v3.25.2
Reserves for Future Policy Benefits and Contract Owner Account Balances
 6 Months Ended
Jun. 30, 2025
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract]  
Reserves for Future Policy Benefits and Contract Owner Account Balances Reserves for Future Policy Benefits and Contract Owner Account Balances
Employee Benefits Group products include long-duration term life insurance, as well as long-term disability products that are mostly employer paid. Employee Benefits Voluntary products include long-duration whole life insurance, critical illness, and accident and hospital indemnity insurance that are mostly employee paid. The following tables present the balances and changes in the liability for future policy benefits for Employee Benefits Group, Employee Benefits Voluntary and Businesses Exited as of June 30, 2025 and December 31, 2024:
Employee Benefits Group
Employee Benefits Voluntary
Businesses Exited
202520242025202420252024
Present Value of Expected Net Premiums:
Balance at January 1$4 $68 $171 $101 $2,872 $3,145 
Beginning balance at original discount rate4 71 180 102 2,842 2,992 
Reclassifications(2)
— (65)— 65 — — 
Effect of change in cash flow assumptions— (1)— (1)— 110 
Effect of actual variances from expected experience— — 8 40 (2)(106)
Adjusted balance at January 14 5 188 206 2,840 2,996 
Interest accrual— — 2 8 78 158 
Net premiums collected(1)
— (1)(9)(34)(158)(312)
Ending balance at original discount rate4 4 181 180 2,760 2,842 
Effects of changes in discount rate assumptions— — (5)(9)68 30 
Balance at end of period$4 $4 $176 $171 $2,828 $2,872 
Present Value of Expected Future Policy Benefits:
Balance at January 1$772 $899 $461 $307 $7,017 $7,538 
Beginning balance at original discount rate801 918 487 307 7,138 7,404 
Reclassifications(2)
— (150)— 150 — — 
Effect of change in cash flow assumptions— (12)— (1)— 187 
Effect of actual variances from expected experience(13)10 30 54 (39)(90)
Adjusted balance at January 1788 766 517 510 7,099 7,501 
Issuances36 131 — — 6 14 
Interest accrual6 21 5 18 180 370 
Benefit payments(26)(117)(11)(41)(349)(747)
Ending balance at original discount rate804 801 511 487 6,936 7,138 
Effects of changes in discount rate assumptions(15)(29)(23)(26)(11)(121)
Balance at end of period$789 $772 $488 $461 $6,925 $7,017 
Net liability for future policy benefits$785 $768 $312 $290 $4,097 $4,145 
Less: Reinsurance recoverable342 330 15 9 4,012 4,056 
Net liability for future policy benefits, after reinsurance recoverable$443 $438 $297 $281 $85 $89 
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.
(2) During the second quarter 2024, the Company reclassified certain insurance products within Employee Benefits from Group to Voluntary.

The following table presents a rollforward of the additional reserve liability for Businesses Exited for the periods indicated:
Businesses Exited
June 30, 2025December 31, 2024
Balance at beginning of period$1,883 $2,001 
Effect of change in cash flow assumptions— (39)
Effect of actual variances from expected experience(6)14 
Adjusted balance at January 11,877 1,976 
Interest accrual39 83 
Excess Benefits(210)(404)
Assessments146 228 
Balance at end of period1,852 1,883 
Less: Reinsurance recoverable1,801 1,832 
Net additional liability, after reinsurance recoverable$51 $51 

Future policy benefits include the liability for unpaid claims and claim adjustment expenses related to medical stop loss products within the Employee Benefits segment. The following table presents a rollforward of the liability for unpaid claims and claim adjustment expenses for the periods indicated:
Medical Stop Loss
Six Months Ended June 30,
20252024
Balance at January 1$595 $401 
Less: Reinsurance recoverable
(5)(16)
Net balance at January 1590 385 
Incurred claims and claim adjustment expenses related to:
Current year556 623 
Prior years36 128 
Total incurred592 751 
Paid claim and claim adjustment expenses related to:
Current year(150)(200)
Prior years(479)(425)
Total paid(629)(625)
Net balance at June 30
553 511 
Plus: Reinsurance recoverable
8 10 
Balance as of June 30$561 $521 
Pricing, underwriting and reserving on the medical stop loss products are performed based on policy years, and key metrics such as loss ratios are tracked, managed and reported on this basis. The majority of the medical stop loss policies renew in January of each year. For the six months ended June 30, 2025, $36 of claims incurred on prior years is primarily attributed to incurred claims for policy years effective during 2024 and partially offset by favorable claim development for policy years effective during 2023 and 2024. For the six months ended June 30, 2024, $128 of claims incurred on prior years is primarily attributed to incurred claims and unfavorable claim development for policy years effective during 2023.

The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets is presented below:
June 30, 2025December 31, 2024
Employee Benefits Group
$785 $768 
Employee Benefits Voluntary
312 290 
Businesses Exited - Future policy benefits4,097 4,145 
Businesses Exited - Additional liability 1,852 1,883 
Businesses Exited - Other1,248 1,284
Medical stop loss products561 595 
Other
360 367 
Total$9,215 $9,332 

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
June 30, 2025December 31, 2024
UndiscountedDiscountedUndiscountedDiscounted
Employee Benefits Group
Expected future benefit payments$997 $804 $990 $801 
Expected future gross premiums11 8 11 8 
Employee Benefits Voluntary
Expected future benefit payments907 511 881 487 
Expected future gross premiums644 439 631 427 
    
The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated:
Employee Benefits Group
Employee Benefits Voluntary
Businesses Exited
June 30, 2025December 31, 2024June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Weighted average duration (in years)(1)
77141488
Interest accretion rate4.2 %4.0 %5.0 %5.1 %5.0 %5.0 %
Current discount rate5.1 %5.4 %5.7 %5.7 %5.4 %5.6 %
(1) Weighted average duration (in years) for Businesses Exited includes additional liability.

The weighted average interest rate for the additional liability related to Businesses Exited was 4.3% for the periods ended June 30, 2025 and December 31, 2024.
The following table presents a rollforward of Contract owner account balances for the periods indicated:
Retirement Deferred Group and Individual Annuity
 Businesses Exited
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Balance at January 1$29,624 $31,139 $4,182 $4,635 
Additions related to business acquisitions(1)
3,458 — — — 
Deposits1,620 2,505 134 287 
Fee income(29)(50)(186)(371)
Surrenders, withdrawals and benefits
(2,791)(5,127)(214)(544)
Net transfers (from) to the general account(2)
394 312 3 4 
Interest credited453 845 79 171 
Balance at end of period
$32,729 $29,624 $3,998 $4,182 

Weighted-average crediting rate2.8 %2.8 %3.9 %3.9 %
Net amount at risk(3)
$57 $90 $648 $676 
Cash surrender value$32,296 $29,169 $1,152 $1,236 
(1) In addition, $0.3 billion of acquired other investment contracts during the current year from OneAmerica Financial are reported in Other in the table below.
(2) Net transfers (from) to the general account for Retirement include transfers of $(551) and $(1,149) for 2025 and 2024, respectively, related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.
(3) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. When a contract has both a living benefit and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together.

The following table presents a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated:
June 30, 2025December 31, 2024
Retirement Deferred group and individual annuity
$32,729 $29,624 
Businesses Exited3,998 4,182 
Non-putable funding agreements1,400 1,249 
Businesses Exited - Other1,115 1,158 
Other(1)
1,208 891 
Total$40,450 $37,104 
(1) Primarily consists of other investment and universal life contracts.
The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):
Account Value(1)
Excess of crediting rate over GMIR
At GMIR
Up to 0.50% 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 June 30, 2025
Up to 1.00%
$127$4,298$4,067$2,103$2,229$1,687$14,511
1.01% - 2.00%
42310057736596
2.01% - 3.00%
10,0722705394—510,494
3.01% - 4.00%
9,160149—1——9,310
4.01% and Above
1,41178————1,489
Renewable beyond 12 months (MYGA)(2)
342———2—344
Total discretionary rate setting products$21,535$4,895$4,177$2,205$2,234$1,698$36,744

As of December 31, 2024
Up to 1.00%
$82$4,378$3,691$1,705$1,545$928$12,329
1.01% - 2.00%
43710654726612
2.01% - 3.00%
10,266936260—410,485
3.01% - 4.00%
8,368150—1——8,519
4.01% and Above
1,46480————1,544
Renewable beyond 12 months (MYGA)(2)
364———2—366
Total discretionary rate setting products$20,981$4,807$3,807$1,773$1,549$938$33,855
(1) The table includes contracts acquired as a result of the OneAmerica Financial's acquisition completed in the first quarter of 2025. Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based.
(2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after June 30, 2025 and December 31, 2024 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.