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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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")			$	4,506		$	—		$	4,423		$	83
Collateralized loan obligations ("CLOs")			3,379			—			3,215			164
Commercial mortgage-backed securities ("CMBS")			2,498			—			2,365			133
Corporate			23,079			—			20,244			2,835
Foreign government/government agencies			409			—			409			—
Municipal			4,481			—			4,481			—
Residential mortgage-backed securities ("RMBS")			5,778			—			5,755			23
U.S. Treasuries			1,073			—			1,073			—
Total fixed maturities, AFS			45,203			—			41,965			3,238
FVO securities			191			—			—			191
Equity securities, at fair value [1]			570			418			46			106
Derivative assets
Credit derivatives			28			—			28			—
Foreign exchange derivatives			1			—			1			—
Interest rate derivatives			1			—			1			—
Total derivative assets [2]			30			—			30			—
Short-term investments			4,219			835			3,177			207
Total assets accounted for at fair value on a recurring basis			$	50,213		$	1,253		$	45,218		$	3,742
Liabilities accounted for at fair value on a recurring basis
Derivative liabilities
Credit derivatives			$	(28)		$	—		$	(28)		$	—
Foreign exchange derivatives			(2)			—			(2)			—
Interest rate derivatives			(2)			—			(2)			—
Total derivative liabilities [3]			(32)			—			(32)			—
Total liabilities accounted for at fair value on a recurring basis			$	(32)		$	—		$	(32)		$	—

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 September 30, 2025

ABS

$

83

Discounted cash flows

Spread

476 bps

739 bps

492 bps

Decrease

CLOs

$

164

Discounted cash flows

Spread

274 bps

1,013 bps

634 bps

Decrease

CMBS [3]

$

132

Discounted cash flows

Spread (encompasses prepayment, default risk and loss severity)

269 bps

1,757 bps

509 bps

Decrease

Corporate [4]

$

2,721

Discounted cash flows

Spread

87 bps

769 bps

258 bps

Decrease

RMBS

$

23

Discounted cash flows

Spread [6]

50 bps

564 bps

181 bps

Decrease

Constant prepayment rate [6]

2%

5%

4%

Decrease [5]

Constant default rate [6]

—%

5%

2%

Decrease

Loss severity [6]

35%

80%

49%

Decrease

Short-term investments

$

207

Discounted cash flows

Spread

164 bps

175 bps

171 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 September 30, 2025
									Total realized/unrealized gains (losses)
						Fair value as of June 30, 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 September 30, 2025
Assets
Fixed maturities, AFS
			ABS			$	92		$	—		$	—		$	13		$	(12)		$	—		$	—		$	(10)		$	83
			CLOs			70			—			—			119			(10)			—			—			(15)			164
			CMBS			137			—			2			—			(8)			—			2			—			133
			Corporate			2,734			—			2			448			(325)			(12)			—			(12)			2,835
			RMBS			12			—			—			13			(2)			—			—			—			23
Total fixed maturities, AFS						3,045			—			4			593			(357)			(12)			2			(37)			3,238
FVO securities						181			7			—			7			(4)			—			—			—			191
Equity securities, at fair value						93			—			—			29			(16)			—			—			—			106
Short-term investments						116			—			—			201			(110)			—			—			—			207
Total Assets						$	3,435		$	7		$	4		$	830		$	(487)		$	(12)		$	2		$	(37)		$	3,742

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Nine Months Ended September 30, 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 September 30, 2025
Assets
Fixed maturities, AFS
			ABS			$	22		$	—		$	1		$	86		$	(16)		$	—		$	—		$	(10)		$	83
			CLOs			116			—			—			347			(29)			—			—			(270)			164
			CMBS			167			(1)			6			—			(21)			(10)			45			(53)			133
			Corporate			2,281			3			64			1,072			(523)			(88)			38			(12)			2,835
			RMBS			24			—			—			37			(9)			—			—			(29)			23
Total fixed maturities, AFS						2,610			2			71			1,542			(598)			(98)			83			(374)			3,238
FVO securities						197			(10)			—			15			(11)			—			—			—			191
Equity securities, at fair value						87			(1)			—			39			(19)			—			—			—			106
Short-term investments						98			—			—			268			(159)			—			—			—			207
Total Assets						$	2,992		$	(9)		$	71		$	1,864		$	(787)		$	(98)		$	83		$	(374)		$	3,742

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Three Months Ended September 30, 2024
									Total realized/unrealized gains (losses)
						Fair value as of June 30, 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 September 30, 2024
Assets
Fixed maturities, AFS
			ABS			$	8		$	—		$	—		$	40		$	—		$	—		$	—		$	—		$	48
			CLOs			500			—			—			215			(6)			—			—			(460)			249
			CMBS			190			(2)			3			—			(3)			(10)			28			—			206
			Corporate			2,061			—			61			246			(107)			(13)			9			—			2,257
			RMBS			40			—			—			33			(4)			—			—			(14)			55
Total fixed maturities, AFS						2,799			(2)			64			534			(120)			(23)			37			(474)			2,815
FVO securities						160			(5)			—			—			(3)			—			—			—			152
Equity securities, at fair value						58			4			—			19			(1)			(3)			—			—			77
Short-term investments						25			—			—			3			(19)			—			—			—			9
Total Assets						$	3,042		$	(3)		$	64		$	556		$	(143)		$	(26)		$	37		$	(474)		$	3,053
Liabilities
Derivatives, net [4]
			Equity			$	—		$	—		$	—		$	5		$	—		$	—		$	—		$	—		$	5
Total Derivatives, net [4]						—			—			—			5			—			—			—			—			5
Total Liabilities						$	—		$	—		$	—		$	5		$	—		$	—		$	—		$	—		$	5

Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the  Nine Months Ended September 30, 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 September 30, 2024
Assets
Fixed maturities, AFS
			ABS			$	—		$	—		$	—		$	56		$	—		$	—		$	—		$	(8)		$	48
			CLOs			113			—			—			805			(32)			—			—			(637)			249
			CMBS			227			(4)			15			—			(8)			(58)			34			—			206
			Corporate			1,861			—			28			558			(183)			(16)			9			—			2,257
			RMBS			36			—			—			85			(14)			—			—			(52)			55
Total fixed maturities, AFS						2,237			(4)			43			1,504			(237)			(74)			43			(697)			2,815
FVO securities						167			(4)			—			—			(11)			—			—			—			152
Equity securities, at fair value						58			4			—			19			(1)			(3)			—			—			77
Short-term investments						25			—			—			4			(20)			—			—			—			9
Total Assets						$	2,487		$	(4)		$	43		$	1,527		$	(269)		$	(77)		$	43		$	(697)		$	3,053
Liabilities
Derivatives, net [4]
			Equity			$	—		$	—		$	—		$	5		$	—		$	—		$	—		$	—		$	5
Total Derivatives, net [4]						—			—			—			5			—			—			—			—			5
Total Liabilities						$	—		$	—		$	—		$	5		$	—		$	—		$	—		$	—		$	5

[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.

[4]Derivative instruments are reported in this table on a net basis for asset (liability) positions and reported in the Condensed Consolidated Balance Sheets in other investments and other liabilities.

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 September 30,															Nine Months Ended September 30,
						2025			2024			2025			2024						2025			2024			2025			2024
						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
			ABS			$	—		$	—		$	—		$	—					$	—		$	—		$	1		$	—
			CMBS			—			—			2			1						—			—			5			10
			Corporate			—			—			2			58						3			—			60			26
Total fixed maturities, AFS						—			—			4			59						3			—			66			36
FVO securities						7			(5)			—			—						(10)			(4)			—			—
Equity securities, at fair value						—			3			—			—						—			3			—			—
Total Assets						$	7		$	(2)		$	4		$	59					$	(7)		$	(1)		$	66		$	36

[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
			September 30, 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			$	6,619		$	6,362					Level 3			$	6,396		$	5,901
Liabilities
Other policyholder funds and benefits payable			Level 3			$	614		$	615					Level 3			$	614		$	614
Senior notes [2]			Level 2			$	3,871		$	3,536					Level 2			$	3,867		$	3,406
Junior subordinated debentures [2]			Level 2			$	499		$	470					Level 2			$	499		$	460

[1]As of September 30, 2025 and December 31, 2024, the carrying amount of mortgage loans is net of ACL of $49 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.

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