Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule V - Valuation and Qualifying Accounts

Voya Financial, Inc.

Schedule V

Valuation and Qualifying Accounts

Year Ended December 31, 2024, 2023 and 2022

(In millions)

	Balance at January 1,		Charged to Costs and Expenses		Write-offs/ Payments/ Other		Balance at December 31,
2024
Valuation allowance on deferred tax assets(1)	$	95	$	1	$	—	$	96
Allowance for credit losses on mortgage loans on real estate(2)	26		1		(3)		24
Allowance for credit losses on available-for-sale fixed maturity securities(2)	17		22		(1)		38
Allowance for credit losses on reinsurance recoverable	28		(12)		—		16
Allowance for credit losses on deposit asset	1		—		—		1
2023
Valuation allowance on deferred tax assets(1)	$	70	$	(1)	$	26	$	95
Allowance for credit losses on mortgage loans on real estate(2)	18		11		(3)		26
Allowance for credit losses on available-for-sale fixed maturity securities(2)	12		10		(5)		17
Allowance for credit losses on reinsurance recoverable	32		(4)		—		28
Allowance for credit losses on deposit asset	1		—		—		1
2022
Valuation allowance on deferred tax assets(1)	$	63	$	7	$	—	$	70
Allowance for credit losses on mortgage loans on real estate(2)	15		3		—		18
Allowance for credit losses on available-for-sale fixed maturity securities(2)	58		11		(57)		12
Allowance for credit losses on reinsurance recoverable	24		8		—		32
Allowance for credit losses on deposit asset	—		1		—		1

(1) Refer to the Income Taxes Note to the accompanying Consolidated Financial Statements for more information.

(2) Refer to the Investments (excluding Consolidated Investment Entities) Note to the accompanying Consolidated Financial Statements for more information.