XML 126 R87.htm IDEA: XBRL DOCUMENT v3.25.0.1
Fair Value of Financial Instruments - Changes to Fair Value of Financial Instruments Level 3 (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Liabilities    
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Recognized gains and losses, net Recognized gains and losses, net
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates) Unrealized (loss) gain on investments and other financial instruments, net of adjustments to intangible assets and unearned revenue (excluding investments in unconsolidated affiliates)
Level 3    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period $ 9,677 $ 8,286
Balance at End of Period 11,734 9,677
Liabilities    
Balance at Beginning of Period 4,661 3,397
Balance at End of Period 5,843 4,661
Indexed annuity/ IUL embedded derivatives, included in contractholder funds    
Liabilities    
Balance at Beginning of Period 4,258 3,115
Liabilities, Total Gains (Losses) Included in Earnings 45 257
Liabilities, Total Gains (Losses) Included in AOCI 0 0
Liabilities, Purchases 1,351 1,049
Liabilities, Sales 0 0
Liabilities, Settlements (434) (163)
Liabilities, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 5,220 4,258
Change in Unrealized Incl in OCI 0 0
Interest rate swaps    
Liabilities    
Balance at Beginning of Period 0  
Liabilities, Total Gains (Losses) Included in Earnings 28  
Liabilities, Total Gains (Losses) Included in AOCI 0  
Liabilities, Purchases 0  
Liabilities, Sales 0  
Liabilities, Settlements 0  
Liabilities, Net transfer In (Out) of Level 3 (28)  
Balance at End of Period 0 0
Change in Unrealized Incl in OCI 0  
Contingent consideration    
Liabilities    
Balance at Beginning of Period 0  
Liabilities, Total Gains (Losses) Included in Earnings 26  
Liabilities, Total Gains (Losses) Included in AOCI 0  
Liabilities, Purchases 48  
Liabilities, Sales 0  
Liabilities, Settlements 0  
Liabilities, Net transfer In (Out) of Level 3 0  
Balance at End of Period 74 0
Change in Unrealized Incl in OCI 0  
Asset-backed securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 7,122 6,263
Assets, Total Gains (Losses) Included in Earnings 19 (53)
Assets, Total Gains (Losses) Included in AOCI 128 186
Assets, Purchases 5,104 1,830
Assets, Sales (2,825) (125)
Assets, Settlements (1,210) (738)
Assets, Net transfer In (Out) of Level 3 (195) (241)
Balance at End of Period 8,143 7,122
Change in Unrealized Incl in OCI 130 185
Commercial mortgage-backed securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 18 37
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 0 2
Assets, Purchases 58 22
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 (76) (43)
Balance at End of Period 0 18
Change in Unrealized Incl in OCI 0 2
Corporates    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 1,979 1,440
Assets, Total Gains (Losses) Included in Earnings (3) (2)
Assets, Total Gains (Losses) Included in AOCI 81 (21)
Assets, Purchases 1,148 654
Assets, Sales (100) (1)
Assets, Settlements (139) (94)
Assets, Net transfer In (Out) of Level 3 (9) 3
Balance at End of Period 2,957 1,979
Change in Unrealized Incl in OCI 80 (20)
Municipals    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 49 29
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 1 20
Assets, Purchases 0 0
Assets, Sales (50) 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 0 49
Change in Unrealized Incl in OCI 1 20
Residential mortgage-backed securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 3 302
Assets, Total Gains (Losses) Included in Earnings 0 1
Assets, Total Gains (Losses) Included in AOCI 0 7
Assets, Purchases 1 32
Assets, Sales 0 0
Assets, Settlements 0 (9)
Assets, Net transfer In (Out) of Level 3 (1) (330)
Balance at End of Period 3 3
Change in Unrealized Incl in OCI 0 7
Foreign Governments    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 16 16
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI (1) 0
Assets, Purchases 0 0
Assets, Sales 0 0
Assets, Settlements (11) 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 4 16
Change in Unrealized Incl in OCI (1) 0
Preferred securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 8 1
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 0 0
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 7
Balance at End of Period 8 8
Change in Unrealized Incl in OCI 0 1
Equity securities    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 15 10
Assets, Total Gains (Losses) Included in Earnings (5) 1
Assets, Total Gains (Losses) Included in AOCI 0 1
Assets, Purchases 0 0
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 3
Balance at End of Period 10 15
Change in Unrealized Incl in OCI 0 0
Interest rate swaps    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 57  
Assets, Total Gains (Losses) Included in Earnings (50)  
Assets, Total Gains (Losses) Included in AOCI 3  
Assets, Purchases 0  
Assets, Sales 0  
Assets, Settlements 0  
Assets, Net transfer In (Out) of Level 3 (7)  
Balance at End of Period 3 57
Change in Unrealized Incl in OCI 1  
Investment in unconsolidated affiliates    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 285 23
Assets, Total Gains (Losses) Included in Earnings 79 13
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 0 249
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 (92) 0
Balance at End of Period 272 285
Change in Unrealized Incl in OCI 0 0
Other assets    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 0  
Assets, Total Gains (Losses) Included in Earnings 0  
Assets, Total Gains (Losses) Included in AOCI 0  
Assets, Purchases 65  
Assets, Sales 0  
Assets, Settlements 0  
Assets, Net transfer In (Out) of Level 3 0  
Balance at End of Period 65 0
Change in Unrealized Incl in OCI 0  
Short-term investments    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 0 0
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 236 204
Assets, Sales (190) (19)
Assets, Settlements (9) (185)
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 37 0
Change in Unrealized Incl in OCI 0 0
Derivative Instruments    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 57 0
Assets, Total Gains (Losses) Included in Earnings   57
Assets, Total Gains (Losses) Included in AOCI   0
Assets, Purchases   0
Assets, Sales   0
Assets, Settlements   0
Assets, Net transfer In (Out) of Level 3   0
Balance at End of Period   57
Change in Unrealized Incl in OCI   0
Available-for-sale embedded derivative    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 27 23
Assets, Total Gains (Losses) Included in Earnings 0 0
Assets, Total Gains (Losses) Included in AOCI 5 4
Assets, Purchases 0 0
Assets, Sales 0 0
Assets, Settlements 0 0
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 32 27
Change in Unrealized Incl in OCI 5 4
Credit linked note    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 10 15
Assets, Total Gains (Losses) Included in Earnings 1 0
Assets, Total Gains (Losses) Included in AOCI 0 0
Assets, Purchases 0 0
Assets, Sales 0 0
Assets, Settlements (11) (5)
Assets, Net transfer In (Out) of Level 3 0 0
Balance at End of Period 0 10
Change in Unrealized Incl in OCI 0 0
Secured borrowing receivable    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 0 10
Assets, Total Gains (Losses) Included in Earnings   0
Assets, Total Gains (Losses) Included in AOCI   0
Assets, Purchases   0
Assets, Sales   0
Assets, Settlements   (10)
Assets, Net transfer In (Out) of Level 3   0
Balance at End of Period   0
Change in Unrealized Incl in OCI   0
Loan receivable    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 0  
Assets, Total Gains (Losses) Included in Earnings 0  
Assets, Total Gains (Losses) Included in AOCI 0  
Assets, Purchases 11  
Assets, Sales 0  
Assets, Settlements 0  
Assets, Net transfer In (Out) of Level 3 0  
Balance at End of Period 11 0
Change in Unrealized Incl in OCI 0  
Subtotal Level 3 assets at fair value    
Fixed maturity securities available-for-sale:    
Assets, Total Gains (Losses) Included in Earnings 41  
Assets, Total Gains (Losses) Included in AOCI 217  
Assets, Purchases 6,623  
Assets, Sales (3,165)  
Assets, Settlements (1,380)  
Assets, Net transfer In (Out) of Level 3 (380)  
Change in Unrealized Incl in OCI 216  
Subtotal Level 3 assets at fair value | Level 3    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 9,589 8,169
Assets, Total Gains (Losses) Included in Earnings   17
Assets, Total Gains (Losses) Included in AOCI   199
Assets, Purchases   2,991
Assets, Sales   (145)
Assets, Settlements   (1,041)
Assets, Net transfer In (Out) of Level 3   (601)
Balance at End of Period 11,545 9,589
Change in Unrealized Incl in OCI   199
Market risk benefits asset | Level 3    
Fixed maturity securities available-for-sale:    
Balance at Beginning of Period 88 117
Balance at End of Period 189 88
Subtotal Level 3 liabilities at fair value    
Liabilities    
Balance at Beginning of Period 4,258 3,115
Liabilities, Total Gains (Losses) Included in Earnings 99 257
Liabilities, Total Gains (Losses) Included in AOCI 0 0
Liabilities, Purchases 1,399 1,049
Liabilities, Sales 0 0
Liabilities, Settlements (434) (163)
Liabilities, Net transfer In (Out) of Level 3 (28) 0
Balance at End of Period 5,294 4,258
Change in Unrealized Incl in OCI 0 0
Market risk benefits liability | Level 3    
Liabilities    
Balance at Beginning of Period 403 282
Balance at End of Period $ 549 $ 403