Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2026:


	Level 1		Level 2			Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	503	$	125		$	—	$	628
U.S. Government agencies and authorities	—		31			—		31
State, municipalities and political subdivisions	—		464			—		464
U.S. corporate public securities	—		7,848			77		7,925
U.S. corporate private securities	—		3,198			2,306		5,504
Foreign corporate public securities and foreign governments(1)	—		2,617			59		2,676
Foreign corporate private securities(1)	—		2,112			740		2,852
Residential mortgage-backed securities	—		4,097			75		4,172
Commercial mortgage-backed securities	—		2,484			—		2,484
Other asset-backed securities	—		2,497			318		2,815
Total fixed maturities, including securities pledged	503		25,473			3,575		29,551
Equity securities	110		—			83		193
Derivatives:
Interest rate contracts	—		185			—		185
Foreign exchange contracts	—		17			—		17
Equity contracts	—		1			—		1
Embedded derivatives within reinsurance	—		46			—		46
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,183		8			—		2,191
Assets held in separate accounts	102,819		5,222			426		108,467
Total assets	$	105,615	$	30,952		$	4,084	$	140,651
Liabilities:
Contingent consideration	$	—	$	—		$	22	$	22
Stabilizer and MCGs	—		—			7		7
Derivatives:
Interest rate contracts	5		239			—		244
Foreign exchange contracts	—		15			—		15
Equity contracts	—		3			—		3

Embedded derivatives within reinsurance	—		(9)		(2)	—		(9)
Total liabilities	$	5	$	248		$	29	$	282

(1) Primarily U.S. dollar denominated.

(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.

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, 2025:


	Level 1		Level 2			Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	486	$	128		$	—	$	614
U.S. Government agencies and authorities	—		31			—		31
State, municipalities and political subdivisions	—		510			—		510
U.S. corporate public securities	—		7,786			78		7,864
U.S. corporate private securities	—		3,522			2,100		5,622
Foreign corporate public securities and foreign governments(1)	—		2,718			60		2,778
Foreign corporate private securities(1)	—		2,178			631		2,809
Residential mortgage-backed securities	—		4,273			71		4,344
Commercial mortgage-backed securities	—		2,676			—		2,676
Other asset-backed securities	—		2,604			299		2,903
Total fixed maturities, including securities pledged	486		26,426			3,239		30,151
Equity securities	107		—			94		201
Derivatives:
Interest rate contracts	2		182			—		184
Foreign exchange contracts	—		10			—		10
Equity contracts	—		3			—		3
Embedded derivatives within reinsurance	—		55			—		55
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,352		5			—		2,357
Assets held in separate accounts	107,191		5,428			388		113,007
Total assets	$	110,138	$	32,109		$	3,721	$	145,968
Liabilities:
Contingent consideration	$	—	$	—		$	147	$	147
Stabilizer and MCGs	—		—			5		5
Derivatives:
Interest rate contracts	—		258			—		258
Foreign exchange contracts	—		22			—		22
Equity contracts	—		2			—		2

Embedded derivatives within reinsurance	—		(9)		(2)	—		(9)
Total liabilities	$	—	$	273		$	152	$	425

(1) Primarily U.S. dollar denominated.

(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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 March 31, 2026
	Fair Value as of January 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of March 31		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	$	78	$	—	$	(1)	$	—	$	—	$	—	$	—	$	—	$	—	$	77	$	—	$	(1)
U.S. corporate private securities	2,100		(3)		(27)		283		—		(41)		(101)		120		(25)		2,306		—		(27)
Foreign corporate public securities and foreign governments(1)	60		—		(1)		—		—		—		—		—		—		59		—		(1)
Foreign corporate private securities(1)	631		(1)		(6)		124		—		—		(8)		—		—		740		—		(7)
Residential mortgage-backed securities	71		(2)		—		11		—		—		—		—		(5)		75		(2)		—

Other asset-backed securities	299		—		1		78		—		(2)		(14)		—		(44)		318		—		1
Total fixed maturities, including securities pledged	3,239		(6)		(34)		496		—		(43)		(123)		120		(74)		3,575		(2)		(35)

Equity securities, at fair value	94		—		—		—		—		(11)		—		—		—		83		—		—
Contingent consideration	(147)		(4)		—		—		—		—		129		—		—		(22)		—		—
Stabilizer and MCGs(2)	(5)		(2)		—		—		—		—		—		—		—		(7)		—		—




Assets held in separate accounts(4)	388		(4)		—		38		—		(7)		—		12		(1)		426		—		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.

(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.

(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income for the Company.


	Three Months Ended March 31, 2025
	Fair Value as of January 1		Realized/Unrealized Gains (Losses) Included in:				Purchases		Issuances			Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of March 31		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	$	59	$	(1)	$	2	$	1	$	—		$	(11)	$	—	$	—	$	(2)	$	48	$	—	$	—
U.S. corporate private securities	1,497		(1)		19		194		—			(7)		(25)		—		—		1,677		—		19
Foreign corporate public securities and foreign governments(1)	60		—		(1)		—		—			—		—		—		—		59		—		(1)
Foreign corporate private securities(1)	421		(19)		29		161		—			—		(2)		—		—		590		(19)		29
Residential mortgage-backed securities	67		(3)		—		16		—			—		—		—		(10)		70		(3)		—

Other asset-backed securities	23		—		—		3		—			—		(3)		—		(4)		19		—		—
Total fixed maturities, including securities pledged	2,127		(24)		49		375		—			(18)		(30)		—		(16)		2,463		(22)		47

Equity securities, at fair value	98		3		—		9		—			—		—		—		—		110		3		—
Contingent consideration	(2)		(2)		—		—		(149)		(5)	—		1		—		—		(152)		—		—
Stabilizer and MCGs(2)	(19)		3		—		—		—			—		—		—		—		(16)		—		—

Embedded derivatives within reinsurance	(53)		1		—		—		—			—		—		—		—		(52)		—		—
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	23		—		1		—		—			—		—		—		—		24		—		1
Assets held in separate accounts(4)	340		4		—		8		—			(14)		—		—		—		338		—		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.

(5) Represents a portion of the purchase consideration related to the acquisition of OneAmerica Financial's full-service retirement plan business.

Fair Value, by Balance Sheet Grouping

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:


	March 31, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	29,551	$	29,551	$	30,151	$	30,151
Equity securities	193		193		201		201
Mortgage loans on real estate	5,664		5,524		5,608		5,522
Policy loans	316		316		323		323
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	2,191		2,191		2,357		2,357
Derivatives	203		203		197		197
Embedded derivatives within reinsurance	46		46		55		55

Other investments	90		90		86		86
Assets held in separate accounts	108,467		108,467		113,007		113,007
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	$	33,570	$	36,578	$	33,793	$	37,154
Funding agreements with fixed maturities	2,256		2,276		2,101		2,120
Supplementary contracts and immediate annuities	501		483		504		481

Stabilizer and MCGs	7		7		5		5
Derivatives	262		262		282		282
Embedded derivatives within reinsurance(2)	(9)		(9)		(9)		(9)
Short-term debt	587		587		586		588
Long-term debt	1,913		1,826		1,518		1,489

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.

(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.

The following table shows the fair value hierarchy for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of March 31, 2026:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	118	$	—	$	—	$	—	$	118
Corporate loans	—		1,488		—		—		1,488
Limited partnerships/corporations	—		—		—		2,971		2,971
Other investments(1)	—		—		66		—		66
VOEs
Cash and cash equivalents	3		—		—		—		3

Other investments(1)	—		—		—		20		20

Total assets	$	121	$	1,488	$	66	$	2,991	$	4,666
Liabilities
VIEs
CLO notes	$	—	$	1,173	$	—	$	—	$	1,173
Total liabilities	$	—	$	1,173	$	—	$	—	$	1,173

(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.

The following table shows the fair value for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of December 31, 2025:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	116	$	—	$	—	$	—	$	116
Corporate loans	—		1,350		—		—		1,350
Limited partnerships/corporations	—		—		—		3,142		3,142
Other investments(1)	—		—		43		—		43
VOEs
Cash and cash equivalents	4		—		—		—		4

Other investments(1)	—		—		—		47		47

Total assets	$	120	$	1,350	$	43	$	3,189	$	4,702
Liabilities
VIEs
CLO notes	$	—	$	1,134	$	—	$	—	$	1,134
Total liabilities	$	—	$	1,134	$	—	$	—	$	1,134

Financial Instruments Not Carried at Fair Value

The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:


Financial Instrument			Classification
Mortgage loans on real estate			Level 3
Policy loans			Level 2


Other investments			Level 2
Funding agreements without fixed maturities and deferred annuities			Level 3
Funding agreements with fixed maturities			Level 2
Supplementary contracts and immediate annuities			Level 3
Short-term debt and Long-term debt			Level 2

Voya Financial, Inc. 10-Q