Financing Agreements |
6 Months Ended |
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Jun. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| Financing Agreements | Financing Agreements Reciprocal Loan Agreement The Company maintains a reciprocal loan agreement with Voya Financial, an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which expires on April 1, 2026, either party can borrow from the other up to 3.0% of the Company’s statutory admitted assets as of the preceding December 31. Interest on any borrowing by either the Company or Voya Financial is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities. Under this agreement, the Company incurred $1 interest expense for the three and six months ended June 30, 2025, and immaterial and $1 interest expense for the three and six months ended June 30, 2024, respectively. The Company earned $7 and $12 of interest income for the three and six months ended June 30, 2025, respectively, and $7 and $14 of interest income for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, VRIAC had an outstanding receivable of $313 and VIPS had an outstanding payable of $47 under the reciprocal loan agreement. As of December 31, 2024, VRIAC had an outstanding receivable of $100 and VIPS had an outstanding payable of $44 under the reciprocal loan agreement.
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