Employee Benefit Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets for the years ended December 31, 2025 and 2024 and the discount rate and interest credit rate used in determining pension benefit obligations as of December 31, 2025 and 2024 as well as the funded status of the Company's Plans as of December 31, 2025 and 2024:


	Pension Plans
	2025			2024
Change in benefit obligation:
Benefit obligations, January 1	$	1,912		$	1,999
Service cost	33			30
Interest cost	109			102

Net actuarial (gains) losses(1)	67			(98)
Benefits paid	(132)			(121)



Benefit obligations, December 31(2)	1,989			1,912

Discount rate	5.63		%	5.88		%
Interest credit rate	4.25		%	3.75		%

Change in plan assets:
Fair value of plan net assets, January 1	1,773			1,831
Actual return on plan assets	147			36
Employer contributions	31			28

Benefits paid	(132)			(122)

Fair value of plan net assets, December 31(3)	1,819			1,773
Unfunded status at end of year (4)	$	(170)		$	(139)

(1) Includes actuarial (gain) loss of $44 and $(110) due to the change in the discount rate for the years ended December 31, 2025 and 2024, respectively. The discount rate decreased 0.25% during 2025 driven by a steepening of the corporate AA yield curve. The discount rate increased 0.60% during 2024 driven by an increase in corporate AA yields.

(2) Includes Retirement Plan benefit obligations of $1,655 and $1,581 as of December 31, 2025 and 2024, respectively, and non-qualified plan benefit obligations of $334 and $331 as of December 31, 2025 and 2024, respectively.

(3) Represents Retirement Plan Assets.

(4) Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with ERISA regulations.

Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss)

The following table summarizes amounts related to the Plans recognized on the Consolidated Balance Sheets as of December 31, 2025 and 2024:



	2025		2024
Amounts recognized in the Consolidated Balance Sheets consist of:(1)
Prepaid benefit cost(2)	$	164	$	192
Accrued benefit cost(2)	(334)		(331)
Net amount recognized	$	(170)	$	(139)

(1) Excludes other postretirement benefit obligations of $6 and $8 as of December 31, 2025 and 2024, respectively.

(2) Prepaid benefit cost is included in Other assets on the Consolidated Balance Sheets. Accrued benefit cost is included in Other liabilities on the Consolidated Balance Sheets.

Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets

The following table summarizes information for the Plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2025 and 2024:



	2025		2024
Projected benefit obligation	$	334	$	331
Accumulated benefit obligation	331		328
Fair value of plan assets	—		—

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations, weighted-average assumptions used in determining net benefit cost of the Plans and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) related to the Plans were as follows for the years ended December 31, 2025, 2024 and 2023:



	2025			2024			2023
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations:
Service cost	$	33		$	30		$	24
Interest cost	109			102			103
Expected return on plan assets	(103)			(107)			(100)


Net (gain) loss recognition	24			(26)			(4)
Net periodic (benefit) costs	$	63		$	(1)		$	23

Discount rate	5.88		%	5.28		%	5.47		%
Expected rate of return on plan assets	6.00		%	6.00		%	5.82		%
Interest credit rate	3.75		%	3.75		%	3.00		%

Schedule of Allocation of Plan Assets

The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2025 and 2024:


	Actual Asset Allocation
	2025		2024
Equity securities:
Target allocation range	5%-13%		5%-13%
Large-cap domestic	4.4	%	4.3	%
Small/Mid-cap domestic	1.0	%	0.9	%
International commingled funds	3.5	%	2.9	%
Limited Partnerships	—	%	0.1	%
Total equity securities	8.9	%	8.2	%
Fixed maturities:
Target allocation range	83%-87%		83%-87%
U.S. Treasuries, short-term investments, cash and futures	2.5	%	2.0	%
U.S. Government agencies and authorities	7.0	%	4.7	%
U.S. corporate, state and municipalities	62.4	%	66.8	%
Foreign securities	13.1	%	12.3	%




Total fixed maturities	85.0	%	85.8	%
Other investments:
Target allocation range	2%-10%		2%-10%
Hedge funds	3.3	%	2.9	%
Real estate	2.8	%	3.1	%
Total other investments	6.1	%	6.0	%
Total	100.0	%	100.0	%

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2025:


	Level 1		Level 2		Level 3		NAV		Total
Assets
Fixed maturities, short-term investments and cash:
Cash and cash equivalents	$	26	$	5	$	—	$	—	$	31

Short-term investment fund(1)	—		—		—		15		15
U.S. Government securities	125		—		—		—		125
U.S. corporate, state and municipalities	10		1,068		57		—		1,135
Foreign securities	—		218		21		—		239





Total fixed maturities	161		1,291		78		15		1,545

Equity securities:




Total equity securities(2)	19		80		—		69		168

Other investments:



Total other investments(3)	—		—		—		106		106
Total assets	$	180	$	1,371	$	78	$	190	$	1,819

(1) This category includes common collective trust funds, a short-term investment fund, which invests in a full range of high-quality, short-term money market securities. Participant's redemptions are processed by the following day.

(2) This category includes assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $31 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $34 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Contributions and redemptions are conducted on a monthly basis as of the last business day of each month with notice required at least six business days before the month-end. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments.

(3) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $51 and is an actively managed core portfolio of equity real estate, whose performance objective is to outperform the National Council of Real Estate Investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index and to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Redemptions of all or a portion of an investor's units may be redeemed as of the end of a calendar quarter with at least 60 days notice. Other investments also includes a limited partnership with a balance of $55 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the limited partnership fund.

The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2024:



	Level 1		Level 2		Level 3		NAV		Total
Assets
Fixed maturities, short-term investments and cash:
Cash and cash equivalents	$	11	$	7	$	—	$	—	$	18

Short-term investment fund(1)	—		—		—		19		19
U.S. Government securities	82		—		—		—		82
U.S. corporate, state and municipalities	10		1,102		72		—		1,184
Foreign securities	—		198		20		—		218





Total fixed maturities	103		1,307		92		19		1,521

Equity securities:




Total equity securities(2)	17		77		—		58		152

Other investments:



Total other investments(3)	—		—		—		100		100
Total assets	$	120	$	1,384	$	92	$	177	$	1,773

(1) See footnote 1 to previous table.

(2) Equity securities include two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $26 and Silchester has a fund balance of $26. See footnote 2 to previous table for further information.

(3) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $52 and a limited partnership with a balance of $48. See footnote 3 to previous table for further information.

Schedule of Expected Benefit Payments

The following table summarizes the expected benefit payments for the Company's pension plans to be paid for the years indicated:



2026	$	144
2027	140
2028	144
2029	148
2030	152
2031-2035	798

Voya Financial, Inc. 10-K