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Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Values of Assets and Liabilities

Summary of significant unobservable inputs used in fair value measurements of Level 3 assets and liabilities

The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably available to the Company of market risk benefits:

			September 30, 2024
			Fair Value						Valuation Technique						Significant Inputs and Assumptions						Range												Weighted  Average
			(in millions)
Market risk benefits			$	(230)					Discounted cash flow						Utilization of guaranteed withdrawals (1)						0.0%			–			52.8%						11.9%
															Surrender rate (2)						0.4%			–			75.0%						3.3%
															Market volatility (3)						0.0%			–			25.5%						10.7%
															Nonperformance risk (4)						70 bps												70 bps
															Mortality rate (5)						0.0%			–			41.6%						1.7%

			December 31, 2023
			Fair Value						Valuation Technique						Significant Inputs and Assumptions						Range												Weighted  Average
			(in millions)
Market risk benefits			$	335					Discounted cash flow						Utilization of guaranteed withdrawals (1)						0.0%			–			48.0%						11.6%
															Surrender rate (2)						0.3%			–			75.0%						3.7%
															Market volatility (3)						0.0%			–			25.2%						10.6%
															Nonperformance risk (4)						85 bps												85 bps
															Mortality rate (5)						0.0%			–			41.6%						1.6%

(1) The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals.

(2) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

(3) Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit.

(4) The nonperformance risk is the spread added to the U.S. Treasury curve.

(5) The weighted average mortality rate represents the average assumption weighted based on the account value of each contract.

The following tables provide a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:

			September 30, 2024
			Fair Value						Valuation Technique						Unobservable Input						Range												Weighted Average
			(in millions)
Corporate debt securities (private placements)			$	577					Discounted cash flow						Yield/spread to U.S. Treasuries (1)						0.9%			–			1.9%						1.2%
Asset backed securities			$	1					Discounted cash flow						Annual short-term default rate (2)						4.0%												4.0%
															Annual long-term default rate (2)						3.5%												3.5%
															Discount rate						15.3%												15.3%
															Constant prepayment rate						15.0%												15.0%
															Loss recovery						60.0%												60.0%
Fixed deferred indexed annuity ceded embedded derivatives			$	55					Discounted cash flow						Surrender rate (3)						0.0%			–			66.8%						4.5%
Fixed deferred indexed annuity embedded derivatives			$	54					Discounted cash flow						Surrender rate (3)						0.0%			–			66.8%						4.5%
															Nonperformance risk (4)						70 bps												70 bps
IUL embedded derivatives			$	943					Discounted cash flow						Nonperformance risk (4)						70 bps												70 bps
Structured variable annuity embedded derivatives			$	2,317					Discounted cash flow						Surrender rate (3)						0.5%			–			75.0%						1.6%
															Nonperformance risk (4)						70 bps												70 bps
Contingent consideration liabilities			$	66					Discounted cash flow						Discount rate (5)						0.0%			–			10.5%						3.5%

			December 31, 2023
			Fair Value						Valuation Technique						Unobservable Input						Range												Weighted Average
			(in millions)
Corporate debt securities (private placements)			$	469					Discounted cash flow						Yield/spread to U.S. Treasuries (1)						1.0%			–			2.4%						1.2%
Asset backed securities			$	1					Discounted cash flow						Annual short-term default rate (2)						3.0%												3.0%
															Annual long-term default rate (2)						3.5%												3.5%
															Discount rate						29.0%												29.0%
															Constant prepayment rate						10.0%												10.0%
															Loss recovery						63.6%												63.6%
Fixed deferred indexed annuity ceded embedded derivatives			$	51					Discounted cash flow						Surrender rate (3)						0.0%			–			66.8%						1.4%
Fixed deferred indexed annuity embedded derivatives			$	49					Discounted cash flow						Surrender rate (3)						0.0%			–			66.8%						1.4%
															Nonperformance risk (4)						85 bps												85 bps
IUL embedded derivatives			$	873					Discounted cash flow						Nonperformance risk (4)						85 bps												85 bps
Structured variable annuity embedded derivatives			$	1,011					Discounted cash flow						Surrender rate (3)						0.5%			–			75.0%						2.6%
															Nonperformance risk (4)						85 bps												85 bps
Contingent consideration liabilities			$	76					Discounted cash flow						Discount rate (5)						0.0%			–			10.5%						2.9%

(1) The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

(2) The weighted average annual default rates of asset backed securities is weighted based on the security’s market value as a percentage of the aggregate market value of the securities.

(3) The weighted average surrender rate represents the average assumption weighted based on the account value of each contract.

(4) The nonperformance risk is the spread added to the U.S. Treasury curve.

(5) The weighted average discount rate represents the average discount rate across all contingent consideration liabilities, weighted based on the size of the contingent consideration liability.

Schedule of carrying value and estimated fair value of financial instruments not reported at fair value

The following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:

			September 30, 2024
			Carrying Value						Fair Value
									Level 1						Level 2						Level 3						Total
			(in millions)
Financial Assets
Mortgage loans, net			$	2,297					$	—					$	407					$	1,805					$	2,212
Policy loans			966						—						966						—						966
Receivables			9,209						236						1,729						6,325						8,290
Restricted and segregated cash			640						640						—						—						640
Other investments and assets			282						—						233						50						283
Financial Liabilities
Policyholder account balances, future policy benefits and claims			$	19,195					$	—					$	—					$	16,758					$	16,758
Investment certificate reserves			11,990						—						—						11,974						11,974
Banking and brokerage deposits			24,364						24,364						—						—						24,364
Separate account liabilities — investment contracts			3,146						—						3,146						—						3,146
Debt and other liabilities			3,857						254						3,656						4						3,914

			December 31, 2023
			Carrying Value						Fair Value
									Level 1						Level 2						Level 3						Total
			(in millions)
Financial Assets
Mortgage loans, net			$	2,118					$	—					$	280					$	1,692					$	1,972
Policy loans			912						—						912						—						912
Receivables			9,453						146						1,621						6,577						8,344
Restricted and segregated cash			936						936						—						—						936
Other investments and assets			338						—						283						55						338
Financial Liabilities
Policyholder account balances, future policy benefits and claims			$	16,641					$	—					$	—					$	14,243					$	14,243
Investment certificate reserves			13,461						—						—						13,420						13,420
Banking and brokerage deposits			23,886						23,886						—						—						23,886
Separate account liabilities — investment contracts			3,155						—						3,155						—						3,155
Debt and other liabilities			3,769						166						3,610						5						3,781

Ameriprise Financial

Fair Values of Assets and Liabilities

Schedule of balances of assets and liabilities measured at fair value on a recurring basis

The following tables present the balances of assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis (See Note 4 for the balances of assets and liabilities for consolidated investment entities): 

			September 30, 2024
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Cash equivalents			$	2,565					$	4,551					$	—					$	7,116
Available-for-Sale securities:
Corporate debt securities			—						13,604						577						14,181
Residential mortgage backed securities			—						22,981						28						23,009
Commercial mortgage backed securities			—						5,283						—						5,283
Asset backed securities			—						6,557						1						6,558
State and municipal obligations			—						687						—						687
U.S. government and agency obligations			2,686						—						—						2,686
Foreign government bonds and obligations			—						13						—						13
Total Available-for-Sale securities			2,686						49,125						606						52,417
Investments at net asset value (“NAV”)																					11			(1)
Trading and other securities			314						21						—						335
Separate account assets at NAV																					81,409			(1)
Investments and cash equivalents segregated for regulatory purposes			621						—						—						621
Market risk benefits			—						—						1,809						1,809			(2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives			—						—						55						55
Other assets:
Interest rate derivative contracts			3						240						—						243
Equity derivative contracts			132						8,099						—						8,231
Credit derivative contracts			—						1						—						1
Foreign exchange derivative contracts			3						30						—						33
Total other assets			138						8,370						—						8,508
Total assets at fair value			$	6,324					$	62,067					$	2,470					$	152,281
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives			$	—					$	—					$	54					$	54
IUL embedded derivatives			—						—						943						943
Structured variable annuity embedded derivatives			—						—						2,317						2,317
Total policyholder account balances, future policy benefits and claims			—						—						3,314						3,314			(3)
Market risk benefits			—						—						1,579						1,579			(2)
Customer deposits			—						8						—						8
Other liabilities:
Interest rate derivative contracts			1						256						—						257
Equity derivative contracts			147						5,315						—						5,462
Credit derivative contracts			—						32						—						32
Foreign exchange derivative contracts			—						7						—						7
Other			303						8						66						377
Total other liabilities			451						5,618						66						6,135
Total liabilities at fair value			$	451					$	5,626					$	4,959					$	11,036

			December 31, 2023
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Cash equivalents			$	704					$	4,325					$	—					$	5,029
Available-for-Sale securities:
Corporate debt securities			—						12,107						469						12,576
Residential mortgage backed securities			—						21,066						—						21,066
Commercial mortgage backed securities			—						6,050						—						6,050
Asset backed securities			—						8,318						1						8,319
State and municipal obligations			—						760						—						760
U.S. government and agency obligations			2,740						—						—						2,740
Foreign government bonds and obligations			—						18						—						18
Other securities			—						33						—						33
Total Available-for-Sale securities			2,740						48,352						470						51,562
Investments at NAV																					10			(1)
Trading and other securities			265						25						—						290
Separate account assets at NAV																					77,457			(1)
Investments and cash equivalents segregated for regulatory purposes			699						—						—						699
Market risk benefits			—						—						1,427						1,427			(2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives			—						—						51						51
Other assets:
Interest rate derivative contracts			1						184						—						185
Equity derivative contracts			66						4,968						—						5,034
Credit derivative contracts			—						4						—						4
Foreign exchange derivative contracts			1						21						—						22
Total other assets			68						5,177						—						5,245
Total assets at fair value			$	4,476					$	57,879					$	1,948					$	141,770
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives			$	—					$	3					$	49					$	52
IUL embedded derivatives			—						—						873						873
Structured variable annuity embedded derivatives			—						—						1,011						1,011
Total policyholder account balances, future policy benefits and claims			—						3						1,933						1,936			(3)
Market risk benefits			—						—						1,762						1,762			(2)
Customer deposits			—						9						—						9
Other liabilities:
Interest rate derivative contracts			1						304						—						305
Equity derivative contracts			96						3,368						—						3,464
Credit derivative contracts			—						107						—						107
Foreign exchange derivative contracts			1						6						—						7
Other			259						3						76						338
Total other liabilities			357						3,788						76						4,221
Total liabilities at fair value			$	357					$	3,800					$	3,771					$	7,928

(1) Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

(2) See Note 10 for additional information related to market risk benefits, including the balances of and changes in market risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits.

(3) The Company’s adjustment for nonperformance risk resulted in a $219 million and $195 million cumulative decrease to the embedded derivatives as of September 30, 2024 and December 31, 2023, respectively.

Summary of changes in Level 3 assets measured at fair value on a recurring basis

The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:

			Available-for-Sale Securities																											Receivables
			Corporate Debt Securities						Residential Mortgage Backed Securities												Asset Backed Securities												Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance at July 1, 2024			$	544					$	57											$	24											$	625								$	55
Total gains (losses) included in:
Net income			1						—												—												1			(1)						1
Other comprehensive income (loss)			16						1												—												17									—
Purchases			44						27												1												72									—
Settlements			(28)						—												—												(28)									(1)
Transfers out of Level 3			—						(57)												(24)												(81)									—
Balance at September 30, 2024			$	577					$	28											$	1											$	606								$	55
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2024			$	16					$	—											$	—											$	16								$	—

			Policyholder Account Balances, Future Policy Benefits and Claims																								Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives												Structured Variable Annuity Embedded Derivatives															Total
			(in millions)
Balance at July 1, 2024			$	52					$	944											$	1,896					$	2,892					$	69
Total (gains) losses included in:
Net income			3			(2)			36			(2)									487			(3)			526						—			(4)
Other comprehensive income (loss)			—						—												—						—						1
Issues			—						3												23						26						3
Settlements			(1)						(40)												(89)						(130)						(7)
Balance at September 30, 2024			$	54					$	943											$	2,317					$	3,314					$	66
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2024			$	—					$	36		(2)									$	487		(3)			$	523					$	—

			Available-for-Sale Securities																					Receivables
			Corporate Debt Securities																		Asset Backed Securities												Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance at July 1, 2023			$	446																	$	3											$	449								$	49
Total gains (losses) included in:
Other comprehensive income (loss)			(3)																		—												(3)									—
Purchases			36																		—												36									—
Settlements			(18)																		—												(18)									(1)
Balance at September 30, 2023			$	461																	$	3											$	464								$	48
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2023			$	(4)																	$	—											$	(4)								$	—

			Policyholder Account Balances, Future Policy Benefits and Claims																								Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives												Structured Variable Annuity Embedded Derivatives															Total
			(in millions)
Balance at July 1, 2023			$	46					$	809											$	557					$	1,412					$	78
Total (gains) losses included in:
Net income			—			(2)			2			(2)									(246)			(3)			(244)						—			(4)
Other comprehensive income (loss)			—						—												—						—						(1)
Issues			—						6												35						41						7
Settlements			(1)						(30)												(46)						(77)						(7)
Balance at September 30, 2023			$	45					$	787											$	300					$	1,132					$	77
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2023			$	—					$	2		(2)									$	(246)		(3)			$	(244)					$	—

			Available-for-Sale Securities																								Receivables
			Corporate Debt Securities						Residential Mortgage Backed Securities												Asset Backed Securities												Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance at January 1, 2024			$	469					$	—											$	1											$	470					$	51
Total gains (losses) included in:
Net income			1						—												—												1			(1)			7
Other comprehensive income (loss)			14						—												—												14						—
Purchases			146						112												24												282						—
Settlements			(53)						(2)												—												(55)						(3)
Transfers out of Level 3			—						(82)												(24)												(106)						—
Balance at September 30, 2024			$	577					$	28											$	1											$	606					$	55
Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2024			$	1					$	—											$	—											$	1		(1)			$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2024			$	13					$	—											$	—											$	13					$	—

			Policyholder Account Balances, Future Policy Benefits and Claims																								Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives												Structured Variable Annuity Embedded Derivatives															Total
			(in millions)
Balance at January 1, 2024			$	49					$	873											$	1,011					$	1,933					$	76
Total (gains) losses included in:
Net income			8			(2)			169			(2)									1,440			(3)			1,617						1			(4)
Other comprehensive income (loss)			—						—												—						—						1
Issues			—						17												99						116						12
Settlements			(3)						(116)												(233)						(352)						(24)
Balance at September 30, 2024			$	54					$	943											$	2,317					$	3,314					$	66
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2024			$	—					$	169		(2)									$	1,440		(3)			$	1,609					$	—
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at September 30, 2024			$	—					$	—											$	—					$	—					$	1

			Available-for-Sale Securities																		Receivables
			Corporate Debt Securities																		Asset Backed Securities												Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance at January 1, 2023			$	405																	$	6											$	411					$	48
Total gains (losses) included in:
Net income			—																		—												—			(1)			2
Other comprehensive income (loss)			(2)																		—												(2)						—
Purchases			114																		—												114						—
Settlements			(56)																		(3)												(59)						(2)
Balance at September 30, 2023			$	461																	$	3											$	464					$	48
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2023			$	(3)																	$	—											$	(3)					$	—

			Policyholder Account Balances, Future Policy Benefits and Claims																								Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives												Structured Variable Annuity Embedded Derivatives															Total
			(in millions)
Balance at January 1, 2023			$	44					$	739											$	(137)		(5)			$	646					$	62
Total (gains) losses included in:
Net income			3			(2)			94			(2)									443			(3)			540						1			(4)
Issues			—						46												66						112						40
Settlements			(2)						(92)												(72)						(166)						(26)
Balance at September 30, 2023			$	45					$	787											$	300					$	1,132					$	77
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2023			$	—					$	94		(2)									$	443		(3)			$	537					$	—

(1) Included in Net investment income.

(2) Included in Interest credited to fixed accounts.

(3) Included in Benefits, claims, losses and settlement expenses.

(4) Included in General and administrative expense.

(5) The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and the amount is presented as a contra liability.

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis

The following tables provide a summary of changes in Level 3 assets and liabilities of Ameriprise Financial measured at fair value on a recurring basis:

			Available-for-Sale Securities																											Receivables
			Corporate Debt Securities						Residential Mortgage Backed Securities												Asset Backed Securities												Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance at July 1, 2024			$	544					$	57											$	24											$	625								$	55
Total gains (losses) included in:
Net income			1						—												—												1			(1)						1
Other comprehensive income (loss)			16						1												—												17									—
Purchases			44						27												1												72									—
Settlements			(28)						—												—												(28)									(1)
Transfers out of Level 3			—						(57)												(24)												(81)									—
Balance at September 30, 2024			$	577					$	28											$	1											$	606								$	55
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2024			$	16					$	—											$	—											$	16								$	—

			Policyholder Account Balances, Future Policy Benefits and Claims																								Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives												Structured Variable Annuity Embedded Derivatives															Total
			(in millions)
Balance at July 1, 2024			$	52					$	944											$	1,896					$	2,892					$	69
Total (gains) losses included in:
Net income			3			(2)			36			(2)									487			(3)			526						—			(4)
Other comprehensive income (loss)			—						—												—						—						1
Issues			—						3												23						26						3
Settlements			(1)						(40)												(89)						(130)						(7)
Balance at September 30, 2024			$	54					$	943											$	2,317					$	3,314					$	66
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2024			$	—					$	36		(2)									$	487		(3)			$	523					$	—

			Available-for-Sale Securities																					Receivables
			Corporate Debt Securities																		Asset Backed Securities												Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance at July 1, 2023			$	446																	$	3											$	449								$	49
Total gains (losses) included in:
Other comprehensive income (loss)			(3)																		—												(3)									—
Purchases			36																		—												36									—
Settlements			(18)																		—												(18)									(1)
Balance at September 30, 2023			$	461																	$	3											$	464								$	48
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2023			$	(4)																	$	—											$	(4)								$	—

			Policyholder Account Balances, Future Policy Benefits and Claims																								Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives												Structured Variable Annuity Embedded Derivatives															Total
			(in millions)
Balance at July 1, 2023			$	46					$	809											$	557					$	1,412					$	78
Total (gains) losses included in:
Net income			—			(2)			2			(2)									(246)			(3)			(244)						—			(4)
Other comprehensive income (loss)			—						—												—						—						(1)
Issues			—						6												35						41						7
Settlements			(1)						(30)												(46)						(77)						(7)
Balance at September 30, 2023			$	45					$	787											$	300					$	1,132					$	77
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2023			$	—					$	2		(2)									$	(246)		(3)			$	(244)					$	—

			Available-for-Sale Securities																								Receivables
			Corporate Debt Securities						Residential Mortgage Backed Securities												Asset Backed Securities												Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance at January 1, 2024			$	469					$	—											$	1											$	470					$	51
Total gains (losses) included in:
Net income			1						—												—												1			(1)			7
Other comprehensive income (loss)			14						—												—												14						—
Purchases			146						112												24												282						—
Settlements			(53)						(2)												—												(55)						(3)
Transfers out of Level 3			—						(82)												(24)												(106)						—
Balance at September 30, 2024			$	577					$	28											$	1											$	606					$	55
Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2024			$	1					$	—											$	—											$	1		(1)			$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2024			$	13					$	—											$	—											$	13					$	—

			Policyholder Account Balances, Future Policy Benefits and Claims																								Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives												Structured Variable Annuity Embedded Derivatives															Total
			(in millions)
Balance at January 1, 2024			$	49					$	873											$	1,011					$	1,933					$	76
Total (gains) losses included in:
Net income			8			(2)			169			(2)									1,440			(3)			1,617						1			(4)
Other comprehensive income (loss)			—						—												—						—						1
Issues			—						17												99						116						12
Settlements			(3)						(116)												(233)						(352)						(24)
Balance at September 30, 2024			$	54					$	943											$	2,317					$	3,314					$	66
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2024			$	—					$	169		(2)									$	1,440		(3)			$	1,609					$	—
Changes in unrealized (gains) losses in other comprehensive income (loss) relating to liabilities held at September 30, 2024			$	—					$	—											$	—					$	—					$	1

			Available-for-Sale Securities																		Receivables
			Corporate Debt Securities																		Asset Backed Securities												Total						Fixed Deferred Indexed Annuity Ceded Embedded Derivatives
			(in millions)
Balance at January 1, 2023			$	405																	$	6											$	411					$	48
Total gains (losses) included in:
Net income			—																		—												—			(1)			2
Other comprehensive income (loss)			(2)																		—												(2)						—
Purchases			114																		—												114						—
Settlements			(56)																		(3)												(59)						(2)
Balance at September 30, 2023			$	461																	$	3											$	464					$	48
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2023			$	(3)																	$	—											$	(3)					$	—

			Policyholder Account Balances, Future Policy Benefits and Claims																								Other Liabilities
			Fixed Deferred Indexed Annuity Embedded Derivatives						IUL Embedded Derivatives												Structured Variable Annuity Embedded Derivatives															Total
			(in millions)
Balance at January 1, 2023			$	44					$	739											$	(137)		(5)			$	646					$	62
Total (gains) losses included in:
Net income			3			(2)			94			(2)									443			(3)			540						1			(4)
Issues			—						46												66						112						40
Settlements			(2)						(92)												(72)						(166)						(26)
Balance at September 30, 2023			$	45					$	787											$	300					$	1,132					$	77
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2023			$	—					$	94		(2)									$	443		(3)			$	537					$	—

(1) Included in Net investment income.

(2) Included in Interest credited to fixed accounts.

(3) Included in Benefits, claims, losses and settlement expenses.

(4) Included in General and administrative expense.

(5) The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and the amount is presented as a contra liability.

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