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Investments (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of December 31, 2021:


	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

(1) Primarily U.S. dollar denominated.

(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net gains (losses) in the Consolidated Statements of Operations.

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2020:


	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

(1) Primarily U.S. dollar denominated.

Investments Classifed by Contractual Maturity Date

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		Fair Value
Due to mature:
One year or less	$	334	$	339
After one year through five years	3,324		3,476
After five years through ten years	4,058		4,429
After ten years	9,423		10,772
Mortgage-backed securities	5,847		6,045
Other asset-backed securities	1,341		1,351
Fixed maturities, including securities pledged	$	24,327	$	26,412

U.S. and Foreign Corporate Securities by Industry

The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:


	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

Schedule of Securities Borrowed Under Securities Lending Transactions

The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated:


	December 31, 2021		December 31, 2020
U.S. Treasuries	$	42	$	70

U.S. corporate public securities	479		54
Foreign corporate public securities and foreign governments	243		20


Payables under securities loan agreements	$	764	$	144

Financing Receivable, Allowance for Credit Loss

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:


	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

Schedule of Unrealized Loss on Investments

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2021:


	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

The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are not credit related.


	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

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table identifies the Company's impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:


	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.

*Less than $1.

Mortgage Loans by Loan to Value Ratio

The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of December 31, 2021 and 2020, respectively.


	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

Mortgage Loans by Debt Service Coverage Ratio

The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2021 and 2020, respectively.


	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

Mortgage Loans by Geographic Location of Collateral

The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2021 and 2020, respectively.


	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

Mortgage Loans by Property Type of Collateral

The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2021 and 2020, respectively.


	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

Allowance for Credit Losses for Commercial Mortgage Loans

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:


	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

(1) On January 1, 2020, as a result of implementing ASU 2016-13 Measurement of Credit Losses of Financial Instruments, the Company recorded a transition adjustment for Allowance for credit losses on mortgage loans on real estate of $12.

Financing Receivable, Past Due

The following table presents past due commercial mortgage loans as of the dates indicated:


	December 31, 2021		December 31, 2020
Delinquency:
Current	$	4,233	$	4,691
30-59 days past due	—		—
60-89 days past due	—		—
Greater than 90 days past due	—		3
Total	$	4,233	$	4,694

Net Investment Income

The following table summarizes Net investment income for the periods indicated:


	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

Realized Gain (Loss) on Investments

Net gains (losses) were as follows for the periods indicated:


	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)

Gain (Loss) on Investments

Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax were as follows for the periods indicated:


	Year Ended December 31,
	2021		2020		2019
Proceeds on sales	$	5,275	$	1,512	$	2,418
Gross gains	538		85		30
Gross losses	8		59		25