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 March 31, 2026 and December 31, 2025:


	Employee Benefits Group				Employee Benefits Voluntary				Businesses Exited
	2026		2025		2026		2025		2026		2025
Present Value of Expected Net Premiums:
Balance at January 1	$	4	$	4	$	166	$	171	$	2,557	$	2,872
Beginning balance at original discount rate	4		4		169		180		2,479		2,842

Effect of change in cash flow assumptions	—		—		—		(11)		—		(194)
Effect of actual variances from expected experience	—		—		9		20		12		(17)
Adjusted balance at January 1	4		4		178		189		2,491		2,631
Interest accrual	—		—		2		6		34		148
Net premiums collected(1)	—		—		(9)		(26)		(71)		(300)
Ending balance at original discount rate	4		4		171		169		2,454		2,479
Effects of changes in discount rate assumptions	—		—		(5)		(3)		37		78
Balance at end of period	$	4	$	4	$	166	$	166	$	2,491	$	2,557


Present Value of Expected Future Policy Benefits:
Balance at January 1	$	792	$	772	$	498	$	461	$	6,527	$	7,017
Beginning balance at original discount rate	802		801		517		487		6,494		7,138

Effect of change in cash flow assumptions	—		(5)		—		(12)		—		(244)
Effect of actual variances from expected experience	(15)		(30)		9		60		16		(57)
Adjusted balance at January 1	787		766		526		535		6,510		6,837
Issuances	38		102		—		—		2		13
Interest accrual	6		17		5		14		83		351
Benefit payments	(31)		(83)		(10)		(32)		(174)		(707)
Ending balance at original discount rate	800		802		521		517		6,421		6,494
Effects of changes in discount rate assumptions	(19)		(10)		(26)		(19)		(63)		33
Balance at end of period	$	781	$	792	$	495	$	498	$	6,358	$	6,527


Net liability for future policy benefits	$	777	$	788	$	329	$	332	$	3,867	$	3,970
Less: Reinsurance recoverable	357		353		17		16		3,781		3,883
Net liability for future policy benefits, after reinsurance recoverable	$	420	$	435	$	312	$	316	$	86	$	87


	Businesses Exited
	March 31, 2026		December 31, 2025
Balance at beginning of period	$	1,880	$	1,883
Effect of change in cash flow assumptions	—		59
Effect of actual variances from expected experience	5		(11)
Adjusted balance at January 1	1,885		1,931
Interest accrual	19		80
Excess Benefits	(105)		(406)
Assessments	66		275

Balance at end of period	1,865		1,880
Less: Reinsurance recoverable	1,813		1,827
Net additional liability, after reinsurance recoverable	$	52	$	53

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
	Three Months Ended March 31,
	2026		2025
Balance at January 1	$	458	$	595
Less: Reinsurance recoverable	(2)		(5)
Net balance at January 1	456		590
Incurred claims and claim adjustment expenses related to:(1)
Current year	262		273
Prior years	39		12
Total incurred	301		285
Paid claim and claim adjustment expenses related to:(1)
Current year	(23)		(25)
Prior years	(333)		(383)
Total paid	(356)		(408)
Net balance at March 31	401		467
Plus: Reinsurance recoverable	4		9
Balance as of March 31	$	405	$	476

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 three months ended March 31, 2026, net claims incurred on prior years of $39 is primarily attributed to policy years effective during 2025, driven by incurred claims partially offset by favorable claim development. For the three months ended March 31, 2025, net claims incurred on prior years of $12 is primarily attributed to policy years effective during 2024, driven by incurred claims partially offset by favorable claim development and reinsurance recoveries.

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:


	March 31, 2026		December 31, 2025
Employee Benefits Group	$	777	$	788
Employee Benefits Voluntary	329		332
Businesses Exited - Future policy benefits	3,867		3,970
Businesses Exited - Additional liability	1,865		1,880
Businesses Exited - Other	1,228		1,236
Medical stop loss products	405		458
Other	319		318
Total	$	8,790	$	8,982


	March 31, 2026				December 31, 2025
	Undiscounted		Discounted		Undiscounted		Discounted
Employee Benefits Group
Expected future benefit payments	$	1,003	$	800	$	1,005	$	802
Expected future gross premiums	10		8		11		8
Employee Benefits Voluntary
Expected future benefit payments	915		521		910		517
Expected future gross premiums	584		412		566		398

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
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Weighted average duration (in years)(1)	7		7		14		14		7		8
Interest accretion rate	4.3	%	4.2	%	5.0	%	5.1	%	5.1	%	5.0	%
Current discount rate	5.2	%	5.0	%	5.9	%	5.7	%	5.5	%	5.3	%

The weighted average interest accretion rate for the additional liability related to Businesses Exited was 4.2% and 4.3% for the periods ended March 31, 2026 and December 31, 2025, respectively.


	Retirement Deferred Group and Individual Annuity				Businesses Exited
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Balance at January 1	$	32,209	$	29,624	$	3,844	$	4,182
Additions related to business acquisitions	—		3,458		—		—
Deposits	758		3,034		67		266
Fee income	(19)		(63)		(86)		(362)
Surrenders, withdrawals and benefits	(1,372)		(5,446)		(101)		(410)
Net transfers (from) to the general account(1)	233		690		3		10
Interest credited	221		912		36		158
Ending Balance	$	32,030	$	32,209	$	3,763	$	3,844


Weighted-average crediting rate	2.8		%	2.8		%	3.7		%	4.0		%
Net amount at risk(2)	$	61		$	61		$	634		$	629
Cash surrender value	$	31,604		$	31,778		$	1,052		$	1,083

(1) Net transfers (from) to the general account for Retirement include transfers of $(139) and $(884) for 2026 and 2025, respectively, related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets.

(2) 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:


	March 31, 2026		December 31, 2025
Retirement Deferred group and individual annuity	$	32,030	$	32,209
Businesses Exited	3,763		3,844
Non-putable funding agreements	2,256		2,101
Businesses Exited - Other	1,036		1,048
Other(1)	1,153		1,172
Total	$	40,238	$	40,374

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 March 31, 2026
Up to 1.00%	$	123	$	4,051	$	3,898	$	1,935	$	1,919	$	2,721	$	14,647
1.01% - 2.00%	381		90		63		10		3		4		551
2.01% - 3.00%	9,731		256		64		70		—		6		10,127
3.01% - 4.00%	8,581		146		—		2		—		—		8,729
4.01% and Above	1,339		73		—		—		—		—		1,412
Renewable beyond 12 months (MYGA)(2)	335		—		—		—		2		—		337
Total discretionary rate setting products	$	20,490	$	4,616	$	4,025	$	2,017	$	1,924	$	2,731	$	35,803


As of December 31, 2025
Up to 1.00%	$	105	$	4,004	$	3,917	$	2,035	$	2,162	$	2,342	$	14,565
1.01% - 2.00%	394		94		63		8		3		5		567
2.01% - 3.00%	9,860		249		66		83		—		6		10,264
3.01% - 4.00%	8,736		148		—		1		—		—		8,885
4.01% and Above	1,367		75		—		—		—		—		1,442
Renewable beyond 12 months (MYGA)(2)	341		—		—		—		2		—		343
Total discretionary rate setting products	$	20,803	$	4,570	$	4,046	$	2,127	$	2,167	$	2,353	$	36,066

(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, 2026 and December 31, 2025 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.