v3.26.1
Reserves for Future Policy Benefits and Contract Owner Account Balances
 6 Months Ended
Jun. 30, 2026
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, 2026 and December 31, 2025:
Employee Benefits Group
Employee Benefits Voluntary
Businesses Exited
202620252026202520262025
Present Value of Expected Net Premiums:
Balance at January 1$4 $4 $166 $171 $2,557 $2,872 
Beginning balance at original discount rate4 4 169 180 2,479 2,842 
Effect of change in cash flow assumptions— — — (11)— (194)
Effect of actual variances from expected experience— — 13 20 21 (17)
Adjusted balance at January 14 4 182 189 2,500 2,631 
Interest accrual— — 4 6 67 148 
Net premiums collected(1)
— — (17)(26)(144)(300)
Ending balance at original discount rate4 4 169 169 2,423 2,479 
Effects of changes in discount rate assumptions— — (5)(3)34 78 
Balance at end of period$4 $4 $164 $166 $2,457 $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 rate802 801 517 487 6,494 7,138 
Effect of change in cash flow assumptions— (5)— (12)— (244)
Effect of actual variances from expected experience(11)(30)31 60 27 (57)
Adjusted balance at January 1791 766 548 535 6,521 6,837 
Issuances92 102 — — 5 13 
Interest accrual12 17 9 14 165 351 
Benefit payments(83)(83)(21)(32)(361)(707)
Ending balance at original discount rate812 802 536 517 6,330 6,494 
Effects of changes in discount rate assumptions(20)(10)(23)(19)(73)33 
Balance at end of period$792 $792 $513 $498 $6,257 $6,527 
Net liability for future policy benefits$788 $788 $349 $332 $3,800 $3,970 
Less: Reinsurance recoverable358 353 20 16 3,715 3,883 
Net liability for future policy benefits, after reinsurance recoverable$430 $435 $329 $316 $85 $87 
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.

The following table presents a rollforward of the additional reserve liability for Businesses Exited for the periods indicated:
Businesses Exited
June 30, 2026December 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
7 (11)
Adjusted balance at January 11,887 1,931 
 Interest accrual
39 80 
 Excess Benefits
(201)(406)
 Assessments
125 275 
Balance at end of period1,850 1,880 
Less: Reinsurance recoverable1,798 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
Six Months Ended June 30,
20262025
Balance at January 1$458 $595 
Less: Reinsurance recoverable(2)(5)
Net balance at January 1456 590 
Incurred claims and claim adjustment expenses related to:(1)
Current year531 556 
Prior years91 36 
Total incurred622 592 
Paid claim and claim adjustment expenses related to:(1)
Current year(123)(150)
Prior years(440)(479)
Total paid(563)(629)
Net balance at June 30
515 553 
Plus: Reinsurance recoverable4 8 
Balance as of June 30
$519 $561 
(1) Amounts presented are net of reinsurance.
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, 2026, net claims incurred on prior years of $91 is primarily attributed to incurred claims for the policy year effective during 2025 and partially offset by favorable claim development for policy years effective during 2024 and 2025. For the six months ended June 30, 2025, net claims incurred on prior years of $36 is primarily attributed to incurred claims for the policy year effective during 2024 and partially offset by favorable claim development for policy years effective during 2023 and 2024.

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, 2026December 31, 2025
Employee Benefits Group$788 $788 
Employee Benefits Voluntary349332
Businesses Exited - Future policy benefits3,8003,970
Businesses Exited - Additional liability1,8501,880
Businesses Exited - Other1,2241,236
Medical stop loss products519458
Other315318
Total$8,845 $8,982 

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
June 30, 2026December 31, 2025
UndiscountedDiscountedUndiscountedDiscounted
Employee Benefits Group
Expected future benefit payments$1,013 $812 $1,005 $802 
Expected future gross premiums10 8 11 8 
Employee Benefits Voluntary
Expected future benefit payments939 536 910 517 
Expected future gross premiums571 399 566 398 
    
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
June 30, 2026December 31, 2025June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Weighted average duration (in years)(1)
77141478
Interest accretion rate4.3 %4.2 %5.0 %5.1 %5.1 %5.0 %
Current discount rate5.3 %5.0 %5.8 %5.7 %5.5 %5.3 %
(1) Weighted average duration (in years) for Businesses Exited includes additional liability.

The weighted average interest accretion rate for the additional liability related to Businesses Exited was 4.3% for the periods ended June 30, 2026 and December 31, 2025.
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, 2026December 31, 2025June 30, 2026December 31, 2025
Balance at January 1$32,209 $29,624 $3,844 $4,182 
Additions related to business acquisitions
— 3,458 — — 
Deposits1,471 3,034 132 266 
Fee income(37)(63)(175)(362)
Surrenders, withdrawals and benefits
(2,821)(5,446)(186)(410)
Net transfers (from) to the general account(1)
375 690 3 10 
Interest credited444 912 71 158 
Ending Balance
$31,641 $32,209 $3,689 $3,844 

Weighted-average crediting rate2.8 %2.8 %3.8 %4.0 %
Net amount at risk(2)
$58 $61 $604 $629 
Cash surrender value$31,210 $31,778 $1,014 $1,083 
(1) Net transfers (from) to the general account for Retirement include transfers of $(372) 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:
June 30, 2026December 31, 2025
Retirement Deferred group and individual annuity$31,641 $32,209 
Businesses Exited3,6893,844
Non-putable funding agreements2,251 2,101
Businesses Exited - Other999 1,048
Other(1)
1,099 1,172
Total$39,679 $40,374 
(1) Primarily consists of other retirement and universal life contracts.
The following table presents the contract owner account balances by range of guaranteed minimum crediting rates and the range of differences between the interest rate 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, 2026
Up to 1.00%
$125$3,766$3,795$1,747$2,182$2,900$14,515
1.01% - 2.00%
36891621034538
2.01% - 3.00%
9,5912187560669,956
3.01% - 4.00%
8,454146—2——8,602
4.01% and Above
1,31973————1,392
Renewable beyond 12 months (MYGA)(2)
335———2—337
Total discretionary rate setting products$20,192$4,294$3,932$1,819$2,193$2,910$35,340

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%
3949463835567
2.01% - 3.00%
9,8602496683—610,264
3.01% - 4.00%
8,736148—1——8,885
4.01% and Above
1,36775————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 June 30, 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.