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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

——————————————————————

FORM 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 033-23376

VOYA RETIREMENT INSURANCE & ANNUITY CO

(Exact name of registrant as specified in its charter)


Connecticut						71-0294708
(State or other jurisdiction of incorporation or organization)						(IRS Employer Identification No.)

One Orange Way

Windsor

Connecticut

06095-4774

(Address of principal executive offices)

(Zip Code)

(860) 580-4646

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. ý Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ý Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	x	Smaller reporting company	☐
		Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ý No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of November 3, 2023, 55,000 shares of Common Stock, $50 par value were outstanding, all of which were directly owned by Voya Holdings Inc.

NOTE: WHEREAS VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q, THIS FORM IS BEING FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2).


			1

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Form 10-Q for the period ended September 30, 2023

INDEX


		PAGE
PART I.	FINANCIAL INFORMATION (UNAUDITED)


Item 1.	Financial Statements:
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Income	7
	Condensed Consolidated Statements of Changes in Shareholder's Equity	8
	Condensed Consolidated Statements of Cash Flows	10
	Notes to Condensed Consolidated Financial Statements:	11
	1. Business, Basis of Presentation and Significant Accounting Policies	11
	2. Investments	17
	3. Derivative Financial Instruments	27
	4. Fair Value Measurements	32
	5. Deferred Policy Acquisition Costs and Value of Business Acquired	42
	6. Reserves for Contract Owner Account Balances	42
	7. Reinsurance	44
	8. Separate Accounts	45
	9. Accumulated Other Comprehensive Income (Loss)	46
	10. Revenue from Contracts with Customers	48
	11. Income Taxes	49
	12. Financing Agreements	50
	13. Commitments and Contingencies	50
	14. Related Party Transactions	52

Item 2.	Management's Narrative Analysis of the Results of Operations and Financial Condition	53

Item 4.	Controls and Procedures	64


PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	65

Item 1A.	Risk Factors	65



Item 6.	Exhibits	65

Exhibit Index		66

Signature		67


			2

Table of Contents

As used in this Quarterly Report on Form 10-Q, "VRIAC" refers to Voya Retirement Insurance and Annuity Company and the "Company," "we," "our" and "us" refer to VRIAC and its wholly owned subsidiaries.

NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including "Risk Factors" and "Management’s Narrative Analysis of the Results of Operations and Financial Condition" contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) interest rates, (iv) the frequency and severity of insured loss events, (v) the effects of natural or man-made disasters, including pandemic events, (vi) mortality and morbidity levels, (vii) persistency and lapse levels, (viii) currency exchange rates, (ix) general competitive factors, (x) changes in laws and regulations, such as those relating to Federal taxation, state insurance regulations and NAIC regulations and guidelines, (xi) changes in the policies of governments and/or regulatory authorities, and (xii) our parent company, Voya Financial, Inc.'s ability to successfully manage the separation of the Individual Life business that closed on January 4, 2021. Factors that may cause actual results to differ from those in any forward-looking statement also include those described under "Risk Factors" and "Management’s Narrative Analysis of the Results of Operations and Financial Condition" in the Annual Report on Form 10-K for the year ended December 31, 2022 (File No. 033-23376) (the "Annual Report on Form 10-K") and in this Quarterly Report on Form 10-Q.

The risks included here are not exhaustive. Current reports on Form 8-K and other documents filed with the Securities and Exchange Commission ("SEC") include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.


			3

Table of Contents

PART I. FINANCIAL INFORMATION (UNAUDITED)

Item 1. Financial Statements

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Balance Sheets

September 30, 2023 and December 31, 2022 (Unaudited)

(In millions, except share and per share data)


	September 30, 2023		December 31, 2022
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $20,985 as of 2023 and $22,218 as of 2022; net of allowance for credit losses of $14 as of 2023 and $7 as of 2022)	$	18,131	$	19,772
Fixed maturities, at fair value using the fair value option	1,230		1,255


Equity securities, at fair value	123		133
Short-term investments	186		248
Mortgage loans on real estate (net of allowance for credit losses of $24 as of 2023 and $14 as of 2022)	4,129		4,213



Policy loans	161		159
Limited partnerships/corporations	1,085		1,043
Derivatives	328		322
Securities pledged (amortized cost of $845 as of 2023 and $894 as of 2022)	718		792
Other investments	127		132
Total investments	26,218		28,069
Cash and cash equivalents	154		220
Short-term investments under securities loan agreements, including collateral delivered	753		939
Accrued investment income	309		289


Premium receivable and reinsurance recoverable (net of allowance for credit losses of $0 as of 2023 and 2022)	2,811		3,032


Deferred policy acquisition costs and Value of business acquired	923		938



Deferred income taxes	888		774


Other assets (net of allowance for credit loss of $0 as of 2023 and 2022)	1,690		1,681
Assets held in separate accounts	82,861		77,639
Total assets	$	116,607	$	113,581


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

			4

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Balance Sheets

September 30, 2023 and December 31, 2022 (Unaudited)

(In millions, except share and per share data)


	September 30, 2023		December 31, 2022
Liabilities:
Future policy benefits and contract owner account balances	$	31,213	$	32,942

Payables under securities loan agreements, including collateral held	779		921



Due to affiliates	115		134
Derivatives	305		331


Other liabilities	797		687
Liabilities related to separate accounts	82,861		77,639
Total liabilities	$	116,070	$	112,654

Commitments and Contingencies (Note 13)

Shareholder's equity:
Common stock (100,000 shares authorized, 55,000 issued and outstanding as of 2023 and 2022, respectively; $50 par value per share)	3		3
Additional paid-in capital	2,770		2,778
Accumulated other comprehensive income (loss)	(2,407)		(2,067)
Retained earnings (deficit)	171		213
Total shareholder's equity	537		927
Total liabilities and shareholder's equity	$	116,607	$	113,581


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

			5

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

(In millions)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Revenues:
Net investment income	$	384	$	366	$	1,155	$	1,235
Fee income	254		237		738		746
Premiums	15		2		24		10






Net gains (losses)	(64)		(69)		(142)		(387)
Other revenue	2		8		12		37
Total revenues	591		544		1,787		1,641
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	261		174		623		553
Operating expenses	269		269		851		869

Net amortization of Deferred policy acquisition costs and Value of business acquired	19		21		58		62
Interest expense	1		1		2		1

Total benefits and expenses	550		465		1,534		1,485
Income (loss) before income taxes	41		79		253		156
Income tax expense (benefit)	(29)		5		(7)		(2)
Net income (loss)	$	70	$	74	$	260	$	158


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

			6

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Comprehensive Income

For the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)

(In millions)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income (loss)	$	70	$	74	$	260	$	158
Other comprehensive income (loss), before tax:
Change in current discount rate	4		10		15		41
Unrealized gains (losses) on securities	(686)		(1,220)		(446)		(4,871)


Other comprehensive income (loss), before tax	(682)		(1,210)		(431)		(4,830)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(144)		(254)		(91)		(1,014)
Other comprehensive income (loss), after tax	(538)		(956)		(340)		(3,816)
Comprehensive income (loss)	$	(468)	$	(882)	$	(80)	$	(3,658)


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

			7

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Changes in Shareholder’s Equity

For the Three Months Ended September 30, 2023 and 2022 (Unaudited)

(In millions)


	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Deficit)		Total Shareholder's Equity
Balance as of July 1, 2023	$	3	$	2,770	$	(1,869)	$	101	$	1,005






Comprehensive income (loss):
Net income (loss)	—		—		—		70		70
Other comprehensive income (loss), after tax	—		—		(538)		—		(538)
Total comprehensive income (loss)									(468)




Balance as of September 30, 2023	$	3	$	2,770	$	(2,407)	$	171	$	537


Balance as of July 1, 2022	$	3	$	2,778	$	(1,298)	$	(36)	$	1,447






Comprehensive income (loss):
Net income (loss)	—		—		—		74		74
Other comprehensive income (loss), after tax	—		—		(956)		—		(956)
Total comprehensive income (loss)									(882)




Balance as of September 30, 2022	$	3	$	2,778	$	(2,254)	$	38	$	565


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

			8

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Changes in Shareholder’s Equity

For the Nine Months Ended September 30, 2023 and 2022 (Unaudited)

(In millions)



	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Deficit)		Total Shareholder's Equity
Balance as of January 1, 2023	$	3	$	2,778	$	(2,067)	$	213	$	927





Comprehensive income (loss):
Net income (loss)	—		—		—		260		260
Other comprehensive income (loss), after tax	—		—		(340)				(340)
Total comprehensive income (loss)									(80)
Dividends paid and distributions of capital	—		(8)		—		(302)		(310)



Balance as of September 30, 2023	$	3	$	2,770	$	(2,407)	$	171	$	537


Balance as of January 1, 2022	$	3	$	3,191	$	1,562	$	324	$	5,080





Comprehensive income (loss):
Net income (loss)	—		—		—		158		158
Other comprehensive income (loss), after tax	—		—		(3,816)		—		(3,816)
Total comprehensive income (loss)									(3,658)
Dividends paid and distributions of capital	—		(413)		—		(444)		(857)


Balance as of September 30, 2022	$	3	$	2,778	$	(2,254)	$	38	$	565


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

			9

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2023 and 2022 (Unaudited)

(In millions)


	Nine Months Ended September 30,
	2023		2022
Net cash provided by operating activities	$	931	$	1,020
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	3,829		3,352
Equity securities	4		—
Mortgage loans on real estate	340		506
Limited partnerships/corporations	38		61
Acquisition of:
Fixed maturities	(2,690)		(4,574)

Mortgage loans on real estate	(267)		(464)
Limited partnerships/corporations	(84)		(129)
Short-term investments, net	62		—
Derivatives, net	42		166
Short-term loan to affiliate, net	(161)		26
Receipts on deposit asset contracts	196		85
Other, net	50		41
Net cash provided by (used in) investing activities	1,359		(930)
Cash Flows from Financing Activities:
Deposits received for investment contracts	1,159		3,763
Maturities and withdrawals from investment contracts	(3,254)		(3,305)
Dividends paid and distributions of capital	(310)		(857)

Other, net	49		80
Net cash provided by (used in) financing activities	(2,356)		(319)
Net increase (decrease) in cash and cash equivalents	(66)		(229)
Cash and cash equivalents, beginning of period	220		436
Cash and cash equivalents, end of period	$	154	$	207


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

			10

Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

1. Business, Basis of Presentation and Significant Accounting Policies

Business

Voya Retirement Insurance and Annuity Company ("VRIAC") is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, the "Company") provide financial products and services in the United States. VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia, Guam, Puerto Rico and the Virgin Islands.

VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. ("Voya Financial").

The Company derives its revenue mainly from (a) Investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) Net gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by the Company and other general business expenses, and (c) Amortization of Deferred acquisition costs ("DAC") and Value of business acquired ("VOBA"). In addition, the Company collects broker-dealer commission revenues through Voya Financial Partners, LLC ("VFP"), which are, in turn, paid to broker-dealers and expensed.

The Company offers qualified and non-qualified annuity contracts that include a variety of funding and payout options for individuals and employer-sponsored retirement plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as non-qualified deferred compensation plans and related services. The Company's products are offered primarily to public and private school systems, higher education institutions, hospitals and healthcare facilities, not-for-profit organizations, state and local governments, small to mid-sized corporations and individuals. The Company also provides stable value investment options, including separate account guaranteed investment contracts ("GICs") and synthetic GICs, to institutional clients. The Company's products are generally distributed through independent brokers and advisors, third-party administrators and consultants.

Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. The Company's products also include programs offered to qualified plans and non-qualified deferred compensation plans that package administrative and record-keeping services, participant education, and retirement readiness planning tools along with a variety of investment options, including proprietary and non-proprietary mutual funds and variable and fixed investment options. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services.

The Company has one operating segment.

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements.


			11

Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The Condensed Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, VFP, Voya Institutional Plan Services, LLC ("VIPS"), and Voya Retirement Advisors, LLC ("VRA"). Intercompany transactions and balances have been eliminated.

The accompanying Condensed Consolidated Financial Statements are unaudited and reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows for the interim periods presented, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance.

On January 1, 2023, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), under the modified retrospective adoption method. ASU 2018-12 provided new authoritative guidance impacting the accounting and disclosure requirements for long-duration insurance and investment contracts issued by the Company. The unaudited Condensed Consolidated Financial Statements are presented under the new guidance for reporting periods beginning January 1, 2021. See “Adoption of New Pronouncements” below for additional information regarding this adoption and the transition impacts recorded as of January 1, 2021. See "Significant Accounting Policies" below for additional details regarding the key policy changes effected by this ASU and updated accounting policies resulting from the adoption of this ASU for all periods presented in the unaudited Condensed Consolidated Financial Statements. This section is meant to serve as an update to, and should be read in conjunction with the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K for the year ended December 31, 2022.

Significant Accounting Policies

Effective January 1, 2023, the Company adopted ASU 2018-12, as amended. As a result, the Company made changes to the following significant accounting policies:

Estimates and Assumptions

Upon adoption of ASU 2018-12, DAC and VOBA were no longer considered significant estimates by the Company, as the amortization methodology is no longer subject to a significant degree of variability and does not require a high degree of judgment.

Deferred Policy Acquisition Costs and Value of Business Acquired

DAC represents policy acquisition costs that have been capitalized and are subject to amortization. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. DAC/VOBA amortization is recorded in Net amortization of Deferred policy acquisition costs and Value of business acquired in the Condensed Consolidated Statements of Operations.

Amortization Methodologies

The Company amortizes DAC/VOBA related to deferred annuity contracts on a constant level basis over the expected term of the related contracts. Contracts are grouped for amortization purposes by market type and issue year cohort using assumptions on a basis consistent with those used in estimating the associated liability or other related balance, where applicable.

The principal assumption deemed critical to the DAC/VOBA amortization is the estimated contract term, which incorporates mortality and persistency, and represents management’s best estimate of future outcome. The Company periodically reviews this assumption against actual experience and, based on additional information that becomes available, updates the assumption. Changes in contract term estimates are reflected prospectively in amortization expense as of the beginning of the reporting period in which the change is made.


			12

Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

VOBA is subject to recoverability testing; DAC is not. The Company performs testing to assess the recoverability of VOBA on an annual basis, or more frequently if circumstances indicate that a potential loss recognition issue exists. If VOBA is not deemed recoverable, charges will be applied against the VOBA balance before an additional reserve is established.

Future Policy Benefits

The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. Reserves for payout contracts with life contingencies are equal to the present value of future payments.

Principal assumptions used to establish liabilities for future policy benefits include interest rate, mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, inflation, and benefit utilization. Other than interest rate assumptions, these assumptions are based on Company experience and periodically reviewed against industry standards. The Company reviews these assumptions at least annually and updates them if necessary. In addition to assumption updates, the Company adjusts reserves for actual experience in the period in which the experience occurs. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Remeasurements of the reserves as a result of assumption updates and adjustments for actual experience are recognized in Interest credited and other benefits to contract owners/policyholders in the Condensed Consolidated Statements of Operations.

Interest rates used in discounting the reserves are based on an upper-medium grade (low credit risk) fixed income instrument yield derived from observable market data. A 30-year forward rate is used for periods beyond the last observable market point. Reserves are remeasured quarterly to reflect changes in the discount rate, with the resulting change recorded in Accumulated other comprehensive income ("AOCI"). Locked-in interest rates used to determine interest accretion on reserves for new contracts sold after January 1, 2021 are based on the upper-medium grade (low credit risk) fixed income instrument yield applicable at the time the contract was issued. Locked-in interest accretion rates for contracts in force as of the January 1, 2021 transition date for ASU 2018-12 are based on the locked-in interest rates in effect for those contracts immediately before the transition date. Interest accretion is recorded in Interest credited and other benefits to contract owners/policyholders on the Condensed Consolidated Statements of Operations.

Product Guarantees and Additional Reserves

The Company calculates additional reserve liabilities for certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations.

Stabilizer and MCG: Guaranteed credited rates give rise to an embedded derivative in the stabilizer ("Stabilizer") products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Future policy benefits and contract owner account balances. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Net gains (losses) in the Condensed Consolidated Statements of Operations.

The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions.

The liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks.


			13

Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The discount rate used to determine the fair value of the liabilities for the Stabilizer embedded derivative and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk").

Reinsurance

The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured.

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for long-duration reinsurance agreements are consistent with those used for the underlying contracts with the exception of the interest accretion rate on reinsurance recoverable assets associated with in-force business reinsured. Ceded Future policy benefits and contract owner account balances are reported gross on the Condensed Consolidated Balance Sheets.

For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded in Premiums receivable and reinsurance recoverable or Other liabilities, as appropriate, on the Condensed Consolidated Balance Sheets.

Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company reviews assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance at least annually and updates them if necessary. In addition to the assumption updates, the Company adjusts these assets or liabilities for actual experience in the period in which the experience occurs. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers.

Reinsurance recoverable balances are reported net of the allowance for credit losses on the Company’s Condensed Consolidated Balance Sheets. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of capital market factors, counterparty financial information and ratings, and reinsurance agreement-specific risk characteristics such as collateral type, collateral size, and covenant strength.

The allowance for credit losses is a valuation account that is deducted from the reinsurance recoverable balance to present the net amount expected to be collected on the reinsurance recoverable. The change in the allowance for credit losses is recorded in Interest credited and other benefits to contract owners/policyholders in the Condensed Consolidated Statements of Operations.

Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in Premiums receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Condensed Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Interest credited and other benefits to contract owners/policyholders are reported net of reinsurance ceded.

Significant accounting policies that were unchanged from those included in the Company’s December 31, 2022 Annual Report on Form 10-K as a result of the adoption of ASU 2018-12 have not been repeated. These policies include Internal Replacements, Contract Owner Account Balances, and Separate Accounts.


			14

Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Adoption of New Pronouncements

Long-Duration Contracts

The following section provides a description of the Company's adoption of ASU 2018-12 issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements:

This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include:

•Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts, measured on a retrospective catch-up basis and recognized in the period the update is made. The rate used is required to be updated quarterly, with related changes in the liability recorded in AOCI.

•Fair value measurement of contract guarantee features qualifying as Market Risk Benefits ("MRB"), with changes in fair value recognized in the Statements of Operations. Changes in the instrument-specific credit risk will be recorded in AOCI.

•Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. An accounting election may be made to apply the DAC requirements to VOBA.

The Company adopted ASU 2018-12 on January 1, 2023, on a modified retrospective basis for the liability for future policy benefits and DAC and on a full retrospective basis for MRBs. The January 1, 2021 transition impact increased Total shareholder’s equity. This increase was primarily driven by the removal of DAC/VOBA and Premium deficiency reserve adjustment balances, and partially offset by the impact of remeasurement of Future policy benefits and Reinsurance recoverable

using the discount rate at January 1, 2021. Total shareholder’s equity was also impacted by the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts.

Disclosures and post-transition comparative information have been restated to conform to the requirements of ASU 2018-12.

The following tables provide additional information related to the transition adjustments:


	DAC		VOBA
	Wealth Solutions Deferred and Individual Annuities
Balance, December 31, 2020	$	129	$	40
Adjustment for removal of related balances in AOCI	439		386
Balance, January 1, 2021	$	568	$	426


			15

Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table presents information on transition adjustments, net of tax, related to the adoption of ASU 2018-12 for retained earnings and AOCI to arrive at the opening balances as of January 1, 2021:


Total Shareholder's equity December 31, 2020	$	4,897
AOCI
Reversal of AOCI adjustments	1,018
Effect of remeasurement of liability at current discount rate	(339)
Total AOCI adjustments	$	679

Retained Earnings
Establishment of MRBs	$	(61)
Other adjustments	3
Total Retained earnings	$	(58)
Total adjustment for the adoption of ASU 2018-12	$	621
Total Shareholder's equity January 1, 2021	$	5,518

The following table provides a description of the Company’s adoption of other new ASUs issued by the FASB and the impact of adoption on the Company’s financial statements:


Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures	This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables.	January 1, 2023 on a prospective basis.	Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Required disclosure changes have been included in the Investments Note to these Condensed Consolidated Financial Statements.
ASU 2020-04, Reference Rate Reform	This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.	The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024.	The Company has elected to apply the optional expedient provided in ASU 2020-04 for qualifying contract modifications. To date, adoption of the guidance has not had a material impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as the project nears completion.


			16

Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Future Adoption of Accounting Pronouncements

The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted:


Standard	Description of Requirements	Effective Date and Transition Provisions	Effect on the Financial Statements or Other Significant Matters
ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required.	The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed.	The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03.

2. Investments

Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of September 30, 2023:


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	328	$	—	$	40	$	—	$	—	$	288
U.S. Government agencies and authorities	32		—		4		—		—		28
State, municipalities and political subdivisions	626		—		109		—		—		517
U.S. corporate public securities	6,470		16		1,197		—		1		5,288
U.S. corporate private securities	3,909		7		413		—		—		3,503
Foreign corporate public securities and foreign governments(1)	2,242		4		346		—		3		1,897
Foreign corporate private securities(1)	2,499		7		198		—		1		2,307
Residential mortgage-backed securities	2,612		19		172		(2)		—		2,457
Commercial mortgage-backed securities	2,829		1		479		—		9		2,342
Other asset-backed securities	1,513		4		65		—		—		1,452
Total fixed maturities, including securities pledged	23,060		58		3,023		(2)		14		20,079
Less: Securities pledged	845		—		127		—		—		718
Total fixed maturities	$	22,215	$	58	$	2,896	$	(2)	$	14	$	19,361

(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 Net gains (losses) in the Condensed Consolidated Statements of Operations.


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Available-for-sale and FVO fixed maturities were as follows as of December 31, 2022:


	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Allowance for credit losses		Fair Value
Fixed maturities:
U.S. Treasuries	$	404	$	4	$	31	$	—	$	—	$	377
U.S. Government agencies and authorities	33		—		3		—		—		30
State, municipalities and political subdivisions	691		1		92		—		—		600
U.S. corporate public securities	6,938		32		1,032		—		—		5,938
U.S. corporate private securities	3,885		11		328		—		—		3,568
Foreign corporate public securities and foreign governments(1)	2,380		9		317		—		6		2,066
Foreign corporate private securities(1)	2,617		6		184		—		1		2,438
Residential mortgage-backed securities	3,023		21		153		2		—		2,893
Commercial mortgage-backed securities	2,978		—		379		—		—		2,599
Other asset-backed securities	1,418		1		109		—		—		1,310
Total fixed maturities, including securities pledged	24,367		85		2,628		2		7		21,819
Less: Securities pledged	894		3		105		—		—		792
Total fixed maturities	$	23,473	$	82	$	2,523	$	2	$	7	$	21,027

(1) Primarily U.S. dollar denominated.

The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2023, 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	$	633	$	616
After one year through five years	3,013		2,833
After five years through ten years	3,148		2,843
After ten years	9,312		7,536
Mortgage-backed securities	5,441		4,799
Other asset-backed securities	1,513		1,452
Fixed maturities, including securities pledged	$	23,060	$	20,079

As of September 30, 2023 and December 31, 2022, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total Shareholder's Equity.


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Repurchase Agreements and Securities Pledged

As of September 30, 2023 and December 31, 2022, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

The Company engages in securities lending whereby the initial collateral is required at a rate of at least 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.

In the normal course of business, the Company receives cash collateral and non-cash collateral in the form of securities. 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. 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 Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools.

The following table presents Securities pledged as of the dates indicated:


	September 30, 2023		December 31, 2022
Securities loaned to lending agent(1)	$	559	$	690
Securities pledged as collateral(1)(2)	159		102
Total	$	718	$	792

(1) Included in Securities pledged on the Condensed Consolidated Balance Sheets.

(2) See Collateral within the Derivatives Note to these Condensed Consolidated Financial Statements for more information.

The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:


	September 30, 2023		December 31, 2022
U.S. Treasuries	$	18	$	51

U.S. corporate public securities	404		466

Foreign corporate public securities and foreign governments	158		201

Total(1)	$	580	$	718

(1) As of September 30, 2023 and December 31, 2022, liabilities to return cash collateral were $460 and $615, respectively, and included in Payables under securities loan agreements, including collateral held on the Condensed Consolidated Balance Sheets.

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Allowance for credit losses

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


	Nine Months Ended September 30, 2023
	U.S. corporate public securities		Commercial mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Total
Balance as of January 1, 2023	$	—	$	—	$	6	$	1	$	7
Credit losses on securities for which credit losses were not previously recorded	1		9		—		—		10

Reductions for securities sold during the period	—		—		(2)		—		(2)

Increase (decrease) on securities with allowance recorded in previous period	—		—		(1)		—		(1)


Balance as of September 30, 2023	$	1	$	9	$	3	$	1	$	14


	Year Ended December 31, 2022
	Residential mortgage-backed securities		Foreign corporate public securities and foreign governments		Foreign corporate private securities		Total
Balance as of January 1, 2022	$	1	$	—	$	47	$	48
Credit losses on securities for which credit losses were not previously recorded	—		6		—		6

Reductions for securities sold during the period	—		—		(49)		(49)

Increase (decrease) on securities with allowance recorded in previous period	(1)		—		3		2


Balance as of December 31, 2022	$	—	$	6	$	1	$	7

For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to the Consolidated Financial Statements in Part II, Item 8. of the Annual Report on Form 10-K.


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Unrealized Capital Losses

The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:


		As of September 30, 2023
	Twelve Months or Less Below Amortized Cost					More Than Twelve Months Below Amortized Cost			Total
		Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries		$	192	$	8		$	96	$	32	$	288	$	40
U.S. Government, agencies and authorities		12		1			16		3		28		4
State, municipalities and political subdivisions		23		1			493		108		516		109
U.S. corporate public securities		1,059		74			3,933		1,123		4,992		1,197
U.S. corporate private securities		691		27			2,550		386		3,241		413
Foreign corporate public securities and foreign governments		443		21			1,315		325		1,758		346
Foreign corporate private securities		346		15			1,716		183		2,062		198
Residential mortgage-backed		238		12			776		160		1,014		172
Commercial mortgage-backed		62		3			2,216		476		2,278		479
Other asset-backed		80		4			1,045		61		1,125		65
Total		$	3,146	$	166		$	14,156	$	2,857	$	17,302	$	3,023


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)


	As of December 31, 2022
	Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost	Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	223	$	30		$	2	$	1	$	225	$	31
U.S. Government, agencies and authorities	30		3			—		—		30		3
State, municipalities and political subdivisions	545		85			15		7		560		92
U.S. corporate public securities	4,290		613			998		419		5,288		1,032
U.S. corporate private securities	2,819		264			331		64		3,150		328
Foreign corporate public securities and foreign governments	1,509		201			298		116		1,807		317
Foreign corporate private securities	2,203		173			52		11		2,255		184
Residential mortgage-backed	1,065		78			328		75		1,393		153
Commercial mortgage-backed	1,792		252			759		127		2,551		379
Other asset-backed	912		68			360		41		1,272		109
Total	$	15,388	$	1,767		$	3,143	$	861	$	18,531	$	2,628

As of September 30, 2023, the average duration of our fixed maturities portfolio, including securities pledged, is between 6.0 and 6.5 years.

As of September 30, 2023 and December 31, 2022, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. 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.

Evaluating Securities for Impairments

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities in accordance with its impairment policy in order to evaluate whether such investments are impaired.

For the three and nine months ended September 30, 2023, intent impairments included in the Condensed Consolidated Statements of Operations, but excluding impairments included in Other comprehensive income (loss), were $15 and $21 respectively. For the three and nine months ended September 30, 2022, intent impairments were $8 and $15, respectively.

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.

Debt Restructuring

Upon the adoption of ASU 2022-02 as of January 1, 2023, the Company no longer identifies certain debt modifications as troubled debt restructuring, but instead evaluates all debt modifications to determine whether a modification results in a new


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the three and nine months ended September 30, 2023, the Company did not have any material debt modifications that require such disclosure.

Mortgage Loans on Real Estate

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. These ratios are utilized as part of the review process described above.

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 September 30, 2023 and December 31, 2022, respectively.


	As of September 30, 2023
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2023	$	63	$	177	$	—	$	—	$	—	$	240
2022	206		297		65		—		—		568
2021	194		183		215		—		—		592
2020	133		119		—		10		11		273
2019	170		59		20		—		—		249
Prior	1,882		310		5		—		34		2,231
Total	$	2,648	$	1,145	$	305	$	10	$	45	$	4,153


	As of December 31, 2022
	Loan-to-Value Ratios
Year of Origination	0% - 50%		>50% - 60%		>60% - 70%		>70% - 80%		>80% and above		Total
2022	$	210	$	283	$	63	$	—	$	—	$	556
2021	187		229		239		10		—		665
2020	98		170		24		10		—		302
2019	167		72		20		—		—		259
2018	123		34		3		—		—		160
Prior	1,866		399		20		—		—		2,285
Total	$	2,651	$	1,187	$	369	$	20	$	—	$	4,227


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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 September 30, 2023 and December 31, 2022, respectively.


	As of September 30, 2023
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2023	$	113	$	78	$	49	$	—	$	240
2022	197		40		183		148		568
2021	206		12		57		317		592
2020	185		21		5		62		273
2019	153		18		63		15		249
Prior	1,635		236		217		143		2,231
Total	$	2,489	$	405	$	574	$	685	$	4,153

*No commercial mortgage loans were secured by land or construction loans


	As of December 31, 2022
	Debt Service Coverage Ratios
Year of Origination	>1.5x		>1.25x - 1.5x		>1.0x - 1.25x		<1.0x		Total*
2022	$	278	$	89	$	171	$	18	$	556
2021	212		24		248		181		665
2020	211		9		10		72		302
2019	161		40		53		5		259
2018	93		21		46		—		160
Prior	1,569		331		171		214		2,285
Total	$	2,524	$	514	$	699	$	490	$	4,227

*No commercial mortgage loans were secured by land or construction loans

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 September 30, 2023 and December 31, 2022, respectively.


	As of September 30, 2023
	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
2023	$	51	$	42	$	6	$	72	$	16	$	29	$	2	$	20	$	2	$	240
2022	114		116		46		88		100		81		2		1		20		568
2021	79		44		106		142		97		75		10		38		1		592
2020	63		131		13		9		8		30		—		6		13		273
2019	43		70		6		53		34		4		13		10		16		249
Prior	485		465		626		169		164		163		33		115		11		2,231
Total	$	835	$	868	$	803	$	533	$	419	$	382	$	60	$	190	$	63	$	4,153


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)


	As of December 31, 2022
	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
2022	$	114	$	115	$	46	$	87	$	101	$	73	$	1	$	1	$	18	$	556
2021	79		53		112		139		97		117		9		37		22		665
2020	64		143		14		14		8		30		—		6		23		302
2019	47		73		6		54		34		5		14		10		16		259
2018	28		55		49		7		7		9		—		5		—		160
Prior	485		466		607		196		172		192		34		116		17		2,285
Total	$	817	$	905	$	834	$	497	$	419	$	426	$	58	$	175	$	96	$	4,227

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 September 30, 2023 and December 31, 2022, respectively.


	As of September 30, 2023
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2023	$	66	$	118	$	17	$	14	$	25	$	—	$	—	$	240
2022	72		233		221		26		10		6		—		568
2021	22		128		327		100		—		7		8		592
2020	50		47		60		116		—		—		—		273
2019	29		56		126		29		9		—		—		249
Prior	572		636		450		360		46		129		38		2,231
Total	$	811	$	1,218	$	1,201	$	645	$	90	$	142	$	46	$	4,153


	As of December 31, 2022
	Property Type
Year of Origination	Retail		Industrial		Apartments		Office		Hotel/Motel		Other		Mixed Use		Total
2022	$	72	$	227	$	216	$	25	$	10	$	6	$	—	$	556
2021	23		144		382		100		—		8		8		665
2020	50		48		80		124		—		—		—		302
2019	29		58		128		33		11		—		—		259
2018	34		69		30		11		—		16		—		160
Prior	633		620		456		372		48		117		39		2,285
Total	$	841	$	1,166	$	1,292	$	665	$	69	$	147	$	47	$	4,227


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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


	September 30, 2023		December 31, 2022
Allowance for credit losses, beginning of the period	$	14	$	11
Credit losses on mortgage loans for which credit losses were not previously recorded	2		2

Increase (decrease) on mortgage loans with an allowance recorded in a previous period	8		1
Provision for expected credit losses	24		14
Write-offs	—		—
Recoveries of amounts previously written-off	—		—

Allowance for credit losses, end of period	$	24	$	14

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


	September 30, 2023		December 31, 2022
Delinquency:
Current	$	4,127	$	4,227
30-59 days past due	26		—
60-89 days past due	—		—
Greater than 90 days past due	—		—
Total	$	4,153	$	4,227

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 September 30, 2023, the Company had $26 of matured loans not paid off or extended, with an LTV ratio of 100%. As of December 31, 2022, the Company had no commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the nine months ended September 30, 2023 was immaterial. There was no interest income recognized on loans in non-accrual status for the year ended December 31, 2022.

Net Investment Income

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities	$	319	$	351	$	970	$	1,060

Equity securities	2		2		8		7
Mortgage loans on real estate	50		45		147		134
Policy loans	2		2		6		6
Short-term investments and cash equivalents	3		1		7		2
Limited partnerships and other	25		(16)		69		80
Gross investment income	401		385		1,207		1,289
Less: Investment expenses	17		19		52		54
Net investment income	$	384	$	366	$	1,155	$	1,235


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

As of September 30, 2023 and December 31, 2022, the Company had $8 of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

Net Gains (Losses)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fixed maturities, available-for-sale, including securities pledged	$	(12)	$	12	$	(36)	$	(50)
Fixed maturities, at fair value option	(90)		(196)		(190)		(504)

Equity securities, at fair value	(1)		(4)		(7)		(25)
Derivatives	66		125		123		182
Embedded derivatives - fixed maturities	(3)		(2)		(3)		(5)
Other derivatives	1		2		1		1
Managed custody guarantees	(15)		(6)		(12)		(8)
Stabilizers	(9)		—		(9)		19
Mortgage loans	(1)		(1)		(9)		3
Other investments	—		1		—		—
Net gains (losses)	$	(64)	$	(69)	$	(142)	$	(387)

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:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Proceeds on sales	$	584	$	723	$	2,716	$	2,167
Gross gains	9		16		38		34
Gross losses	5		12		44		45

3. Derivative Financial Instruments

The Company primarily enters into the following types of derivatives:

Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices.

Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates, or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives.

The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments. Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as outlined in ASC Topic 815 as of September 30, 2023 and December 31, 2022.

The notional amounts and fair values of derivatives were as follows as of the dates indicated:


	September 30, 2023						December 31, 2022
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value		Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	18	$	—	$	—	$	18	$	—	$	—
Foreign exchange contracts	612		50		2		596		58		2
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	12,092		274		301		12,470		262		327
Foreign exchange contracts	79		4		—		45		2		—

Credit contracts	118		—		2		141		—		2
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)	N/A		—		2		N/A		2		—


Managed custody guarantees(3)	N/A		—		18		N/A		—		6
Stabilizers(3)	N/A		—		9		N/A		—		—
Total			$	328	$	334			$	324	$	337

(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Condensed Consolidated Balance Sheets.

(2) Included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets.

(3) Included in Future policy benefits and contract owner account balances on the Condensed Consolidated Balance Sheets.

N/A - Not Applicable


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The Company does not offset any derivative assets and liabilities in the Condensed Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:


	Gross Amount Recognized(1)		Counterparty Netting(2)		Cash Collateral Netting(2)		Securities Collateral Netting(2)		Net receivables/ payables
September 30, 2023
Derivative assets	$	328	$	(277)	$	(44)	$	(6)	$	1
Derivative liabilities	305		(277)		(19)		(9)		—

December 31, 2022
Derivative assets	321		(263)		(51)		(6)		1
Derivative liabilities	331		(263)		(64)		(1)		3

(1) As of September 30, 2023, gross amounts do not exclude asset and liability exchange traded contracts. As of December 31, 2022, gross amounts exclude asset and liability exchange traded contracts of $1 and $0, respectively.

(2) Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Collateral

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Condensed Consolidated Balance Sheets.

As of September 30, 2023, the Company held $47 and pledged $19 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2022, the Company held $50 and delivered $62 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of September 30, 2023, the Company delivered $159 of securities and held $6 of securities as collateral. As of December 31, 2022, the Company delivered $102 of securities and held $7 securities as collateral.


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Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the periods indicated:


	2023				2022
	Interest Rate Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Foreign Exchange Contracts
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Net investment income		Net investment income and Net gains (losses)		Net investment income		Net investment income and Net gains (losses)
Three Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	6	$	(1)	$	54
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		3		—		2

Nine Months Ended September 30,
Amount of Gain or (Loss) Recognized in Other Comprehensive Income	$	—	$	(9)	$	(2)	$	105
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income	—		7		—		7

The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:




	2023				2022
	Net investment income		Net gains (losses)		Net investment income		Net gains (losses)
Three Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	384	$	(64)	$	366	$	(69)

Cash flow hedges:


Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	3		—		2		—




Nine Months Ended September 30,
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded	$	1,155	$	(142)	$	1,235	$	(387)







Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income	7		—		7		—


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Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated:


	Location of Gain (Loss) on Derivative	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts	Net gains (losses)	$	64	$	121	$	121	$	178
Foreign exchange contracts	Net gains (losses)	2		3		2		7

Credit contracts	Net gains (losses)	—		1		—		(3)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments	Net gains (losses)	(3)		(2)		(3)		(5)


Managed custody guarantees	Net gains (losses)	(15)		(6)		(12)		(8)
Stabilizers	Net gains (losses)	(9)		—		(9)		19
Total		$	40	$	118	$	100	$	189


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Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

4. Fair Value Measurements

Fair Value Measurement

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2023:


	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	239	$	49	$	—	$	288
U.S. Government agencies and authorities	—		28		—		28
State, municipalities and political subdivisions	—		517		—		517
U.S. corporate public securities	—		5,275		13		5,288
U.S. corporate private securities	—		2,378		1,125		3,503
Foreign corporate public securities and foreign governments(1)	—		1,897		—		1,897
Foreign corporate private securities (1)	—		1,931		376		2,307
Residential mortgage-backed securities	—		2,403		54		2,457
Commercial mortgage-backed securities	—		2,342		—		2,342
Other asset-backed securities	—		1,413		39		1,452
Total fixed maturities, including securities pledged	239		18,233		1,607		20,079

Equity securities	10		—		113		123
Derivatives:
Interest rate contracts	1		273		—		274
Foreign exchange contracts	—		54		—		54



Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,092		1		—		1,093
Assets held in separate accounts	77,145		5,375		341		82,861
Total assets	$	78,487	$	23,936	$	2,061	$	104,484
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	27	$	27
Derivatives:
Interest rate contracts	9		292		—		301
Foreign exchange contracts	—		2		—		2

Credit contracts	—		2		—		2

Total liabilities	$	9	$	296	$	27	$	332

(1) Primarily U.S. dollar denominated.


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Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2022:


	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	291	$	86	$	—	$	377
U.S. Government agencies and authorities	—		30		—		30
State, municipalities and political subdivisions	—		600		—		600
U.S. corporate public securities	—		5,925		13		5,938
U.S. corporate private securities	—		2,212		1,356		3,568
Foreign corporate public securities and foreign governments(1)	—		2,064		2		2,066
Foreign corporate private securities (1)	—		2,099		339		2,438
Residential mortgage-backed securities	—		2,873		20		2,893
Commercial mortgage-backed securities	—		2,599		—		2,599
Other asset-backed securities	—		1,258		52		1,310
Total fixed maturities, including securities pledged	291		19,746		1,782		21,819
Equity securities	16		—		117		133
Derivatives:
Interest rate contracts	1		261		—		262
Foreign exchange contracts	—		60		—		60



Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,407		—		—		1,407
Assets held in separate accounts	72,065		5,227		347		77,639
Total assets	$	73,780	$	25,294	$	2,246	$	101,320
Liabilities:
Stabilizer and MCGs	$	—	$	—	$	6	$	6
Derivatives:
Interest rate contracts	2		325		—		327
Foreign exchange contracts	—		2		—		2

Credit contracts	—		2		—		2

Total liabilities	$	2	$	329	$	6	$	337

(1) Primarily U.S. dollar denominated.

Valuation of Financial Assets and Liabilities at Fair Value

Certain assets and liabilities are measured at estimated fair value on the Company's Condensed Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant's perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the


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Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available.

The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below.

For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows:

U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve.

U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings.

U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields.

U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities.

RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security.

Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3.

Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the


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Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

borrower's ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond.

Equity securities: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers.

Derivatives: Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates ("LIBOR"), Overnight Index Swap ("OIS") rates, and Secured Overnight Financing Rate ("SOFR"). The Company uses SOFR discounting for valuations of interest rate derivatives; however, certain legacy positions may continue to be discounted on OIS. The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company's policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company's nonperformance risk is also considered and incorporated in the Company's valuation process. The Company also has certain credit default swaps and options that are priced by third party vendors or by using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2.

Stabilizer and MCGs: The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. These derivatives are classified as Level 3 liabilities.

The discount rate used to determine the fair value of the Company's Stabilizer embedded derivative and MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims.

Level 3 Financial Instruments

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.


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Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Condensed Consolidated Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:


	Three Months Ended September 30, 2023
	Fair Value as of July 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of September 30		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change in Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:

U.S. Corporate public securities	$	13	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	13	$	—	$	—
U.S. Corporate private securities	1,305		—		(36)		17		—		—		(36)		47		(172)

VOYA RETIREMENT INSURANCE & ANNUITY Co 10-Q