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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Carrying Amount and Estimated Fair Value of Assets and Liabilities on Recurring Basis

The estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:

			June 30, 2024
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	4,890					$	—					$	—					$	—					$	4,890
Fixed maturity securities, available-for-sale:
Asset-backed securities ("ABS")			—						7,517						8,042						—						15,559
Commercial mortgage-backed securities			—						4,974						15						—						4,989
Corporates			33						17,296						2,355						—						19,684
Hybrids			96						543						—						—						639
Municipals			—						1,464						—						—						1,464
Residential mortgage-backed securities			—						2,451						3						—						2,454
U.S. Government			629						6						—						—						635
Foreign Governments			—						317						5						—						322
Short term investments			812						4						71						—						887
Preferred securities			189						308						8						—						505
Equity securities			647						—						13						61						721
Derivative investments			—						1,024						8						—						1,032
Investment in unconsolidated affiliates			—						—						358						—						358
Reinsurance related embedded derivative, included in other assets			—						144						—						—						144
Market risk benefits asset			—						—						103						—						103
Other assets			—						—						50						—						50
Other long-term investments			—						—						37						—						37
Total financial assets at fair value			$	7,296					$	36,048					$	11,068					$	61					$	54,473
Liabilities
Derivatives:
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in contractholder funds			—						—						4,848						—						4,848
Interest rate swaps			—						—						28						—						28
Equity options			4						—						—						—						4
Contingent consideration obligation			—						—						63						—						63
Market risk benefits liability			—						—						459						—						459
Total financial liabilities at fair value			$	4					$	—					$	5,398					$	—					$	5,402

			December 31, 2023
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	2,767					$	—					$	—					$	—					$	2,767
Fixed maturity securities, available-for-sale:
Asset-backed securities			—						7,220						7,122						—						14,342
Commercial mortgage-backed securities			—						4,457						18						—						4,475
Corporates			25						15,892						1,979						—						17,896
Hybrids			95						523						—						—						618
Municipals			—						1,562						49						—						1,611
Residential mortgage-backed securities			—						2,426						3						—						2,429
U.S. Government			662						16						—						—						678
Foreign Governments			—						308						16						—						324
Short term investments			2,111						8						—						—						2,119
Preferred securities			214						399						8						—						621
Equity securities			692						—						15						59						766
Derivative investments			—						740						57						—						797
Investment in unconsolidated affiliates			—						—						285						—						285
Reinsurance related embedded derivative, included in other assets			—						152						—						—						152
Market risk benefits asset			—						—						88						—						88
Other long-term investments			—						—						37						—						37
Total financial assets at fair value			$	6,566					$	33,703					$	9,677					$	59					$	50,005
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds			—						—						4,258						—						4,258
Market risk benefits liability			—						—						403						—						403
Equity options			1						—						—												1
Total financial liabilities at fair value			$	1					$	—					$	4,661					$	—					$	4,662

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

			June 30, 2024
			Level 1						Level 2						Level 3						NAV						Total Estimated Fair Value						Carrying Amount
Assets			(In millions)
FHLB common stock			$	—					$	153					$	—					$	—					$	153					$	153
Commercial mortgage loans			—						—						2,254						—						2,254						2,560
Residential mortgage loans			—						—						2,568						—						2,568						2,879
Investments in unconsolidated affiliates			—						—						5						3,342						3,347						3,347
Policy loans			—						—						86						—						86						86
Other invested assets			27						—						—						42						69						69
Company-owned life insurance			—						—						420						—						420						420
Trade and notes receivables, net of allowance			—						—						439						—						439						439
Total			$	27					$	153					$	5,772					$	3,384					$	9,336					$	9,953
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	43,947					$	—					$	43,947					$	48,753
Debt			—						3,842						—						—						3,842						4,175
Total			$	—					$	3,842					$	43,947					$	—					$	47,789					$	52,928

			December 31, 2023
			Level 1						Level 2						Level 3						NAV						Total Estimated Fair Value						Carrying Amount
Assets			(In millions)
FHLB common stock			$	—					$	138					$	—					$	—					$	138					$	138
Commercial mortgage loans			—						—						2,253						—						2,253						2,538
Residential mortgage loans			—						—						2,545						—						2,545						2,798
Investments in unconsolidated affiliates			—						—						7						2,779						2,786						2,786
Policy loans			—						—						71						—						71						71
Other invested assets			17						—						—						42						59						59
Company-owned life insurance			—						—						397						—						397						397
Trade and notes receivables, net of allowance			—						—						442						—						442						442
Total			$	17					$	138					$	5,715					$	2,821					$	8,691					$	9,229
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	40,229					$	—					$	40,229					$	44,540
Debt			—						3,568						—						—						3,568						3,887
Total			$	—					$	3,568					$	40,229					$	—					$	43,797					$	48,427

Quantitative Information Regarding Significant Unobservable Inputs Used for Recurring Level Three Fair Value Measurements of Financial Instruments

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of June 30, 2024 and December 31, 2023 are as follows:

Fair Value as of

Valuation Technique

Unobservable Input(s)

Range (Weighted average)

June 30, 2024

(In millions)

June 30, 2024

Assets

Asset-backed securities

$

86

Third-Party Valuation

Discount Rate

5.44% - 7.16% (6.32%)

Corporates

3

Discounted Cash Flow

Discount Rate

53.50% - 100.00% (74.14%)

Corporates

739

Third-Party Valuation

Discount Rate

4.13% - 18.41% (7.27%)

Residential mortgage-backed securities

3

Third-Party Valuation

Discount Rate

5.81% - 5.81% (5.81%)

Foreign Governments

5

Third-Party Valuation

Discount Rate

6.99% - 6.99% (6.99%)

Investment in unconsolidated affiliates

358

Market Comparable Company Analysis

EBITDA Multiple

12x - 25.3x (17.1x)

Adjusted Transaction Value

N/A

N/A

Preferred securities

1

Discounted Cash Flow

Discount rate

100.00% - 100.00% (100.00%)

Equity securities

7

Discounted Cash Flow

Discount rate

9.40% - 9.40% (9.40%)

Market Comparable Company Analysis

EBITDA multiple

5.75x - 5.75x (5.75x)

Other assets

50

Discounted Cash Flow

Discount Rate

10.14% - 14.18% (12.16%)

Other long-term investments:

Available-for-sale embedded derivative

31

Black Scholes Model

Market Value of AnchorPath Fund

100.00%

Market risk benefits asset

103

Discounted Cash Flow

Mortality

100.00% - 100.00% (100.00%)

Surrender Rates

0.25% - 10.00% (5.06%)

Partial Withdrawal Rates

2.00% - 23.26% (2.49%)

Non-Performance Spread

0.39% - 1.13% (0.89%)

GMWB Utilization

50.00% - 60.00% (50.63%)

Total financial assets at fair value (a)

$

1,386

Liabilities

Derivative investments:

Indexed annuity/ IUL embedded derivatives, included in contractholder funds

$

4,848

Discounted Cash Flow

Market Value of Option

0.00% - 23.22% (3.51%)

Mortality Multiplier

100.00% - 100.00% (100.00%)

Surrender Rates

0.25% - 70.00% (6.74%)

Partial Withdrawals

2.00% - 35.71% (2.73%)

Non-Performance Spread

0.39% - 1.13% (0.89%)

Option Cost

0.07% - 5.70% (2.54%)

Contingent consideration

63

Discounted Cash Flow

Risk-Adjusted Discount Rate

13.50% - 13.50% (13.50%)

EBITDA Volatility

$35.00% - $35.00% ($35.00%)

Counterparty Discount Rate

$7.00% - $7.00% ($7.00%)

Market risk benefits liability

459

Discounted Cash Flow

Mortality

100.00% - 100.00% (100.00%)

Surrender Rates

0.25% - 10.00% (5.06%)

Partial Withdrawal Rates

2.00% - 23.26% (2.49%)

Non-Performance Spread

0.39% - 1.13% (0.89%)

GMWB Utilization

50.00% - 60.00% (50.63%)

Total financial liabilities at fair value (a)

$

5,370

(a) Assets of $9,682 million and liabilities of $28 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

Fair Value as of

Valuation Technique

Unobservable Input(s)

Range (Weighted average)

December 31, 2023

(In millions)

December 31, 2023

Assets

Asset-backed securities

$

57

Third-Party Valuation

Discount Rate

5.09% - 6.95% (6.00%)

Corporates

787

Third-Party Valuation

Discount Rate

$0.00 - $12.87% ($6.91%)

Corporates

8

Discounted Cash Flow

Discount Rate

44.00% - 100.00% (75.20%)

Municipals

32

Third-Party Valuation

Discount Rate

6.25% - 6.25% (6.25%)

Residential mortgage-backed securities

3

Third-Party Valuation

Discount Rate

5.46% - 5.46% (5.46%)

Foreign Governments

16

Third-Party Valuation

Discount Rate

6.94% - 7.68% (7.45%)

Investment in unconsolidated affiliates

285

Market Comparable Company Analysis

EBITDA Multiple

4.4x - 31.8x (23.2x)

Preferred securities

1

Discounted Cash Flow

Discount rate

100.00%

Equity securities

7

Discounted Cash Flow

Discount rate

11.50% - 11.50% (11.50%)

Other long-term investments:

Available-for-sale embedded derivative

28

Black Scholes Model

Market Value of Fund

100.00%

Market risk benefits asset

88

Discounted Cash Flow

Mortality

100.00% - 100.00% (100.00%)

Surrender Rates

0.25% - 10.00% (5.22%)

Partial Withdrawal Rates

0.00% - 23.26% (2.50%)

Non-Performance Spread

0.38% - 1.10% (0.96%)

GMWB Utilization

50.00% - 60.00% (50.81%)

Total financial assets at fair value (a)

$

1,312

Liabilities

Derivatives

Indexed annuity/ IUL embedded derivatives, included in contractholder funds

4,258

Discounted Cash Flow

Market Value of Option

$0.00% - $18.93% ($2.63%)

Swap rates

$3.84% - $5.26% ($4.55%)

Mortality Multiplier

$100.00% - $100.00% ($100.00%)

Surrender Rates

$0.25% - $70.00% ($6.83%)

Partial Withdrawals

$2.00% - $34.48% ($2.74%)

Non-Performance Spread

$0.38% - $1.10% ($0.96%)

Option cost

$0.07% - $5.48% ($2.38%)

Market risk benefits liability

403

Discounted Cash Flow

Mortality

$100.00%- $100.00% ($100.00%)

Surrender Rates

$0.25% - $10.00% ($5.22%)

Partial Withdrawal Rates

$0.00% - $23.26% ($2.50%)

Non-Performance Spread

$0.38% - $1.10% ($0.96%)

GMWB Utilization

$50.00% - $60.00% ($50.81%)

Total financial liabilities at fair value

$

4,661

(a) Assets of $8,365 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the table above.

Changes in Fair Value of Financial Instruments - Assets

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2024 and 2023. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

			Three months ended June 30, 2024
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	7,736											$	27					$	6					$	704					$	(60)					$	(344)					$	(27)					$	8,042					$	3
Commercial mortgage-backed securities			12												—						—						57						—						—						(54)						15						—
Corporates			2,184												—						2						303						(93)						(20)						(21)						2,355						—
Municipals			18												—						—						—						(18)						—						—						—						—
Residential mortgage-backed securities			4												—						—						—						—						—						(1)						3						—
Foreign Governments			5												—						—						—						—						—						—						5						—
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			14												(1)						—						—						—						—						—						13						—
Interest Rate Swaps			9												(2)						1						—						—						—						—						8						1
Investment in unconsolidated affiliates			343												15						—						—						—						—						—						358						—
Short term investments			9												—						—						62						—						—						—						71						—
Other assets			—												—						—						50						—						—						—						50						—
Other long-term investments:
Available-for-sale embedded derivative			30												—						1						—						—						—						—						31						1
Credit linked note			9												1						—						—						—						(4)						—						6						—
Subtotal Level 3 assets at fair value			$	10,381											$	40					$	10					$	1,176					$	(171)					$	(368)					$	(103)					$	10,965					$	5
Market risk benefits asset (b)			95																																																103
Total Level 3 assets at fair value			$	10,476																																															$	11,068
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			4,679												(56)						—						333						—						(108)						—						4,848						—
Interest rate swaps			19												9						—						—						—						—						—						28						—
Contingent consideration			57												6						—						—						—						—						—						63						—
Subtotal Level 3 liabilities at fair value			$	4,755											$	(41)					$	—					$	333					$	—					$	(108)					$	—					$	4,939					$	—
Market risk benefits liability (b)			425																																																459
Total Level 3 liabilities at fair value			$	5,180																																															$	5,398

(a) The net transfers out of Level 3 during the three months ended June 30, 2024 were exclusively to Level 2.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

			Three months ended June 30, 2023
			Balance at Beginning of Period						Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	6,300					$	(3)					$	15					$	379					$	(15)					$	(151)					$	(15)					$	6,510					$	14
Commercial mortgage-backed securities			29						—						—						—						—						—						(12)						17						—
Corporates			1,544						—						(33)						127						—						(14)						4						1,628						(33)
Municipals			32						—						17						—						—						—						—						49						17
Residential mortgage-backed securities			12						—						—						24						—						—						(8)						28						—
Foreign Governments			16						—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			107						—						—						90						—						—						—						197						—
Short term investments			23						—						—						103						—						—						—						126						—
Preferred securities			1						—						—						—						—						—						6						7						—
Equity securities			11						(1)						—						—						—						—						4						14						—
Other long-term investments:
Available-for-sale embedded derivative			25						—						1						—						—						—						—						26						1
Credit linked note			13						—						—						—						—						—						—						13						—
Secured borrowing receivable			10						—						—						—						—						—						—						10						—
Subtotal Level 3 assets at fair value			$	8,123					$	(4)					$	—					$	723					$	(15)					$	(165)					$	(21)					$	8,641					$	(1)
Market risk benefits asset (b)			106																																										118
Total Level 3 assets at fair value			$	8,229																																									$	8,759
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds			3,569						197						—						93						—						(38)						—						3,821						—
Subtotal Level 3 liabilities at fair value			$	3,569					$	197					$	—					$	93					$	—					$	(38)					$	—					$	3,821					$	—
Market risk benefits liability (b)			324																																										313
Total Level 3 liabilities at fair value			$	3,893																																									$	4,134

(a)The net transfers out of Level 3 during the three months ended June 30, 2023 were to Level 2.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

			Six months ended June 30, 2024
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	7,122											$	15					$	110					$	1,466					$	(79)					$	(546)					$	(46)					$	8,042					$	107
Commercial mortgage-backed securities			18												—						—						58						—						—						(61)						15						—
Corporates			1,979												—						14						520						(96)						(42)						(20)						2,355						13
Municipals			49												—						1						—						(50)						—						—						—						1
Residential mortgage-backed securities			3												—						—						1						—						—						(1)						3						—
Foreign Governments			16												—						—						—						—						(11)						—						5						—
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			15												(2)						—						—						—						—						—						13						—
Interest Rate Swaps			57												(50)						1						—						—						—						—						8						1
Investment in unconsolidated affiliates			285												73						—						—						—						—						—						358						—
Other assets			—												—						—						50						—						—						—						50						—
Short term investments			—												—						—						71						—						—						—						71						—
Other long-term investments:
Available-for-sale embedded derivative			27												—						4						—						—						—						—						31						4
Loan participations			—												—						—						—						—						—						—						—
Credit linked note			10												1						—						—						—						(5)						—						6						—
Subtotal Level 3 assets at fair value			$	9,589											$	37					$	130					$	2,166					$	(225)					$	(604)					$	(128)					$	10,965					$	126
Market risk benefits asset (b)			88																																																103
Total Level 3 assets at fair value			$	9,677																																															$	11,068
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			4,258												144						—						621						—						(175)						—						4,848						—
Interest rate swaps			—												28						—						—						—						—						—						28						—
Contingent consideration (c)			—												15						—						48						—						—						—						63						—
Subtotal Level 3 liabilities at fair value			$	4,258											$	187					$	—					$	669					$	—					$	(175)					$	—					$	4,939					$	—
Market risk benefits liability (b)			403																																																459
Total Level 3 liabilities at fair value			$	4,661																																															$	5,398

(a) The net transfers out of Level 3 during the three months ended June 30, 2024 were exclusively to Level 2.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above. Refer to Note N Acquisition for more     information.

			Six months ended June 30, 2023
			Balance at Beginning of Period						Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	6,263					$	(11)					$	33					$	795					$	(98)					$	(386)					$	(86)					$	6,510					$	32
Commercial mortgage-backed securities			37						—						1						12						—						—						(33)						17						1
Corporates			1,440						(1)						(56)						261						(1)						(19)						4						1,628						(56)
Municipals			29						—						20						—						—						—						—						49						20
Residential mortgage-backed securities			302						1						8						32						—						(8)						(307)						28						8
Foreign Governments			16						—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			23						—						—						174						—						—						—						197						—
Short term investments			—						—						—						126						—						—						—						126						—
Preferred securities			1						—						—						—						—						—						6						7						—
Equity securities			10						—						—						1						(1)						—						4						14						—
Other long-term investments:
Available-for-sale embedded derivative			23						—						3						—						—						—						—						26						3
Credit linked note			15						—						—						—						—						(2)						—						13						—
Secured borrowing receivable			10						—						—						—						—						—						—						10						—
Subtotal Level 3 assets at fair value			$	8,169					$	(11)					$	9					$	1,401					$	(100)					$	(415)					$	(412)					$	8,641					$	8
Market risk benefits asset (b)			117																																										118
Total Level 3 assets at fair value			$	8,286																																									$	8,759
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds			3,115						582						—						189						—						(65)						—						3,821						—
Subtotal Level 3 liabilities at fair value			$	3,115					$	582					$	—					$	189					$	—					$	(65)					$	—					$	3,821					$	—
Market risk benefits liability (b)			282																																										313
Total Level 3 liabilities at fair value			$	3,397																																									$	4,134

(a) The net transfers out of Level 3 during the six months ended June 30, 2023 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

Changes in Fair Value of Financial Instruments - Liabilities

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2024 and 2023. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

			Three months ended June 30, 2024
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	7,736											$	27					$	6					$	704					$	(60)					$	(344)					$	(27)					$	8,042					$	3
Commercial mortgage-backed securities			12												—						—						57						—						—						(54)						15						—
Corporates			2,184												—						2						303						(93)						(20)						(21)						2,355						—
Municipals			18												—						—						—						(18)						—						—						—						—
Residential mortgage-backed securities			4												—						—						—						—						—						(1)						3						—
Foreign Governments			5												—						—						—						—						—						—						5						—
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			14												(1)						—						—						—						—						—						13						—
Interest Rate Swaps			9												(2)						1						—						—						—						—						8						1
Investment in unconsolidated affiliates			343												15						—						—						—						—						—						358						—
Short term investments			9												—						—						62						—						—						—						71						—
Other assets			—												—						—						50						—						—						—						50						—
Other long-term investments:
Available-for-sale embedded derivative			30												—						1						—						—						—						—						31						1
Credit linked note			9												1						—						—						—						(4)						—						6						—
Subtotal Level 3 assets at fair value			$	10,381											$	40					$	10					$	1,176					$	(171)					$	(368)					$	(103)					$	10,965					$	5
Market risk benefits asset (b)			95																																																103
Total Level 3 assets at fair value			$	10,476																																															$	11,068
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			4,679												(56)						—						333						—						(108)						—						4,848						—
Interest rate swaps			19												9						—						—						—						—						—						28						—
Contingent consideration			57												6						—						—						—						—						—						63						—
Subtotal Level 3 liabilities at fair value			$	4,755											$	(41)					$	—					$	333					$	—					$	(108)					$	—					$	4,939					$	—
Market risk benefits liability (b)			425																																																459
Total Level 3 liabilities at fair value			$	5,180																																															$	5,398

(a) The net transfers out of Level 3 during the three months ended June 30, 2024 were exclusively to Level 2.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

			Three months ended June 30, 2023
			Balance at Beginning of Period						Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	6,300					$	(3)					$	15					$	379					$	(15)					$	(151)					$	(15)					$	6,510					$	14
Commercial mortgage-backed securities			29						—						—						—						—						—						(12)						17						—
Corporates			1,544						—						(33)						127						—						(14)						4						1,628						(33)
Municipals			32						—						17						—						—						—						—						49						17
Residential mortgage-backed securities			12						—						—						24						—						—						(8)						28						—
Foreign Governments			16						—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			107						—						—						90						—						—						—						197						—
Short term investments			23						—						—						103						—						—						—						126						—
Preferred securities			1						—						—						—						—						—						6						7						—
Equity securities			11						(1)						—						—						—						—						4						14						—
Other long-term investments:
Available-for-sale embedded derivative			25						—						1						—						—						—						—						26						1
Credit linked note			13						—						—						—						—						—						—						13						—
Secured borrowing receivable			10						—						—						—						—						—						—						10						—
Subtotal Level 3 assets at fair value			$	8,123					$	(4)					$	—					$	723					$	(15)					$	(165)					$	(21)					$	8,641					$	(1)
Market risk benefits asset (b)			106																																										118
Total Level 3 assets at fair value			$	8,229																																									$	8,759
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds			3,569						197						—						93						—						(38)						—						3,821						—
Subtotal Level 3 liabilities at fair value			$	3,569					$	197					$	—					$	93					$	—					$	(38)					$	—					$	3,821					$	—
Market risk benefits liability (b)			324																																										313
Total Level 3 liabilities at fair value			$	3,893																																									$	4,134

(a)The net transfers out of Level 3 during the three months ended June 30, 2023 were to Level 2.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

			Six months ended June 30, 2024
			Balance at Beginning of Period												Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	7,122											$	15					$	110					$	1,466					$	(79)					$	(546)					$	(46)					$	8,042					$	107
Commercial mortgage-backed securities			18												—						—						58						—						—						(61)						15						—
Corporates			1,979												—						14						520						(96)						(42)						(20)						2,355						13
Municipals			49												—						1						—						(50)						—						—						—						1
Residential mortgage-backed securities			3												—						—						1						—						—						(1)						3						—
Foreign Governments			16												—						—						—						—						(11)						—						5						—
Preferred securities			8												—						—						—						—						—						—						8						—
Equity securities			15												(2)						—						—						—						—						—						13						—
Interest Rate Swaps			57												(50)						1						—						—						—						—						8						1
Investment in unconsolidated affiliates			285												73						—						—						—						—						—						358						—
Other assets			—												—						—						50						—						—						—						50						—
Short term investments			—												—						—						71						—						—						—						71						—
Other long-term investments:
Available-for-sale embedded derivative			27												—						4						—						—						—						—						31						4
Loan participations			—												—						—						—						—						—						—						—
Credit linked note			10												1						—						—						—						(5)						—						6						—
Subtotal Level 3 assets at fair value			$	9,589											$	37					$	130					$	2,166					$	(225)					$	(604)					$	(128)					$	10,965					$	126
Market risk benefits asset (b)			88																																																103
Total Level 3 assets at fair value			$	9,677																																															$	11,068
Liabilities
Indexed annuity/ IUL embedded derivatives, included in contractholder funds			4,258												144						—						621						—						(175)						—						4,848						—
Interest rate swaps			—												28						—						—						—						—						—						28						—
Contingent consideration (c)			—												15						—						48						—						—						—						63						—
Subtotal Level 3 liabilities at fair value			$	4,258											$	187					$	—					$	669					$	—					$	(175)					$	—					$	4,939					$	—
Market risk benefits liability (b)			403																																																459
Total Level 3 liabilities at fair value			$	4,661																																															$	5,398

(a) The net transfers out of Level 3 during the three months ended June 30, 2024 were exclusively to Level 2.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above. Refer to Note N Acquisition for more     information.

			Six months ended June 30, 2023
			Balance at Beginning of Period						Total Gains (Losses)												Purchases						Sales						Settlements						Net transfer In (Out) of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	6,263					$	(11)					$	33					$	795					$	(98)					$	(386)					$	(86)					$	6,510					$	32
Commercial mortgage-backed securities			37						—						1						12						—						—						(33)						17						1
Corporates			1,440						(1)						(56)						261						(1)						(19)						4						1,628						(56)
Municipals			29						—						20						—						—						—						—						49						20
Residential mortgage-backed securities			302						1						8						32						—						(8)						(307)						28						8
Foreign Governments			16						—						—						—						—						—						—						16						—
Investment in unconsolidated affiliates			23						—						—						174						—						—						—						197						—
Short term investments			—						—						—						126						—						—						—						126						—
Preferred securities			1						—						—						—						—						—						6						7						—
Equity securities			10						—						—						1						(1)						—						4						14						—
Other long-term investments:
Available-for-sale embedded derivative			23						—						3						—						—						—						—						26						3
Credit linked note			15						—						—						—						—						(2)						—						13						—
Secured borrowing receivable			10						—						—						—						—						—						—						10						—
Subtotal Level 3 assets at fair value			$	8,169					$	(11)					$	9					$	1,401					$	(100)					$	(415)					$	(412)					$	8,641					$	8
Market risk benefits asset (b)			117																																										118
Total Level 3 assets at fair value			$	8,286																																									$	8,759
Liabilities
Indexed annuity/IUL embedded derivatives, included in contractholder funds			3,115						582						—						189						—						(65)						—						3,821						—
Subtotal Level 3 liabilities at fair value			$	3,115					$	582					$	—					$	189					$	—					$	(65)					$	—					$	3,821					$	—
Market risk benefits liability (b)			282																																										313
Total Level 3 liabilities at fair value			$	3,397																																									$	4,134

(a) The net transfers out of Level 3 during the six months ended June 30, 2023 were to Level 2, except for the net transfers out related to our other long-term investment, which was to Level 1.

(b) Refer to Note P Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

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