Consolidated Investment Entities (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Statements, Captions [Line Items]

Schedule of Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheet

December 31, 2019

	Parent Issuer		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value	$	5	$	—	$	39,673	$	(15	)	$	39,663
Fixed maturities, at fair value using the fair value option	—		—		2,707		—			2,707
Equity securities, at fair value	—		—		196		—			196
Short-term investments	—		—		68		—			68
Mortgage loans on real estate, net of valuation allowance	—		—		6,878		—			6,878
Policy loans	—		—		776		—			776
Limited partnerships/corporations	4		—		1,286		—			1,290
Derivatives	49		—		267		—			316
Investments in subsidiaries	11,003		8,493		—		(19,496		)	—
Other investments	—		—		385		—			385
Securities pledged	—		—		1,408		—			1,408
Total investments	11,061		8,493		53,644		(19,511		)	53,687
Cash and cash equivalents	212		—		969		—			1,181
Short-term investments under securities loan agreements, including collateral delivered	11		—		1,384		—			1,395
Accrued investment income	—		—		505		—			505
Premium receivable and reinsurance recoverable	—		—		3,732		—			3,732
Deferred policy acquisition costs and Value of business acquired	—		—		2,226		—			2,226
Deferred income taxes	816		39		603		—			1,458
Loans to subsidiaries and affiliates	164		—		69		(233		)	—
Due from subsidiaries and affiliates	2		—		6		(8		)	—
Other assets	7		—		895		—			902
Assets related to consolidated investment entities:
Limited partnerships/corporations, at fair value	—		—		1,632		—			1,632
Cash and cash equivalents	—		—		68		—			68
Corporate loans, at fair value using the fair value option	—		—		513		—			513
Other assets	—		—		13		—			13
Assets held in separate accounts	—		—		81,670		—			81,670
Assets held for sale	—		—		20,069		—			20,069
Total assets	$	12,273	$	8,532	$	167,998	$	(19,752	)	$	169,051

Condensed Consolidating Balance Sheet (Continued)

December 31, 2019

	Parent Issuer		Subsidiary Guarantor			Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Liabilities and Shareholders' Equity:
Future policy benefits	$	—	$	—		$	9,945	$	—		$	9,945
Contract owner account balances	—		—			40,923		—			40,923
Payables under securities loan and repurchase agreements, including collateral held	—		—			1,373		—			1,373
Short-term debt	69		87			78		(233		)	1
Long-term debt	2,669		371			17		(15		)	3,042
Derivatives	50		—			353		—			403
Pension and other postretirement provisions	—		—			468		—			468
Current income taxes	28		(17		)	16		—			27
Due to subsidiaries and affiliates	4		—			2		(6		)	—
Other liabilities	45		10			1,292		(2		)	1,345
Liabilities related to consolidated investment entities:
Collateralized loan obligations notes, at fair value using the fair value option	—		—			474		—			474
Other liabilities	—		—			652		—			652
Liabilities related to separate accounts	—		—			81,670		—			81,670
Liabilities held for sale	—		—			18,498		—			18,498
Total liabilities	2,865		451			155,761		(256		)	158,821
Shareholders' equity:
Total Voya Financial, Inc. shareholders' equity	9,408		8,081			11,415		(19,496		)	9,408
Noncontrolling interest	—		—			822		—			822
Total shareholders' equity	9,408		8,081			12,237		(19,496		)	10,230
Total liabilities and shareholders' equity	$	12,273	$	8,532		$	167,998	$	(19,752	)	$	169,051

Condensed Consolidating Balance Sheet

December 31, 2018

	Parent Issuer			Subsidiary Guarantor		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Assets:
Investments:
Fixed maturities, available-for-sale, at fair value	$	—		$	—	$	36,912	$	(15	)	$	36,897
Fixed maturities, at fair value using the fair value option	—			—		2,233		—			2,233
Equity securities, at fair value	99			—		148		—			247
Short-term investments	—			—		126		—			126
Mortgage loans on real estate, net of valuation allowance	—			—		7,281		—			7,281
Policy loans	—			—		814		—			814
Limited partnerships/corporations	—			—		982		—			982
Derivatives	39			—		155		—			194
Investments in subsidiaries	10,099			7,060		—		(17,159		)	—
Other investments	—			—		379		—			379
Securities pledged	—			—		1,462		—			1,462
Total investments	10,237			7,060		50,492		(17,174		)	50,615
Cash and cash equivalents	209			2		1,026		—			1,237
Short-term investments under securities loan agreements, including collateral delivered	11			—		1,282		—			1,293
Accrued investment income	—			—		529		—			529
Premium receivable and reinsurance recoverable	—			—		3,843		—			3,843
Deferred policy acquisition costs and Value of business acquired	—			—		2,973		—			2,973
Current income taxes	(37		)	26		28		—			17
Deferred income taxes	553			22		1,035		—			1,610
Loans to subsidiaries and affiliates	79			—		4		(83		)	—
Due from subsidiaries and affiliates	2			—		3		(5		)	—
Other assets	13			—		1,014		—			1,027
Assets related to consolidated investment entities:
Limited partnerships/corporations, at fair value	—			—		1,421		—			1,421
Cash and cash equivalents	—			—		331		—			331
Corporate loans, at fair value using the fair value option	—			—		542		—			542
Other assets	—			—		16		—			16
Assets held in separate accounts	—			—		69,931		—			69,931
Assets held for sale	—			—		20,045		—			20,045
Total assets	$	11,067		$	7,110	$	154,515	$	(17,262	)	$	155,430

Condensed Consolidating Balance Sheet (Continued)

December 31, 2018

	Parent Issuer		Subsidiary Guarantor		Non-Guarantor Subsidiaries		Consolidating Adjustments			Consolidated
Liabilities and Shareholders' Equity:
Future policy benefits	$	—	$	—	$	9,587	$	—		$	9,587
Contract owner account balances	—		—		41,183		—			41,183
Payables under securities loan and repurchase agreements, including collateral held	—		—		1,366		—			1,366
Short-term debt	4		—		80		(83		)	1
Long-term debt	2,763		371		17		(15		)	3,136
Derivatives	39		—		125		—			164
Pension and other postretirement provisions	—		—		551		—			551
Due to subsidiaries and affiliates	1		—		2		(3		)	—
Other liabilities	47		55		1,275		(2		)	1,375
Liabilities related to consolidated investment entities:
Collateralized loan obligations notes, at fair value using the fair value option	—		—		540		—			540
Other liabilities	—		—		688		—			688
Liabilities related to separate accounts	—		—		69,931		—			69,931
Liabilities held for sale	—		—		17,903		—			17,903
Total liabilities	2,854		426		143,248		(103		)	146,425
Shareholders' equity:
Total Voya Financial, Inc. shareholders' equity	8,213		6,684		10,475		(17,159		)	8,213
Noncontrolling interest	—		—		792		—			792
Total shareholders' equity	8,213		6,684		11,267		(17,159		)	9,005
Total liabilities and shareholders' equity	$	11,067	$	7,110	$	154,515	$	(17,262	)	$	155,430

Schedule of Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2019

	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Net investment income	$	39		$	—		$	2,765		$	(12	)	$	2,792
Fee income	—			—			1,969			—			1,969
Premiums	—			—			2,273			—			2,273
Net realized capital gains (losses):
Total other-than-temporary impairments	—			—			(65		)	—			(65		)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)	—			—			(1		)	—			(1		)
Net other-than-temporary impairments recognized in earnings	—			—			(64		)	—			(64		)
Other net realized capital gains (losses)	(1		)	—			(101		)	—			(102		)
Total net realized capital gains (losses)	(1		)	—			(165		)	—			(166		)
Other revenue	—			—			465			—			465
Income (loss) related to consolidated investment entities:
Net investment income	—			—			143			—			143
Total revenues	38			—			7,450			(12		)	7,476
Benefits and expenses:
Policyholder benefits	—			—			2,583			—			2,583
Interest credited to contract owner account balances	—			—			1,167			—			1,167
Operating expenses	12			—			2,734			—			2,746
Net amortization of Deferred policy acquisition costs and Value of business acquired	—			—			199			—			199
Interest expense	151			29			8			(12		)	176
Operating expenses related to consolidated investment entities:
Interest expense	—			—			38			—			38
Other expense	—			—			7			—			7
Total benefits and expenses	163			29			6,736			(12		)	6,916
Income (loss) from continuing operations before income taxes	(125		)	(29		)	714			—			560
Income tax expense (benefit)	(277		)	(27		)	99			—			(205		)
Income (loss) from continuing operations	152			(2		)	615			—			765
Income (loss) from discontinued operations, net of tax	—			(83		)	(983		)	—			(1,066		)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates	152			(85		)	(368		)	—			(301		)
Equity in earnings (losses) of subsidiaries, net of tax	(503		)	431			—			72			—
Net income (loss)	(351		)	346			(368		)	72			(301		)
Less: Net income (loss) attributable to noncontrolling interest	—			—			50			—			50
Net income (loss) available to Voya Financial, Inc.	(351		)	346			(418		)	72			(351		)
Less: Preferred stock dividends	28			—			—			—			28
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	(379	)	$	346		$	(418	)	$	72		$	(379	)

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2018

	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Net investment income	$	1		$	1		$	2,676		$	(9	)	$	2,669
Fee income	—			—			1,982			—			1,982
Premiums	—			—			2,132			—			2,132
Net realized capital gains (losses):
Total other-than-temporary impairments	—			—			(27		)	—			(27		)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)	—			—			1			—			1
Net other-than-temporary impairments recognized in earnings	—			—			(28		)	—			(28		)
Other net realized capital gains (losses)	—			—			(327		)	—			(327		)
Total net realized capital gains (losses)	—			—			(355		)	—			(355		)
Other revenue	(5		)	—			448			—			443
Income (loss) related to consolidated investment entities:
Net investment income	—			—			292			—			292
Total revenues	(4		)	1			7,175			(9		)	7,163
Benefits and expenses:
Policyholder benefits	—			—			2,364			—			2,364
Interest credited to contract owner account balances	—			—			1,162			—			1,162
Operating expenses	11			—			2,595			—			2,606
Net amortization of Deferred policy acquisition costs and Value of business acquired	—			—			233			—			233
Interest expense	175			53			2			(9		)	221
Operating expenses related to consolidated investment entities:
Interest expense	—			—			41			—			41
Other expense	—			—			8			—			8
Total benefits and expenses	186			53			6,405			(9		)	6,635
Income (loss) from continuing operations before income taxes	(190		)	(52		)	770			—			528
Income tax expense (benefit)	—			(24		)	400			(339		)	37
Income (loss) from continuing operations	(190		)	(28		)	370			339			491
Income (loss) from discontinued operations, net of tax	—			—			529			—			529
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates	(190		)	(28		)	899			339			1,020
Equity in earnings (losses) of subsidiaries, net of tax	1,065			1,615			—			(2,680		)	—
Net income (loss)	875			1,587			899			(2,341		)	1,020
Less: Net income (loss) attributable to noncontrolling interest	—			—			145			—			145
Net income (loss) available to Voya Financial, Inc.	875			1,587			754			(2,341		)	875
Less: Preferred stock dividends	—			—			—			—			—
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	875		$	1,587		$	754		$	(2,341	)	$	875

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2017

	Parent Issuer			Subsidiary Guarantor			Non-Guarantor Subsidiaries			Consolidating Adjustments			Consolidated
Revenues:
Net investment income	$	33		$	—		$	2,621		$	(13	)	$	2,641
Fee income	—			—			1,889			—			1,889
Premiums	—			—			2,097			—			2,097
Net realized capital gains (losses):
Total other-than-temporary impairments	—			—			(29		)	—			(29		)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)	—			—			(9		)	—			(9		)
Net other-than-temporary impairments recognized in earnings	—			—			(20		)	—			(20		)
Other net realized capital gains (losses)	—			—			(189		)	—			(189		)
Total net realized capital gains (losses)	—			—			(209		)	—			(209		)
Other revenue	8			1			370			—			379
Income (loss) related to consolidated investment entities:
Net investment income	—			—			432			—			432
Total revenues	41			1			7,200			(13		)	7,229
Benefits and expenses:
Policyholder benefits	—			—			2,422			—			2,422
Interest credited to contract owner account balances	—			—			1,236			—			1,236
Operating expenses	9			—			2,553			—			2,562
Net amortization of Deferred policy acquisition costs and Value of business acquired	—			—			353			—			353
Interest expense	155			37			5			(13		)	184
Operating expenses related to consolidated investment entities:
Interest expense	—			—			80			—			80
Other expense	—			—			7			—			7
Total benefits and expenses	164			37			6,656			(13		)	6,844
Income (loss) from continuing operations before income taxes	(123		)	(36		)	544			—			385
Income tax expense (benefit)	113			3			571			—			687
Income (loss) from continuing operations	(236		)	(39		)	(27		)	—			(302		)
Income (loss) from discontinued operations, net of tax	—			—			(2,473		)	—			(2,473		)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates	(236		)	(39		)	(2,500		)	—			(2,775		)
Equity in earnings (losses) of subsidiaries, net of tax	(2,756		)	(2,623		)	—			5,379			—
Net income (loss)	(2,992		)	(2,662		)	(2,500		)	5,379			(2,775		)
Less: Net income (loss) attributable to noncontrolling interest	—			—			217			—			217
Net income (loss) available to Voya Financial, Inc.	(2,992		)	(2,662		)	(2,717		)	5,379			(2,992		)
Less: Preferred stock dividends	—			—			—			—			—
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	(2,992	)	$	(2,662	)	$	(2,717	)	$	5,379		$	(2,992	)

Fair Value, by Balance Sheet Grouping

he carrying values and estimated fair values of the Company's financial instruments from continuing operations, including amounts related to businesses to be exited via reinsurance associated with the Individual Life Transaction, as of the dates indicated:

	December 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value			Fair Value
Assets:
Fixed maturities, including securities pledged	$	43,778	$	43,778	$	40,592		$	40,592
Equity securities	196		196		247			247
Mortgage loans on real estate	6,878		7,262		7,281			7,391
Policy loans	776		776		814			814
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	2,644		2,644		2,656			2,656
Derivatives	316		316		194			194
Other investments	320		456		287			369
Assets held in separate accounts	81,670		81,670		69,931			69,931
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(2)	$	33,916	$	41,035	$	34,053		$	37,052
Funding agreements with fixed maturities	877		877		657			652
Supplementary contracts, immediate annuities and other	821		872		870			854
Derivatives:
Guaranteed benefit derivatives(2)	60		60		44			44
Other derivatives	403		403		164			164
Short-term debt	1		1		1			1
Long-term debt	3,042		3,418		3,136			3,112
Embedded derivative on reinsurance	100		100		(5		)	(5		)

⁽¹⁾ Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.

⁽²⁾ Includes GMWBL, GMWB, FIA, Stabilizer and MCG.

The carrying values and estimated fair values of the Company's financial instruments related to businesses held for sale as of the dates indicated:

	December 31, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	12,470	$	12,470	$	10,529	$	10,529
Equity securities	35		35		25		25
Mortgage loans on real estate	1,319		1,405		1,395		1,420
Policy loans	1,005		1,005		1,019		1,019
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	533		533		734		734
Derivatives	305		305		131		131
Other investments	42		42		25		25
Assets held in separate accounts	1,485		1,485		1,297		1,297
Liabilities:
Investment contract liabilities:
Funding agreements with fixed maturities	$	927	$	923	$	551	$	545
Supplementary contracts, immediate annuities and other	97		104		106		106
Notes Payable	252		320		222		302
Derivatives:
Guaranteed benefit derivatives - IUL	217		217		82		82
Embedded derivative on reinsurance	75		75		26		26

Maximum Exposure to Loss

The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE.

Variable Interests on the Consolidated Balance Sheet
	December 31, 2019				December 31, 2018
	Carrying Amount		Maximum exposure to loss		Carrying Amount		Maximum exposure to loss
Fixed maturities, available for sale	$	377	$	377	$	466	$	466
Limited partnership/corporations	1,290		1,290		982		982

Consolidated investment entities

Condensed Financial Statements, Captions [Line Items]

Components of the Consolidated Investment Entities

The following table summarizes the components of the consolidated investment entities as of the dates indicated:

	December 31, 2019		December 31, 2018
Assets of Consolidated Investment Entities
VIEs
Cash and cash equivalents	$	68	$	331
Corporate loans, at fair value using the fair value option	513		542
Limited partnerships/corporations, at fair value	1,470		1,313
Other assets	12		15
Total VIE assets	2,063		2,201
VOEs
Limited partnerships/corporations, at fair value	162		108
Other assets	1		1
Total VOE assets	163		109
Total assets of consolidated investment entities	$	2,226	$	2,310
Liabilities of Consolidated Investment Entities
VIEs
CLO notes, at fair value using the fair value option	$	474	$	540
Other liabilities	650		681
Total VIE liabilities	1,124		1,221
VOEs
Other liabilities	2		7
Total VOE liabilities	2		7
Total liabilities of consolidated investment entities	$	1,126	$	1,228

Schedule of Condensed Consolidating Balance Sheets

The following tables summarize the impact of consolidation of investment entities into the Consolidated Balance Sheets as of the dates indicated:

	Before Consolidation(1)		CLOs		LPs and VOEs		CLOs Adjustments(2)			LPs and VOEs Adjustments(2)			Total
December 31, 2019
Total investments and cash	$	55,146	$	—	$	—	$	(32	)	$	(246	)	$	54,868
Other assets	10,219		—		—		—			(1		)	10,218
Assets held in consolidated investment entities	—		551		1,675		—			—			2,226
Assets held in separate accounts	81,670		—		—		—			—			81,670
Assets held for sale	20,069		—		—		—			—			20,069
Total assets	$	167,104	$	551	$	1,675	$	(32	)	$	(247	)	$	169,051
Future policy benefits and contract owner account balances	$	50,868	$	—	$	—	$	—		$	—		$	50,868
Other liabilities	6,659		—		—		—			—			6,659
Liabilities held in consolidated investment entities	1		551		607		(32		)	(1		)	1,126
Liabilities related to separate accounts	81,670		—		—		—			—			81,670
Liabilities held for sale	18,498		—		—		—			—			18,498
Total liabilities	157,696		551		607		(32		)	(1		)	158,821
Equity attributable to common shareholders	9,408		—		1,068		—			(1,068		)	9,408
Equity attributable to noncontrolling interest in consolidated investment entities	—		—		—		—			822			822
Total liabilities and equity	$	167,104	$	551	$	1,675	$	(32	)	$	(247	)	$	169,051

⁽¹⁾ The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation,which are accounted for using the equity method or fair value option.

⁽²⁾Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds.

	Before Consolidation(1)		CLOs		LPs and VOEs		CLOs Adjustments(2)			LPs and VOEs Adjustments(2)			Total
December 31, 2018
Total investments and cash	$	52,142	$	—	$	—	$	(7	)	$	(283	)	$	51,852
Other assets	11,293		—		—		—			(1		)	11,292
Assets held in consolidated investment entities	—		589		1,721		—			—			2,310
Assets held in separate accounts	69,931		—		—		—			—			69,931
Assets held for sale	20,045		—		—		—			—			20,045
Total assets	$	153,411	$	589	$	1,721	$	(7	)	$	(284	)	$	155,430
Future policy benefits and contract owner account balances	$	50,770	$	—	$	—	$	—		$	—		$	50,770
Other liabilities	6,593		—		—		—			—			6,593
Liabilities held in consolidated investment entities	1		589		646		(7		)	(1		)	1,228
Liabilities related to separate accounts	69,931		—		—		—			—			69,931
Liabilities held for sale	17,903		—		—		—			—			17,903
Total liabilities	145,198		589		646		(7		)	(1		)	146,425
Equity attributable to common shareholders	8,213		—		1,075		—			(1,075		)	8,213
Equity attributable to noncontrolling interest in consolidated investment entities	—		—		—		—			792			792
Total liabilities and equity	$	153,411	$	589	$	1,721	$	(7	)	$	(284	)	$	155,430

⁽¹⁾ The Before Consolidation column includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option.

⁽²⁾Adjustments include the elimination of intercompany transactions between the Company and CIEs. This consists primarily of the Company’s direct investments in CIEs, but may also contain intercompany receivables or payables. The Company’s direct investments are eliminated against CIE liabilities in the case of CLOs, or the net assets of consolidated private equity and other funds.

Schedule of Condensed Consolidating Statement of Operations

The following tables summarize the impact of consolidation of investment entities into the Consolidated Statements of Operations for the periods indicated:

	Before Consolidation(1)			CLOs		LPs and VOEs		CLOs Adjustments(2)			LPs and VOEs Adjustments(2)			Total
December 31, 2019
Revenues:
Net investment income	$	2,801		$	—	$	—	$	(1	)	$	(8	)	$	2,792
Fee income	2,008			—		—		(2		)	(37		)	1,969
Premiums	2,273			—		—		—			—			2,273
Net realized capital losses	(166		)	—		—		—			—			(166		)
Other income	465			—		—		—			—			465
Income related to consolidated investment entities	(1		)	23		121		—			—			143
Total revenues	7,380			23		121		(3		)	(45		)	7,476
Benefits and expenses:
Policyholder benefits and Interest credited and other benefits to contract owners	3,750			—		—		—			—			3,750
Other expense	3,121			—		—		—			—			3,121
Operating expenses related to consolidated investment entities	(1		)	23		64		(3		)	(38		)	45
Total benefits and expenses	6,870			23		64		(3		)	(38		)	6,916
Income (loss) before income taxes	510			—		57		—			(7		)	560
Income tax expense (benefit)	(205		)	—		—		—			—			(205		)
Income (loss) from continuing operations	715			—		57		—			(7		)	765
Income (loss) from discontinued operations, net of tax	(1,066		)	—		—		—			—			(1,066		)
Net income (loss)	(351		)	—		57		—			(7		)	(301		)
Less: Net income (loss) attributable to noncontrolling interest	—			—		—		—			50			50
Net income (loss) available to Voya Financial, Inc.	(351		)	—		57		—			(57		)	(351		)
Less: Preferred stock dividends	28			—		—		—			—			28
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	(379	)	$	—	$	57	$	—		$	(57	)	$	(379	)

⁽¹⁾The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation.

⁽²⁾Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation.

	Before Consolidation(1)			CLOs		LPs and VOEs		CLOs Adjustments(2)			LPs and VOEs Adjustments(2)			Total
December 31, 2018
Revenues:
Net investment income	$	2,716		$	—	$	—	$	(1	)	$	(46	)	$	2,669
Fee income	2,033			—		—		(3		)	(48		)	1,982
Premiums	2,132			—		—		—			—			2,132
Net realized capital losses	(355		)	—		—		—			—			(355		)
Other income	443			—		—		—			—			443
Income related to consolidated investment entities	—			28		264		—			—			292
Total revenues	6,969			28		264		(4		)	(94		)	7,163
Benefits and expenses:
Policyholder benefits and Interest credited and other benefits to contract owners	3,526			—		—		—			—			3,526
Other expense	3,060			—		—		—			—			3,060
Operating expenses related to consolidated investment entities	—			28		73		(4		)	(48		)	49
Total benefits and expenses	6,586			28		73		(4		)	(48		)	6,635
Income (loss) before income taxes	383			—		191		—			(46		)	528
Income tax expense (benefit)	37			—		—		—			—			37
Income (loss) from continuing operations	346			—		191		—			(46		)	491
Income (loss) from discontinued operations, net of tax	529			—		—		—			—			529
Net income (loss)	875			—		191		—			(46		)	1,020
Less: Net income (loss) attributable to noncontrolling interest	—			—		—		—			145			145
Net income (loss) available to Voya Financial, Inc.	875			—		191		—			(191		)	875
Less: Preferred stock dividends	—			—		—		—			—			—
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	875		$	—	$	191	$	—		$	(191	)	$	875

⁽¹⁾The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation.

⁽²⁾Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation.

	Before Consolidation(1)			CLOs		LPs and VOEs		CLOs Adjustments(2)			LPs and VOEs Adjustments(2)			Total
December 31, 2017
Revenues:
Net investment income	$	2,721		$	—	$	—	$	(2	)	$	(78	)	$	2,641
Fee income	1,937			—		—		(9		)	(39		)	1,889
Premiums	2,097			—		—		—			—			2,097
Net realized capital losses	(209		)	—		—		—			—			(209		)
Other income	379			—		—		—			—			379
Income related to consolidated investment entities	—			82		350		—			—			432
Total revenues	6,925			82		350		(11		)	(117		)	7,229
Benefits and expenses:
Policyholder benefits and Interest credited and other benefits to contract owners	3,658			—		—		—			—			3,658
Other expense	3,099			—		—		—			—			3,099
Operating expenses related to consolidated investment entities	—			82		55		(11		)	(39		)	87
Total benefits and expenses	6,757			82		55		(11		)	(39		)	6,844
Income (loss) before income taxes	168			—		295		—			(78		)	385
Income tax expense (benefit)	687			—		—		—			—			687
Income (loss) from continuing operations	(519		)	—		295		—			(78		)	(302		)
Income (loss) from discontinued operations, net of tax	(2,473		)	—		—		—			—			(2,473		)
Net income (loss)	(2,992		)	—		295		—			(78		)	(2,775		)
Less: Net income (loss) attributable to noncontrolling interest	—			—		—		—			217			217
Net income (loss) available to Voya Financial, Inc.	(2,992		)	—		295		—			(295		)	(2,992		)
Less: Preferred stock dividends	—			—		—		—			—			—
Net income (loss) available to Voya Financial, Inc.'s common shareholders	$	(2,992	)	$	—	$	295	$	—		$	(295	)	$	(2,992	)

⁽¹⁾The Before Consolidation column includes the net investment income and fee income earned from CIEs prior to consolidation.

⁽²⁾Adjustments include the elimination of intercompany transactions between the Company and CIE's, primarily the elimination of management fees expensed by the funds and recorded as fee income by the Company prior to consolidation.

Fair Value, by Balance Sheet Grouping

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2019:

	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	68	$	—	$	—	$	—	$	68
Corporate loans, at fair value using the fair value option	—		513		—		—		513
Limited partnerships/corporations, at fair value	—		—		—		1,470		1,470
VOEs
Limited partnerships/corporations, at fair value	—		—		—		162		162
Total assets, at fair value	$	68	$	513	$	—	$	1,632	$	2,213
Liabilities
VIEs
CLO notes, at fair value using the fair value option	$	—	$	474	$	—	$	—	$	474
Total liabilities, at fair value	$	—	$	474	$	—	$	—	$	474

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2018:

	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	331	$	—	$	—	$	—	$	331
Corporate loans, at fair value using the fair value option	—		542		—		—		542
Limited partnerships/corporations, at fair value	—		—		—		1,313		1,313
VOEs
Limited partnerships/corporations, at fair value	—		—		—		108		108
Total assets, at fair value	$	331	$	542	$	—	$	1,421	$	2,294
Liabilities
VIEs
CLO notes, at fair value using the fair value option	$	—	$	540	$	—	$	—	$	540
Total liabilities, at fair value	$	—	$	540	$	—	$	—	$	540