Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following for the periods indicated:

	Year Ended December 31,
	2024		2023		2022
Current tax expense (benefit):
Federal	$	1	$	2	$	(6)
Foreign	9		4		1
State	5		5		(3)
Total current tax expense (benefit)	15		11		(8)
Deferred tax expense (benefit):
Federal	38		(50)		8
State	4		(12)		(5)
Total deferred tax expense (benefit)	42		(62)		3
Total income tax expense (benefit)	$	57	$	(51)	$	(5)

Schedule of Effective Income Tax Rate Reconciliation

Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated:

	Year Ended December 31,
	2024			2023			2022
Income (loss) before income taxes	$	799		$	678		$	428
Tax Rate	21.0		%	21.0		%	21.0		%
Income tax expense (benefit) at federal statutory rate	168			142			90
Tax effect of:
Valuation allowance	1			(1)			7
Dividends received deduction	(49)			(38)			(44)
State tax expense (benefit)	8			(6)			(16)
Noncontrolling interest	(16)			(22)			16
Tax credits	(19)			(17)			(63)
Nondeductible expenses	3			6			7
Security Life of Denver Company capital loss carryback (1)	(38)			(92)			—
Non-taxable Voya India gain (1)	—			(10)			—
Other	(1)			(13)			(2)
Income tax expense (benefit)	$	57		$	(51)		$	(5)
Effective tax rate	7.1		%	(7.5)		%	(1.2)		%

(1) See Other Tax Matters section below

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated:

	December 31,
	2024		2023
Deferred tax assets
Federal and state loss carryforwards	$	1,421	$	1,489
Net unrealized investment losses	522		484
Compensation and benefits	161		190
Current discount rate	165		187
Tax credits	154		131
Insurance Reserves	—		9
Investments	47		5
Other assets	175		165
Total gross assets before valuation allowance	2,645		2,660
Less: Valuation allowance	96		95
Assets, net of valuation allowance	2,549		2,565
Deferred tax liabilities
Deferred policy acquisition costs	(324)		(358)
Insurance reserves	(24)		—
Other liabilities	(67)		(47)
Total gross liabilities	(415)		(405)
Net deferred income tax asset (liability)	$	2,134	$	2,160

Summary of Operating Loss Carryforwards

The following table sets forth the federal, state and credit carryforwards for tax purposes as of the dates indicated:

	December 31,
	2024			2023
Federal net operating loss carryforward	$	6,335	(1)	$	6,667
State net operating loss carryforward	2,412		(2)	2,454
Credit carryforward	154		(3)	131

(1) Approximately $3,320 of the net operating losses carryforwards ("NOL") not subject to expiration. $3,015 of the NOLs expire between 2025 and 2037

(2) Approximately $390 of the NOLs not subject to expiration. $2,022 of the NOLs expire between 2025 and 2043

(3) Expires between 2025 and 2044

Schedule of Unrecognized Tax Benefits

Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated:

	Year Ended December 31,
	2024		2023		2022
Balance at beginning of period	$	27	$	33	$	33
Additions (reductions) for tax positions related to current year	—		—		—
Additions (reductions) for tax positions related to prior years	(3)		(6)		—
Balance at end of period	$	24	$	27	$	33