
Prior	1,878		246		3		—		19		2,146
Total	$	2,707	$	1,008	$	293	$	10	$	30	$	4,048

Mortgage Loans by Debt Service Coverage Ratio

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively.

	As of March 31, 2024
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2024	$	16	$	25	$	34	$	3	$	78
2023	109		109		49		—		267
2022	172		46		169		180		567
2021	204		13		45		292		554
2020	173		19		16		29		237
Prior	1,668		200		266		139		2,273
Total	$	2,342	$	412	$	579	$	643	$	3,976

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

	As of December 31, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	133	$	83	$	49	$	—	$	265
2022	173		54		172		171		570
2021	205		12		51		301		569
2020	175		20		16		40		251
2019	151		19		62		15		247
Prior	1,619		197		212		118		2,146
Total	$	2,456	$	385	$	562	$	645	$	4,048

*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 March 31, 2024 and December 31, 2023, respectively.

	As of March 31, 2024
	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
2024	$	2	$	34	$	15	$	10	$	10	$	—	$	5	$	2	$	—	$	78
2023	50		64		10		75		16		28		2		20		2		267
2022	114		118		45		87		100		81		1		1		20		567
2021	77		43		101		143		84		59		10		36		1		554
2020	53		127		13		8		8		10		—		6		12		237
Prior	484		509		583		170		193		138		46		123		27		2,273
Total	$	780	$	895	$	767	$	493	$	411	$	316	$	64	$	188	$	62	$	3,976

	As of December 31, 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	$	61	$	9	$	75	$	16	$	29	$	2	$	20	$	2	$	265
2022	114		118		46		89		100		81		1		1		20		570
2021	76		44		103		143		96		60		10		36		1		569
2020	53		130		14		8		8		20		—		6		12		251
2019	43		69		6		52		34		4		13		10		16		247
Prior	456		456		616		158		162		140		33		114		11		2,146
Total	$	793	$	878	$	794	$	525	$	416	$	334	$	59	$	187	$	62	$	4,048

Mortgage Loans by Property Type of Collateral

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of March 31, 2024 and December 31, 2023, respectively.

	As of March 31, 2024
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2024	$	14	$	55	$	9	$	—	$	—	$	—	$	—	$	78
2023	81		125		24		13		24		—		—		267
2022	72		231		222		25		10		7		—		567
2021	22		120		310		87		—		7		8		554
2020	49		37		60		91		—		—		—		237
Prior	505		665		523		367		50		126		37		2,273
Total	$	743	$	1,233	$	1,148	$	583	$	84	$	140	$	45	$	3,976

	As of December 31, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	82	$	122	$	24	$	13	$	24	$	—	$	—	$	265
2022	72		233		224		25		10		6		—		570
2021	22		122		310		99		—		8		8		569
2020	49		37		60		105		—		—		—		251
2019	29		56		124		29		9		—		—		247
Prior	559		625		414		342		42		127		37		2,146
Total	$	813	$	1,195	$	1,156	$	613	$	85	$	141	$	45	$	4,048

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:

	March 31, 2024		December 31, 2023
Allowance for credit losses, beginning of the period	$	22	$	14
Credit losses on mortgage loans for which credit losses were not previously recorded	—		2
Increase (decrease) on mortgage loans with an allowance recorded in a previous period	—		8
Provision for expected credit losses	22		24
Write-offs	—		(2)
Recoveries of amounts previously written-off	—		—
Allowance for credit losses, end of period	$	22	$	22

Financing Receivable, Past Due

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

	March 31, 2024		December 31, 2023
Delinquency:
Current	$	3,946	$	4,037
30-59 days past due	19		—
60-89 days past due	—		—
Greater than 90 days past due	11		11
Total	$	3,976	$	4,048

Net Investment Income

Net Investment Income

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

	Three Months Ended March 31,
	2024		2023
Fixed maturities	$	304	$	333
Equity securities	1		3
Mortgage loans on real estate	48		48
Policy loans	2		2
Short-term investments and cash equivalents	3		2
Limited partnerships and other	34		14
Gross investment income	392		402
Less: Investment expenses	16		18
Net investment income	$	376	$	384

Realized Gain (Loss) on Investments

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

	Three Months Ended March 31,
	2024		2023
Fixed maturities, available-for-sale, including securities pledged	$	(16)	$	(9)
Fixed maturities, at fair value option	(63)		11
Equity securities, at fair value	2		(4)
Derivatives	90		(28)
Embedded derivatives - fixed maturities	(1)		1
Other derivatives	1		—
Managed custody guarantees	1		3
Mortgage loans	1		—
Other investments	—		1
Net gains (losses)	$	15	$	(25)

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 March 31,
	2024		2023
Proceeds on sales	$	596	$	880
Gross gains	7		12
Gross losses	21		21

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:

	2024				2023
	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 March 31,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	7	$	—	$	(10)
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		2

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

	Three Months Ended March 31,
	2024				2023
	Net investment income		Net gains (losses)		Net investment income		Net gains (losses)
Three Months Ended March 31,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	376	$	15	$	384	$	(25)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		2		—

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) Recognized on Derivative	Three Months Ended March 31,
		2024		2023
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	89	$	(27)
Foreign exchange contracts	Net gains (losses)	1		—
Credit contracts	Net gains (losses)	—		(1)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		1
Managed custody guarantees	Net gains (losses)	1		3
Total		$	90	$	(24)

XML

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

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:

	March 31, 2024						December 31, 2023
	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	$	10	$	—	$	—	$	10	$	—	$	—
Foreign exchange contracts	597		31		4		597		27		6
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	11,427		228		268		11,125		186		290
Foreign exchange contracts	46		—		—		66		—		2
Credit contracts	130		—		3		101		—		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		—		—		N/A		1		—
Managed custody guarantees(3)	N/A		—		7		N/A		—		8
Stabilizers(3)	N/A		—		1		N/A		—		1
Total			$	259	$	283			$	214	$	308

(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:

	2024				2023
	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 March 31,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	7	$	—	$	(10)
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		2

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

	Three Months Ended March 31,
	2024				2023
	Net investment income		Net gains (losses)		Net investment income		Net gains (losses)
Three Months Ended March 31,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	376	$	15	$	384	$	(25)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		2		—

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) Recognized on Derivative	Three Months Ended March 31,
		2024		2023
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	89	$	(27)
Foreign exchange contracts	Net gains (losses)	1		—
Credit contracts	Net gains (losses)	—		(1)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		1
Managed custody guarantees	Net gains (losses)	1		3
Total		$	90	$	(24)

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.

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 March 31, 2024 and December 31, 2023.

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

	March 31, 2024						December 31, 2023
	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	$	10	$	—	$	—	$	10	$	—	$	—
Foreign exchange contracts	597		31		4		597		27		6
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	11,427		228		268		11,125		186		290
Foreign exchange contracts	46		—		—		66		—		2
Credit contracts	130		—		3		101		—		1
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		—		—		N/A		1		—
Managed custody guarantees(3)	N/A		—		7		N/A		—		8
Stabilizers(3)	N/A		—		1		N/A		—		1
Total			$	259	$	283			$	214	$	308

(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
March 31, 2024
Derivative assets	$	259	$	(229)	$	(24)	$	(4)	$	2
Derivative liabilities	275		(229)		(44)		(2)		—
December 31, 2023
Derivative assets	213		(184)		(17)		(8)		4
Derivative liabilities	299		(184)		(111)		(3)		1

(1) As of March 31, 2024 and December 31, 2023 gross amounts exclude asset and liability exchange traded contracts of $0 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 March 31, 2024, the Company held $26 and pledged $46 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2023, the Company held $17 and delivered $112 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2024, the Company delivered $154 of securities and held $4 of securities as collateral. As of December 31, 2023, the Company delivered $153 of securities and held $10 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:

	2024				2023
	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 March 31,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	7	$	—	$	(10)
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		2		—		2

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

	Three Months Ended March 31,
	2024				2023
	Net investment income		Net gains (losses)		Net investment income		Net gains (losses)
Three Months Ended March 31,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	376	$	15	$	384	$	(25)
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	2		—		2		—

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) Recognized on Derivative	Three Months Ended March 31,
		2024		2023
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	89	$	(27)
Foreign exchange contracts	Net gains (losses)	1		—
Credit contracts	Net gains (losses)	—		(1)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(1)		1
Managed custody guarantees	Net gains (losses)	1		3
Total		$	90	$	(24)

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2024:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	186	$	74	$	—	$	260
U.S. Government agencies and authorities	—		29		—		29
State, municipalities and political subdivisions	—		486		—		486
U.S. corporate public securities	—		5,371		14		5,385
U.S. corporate private securities	—		2,441		1,126		3,567
Foreign corporate public securities and foreign governments(1)	—		1,906		—		1,906
Foreign corporate private securities (1)	—		1,853		367		2,220
Residential mortgage-backed securities	—		2,392		43		2,435
Commercial mortgage-backed securities	—		2,336		—		2,336
Other asset-backed securities	—		1,465		39		1,504
Total fixed maturities, including securities pledged	186		18,353		1,589		20,128
Equity securities	11		—		57		68
Derivatives:
Interest rate contracts	1		227		—		228
Foreign exchange contracts	—		31		—		31
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,129		—		—		1,129
Assets held in separate accounts	89,543		5,691		360		95,594
Total assets	$	90,870	$	24,302	$	2,006	$	117,178
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	8	$	8
Derivatives:
Interest rate contracts	1		267		—		268
Foreign exchange contracts	—		4		—		4
Credit contracts	—		3		—		3
Total liabilities	$	1	$	274	$	8	$	283

(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, 2023:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	221	$	54	$	—	$	275
U.S. Government agencies and authorities	—		30		—		30
State, municipalities and political subdivisions	—		554		—		554
U.S. corporate public securities	—		5,592		13		5,605
U.S. corporate private securities	—		2,451		1,185		3,636
Foreign corporate public securities and foreign governments(1)	—		2,022		—		2,022
Foreign corporate private securities (1)	—		1,945		354		2,299
Residential mortgage-backed securities	—		2,484		48		2,532
Commercial mortgage-backed securities	—		2,358		—		2,358
Other asset-backed securities	—		1,491		37		1,528
Total fixed maturities, including securities pledged	221		18,981		1,637		20,839
Equity securities	11		—		54		65
Derivatives:
Interest rate contracts	6		180		—		186
Foreign exchange contracts	—		27		—		27
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,061		—		—		1,061
Assets held in separate accounts	84,329		5,605		348		90,282
Total assets	$	85,628	$	24,793	$	2,039	$	112,460
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	9	$	9
Derivatives:
Interest rate contracts	—		290		—		290
Foreign exchange contracts	—		8		—		8
Credit contracts	—		1		—		1
Total liabilities	$	—	$	299	$	9	$	308

(1) Primarily U.S. dollar denominated.

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

3 Months Ended

Mar. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [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(1)
	Wealth Solutions Deferred and Individual Annuities
Balance as of January 1, 2023	$	578	$	348
Deferrals of commissions and expenses	56		3
Amortization expense	(45)		(30)
Balance as of December 31, 2023	$	589	$	321
Deferrals of commissions and expenses	14		1
Amortization expense	(11)		(7)
Balance as of March 31, 2024	$	592	$	315

(1)There was no loss recognition for VOBA during the periods presented.

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

	March 31, 2024		December 31, 2023
DAC:
Wealth Solutions Deferred and Individual Annuities	$	592	$	589
Other	10		10
VOBA	315		321
Total	$	917	$	920

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Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables)

3 Months Ended

Mar. 31, 2024

Reserves for Future Policy Benefits and Contract Owner Balances [Abstract]

Liability for Future Policy Benefit, Activity

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

	Wealth Solutions Deferred Group and Individual Annuity
	March 31, 2024		December 31, 2023
Balance at January 1	$	25,991	$	27,951
Deposits	611		2,223
Fee income	(11)		(9)
Surrenders, withdrawals and benefits	(1,141)		(4,900)
Net transfers (from) to the general account(2)	(47)		(9)
Interest credited	178		735
Ending Balance	$	25,581	$	25,991

Weighted-average crediting rate	2.8		%	2.7		%
Net amount at risk (1)	$	93		$	116
Cash surrender value	$	25,223		$	25,631

(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.

(2) Net transfers (from) to the general account includes transfers of $(439) and $(524) for 2024 and 2023, respectively related to VRIAC-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.

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:

	March 31, 2024		December 31, 2023
Wealth Solutions Deferred group and individual annuity (Contract owner account balances)	$	25,581	$	25,991
Non-puttable funding agreements	$	696	671
Other (Future policy benefits and Contract owner account balances)	3,769		3,915
Ending balance	$	30,046	$	30,577

(1) Primarily related to reinsured business

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

	Account Value(1)
	Excess of crediting rate over GMIR
	At GMIR		Up to .50% Above GMIR		0.51% - 1.00% Above GMIR		1.01% - 1.50% Above GMIR		1.51% - 2.00% Above GMIR		More than 2.00% Above GMIR		Total
As of March 31, 2024
Up to 1.00%	$	11	$	4,412	$	3,632	$	2,018	$	1,015	$	784	$	11,872
1.01% - 2.00%	134		68		41		6		—		1		250
2.01% - 3.00%	6,080		35		1		—		—		—		6,116
3.01% - 4.00%	7,585		—		—		—		—		—		7,585
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	385		—		—		—		3		—		388
Total discretionary rate setting products	$	14,199	$	4,515	$	3,674	$	2,024	$	1,018	$	785	$	26,215

As of December 31, 2023
Up to 1.00%	$	11	$	4,663	$	3,451	$	2,204	$	858	$	797	$	11,984
1.01% - 2.00%	141		73		44		6		—		1		265
2.01% - 3.00%	6,275		36		1		—		—		—		6,312
3.01% - 4.00%	7,708		—		—		—		—		—		7,708
4.01% and Above	4		—		—		—		—		—		4
Renewable beyond 12 months (MYGA)(2)	398		—		—		—		3		—		401
Total discretionary rate setting products	$	14,537	$	4,772	$	3,496	$	2,210	$	861	$	798	$	26,674

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

(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after March 31, 2024 and December 31, 2023 on which we are required to credit interest above the contractual GMIR for at least the next twelve months.

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Other Income and Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

	Three Months Ended March 31, 2024
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(113)		$	23	$	(90)
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	13			(3)		10
Change in unrealized gains (losses) on available-for-sale securities	(100)			20		(80)
Derivatives:
Derivatives	7		(1)	(1)		6
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	(4)			1		(3)
Change in unrealized gains (losses) on derivatives	3			—		3
Change in current discount rate	9			(2)		7
Change in Accumulated other comprehensive income (loss)	$	(88)		$	18	$	(70)

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

	Three Months Ended March 31, 2023
	Before-Tax Amount			Income Tax		After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	497		$	(104)	$	393
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	507			(106)		401
Derivatives:
Derivatives	(10)		(1)	2		(8)
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	(15)			3		(12)
Change in current discount rate	6			(1)		5
Change in Accumulated other comprehensive income (loss)	$	498		$	(104)	$	394

(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 Accumulated other comprehensive income ("AOCI") as of the dates indicated:

	March 31,
	2024		2023
Fixed maturities, net of impairment	$	(1,928)	$	(2,037)
Derivatives(1)	60		97
Change in current discount rate	(324)		(343)
Deferred income tax asset (liability)(2)	589		608
Total	(1,603)		(1,675)
Pension and other postretirement benefits liability, net of tax	2		2
AOCI	$	(1,601)	$	(1,673)

(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of March 31, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $14

(2)

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Revenue from Contract with Customer (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table]

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

	Three months ended March 31,
	2024		2023
Advisory and recordkeeping & administration	$	133	$	112
Distribution and shareholder servicing	20		18
Total financial services revenue	153		130
Revenue from other sources(1)	130		113
Total Fee income and Other revenue	$	283	$	243

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

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

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:

	March 31, 2024		December 31, 2023
Fixed maturity collateral pledged to FHLB(1)	$	1,108	$	1,205
FHLB restricted stock(2)	33		33
Other fixed maturities-state deposits	12		11
Cash and cash equivalents	2		2
Securities pledged(3)	864		798
Total restricted assets	$	2,019	$	2,049

(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 $710 and $645 as of March 31, 2024 and December 31, 2023, respectively. In addition, as of March 31, 2024 and December 31, 2023, the Company delivered securities as collateral of $154 and $153, 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
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Deferred Policy Acquisition Cost	$ 917		$ 920
Present Value of Future Insurance Profits, Net	315		321	$ 348
Revenue from other sources (non-financial services revenue)	130	$ 113
Total Fee income and Other revenue	283	243
Revenue from Contract with Customer, Excluding Assessed Tax	153	130
Accounts Receivable, after Allowance for Credit Loss	72		94
Recordkeeping Administration
Revenue from Contract with Customer, Excluding Assessed Tax	133	112
Distribution Fees
Revenue from Contract with Customer, Excluding Assessed Tax	20	$ 18
Retirement
Deferred Policy Acquisition Cost	$ 592		$ 589	$ 578

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Investments - Fixed Maturities and Equity Securities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities pledged, amortized costs	$ 951	$ 855
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	16	14	$ 7
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	288	297
Fixed maturities, Gross Unrealized Capital Gains	1	3
Fixed maturities, Gross Unrealized Capital Losses	29	25
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest	260	275
US Treasury and Government
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	32	32
Fixed maturities, Gross Unrealized Capital Gains	0	0
Fixed maturities, Gross Unrealized Capital Losses	3	2
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest	29	30
State, municipalities and political subdivisions
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	559	623
Fixed maturities, Gross Unrealized Capital Gains	0	1
Fixed maturities, Gross Unrealized Capital Losses	73	70
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest	486	554
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	6,137	6,291
Fixed maturities, Gross Unrealized Capital Gains	64	73
Fixed maturities, Gross Unrealized Capital Losses	816	759
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest	5,385	5,605
U.S. corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	3,831	3,861
Fixed maturities, Gross Unrealized Capital Gains	25	31
Fixed maturities, Gross Unrealized Capital Losses	289	256
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest	3,567	3,636
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	2,103	2,214
Fixed maturities, Gross Unrealized Capital Gains	23	27
Fixed maturities, Gross Unrealized Capital Losses	219	216
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	1	3	6
Debt Securities, Available-for-Sale, Excluding Accrued Interest	1,906	2,022
Foreign corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	2,331	2,385
Fixed maturities, Gross Unrealized Capital Gains	15	20
Fixed maturities, Gross Unrealized Capital Losses	125	105
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	1	1	1
Debt Securities, Available-for-Sale, Excluding Accrued Interest	2,220	2,299
Residential mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	2,550	2,631
Fixed maturities, Gross Unrealized Capital Gains	19	24
Fixed maturities, Gross Unrealized Capital Losses	134	124
Embedded Derivatives	0	(1)
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest	2,435	2,532
Commercial mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	2,720	2,781
Fixed maturities, Gross Unrealized Capital Gains	1	1
Fixed maturities, Gross Unrealized Capital Losses	372	415
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	13	9	$ 0
Debt Securities, Available-for-Sale, Excluding Accrued Interest	2,336	2,358
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	1,521	1,564
Fixed maturities, Gross Unrealized Capital Gains	14	8
Fixed maturities, Gross Unrealized Capital Losses	30	43
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	1	1
Debt Securities, Available-for-Sale, Excluding Accrued Interest	1,504	1,528
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss	22,072	22,679
Total fixed maturities, less securities pledged, Amortized Cost	21,121	21,824
Fixed maturities, Gross Unrealized Capital Gains	162	188
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains	162	188
Fixed maturities, Gross Unrealized Capital Losses	2,090	2,015
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses	2,003	1,958
Embedded Derivatives	0	(1)
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	16	14
Debt Securities, Available-for-Sale, Excluding Accrued Interest	20,128	20,839
Total fixed maturities, less securities pledged, Fair Value	19,264	20,041
Collateral Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities pledged	864	798
Collateral Pledged | Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities pledged, amortized costs	951	855
Securities pledged, Gross Unrealized Capital Gains	0	0
Available-for-sale Securities, Pledged as Collateral, Debt Securities, Unrecognized Holding Loss	87	57
Embedded Derivatives	0	0
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0	0
Securities pledged	$ 864	$ 798

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Investments - Debt Maturities (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale Securities Including Securities Pledged [Line Items]
Fixed Maturities, single issuers in excess of total equity	not	not
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
One year or less, Amortized Cost	$ 607
After one year through five years, Amortized Cost	2,922
After five years through ten years, Amortized Cost	2,868
After ten years, Amortized Cost	8,884
Debt Securities, Available-for-Sale, Amortized Cost	22,072	$ 22,679
One year or less, Fair Value	595
After one year through five years, Fair Value	2,806
After five years through ten years, Fair Value	2,723
After ten years, Fair Value	7,729
Debt Securities, Available-for-Sale, Excluding Accrued Interest	20,128	20,839
Mortgage-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Without single maturity date, Amortized Cost	5,270
Without single maturity date, Fair Value	4,771
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Without single maturity date, Amortized Cost	1,521
Debt Securities, Available-for-Sale, Amortized Cost	1,521	1,564
Without single maturity date, Fair Value	1,504
Debt Securities, Available-for-Sale, Excluding Accrued Interest	$ 1,504	$ 1,528

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Investments - Repurchase Agreement, Securities Lending, VIEs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	$ 762	$ 692
Collateral Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities Sold under Agreements to Repurchase, Asset	0	0
Debt Securities, Available-for-Sale, Restricted	864	798
Securities pledged as collateral
Available-for-sale Securities Including Securities Pledged [Line Items]
Fair value of loaned securities	710	645
Collateral Securities Repledged, Delivered, or Used	154	153
Cash collateral, included in Payables
Available-for-sale Securities Including Securities Pledged [Line Items]
Securities received as collateral	513	499
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	32	12
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	487	438
Short-term Investments
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	15	31
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	200	189
Payables under securities loan agreements
Available-for-sale Securities Including Securities Pledged [Line Items]
Payables under securities loan agreements, including collateral held	734	670
Fixed maturities | Collateral Pledged
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-Sale, Restricted	$ 864	$ 798

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Investments - Allowance for credit losses (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	$ 16		$ 14	$ 7
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded	4		10
Reductions for securities sold during the period	(2)		(2)
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	0		(1)
Residential mortgage-backed
Allowance for Loan and Lease Losses [Roll Forward]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0		0
Commercial mortgage-backed
Allowance for Loan and Lease Losses [Roll Forward]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	13		9	0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded	4	$ 9
Reductions for securities sold during the period	0		0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	0	0
Foreign corporate public securities and foreign governments
Allowance for Loan and Lease Losses [Roll Forward]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	1		3	6
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded	0		0
Reductions for securities sold during the period	(2)		(2)
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	0		(1)
Foreign corporate private securities
Allowance for Loan and Lease Losses [Roll Forward]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	1		1	1
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded	0		0
Reductions for securities sold during the period	0		0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	0		0
U.S. corporate private securities
Allowance for Loan and Lease Losses [Roll Forward]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0		0
U.S. corporate public securities
Allowance for Loan and Lease Losses [Roll Forward]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	0		0
Other Asset-backed Securities [Member]
Allowance for Loan and Lease Losses [Roll Forward]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	1		1	$ 0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not Previously Recorded	0	1
Reductions for securities sold during the period	0		0
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss, Not to Sell before Recovery, Credit Loss, Previously Recorded, Expense (Reversal)	0	$ 0
Fixed maturities
Allowance for Loan and Lease Losses [Roll Forward]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Excluding Accrued Interest	$ 16		$ 14

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Investments - Unrealized Capital Losses (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	$ 1,148	$ 863
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	37	33
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	13,490	14,464
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	2,053	1,982
Debt Securities, Available-for-sale, Unrealized Loss Position	14,638	15,327
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 2,090	2,015
Minimum
Available-for-sale Securities Including Securities Pledged [Line Items]
Fixed Maturities Average Duration	6 years 6 months
Maximum
Available-for-sale Securities Including Securities Pledged [Line Items]
Fixed Maturities Average Duration	7 years
U.S. Treasuries
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	$ 57	60
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	2	2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	114	105
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	27	23
Debt Securities, Available-for-sale, Unrealized Loss Position	171	165
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	29	25
State, municipalities and political subdivisions
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	11	16
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	0	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	472	528
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	73	70
Debt Securities, Available-for-sale, Unrealized Loss Position	483	544
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	73	70
U.S. corporate public securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	207	215
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	17	13
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	4,069	4,233
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	799	746
Debt Securities, Available-for-sale, Unrealized Loss Position	4,276	4,448
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	816	759
U.S. corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	320	128
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	9	5
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,541	2,653
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	280	251
Debt Securities, Available-for-sale, Unrealized Loss Position	2,861	2,781
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	289	256
Foreign corporate public securities and foreign governments
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	110	70
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	2	1
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,257	1,385
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	217	215
Debt Securities, Available-for-sale, Unrealized Loss Position	1,367	1,455
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	219	216
Foreign corporate private securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	220	151
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	4	4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	1,739	1,744
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	121	101
Debt Securities, Available-for-sale, Unrealized Loss Position	1,959	1,895
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	125	105
Residential mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	147	74
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	3	2
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	777	803
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	131	122
Debt Securities, Available-for-sale, Unrealized Loss Position	924	877
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	134	124
Commercial mortgage-backed
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	16	52
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	0	3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,234	2,252
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	372	412
Debt Securities, Available-for-sale, Unrealized Loss Position	2,250	2,304
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	372	415
Other asset-backed securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	47	97
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	0	3
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	270	744
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	30	40
Debt Securities, Available-for-sale, Unrealized Loss Position	317	841
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	30	43
US Government Corporations and Agencies Securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value	13
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	17
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	3
Debt Securities, Available-for-sale, Unrealized Loss Position	30
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ 3
US Treasury and Government
Available-for-sale Securities Including Securities Pledged [Line Items]
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value		0
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss		0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		17
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		2
Debt Securities, Available-for-sale, Unrealized Loss Position		17
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss		$ 2

XML

Investments - OTTI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Available-for-sale Securities Including Securities Pledged [Line Items]
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings	$ 0	$ 0

XML

Investments - Troubled Debt Restructuring (Details) - loan	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commercial Portfolio Segment
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled debt restructuring, number of contracts	0	0

XML

Investments - Loans by Loan to Value (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Loans by Loan to Value Ratio [Line Items]
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]
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]
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]
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]
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]
Loans Receivable, Loan to Value Ratio, Minimum	80.00%	80.00%
Year of Origination 2024 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 53
Year of Origination 2024 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	25
Year of Origination 2024 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0
Year of Origination 2024 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0
Year of Origination 2024 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0
Year of Origination 2024 | Total Segment
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	78
Year of Origination 2023 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	90		$ 113
Year of Origination 2023 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	177		152
Year of Origination 2023 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0		0
Year of Origination 2023 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0		0
Year of Origination 2023 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0		0
Year of Origination 2023 | Total Segment
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	267		265
Year of Origination 2022 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	214		215
Year of Origination 2022 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	281		282
Year of Origination 2022 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	72		73
Year of Origination 2022 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, 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, Excluding Accrued Interest, before Allowance for Credit Loss	0		0
Year of Origination 2022 | Total Segment
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	567		570
Year of Origination 2021 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	191		191
Year of Origination 2021 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	169		181
Year of Origination 2021 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	194		197
Year of Origination 2021 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0		0
Year of Origination 2021 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0		0
Year of Origination 2021 | Total Segment
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	554		569
Year of Origination 2020 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	144		137
Year of Origination 2020 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	82		93
Year of Origination 2020 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0		0
Year of Origination 2020 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0		10
Year of Origination 2020 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	11		11
Year of Origination 2020 | Total Segment
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	237		251
Year of Origination 2019 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	1,993		173
Year of Origination 2019 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	248		54
Year of Origination 2019 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	13		20
Year of Origination 2019 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, 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, Excluding Accrued Interest, before Allowance for Credit Loss	19		0
Year of Origination 2019 | Total Segment
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	2,273		247
Year of Origination 2018 | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			1,878
Year of Origination 2018 | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			246
Year of Origination 2018 | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			3
Year of Origination 2018 | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			0
Year of Origination 2018 | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			19
Year of Origination 2018 | Total Segment
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			2,146
Total Segment | 0% - 50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	2,685		2,707
Total Segment | 50% - 60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	982		1,008
Total Segment | 60% - 70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	279		293
Total Segment | 70% - 80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0		10
Total Segment | >80% and above
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	30		30
Total Segment | Total Segment
Schedule of Loans by Loan to Value Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 3,976		$ 4,048

XML

Investments - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023
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%
Greater than 1.5x | Year of Origination 2024
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 16
Greater than 1.5x | Year of Origination 2023
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	109		$ 133
Greater than 1.5x | Year of Origination 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	172		173
Greater than 1.5x | Year of Origination 2021
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	204		205
Greater than 1.5x | Year of Origination 2020
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	173		175
Greater than 1.5x | Year of Origination 2019
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	1,668		151
Greater than 1.5x | Year of Origination 2018
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			1,619
Greater than 1.5x | Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 2,342		2,456
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%
1.25x - 1.5x | Year of Origination 2024
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 25
1.25x - 1.5x | Year of Origination 2023
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	109		83
1.25x - 1.5x | Year of Origination 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	46		54
1.25x - 1.5x | Year of Origination 2021
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	13		12
1.25x - 1.5x | Year of Origination 2020
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	19		20
1.25x - 1.5x | Year of Origination 2019
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	200		19
1.25x - 1.5x | Year of Origination 2018
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			197
1.25x - 1.5x | Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 412		385
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%
1.0x - 1.25x | Year of Origination 2024
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 34
1.0x - 1.25x | Year of Origination 2023
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	49		49
1.0x - 1.25x | Year of Origination 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	169		172
1.0x - 1.25x | Year of Origination 2021
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	45		51
1.0x - 1.25x | Year of Origination 2020
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	16		16
1.0x - 1.25x | Year of Origination 2019
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	266		62
1.0x - 1.25x | Year of Origination 2018
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			212
1.0x - 1.25x | Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 579		562
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%
Less than 1.0x | Year of Origination 2024
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 3
Less than 1.0x | Year of Origination 2023
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0		0
Less than 1.0x | Year of Origination 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	180		171
Less than 1.0x | Year of Origination 2021
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	292		301
Less than 1.0x | Year of Origination 2020
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	29		40
Less than 1.0x | Year of Origination 2019
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	139		15
Less than 1.0x | Year of Origination 2018
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			118
Less than 1.0x | Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	643		645
Total Segment | Year of Origination 2024
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	78
Total Segment | Year of Origination 2023
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	267		265
Total Segment | Year of Origination 2022
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	567		570
Total Segment | Year of Origination 2021
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	554		569
Total Segment | Year of Origination 2020
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	237		251
Total Segment | Year of Origination 2019
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	2,273		247
Total Segment | Year of Origination 2018
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss			2,146
Total Segment | Total Segment
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 3,976		$ 4,048

XML

Investments - Loans by U.S. Region (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Year of Origination 2024 | Pacific
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 2
Year of Origination 2024 | South Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	34
Year of Origination 2024 | Middle Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	15
Year of Origination 2024 | West South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	10
Year of Origination 2024 | Mountain
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	10
Year of Origination 2024 | East North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0
Year of Origination 2024 | New England
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	5
Year of Origination 2024 | West North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	2
Year of Origination 2024 | East South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0
Year of Origination 2024 | Total Segment
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	78
Year of Origination 2023 | Pacific
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	50	$ 51
Year of Origination 2023 | South Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	64	61
Year of Origination 2023 | Middle Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	10	9
Year of Origination 2023 | West South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	75	75
Year of Origination 2023 | Mountain
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	16	16
Year of Origination 2023 | East North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	28	29
Year of Origination 2023 | New England
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	2	2
Year of Origination 2023 | West North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	20	20
Year of Origination 2023 | East South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	2	2
Year of Origination 2023 | Total Segment
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	267	265
Year of Origination 2022 | Pacific
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	114	114
Year of Origination 2022 | South Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	118	118
Year of Origination 2022 | Middle Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	45	46
Year of Origination 2022 | West South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	87	89
Year of Origination 2022 | Mountain
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	100	100
Year of Origination 2022 | East North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	81	81
Year of Origination 2022 | New England
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	1	1
Year of Origination 2022 | West North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	1	1
Year of Origination 2022 | East South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	20	20
Year of Origination 2022 | Total Segment
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	567	570
Year of Origination 2021 | Pacific
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	77	76
Year of Origination 2021 | South Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	43	44
Year of Origination 2021 | Middle Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	101	103
Year of Origination 2021 | West South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	143	143
Year of Origination 2021 | Mountain
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	84	96
Year of Origination 2021 | East North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	59	60
Year of Origination 2021 | New England
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	10	10
Year of Origination 2021 | West North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	36	36
Year of Origination 2021 | East South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	1	1
Year of Origination 2021 | Total Segment
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	554	569
Year of Origination 2020 | Pacific
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	53	53
Year of Origination 2020 | South Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	127	130
Year of Origination 2020 | Middle Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	13	14
Year of Origination 2020 | West South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	8	8
Year of Origination 2020 | Mountain
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	8	8
Year of Origination 2020 | East North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	10	20
Year of Origination 2020 | New England
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0	0
Year of Origination 2020 | West North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	6	6
Year of Origination 2020 | East South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	12	12
Year of Origination 2020 | Total Segment
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	237	251
Year of Origination 2019 | Pacific
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	484	43
Year of Origination 2019 | South Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	509	69
Year of Origination 2019 | Middle Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	583	6
Year of Origination 2019 | West South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	170	52
Year of Origination 2019 | Mountain
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	193	34
Year of Origination 2019 | East North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	138	4
Year of Origination 2019 | New England
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	46	13
Year of Origination 2019 | West North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	123	10
Year of Origination 2019 | East South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	27	16
Year of Origination 2019 | Total Segment
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	2,273	247
Year of Origination 2018 | Pacific
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		456
Year of Origination 2018 | South Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		456
Year of Origination 2018 | Middle Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		616
Year of Origination 2018 | West South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		158
Year of Origination 2018 | Mountain
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		162
Year of Origination 2018 | East North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		140
Year of Origination 2018 | New England
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		33
Year of Origination 2018 | West North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		114
Year of Origination 2018 | East South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		11
Year of Origination 2018 | Total Segment
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		2,146
Total Segment | Pacific
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	780	793
Total Segment | South Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	895	878
Total Segment | Middle Atlantic
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	767	794
Total Segment | West South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	493	525
Total Segment | Mountain
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	411	416
Total Segment | East North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	316	334
Total Segment | New England
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	64	59
Total Segment | West North Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	188	187
Total Segment | East South Central
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	62	62
Total Segment | Total Segment
Open Option Contracts Written [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 3,976	$ 4,048

XML

Investments - Loans by Property Type (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Year of Origination 2024 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 14
Year of Origination 2024 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	55
Year of Origination 2024 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	9
Year of Origination 2024 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0
Year of Origination 2024 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0
Year of Origination 2024 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0
Year of Origination 2024 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0
Year of Origination 2024 | Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	78
Year of Origination 2023 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	81	$ 82
Year of Origination 2023 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	125	122
Year of Origination 2023 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	24	24
Year of Origination 2023 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	13	13
Year of Origination 2023 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	24	24
Year of Origination 2023 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0	0
Year of Origination 2023 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0	0
Year of Origination 2023 | Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	267	265
Year of Origination 2022 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	72	72
Year of Origination 2022 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	231	233
Year of Origination 2022 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	222	224
Year of Origination 2022 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	25	25
Year of Origination 2022 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	10	10
Year of Origination 2022 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	7	6
Year of Origination 2022 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0	0
Year of Origination 2022 | Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	567	570
Year of Origination 2021 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	22	22
Year of Origination 2021 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	120	122
Year of Origination 2021 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	310	310
Year of Origination 2021 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	87	99
Year of Origination 2021 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0	0
Year of Origination 2021 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	7	8
Year of Origination 2021 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	8	8
Year of Origination 2021 | Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	554	569
Year of Origination 2020 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	49	49
Year of Origination 2020 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	37	37
Year of Origination 2020 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	60	60
Year of Origination 2020 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	91	105
Year of Origination 2020 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0	0
Year of Origination 2020 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0	0
Year of Origination 2020 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0	0
Year of Origination 2020 | Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	237	251
Year of Origination 2019 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	505	29
Year of Origination 2019 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	665	56
Year of Origination 2019 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	523	124
Year of Origination 2019 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	367	29
Year of Origination 2019 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	50	9
Year of Origination 2019 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	126	0
Year of Origination 2019 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	37	0
Year of Origination 2019 | Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	2,273	247
Year of Origination 2018 | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		559
Year of Origination 2018 | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		625
Year of Origination 2018 | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		414
Year of Origination 2018 | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		342
Year of Origination 2018 | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		42
Year of Origination 2018 | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		127
Year of Origination 2018 | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		37
Year of Origination 2018 | Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss		2,146
Total Segment | Retail
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	743	813
Total Segment | Industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	1,233	1,195
Total Segment | Apartments
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	1,148	1,156
Total Segment | Office
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	583	613
Total Segment | Hotel/Motel
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	84	85
Total Segment | Other
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	140	141
Total Segment | Mixed Use
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	45	45
Total Segment | Total Segment
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 3,976	$ 4,048

XML

Investments - Allowance for Losses for Commercial Mortgage Loans (Details) - Commercial Portfolio Segment - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Allowance for Loan and Lease Losses [Roll Forward]
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest	$ 22		$ 22	$ 14
Credit losses on mortgage loans for which credit losses were not previously recorded	0	$ 2
Increase (decrease) on mortgage loans with allowance recorded in previous period	0	8
Premium Receivable, Credit Loss Expense (Reversal)	22	24
Write-offs	0	(2)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Recovery	$ 0	$ 0

XML

Investments - Past due commercial mortgage loans (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Financing Receivable, Excluding Accrued Interest, Nonaccrual	$ 30	$ 11
Financing Receivable, Loan to Value Ratio, Nonaccrual	100.00%
Financing Receivable, Nonaccrual, Interest Income	$ 0	0
Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Financing Receivable, Threshold Past Due, Nonaccrual	90 days
Current | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 3,946	4,037
30 to 59 Days Past Due | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	19	0
60 to 89 Days Past Due | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	0	0
Greater than 90 Days Past Due | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	11	11
Total Segment | Commercial Portfolio Segment
Financing Receivable, Past Due [Line Items]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss	$ 3,976	$ 4,048

XML

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 392	$ 402
Less: investment expense	16	18
Net investment income	376	384
Financing Receivable, Excluding Accrued Interest, Nonaccrual	30		$ 11
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	304	333
Financing Receivable, Excluding Accrued Interest, Nonaccrual	8		$ 7
Equity securities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	1	3
Mortgage loans on real estate
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	48	48
Policy loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	2	2
Short-term investments and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	3	2
Other
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 34	$ 14

XML

Investments - Net Realized Capital Gains (Losses) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ 15,000,000	$ (25,000,000)
Embedded derivatives - fixed maturities
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(1,000,000)	1,000,000
Other derivatives, net
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	1,000,000	0
Managed Custody Guarantees
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	1,000,000	3,000,000
Derivatives
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	90,000,000	(28,000,000)
Mortgages [Member]
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	1,000,000	0
Other investments
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)	(16,000,000)	(9,000,000)
Fixed Maturities, at Fair Value Using the Fair Value Option
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	(63,000,000)	11,000,000
Equity securities
Available-for-sale Securities Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ 2,000,000	$ (4,000,000)

XML

Investments - Proceeds and Gross Gains/(Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Available for Sale Securities, Gross Realized Gains (Losses), Proceeds on Sales	$ 596	$ 880
Debt Securities, Available-for-Sale, Realized Gain	7	12
Debt Securities, Available-for-Sale, Realized Loss	$ 21	$ 21

XML

Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	$ 259	$ 214
Derivatives, Liability Fair Value	283	308
Designated as Hedging Instrument | Interest rate contracts | Cash flow hedges
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	10	10
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	597	597
Designated as Hedging Instrument | Foreign exchange contracts | Cash flow hedges | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	31	27
Derivatives, Liability Fair Value	4	6
Not Designated as Hedging Instrument | Credit contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	130	101
Not Designated as Hedging Instrument | Credit contracts | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	3	1
Not Designated as Hedging Instrument | Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	11,427	11,125
Not Designated as Hedging Instrument | Interest rate contracts | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	228	186
Derivatives, Liability Fair Value	268	290
Not Designated as Hedging Instrument | Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	46	66
Not Designated as Hedging Instrument | Foreign exchange contracts | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	0	2
Not Designated as Hedging Instrument | Fixed maturities
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	1
Derivatives, Liability Fair Value	0	0
Not Designated as Hedging Instrument | Managed Custody Guarantees
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	7	8
Not Designated as Hedging Instrument | Stabilizer
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0	0
Derivatives, Liability Fair Value	$ 1	$ 1

XML

Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Offsetting Assets and liabilities [Line Items]
Asset Fair Value	$ 259,000,000	$ 213,000,000
Liability Fair Value	275,000,000	299,000,000
Counterparty netting, Assets	(229,000,000)	(184,000,000)
Counterparty netting, Liabilities	(229,000,000)	(184,000,000)
Cash collateral netting, Assets	(24,000,000)	(17,000,000)
Cash collateral netting, Liabilities	(44,000,000)	(111,000,000)
Securities collateral netting, Assets	(4,000,000)	(8,000,000)
Securities collateral netting, Liabilities	(2,000,000)	(3,000,000)
Net receivables	2,000,000	4,000,000
Net payables	0	1,000,000
Excluded assets exchange traded contract	0	0
excluded Liability Exchange Traded Contracts	$ 0	$ 0

XML

Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Securities pledged as collateral
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	$ 4	$ 10
Collateral Securities Repledged, Delivered, or Used	154	153
Over the Counter | Payables under securities loan agreement, including collateral held
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	26	17
Exchange Cleared | Payables under securities loan agreement, including collateral held
Derivatives, Fair Value [Line Items]
Cash collateral held for securities loan agreement	$ 46	$ 112

XML

Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Net Investment Income	$ 376,000,000	$ 384,000,000
Derivative, Gain (Loss) on Derivative, Net	90,000,000	(24,000,000)
Realized capital gains (losses)	15,000,000	(25,000,000)
Interest rate contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	89,000,000	(27,000,000)
Interest rate contracts | Cash flow hedges | Designated as Hedging Instrument | Other Comprehensive Income (Loss)
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Interest rate contracts | Cash flow hedges | Designated as Hedging Instrument | Investment Income
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Foreign exchange contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1,000,000	0
Foreign exchange contracts | Cash flow hedges | Designated as Hedging Instrument | Other Comprehensive Income (Loss)
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	7,000,000	(10,000,000)
Foreign exchange contracts | Cash flow hedges | Designated as Hedging Instrument | Investment Income
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	2,000,000	2,000,000
Foreign exchange contracts | Cash flow hedges | Designated as Hedging Instrument | Gain (Loss) on Investments
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	0	0
Fixed maturities
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(1,000,000)	1,000,000
Realized capital gains (losses)	(1,000,000)	1,000,000
Managed Custody Guarantees
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	1,000,000	3,000,000
Realized capital gains (losses)	1,000,000	3,000,000
Credit contracts | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0	$ (1,000,000)

XML

Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Derivatives	$ 259	$ 213
Assets held in separate accounts	95,594	90,282
Liabilities:
Derivatives	275	299
Assets measured on recurring basis
Assets:
Fixed maturities, including securities pledged	20,128	20,839
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,129	1,061
Assets held in separate accounts	95,594	90,282
Total assets, fair value	117,178	112,460
Liabilities:
Total liabilities, fair value	283	308
Assets measured on recurring basis | Stabilizer and MCGs
Liabilities:
Product guarantees	8	9
Assets measured on recurring basis | Interest rate contracts
Assets:
Derivatives	228	186
Liabilities:
Derivatives	268	290
Assets measured on recurring basis | Foreign exchange contracts
Assets:
Derivatives	31	27
Liabilities:
Derivatives	4	8
Assets measured on recurring basis | Credit contracts
Liabilities:
Derivatives	3	1
Assets measured on recurring basis | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	260	275
Assets measured on recurring basis | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	29	30
Assets measured on recurring basis | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	486	554
Assets measured on recurring basis | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	5,385	5,605
Assets measured on recurring basis | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	3,567	3,636
Assets measured on recurring basis | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	1,906	2,022
Assets measured on recurring basis | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	2,220	2,299
Assets measured on recurring basis | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,435	2,532
Assets measured on recurring basis | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,336	2,358
Assets measured on recurring basis | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,504	1,528
Assets measured on recurring basis | Equity securities
Liabilities:
Equity Securities, FV-NI	68	65
Assets measured on recurring basis | Level 1
Assets:
Fixed maturities, including securities pledged	186	221
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,129	1,061
Assets held in separate accounts	89,543	84,329
Total assets, fair value	90,870	85,628
Liabilities:
Total liabilities, fair value	1	0
Assets measured on recurring basis | Level 1 | Stabilizer and MCGs
Liabilities:
Product guarantees	0	0
Assets measured on recurring basis | Level 1 | Interest rate contracts
Assets:
Derivatives	1	6
Liabilities:
Derivatives	1	0
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	186	221
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	11	11
Assets measured on recurring basis | Level 2
Assets:
Fixed maturities, including securities pledged	18,353	18,981
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	0	0
Assets held in separate accounts	5,691	5,605
Total assets, fair value	24,302	24,793
Liabilities:
Total liabilities, fair value	274	299
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	227	180
Liabilities:
Derivatives	267	290
Assets measured on recurring basis | Level 2 | Foreign exchange contracts
Assets:
Derivatives	31	27
Liabilities:
Derivatives	4	8
Assets measured on recurring basis | Level 2 | Credit contracts
Liabilities:
Derivatives	3	1
Assets measured on recurring basis | Level 2 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged	74	54
Assets measured on recurring basis | Level 2 | US Treasury and Government
Assets:
Fixed maturities, including securities pledged	29	30
Assets measured on recurring basis | Level 2 | State, municipalities and political subdivisions
Assets:
Fixed maturities, including securities pledged	486	554
Assets measured on recurring basis | Level 2 | U.S. corporate public securities
Assets:
Fixed maturities, including securities pledged	5,371	5,592
Assets measured on recurring basis | Level 2 | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	2,441	2,451
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	1,906	2,022
Assets measured on recurring basis | Level 2 | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	1,853	1,945
Assets measured on recurring basis | Level 2 | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,392	2,484
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed
Assets:
Fixed maturities, including securities pledged	2,336	2,358
Assets measured on recurring basis | Level 2 | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged	1,465	1,491
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	1,589	1,637
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	0	0
Assets held in separate accounts	360	348
Total assets, fair value	2,006	2,039
Liabilities:
Total liabilities, fair value	8	9
Assets measured on recurring basis | Level 3 | Stabilizer and MCGs
Liabilities:
Product guarantees	8	9
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	14	13
Assets measured on recurring basis | Level 3 | U.S. corporate private securities
Assets:
Fixed maturities, including securities pledged	1,126	1,185
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments
Assets:
Fixed maturities, including securities pledged	0	0
Assets measured on recurring basis | Level 3 | Foreign corporate private securities
Assets:
Fixed maturities, including securities pledged	367	354
Assets measured on recurring basis | Level 3 | Residential mortgage-backed
Assets:
Fixed maturities, including securities pledged	43	48
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	37
Assets measured on recurring basis | Level 3 | Equity securities
Liabilities:
Equity Securities, FV-NI	$ 57	$ 54

XML

Fair Value Measurements - Level 3 Financial Instruments (Details) - Assets measured on recurring basis - Level 3 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stabilizer (Investment Only) and MCG Contracts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Derivatives, beginning balance	$ (9)	$ (6)
Total Realized/Unrealized Gains (Losses) Included in Net Income	2	3
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	0	0
Issues	(1)	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Sales	0	0
Settlements	0	0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Transfers, Net	0	0
Transfers out of Level 3	0	0
Fair Value, Derivatives, ending balance	(8)	(3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Change in Unrealized Gain (Loss)	0	0
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
U.S. corporate public securities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	13	13
Total Realized/Unrealized Gains (Losses) Included in Net Income		1
Total Realized/Unrealized Gains (Losses) Included in OCI	1	0
Purchases		0
Issuances		0
Sales		0
Settlements		0
Transfers in to Level 3		0
Transfers out of Level 3		0
Fair Value, assets, ending balance	14	14
Change in Unrealized Gains (Losses) Included in Earnings		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
U.S. corporate private securities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	1,185	1,356
Total Realized/Unrealized Gains (Losses) Included in Net Income		0
Total Realized/Unrealized Gains (Losses) Included in OCI	(13)	26
Purchases	55	30
Issuances		0
Sales	(9)	0
Settlements	(66)	(48)
Transfers in to Level 3		0
Transfers out of Level 3	(26)
Fair Value, assets, ending balance	1,126	1,364
Change in Unrealized Gains (Losses) Included in Earnings		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(16)	26
Foreign corporate private securities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	354	339
Total Realized/Unrealized Gains (Losses) Included in Net Income		1
Total Realized/Unrealized Gains (Losses) Included in OCI	(3)	4
Purchases		49
Issuances		0
Sales		0
Settlements	(28)	(41)
Transfers in to Level 3	44	0
Transfers out of Level 3		0
Fair Value, assets, ending balance	367	352
Change in Unrealized Gains (Losses) Included in Earnings		1
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(4)	4
Residential mortgage-backed | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	48	20
Total Realized/Unrealized Gains (Losses) Included in Net Income	(1)	0
Total Realized/Unrealized Gains (Losses) Included in OCI		0
Purchases		28
Issuances		0
Sales		0
Settlements		0
Transfers in to Level 3		0
Transfers out of Level 3	(4)	0
Fair Value, assets, ending balance	43	48
Change in Unrealized Gains (Losses) Included in Earnings	(1)	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Foreign corporate public securities and foreign governments | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance		2
Transfers out of Level 3		(2)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI		0
Other asset-backed securities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	37	52
Total Realized/Unrealized Gains (Losses) Included in Net Income		0
Total Realized/Unrealized Gains (Losses) Included in OCI		0
Purchases	3	2
Issuances		0
Sales		0
Settlements	(1)	(1)
Transfers in to Level 3		0
Transfers out of Level 3		(20)
Fair Value, assets, ending balance	39	33
Change in Unrealized Gains (Losses) Included in Earnings		0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Fixed maturities | Available-for-sale Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	1,637	1,782
Total Realized/Unrealized Gains (Losses) Included in Net Income	(1)	2
Total Realized/Unrealized Gains (Losses) Included in OCI	(15)	30
Purchases	58	109
Issuances		0
Sales	(9)	0
Settlements	(95)	(90)
Transfers in to Level 3	44	0
Transfers out of Level 3	(30)	(22)
Fair Value, assets, ending balance	1,589	1,811
Change in Unrealized Gains (Losses) Included in Earnings	(1)	1
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	(20)	30
Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	54	117
Total Realized/Unrealized Gains (Losses) Included in Net Income	3	(4)
Total Realized/Unrealized Gains (Losses) Included in OCI		0
Purchases		0
Issuances		0
Sales		0
Settlements		0
Transfers in to Level 3		0
Transfers out of Level 3		0
Fair Value, assets, ending balance	57	113
Change in Unrealized Gains (Losses) Included in Earnings	3	(3)
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	0	0
Assets held in separate accounts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, assets, beginning balance	348	347
Total Realized/Unrealized Gains (Losses) Included in Net Income	0	4
Total Realized/Unrealized Gains (Losses) Included in OCI	0	0
Purchases	16	0
Issuances	0	0
Sales	(3)	(2)
Settlements	0	0
Transfers in to Level 3	5	0
Transfers out of Level 3	(6)	0
Fair Value, assets, ending balance	360	349
Change in Unrealized Gains (Losses) Included in Earnings	0	0
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI	$ 0	$ 0

XML

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	$ 20,128	$ 20,839
Equity Securities, FV-NI	68	65
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,129	1,061
Derivative assets	259	213
Short Term Loan Affiliate	400	295
Other investments	89	88
Assets held in separate accounts	95,594	90,282
Short-term Debt	37	31
Long-term debt	1	1
Fair Value | Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	28,358	28,954
Fair Value | Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	700	672
Fair Value | Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	182	192
Fair Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	8	9
Fair Value | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	3,750	3,829
Fair Value | Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	161	161
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturities, including securities pledged	20,128	20,839
Equity Securities, FV-NI	68	65
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement	1,129	1,061
Derivative assets	259	213
Short Term Loan Affiliate	400	295
Other investments	89	88
Assets held in separate accounts	95,594	90,282
Short-term Debt	37	31
Long-term debt	1	1
Carrying Value | Funding agreements without fixed maturities and deferred annuities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	26,409	26,867
Carrying Value | Funding agreements with fixed maturities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	696	671
Carrying Value | Supplementary contracts, immediate annuities and other
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	223	231
Carrying Value | Stabilizer Products and Managed Custody Guarantee (MCG) Products [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Liabilities	8	9
Carrying Value | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	3,976	4,048
Carrying Value | Policy loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans	161	161
Derivative assets	259	213
Other investments	89	88
Assets held in separate accounts	95,594	90,282
Derivatives liabilities	275	299
Other derivatives | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives liabilities	275	299
Other derivatives | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives liabilities	$ 275	$ 299

XML

Deferred Policy Acquisition Costs and Value of Business Acquired - Rollforward (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items]
Deferred Policy Acquisition Cost	$ 917	$ 920
Present Value of Future Insurance Profits, Net	315	321	$ 348
Deferrals of commissions and expenses	1	3
Present Value of Future Insurance Profits, Amortization Expense	(7)	(30)
Present Value of Future Insurance Profits, Impairment Loss	0	0
Retirement
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items]
Deferred Policy Acquisition Cost	592	589	$ 578
Deferrals of commissions and expenses	14	56
As of December 31, 2023	(11)	(45)
Other [Domain]
Deferred Policy Acquisition Cost and Value of Businesses Acquired Rollforward [Line Items]
Deferred Policy Acquisition Cost	$ 10	$ 10

XML

Reserves for Future Policy Benefits and Contract Owner Account Balances (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 30,046	$ 30,577
Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance [Line Items]
Policyholder Account Balance	14,199	14,537
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance [Line Items]
Policyholder Account Balance	4,515	4,772
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	3,674	3,496
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0101 to 0150
Policyholder Account Balance [Line Items]
Policyholder Account Balance	2,024	2,210
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1,018	861
Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	785	798
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0001 to 0100
Policyholder Account Balance [Line Items]
Policyholder Account Balance	11,872	11,984
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	11	11
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	4,412	4,663
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	3,632	3,451
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	2,018	2,204
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	1,015	858
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	797
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199
Policyholder Account Balance [Line Items]
Policyholder Account Balance	250	265
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	134	141
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	68	73
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	41	44
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	6	6
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 to 0200
Policyholder Account Balance [Line Items]
Policyholder Account Balance	0	0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0100 to 0199 | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0200 and Greater
Policyholder Account Balance [Line Items]
Policyholder Account Balance	1	1
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0200 to 0299
Policyholder Account Balance [Line Items]
Policyholder Account Balance	6,116	6,312
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	6,080	6,275
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	35	36
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	7,585	7,708
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	7,585	7,708
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	388	401
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	385	398
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	26,215	26,674
Retirement
Policyholder Account Balance [Line Items]
Policyholder Account Balance	25,581	25,991	$ 27,951
Policyholder Account Balance, Premium Received	611	2,223
Policyholder Account Balance, Policy Charge	(11)	(9)
Policyholder Account Balance, Surrender and Withdrawal	(1,141)	(4,900)
Net transfers (from) to the general account	(47)	(9)
Transfer to (from) Policyholder Account Balance (to) from Separate Account	(392)	515
Policyholder Account Balance, Interest Expense	$ 178	$ 735
Policyholder Account Balance, Weighted Average Crediting Rate	2.80%	2.70%
Policyholder Account Balance, Net Amount at Risk	$ 93	$ 116
Policyholder Account Balance, Cash Surrender Value	25,223	25,631
Retirement | VRIAC-managed institutional/mutual fund plan assets
Policyholder Account Balance [Line Items]
Transfer to (from) Policyholder Account Balance (to) from Separate Account	(439)	(524)
Other Segments
Policyholder Account Balance [Line Items]
Policyholder Account Balance	3,769	3,915
non-puttable funding agreement
Policyholder Account Balance [Line Items]
Policyholder Account Balance	$ 696	$ 671

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Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Insurance [Abstract]
Reinsurance Payable			$ 2,899
Premiums Receivable and Reinsurance Recoverables, Including Reinsurance Premium Paid	$ 2,796		2,899
Direct Premiums Earned	1	$ 3
Ceded Premiums Earned	(1)	0
Premiums	0	3
Policyholder Benefits and Claims Incurred, Direct	206	220
Policyholder Benefits and Claims Incurred, Assumed	1	1
Policyholder Benefits and Claims Incurred, Ceded	(25)	(37)
Policyholder Interest and Other Benefits, Net	182	$ 184
Premiums receivable and reinsurance recoverable, net	(2)
Premiums Receivable, Net	$ 2,798		$ 0

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Separate Account Liability (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	$ 95,594	$ 90,282
Liabilities related to separate accounts	95,594	90,282
Retirement
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	93,807	88,615	$ 75,569
Separate Account, Liability, Policyholder Behavior	2,863	10,976
Policyholder Account Balance, Policy Charge	11	9
Separate Account, Liability, Policy Charge	(121)	(448)
Separate Account, Liability, Increase (Decrease) from Invested Performance	6,160	13,920
Separate Account, Liability, Surrender and Withdrawal	3,318	10,887
Transfer to (from) Policyholder Account Balance (to) from Separate Account	(392)	515
Separate Account, Liability, Cash Surrender Value, Amount	86,718	81,420
Other Segments
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	1,787	1,667
Wealth Solutions Stabilizer
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Separate Account, Liability, Policyholder Behavior	281
Policyholder Account Balance, Policy Charge	(8)
Separate Account, Liability, Surrender and Withdrawal	(2,939)
Transfer to (from) Policyholder Account Balance (to) from Separate Account	392
Wealth Solutions Stabilizer | Retirement
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	7,069	7,175	7,196
Separate Account, Liability, Policyholder Behavior		940
Separate Account, Liability, Policy Charge		(34)
Separate Account, Liability, Increase (Decrease) from Invested Performance	0	415
Separate Account, Liability, Surrender and Withdrawal	379	1,342
Transfer to (from) Policyholder Account Balance (to) from Separate Account	0	0
Deferred Variable Annuity | Retirement
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Liabilities related to separate accounts	86,738	81,440	$ 68,373
Separate Account, Liability, Policyholder Behavior	2,582	10,036
Separate Account, Liability, Policy Charge	(113)	(414)
Separate Account, Liability, Increase (Decrease) from Invested Performance	6,160	13,505
Separate Account, Liability, Surrender and Withdrawal	3,318	9,545
Transfer to (from) Policyholder Account Balance (to) from Separate Account		515
US Treasury and Government
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	902	1,015
Corporate Debt Securities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	2,688	2,528
Separate Account, Mortgage-Backed Security
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	3,191	3,231
Separate Account, Equity Security
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	88,451	83,065
Separate Account, Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	289	399
Asset-Backed Securities, Securitized Loans and Receivables
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Assets held in separate accounts	$ 73	$ 44

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Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Fixed maturities	$ (113)	$ 497
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	23	(104)
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	(90)	393
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	13	10
Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations	(3)	(2)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax	10	8
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment, Tax	20	(106)
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax	(80)	401
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	6	(8)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax	1	(2)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	7	(10)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	4	5
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax	1	1
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	3	4
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	3	(12)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	0	(3)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax	3	(15)
OCI, Liability for Future Policy Benefit, Gain (Loss), before Reclassification Adjustment and Tax	9	6
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, Tax	(2)	(1)
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment and Tax	7	5
Unrealized gains (losses) on securities	(100)	507
Other Comprehensive Income (Loss), before Tax	(88)	498
Other Comprehensive Income (Loss), Tax	18	(104)
Other Comprehensive Income (Loss), Net of Tax	$ (70)	$ 394

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Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fixed maturities, net of impairment	$ (1,928)		$ (2,037)
Deferred income tax asset (liability)(2)	589		608
Accumulated Other Comprehensive Income (Loss), Unrealized Capital Gains (Losses), Adjustment, Net of Tax	(1,603)		(1,675)
Pension and other postretirement benefits liability, net of tax	2		2
Accumulated other comprehensive income (loss)	(1,601)	$ (1,531)	(1,673)
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	14
Accumulated Other Comprehensive Income (Loss), Deferred Acquisition Costs and Value Of Business Acquired (VOBA), Available for Sale Securities Adjustment, before Tax	60		97
AOCI, Liability for Future Policy Benefit, before Tax	$ (324)		$ (343)

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Revenue from Contract with Customer (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 153	$ 130
Revenue from other sources (non-financial services revenue)	130	113
Total Fee income and Other revenue	283	243
Accounts Receivable, after Allowance for Credit Loss	72		$ 94
Distribution Fees
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	20	18
Recordkeeping Administration
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 133	$ 112

XML

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Effective tax rate	5.90%	9.10%
Statutory tax rate	21.00%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 170	$ 99
Income tax expense (benefit)	10	9
Other Comprehensive Income (Loss), before Tax	(88)	498
SLD [Member]
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Income tax expense (benefit)	$ 13	$ 23

XML

Financing Agreements - Narrative (Details) - Reciprocal Loan Agreement - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Voya Financial, Inc.
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%
Interest Income, Operating	$ 6	$ 4
Other Receivables	400		$ 295
VIPS
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Other Receivables	$ 37		$ 31

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Pledged Collateral	$ 1,108	$ 1,205
Securities pledged as collateral
Loss Contingencies [Line Items]
Securities Pledged under repurchase agreements	154	153
Acquisition of mortgage loans
Loss Contingencies [Line Items]
Amount of purchase commitment	54
Purchase of limited partnerships and private placement investments
Loss Contingencies [Line Items]
Amount of purchase commitment	641
Federal Home Loan Bank of Boston | Line of Credit
Loss Contingencies [Line Items]
Non-putable funding agreements issued to FHLB	696	671
Pledged Collateral	$ 1,108	$ 1,205

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Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
FHLB restricted stock	$ 33	$ 33
Debt Securities, Trading	12	11
Restricted Cash and Cash Equivalents	2	2
Total restricted assets	2,019	2,049
Pledged Collateral	1,108	1,205
Securities pledged as collateral
Loss Contingencies [Line Items]
Fair value of loaned securities	710	645
Collateral Pledged
Loss Contingencies [Line Items]
Securities pledged	$ 864	$ 798

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Related Party - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 674	$ 605
Other Affiliates
Related Party Transaction [Line Items]
Revenues	21	19
Other Expenses	$ 150	$ 160

XML

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 186,000,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 220,000,000