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Fair Value | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair Value | 12. Fair Value Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. Recurring Fair Value Measurements The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:
|  | June 30, 2025
|  | Fair Value Hierarchy |  |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
|  | (In millions)
Assets |  |  |  |  |  |  |  |
Fixed maturity securities AFS: |  |  |  |  |  |  |  |
U.S. corporate |  | $ | — |  |  | $ | 70,170 |  |  | $ | 12,363 |  |  | $ | 82,533 |
Foreign corporate |  | — |  |  | 42,969 |  |  | 16,274 |  |  | 59,243 |
Foreign government |  | — |  |  | 42,426 |  |  | 56 |  |  | 42,482 |
RMBS |  | 103 |  |  | 39,024 |  |  | 1,948 |  |  | 41,075 |
U.S. government and agency |  | 15,212 |  |  | 17,414 |  |  | — |  |  | 32,626 |
ABS & CLO |  | — |  |  | 19,895 |  |  | 1,329 |  |  | 21,224 |
Municipals |  | — |  |  | 9,937 |  |  | — |  |  | 9,937 |
CMBS |  | — |  |  | 9,194 |  |  | 423 |  |  | 9,617 |
Total fixed maturity securities AFS |  | 15,315 |  |  | 251,029 |  |  | 32,393 |  |  | 298,737 |
Equity securities |  | 461 |  |  | 77 |  |  | 252 |  |  | 790 |
Unit-linked and FVO securities (1) |  | 7,964 |  |  | 2,465 |  |  | 1,265 |  |  | 11,694 |
Short-term investments (2) |  | 3,550 |  |  | 1,454 |  |  | 8 |  |  | 5,012 |
Other investments |  | 45 |  |  | 63 |  |  | 1,153 |  |  | 1,261 |
Derivative assets: (3) |  |  |  |  |  |  |  |
Interest rate |  | 13 |  |  | 2,989 |  |  | — |  |  | 3,002 |
Foreign currency exchange rate |  | — |  |  | 3,940 |  |  | 21 |  |  | 3,961 |
Credit |  | — |  |  | 243 |  |  | — |  |  | 243 |
Equity market |  | 1 |  |  | 270 |  |  | — |  |  | 271 |
Total derivative assets |  | 14 |  |  | 7,442 |  |  | 21 |  |  | 7,477 |
MRBs |  | — |  |  | — |  |  | 352 |  |  | 352 |
Reinsured MRBs (4) |  | — |  |  | — |  |  | 15 |  |  | 15 |
Separate account assets (5) |  | 69,906 |  |  | 72,292 |  |  | 977 |  |  | 143,175 |
Total assets (6) |  | $ | 97,255 |  |  | $ | 334,822 |  |  | $ | 36,436 |  |  | $ | 468,513 |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: (3) |  |  |  |  |  |  |  |
Interest rate |  | $ | 1 |  |  | $ | 3,611 |  |  | $ | — |  |  | $ | 3,612 |
Foreign currency exchange rate |  | — |  |  | 3,285 |  |  | 5 |  |  | 3,290 |
Credit |  | — |  |  | 68 |  |  | — |  |  | 68 |
Equity market |  | 20 |  |  | 553 |  |  | — |  |  | 573 |
Total derivative liabilities |  | 21 |  |  | 7,517 |  |  | 5 |  |  | 7,543 |
Embedded derivatives within liability host contracts (7) |  | — |  |  | — |  |  | (90) |  |  | (90) |
MRBs |  | — |  |  | — |  |  | 2,709 |  |  | 2,709 |
Separate account liabilities (5) |  | — |  |  | 7 |  |  | — |  |  | 7 |
Total liabilities |  | $ | 21 |  |  | $ | 7,524 |  |  | $ | 2,624 |  |  | $ | 10,169 |
|  | December 31, 2024
|  | Fair Value Hierarchy |  |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
|  | (In millions)
Assets |  |  |  |  |  |  |  |
Fixed maturity securities AFS: |  |  |  |  |  |  |  |
U.S. corporate |  | $ | — |  |  | $ | 67,333 |  |  | $ | 12,041 |  |  | $ | 79,374 |
Foreign corporate |  | — |  |  | 39,295 |  |  | 14,464 |  |  | 53,759 |
Foreign government |  | — |  |  | 40,209 |  |  | 41 |  |  | 40,250 |
RMBS |  | — |  |  | 32,771 |  |  | 1,650 |  |  | 34,421 |
U.S. government and agency |  | 16,675 |  |  | 16,753 |  |  | — |  |  | 33,428 |
ABS & CLO |  | — |  |  | 14,755 |  |  | 5,836 |  |  | 20,591 |
Municipals |  | — |  |  | 9,866 |  |  | 7 |  |  | 9,873 |
CMBS |  | — |  |  | 8,194 |  |  | 1,153 |  |  | 9,347 |
Total fixed maturity securities AFS |  | 16,675 |  |  | 229,176 |  |  | 35,192 |  |  | 281,043 |
Equity securities |  | 415 |  |  | 61 |  |  | 236 |  |  | 712 |
Unit-linked and FVO securities (1) |  | 7,306 |  |  | 2,176 |  |  | 1,190 |  |  | 10,672 |
Short-term investments (2) |  | 4,127 |  |  | 702 |  |  | 5 |  |  | 4,834 |
Other investments |  | 37 |  |  | 63 |  |  | 1,010 |  |  | 1,110 |
Derivative assets: (3) |  |  |  |  |  |  |  |
Interest rate |  | 1 |  |  | 3,004 |  |  | — |  |  | 3,005 |
Foreign currency exchange rate |  | 1 |  |  | 4,694 |  |  | 14 |  |  | 4,709 |
Credit |  | — |  |  | 215 |  |  | — |  |  | 215 |
Equity market |  | 9 |  |  | 271 |  |  | 3 |  |  | 283 |
Total derivative assets |  | 11 |  |  | 8,184 |  |  | 17 |  |  | 8,212 |
MRBs |  | — |  |  | — |  |  | 372 |  |  | 372 |
Reinsured MRBs (4) |  | — |  |  | — |  |  | 12 |  |  | 12 |
Separate account assets (5) |  | 63,979 |  |  | 74,535 |  |  | 990 |  |  | 139,504 |
Total assets (6) |  | $ | 92,550 |  |  | $ | 314,897 |  |  | $ | 39,024 |  |  | $ | 446,471 |
Liabilities |  |  |  |  |  |  |  |
Derivative liabilities: (3) |  |  |  |  |  |  |  |
Interest rate |  | $ | 1 |  |  | $ | 3,463 |  |  | $ | — |  |  | $ | 3,464 |
Foreign currency exchange rate |  | — |  |  | 3,440 |  |  | 12 |  |  | 3,452 |
Credit |  | — |  |  | 72 |  |  | — |  |  | 72 |
Equity market |  | 6 |  |  | 265 |  |  | — |  |  | 271 |
Total derivative liabilities |  | 7 |  |  | 7,240 |  |  | 12 |  |  | 7,259 |
Embedded derivatives within liability host contracts (7) |  | — |  |  | — |  |  | 9 |  |  | 9 |
MRBs |  | — |  |  | — |  |  | 2,581 |  |  | 2,581 |
Separate account liabilities (5) |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total liabilities |  | $ | 7 |  |  | $ | 7,242 |  |  | $ | 2,602 |  |  | $ | 9,851 |
__________________ (1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both June 30, 2025 and December 31, 2024. (2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis. (3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables. (4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets. (5)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities. (6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $47 million and $50 million at June 30, 2025 and December 31, 2024, respectively. (7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets. The following describes the valuation methodologies used to measure assets and liabilities at fair value. Investments Securities, Short-term Investments and Other Investments When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment. When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments. The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.
Instrument | Level 2 Observable Inputs | Level 3 Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
| Valuation Approaches: Principally the market and income approaches. | Valuation Approaches: Principally the market approach.
| Key Inputs: | Key Inputs:
| • | quoted prices in markets that are not active | • | illiquidity premium
| • | benchmark yields; spreads off benchmark yields; new issuances; issuer ratings | • | delta spread adjustments to reflect specific credit-related issues
| • | trades of identical or comparable securities; duration | • | credit spreads
| • | privately-placed securities are valued using the additional key inputs: | • | quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
|  | • | market yield curve; call provisions | • | independent non-binding broker quotations
|  | • | observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer |  |
|  | • | delta spread adjustments to reflect specific credit-related issues |  |
Foreign government securities, U.S. government and agency securities and Municipals
| Valuation Approaches: Principally the market approach. | Valuation Approaches: Principally the market approach.
| Key Inputs: | Key Inputs:
| • | quoted prices in markets that are not active | • | independent non-binding broker quotations
| • | benchmark U.S. Treasury yield or other yields | • | quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
| • | the spread off the U.S. Treasury yield curve for the identical security | • | credit spreads
| • | issuer ratings and issuer spreads; broker-dealer quotations |  |
| • | comparable securities that are actively traded |  |
Structured Products
| Valuation Approaches: Principally the market and income approaches. | Valuation Approaches: Principally the market and income approaches.
| Key Inputs: | Key Inputs:
| • | quoted prices in markets that are not active | • | credit spreads
| • | spreads for actively traded securities; spreads off benchmark yields | • | quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
| • | expected prepayment speeds and volumes | • | independent non-binding broker quotations
| • | current and forecasted loss severity; ratings; geographic region | • | credit ratings
| • | weighted average coupon and weighted average maturity |  |
| • | average delinquency rates; DSCR |  |
| • | credit ratings |  |
| • | issuance-specific information, including, but not limited to: |  |
|  | • | collateral type; structure of the security; vintage of the loans |  |
|  | • | payment terms of the underlying assets |  |
|  | • | payment priority within the tranche; deal performance |  |
Instrument | Level 2 Observable Inputs | Level 3 Unobservable Inputs |
Equity securities |
| Valuation Approaches: Principally the market approach. | Valuation Approaches: Principally the market and income approaches. |
| Key Input: | Key Inputs: |
| • | quoted prices in markets that are not considered active | • | credit ratings; issuance structures |
|  |  | • | quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 |
|  |  | • | independent non-binding broker quotations |
Unit-linked and FVO securities, Short-term investments and Other investments |
| Valuation Approaches: Principally the market and income approaches. | Valuation Approaches: Principally the market and income approaches. |
| Key Inputs: | Key Inputs: |
| • | Unit-linked and FVO securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs. | • | Unit-linked and FVO securities, short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments also include certain REJV and use the valuation approach and key inputs as described for OLPI below. |
| • | Short-term investments and other investments are of a similar nature and class to the fixed maturity securities AFS and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above. |  |  |
Separate account assets and Separate account liabilities (1) |
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly |
| Key Input: | • | N/A |
| • | quoted prices or reported NAV provided by the fund managers |  |  |
OLPI |
| • | N/A | Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate. |
|  |  | Key Input: |
|  |  | • | NAV |
__________________ (1)Estimated fair value equals carrying value, based on the value of the underlying assets, including mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.” Derivatives The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models. The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives. Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income. The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by the counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period. Freestanding Derivatives Level 2 Valuation Approaches and Key Inputs: This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3. Level 3 Valuation Approaches and Key Inputs: These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:
Instrument |  | Interest Rate |  | Foreign Currency Exchange Rate |  | Credit |  | Equity Market
Inputs common to Level 2 and Level 3 by instrument type | • | swap yield curves | • | swap yield curves | • | swap yield curves | • | swap yield curves
• | basis curves | • | basis curves | • | credit curves | • | spot equity index levels
• | interest rate volatility (1) | • | currency spot rates | • | recovery rates | • | dividend yield curves
|  |  | • | cross currency basis curves |  |  | • | equity volatility (1)
|  |  | • | currency volatility (1) |  |  |  |
Level 3 | • | N/A | • | swap yield curves (2) | • | N/A | • | dividend yield curves (2)
|  |  | • | basis curves (2) |  |  | • | equity volatility (1), (2)
|  |  | • | cross currency basis curves (2) |  |  | • | correlation between model inputs (1)
|  |  | • | currency correlation |  |  |  |
|  |  | • | currency volatility (1) |  |  |  |
__________________ (1)Option-based only. (2)Extrapolation beyond the observable limits of the curve(s). Embedded Derivatives Embedded derivatives principally include equity-indexed annuity contracts and investment risk within funds withheld related to certain reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income. The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income. The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk. MRBs See Note 6 for information on the Company’s valuation approaches and key inputs for MRBs. Transfers between Levels Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of Level 3: 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. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:
|  |  |  |  |  |  | June 30, 2025 |  | December 31, 2024 |  | Impact of Increase in Input on Estimated Fair Value (2)
| Valuation Techniques |  | Significant Unobservable Inputs |  | Range |  | Weighted Average (1) |  | Range |  | Weighted Average (1) |
Fixed maturity securities AFS (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. corporate and foreign corporate | • | Matrix pricing |  | • | Offered quotes (4) |  | 45 | - | 124 |  | 93 |  | 47 | - | 126 |  | 92 |  | Increase
| • | Market pricing |  | • | Quoted prices (4) |  | — | - | 122 |  | 94 |  | 13 | - | 102 |  | 95 |  | Increase
| • | Consensus pricing |  | • | Offered quotes (4) |  | 91 | - | 101 |  | 95 |  | 47 | - | 100 |  | 96 |  | Increase
RMBS | • | Market pricing |  | • | Quoted prices (4) |  | 34 | - | 197 |  | 96 |  | — | - | 128 |  | 95 |  | Increase (5)
ABS & CLO | • | Market pricing |  | • | Quoted prices (4) |  | 3 | - | 177 |  | 99 |  | 4 | - | 113 |  | 97 |  | Increase (5)
Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange rate | • | Present value techniques |  | • | Swap yield (6) |  | 121 | - | 210 |  | 201 |  | 131 | - | 230 |  | 222 |  | Increase (7)
MRBs and Reinsured MRBs |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct, assumed and ceded guaranteed minimum benefits | • | Option pricing techniques |  | • | Mortality rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Ages 0 - 40 |  | 0% | - | 0.15% |  | 0.05% |  | 0% | - | 0.15% |  | 0.05% |  | (8)
|  |  |  |  | Ages 41 - 60 |  | 0.04% | - | 0.79% |  | 0.22% |  | 0.04% | - | 0.79% |  | 0.22% |  | (8)
|  |  |  |  | Ages 61 - 115 |  | 0% | - | 100% |  | 1.14% |  | 0% | - | 100% |  | 1.14% |  | (8)
|  |  |  | • | Lapse rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Durations 1 - 10 |  | 0.14% | - | 20.10% |  | 12.86% |  | 0.14% | - | 20.10% |  | 12.86% |  | Decrease (9)
|  |  |  |  | Durations 11 - 20 |  | 0.39% | - | 15% |  | 6.05% |  | 0.39% | - | 15% |  | 6.05% |  | Decrease (9)
|  |  |  |  | Durations 21 - 116 |  | 0.39% | - | 15% |  | 8.20% |  | 0.39% | - | 15% |  | 8.20% |  | Decrease (9)
|  |  |  | • | Utilization rates |  | 0.20% | - | 16.25% |  | 0.79% |  | 0.20% | - | 22% |  | 0.79% |  | Increase (10)
|  |  |  | • | Withdrawal rates |  | 0% | - | 20% |  | 4.77% |  | 0% | - | 20% |  | 4.77% |  | (11)
|  |  |  | • | Long-term equity volatilities |  | 14.23% | - | 22.27% |  | 18.77% |  | 14.23% | - | 22.27% |  | 18.77% |  | Increase (12)
|  |  |  | • | Nonperformance risk spread |  | 0.11% | - | 1.42% |  | 0.64% |  | 0.11% | - | 1.46% |  | 0.64% |  | Decrease (13)
__________________ (1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data. (2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions. (3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations. (4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par. (5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates. (6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions. (8)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on Company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs. (9)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. (10)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. (11)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value. (12)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. (13)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs. All other classes of securities classified within Level 3, including those within Unit-linked and FVO securities, Other investments, Separate account assets, and Embedded derivatives within funds withheld related to certain ceded reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.” The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|  | Fixed Maturity Securities AFS |  |  |  |
|  | Corporate (6) |  | Foreign Government |  |  |  | Structured Products |  | Municipals |  | Equity Securities |  | Unit-linked and FVO Securities
|  | (In millions)
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 27,512 |  |  | $ | 57 |  |  |  |  | $ | 4,807 |  |  | $ | 2 |  |  | $ | 248 |  |  | $ | 1,175 |
Total realized/unrealized gains (losses) included in net income (loss) (1), (2) |  | (10) |  |  | — |  |  |  |  | 7 |  |  | — |  |  | 16 |  |  | 94 |
Total realized/unrealized gains (losses) included in AOCI |  | 872 |  |  | 1 |  |  |  |  | 11 |  |  | — |  |  | — |  |  | — |
Purchases (3) |  | 1,154 |  |  | 7 |  |  |  |  | 511 |  |  | — |  |  | 20 |  |  | 95 |
Sales (3) |  | (479) |  |  | — |  |  |  |  | (182) |  |  | (2) |  |  | (32) |  |  | (99) |
Issuances (3) |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (3) |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 (4) |  | 156 |  |  | — |  |  |  |  | 215 |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (4) |  | (568) |  |  | (9) |  |  |  |  | (1,669) |  |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 28,637 |  |  | $ | 56 |  |  |  |  | $ | 3,700 |  |  | $ | — |  |  | $ | 252 |  |  | $ | 1,265 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 28,503 |  |  | $ | 45 |  |  |  |  | $ | 5,277 |  |  | $ | — |  |  | $ | 253 |  |  | $ | 1,093 |
Total realized/unrealized gains (losses) included in net income (loss) (1), (2) |  | (46) |  |  | — |  |  |  |  | 12 |  |  | — |  |  | (11) |  |  | 36 |
Total realized/unrealized gains (losses) included in AOCI |  | (294) |  |  | (4) |  |  |  |  | (5) |  |  | — |  |  | — |  |  | — |
Purchases (3) |  | 1,940 |  |  | — |  |  |  |  | 1,343 |  |  | 2 |  |  | 27 |  |  | 112 |
Sales (3) |  | (794) |  |  | (1) |  |  |  |  | (168) |  |  | (1) |  |  | (7) |  |  | (139) |
Issuances (3) |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (3) |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 (4) |  | 72 |  |  | — |  |  |  |  | 86 |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (4) |  | (141) |  |  | — |  |  |  |  | (678) |  |  | — |  |  | — |  |  | (6) |
Balance, end of period |  | $ | 29,240 |  |  | $ | 40 |  |  |  |  | $ | 5,867 |  |  | $ | 1 |  |  | $ | 262 |  |  | $ | 1,096 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2025 (5) |  | $ | (17) |  |  | $ | — |  |  |  |  | $ | 9 |  |  | $ | — |  |  | $ | 16 |  |  | $ | 94 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5) |  | $ | (9) |  |  | $ | — |  |  |  |  | $ | 11 |  |  | $ | — |  |  | $ | (10) |  |  | $ | 36 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2025 (5) |  | $ | 873 |  |  | $ | 1 |  |  |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5) |  | $ | (314) |  |  | $ | (4) |  |  |  |  | $ | (7) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|  | Short-term Investments |  | Other Investments |  | Net Derivatives (7) |  | Net Embedded Derivatives (8) |  | Separate Accounts (9)
|  | (In millions)
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 9 |  |  | $ | 1,121 |  |  | $ | 21 |  |  | $ | (43) |  |  | $ | 972 |
Total realized/unrealized gains (losses) included in net income (loss) (1), (2) |  | — |  |  | (18) |  |  | (4) |  |  | (24) |  |  | (19) |
Total realized/unrealized gains (losses) included in AOCI |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Purchases (3) |  | 5 |  |  | 61 |  |  | — |  |  | — |  |  | 97 |
Sales (3) |  | — |  |  | (31) |  |  | — |  |  | — |  |  | (69) |
Issuances (3) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (3) |  | — |  |  | — |  |  | — |  |  | 157 |  |  | — |
Transfers into Level 3 (4) |  | — |  |  | 20 |  |  | — |  |  | — |  |  | 1 |
Transfers out of Level 3 (4) |  | (6) |  |  | — |  |  | (1) |  |  | — |  |  | (5) |
Balance, end of period |  | $ | 8 |  |  | $ | 1,153 |  |  | $ | 16 |  |  | $ | 90 |  |  | $ | 977 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 14 |  |  | $ | 1,171 |  |  | $ | (139) |  |  | $ | (62) |  |  | $ | 1,142 |
Total realized/unrealized gains (losses) included in net income (loss) (1), (2) |  | — |  |  | — |  |  | 17 |  |  | 8 |  |  | (8) |
Total realized/unrealized gains (losses) included in AOCI |  | — |  |  | — |  |  | (15) |  |  | — |  |  | — |
Purchases (3) |  | 6 |  |  | 42 |  |  | — |  |  | — |  |  | 44 |
Sales (3) |  | (10) |  |  | (140) |  |  | — |  |  | — |  |  | (56) |
Issuances (3) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (3) |  | — |  |  | — |  |  | 67 |  |  | (1) |  |  | — |
Transfers into Level 3 (4) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (4) |  | — |  |  | — |  |  | (5) |  |  | — |  |  | — |
Balance, end of period |  | $ | 10 |  |  | $ | 1,073 |  |  | $ | (75) |  |  | $ | (55) |  |  | $ | 1,122 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2025 (5) |  | $ | — |  |  | $ | (32) |  |  | $ | (4) |  |  | $ | (24) |  |  | $ | — |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5) |  | $ | — |  |  | $ | (5) |  |  | $ | 17 |  |  | $ | 8 |  |  | $ | — |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2025 (5) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5) |  | $ | — |  |  | $ | — |  |  | $ | (9) |  |  | $ | — |  |  | $ | — |
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|  | Fixed Maturity Securities AFS |  |  |  |  |
|  | Corporate (6) |  | Foreign Government |  | Structured Products |  | Municipals |  | Equity Securities |  | Unit-linked and FVO Securities
|  | (In millions)
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 26,505 |  |  | $ | 41 |  |  | $ | 8,639 |  |  | $ | 7 |  |  | $ | 236 |  |  | $ | 1,190 |
Total realized/unrealized gains (losses) included in net income (loss) (1), (2) |  | (28) |  |  | — |  |  | (12) |  |  | 1 |  |  | 9 |  |  | 76 |
Total realized/unrealized gains (losses) included in AOCI |  | 1,313 |  |  | 5 |  |  | (78) |  |  | (1) |  |  | — |  |  | — |
Purchases (3) |  | 2,093 |  |  | 12 |  |  | 1,217 |  |  | — |  |  | 30 |  |  | 102 |
Sales (3) |  | (950) |  |  | (1) |  |  | (359) |  |  | (7) |  |  | (23) |  |  | (103) |
Issuances (3) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (3) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 (4) |  | 95 |  |  | — |  |  | 169 |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (4) |  | (391) |  |  | (1) |  |  | (5,876) |  |  | — |  |  | — |  |  | — |
Balance, end of period |  | $ | 28,637 |  |  | $ | 56 |  |  | $ | 3,700 |  |  | $ | — |  |  | $ | 252 |  |  | $ | 1,265 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 28,345 |  |  | $ | 51 |  |  | $ | 4,551 |  |  | $ | — |  |  | $ | 249 |  |  | $ | 1,103 |
Total realized/unrealized gains (losses) included in net income (loss) (1), (2) |  | (52) |  |  | 2 |  |  | 15 |  |  | — |  |  | (8) |  |  | 67 |
Total realized/unrealized gains (losses) included in AOCI |  | (678) |  |  | (5) |  |  | 40 |  |  | — |  |  | — |  |  | — |
Purchases (3) |  | 3,078 |  |  | — |  |  | 1,582 |  |  | 2 |  |  | 31 |  |  | 114 |
Sales (3) |  | (1,406) |  |  | (3) |  |  | (340) |  |  | (1) |  |  | (10) |  |  | (165) |
Issuances (3) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (3) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers into Level 3 (4) |  | 109 |  |  | — |  |  | 165 |  |  | — |  |  | — |  |  | — |
Transfers out of Level 3 (4) |  | (156) |  |  | (5) |  |  | (146) |  |  | — |  |  | — |  |  | (23) |
Balance, end of period |  | $ | 29,240 |  |  | $ | 40 |  |  | $ | 5,867 |  |  | $ | 1 |  |  | $ | 262 |  |  | $ | 1,096 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2025 (5) |  | $ | (19) |  |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 81 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5) |  | $ | (3) |  |  | $ | 2 |  |  | $ | 15 |  |  | $ | — |  |  | $ | (3) |  |  | $ | 67 |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2025 (5) |  | $ | 1,289 |  |  | $ | 5 |  |  | $ | 45 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5) |  | $ | (686) |  |  | $ | (5) |  |  | $ | 35 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|  | Short-term Investments |  | Other Investments |  | Net Derivatives (7) |  | Net Embedded Derivatives (8) |  | Separate Accounts (9)
|  | (In millions)
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 5 |  |  | $ | 1,010 |  |  | $ | 5 |  |  | $ | (9) |  |  | $ | 990 |
Total realized/unrealized gains (losses) included in net income (loss) (1), (2) |  | — |  |  | (16) |  |  | 11 |  |  | (56) |  |  | (14) |
Total realized/unrealized gains (losses) included in AOCI |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Purchases (3) |  | 6 |  |  | 208 |  |  | — |  |  | — |  |  | 103 |
Sales (3) |  | (3) |  |  | (69) |  |  | — |  |  | — |  |  | (92) |
Issuances (3) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements (3) |  | — |  |  | — |  |  | (1) |  |  | 155 |  |  | — |
Transfers into Level 3 (4) |  | — |  |  | 20 |  |  | — |  |  | — |  |  | 1 |
Transfers out of Level 3 (4) |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (11) |
Balance, end of period |  | $ | 8 |  |  | $ | 1,153 |  |  | $ | 16 |  |  | $ | 90 |  |  | $ | 977 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 27 |  |  | $ | 975 |  |  | $ | (143) |  |  | $ | (93) |  |  | $ | 1,147 |
Total realized/unrealized gains (losses) included in net income (loss) (1), (2) |  | — |  |  | 12 |  |  | (16) |  |  | 40 |  |  | (37) |
Total realized/unrealized gains (losses) included in AOCI |  | (1) |  |  | — |  |  | (40) |  |  | — |  |  | — |
Purchases (3) |  | 10 |  |  | 47 |  |  | — |  |  | — |  |  | 83 |
Sales (3) |  | (26) |  |  | (140) |  |  | — |  |  | — |  |  | (67) |
Issuances (3) |  | — |  |  | — |  |  | 135 |  |  | — |  |  | — |
Settlements (3) |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |
Transfers into Level 3 (4) |  | — |  |  | 179 |  |  | — |  |  | — |  |  | 3 |
Transfers out of Level 3 (4) |  | — |  |  | — |  |  | (11) |  |  | — |  |  | (7) |
Balance, end of period |  | $ | 10 |  |  | $ | 1,073 |  |  | $ | (75) |  |  | $ | (55) |  |  | $ | 1,122 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2025 (5) |  | $ | — |  |  | $ | (32) |  |  | $ | 10 |  |  | $ | (56) |  |  | $ | — |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at June 30, 2024 (5) |  | $ | — |  |  | $ | 8 |  |  | $ | (14) |  |  | $ | 40 |  |  | $ | — |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2025 (5) |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Changes in unrealized gains (losses) included in AOCI for the instruments still held at June 30, 2024 (5) |  | $ | — |  |  | $ | — |  |  | $ | (21) |  |  | $ | — |  |  | $ | — |
__________________ (1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses). (2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward. (3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. (4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward. (5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses). (6)Comprised of U.S. and foreign corporate securities. (7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward. (8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward. (9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward. Nonrecurring Fair Value Measurements The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).
| June 30, 2025 |  | December 31, 2024
| (In millions)
Carrying value after measurement:
Mortgage loans (1) | $ | 1,952 |  |  | $ | 1,075 |
Other invested assets | $ | — |  |  | $ | 63 |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (In millions)
Realized gains (losses) net: |  |  |  |
Mortgage loans (1) | $ | (241) |  |  | $ | (105) |  |  | $ | (412) |  |  | $ | (154) |
__________________ (1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10. Fair Value of Financial Instruments Carried at Other Than Fair Value The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. The following tables exclude: cash and cash equivalents, which are primarily classified as Level 1, and accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities (i.e., time deposits), which are primarily classified as Level 2. The Company believes that due to the short-term nature of these excluded financial instruments, the estimated fair value approximates carrying value. The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
|  | June 30, 2025
|  |  |  | Fair Value Hierarchy |  |
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | $ | 86,868 |  |  | $ | — |  |  | $ | — |  |  | $ | 84,240 |  |  | $ | 84,240 |
Policy loans |  | $ | 8,664 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,245 |  |  | $ | 9,245 |
Other invested assets |  | $ | 882 |  |  | $ | — |  |  | $ | 700 |  |  | $ | 182 |  |  | $ | 882 |
Premiums, reinsurance and other receivables |  | $ | 4,869 |  |  | $ | — |  |  | $ | 1,101 |  |  | $ | 3,722 |  |  | $ | 4,823 |
Other assets |  | $ | 256 |  |  | $ | — |  |  | $ | 61 |  |  | $ | 200 |  |  | $ | 261 |
Liabilities |  |  |  |  |  |  |  |  |  |
PABs |  | $ | 147,172 |  |  | $ | — |  |  | $ | — |  |  | $ | 144,032 |  |  | $ | 144,032 |
Long-term debt |  | $ | 15,366 |  |  | $ | — |  |  | $ | 15,008 |  |  | $ | — |  |  | $ | 15,008 |
Collateral financing arrangement |  | $ | 438 |  |  | $ | — |  |  | $ | — |  |  | $ | 384 |  |  | $ | 384 |
Subordinated debt securities |  | $ | 4,153 |  |  | $ | — |  |  | $ | 4,663 |  |  | $ | — |  |  | $ | 4,663 |
Other liabilities |  | $ | 10,478 |  |  | $ | — |  |  | $ | 1,956 |  |  | $ | 8,462 |  |  | $ | 10,418 |
Separate account liabilities |  | $ | 75,011 |  |  | $ | — |  |  | $ | 75,011 |  |  | $ | — |  |  | $ | 75,011 |
|  | December 31, 2024
|  |  |  | Fair Value Hierarchy |  |
|  | Carrying Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |
Mortgage loans |  | $ | 89,012 |  |  | $ | — |  |  | $ | — |  |  | $ | 84,217 |  |  | $ | 84,217 |
Policy loans |  | $ | 8,545 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,058 |  |  | $ | 9,058 |
Other invested assets |  | $ | 1,202 |  |  | $ | — |  |  | $ | 704 |  |  | $ | 498 |  |  | $ | 1,202 |
Premiums, reinsurance and other receivables |  | $ | 4,831 |  |  | $ | — |  |  | $ | 881 |  |  | $ | 3,917 |  |  | $ | 4,798 |
Other assets |  | $ | 228 |  |  | $ | — |  |  | $ | 69 |  |  | $ | 167 |  |  | $ | 236 |
Liabilities |  |  |  |  |  |  |  |  |  |
PABs |  | $ | 139,882 |  |  | $ | — |  |  | $ | — |  |  | $ | 134,612 |  |  | $ | 134,612 |
Long-term debt |  | $ | 15,080 |  |  | $ | — |  |  | $ | 14,498 |  |  | $ | — |  |  | $ | 14,498 |
Collateral financing arrangement |  | $ | 476 |  |  | $ | — |  |  | $ | — |  |  | $ | 425 |  |  | $ | 425 |
Subordinated debt securities |  | $ | 3,164 |  |  | $ | — |  |  | $ | 3,587 |  |  | $ | — |  |  | $ | 3,587 |
Other liabilities |  | $ | 9,635 |  |  | $ | — |  |  | $ | 734 |  |  | $ | 8,570 |  |  | $ | 9,304 |
Separate account liabilities |  | $ | 70,359 |  |  | $ | — |  |  | $ | 70,359 |  |  | $ | — |  |  | $ | 70,359 |

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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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