The Company reinsures its business through a diversified group of reinsurers. However, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit ("LOC").


	Direct		Assumed (1)		Ceded		Total, Net of Reinsurance
June 30, 2025
Assets
Premium receivable	$	197	$	11	$	(217)	$	(9)
Reinsurance recoverable, net of allowance for credit losses	—		—		10,974		10,974
Total	$	197	$	11	$	10,757	$	10,965
Liabilities
Future policy benefits and contract owner account balances	$	45,377	$	4,288	$	—	$	49,665
Total	$	45,377	$	4,288	$	—	$	49,665

December 31, 2024
Assets
Premium receivable	$	205	$	10	$	(238)	$	(23)
Reinsurance recoverable, net of allowance for credit losses	—		—		11,307		11,307
Total	$	205	$	10	$	11,069	$	11,284
Liabilities
Future policy benefits and contract owner account balances	$	45,540	$	896	$	—	$	46,436
Total	$	45,540	$	896	$	—	$	46,436

(1) As of June 30, 2025, Future policy benefits and contract owner account balances include $3.4 billion of investment contracts assumed related to the acquisition of OneAmerica Financial's full-service retirement plan business.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Premiums:
Direct premiums	$	956	$	1,025	$	1,914	$	2,054
Reinsurance assumed	3		4		11		11
Reinsurance ceded	(241)		(239)		(470)		(475)
Net premiums	$	718	$	790	$	1,455	$	1,590

Fee income:
Direct fee Income	$	651	$	612	$	1,296	$	1,220
Reinsurance assumed	24		4		50		8
Reinsurance ceded	(98)		(99)		(199)		(198)
Net fee income	$	577	$	517	$	1,147	$	1,030

Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	1,098	$	1,157	$	2,252	$	2,338
Reinsurance assumed	35		17		60		36
Reinsurance ceded	(332)		(331)		(676)		(680)
Net interest credited and other benefits to contract owners / policyholders	$	801	$	843	$	1,636	$	1,694

As part of the Company’s acquisition of the full-service retirement plan business of OneAmerica Financial, as disclosed in the Business, Basis of Presentation and Significant Accounting Policies Note to these Condensed Consolidated Financial Statements, the Company's wholly owned subsidiary, Voya Retirement Insurance and Annuity Company ("VRIAC"), entered into an indemnity reinsurance agreement with American United Life Insurance Company ("AULIC"), a subsidiary of OneAmerica Financial. Under the reinsurance agreement, VRIAC assumed a 100% quota share of fixed and variable annuities as well as other investment contracts, resulting in the Company assuming contract owner account balances of $3.8 billion under a combination indemnity coinsurance and coinsurance with funds withheld, and $20.6 billion of separate account liabilities under a modified coinsurance arrangement. Assumed separate account assets and liabilities are presented on a net basis in the accompanying Condensed Consolidated Balance Sheets.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of June 30, 2025 and December 31, 2024, the Company had a deposit asset net of the allowance for credit losses of $1.0 billion and $1.1 billion, respectively, which is reported in Other assets on the Condensed Consolidated Balance Sheets. In addition, the Company had a liability for funds withheld under ceded reinsurance agreements of $103 as of June 30, 2025 and December 31, 2024, which was recorded in Other liabilities on the Condensed Consolidated Balance Sheets. The funds withheld asset related to assumed reinsurance was $0.9 billion as of June 30, 2025, which was recorded in Other assets on the Condensed Consolidated Balance Sheets.