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FAIR VALUE MEASUREMENTS | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Hierarchy U.S. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. These two types of inputs create three valuation hierarchy levels, as follows: •Level 1 valuations reflect quoted market prices for identical assets or liabilities in active markets. •Level 2 valuations reflect quoted market prices for similar assets or liabilities in an active market, quoted market prices for identical or similar assets or liabilities in non-active markets or model-derived valuations in which all significant valuation inputs are observable in active markets. •Level 3 valuations reflect valuations in which one or more of the significant inputs are not observable in an active market. 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.
| June 30, 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 |  | $ | 16,975 |  |  |  |  | $ | 778 |  |  |  |  | $ | 0 |  |  |  |  | $ | 17,753 |  |
Municipalities |  | 0 |  |  |  |  | 2,074 |  |  |  |  | 0 |  |  |  |  | 2,074 |  |
Mortgage- and asset-backed securities |  | 0 |  |  |  |  | 2,604 |  |  |  |  | 1,922 |  |  |  |  | 4,526 |  |
Public utilities |  | 0 |  |  |  |  | 6,682 |  |  |  |  | 792 |  |  |  |  | 7,474 |  |
Sovereign and supranational |  | 0 |  |  |  |  | 412 |  |  |  |  | 23 |  |  |  |  | 435 |  |
Banks/financial institutions |  | 0 |  |  |  |  | 9,818 |  |  |  |  | 9 |  |  |  |  | 9,827 |  |
Other corporate |  | 0 |  |  |  |  | 26,627 |  |  |  |  | 163 |  |  |  |  | 26,790 |  |
Total fixed maturity securities |  | 16,975 |  |  |  |  | 48,995 |  |  |  |  | 2,909 |  |  |  |  | 68,879 |  |
Equity securities |  | 715 |  |  |  |  | 0 |  |  |  |  | 167 |  |  |  |  | 882 |  |
Other investments |  | 2,375 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 2,375 |  |
Cash and cash equivalents |  | 6,965 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 6,965 |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | 0 |  |  |  |  | 45 |  |  |  |  | 0 |  |  |  |  | 45 |  |
Foreign currency forwards |  | 0 |  |  |  |  | 29 |  |  |  |  | 0 |  |  |  |  | 29 |  |
Foreign currency options |  | 0 |  |  |  |  | 2 |  |  |  |  | 0 |  |  |  |  | 2 |  |
Interest rate swaps |  | 0 |  |  |  |  | 14 |  |  |  |  | 0 |  |  |  |  | 14 |  |
Total other assets |  | 0 |  |  |  |  | 90 |  |  |  |  | 0 |  |  |  |  | 90 |  |
Total assets |  | $ | 27,030 |  |  |  |  | $ | 49,085 |  |  |  |  | $ | 3,076 |  |  |  |  | $ | 79,191 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency swaps |  | $ | 0 |  |  |  |  | $ | 589 |  |  |  |  | $ | 0 |  |  |  |  | $ | 589 |  |
Foreign currency forwards |  | 0 |  |  |  |  | 61 |  |  |  |  | 0 |  |  |  |  | 61 |  |
Interest rate swaps |  | 0 |  |  |  |  | 275 |  |  |  |  | 0 |  |  |  |  | 275 |  |
Total liabilities |  | $ | 0 |  |  |  |  | $ | 925 |  |  |  |  | $ | 0 |  |  |  |  | $ | 925 |  |
| 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 |  |
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.
| June 30, 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 |  | $ | 16,718 |  |  |  | $ | 16,711 |  |  |  |  | $ | 149 |  |  |  |  | $ | 0 |  |  |  |  | $ | 16,860 |  |
Municipalities |  | 255 |  |  |  | 0 |  |  |  |  | 265 |  |  |  |  | 0 |  |  |  |  | 265 |  |
Public utilities |  | 35 |  |  |  | 0 |  |  |  |  | 34 |  |  |  |  | 0 |  |  |  |  | 34 |  |
Sovereign and supranational |  | 409 |  |  |  | 0 |  |  |  |  | 430 |  |  |  |  | 0 |  |  |  |  | 430 |  |
Other corporate |  | 17 |  |  |  | 0 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 18 |  |
Commercial mortgage and other loans |  | 10,264 |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 10,099 |  |  |  |  | 10,099 |  |
Other investments (1) |  | 40 |  |  |  | 0 |  |  |  |  | 40 |  |  |  |  | 0 |  |  |  |  | 40 |  |
Total assets |  | $ | 27,738 |  |  |  | $ | 16,711 |  |  |  |  | $ | 936 |  |  |  |  | $ | 10,099 |  |  |  |  | $ | 27,746 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other policyholders’ funds |  | $ | 6,002 |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |  |  |  | $ | 5,925 |  |  |  |  | $ | 5,925 |  |
Notes payable (excluding leases) |  | 8,837 |  |  |  | 0 |  |  |  |  | 7,678 |  |  |  |  | 737 |  |  |  |  | 8,415 |  |
Total liabilities |  | $ | 14,839 |  |  |  | $ | 0 |  |  |  |  | $ | 7,678 |  |  |  |  | $ | 6,662 |  |  |  |  | $ | 14,340 |  |
(1) Excludes policy loans of $221, equity method investments of $3,745, and REO of $964, 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 of Financial Instruments Fixed maturity and equity securities The fair values of the Company's public fixed maturity securities are generally based on prices provided by third-party pricing vendors. The Company utilizes internally generated valuations or broker quotes for privately issued fixed maturity securities or fixed maturity securities where there is no price available from a third-party pricing vendor. The fair values of the Company's public equity securities are generally based on price quotes, including quoted market prices readily available from independent public exchange markets or established security dealer associations. The Company determines the fair values of privately issued equity securities using the following approaches or techniques: •price quotes and valuations from third-party pricing vendors, •in-house valuations, and •non-binding price quotes the Company obtains from outside brokers. The pricing data and market quotes the Company obtains from outside sources, including third-party pricing services, are reviewed internally for reasonableness. If a fair value appears unreasonable, the Company will re-examine the inputs and assess the reasonableness of the pricing data with the provider. Additionally, the Company may compare the inputs to relevant market indices and other performance measurements. Based on management's analysis, the valuation is confirmed or may be revised if there is evidence of a more appropriate estimate of fair value based on available market data. The Company has performed verification of the inputs and calculations in any valuation models, including independent validations and back testing, to confirm that the valuations represent reasonable estimates of fair value. For the periods presented, the Company has not adjusted the quotes or prices it obtains from the pricing services and brokers it uses. For internally generated valuations, the Company utilizes valuation models developed by a third-party pricing vendor. The models and associated processes and controls are executed by Company personnel. These models are discounted cash flow (DCF) valuation models but also use information from related markets, specifically public bond markets and the credit default swap (CDS) market, to estimate expected cash flows. The models take into consideration any unique characteristics of the securities and make various adjustments to arrive at an appropriate issuer-specific loss adjusted credit curve using the most appropriate comparable security(ies) of the issuer and issuer-specific CDS spreads. This credit curve is then used with the relevant recovery rates to estimate expected cash flows and modeling of additional features, including illiquidity adjustments, if necessary, to price the security by discounting those loss adjusted cash flows. In cases where a credit curve cannot be developed from market information for the specific issuer, the valuation methodology takes into consideration other market observable inputs, including: •the most appropriate comparable security(ies) of a guarantor and/or parent •CDS spreads of a guarantor and/or parent •bonds of comparable issuers with similar characteristics such as rating, geography, or sector •CDS spreads of an appropriate index or of comparable issuers with similar characteristics such as rating, geography, or sector •bond indices that are comparative in rating, industry, maturity, and region. The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.
|  | June 30, 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 |  |  | $ | 16,975 |  |  |  |  | $ | 446 |  |  |  |  | $ | 0 |  |  |  |  | $ | 17,421 |  |
Internal |  |  | 0 |  |  |  |  | 332 |  |  |  |  | 0 |  |  |  |  | 332 |  |
Total government and agencies |  |  | 16,975 |  |  |  |  | 778 |  |  |  |  | 0 |  |  |  |  | 17,753 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 1,827 |  |  |  |  | 0 |  |  |  |  | 1,827 |  |
Internal |  |  | 0 |  |  |  |  | 247 |  |  |  |  | 0 |  |  |  |  | 247 |  |
Total municipalities |  |  | 0 |  |  |  |  | 2,074 |  |  |  |  | 0 |  |  |  |  | 2,074 |  |
Mortgage- and asset-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 2,422 |  |  |  |  | 0 |  |  |  |  | 2,422 |  |
Internal |  |  | 0 |  |  |  |  | 182 |  |  |  |  | 38 |  |  |  |  | 220 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 1,884 |  |  |  |  | 1,884 |  |
Total mortgage- and asset-backed securities |  |  | 0 |  |  |  |  | 2,604 |  |  |  |  | 1,922 |  |  |  |  | 4,526 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 3,734 |  |  |  |  | 0 |  |  |  |  | 3,734 |  |
Internal |  |  | 0 |  |  |  |  | 2,948 |  |  |  |  | 0 |  |  |  |  | 2,948 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 792 |  |  |  |  | 792 |  |
Total public utilities |  |  | 0 |  |  |  |  | 6,682 |  |  |  |  | 792 |  |  |  |  | 7,474 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 78 |  |  |  |  | 0 |  |  |  |  | 78 |  |
Internal |  |  | 0 |  |  |  |  | 334 |  |  |  |  | 0 |  |  |  |  | 334 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 23 |  |  |  |  | 23 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 412 |  |  |  |  | 23 |  |  |  |  | 435 |  |
Banks/financial institutions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 5,636 |  |  |  |  | 0 |  |  |  |  | 5,636 |  |
Internal |  |  | 0 |  |  |  |  | 4,182 |  |  |  |  | 5 |  |  |  |  | 4,187 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 4 |  |  |  |  | 4 |  |
Total banks/financial institutions |  |  | 0 |  |  |  |  | 9,818 |  |  |  |  | 9 |  |  |  |  | 9,827 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 21,310 |  |  |  |  | 0 |  |  |  |  | 21,310 |  |
Internal |  |  | 0 |  |  |  |  | 5,317 |  |  |  |  | 21 |  |  |  |  | 5,338 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 142 |  |  |  |  | 142 |  |
Total other corporate |  |  | 0 |  |  |  |  | 26,627 |  |  |  |  | 163 |  |  |  |  | 26,790 |  |
Total securities available-for-sale |  |  | $ | 16,975 |  |  |  |  | $ | 48,995 |  |  |  |  | $ | 2,909 |  |  |  |  | $ | 68,879 |  |
Equity securities, carried at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | $ | 715 |  |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |  |  |  | $ | 715 |  |
Internal |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 1 |  |  |  |  | 1 |  |
Broker/other |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 166 |  |  |  |  | 166 |  |
Total equity securities |  |  | $ | 715 |  |  |  |  | $ | 0 |  |  |  |  | $ | 167 |  |  |  |  | $ | 882 |  |
|  | June 30, 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 |  |  | $ | 16,711 |  |  |  |  | $ | 149 |  |  |  |  | $ | 0 |  |  |  |  | $ | 16,860 |  |
Total government and agencies |  |  | 16,711 |  |  |  |  | 149 |  |  |  |  | 0 |  |  |  |  | 16,860 |  |
Municipalities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 265 |  |  |  |  | 0 |  |  |  |  | 265 |  |
Total municipalities |  |  | 0 |  |  |  |  | 265 |  |  |  |  | 0 |  |  |  |  | 265 |  |
Public utilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 34 |  |  |  |  | 0 |  |  |  |  | 34 |  |
Total public utilities |  |  | 0 |  |  |  |  | 34 |  |  |  |  | 0 |  |  |  |  | 34 |  |
Sovereign and supranational: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 212 |  |  |  |  | 0 |  |  |  |  | 212 |  |
Internal |  |  | 0 |  |  |  |  | 218 |  |  |  |  | 0 |  |  |  |  | 218 |  |
Total sovereign and supranational |  |  | 0 |  |  |  |  | 430 |  |  |  |  | 0 |  |  |  |  | 430 |  |
Other corporate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third-party pricing vendor |  |  | 0 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 18 |  |
Total other corporate |  |  | 0 |  |  |  |  | 18 |  |  |  |  | 0 |  |  |  |  | 18 |  |
Total securities held-to-maturity |  |  | $ | 16,711 |  |  |  |  | $ | 896 |  |  |  |  | $ | 0 |  |  |  |  | $ | 17,607 |  |
|  | 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 |  |
|  | 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 |  |
The following is a discussion of the determination of fair value of the Company's remaining financial instruments. Derivatives The Company uses derivative instruments to manage the risk associated with certain assets. However, the derivative instrument may not be classified in the same fair value hierarchy level as the associated asset. The significant inputs to pricing derivatives are generally observable in the market or can be derived by observable market data. When these inputs are observable, the derivatives are classified as Level 2. The Company uses present value techniques to value non-option based derivatives. It also uses option pricing models to value option based derivatives. Key inputs are as follows:
Instrument Type |  | Level 2 |
Interest rate derivatives |  | Swap yield curves Basis curves Interest rate volatility (1) |
Foreign currency exchange rate derivatives - Non-VIEs (forwards, swaps and options) |  | Foreign currency forward rates Swap yield curves Basis curves Foreign currency spot rates Foreign cross-currency basis curves Foreign currency volatility (1) |
Foreign currency exchange rate derivatives - VIEs (swaps) |  | Foreign currency spot rates Swap yield curves Credit default swap curves Basis curves Recovery rates Foreign currency forward rates Foreign cross-currency basis curves |
(1) Option-based only The fair values of the foreign currency forwards and options are based on observable market inputs, therefore they are classified as Level 2. The Parent Company had cross-currency swap agreements related to certain of its U.S. dollar-denominated senior notes to effectively convert a portion of the interest on the notes from U.S. dollar to Japanese yen. These swaps matured in March 2025. Their fair values were based on observable market inputs; therefore, they were classified as Level 2. To determine the fair value of its interest rate derivatives, the Company uses inputs that are generally observable in the market or can be derived from observable market data. Interest rate swaps are cleared trades. In a cleared swap contract, the clearinghouse provides benefits to the counterparties similar to contracts listed for investment traded on an exchange since it maintains a daily margin to mitigate counterparties' credit risk. These derivatives are priced using observable inputs, accordingly, they are classified as Level 2. For derivatives associated with VIEs where the Company is the primary beneficiary, the Company is not the direct counterparty to the swap contracts. Nevertheless, the Company has full transparency into the contracts to properly value the swaps for reporting purposes. For these derivatives, the Company utilizes valuation models developed by independent valuation analytics providers. The models are market standard DCF models and all associated processes and controls are executed by Company personnel. These models take into consideration any unique characteristics of the derivatives in determining the appropriate valuation methodology to estimate expected cash flows. The fair values of these swaps are based on observable market inputs and are classified as Level 2 within the fair value hierarchy. For forward bond purchase commitments with VIEs, the fair value of the derivative is based on the difference in the fixed purchase price and the current market value of the related bond prior to the settlement date. Since the bond is typically a public bond with readily available pricing, the derivatives associated with the forward purchase commitment are classified as Level 2 within the fair value hierarchy. Commercial mortgage and other loans Commercial mortgage and other loans include TREs, CMLs, MMLs and other loans. The Company's loan receivables do not have readily determinable market prices and generally lack market liquidity. Fair values for loan receivables are determined based on the present value of expected future cash flows discounted at the applicable U.S. Treasury or floating-rate benchmark yield plus an appropriate spread that considers other risk factors, such as credit and liquidity risk. The spreads are a significant component of the pricing inputs and are generally considered unobservable. Therefore, these investments are classified as Level 3 within the fair value hierarchy. Other investments Other investments includes short-term investments that are measured at fair value where amortized cost approximates fair value. Other policyholders' funds The largest component of the other policyholders' funds liability is the Company's annuity line of business in Aflac Japan. The Company's annuities have fixed benefits and premiums. For this product, the Company estimates the fair value to be equal to the cash surrender value. This is analogous to the value paid to policyholders on the valuation date if they were to surrender their policy. The Company periodically checks the cash value against discounted cash flow projections for reasonableness. The Company considers its inputs for this valuation to be unobservable and have accordingly classified this valuation as Level 3. Notes payable The fair values of the Company's publicly issued notes payable are determined by utilizing available sources of observable inputs from third-party pricing vendors and are classified as Level 2. The Company's private placement notes payable are valued using the same internal models that the Company uses for its yen-denominated and U.S. dollar-denominated private placement investment portfolio. The fair values for these private placements are deemed Level 2 valuations, as they are model-derived valuations that are generated internally with all significant valuation inputs being observed in active markets. The fair values of the Company's yen-denominated loans approximate their carrying values and are classified as Level 3. Transfers between Hierarchy Levels and Level 3 Rollforward Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable. 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 June 30, 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 | $ | 1,603 |  |  | $ | 756 |  |  | $ | 24 |  |  | $ | 10 |  |  | $ | 137 |  |  | $ | 160 |  |  | $ | 2,690 |  |
Net investment gains (losses) included in earnings | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 3 |  |  | 3 |  |
Unrealized gains (losses) included in other comprehensive income (loss) | 20 |  |  | 14 |  |  | 1 |  |  | (1) |  |  | 2 |  |  | 0 |  |  | 36 |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 175 |  |  | 48 |  |  | 0 |  |  | 0 |  |  | 24 |  |  | 4 |  |  | 251 |  |
Issuances | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Sales | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Settlements | (44) |  |  | (26) |  |  | (2) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (72) |  |
Transfers into Level 3 | 168 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 168 |  |
Transfers out of Level 3 | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Balance, end of period | $ | 1,922 |  |  | $ | 792 |  |  | $ | 23 |  |  | $ | 9 |  |  | $ | 163 |  |  | $ | 167 |  |  | $ | 3,076 |  |
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 |  |  | $ | 3 |  |  | $ | 3 |  |
Three Months Ended June 30, 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 | $ | 859 |  |  | $ | 507 |  |  | $ | 28 |  |  | $ | 74 |  |  | $ | 450 |  |  | $ | 159 |  |  | $ | 2,077 |  |
Net investment gains (losses) included in earnings | 1 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (2) |  |  | (1) |  |
Unrealized gains (losses) included in other comprehensive income (loss) | (5) |  |  | (1) |  |  | (1) |  |  | (5) |  |  | (5) |  |  | 0 |  |  | (17) |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 189 |  |  | 39 |  |  | 0 |  |  | 0 |  |  | 58 |  |  | 0 |  |  | 286 |  |
Issuances | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Sales | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Settlements | (21) |  |  | (3) |  |  | (2) |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (26) |  |
Transfers into Level 3 | 190 |  |  | 56 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 246 |  |
Transfers out of Level 3 | 0 |  |  | (233) |  |  | 0 |  |  | 0 |  |  | (119) |  |  | 0 |  |  | (352) |  |
Balance, end of period | $ | 1,213 |  |  | $ | 365 |  |  | $ | 25 |  |  | $ | 69 |  |  | $ | 384 |  |  | $ | 157 |  |  | $ | 2,213 |  |
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) |  |
Six Months Ended June 30, 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 |  |  | 4 |  |  | 4 |  |
Unrealized gains (losses) included in other comprehensive income (loss) | 30 |  |  | 20 |  |  | 2 |  |  | (1) |  |  | 4 |  |  | 0 |  |  | 55 |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 609 |  |  | 158 |  |  | 0 |  |  | 0 |  |  | 24 |  |  | 7 |  |  | 798 |  |
Issuances | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Sales | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (1) |  |  | (1) |  |
Settlements | (56) |  |  | (33) |  |  | (2) |  |  | 0 |  |  | (1) |  |  | 0 |  |  | (92) |  |
Transfers into Level 3 | 183 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 183 |  |
Transfers out of Level 3 | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (95) |  |  | 0 |  |  | (95) |  |
Balance, end of period | $ | 1,922 |  |  | $ | 792 |  |  | $ | 23 |  |  | $ | 9 |  |  | $ | 163 |  |  | $ | 167 |  |  | $ | 3,076 |  |
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 |  |  | $ | 4 |  |  | $ | 4 |  |
Six Months Ended June 30, 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 | 2 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | (7) |  |  | (5) |  |
Unrealized gains (losses) included in other comprehensive income (loss) | (9) |  |  | (11) |  |  | (3) |  |  | (9) |  |  | (4) |  |  | 0 |  |  | (36) |  |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 307 |  |  | 99 |  |  | 0 |  |  | 5 |  |  | 95 |  |  | 0 |  |  | 506 |  |
Issuances | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Sales | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |
Settlements | (49) |  |  | (25) |  |  | (2) |  |  | (5) |  |  | (3) |  |  | (84) |  |  | (168) |  |
Transfers into Level 3 | 190 |  |  | 282 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 472 |  |
Transfers out of Level 3 | 0 |  |  | (233) |  |  | 0 |  |  | 0 |  |  | (352) |  |  | 0 |  |  | (585) |  |
Balance, end of period | $ | 1,213 |  |  | $ | 365 |  |  | $ | 25 |  |  | $ | 69 |  |  | $ | 384 |  |  | $ | 157 |  |  | $ | 2,213 |  |
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings | $ | 2 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | (6) |  |  | $ | (4) |  |
Fair Value Sensitivity Level 3 Significant Unobservable Input Sensitivity 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.
June 30, 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 |  |  | $ | 1,922 |  |  |  | Consensus pricing |  | Offered quotes |  | 87.62 | - | 107.25 | (a) |  | 100.12 |
Public utilities |  |  | 792 |  |  |  | Discounted cash flow |  | Credit spreads |  | 100 bps | - | 347 bps | (c) |  | 160 bps |
Sovereign and supranational |  |  | 23 |  |  |  | Consensus pricing |  | Offered quotes |  | N/A | (b) |  | N/A |
Banks/financial institutions |  |  | 9 |  |  |  | Adjusted cost |  | Private financials |  | N/A | (d) |  | N/A |
Other corporate |  |  | 163 |  |  |  | Discounted cash flow |  | Credit spreads |  | 100 bps | - | 392 bps | (c) |  | 228 bps |
Equity securities |  |  | 167 |  |  |  | Adjusted cost |  | Private financials |  | N/A | (d) |  | N/A |
Total assets |  |  | $ | 3,076 |  |  |  |  |  |  |  |  |  |  |  |  |  |
(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 The following is a discussion of the significant unobservable inputs or valuation techniques used in determining the fair value of securities classified as Level 3. Credit Spreads The Company holds certain assets that are of a unique, specialized, and/or securitized nature that do not trade on a regular basis in an active market, which makes their fair values difficult to estimate. Most of these assets are managed by external asset managers and the Company utilizes these managers for their expertise when evaluating various inputs used to determine the fair values for these assets, including identifying the appropriate credit or risk spread over risk-free interest rates that incorporates the unique nature or structure of the asset in the valuations. For those assets of a similar nature but not managed by external asset managers, the Company internally estimates the spreads and risk adjustments over risk-free interest rates that reflect the unique nature or structure of the asset as well as the current pricing environment and market conditions for comparable or related investments. Credit or risk spreads are an important input needed to complete the discounted cash flow analyses used to estimate an investment’s fair value. Credit or risk spreads underlying these fair values are a significant, unobservable input whose derivation is based on the Company’s evaluation of a combination of the external manager’s expertise and knowledge, the current pricing environment, and market conditions for the specific asset. Offered Quotes In circumstances where the Company's valuation model price is overridden because it implies a value that is not consistent with current market conditions, the Company will solicit bids from a limited number of brokers. The Company also receives unadjusted prices from brokers for certain of its mortgage and asset-backed securities. These quotes are non-binding but are reflective of valuation best estimates at that particular point in time. Offered quotes are an unobservable input in the determination of fair value of mortgage- and asset-backed securities, certain banks/financial institutions, certain other corporate, and equity securities investments. Private Financials The Company invests in the debt and equity securities of private companies operating in the cancer, healthtech, insurtech, finance, internet of things, big data and analytics sectors. Due to their private and often small, startup nature, these companies rely on capital provided by institutional and private equity investors for their ongoing operations. They do not have public securities that trade on a regular basis in an active market, which makes their fair values difficult to estimate. The Company values these investments on a cost basis with appropriate adjustments made based on monitoring private financial information provided by these companies. Adjustments to valuations are generally made as new funding tranches are executed or if the financial information provided significantly changes indicating the need for impairment. This private financial information is unobservable and is a significant determinant in the fair value of these corporate venture investments. For additional information on the Company's investments and financial instruments, see the accompanying Notes 3 and 4 and Notes 1, 3 and 4 of the Notes to the Consolidated Financial Statements in the 2024 Annual Report.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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