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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis | The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.
| March 31, 2025
(In millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies |  | $ | 16,972 |  |  |  |  | $ | 845 |  |  |  |  | $ | 0 |  |  |  |  | $ | 17,817 |  |
Municipalities |  | 0 |  |  |  |  | 2,055 |  |  |  |  | 0 |  |  |  |  | 2,055 |  |
Mortgage- and asset-backed securities |  | 0 |  |  |  |  | 2,445 |  |  |  |  | 1,603 |  |  |  |  | 4,048 |  |
Public utilities |  | 0 |  |  |  |  | 6,465 |  |  |  |  | 756 |  |  |  |  | 7,221 |  |
Sovereign and supranational |  | 0 |  |  |  |  | 402 |  |  |  |  | 24 |  |  |  |  | 426 |  |
Banks/financial institutions |  | 0 |  |  |  |  | 9,351 |  |  |  |  | 10 |  |  |  |  | 9,361 |  |
Other corporate |  | 0 |  |  |  |  | 26,079 |  |  |  |  | 137 |  |  |  |  | 26,216 |  |
Total fixed maturity securities |  | 16,972 |  |  |  |  | 47,642 |  |  |  |  | 2,530 |  |  |  |  | 67,144 |  |
Equity securities |  | 604 |  |  |  |  | 0 |  |  |  |  | 160 |  |  |  |  | 764 |  |
Other investments |  | 2,259 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 2,259 |  |
Cash and cash equivalents |  | 5,231 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 5,231 |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | 0 |  |  |  |  | 49 |  |  |  |  | 0 |  |  |  |  | 49 |  |
Foreign currency forwards |  | 0 |  |  |  |  | 92 |  |  |  |  | 0 |  |  |  |  | 92 |  |
Foreign currency options |  | 0 |  |  |  |  | 2 |  |  |  |  | 0 |  |  |  |  | 2 |  |
Interest rate swaps |  | 0 |  |  |  |  | 5 |  |  |  |  | 0 |  |  |  |  | 5 |  |
Total other assets |  | 0 |  |  |  |  | 148 |  |  |  |  | 0 |  |  |  |  | 148 |  |
Total assets |  | $ | 25,066 |  |  |  |  | $ | 47,790 |  |  |  |  | $ | 2,690 |  |  |  |  | $ | 75,546 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | $ | 0 |  |  |  |  | $ | 642 |  |  |  |  | $ | 0 |  |  |  |  | $ | 642 |  |
Foreign currency forwards |  | 0 |  |  |  |  | 39 |  |  |  |  | 0 |  |  |  |  | 39 |  |
Interest rate swaps |  | 0 |  |  |  |  | 304 |  |  |  |  | 0 |  |  |  |  | 304 |  |
Total liabilities |  | $ | 0 |  |  |  |  | $ | 985 |  |  |  |  | $ | 0 |  |  |  |  | $ | 985 |  |
| December 31, 2024
(In millions) | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies |  | $ | 17,088 |  |  |  |  | $ | 758 |  |  |  |  | $ | 0 |  |  |  |  | $ | 17,846 |  |
Municipalities |  | 0 |  |  |  |  | 2,034 |  |  |  |  | 0 |  |  |  |  | 2,034 |  |
Mortgage- and asset-backed securities |  | 0 |  |  |  |  | 2,407 |  |  |  |  | 1,156 |  |  |  |  | 3,563 |  |
Public utilities |  | 0 |  |  |  |  | 6,398 |  |  |  |  | 647 |  |  |  |  | 7,045 |  |
Sovereign and supranational |  | 0 |  |  |  |  | 393 |  |  |  |  | 23 |  |  |  |  | 416 |  |
Banks/financial institutions |  | 0 |  |  |  |  | 8,946 |  |  |  |  | 10 |  |  |  |  | 8,956 |  |
Other corporate |  | 0 |  |  |  |  | 25,178 |  |  |  |  | 231 |  |  |  |  | 25,409 |  |
Total fixed maturity securities |  | 17,088 |  |  |  |  | 46,114 |  |  |  |  | 2,067 |  |  |  |  | 65,269 |  |
Equity securities |  | 639 |  |  |  |  | 0 |  |  |  |  | 157 |  |  |  |  | 796 |  |
Other investments |  | 1,599 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 1,599 |  |
Cash and cash equivalents |  | 6,229 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 6,229 |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | 0 |  |  |  |  | 55 |  |  |  |  | 0 |  |  |  |  | 55 |  |
Foreign currency forwards |  | 0 |  |  |  |  | 185 |  |  |  |  | 0 |  |  |  |  | 185 |  |
Total other assets |  | 0 |  |  |  |  | 240 |  |  |  |  | 0 |  |  |  |  | 240 |  |
Total assets |  | $ | 25,555 |  |  |  |  | $ | 46,354 |  |  |  |  | $ | 2,224 |  |  |  |  | $ | 74,133 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | $ | 0 |  |  |  |  | $ | 604 |  |  |  |  | $ | 0 |  |  |  |  | $ | 604 |  |
Interest rate swaps |  | 0 |  |  |  |  | 329 |  |  |  |  | 0 |  |  |  |  | 329 |  |
Total liabilities |  | $ | 0 |  |  |  |  | $ | 933 |  |  |  |  | $ | 0 |  |  |  |  | $ | 933 |  |
Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost | The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.
| March 31, 2025
(In millions) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held-to-maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies |  | $ | 16,193 |  |  |  | $ | 16,262 |  |  |  |  | $ | 144 |  |  |  |  | $ | 0 |  |  |  |  | $ | 16,406 |  |
Municipalities |  | 249 |  |  |  | 0 |  |  |  |  | 260 |  |  |  |  | 0 |  |  |  |  | 260 |  |
Public utilities |  | 33 |  |  |  | 0 |  |  |  |  | 33 |  |  |  |  | 0 |  |  |  |  | 33 |  |
Sovereign and supranational |  | 396 |  |  |  | 0 |  |  |  |  | 418 |  |  |  |  | 0 |  |  |  |  | 418 |  |
Other corporate |  | 17 |  |  |  | 0 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 18 |  |
Commercial mortgage and other loans |  | 10,656 |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 10,451 |  |  |  |  | 10,451 |  |
Other investments (1) |  | 37 |  |  |  | 0 |  |  |  |  | 37 |  |  |  |  | 0 |  |  |  |  | 37 |  |
Total assets |  | $ | 27,581 |  |  |  | $ | 16,262 |  |  |  |  | $ | 910 |  |  |  |  | $ | 10,451 |  |  |  |  | $ | 27,623 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other policyholders’ funds |  | $ | 5,863 |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |  |  |  | $ | 5,789 |  |  |  |  | $ | 5,789 |  |
Notes payable (excluding leases) |  | 7,653 |  |  |  | 0 |  |  |  |  | 6,533 |  |  |  |  | 714 |  |  |  |  | 7,247 |  |
Total liabilities |  | $ | 13,516 |  |  |  | $ | 0 |  |  |  |  | $ | 6,533 |  |  |  |  | $ | 6,503 |  |  |  |  | $ | 13,036 |  |
(1) Excludes policy loans of $211, equity method investments of $3,482, and REO of $774, at carrying valu e
| December 31, 2024
(In millions) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities held-to-maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies |  | $ | 15,309 |  |  |  | $ | 15,916 |  |  |  |  | $ | 143 |  |  |  |  | $ | 0 |  |  |  |  | $ | 16,059 |  |
Municipalities |  | 235 |  |  |  | 0 |  |  |  |  | 257 |  |  |  |  | 0 |  |  |  |  | 257 |  |
Public utilities |  | 32 |  |  |  | 0 |  |  |  |  | 33 |  |  |  |  | 0 |  |  |  |  | 33 |  |
Sovereign and supranational |  | 374 |  |  |  | 0 |  |  |  |  | 405 |  |  |  |  | 0 |  |  |  |  | 405 |  |
Other corporate |  | 16 |  |  |  | 0 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 18 |  |
Commercial mortgage and other loans |  | 10,869 |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 10,653 |  |  |  |  | 10,653 |  |
Other investments (1) |  | 39 |  |  |  | 0 |  |  |  |  | 39 |  |  |  |  | 0 |  |  |  |  | 39 |  |
Total assets |  | $ | 26,874 |  |  |  | $ | 15,916 |  |  |  |  | $ | 895 |  |  |  |  | $ | 10,653 |  |  |  |  | $ | 27,464 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other policyholders’ funds |  | $ | 5,460 |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |  |  |  | $ | 5,389 |  |  |  |  | $ | 5,389 |  |
Notes payable (excluding leases) |  | 7,402 |  |  |  | 0 |  |  |  |  | 6,352 |  |  |  |  | 675 |  |  |  |  | 7,027 |  |
Total liabilities |  | $ | 12,862 |  |  |  | $ | 0 |  |  |  |  | $ | 6,352 |  |  |  |  | $ | 6,064 |  |  |  |  | $ | 12,416 |  |
(1) Excludes policy loans of $203, equity method investments of $3,435, and REO of $682, at carrying value
Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources | The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.
|  | March 31, 2025
(In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 16,972 |  |  |  |  | $ | 524 |  |  |  |  | $ | 0 |  |  |  |  | $ | 17,496 |  |
Internal |  |  | 0 |  |  |  |  | 321 |  |  |  |  | 0 |  |  |  |  | 321 |  |
Total government and agencies |  |  | 16,972 |  |  |  |  | 845 |  |  |  |  | 0 |  |  |  |  | 17,817 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 1,812 |  |  |  |  | 0 |  |  |  |  | 1,812 |  |
Internal |  |  | 0 |  |  |  |  | 243 |  |  |  |  | 0 |  |  |  |  | 243 |  |
Total municipalities |  |  | 0 |  |  |  |  | 2,055 |  |  |  |  | 0 |  |  |  |  | 2,055 |  |
Mortgage- and asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 2,258 |  |  |  |  | 0 |  |  |  |  | 2,258 |  |
Internal |  |  | 0 |  |  |  |  | 187 |  |  |  |  | 37 |  |  |  |  | 224 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 1,566 |  |  |  |  | 1,566 |  |
Total mortgage- and asset-backed securities |  |  | 0 |  |  |  |  | 2,445 |  |  |  |  | 1,603 |  |  |  |  | 4,048 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 3,644 |  |  |  |  | 0 |  |  |  |  | 3,644 |  |
Internal |  |  | 0 |  |  |  |  | 2,821 |  |  |  |  | 0 |  |  |  |  | 2,821 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 756 |  |  |  |  | 756 |  |
Total public utilities |  |  | 0 |  |  |  |  | 6,465 |  |  |  |  | 756 |  |  |  |  | 7,221 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 78 |  |  |  |  | 0 |  |  |  |  | 78 |  |
Internal |  |  | 0 |  |  |  |  | 324 |  |  |  |  | 0 |  |  |  |  | 324 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 24 |  |  |  |  | 24 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 402 |  |  |  |  | 24 |  |  |  |  | 426 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 5,416 |  |  |  |  | 0 |  |  |  |  | 5,416 |  |
Internal |  |  | 0 |  |  |  |  | 3,935 |  |  |  |  | 6 |  |  |  |  | 3,941 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 4 |  |  |  |  | 4 |  |
Total banks/financial institutions |  |  | 0 |  |  |  |  | 9,351 |  |  |  |  | 10 |  |  |  |  | 9,361 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 20,762 |  |  |  |  | 0 |  |  |  |  | 20,762 |  |
Internal |  |  | 0 |  |  |  |  | 5,317 |  |  |  |  | 21 |  |  |  |  | 5,338 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 116 |  |  |  |  | 116 |  |
Total other corporate |  |  | 0 |  |  |  |  | 26,079 |  |  |  |  | 137 |  |  |  |  | 26,216 |  |
Total securities available-for-sale |  |  | $ | 16,972 |  |  |  |  | $ | 47,642 |  |  |  |  | $ | 2,530 |  |  |  |  | $ | 67,144 |  |
Equity securities, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 604 |  |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |  |  |  | $ | 604 |  |
Internal |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 26 |  |  |  |  | 26 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 134 |  |  |  |  | 134 |  |
Total equity securities |  |  | $ | 604 |  |  |  |  | $ | 0 |  |  |  |  | $ | 160 |  |  |  |  | $ | 764 |  |
|  | December 31, 2024
(In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 17,088 |  |  |  |  | $ | 446 |  |  |  |  | $ | 0 |  |  |  |  | $ | 17,534 |  |
Internal |  |  | 0 |  |  |  |  | 312 |  |  |  |  | 0 |  |  |  |  | 312 |  |
Total government and agencies |  |  | 17,088 |  |  |  |  | 758 |  |  |  |  | 0 |  |  |  |  | 17,846 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 1,791 |  |  |  |  | 0 |  |  |  |  | 1,791 |  |
Internal |  |  | 0 |  |  |  |  | 243 |  |  |  |  | 0 |  |  |  |  | 243 |  |
Total municipalities |  |  | 0 |  |  |  |  | 2,034 |  |  |  |  | 0 |  |  |  |  | 2,034 |  |
Mortgage- and asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 2,352 |  |  |  |  | 0 |  |  |  |  | 2,352 |  |
Internal |  |  | 0 |  |  |  |  | 55 |  |  |  |  | 37 |  |  |  |  | 92 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 1,119 |  |  |  |  | 1,119 |  |
Total mortgage- and asset-backed securities |  |  | 0 |  |  |  |  | 2,407 |  |  |  |  | 1,156 |  |  |  |  | 3,563 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 3,628 |  |  |  |  | 0 |  |  |  |  | 3,628 |  |
Internal |  |  | 0 |  |  |  |  | 2,770 |  |  |  |  | 0 |  |  |  |  | 2,770 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 647 |  |  |  |  | 647 |  |
Total public utilities |  |  | 0 |  |  |  |  | 6,398 |  |  |  |  | 647 |  |  |  |  | 7,045 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 78 |  |  |  |  | 0 |  |  |  |  | 78 |  |
Internal |  |  | 0 |  |  |  |  | 315 |  |  |  |  | 0 |  |  |  |  | 315 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 23 |  |  |  |  | 23 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 393 |  |  |  |  | 23 |  |  |  |  | 416 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 4,975 |  |  |  |  | 0 |  |  |  |  | 4,975 |  |
Internal |  |  | 0 |  |  |  |  | 3,971 |  |  |  |  | 5 |  |  |  |  | 3,976 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 5 |  |  |  |  | 5 |  |
Total banks/financial institutions |  |  | 0 |  |  |  |  | 8,946 |  |  |  |  | 10 |  |  |  |  | 8,956 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 20,051 |  |  |  |  | 0 |  |  |  |  | 20,051 |  |
Internal |  |  | 0 |  |  |  |  | 5,127 |  |  |  |  | 116 |  |  |  |  | 5,243 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 115 |  |  |  |  | 115 |  |
Total other corporate |  |  | 0 |  |  |  |  | 25,178 |  |  |  |  | 231 |  |  |  |  | 25,409 |  |
Total securities available-for-sale |  |  | $ | 17,088 |  |  |  |  | $ | 46,114 |  |  |  |  | $ | 2,067 |  |  |  |  | $ | 65,269 |  |
Equity securities, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 639 |  |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |  |  |  | $ | 639 |  |
Internal |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 26 |  |  |  |  | 26 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 131 |  |  |  |  | 131 |  |
Total equity securities |  |  | $ | 639 |  |  |  |  | $ | 0 |  |  |  |  | $ | 157 |  |  |  |  | $ | 796 |  |
Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources |
|  | March 31, 2025
(In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Securities held-to-maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 16,262 |  |  |  |  | $ | 144 |  |  |  |  | $ | 0 |  |  |  |  | $ | 16,406 |  |
Total government and agencies |  |  | 16,262 |  |  |  |  | 144 |  |  |  |  | 0 |  |  |  |  | 16,406 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 260 |  |  |  |  | 0 |  |  |  |  | 260 |  |
Total municipalities |  |  | 0 |  |  |  |  | 260 |  |  |  |  | 0 |  |  |  |  | 260 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 33 |  |  |  |  | 0 |  |  |  |  | 33 |  |
Total public utilities |  |  | 0 |  |  |  |  | 33 |  |  |  |  | 0 |  |  |  |  | 33 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 205 |  |  |  |  | 0 |  |  |  |  | 205 |  |
Internal |  |  | 0 |  |  |  |  | 213 |  |  |  |  | 0 |  |  |  |  | 213 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 418 |  |  |  |  | 0 |  |  |  |  | 418 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 18 |  |
Total other corporate |  |  | 0 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 18 |  |
Total securities held-to-maturity |  |  | $ | 16,262 |  |  |  |  | $ | 873 |  |  |  |  | $ | 0 |  |  |  |  | $ | 17,135 |  |
|  | December 31, 2024
(In millions) |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
Securities held-to-maturity, carried at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agencies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 15,916 |  |  |  |  | $ | 143 |  |  |  |  | $ | 0 |  |  |  |  | $ | 16,059 |  |
Total government and agencies |  |  | 15,916 |  |  |  |  | 143 |  |  |  |  | 0 |  |  |  |  | 16,059 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 257 |  |  |  |  | 0 |  |  |  |  | 257 |  |
Total municipalities |  |  | 0 |  |  |  |  | 257 |  |  |  |  | 0 |  |  |  |  | 257 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 33 |  |  |  |  | 0 |  |  |  |  | 33 |  |
Total public utilities |  |  | 0 |  |  |  |  | 33 |  |  |  |  | 0 |  |  |  |  | 33 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 198 |  |  |  |  | 0 |  |  |  |  | 198 |  |
Internal |  |  | 0 |  |  |  |  | 207 |  |  |  |  | 0 |  |  |  |  | 207 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 405 |  |  |  |  | 0 |  |  |  |  | 405 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 18 |  |
Total other corporate |  |  | 0 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 18 |  |
Total securities held-to-maturity |  |  | $ | 15,916 |  |  |  |  | $ | 856 |  |  |  |  | $ | 0 |  |  |  |  | $ | 16,772 |  |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3.
Three Months Ended March 31, 2025
| Fixed Maturity Securities |  | Equity Securities |  |  |
(In millions) | Mortgage- and Asset- Backed Securities |  | Public Utilities |  | Sovereign and Supranational |  | Banks/ Financial Institutions |  | Other Corporate |  |  |  | Total |
Balance, beginning of period | $ | 1,156 |  |  | $ | 647 |  |  | $ | 23 |  |  | $ | 10 |  |  | $ | 231 |  |  | $ | 157 |  |  | $ | 2,224 |  |
Net investment gains (losses) included in earnings | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1 |  |  | 1 |  |
Unrealized gains (losses) included in other comprehensive income (loss) | 10 |  |  | 6 |  |  | 1 |  |  | 0 |  |  | 2 |  |  | 0 |  |  | 19 |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 434 |  |  | 110 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3 |  |  | 547 |  |
Issuances | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Sales | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | (1) |  |
Settlements | (12) |  |  | (7) |  |  | 0 |  |  | 0 |  |  | (1) |  |  | 0 |  |  | (20) |  |
Transfers into Level 3 | 15 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 15 |  |
Transfers out of Level 3 | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (95) |  |  | 0 |  |  | (95) |  |
Balance, end of period | $ | 1,603 |  |  | $ | 756 |  |  | $ | 24 |  |  | $ | 10 |  |  | $ | 137 |  |  | $ | 160 |  |  | $ | 2,690 |  |
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 1 |  |  | $ | 1 |  |
Three Months Ended March 31, 2024
| Fixed Maturity Securities |  | Equity Securities |  |  |
(In millions) | Mortgage- and Asset- Backed Securities |  | Public Utilities |  | Sovereign and Supranational |  | Banks/ Financial Institutions |  | Other Corporate |  |  |  | Total |
Balance, beginning of period | $ | 772 |  |  | $ | 253 |  |  | $ | 30 |  |  | $ | 78 |  |  | $ | 648 |  |  | $ | 248 |  |  | $ | 2,029 |  |
Net investment gains (losses) included in earnings | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (5) |  |  | (4) |  |
Unrealized gains (losses) included in other comprehensive income (loss) | (4) |  |  | (10) |  |  | (2) |  |  | (4) |  |  | 1 |  |  | 0 |  |  | (19) |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 118 |  |  | 60 |  |  | 0 |  |  | 5 |  |  | 37 |  |  | 0 |  |  | 220 |  |
Issuances | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Sales | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Settlements | (28) |  |  | (22) |  |  | 0 |  |  | (5) |  |  | (3) |  |  | (84) |  |  | (142) |  |
Transfers into Level 3 | 0 |  |  | 226 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 226 |  |
Transfers out of Level 3 | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (233) |  |  | 0 |  |  | (233) |  |
Balance, end of period | $ | 859 |  |  | $ | 507 |  |  | $ | 28 |  |  | $ | 74 |  |  | $ | 450 |  |  | $ | 159 |  |  | $ | 2,077 |  |
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | $ | 1 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (3) |  |  | $ | (2) |  |
Fair Value Measurement Inputs and Valuation Techniques | The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.
March 31, 2025 |  |  |
(In millions) |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range |  |  | Weighted Average |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage- and asset-backed securities |  |  | $ | 1,603 |  |  |  | Consensus pricing |  | Offered quotes |  | 86.24 | - | 106.46 | (a) |  | 99.62 |
Public utilities |  |  | 756 |  |  |  | Discounted cash flow |  | Credit spreads |  | 100 bps | - | 407 bps | (c) |  | 164 bps |
Sovereign and supranational |  |  | 24 |  |  |  | Consensus pricing |  | Offered quotes |  | N/A | (b) |  | N/A |
Banks/financial institutions |  |  | 10 |  |  |  | Adjusted cost |  | Private financials |  | N/A | (d) |  | N/A |
Other corporate |  |  | 137 |  |  |  | Discounted cash flow |  | Credit spreads |  | 100 bps | - | 294 bps | (c) |  | 198 bps |
Equity securities |  |  | 160 |  |  |  | Adjusted cost |  | Private financials |  | N/A | (d) |  | N/A |
Total assets |  |  | $ | 2,690 |  |  |  |  |  |  |  |  |  |  |  |  |  |
(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques (b) Category represents a single security; range not applicable (c) Actual or equivalent credit spreads in basis points (d) Prices do not utilize credit spreads; therefore, range is not applicable
December 31, 2024 |
(In millions) |  | Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range |  |  | Weighted Average |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage- and asset-backed securities |  |  | $ | 1,156 |  |  |  | Consensus pricing |  | Offered quotes |  | 84.08 | - | 104.60 | (a) |  | 99.07 |
Public utilities |  |  | 647 |  |  |  | Discounted cash flow |  | Credit spreads |  | 100 bps | - | 375 bps | (c) |  | 162 bps |
Sovereign and supranational |  |  | 23 |  |  |  | Consensus pricing |  | Offered quotes |  | N/A | (b) |  | N/A |
Banks/financial institutions |  |  | 10 |  |  |  | Adjusted cost |  | Private financials |  | N/A | (d) |  | N/A |
Other corporate |  |  | 231 |  |  |  | Discounted cash flow |  | Credit spreads |  | 91 bps | - | 294 bps | (c) |  | 173 bps |
Equity securities |  |  | 157 |  |  |  | Adjusted cost |  | Private financials |  | N/A | (d) |  | N/A |
Total assets |  |  | $ | 2,224 |  |  |  |  |  |  |  |  |  |  |  |  |  |
(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques (b) Category represents a single security; range not applicable (c) Actual or equivalent credit spreads in basis points (d) Prices do not utilize credit spreads; therefore, range is not applicable

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