As of June 30, 2025, 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. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements.


	Direct		Assumed (1)		Ceded		Total, Net of Reinsurance
June 30, 2025
Assets
Premium receivable	$	1	$	—	$	—	$	1
Reinsurance recoverable, net of allowance for credit losses	—		—		2,483		2,483
Total	$	1	$	—	$	2,483	$	2,484
Liabilities
Future policy benefits and contract owner account balances	$	29,419	$	3,558	$	—	$	32,977
Total	$	29,419	$	3,558	$	—	$	32,977

December 31, 2024
Assets
Premium receivable	$	1	$	—	$	(1)	$	—
Reinsurance recoverable, net of allowance for credit losses	—		—		2,560		2,560
Total	$	1	$	—	$	2,559	$	2,560
Liabilities
Future policy benefits and contract owner account balances	$	29,133	$	135	$	—	$	29,268
Total	$	29,133	$	135	$	—	$	29,268

(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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Fee income:
Direct Fee Income	$	296	$	280	$	590	$	552
Reinsurance assumed	21		—		43		—
Reinsurance ceded	—		—		—		—
Net fee income	$	317	$	280	$	633	$	552

Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders	$	200	$	205	$	412	$	411
Reinsurance assumed	24		1		48		2
Reinsurance ceded	(15)		(12)		(44)		(37)
Net interest credited and other benefits to contract owners / policyholders	$	209	$	194	$	416	$	376

As part of the acquisition by the Company's ultimate parent, Voya Financial, 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 entered into an indemnity reinsurance agreement with American United Life Insurance Company, a subsidiary of OneAmerica Financial. Under the reinsurance agreement, the Company 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 $0.8 billion and $0.9 billion, respectively, which is reported in Other assets 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.