Voya Financial Inc
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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13. Accumulated Other Comprehensive Income (Loss)
- Accumulated Other Comprehensive Income (Loss)
Shareholders' equity included the following components of Accumulated other comprehensive income ("AOCI") as of the dates indicated:
| June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Fixed maturities, net of impairment | $(2,676) | $(2,963) |
| Derivatives(1) | 66 | 98 |
| Change in current discount rate | (818) | (827) |
| Deferred income tax asset (liability)(2) | 843 | 898 |
| Total | (2,585) | (2,794) |
| Pension and other postretirement benefits liability, net of tax | 2 | 3 |
| AOCI | $(2,583) | $(2,791) |
(1)Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of June 30, 2024, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $14.
(2)The Company uses the portfolio method to determine when stranded tax benefits (or detriments) are released from AOCI.
Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations, were as follows for the periods indicated:
| Three Months Ended June 30, 2024 | ||||
|---|---|---|---|---|
| Before-Tax Amount · Income Tax (Benefit) · After-Tax Amount | ||||
| Available-for-sale securities: | ||||
| Fixed maturities | $(185) | $38 | $(147) | |
| Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 8 | (2) | 6 | |
| Change in unrealized gains/losses on available-for-sale securities | (177) | 36 | (141) | |
| Derivatives: | ||||
| Derivatives | 3 | (1) | — | 3 |
| Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (4) | 1 | (3) | |
| Change in unrealized gains/losses on derivatives | (1) | 1 | — | |
| Change in current discount rate | 34 | (7) | 27 | |
| Change in Accumulated other comprehensive income (loss) | $(144) | $30 | $(114) | |
| Six Months Ended June 30, 2024 | ||||
|---|---|---|---|---|
| Before-Tax Amount · Income Tax (Benefit) · After-Tax Amount | ||||
| Available-for-sale securities: | ||||
| Fixed maturities | $(330) | $68 | $(262) | |
| Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 24 | (5) | 19 | |
| Change in unrealized gains (losses) on available-for-sale securities | (306) | 63 | (243) | |
| Derivatives: | ||||
| Derivatives | 11 | (1) | (2) | 9 |
| Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (8) | 2 | (6) | |
| Change in unrealized gains (losses) on derivatives | 3 | — | 3 | |
| Change in current discount rate | 72 | (15) | 57 | |
| Change in Accumulated other comprehensive income (loss) | $(231) | $48 | $(183) | |
| Three Months Ended June 30, 2023 | ||||
|---|---|---|---|---|
| Before-Tax Amount · Income Tax (Benefit) · After-Tax Amount | ||||
| Available-for-sale securities: | ||||
| Fixed maturities | $(343) | $72 | $(271) | |
| Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 15 | (3) | 12 | |
| Change in unrealized gains (losses) on available-for-sale securities | (328) | 69 | (259) | |
| Derivatives: | ||||
| Derivatives | (6) | (1) | 1 | (5) |
| Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (5) | 1 | (4) | |
| Change in unrealized gains (losses) on derivatives | (11) | 2 | (9) | |
| Change in current discount rate | 28 | (6) | 22 | |
| Change in Accumulated other comprehensive income (loss) | $(311) | $65 | $(246) | |
| Six Months Ended June 30, 2023 | ||||
|---|---|---|---|---|
| Before-Tax Amount · Income Tax (Benefit) · After-Tax Amount | ||||
| Available-for-sale securities: | ||||
| Fixed maturities | $318 | $(67) | $251 | |
| Adjustments for amounts recognized in Net gains (losses) in the Condensed Consolidated Statements of Operations | 14 | (3) | 11 | |
| Change in unrealized gains (losses) on available-for-sale securities | 332 | (70) | 262 | |
| Derivatives: | ||||
| Derivatives | (18) | (1) | 4 | (14) |
| Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (10) | 2 | (8) | |
| Change in unrealized gains (losses) on derivatives | (28) | 6 | (22) | |
| Change in current discount rate | 30 | (6) | 24 | |
| Change in Accumulated other comprehensive income (loss) | $334 | $(70) | $264 | |
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