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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2024
			Total			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
Asset-backed securities ("ABS")			$	3,937		$	—		$	3,915		$	22
Collateralized loan obligations ("CLOs")			3,250			—			3,134			116
Commercial mortgage-backed securities ("CMBS")			2,736			—			2,569			167
Corporate			20,636			—			18,355			2,281
Foreign government/government agencies			480			—			480			—
Municipal			5,304			—			5,304			—
Residential mortgage-backed securities ("RMBS")			5,230			—			5,206			24
U.S. Treasuries			994			57			937			—
Total fixed maturities, AFS			42,567			57			39,900			2,610
FVO securities			308			—			111			197
Equity securities, at fair value [1]			603			372			144			87
Derivative assets
Credit derivatives			30			—			30			—
Equity derivatives			4			—			4			—
Foreign exchange derivatives			23			—			23			—
Total derivative assets [2]			57			—			57			—
Short-term investments			4,068			1,271			2,699			98
Total assets accounted for at fair value on a recurring basis			$	47,603		$	1,700		$	42,911		$	2,992
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives			$	(30)		$	—		$	(30)		$	—
Foreign exchange derivatives			18			—			18			—
Total derivative liabilities [3]			(12)			—			(12)			—
Total liabilities accounted for at fair value on a recurring basis			$	(12)		$	—		$	(12)		$	—

Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2023
			Total			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets accounted for at fair value on a recurring basis
Fixed maturities, AFS
ABS			$	3,320		$	—		$	3,320		$	—
CLOs			3,090			—			2,977			113
CMBS			3,125			—			2,898			227
Corporate			17,866			—			16,005			1,861
Foreign government/government agencies			562			—			562			—
Municipal			6,039			—			6,039			—
RMBS			4,287			—			4,251			36
U.S. Treasuries			1,529			18			1,511			—
Total fixed maturities, AFS			39,818			18			37,563			2,237
FVO securities			327			—			160			167
Equity securities, at fair value [1]			864			333			473			58
Derivative assets
Credit derivatives			(10)			—			(10)			—
Foreign exchange derivatives			9			—			9			—
Total derivative assets [2]			(1)			—			(1)			—
Short-term investments			3,850			1,400			2,425			25
Total assets accounted for at fair value on a recurring basis			$	44,858		$	1,751		$	40,620		$	2,487
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives			$	10		$	—		$	10		$	—
Foreign exchange derivatives			4			—			4			—
Interest rate derivatives			(6)			—			(6)			—
Total derivative liabilities [3]			8			—			8			—
Total liabilities accounted for at fair value on a recurring basis			$	8		$	—		$	8		$	—

[1]Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company.

[2]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote 3 to this table for derivative liabilities.

[3]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.

Fair Value Inputs, Assets, Quantitative Information

Significant Unobservable Inputs for Level 3 - Securities

Assets accounted for at fair value on a recurring basis

Fair Value

Predominant Valuation Technique

Significant Unobservable Input

Minimum

Maximum

Weighted Average [1]

Impact of Increase in Input on Fair Value [2]

As of December 31, 2024

CMBS [3]

$

166

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

200 bps

1,221 bps

418 bps

Decrease

Corporate [4]

$

2,166

Discounted cash flows

Spread

81 bps

794 bps

286 bps

Decrease

RMBS [3]

$

19

Discounted cash flows

Spread [6]

100 bps

372 bps

181 bps

Decrease

Constant prepayment rate [6]

1%

6%

4%

Decrease [5]

Constant default rate [6]

1%

4%

2%

Decrease

Loss severity [6]

30%

50%

41%

Decrease

Short-term investments

$

98

Discounted cash flows

Spread

266 bps

266 bps

266 bps

Decrease

As of December 31, 2023

CLOs [3]

$

98

Discounted cash flows

Spread

268 bps

270 bps

269 bps

Decrease

CMBS [3]

$

226

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

365 bps

1,315 bps

509 bps

Decrease

Corporate [4]

$

1,741

Discounted cash flows

Spread

49 bps

743 bps

323 bps

Decrease

RMBS

$

36

Discounted cash flows

Spread [6]

32 bps

298 bps

161 bps

Decrease

Constant prepayment rate [6]

1%

5%

4%

Decrease [5]

Constant default rate [6]

1%

5%

2%

Decrease

Loss severity [6]

10%

70%

41%

Decrease

Short-term investments [3]

$

15

Discounted cash flows

Spread

579 bps

1,254 bps

1,225 bps

Decrease

    

[1]The weighted average is determined based on the fair value of the securities.

[2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table.

[3]Excludes securities for which the Company bases fair value on broker quotations.

[4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value.

[5]Decrease for above market rate coupons and increase for below market rate coupons.

[6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads.

Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Year Ended December 31, 2024
									Total realized/unrealized gains (losses)
						Fair value as of January 1, 2024			Included in net income [1]			Included in OCI [2]			Purchases			Settlements			Sales			Transfers into Level 3 [3]			Transfers out of Level 3 [3]			Fair value as of December 31, 2024
Assets
Fixed maturities, AFS
			ABS			$	—		$	—		$	—		$	70		$	—		$	—		$	—		$	(48)		$	22
			CLOs			113			—			—			919			(64)			—			—			(852)			116
			CMBS			227			(6)			18			—			(10)			(67)			39			(34)			167
			Corporate			1,861			—			(23)			876			(316)			(126)			9			—			2,281
			RMBS			36			—			—			90			(17)			—			—			(85)			24
Total fixed maturities, AFS						2,237			(6)			(5)			1,955			(407)			(193)			48			(1,019)			2,610
FVO securities						167			(7)			—			52			(15)			—			—			—			197
Equity securities, at fair value						58			3			—			49			(20)			(3)			—			—			87
Short-term investments						25			—			—			145			(72)			—			—			—			98
Total Assets						$	2,487		$	(10)		$	(5)		$	2,201		$	(514)		$	(196)		$	48		$	(1,019)		$	2,992

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Year Ended December 31, 2023
									Total realized/unrealized gains (losses)
						Fair value as of January 1, 2023			Included in net income [1]			Included in OCI [2]			Purchases			Settlements			Sales			Transfers into Level 3 [3]			Transfers out of Level 3 [3]			Fair value as of December 31, 2023
Assets
Fixed maturities, AFS
			ABS			$	30		$	—		$	—		$	82		$	—		$	—		$	—		$	(112)		$	—
			CLOs			115			—			—			102			(49)			—			—			(55)			113
			CMBS			222			(2)			3			6			(18)			(5)			21			—			227
			Corporate			1,589			(5)			71			458			(196)			(11)			50			(95)			1,861
			RMBS			95			—			—			40			(29)			—			—			(70)			36
Total fixed maturities, AFS						2,051			(7)			74			688			(292)			(16)			71			(332)			2,237
FVO securities						178			(1)			—			—			(10)			—			—			—			167
Equity securities, at fair value						61			(1)			—			1			(3)			—			—			—			58
Short-term investments						193			—			—			48			(216)			—			—			—			25
Total Assets						$	2,483		$	(9)		$	74		$	737		$	(521)		$	(16)		$	71		$	(332)		$	2,487

[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes.

[2]All amounts are before income taxes.

[3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.

Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at Year End
						December 31, 2024									December 31, 2023
						Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]			Changes in Unrealized Gain/(Loss) included in OCI [3]						Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]			Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed maturities, AFS
			CLOs			$	—		$	—					$	—		$	1
			CMBS			—			10						—			2
			Corporate			—			(26)						(6)			71
Total fixed maturities, AFS						—			(16)						(6)			74
FVO securities						(7)			—						(1)			—
Equity securities, at fair value						—			—						(1)			—
Total Assets						$	(7)		$	(16)					$	(8)		$	74

[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes.

[2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein.

[3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Consolidated Statements of Comprehensive Income (Loss).

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Financial Assets and Liabilities Not Carried at Fair Value

			December 31, 2024												December 31, 2023
			Fair Value Hierarchy Level			Carrying Amount [1]			Fair Value						Fair Value Hierarchy Level			Carrying Amount [1]			Fair Value
Assets
Mortgage loans			Level 3			$	6,396		$	5,901					Level 3			$	6,087		$	5,584
Liabilities
Other policyholder funds and benefits payable			Level 3			$	614		$	614					Level 3			$	638		$	639
Senior notes [2]			Level 2			$	3,867		$	3,406					Level 2			$	3,863		$	3,533
Junior subordinated debentures [2]			Level 2			$	499		$	460					Level 2			$	499		$	429

[1]As of December 31, 2024 and December 31, 2023, the carrying amount of mortgage loans is net of ACL of $44 and $51, respectively

[2]Included in long-term debt in the Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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