XML 73 R29.htm IDEA: XBRL DOCUMENT v3.25.1

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
			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")			$	4,333		$	—		$	4,277		$	56
Collateralized loan obligations ("CLOs")			3,396			—			3,163			233
Commercial mortgage-backed securities ("CMBS")			2,754			—			2,604			150
Corporate			21,646			—			19,245			2,401
Foreign government/government agencies			481			—			481			—
Municipal			5,030			—			5,030			—
Residential mortgage-backed securities ("RMBS")			5,558			—			5,519			39
U.S. Treasuries			1,006			—			1,006			—
Total fixed maturities, AFS			44,204			—			41,325			2,879
FVO securities			280			—			85			195
Equity securities, at fair value [1]			512			362			59			91
Derivative assets
Credit derivatives			23			—			23			—
Foreign exchange derivatives			13			—			13			—
Total derivative assets [2]			36			—			36			—
Short-term investments			3,366			661			2,646			59
Total assets accounted for at fair value on a recurring basis			$	48,398		$	1,023		$	44,151		$	3,224
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives			$	(23)		$	—		$	(23)		$	—
Foreign exchange derivatives			20			—			20			—
Interest rate derivatives			(2)			—			(2)			—
Total derivative liabilities [3]			(5)			—			(5)			—
Total liabilities accounted for at fair value on a recurring basis			$	(5)		$	—		$	(5)		$	—

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
ABS			$	3,937		$	—		$	3,915		$	22
CLOs			3,250			—			3,134			116
CMBS			2,736			—			2,569			167
Corporate			20,636			—			18,355			2,281
Foreign government/government agencies			480			—			480			—
Municipal			5,304			—			5,304			—
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)		$	—

[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 March 31, 2025

ABS [3]

$

48

Discounted cash flows

Spread

481 bps

808 bps

503 bps

Decrease

CLOs [3]

$

98

Discounted cash flows

Spread

458 bps

1,023 bps

788 bps

Decrease

CMBS [3]

$

149

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

200 bps

1,874 bps

567 bps

Decrease

Corporate [4]

$

2,287

Discounted cash flows

Spread

10 bps

700 bps

281 bps

Decrease

RMBS

$

39

Discounted cash flows

Spread [6]

63 bps

568 bps

178 bps

Decrease

Constant prepayment rate [6]

2%

5%

3%

Decrease [5]

Constant default rate [6]

1%

5%

2%

Decrease

Loss severity [6]

33%

50%

42%

Decrease

Short-term investments

$

59

Discounted cash flows

Spread

278 bps

278 bps

278 bps

Decrease

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

[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, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the Three Months Ended March 31, 2025
									Total realized/unrealized gains (losses)
						Fair value as of January 1, 2025			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 March 31, 2025
Assets
Fixed maturities, AFS
			ABS			$	22		$	—		$	1		$	34		$	(1)		$	—		$	—		$	—		$	56
			CLOs			116			—			—			208			(1)			—			—			(90)			233
			CMBS			167			—			3			—			—			(2)			35			(53)			150
			Corporate			2,281			1			15			164			(89)			(9)			38			—			2,401
			RMBS			24			—			—			24			(4)			—			—			(5)			39
Total fixed maturities, AFS						2,610			1			19			430			(95)			(11)			73			(148)			2,879
FVO securities						197			(4)			—			6			(4)			—			—			—			195
Equity securities, at fair value						87			(1)			—			8			(3)			—			—			—			91
Short-term investments						98			—			—			10			(49)			—			—			—			59
Total Assets						$	2,992		$	(4)		$	19		$	454		$	(151)		$	(11)		$	73		$	(148)		$	3,224

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended March 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 March 31, 2024
Assets
Fixed maturities, AFS
			ABS			$	—		$	—		$	—		$	16		$	—		$	—		$	—		$	—		$	16
			CLOs			113			—			—			130			(12)			—			—			(47)			184
			CMBS			227			—			10			—			(2)			—			6			—			241
			Corporate			1,861			—			(15)			106			(27)			(2)			—			—			1,923
			RMBS			36			—			—			38			(5)			—			—			—			69
Total fixed maturities, AFS						2,237			—			(5)			290			(46)			(2)			6			(47)			2,433
FVO securities						167			3			—			—			(3)			—			—			—			167
Equity securities, at fair value						58			—			—			—			—			—			—			—			58
Short-term investments						25			—			—			1			—			—			—			—			26
Total Assets						$	2,487		$	3		$	(5)		$	291		$	(49)		$	(2)		$	6		$	(47)		$	2,684

[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.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Changes in Unrealized Gains (Losses) for Financial Instruments Classified as Level 3 Still Held at End of Period
						Three Months Ended March 31,
						2025			2024			2025			2024
						Changes in Unrealized Gain/(Loss) included in Net Income [1] [2]						Changes in Unrealized Gain/(Loss) included in OCI [3]
Assets
Fixed maturities, AFS
			ABS			$	—		$	—		$	1		$	—
			CMBS			—			—			3			10
			Corporate			3			—			13			(15)
Total fixed maturities, AFS						3			—			17			(5)
FVO securities						(4)			3			—			—
Total Assets						$	(1)		$	3		$	17		$	(5)

[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 Condensed 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
			March 31, 2025												December 31, 2024
			Fair Value Hierarchy Level			Carrying Amount [1]			Fair Value						Fair Value Hierarchy Level			Carrying Amount [1]			Fair Value
Assets
Mortgage loans			Level 3			$	6,356		$	6,002					Level 3			$	6,396		$	5,901
Liabilities
Other policyholder funds and benefits payable			Level 3			$	611		$	611					Level 3			$	614		$	614
Senior notes [2]			Level 2			$	3,869		$	3,437					Level 2			$	3,867		$	3,406
Junior subordinated debentures [2]			Level 2			$	499		$	461					Level 2			$	499		$	460

[1]As of March 31, 2025 and December 31, 2024, the carrying amount of mortgage loans is net of ACL of $43 and $44, respectively.

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

X

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: 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

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCarryingValuesAndEstimatedFairValuesOfDebtInstrumentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration