
	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	554	$	137	$	—	$	—	$	691	$	—
U.S. Government agencies and authorities	20		—		—		—		20		—
State, municipalities and political subdivisions	716		88		1		—		803		—
U.S. corporate public securities	7,314		994		39		—		8,269		—
U.S. corporate private securities	3,620		334		15		—		3,939		—
Foreign corporate public securities and foreign governments(1)	2,352		253		14		—		2,591		—
Foreign corporate private securities(1)	2,563		188		1		—		2,703		47




Residential mortgage-backed securities	3,081		97		20		7		3,164		1

Commercial mortgage-backed securities	2,766		130		15		—		2,881		—
Other asset-backed securities	1,341		16		6		—		1,351		—

Total fixed maturities, including securities pledged	24,327		2,237		111		7		26,412		48
Less: Securities pledged	725		74		—		—		799		—
Total fixed maturities	$	23,602	$	2,163	$	111	$	7	$	25,613	$	48


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		Allowance for credit losses
Fixed maturities:
U.S. Treasuries	$	535	$	186	$	—	$	—	$	721	$	—
U.S. Government agencies and authorities	18		1		—		—		19		—
State, municipalities and political subdivisions	698		116		—		—		814		—
U.S. corporate public securities	7,632		1,531		7		—		9,156		—
U.S. corporate private securities	3,870		536		27		—		4,379		—
Foreign corporate public securities and foreign governments(1)	2,539		413		1		—		2,951		—
Foreign corporate private securities(1)	2,991		348		25		—		3,303		11




Residential mortgage-backed securities	4,071		171		15		11		4,237		1

Commercial mortgage-backed securities	2,712		207		26		—		2,893		—
Other asset-backed securities	1,500		28		6		—		1,520		2

Total fixed maturities, including securities pledged	26,566		3,537		107		11		29,993		14
Less: Securities pledged	169		52		1		—		220		—
Total fixed maturities	$	26,397	$	3,485	$	106	$	11	$	29,773	$	14

The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2021, 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		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Fair Value
December 31, 2021
Communications	$	883	$	154	$	2	$	1,035
Financial	2,713		275		13		2,975
Industrial and other companies	7,004		713		26		7,691
Energy	1,385		216		14		1,587
Utilities	2,658		310		10		2,958
Transportation	854		71		1		924
Total	$	15,497	$	1,739	$	66	$	17,170

December 31, 2020
Communications	$	950	$	231	$	1	$	1,180
Financial	2,921		472		2		3,391
Industrial and other companies	7,284		1,155		13		8,426
Energy	1,571		259		22		1,808
Utilities	3,025		530		1		3,554
Transportation	929		128		20		1,037
Total	$	16,680	$	2,775	$	59	$	19,396

The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and reported at fair value with changes in the fair value recorded in Other net gains (losses) in the Consolidated Statements of Operations.

The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of December 31, 2021 and 2020, approximately 45.1% and 48.2%, respectively, of the Company's CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs.

Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions.

The Company engages in securities lending whereby the initial collateral is required at a minimum rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of December 31, 2021 and 2020, the fair value of loaned securities was $739 and $143, respectively, and is included in Securities pledged on the Consolidated Balance Sheets.

If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. As of December 31, 2021 and 2020, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $677 and $74, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Consolidated Balance Sheets. As of December 31, 2021 and 2020, liabilities to return collateral of $677 and $74, respectively, are included in Payables under securities loan agreements, including collateral held, on the Consolidated Balance Sheets.

The Company accepts non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of December 31, 2021 and 2020, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $87 and $70, respectively.

The Company holds certain VIEs for investment purposes. VIEs may be in the form of private placement securities, structured securities, securitization transactions or limited partnerships. The Company has reviewed each of its holdings and determined that consolidation of these investments in the Company's financial statements is not required, as the Company is not the primary beneficiary, because the Company does not have both the power to direct the activities that most significantly impact the entity's economic performance and the obligation or right to potentially significant losses or benefits, for any of its investments in VIEs. The Company did not provide any non-contractual financial support and its carrying value represents the Company's exposure to loss. The carrying value and ownership interest of these investments are included in Limited partnerships/corporations on the Consolidated Balance Sheets. Income and losses recognized on these investments are reported in Net investment income in the Consolidated Statements of Operations.

The Company invests in various tranches of securitization entities, including Residential mortgage-backed securities ("RMBS"), Commercial mortgage-backed securities ("CMBS") and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and does not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements Note to these Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS that are accounted for under the FVO, for which changes in fair value are reflected in Other net gains (losses) in the Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment.


	Year Ended December 31, 2021
	Residential mortgage-backed securities		Commercial mortgage-backed securities		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2021	$	1	$	—	$	11	$	2	$	14
Credit losses on securities for which credit losses were not previously recorded	1		—		35		—		36
Initial allowance for credit losses recognized on financial assets accounted for as PCD	—		—		—		—		—
Reductions for securities sold during the period	—		—		—		—		—
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	—		—		—		—		—
Increase (decrease) on securities with allowance recorded in previous period	(1)		—		1		(2)		(2)
Write-offs	—		—		—		—		—
Recoveries of amounts previously written off	—		—		—		—		—
Balance as of December 31, 2021	$	1	$	—	$	47	$	—	$	48


	Year Ended December 31, 2020
	Residential mortgage-backed securities		Commercial mortgage-backed securities		Foreign corporate private securities		Other asset-backed securities		Total
Balance as of January 1, 2020	$	—	$	—	$	—	$	—	$	—
Credit losses on securities for which credit losses were not previously recorded	1		—		11		2		14
Initial allowance for credit losses recognized on financial assets accounted for as PCD	—		—		—		—		—
Reductions for securities sold during the period	—		—		—		—		—
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost	—		—		—		—		—
Increase (decrease) on securities with allowance recorded in previous period	—		—		—		—		—
Write-offs	—		—		—		—		—
Recoveries of amounts previously written off	—		—		—		—		—
Balance as of December 31, 2020	$	1	$	—	$	11	$	2	$	14


	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	$	7	$	—	4	$	7	$	—	2	$	14	$	—	6

State, municipalities and political subdivisions	33		1		21	—		—		—	33		1		21
U.S. corporate public securities	1,237		32		290	110		7		138	1,347		39		428
U.S. corporate private securities	325		2		35	94		13		8	419		15		43
Foreign corporate public securities and foreign governments	425		13		90	21		1		17	446		14		107
Foreign corporate private securities	54		1		7	10		—		1	64		1		8
Residential mortgage-backed	400		11		181	241		9		96	641		20		277
Commercial mortgage-backed	780		8		178	155		7		27	935		15		205
Other asset-backed	577		4		183	70		2		48	647		6		231
Total	$	3,838	$	72	989	$	708	$	39	337	$	4,546	$	111	1,326


	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	$	8	$	—	2		$	—	$	—	—	$	8	$	—	2

State, municipalities and political subdivisions	5		—		2		—		—		—	5		—		2
U.S. corporate public securities	199		5		182		22		2		4	221		7		186
U.S. corporate private securities	316		10		29		71		17		7	387		27		36
Foreign corporate public securities and foreign governments	32		1		22		6		—		2	38		1		24
Foreign corporate private securities	176		25		20		3		—		1	179		25		21
Residential mortgage-backed	613		11		134		119		4		54	732		15		188
Commercial mortgage-backed	579		25		105		33		1		7	612		26		112
Other asset-backed	206		1		59		265		5		88	471		6		147
Total	$	2,134	$	78	555		$	519	$	29	163	$	2,653	$	107	718

Based on the Company's quarterly evaluation of its securities in a unrealized loss position, described below, the Company concluded that these securities were not impaired as of December 31, 2021. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Gross unrealized capital losses on fixed maturities, including securities pledged, increased $4 from $107 to $111 for the year ended December 31, 2021. The change in gross unrealized capital losses was primarily due to higher interest rates in the front end of the yield curve. As of December 31, 2021, $4 of the total $111 of gross unrealized losses were from 4 available-for-sale fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for 12 months or greater.


	Year Ended December 31,
	2021				2020				2019
	Impairment			No. of Securities	Impairment			No. of Securities	Impairment			No. of Securities

State municipalities, and political subdivisions	$	—		—	$	—	*	6	$	—	*	6
U.S. corporate public securities	—			—	12			43	11			25
U.S. corporate private securities	—			—	—		*	2	1			16
Foreign corporate public securities and foreign governments(1)	—			—	1			22	3			15
Foreign corporate private securities(1)					—		*	7	18			11
Residential mortgage-backed	2			13	3			44	4			71
Commercial mortgage-backed	—		*	1	20			106	—		*	18
Other asset-backed	—			—	1			61	3			73



Total	$	2		14	$	37		291	$	40		235


(1) Primarily U.S. dollar denominated.

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company's previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific credit allowance recorded in connection with the troubled debt restructuring. A credit allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the year ended December 31, 2021, the Company did not have any new commercial mortgage loan troubled debt restructurings or new private placement troubled debt restructurings. As of December 31, 2020, the Company had eight commercial mortgage loan troubled debt restructurings with a pre-modification carrying value and post-modification carrying value of $45. For the year ended December 31, 2020, the Company had no new private placement troubled debt restructurings.

The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.


	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	$	215	$	273	$	182	$	—	$	—	$	670
2020	114		202		69		—		—		385
2019	150		145		61		—		—		356
2018	127		43		3		—		—		173
2017	543		202		3		—		—		748
2016	290		227		1		—		—		518
2015 and prior	1,161		207		15		—		—		1,383
Total	$	2,600	$	1,299	$	334	$	—	$	—	$	4,233

	As of December 31, 2020
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2020	$	164	$	206	$	39	$	—	$	—	$	409
2019	209		165		107		—		—		481
2018	124		91		73		—		—		288
2017	499		356		6		—		—		861
2016	399		275		1		—		—		675
2015 and prior	1,574		391		15		—		—		1,980
Total	$	2,969	$	1,484	$	241	$	—	$	—	$	4,694


	As of December 31, 2021
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Commercial mortgage loans secured by land or construction loans		Total
2021	$	556	$	23	$	34	$	57	$	—	$	670
2020	342		15		23		5		—		385
2019	206		43		84		23		—		356
2018	96		3		49		25		—		173
2017	355		139		93		161		—		748
2016	440		17		44		17		—		518
2015 and prior	1,065		137		122		59		—		1,383
Total	$	3,060	$	377	$	449	$	347	$	—	$	4,233

	As of December 31, 2020
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Commercial mortgage loans secured by land or construction loans		Total
2020	$	298	$	93	$	18	$	—	$	—	$	409
2019	319		77		36		49		—		481
2018	102		79		60		47		—		288
2017	494		204		103		60		—		861
2016	591		53		31		—		—		675
2015 and prior	1,676		178		72		54		—		1,980
Total	$	3,480	$	684	$	320	$	210	$	—	$	4,694


	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	$	79	$	58	$	120	$	132	$	96	$	118	$	9	$	36	$	22	$	670
2020	70		159		25		33		34		30		1		12		21		385
2019	48		106		10		103		34		12		15		11		17		356
2018	32		60		53		8		6		9		—		5		—		173
2017	87		82		311		129		44		55		4		36		—		748
2016	74		120		162		28		44		63		7		14		6		518
2015 and prior	364		317		252		64		135		102		45		85		19		1,383
Total	$	754	$	902	$	933	$	497	$	393	$	389	$	81	$	199	$	85	$	4,233

	As of December 31, 2020
	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
2020	$	84	$	159	$	35	$	37	$	32	$	29	$	1	$	12	$	20	$	409
2019	63		122		11		137		54		39		17		11		27		481
2018	49		98		57		34		26		11		—		13		—		288
2017	99		98		352		136		74		60		5		37		—		861
2016	156		127		180		32		72		72		9		21		6		675
2015 and prior	526		423		326		141		198		180		49		108		29		1,980
Total	$	977	$	1,027	$	961	$	517	$	456	$	391	$	81	$	202	$	82	$	4,694


	As of December 31, 2021
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2021	$	24	$	159	$	368	$	104	$	—	$	7	$	8	$	670
2020	51		72		124		138		—		—		—		385
2019	30		66		173		67		20		—		—		356
2018	35		72		31		15		3		17		—		173
2017	90		355		184		116		3		—		—		748
2016	103		212		68		127		—		5		3		518
2015 and prior	528		196		267		153		63		139		37		1,383
Total	$	861	$	1,132	$	1,215	$	720	$	89	$	168	$	48	$	4,233

	As of December 31, 2020
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2020	$	51	$	73	$	141	$	144	$	—	$	—	$	—	$	409
2019	32		73		283		71		22		—		—		481
2018	49		78		124		17		3		17		—		288
2017	102		415		204		136		4		—		—		861
2016	129		244		138		144		9		7		4		675
2015 and prior	792		305		338		261		79		166		39		1,980
Total	$	1,155	$	1,188	$	1,228	$	773	$	117	$	190	$	43	$	4,694


	December 31, 2021		December 31, 2020
Allowance for credit losses, balance at January 1	$	67	$	12	(1)
Credit losses on mortgage loans for which credit losses were not previously recorded	1		5

Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution	(7)		—
Increase (decrease) on mortgage loans with allowance recorded in previous period	(50)		52
Provision for expected credit losses	11		69
Write-offs	—		(2)
Recoveries of amounts previously written-off	—		—

Allowance for credit losses, balance at December 31	$	11	$	67

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of December 31, 2021, the Company had no commercial mortgage loan in non-accrual status. As of December 31, 2020, the Company had one commercial mortgage loan in non-accrual status. There was no interest income recognized on loans in non-accrual status for the years ended December 31, 2021 and 2020.


	Year Ended December 31,
	2021		2020		2019
Fixed maturities	$	1,453	$	1,603	$	1,432
Equity securities	12		9		6
Mortgage loans on real estate	179		200		224
Policy loans	8		12		7
Short-term investments and cash equivalents	3		2		3
Limited partnerships and other	364		107		91
Gross investment income	2,019		1,933		1,763
Less: investment expenses	70		75		74
Net investment income	$	1,949	$	1,858	$	1,689

Net gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Net gains and losses are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology.


	Year Ended December 31,
	2021		2020		2019
Fixed maturities, available-for-sale, including securities pledged	$	515	$	(23)	$	11
Fixed maturities, at fair value option	(562)		(257)		(47)
Equity securities, at fair value	6		3		(16)
Derivatives	(18)		49		(82)
Embedded derivatives - fixed maturities	(4)		—		2
Guaranteed benefit derivatives	35		(27)		(11)
Mortgage loans	99		(56)		—
Other investments	95		1		(1)
Net gains (losses)	$	166	$	(310)	$	(144)

On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net gains (losses) in the Consolidated Statements of Operations.