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Fair Values of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025
			Fair Value						Valuation Technique						Significant Inputs and Assumptions						Range												Weighted  Average
			(in millions)
Market risk benefits			$	(996)					Discounted cash flow						Utilization of guaranteed withdrawals (1)						0.0%			–			52.8%						12.4%
															Surrender rate (2)						0.4%			–			75.0%						3.6%
															Market volatility (3)						0.0%			–			24.3%						10.7%
															Nonperformance risk (4)						60 bps												60 bps
															Mortality rate (5)						0.0%			–			41.6%						1.7%

			December 31, 2024
			Fair Value						Valuation Technique						Significant Inputs and Assumptions						Range												Weighted  Average
			(in millions)
Market risk benefits			$	(919)					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%			–			24.6%						10.3%
															Nonperformance risk (4)						65 bps												65 bps
															Mortality rate (5)						0.0%			–			41.6%						1.7%

(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, 2025
			Fair Value						Valuation Technique						Unobservable Input						Range												Weighted Average
			(in millions)
Corporate debt securities (private placements)			$	731					Discounted cash flow						Yield/spread to U.S. Treasuries (1)						0.9%			–			1.6%						1.1%
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						15.0%												15.0%
															Constant prepayment rate						20.0%												20.0%
															Loss recovery						60.0%												60.0%
Fixed deferred indexed annuity ceded embedded derivatives			$	59					Discounted cash flow						Surrender rate (3)						0.2%			–			93.8%						7.2%
Fixed deferred indexed annuity embedded derivatives			$	58					Discounted cash flow						Surrender rate (3)						0.2%			–			93.8%						7.2%
															Nonperformance risk (4)						60 bps												60 bps
IUL embedded derivatives			$	1,063					Discounted cash flow						Nonperformance risk (4)						60 bps												60 bps
Structured variable annuity embedded derivatives			$	3,735					Discounted cash flow						Surrender rate (3)						0.5%			–			75.0%						2.0%
															Nonperformance risk (4)						60 bps												60 bps
Contingent consideration liabilities			$	64					Discounted cash flow						Discount rate (5)						0.0%			–			10.5%						2.7%

			December 31, 2024
			Fair Value						Valuation Technique						Unobservable Input						Range												Weighted Average
			(in millions)
Corporate debt securities (private placements)			$	583					Discounted cash flow						Yield/spread to U.S. Treasuries (1)						0.8%			–			1.7%						1.1%
Asset backed securities			$	1					Discounted cash flow						Annual short-term default rate (2)						3.5%												3.5%
															Annual long-term default rate (2)						3.5%												3.5%
															Discount rate						15.3%												15.3%
															Constant prepayment rate						20.0%												20.0%
															Loss recovery						60.0%												60.0%
Fixed deferred indexed annuity ceded embedded derivatives			$	55					Discounted cash flow						Surrender rate (3)						0.0%			–			89.1%						10.6%
Fixed deferred indexed annuity embedded derivatives			$	53					Discounted cash flow						Surrender rate (3)						0.0%			–			89.1%						10.6%
															Nonperformance risk (4)						65 bps												65 bps
IUL embedded derivatives			$	1,002					Discounted cash flow						Nonperformance risk (4)						65 bps												65 bps
Structured variable annuity embedded derivatives			$	2,461					Discounted cash flow						Surrender rate (3)						0.5%			–			75.0%						1.7%
															Nonperformance risk (4)						65 bps												65 bps
Contingent consideration liabilities			$	68					Discounted cash flow						Discount rate (5)						0.0%			–			10.5%						3.3%

(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, 2025
			Carrying Value						Fair Value
									Level 1						Level 2						Level 3						Total
			(in millions)
Financial Assets
Mortgage loans, net			$	2,650					$	—					$	643					$	1,925					$	2,568
Policy loans			1,043						—						1,043						—						1,043
Receivables			9,397						279						2,123						6,018						8,420
Restricted and segregated cash			751						751						—						—						751
Other investments and assets			249						—						195						55						250
Financial Liabilities
Policyholder account balances, future policy benefits and claims			$	22,409					$	—					$	—					$	19,092					$	19,092
Investment certificate reserves			8,931						—						—						8,906						8,906
Banking and brokerage deposits			24,711						24,698						13						—						24,711
Separate account liabilities — investment contracts			2,904						—						2,904						—						2,904
Debt and other liabilities			3,628						328						3,368						4						3,700

			December 31, 2024
			Carrying Value						Fair Value
									Level 1						Level 2						Level 3						Total
			(in millions)
Financial Assets
Mortgage loans, net			$	2,354					$	—					$	433					$	1,768					$	2,201
Policy loans			982						—						982						—						982
Receivables			9,236						218						1,879						5,964						8,061
Restricted and segregated cash			887						887						—						—						887
Other investments and assets			272						—						220						53						273
Financial Liabilities
Policyholder account balances, future policy benefits and claims			$	20,097					$	—					$	—					$	16,826					$	16,826
Investment certificate reserves			11,205						—						—						11,183						11,183
Banking and brokerage deposits			24,639						24,639						—						—						24,639
Separate account liabilities — investment contracts			2,902						—						2,902						—						2,902
Debt and other liabilities			3,326						274						3,031						4						3,309

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, 2025
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Cash equivalents			$	2,571					$	3,184					$	—					$	5,755
Available-for-Sale securities:
Corporate debt securities			—						14,561						731						15,292
Residential mortgage backed securities			—						26,732						—						26,732
Commercial mortgage backed securities			—						3,790						—						3,790
Asset backed securities			—						4,242						68						4,310
State and municipal obligations			—						658						—						658
U.S. government and agency obligations			1,148						637						—						1,785
Foreign government bonds and obligations			—						7						—						7
Total Available-for-Sale securities			1,148						50,627						799						52,574
Investments at net asset value (“NAV”)																					12			(1)
Trading and other securities			366						19						—						385
Separate account assets at NAV																					80,679			(1)
Investments and cash equivalents segregated for regulatory purposes			439						—						—						439
Market risk benefits			—						—						2,225						2,225			(2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives			—						—						59						59
Other assets:
Interest rate derivative contracts			—						158						—						158
Equity derivative contracts			280						12,252						—						12,532
Credit derivative contracts			—						1						—						1
Foreign exchange derivative contracts			—						23						—						23
Total other assets			280						12,434						—						12,714
Total assets at fair value			$	4,804					$	66,264					$	3,083					$	154,842
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives			$	—					$	—					$	58					$	58
IUL embedded derivatives			—						—						1,063						1,063
Structured variable annuity embedded derivatives			—						—						3,735						3,735
Total policyholder account balances, future policy benefits and claims			—						—						4,856						4,856			(3)
Market risk benefits			—						—						1,229						1,229			(2)
Customer deposits			—						6						—						6
Other liabilities:
Interest rate derivative contracts			1						221						—						222
Equity derivative contracts			361						7,542						—						7,903
Credit derivative contracts			—						25						—						25
Foreign exchange derivative contracts			1						3						—						4
Other			362						5						64						431
Total other liabilities			725						7,796						64						8,585
Total liabilities at fair value			$	725					$	7,802					$	6,149					$	14,676

			December 31, 2024
			Level 1						Level 2						Level 3						Total
			(in millions)
Assets
Cash equivalents			$	2,526					$	2,504					$	—					$	5,030
Available-for-Sale securities:
Corporate debt securities			—						13,416						583						13,999
Residential mortgage backed securities			—						23,306						38						23,344
Commercial mortgage backed securities			—						5,126						—						5,126
Asset backed securities			—						6,316						126						6,442
State and municipal obligations			—						638						—						638
U.S. government and agency obligations			2,591						—						—						2,591
Foreign government bonds and obligations			—						13						—						13
Total Available-for-Sale securities			2,591						48,815						747						52,153
Investments at NAV																					12			(1)
Trading and other securities			321						25						—						346
Separate account assets at NAV																					78,114			(1)
Investments and cash equivalents segregated for regulatory purposes			557						—						—						557
Market risk benefits			—						—						2,182						2,182			(2)
Receivables:
Fixed deferred indexed annuity ceded embedded derivatives			—						—						55						55
Other assets:
Interest rate derivative contracts			—						180						—						180
Equity derivative contracts			114						8,843						—						8,957
Credit derivative contracts			—						59						—						59
Foreign exchange derivative contracts			2						41						—						43
Total other assets			116						9,123						—						9,239
Total assets at fair value			$	6,111					$	60,467					$	2,984					$	147,688
Liabilities
Policyholder account balances, future policy benefits and claims:
Fixed deferred indexed annuity embedded derivatives			$	—					$	—					$	53					$	53
IUL embedded derivatives			—						—						1,002						1,002
Structured variable annuity embedded derivatives			—						—						2,461						2,461
Total policyholder account balances, future policy benefits and claims			—						—						3,516						3,516			(3)
Market risk benefits			—						—						1,263						1,263			(2)
Customer deposits			—						7						—						7
Other liabilities:
Interest rate derivative contracts			1						323						—						324
Equity derivative contracts			173						5,189						—						5,362
Credit derivative contracts			—						4						—						4
Foreign exchange derivative contracts			—						13						—						13
Other			314						8						68						390
Total other liabilities			488						5,537						68						6,093
Total liabilities at fair value			$	488					$	5,544					$	4,847					$	10,879

(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 $239 million and $211 million cumulative decrease to the embedded derivatives as of September 30, 2025 and December 31, 2024, 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, 2025			$	708					$	23											$	80											$	811								$	57
Total gains (losses) included in:
Net income			1						—												—												1			(1)						3
Other comprehensive income (loss)			4						—												—												4									—
Purchases			32						—												—												32									—
Settlements			(14)						—												(12)												(26)									(1)
Transfers out of Level 3			—						(23)												—												(23)									—
Balance at September 30, 2025			$	731					$	—											$	68											$	799								$	59
Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2025			$	1					$	—											$	—											$	1		(1)						$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2025			$	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, 2025			$	56					$	999											$	2,879					$	3,934					$	66
Total (gains) losses included in:
Net income			4			(2)			111			(2)									948			(3)			1,063						1			(4)
Issues			—						(3)												28						25						10
Settlements			(2)						(44)												(120)						(166)						(13)
Balance at September 30, 2025			$	58					$	1,063											$	3,735					$	4,856					$	64
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2025			$	—		(2)			$	111		(2)									$	948		(3)			$	1,059					$	—

			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			$	—		(2)			$	36		(2)									$	487		(3)			$	523					$	—

			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, 2025			$	583					$	38											$	126											$	747					$	55
Total gains (losses) included in:
Net income			2						—												—												2			(1)			8
Other comprehensive income (loss)			18						—												—												18						—
Purchases			163						25												—												188						—
Settlements			(35)						(2)												(58)												(95)						(4)
Transfers out of Level 3			—						(61)												—												(61)						—
Balance at September 30, 2025			$	731					$	—											$	68											$	799					$	59
Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2025			$	2					$	—											$	—											$	2		(1)			$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2025			$	18					$	—											$	—											$	18					$	—

			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, 2025			$	53					$	1,002											$	2,461					$	3,516					$	68
Total (gains) losses included in:
Net income			9			(2)			183			(2)									1,486			(3)			1,678						(5)			(4)
Other comprehensive income (loss)			—						—												—						—						1
Issues			—						(1)												80						79						29
Settlements			(4)						(121)												(292)						(417)						(29)
Balance at September 30, 2025			$	58					$	1,063											$	3,735					$	4,856					$	64
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2025			$	—		(2)			$	183		(2)									$	1,486		(3)			$	1,669					$	—

			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			$	—		(2)			$	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

(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.

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, 2025			$	708					$	23											$	80											$	811								$	57
Total gains (losses) included in:
Net income			1						—												—												1			(1)						3
Other comprehensive income (loss)			4						—												—												4									—
Purchases			32						—												—												32									—
Settlements			(14)						—												(12)												(26)									(1)
Transfers out of Level 3			—						(23)												—												(23)									—
Balance at September 30, 2025			$	731					$	—											$	68											$	799								$	59
Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2025			$	1					$	—											$	—											$	1		(1)						$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2025			$	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, 2025			$	56					$	999											$	2,879					$	3,934					$	66
Total (gains) losses included in:
Net income			4			(2)			111			(2)									948			(3)			1,063						1			(4)
Issues			—						(3)												28						25						10
Settlements			(2)						(44)												(120)						(166)						(13)
Balance at September 30, 2025			$	58					$	1,063											$	3,735					$	4,856					$	64
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2025			$	—		(2)			$	111		(2)									$	948		(3)			$	1,059					$	—

			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			$	—		(2)			$	36		(2)									$	487		(3)			$	523					$	—

			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, 2025			$	583					$	38											$	126											$	747					$	55
Total gains (losses) included in:
Net income			2						—												—												2			(1)			8
Other comprehensive income (loss)			18						—												—												18						—
Purchases			163						25												—												188						—
Settlements			(35)						(2)												(58)												(95)						(4)
Transfers out of Level 3			—						(61)												—												(61)						—
Balance at September 30, 2025			$	731					$	—											$	68											$	799					$	59
Changes in unrealized gains (losses) in net income relating to assets held at September 30, 2025			$	2					$	—											$	—											$	2		(1)			$	—
Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at September 30, 2025			$	18					$	—											$	—											$	18					$	—

			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, 2025			$	53					$	1,002											$	2,461					$	3,516					$	68
Total (gains) losses included in:
Net income			9			(2)			183			(2)									1,486			(3)			1,678						(5)			(4)
Other comprehensive income (loss)			—						—												—						—						1
Issues			—						(1)												80						79						29
Settlements			(4)						(121)												(292)						(417)						(29)
Balance at September 30, 2025			$	58					$	1,063											$	3,735					$	4,856					$	64
Changes in unrealized (gains) losses in net income relating to liabilities held at September 30, 2025			$	—		(2)			$	183		(2)									$	1,486		(3)			$	1,669					$	—

			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			$	—		(2)			$	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

(1) Included in Net investment income.

(2) Included in Interest credited to fixed accounts.

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

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