Voya Financial, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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Jun 30, 2026 · Filed Aug 6, 2026
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7. Reinsurance
- Reinsurance
The Company reinsures its business through a diversified group of reinsurers. However, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit ("LOC").
Information regarding the effect of reinsurance on the Condensed Consolidated Balance Sheets is as follows as of the periods indicated:
| Direct | Assumed | Ceded | Total, Net of Reinsurance | |
|---|---|---|---|---|
| Assets | ||||
| Premium receivable | $185 | $13 | $(230) | $(32) |
| Reinsurance recoverable, net of allowance for credit losses | — | — | 10,458 | 10,458 |
| Total | $185 | $13 | $10,228 | $10,426 |
| Liabilities | ||||
| Future policy benefits and contract owner account balances | $44,752 | $3,772 | $— | $48,524 |
| Total | $44,752 | $3,772 | $— | $48,524 |
| Assets | ||||
| Premium receivable | $189 | $12 | $(241) | $(40) |
| Reinsurance recoverable, net of allowance for credit losses | — | — | 10,753 | 10,753 |
| Total | $189 | $12 | $10,512 | $10,713 |
| Liabilities | ||||
| Future policy benefits and contract owner account balances | $45,302 | $4,054 | $— | $49,356 |
| Total | $45,302 | $4,054 | $— | $49,356 |
Information regarding the effect of reinsurance in the Condensed Consolidated Statements of Operations is as follows for the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Premiums: | ||||
| Direct premiums | $930 | $956 | $1,887 | $1,914 |
| Reinsurance assumed | 7 | 3 | 18 | 11 |
| Reinsurance ceded | (221) | (241) | (445) | (470) |
| Net premiums | $716 | $718 | $1,460 | $1,455 |
| Fee income: | ||||
| Direct fee income | $695 | $651 | $1,375 | $1,296 |
| Reinsurance assumed | 24 | 24 | 48 | 50 |
| Reinsurance ceded | (99) | (98) | (199) | (199) |
| Net fee income | $620 | $577 | $1,224 | $1,147 |
| Interest credited and other benefits to contract owners / policyholders: | ||||
| Direct interest credited and other benefits to contract owners / policyholders | $1,105 | $1,098 | $2,309 | $2,252 |
| Reinsurance assumed | 31 | 35 | 56 | 60 |
| Reinsurance ceded | (311) | (332) | (721) | (676) |
| Net interest credited and other benefits to contract owners / policyholders | $825 | $801 | $1,644 | $1,636 |
If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. As of June 30, 2026 and December 31, 2025, the Company had a deposit asset net of the allowance for credit losses of $0.9 billion which is reported in Other assets on the Condensed Consolidated Balance Sheets.
In addition, the Company had a liability for funds withheld under ceded reinsurance agreements of $101 and $108 as of June 30, 2026 and December 31, 2025, respectively, which was recorded in Other liabilities on the Condensed Consolidated Balance Sheets. The funds withheld asset related to assumed reinsurance was $0.9 billion as of June 30, 2026 and December 31, 2025, which was recorded in Other assets on the Condensed Consolidated Balance Sheets.
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