Investments (excluding Consolidated Investment Entities) (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of September 30, 2022:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	724	$	25	$	17	$	—	$	732	$	—
U.S. Government agencies and authorities	47		3		1		—		49		—
State, municipalities and political subdivisions	993		1		130		—		864		—
U.S. corporate public securities	10,180		89		1,451		—		8,815		3
U.S. corporate private securities	5,052		7		477		—		4,582		—
Foreign corporate public securities and foreign governments(1)	3,347		9		489		—		2,854		13
Foreign corporate private securities(1)	3,379		3		307		—		3,058		17
Residential mortgage-backed securities	4,233		36		287		3		3,982		3
Commercial mortgage-backed securities	4,490		4		484		—		4,009		1
Other asset-backed securities	2,298		3		205		—		2,094		2
Total fixed maturities, including securities pledged	34,743		180		3,848		3		31,039		39
Less: Securities pledged	1,297		7		181		—		1,123		—
Total fixed maturities	$	33,446	$	173	$	3,667	$	3	$	29,916	$	39

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net gains (losses) in the Condensed Consolidated Statements of Operations.

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2021:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	764	$	239	$	—	$	—	$	1,003	$	—
U.S. Government agencies and authorities	69		12		—		—		81		—
State, municipalities and political subdivisions	1,000		112		1		—		1,111		—
U.S. corporate public securities	10,402		1,580		41		—		11,941		—
U.S. corporate private securities	4,889		459		23		—		5,325		—
Foreign corporate public securities and foreign governments(1)	3,373		368		18		—		3,723		—
Foreign corporate private securities(1)	3,320		238		1		—		3,501		56
Residential mortgage-backed securities	4,183		139		31		12		4,302		1
Commercial mortgage-backed securities	4,032		173		22		—		4,183		—
Other asset-backed securities	2,069		25		12		—		2,081		1
Total fixed maturities, including securities pledged	34,101		3,345		149		12		37,251		58
Less: Securities pledged	1,091		107		—		—		1,198		—
Total fixed maturities	$	33,010	$	3,238	$	149	$	12	$	36,053	$	58

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net gains (losses) in the Condensed Consolidated Statements of Operations.

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2022, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.

	Amortized Cost		Fair Value
Due to mature:
One year or less	$	688	$	661
After one year through five years	4,195		3,929
After five years through ten years	4,959		4,513
After ten years	13,880		11,851
Mortgage-backed securities	8,723		7,991
Other asset-backed securities	2,298		2,094
Fixed maturities, including securities pledged	$	34,743	$	31,039

U.S. and Foreign Corporate Securities by Industry

The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Fair Value
September 30, 2022
Communications	$	1,276	$	17	$	157	$	1,136
Financial	4,289		22		560		3,751
Industrial and other companies	9,003		23		1,172		7,854
Energy	1,888		29		182		1,735
Utilities	3,788		13		425		3,376
Transportation	1,142		2		146		998
Total	$	21,386	$	106	$	2,642	$	18,850
December 31, 2021
Communications	$	1,261	$	238	$	3	$	1,496
Financial	3,752		394		13		4,133
Industrial and other companies	9,600		1,058		32		10,626
Energy	1,907		314		18		2,203
Utilities	3,782		499		11		4,270
Transportation	1,130		93		1		1,222
Total	$	21,432	$	2,596	$	78	$	23,950

Schedule of Securities Borrowed Under Securities Lending Transactions

The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated:

	September 30, 2022		December 31, 2021
U.S. Treasuries	$	19	$	42
U.S. Government agencies and authorities	—		3
U.S. corporate public securities	641		599
Equity Securities	2		—
Foreign corporate public securities and foreign governments	233		357
Payables under securities loan agreements	$	895	$	1,001

Financing Receivable, Allowance for Credit Loss

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the periods presented:

	Nine Months Ended September 30, 2022
	U.S. corporate public securities		Residential mortgage-backed securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1	$	—	$	1	$	—	$	—	$	56	$	1	$	58
Credit losses on securities for which credit losses were not previously recorded	3		3		1		13		—		1		21
Initial allowance for credit losses recognized on financial assets accounted for as PCD	—		—		—		—		—		—		—
Reductions for securities sold during the period	—		—		—		—		(41)		—		(41)
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	—		—		—		—		—		—		—
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution	—		—		—		—		—		—		—
Increase (decrease) on securities with allowance recorded in previous period	—		(1)		—		—		2		—		1
Write-offs	—		—		—		—		—		—		—
Recoveries of amounts previously written-off	—		—		—		—		—		—		—
Balance as of September 30	$	3	$	3	$	1	$	13	$	17	$	2	$	39

Schedule of Unrealized Loss on Investments

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of September 30, 2022:

	Twelve Months or Less Below Amortized Cost					More Than Twelve Months Below Amortized Cost					Total
	Fair Value		Unrealized Capital Losses		Number of securities	Fair Value		Unrealized Capital Losses		Number of securities	Fair Value		Unrealized Capital Losses		Number of securities
U.S. Treasuries	$	137	$	15	20	$	27	$	2	6	$	164	$	17	26
U.S. Government agencies and authorities	7		1		1	—		—		—	7		1		1
State, municipalities and political subdivisions	809		129		304	3		1		5	812		130		309
U.S. corporate public securities	6,291		1,095		1,227	805		356		268	7,096		1,451		1,495
U.S. corporate private securities	3,736		421		393	294		56		18	4,030		477		411
Foreign corporate public securities and foreign governments	2,363		385		439	242		104		73	2,605		489		512
Foreign corporate private securities	2,863		304		235	14		3		3	2,877		307		238
Residential mortgage-backed	1,867		188		565	463		99		212	2,330		287		777
Commercial mortgage-backed	3,310		396		541	542		88		98	3,852		484		639
Other asset-backed	1,749		173		415	219		32		104	1,968		205		519
Total	$	23,132	$	3,107	4,140	$	2,609	$	741	787	$	25,741	$	3,848	4,927

The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are interest rate related.

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2021:

	Twelve Months or Less Below Amortized Cost						More Than Twelve Months Below Amortized Cost						Total
	Fair Value		Unrealized Capital Losses			Number of securities	Fair Value		Unrealized Capital Losses			Number of securities	Fair Value		Unrealized Capital Losses			Number of securities
U.S. Treasuries	$	16	$	—	*	8	$	12	$	—	*	2	$	28	$	—	*	10
State, municipalities and political subdivisions	58		1			22	—		—			—	58		1			22
U.S. corporate public securities	1,425		35			292	115		6			119	1,540		41			411
U.S. corporate private securities	447		5			34	122		18			9	569		23			43
Foreign corporate public securities and foreign governments	534		16			97	28		2			14	562		18			111
Foreign corporate private securities	70		1			7	11		—		*	1	81		1			8
Residential mortgage-backed	704		18			244	294		13			116	998		31			360
Commercial mortgage-backed	1,137		12			191	228		10			32	1,365		22			223
Other asset-backed	922		8			221	98		4			56	1,020		12			277
Total	$	5,313	$	96		1,116	$	908	$	53		349	$	6,221	$	149		1,465

*Less than $1

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table identifies the Company's intent impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:

	Three Months Ended September 30,
	2022				2021
	Impairment			No. of Securities	Impairment			No. of Securities
Foreign corporate public securities and foreign governments(1)	$	—	*	1	$	—		—
Residential mortgage-backed	11			74	—		*	2
Commercial mortgage-backed	1			2	—			—
Total	$	12		77	$	—	*	2
(1) Primarily U.S. dollar denominated.
*Less than $1
	Nine Months Ended September 30,
	2022				2021
	Impairment			No. of Securities	Impairment			No. of Securities
Foreign corporate public securities and foreign governments(1)	$	—	*	1	$	—		—
Residential mortgage-backed	20			85	—		*	10
Commercial mortgage-backed	1			3	—		*	1
Total	$	21		89	$	—	*	11
(1) Primarily U.S. dollar denominated.
*Less than $1

Mortgage Loans by Loan to Value Ratio

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of September 30, 2022 and December 31, 2021, respectively.

	As of September 30, 2022
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2022	$	160	$	261	$	64	$	—	$	—	$	485
2021	245		281		239		9		—		774
2020	114		228		25		10		—		377
2019	197		142		29		—		—		368
2018	163		43		2		—		—		208
2017	626		202		4		—		—		832
2016 and prior	2,040		302		22		—		—		2,364
Total	$	3,545	$	1,459	$	385	$	19	$	—	$	5,408

	As of December 31, 2021
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2021	$	269	$	315	$	201	$	—	$	—	$	785
2020	140		240		77		—		—		457
2019	201		192		69		—		—		462
2018	169		50		2		—		—		221
2017	656		214		4		—		—		874
2016 and prior	2,220		584		24		—		—		2,828
Total	$	3,655	$	1,595	$	377	$	—	$	—	$	5,627

Mortgage Loans by Debt Service Coverage Ratio

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of September 30, 2022 and December 31, 2021, respectively.

	As of September 30, 2022
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2022	$	314	$	56	$	115	$	—	$	485
2021	361		221		101		91		774
2020	271		20		30		56		377
2019	243		47		53		25		368
2018	132		25		51		—		208
2017	490		80		81		181		832
2016 and prior	1,752		362		153		97		2,364
Total	$	3,563	$	811	$	584	$	450	$	5,408

*No commercial mortgage loans were secured by land or construction loans

	As of December 31, 2021
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2021	$	652	$	27	$	38	$	68	$	785
2020	396		21		34		6		457
2019	278		49		108		27		462
2018	131		5		54		31		221
2017	414		156		111		193		874
2016 and prior	2,237		242		242		107		2,828
Total	$	4,108	$	500	$	587	$	432	$	5,627

*No commercial mortgage loans were secured by land or construction loans

Mortgage Loans by Geographic Location of Collateral

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of September 30, 2022 and December 31, 2021, respectively.

	As of September 30, 2022
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2022	$	60	$	117	$	30	$	85	$	104	$	65	$	4	$	1	$	19	$	485
2021	98		72		136		141		111		138		9		47		22		774
2020	74		170		18		16		25		40		—		7		27		377
2019	58		122		10		77		47		5		15		13		21		368
2018	50		62		56		10		14		10		—		6		—		208
2017	124		92		330		136		54		55		5		36		—		832
2016 and prior	670		543		460		115		179		204		44		114		35		2,364
Total	$	1,134	$	1,178	$	1,040	$	580	$	534	$	517	$	77	$	224	$	124	$	5,408

	As of December 31, 2021
	U.S. Region
Year of Origination	Pacific		South Atlantic		Middle Atlantic		West South Central		Mountain		East North Central		New England		West North Central		East South Central		Total
2021	$	98	$	79	$	143	$	137	$	110	$	140	$	9	$	47	$	22	$	785
2020	84		187		31		35		39		39		3		14		25		457
2019	59		145		14		130		47		17		15		13		22		462
2018	54		68		59		10		14		10		—		6		—		221
2017	128		94		360		139		56		56		5		36		—		874
2016 and prior	718		617		590		159		256		239		71		142		36		2,828
Total	$	1,141	$	1,190	$	1,197	$	610	$	522	$	501	$	103	$	258	$	105	$	5,627

Mortgage Loans by Property Type of Collateral

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of September 30, 2022 and December 31, 2021, respectively.

	As of September 30, 2022
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2022	$	24	$	219	$	217	$	15	$	10	$	—	$	—	$	485
2021	38		170		415		124		—		18		9		774
2020	58		61		106		152		—		—		—		377
2019	46		86		176		47		13		—		—		368
2018	37		85		56		12		—		18		—		208
2017	107		397		180		145		3		—		—		832
2016 and prior	796		395		524		373		67		157		52		2,364
Total	$	1,106	$	1,413	$	1,674	$	868	$	93	$	193	$	61	$	5,408

	As of December 31, 2021
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2021	$	39	$	185	$	405	$	129	$	—	$	18	$	9	$	785
2020	58		90		140		169		—		—		—		457
2019	46		96		211		82		27		—		—		462
2018	38		88		57		16		4		18		—		221
2017	110		417		195		149		3		—		—		874
2016 and prior	936		566		576		398		93		205		54		2,828
Total	$	1,227	$	1,442	$	1,584	$	943	$	127	$	241	$	63	$	5,627

Allowance for Credit Losses on Financing Receivables

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:

	September 30, 2022		December 31, 2021
Allowance for credit losses, beginning of period	$	15	$	89
Credit losses on mortgage loans for which credit losses were not previously recorded	1		1
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution	—		(14)
Increase (decrease) on mortgage loans with allowance recorded in previous period	(3)		(61)
Provision for expected credit losses	13		15
Write-offs	—		—
Recoveries of amounts previously written-off	—		—
Allowance for credit losses, end of period	$	13	$	15

Financing Receivable, Past Due

The following table presents past due commercial mortgage loans as of the dates indicated:

	September 30, 2022		December 31, 2021
Delinquency:
Current	$	5,408	$	5,627
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	—		—
Total	$	5,408	$	5,627

Net Investment Income

The following table summarizes Net investment income for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Fixed maturities	$	483	$	501	$	1,457	$	1,513
Equity securities	(3)		4		6		15
Mortgage loans on real estate	58		59		177		184
Policy loans	5		7		16		18
Short-term investments and cash equivalents	3		2		6		7
Limited partnerships and other	(10)		175		115		415
Gross investment income	536		748		1,777		2,152
Less: Investment expenses	14		17		44		51
Net investment income	$	522	$	731	$	1,733	$	2,101

Realized Gain (Loss) on Investments

Net gains (losses) were as follows for the periods indicated:

	Three Months Ended September 30,
	2022		2021
Fixed maturities, available-for-sale, including securities pledged	$	8	$	6
Fixed maturities, at fair value option	(294)		(137)
Equity securities, at fair value	(7)		1
Derivatives	174		11
Embedded derivatives - fixed maturities	(2)		(1)
Guaranteed benefit derivatives	(5)		1
Mortgage loans	(1)		14
Other investments	4		2
Net gains (losses)	$	(123)	$	(103)
	Nine Months Ended September 30,
	2022		2021
Fixed maturities, available-for-sale, including securities pledged	$	(71)	$	1,789
Fixed maturities, at fair value option	(844)		(514)
Equity securities, at fair value	(39)		12
Derivatives	300		(5)
Embedded derivatives - fixed maturities	(8)		(6)
Guaranteed benefit derivatives	13		49
Mortgage Loans	4		177
Other investments	10		100
Net gains (losses)	$	(635)	$	1,602

Gain (Loss) on Investments

Proceeds from the sale of fixed maturities, available-for-sale and trading, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022(1)		2021
Proceeds on sales	$	1,138	$	369	$	3,358	$	10,582
Gross gains	30		22		60		1,733
Gross losses	19		1		63		3
(1) Decrease from prior year is the result of the transfer of assets to support the life reinsurance transaction with Resolution.