Financing Agreements (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt Securities Issued and Outstanding

The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of December 31, 2024 and 2023:

	Issuer	Maturity	2024		2023
3.976% Senior Notes, due 2025(2)(3)	Voya Financial, Inc.	02/15/2025	$	399	$	390
3.65% Senior Notes, due 2026(2)(3)	Voya Financial, Inc.	06/15/2026	446		446
5.0% Senior Notes, due 2034(2)(3)	Voya Financial, Inc.	09/20/2034	395		—
5.7% Senior Notes, due 2043(2)(3)	Voya Financial, Inc.	07/15/2043	396		396
4.8% Senior Notes, due 2046(2)(3)	Voya Financial, Inc.	06/15/2046	297		297
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048(3)(4)	Voya Financial, Inc.	01/23/2048	336		336
7.625% Voya Holdings Inc. debentures, due 2026(1)	Voya Holdings Inc.	08/15/2026	139		139
6.97% Voya Holdings Inc. debentures, due 2036(1)	Voya Holdings Inc.	08/15/2036	79		79
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027	Equitable of Iowa Capital Trust II	04/01/2027	13		13
1.00% Windsor Property Loan	Voya Retirement Insurance and Annuity Company	06/14/2027	2		2
Subtotal			2,502		2,098
Less: Current portion of long-term debt			399		1
Total			$	2,103	$	2,097

(1) Guaranteed by ING Group.

(2) Interest is paid semi-annually in arrears.

(3) Guaranteed by Voya Holdings.

(4) See the Junior Subordinated Notes section below.

Outstanding junior subordinated notes were as follows as of December 31, 2024:

Issuer	Issue Date	Interest Rate(1)	Scheduled Redemption Date	Interest Rate Subsequent to Scheduled Redemption Date(2)			Final Maturity Date		Face Value
Voya Financial, Inc.	01/23/2018	4.70%	01/23/2028	LIBOR	+	2.084%	01/23/2048	(3)	$	340

(1) Prior to the scheduled redemption date, interest is paid semi-annually, in arrears.

(2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three month LIBOR plus the indicated margin, payable quarterly in arrears. In the event that LIBOR is unavailable, the calculation agent will determine a fallback rate at the time the calculations need to be performed.

(3) The 4.70% Fixed-to-Floating Rate Junior Subordinated Notes due 2048 (the "2048 Notes") are guaranteed on an unsecured, junior subordinated basis by Voya Holdings.

Credit Facilities

The following table outlines the Company's credit facilities as of December 31, 2024:

Obligor / Applicant	Secured/ Unsecured	Committed/ Uncommitted	Expiration	Capacity			Utilization			Unused Commitment
Voya Financial, Inc.	Unsecured	Committed	05/01/2028	$	500		$	—		$	500
Voya Financial, Inc.	Unsecured	Committed	04/07/2025	12		(2)	12		(1)	—
Total				$	512		$	12		$	500

(1) Amount utilized as collateral for outstanding Aetna Notes.

(2) In March of 2024, the Company decreased the capacity of its letter of credit, expiring in 2025, from $200 to $12. This reduction was due to the reduced collateral requirements resulting from the maturity of a portion of the Aetna Notes. Additionally, the full capacity was not expected to be utilized through its expiration.