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Reserves for Future Policy Benefits and Contract Owner Account Balances
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Reserves for Future Policy Benefits and Contract Owner Account Balances Reserves for Future Policy Benefits and Contract Owner Account Balances
Health Solutions Group products include long-duration term life insurance, as well as long term disability products that are mostly employer paid. Health Solutions 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 Health Solutions Group, Health Solutions Voluntary, and Businesses Exited as of December 31, 2024 and 2023:
Health Solutions GroupHealth Solutions VoluntaryBusinesses Exited
202420232024202320242023
Present Value of Expected Net Premiums:
Balance at January 1$68 $77 $101 $97 $3,145 $4,244 
Beginning balance at original discount rate71 84 102 100 2,992 4,128 
Reclassifications (2)
(65)— 65 — — — 
Effect of change in cash flow assumptions(1)(6)(1)6 110 (921)
Effect of actual variances from expected experience— 11 40 8 (106)(91)
Adjusted balance at January 15 89 206 114 2,996 3,116 
Interest accrual— 2 8 4 158 196 
Net premiums collected(1)
(1)(20)(34)(16)(312)(320)
Ending balance at original discount rate4 71 180 102 2,842 2,992 
Effects of changes in discount rate assumptions— (3)(9)(1)30 153 
Balance at end of period$4 $68 $171 $101 $2,872 $3,145 

Present Value of Expected Future Policy Benefits:
Balance at January 1$899 $881 $307 $285 $7,538 $8,639 
Beginning balance at original discount rate918 913 307 294 7,404 8,644 
Reclassifications (2)
(150)— 150— — — 
Effect of change in cash flow assumptions(12)(8)(1)13 187 (805)
Effect of actual variances from expected experience10 (16)54 9 (90)(123)
Adjusted balance at January 1766 889 510 316 7,501 7,716 
Issuances131 136 — — 14 17 
Interest accrual21 24 18 14 370 412 
Benefit payments(117)(131)(41)(23)(747)(741)
Ending balance at original discount rate801 918 487 307 7,138 7,404 
Effects of changes in discount rate assumptions(29)(19)(26)— (121)134 
Balance at end of period$772 $899 $461 $307 $7,017 $7,538 
Net liability for future policy benefits$768 $831 $290 $206 $4,145 $4,392 
Less: Reinsurance recoverable330 315 9 — 4,056 4,342 
Net liability for future policy benefits, after reinsurance recoverable$438 $516 $281 $206 $89 $50 
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments.
(2) During the second quarter 2024, the Company reclassified certain insurance products within the Health Solutions from Group to Voluntary. The table was not updated to reflect the reclassification impact on the comparative information and the impacts were primarily related to Net premiums collected and Benefit payments of $(17) and $(17), respectively.

The following table presents a rollforward of the additional reserve liability for Businesses exited for the periods indicated:
Businesses exited
December 31, 2024December 31, 2023
Balance at beginning of period$2,001 $2,107 
Effect of change in cash flow assumptions(39)(44)
Effect of actual variances from expected experience14 (100)
Adjusted balance at January 11,976 1,963 
Interest accrual83 84 
Excess Benefits(404)(417)
Assessments228 371 
Balance at end of period1,883 2,001 
Less: Reinsurance recoverable1,832 1,950 
Net additional liability, after reinsurance recoverable$51 $51 

Future policy benefits include the liability for unpaid claims and claim adjustment expenses related to medical stop loss products within the Health Solutions segment. The following table presents a rollforward of the liability for unpaid claims and claim adjustment expenses for the periods indicated:
Medical Stop Loss
20242023
Balance at January 1
$401 $398 
Less: reinsurance recoverable
(16)(6)
Net balance at January 1
385 392 
Incurred claims and claim adjustment expenses related to:
Current year
1,538 1,042 
Prior years
143 (8)
Total incurred
1,681 1,034 
Paid claim and claim adjustment expenses related to:
Current year
(964)(665)
Prior years
(512)(376)
Total paid
(1,476)(1,041)
Net balance at December 31
590 385 
Plus: reinsurance recoverable
5 16 
Balance at December 31
$595 $401 
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 year ended December 31, 2024, $143 of claims incurred on prior years is primarily attributed to incurred claims and unfavorable claim development for policy years effective during 2023. For the year ended December 31, 2023, $(8) of claims incurred on prior years is primarily attributed to favorable claim development partially offset by incurred claims for policy years effective during 2022.

The Company tracks claim frequency by the number of claims paid for each policy year. Payments of medical stop loss claims are substantially complete within two years. The following tables present cumulative claim development information about incurred and paid claims and claim adjustment expenses, net of reinsurance, total IBNR, and claim frequencies for medical stop loss products as of December 31, 2024:
Net cumulative incurred claims and claim adjustment expenses
Incurred but not reported claims
Cumulative number of reported claims
December 31,
2022(1)
2023(1)
202420242024
Policy year
2022$859 $872 $870 $2 26,060 
20231,042 1,191 14 32,515 
20241,538 574 24,560 
Total
3,599 
Cumulative paid claims and paid claim adjustment expenses, net of reinsurance
(3,009)
Total unpaid claims and claim adjustment expenses, net of reinsurance
$590 
(1) Unaudited

Net cumulative paid claims and claim adjustment expenses
December 31,
2022(1)
2023(1)
2024
Policy year
2022$496 $862 $868 
2023665 1,177 
2024964 
Total cumulative net paid claims and claim adjustment expenses, net of reinsurance
$3,009 
(1) Unaudited
The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Consolidated Balance Sheets is presented below:
December 31, 2024December 31, 2023
Health Solutions Group$768 $831 
Health Solutions Voluntary290 206 
Businesses Exited - Future policy benefits
4,145 4,392 
Businesses Exited - Additional liability
1,883 2,001 
Business Exited - Other
1,284 1,335 
Medical stop loss products
595401
Other
367 394 
Total$9,332 $9,560 

The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
December 31, 2024December 31, 2023
UndiscountedDiscountedUndiscountedDiscounted
Health Solutions Group
Expected future benefit payments$990 $801 $1,144 $918 
Expected future gross premiums11 8 271 214 
Health Solutions Voluntary
Expected future benefit payments881 487 668 307 
Expected future gross premiums631 427 341 213 
    
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:
Health Solutions GroupHealth Solutions VoluntaryBusinesses Exited
December 31, 2024December 31, 2023December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Weighted average duration (in years)(1)
77141488
Interest accretion rate4.0 %4.0 %5.1 %5.2 %5.0 %4.9 %
Current discount rate5.4 %4.9 %5.7 %5.1 %5.6 %5.1 %
(1) Weighted average duration (in years) for Businesses Exited includes additional liability.

The weighted average interest rates for the additional liability related to businesses exited were 4.3% and 4.2% for the periods ended December 31, 2024 and 2023, respectively.
The following table presents a rollforward of Contract owner account balances for the periods indicated:
Wealth Solutions Deferred Group and Individual Annuity Businesses Exited

December 31, 2024December 31, 2023December 31, 2024December 31, 2023
Balance at January 1$31,139 $33,622 $4,635 $5,146 
Deposits2,505 2,309 287 288 
Fee income(50)(9)(371)(373)
Surrenders, withdrawals and benefits
(5,127)(5,663)(544)(577)
Net transfers (from) to the general account (1)
312 (5)4 10 
Interest credited845 885 171 141 
Ending Balance$29,624 $31,139 $4,182 $4,635 
Weighted-average crediting rate2.8 %2.8 %3.9 %2.5 %
Net amount at risk (2)
$90 $123 $676 $734 
Cash surrender value$29,169 $30,676 $1,236 $1,491 
(1) Net transfers (from) to the general account for Wealth Solutions include transfers of $(1,149) and $(523) for 2024 and 2023, respectively related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the 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 Consolidated Balance Sheets for the periods indicated:

December 31, 2024December 31, 2023
Wealth Solutions Deferred group and individual annuity$29,624 $31,139 
Businesses exited4,182 4,635 
Non-putable funding agreements
1,249 1,175 
Business exited - Other1,158 1,275 
Other(1)
891 950 
Total$37,104 $39,174 
(1) Primarily consists of universal life contracts
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 GMIRUp to .50% Above GMIR0.51% - 1.00%
Above GMIR		1.01% - 1.50% Above GMIR1.51% - 2.00% Above GMIRMore than 2.00% Above GMIRTotal
As of December 31, 2024
Up to 1.00%$82$4,378$3,691$1,705$1,545$928$12,329
1.01% - 2.00%43710654726612
2.01% - 3.00%10,266936260—410,485
3.01% - 4.00%8,368150—1——8,519
4.01% and Above1,46480————1,544
Renewable beyond 12 months (MYGA)(2)
364———2—366
Total discretionary rate setting products$20,981$4,807$3,807$1,773$1,549$938$33,855
As of December 31, 2023
Up to 1.00%$120$5,070$3,460$2,215$863$800$12,528
1.01% - 2.00%52713150836725
2.01% - 3.00%11,2259363108—311,492
3.01% - 4.00%8,873152—6——9,031
4.01% and Above1,56683————1,649
Renewable beyond 12 months (MYGA)(2)
428———3—431
Total discretionary rate setting products$22,739$5,529$3,573$2,337$869$809$35,856
(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 December 31, 2024 and 2023 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.
Short-Duration Insurance and Deposit Contracts
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 year ended December 31, 2024, $143 of claims incurred on prior years is primarily attributed to incurred claims and unfavorable claim development for policy years effective during 2023. For the year ended December 31, 2023, $(8) of claims incurred on prior years is primarily attributed to favorable claim development partially offset by incurred claims for policy years effective during 2022.
The Company tracks claim frequency by the number of claims paid for each policy year. Payments of medical stop loss claims are substantially complete within two years.