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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of 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, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Fair Value |  |
Assets | (In millions) |  |
Cash and cash equivalents | $ | 3,272 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,272 |  |  |
Fixed maturity securities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities ("ABS") | — |  |  | 8,984 |  |  | 9,361 |  |  | — |  |  | 18,345 |  |  |
Commercial mortgage-backed securities | — |  |  | 5,387 |  |  | 3 |  |  | — |  |  | 5,390 |  |  |
Corporates | 41 |  |  | 19,133 |  |  | 3,165 |  |  | — |  |  | 22,339 |  |  |
Hybrids | 36 |  |  | 525 |  |  | 5 |  |  | — |  |  | 566 |  |  |
Municipals | — |  |  | 1,346 |  |  | 3 |  |  | — |  |  | 1,349 |  |  |
Residential mortgage-backed securities | — |  |  | 2,956 |  |  | 5 |  |  | — |  |  | 2,961 |  |  |
U.S. Government | 767 |  |  | 6 |  |  | — |  |  | — |  |  | 773 |  |  |
Foreign Governments | 102 |  |  | 199 |  |  | 23 |  |  | — |  |  | 324 |  |  |
Preferred securities | 176 |  |  | 252 |  |  | 8 |  |  | — |  |  | 436 |  |  |
Equity securities | 453 |  |  | — |  |  | 15 |  |  | 22 |  |  | 490 |  |  |
Derivative investments | — |  |  | 936 |  |  | — |  |  | — |  |  | 936 |  |  |
Investment in unconsolidated affiliates | — |  |  | — |  |  | 272 |  |  | — |  |  | 272 |  |  |
Other long-term investments | — |  |  | — |  |  | 36 |  |  | — |  |  | 36 |  |  |
Short term investments | 1,266 |  |  | 180 |  |  | 5 |  |  | — |  |  | 1,451 |  |  |
Loan receivable, included in Prepaid expenses and other assets | — |  |  | — |  |  | 18 |  |  | — |  |  | 18 |  |  |
Market risk benefits asset | — |  |  | — |  |  | 213 |  |  | — |  |  | 213 |  |  |
Other assets | — |  |  | — |  |  | 140 |  |  | — |  |  | 140 |  |  |
Total financial assets at fair value | $ | 6,113 |  |  | $ | 39,904 |  |  | $ | 13,272 |  |  | $ | 22 |  |  | $ | 59,311 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds | $ | — |  |  | $ | — |  |  | $ | 5,727 |  |  | $ | — |  |  | $ | 5,727 |  |  |
Foreign currency swaps and other derivative instruments, included in Accounts payable and accrued liabilities | — |  |  | 1 |  |  | 5 |  |  | — |  |  | 6 |  |  |
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities | — |  |  | (17) |  |  | — |  |  | — |  |  | (17) |  |  |
Contingent consideration obligation, included in Accounts payable and accrued liabilities | — |  |  | — |  |  | 67 |  |  | — |  |  | 67 |  |  |
Market risk benefits liability | — |  |  | — |  |  | 711 |  |  | — |  |  | 711 |  |  |
Total financial liabilities at fair value | $ | — |  |  | $ | (16) |  |  | $ | 6,510 |  |  | $ | — |  |  | $ | 6,494 |  |  |
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Fair Value |  |
Assets | (In millions) |  |
Cash and cash equivalents | $ | 3,479 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,479 |  |  |
Fixed maturity securities, available-for-sale: |  |  |  |  |  |  |  |  |  |  |
Asset-backed securities | — |  |  | 7,513 |  |  | 8,143 |  |  | — |  |  | 15,656 |  |  |
Commercial mortgage-backed securities | — |  |  | 5,182 |  |  | — |  |  | — |  |  | 5,182 |  |  |
Corporates | 41 |  |  | 18,698 |  |  | 2,957 |  |  | — |  |  | 21,696 |  |  |
Hybrids | 35 |  |  | 546 |  |  | — |  |  | — |  |  | 581 |  |  |
Municipals | — |  |  | 1,386 |  |  | — |  |  | — |  |  | 1,386 |  |  |
Residential mortgage-backed securities | — |  |  | 2,793 |  |  | 3 |  |  | — |  |  | 2,796 |  |  |
U.S. Government | 631 |  |  | 6 |  |  | — |  |  | — |  |  | 637 |  |  |
Foreign Governments | — |  |  | 280 |  |  | 4 |  |  | — |  |  | 284 |  |  |
Preferred securities | 189 |  |  | 246 |  |  | 8 |  |  | — |  |  | 443 |  |  |
Equity securities | 575 |  |  | — |  |  | 10 |  |  | 57 |  |  | 642 |  |  |
Derivative investments | — |  |  | 791 |  |  | 3 |  |  | — |  |  | 794 |  |  |
Investment in unconsolidated affiliates | — |  |  | — |  |  | 272 |  |  | — |  |  | 272 |  |  |
Other long-term investments | — |  |  | — |  |  | 32 |  |  | — |  |  | 32 |  |  |
Short term investments | 2,995 |  |  | 18 |  |  | 37 |  |  | — |  |  | 3,050 |  |  |
Loan receivable, included in Prepaid expenses and other assets | — |  |  | — |  |  | 11 |  |  | — |  |  | 11 |  |  |
Market risk benefits asset | — |  |  | — |  |  | 189 |  |  | — |  |  | 189 |  |  |
Other assets | — |  |  | — |  |  | 65 |  |  | — |  |  | 65 |  |  |
Total financial assets at fair value | $ | 7,945 |  |  | $ | 37,459 |  |  | $ | 11,734 |  |  | $ | 57 |  |  | $ | 57,195 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |
Indexed annuities/IUL embedded derivatives, included in Contractholder funds | $ | — |  |  | $ | — |  |  | $ | 5,220 |  |  | $ | — |  |  | $ | 5,220 |  |  |
Interest rate swaps, included in Accounts payable and accrued liabilities | — |  |  | 10 |  |  | — |  |  | — |  |  | 10 |  |  |
Equity options | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities | — |  |  | (109) |  |  | — |  |  | — |  |  | (109) |  |  |
Contingent consideration obligation, included in Accounts payable and accrued liabilities | — |  |  | — |  |  | 74 |  |  | — |  |  | 74 |  |  |
Market risk benefits liability | — |  |  | — |  |  | 549 |  |  | — |  |  | 549 |  |  |
Total financial liabilities at fair value | $ | 1 |  |  | $ | (99) |  |  | $ | 5,843 |  |  | $ | — |  |  | $ | 5,745 |  |  |
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, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total Estimated Fair Value |  | Carrying Amount
Assets | (In millions)
FHLB common stock | $ | — |  |  | $ | 134 |  |  | $ | — |  |  | $ | — |  |  | $ | 134 |  |  | $ | 134 |
Commercial mortgage loans | — |  |  | — |  |  | 2,827 |  |  | — |  |  | 2,827 |  |  | 3,068 |
Residential mortgage loans | — |  |  | — |  |  | 3,632 |  |  | — |  |  | 3,632 |  |  | 3,872 |
Investments in unconsolidated affiliates | — |  |  | — |  |  | 3 |  |  | 4,026 |  |  | 4,029 |  |  | 4,029 |
Policy loans | — |  |  | — |  |  | 125 |  |  | — |  |  | 125 |  |  | 125 |
Other invested assets | 44 |  |  | — |  |  | — |  |  | 50 |  |  | 94 |  |  | 94 |
Company-owned life insurance | — |  |  | — |  |  | 864 |  |  | — |  |  | 864 |  |  | 864 |
Trade and notes receivables, net of allowance | — |  |  | — |  |  | 477 |  |  | — |  |  | 477 |  |  | 477 |
Total | $ | 44 |  |  | $ | 134 |  |  | $ | 7,928 |  |  | $ | 4,076 |  |  | $ | 12,182 |  |  | $ | 12,663 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Investment contracts, included in contractholder funds | $ | — |  |  | $ | — |  |  | $ | 48,958 |  |  | $ | — |  |  | $ | 48,958 |  |  | $ | 54,086 |
Debt | — |  |  | 4,179 |  |  | — |  |  | — |  |  | 4,179 |  |  | 4,397 |
Total | $ | — |  |  | $ | 4,179 |  |  | $ | 48,958 |  |  | $ | — |  |  | $ | 53,137 |  |  | $ | 58,483 |
| December 31, 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 | — |  |  | — |  |  | 2,404 |  |  | — |  |  | 2,404 |  |  | 2,705 |
Residential mortgage loans | — |  |  | — |  |  | 2,916 |  |  | — |  |  | 2,916 |  |  | 3,221 |
Investments in unconsolidated affiliates | — |  |  | — |  |  | 5 |  |  | 3,288 |  |  | 3,293 |  |  | 3,293 |
Policy loans | — |  |  | — |  |  | 104 |  |  | — |  |  | 104 |  |  | 104 |
Other invested assets | 42 |  |  | — |  |  | — |  |  | 48 |  |  | 90 |  |  | 90 |
Company-owned life insurance | — |  |  | — |  |  | 431 |  |  | — |  |  | 431 |  |  | 431 |
Trade and notes receivables, net of allowance | — |  |  | — |  |  | 471 |  |  | — |  |  | 471 |  |  | 471 |
Total | $ | 42 |  |  | $ | 153 |  |  | $ | 6,331 |  |  | $ | 3,336 |  |  | $ | 9,862 |  |  | $ | 10,468 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Investment contracts, included in contractholder funds | $ | — |  |  | $ | — |  |  | $ | 46,339 |  |  | $ | — |  |  | $ | 46,339 |  |  | $ | 51,184 |
Debt | — |  |  | 3,781 |  |  | — |  |  | — |  |  | 3,781 |  |  | 4,321 |
Total | $ | — |  |  | $ | 3,781 |  |  | $ | 46,339 |  |  | $ | — |  |  | $ | 50,120 |  |  | $ | 55,505 |
Schedule of 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, 2025 and December 31, 2024, excluding assets and liabilities 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 as follows:
| Fair Value as of |  | Valuation Technique |  | Unobservable Input(s) |  | Range (Weighted average)
| June 30, 2025 |  |  |
| (In millions) |  |  |  | June 30, 2025
Assets |  |  |  |  |  |  |
Asset-backed securities | $ | 111 |  |  | Third-Party Valuation |  | Discount Rate |  | 5.27% - 7.43% (6.45%)
Corporates | 9 |  |  | Discounted Cash Flow |  | Discount Rate |  | 13.33% - 100.00% (97.22%)
Corporates | 672 |  |  | Third-Party Valuation |  | Discount Rate |  | 3.85% - 23.39% (6.41%)
Municipals | 3 |  |  | Third-Party Valuation |  | Discount Rate |  | 5.36% - 5.36% (5.36%)
Residential mortgage-backed securities | 3 |  |  | Third-Party Valuation |  | Discount Rate |  | 5.70% - 5.70% (5.70%)
Foreign Governments | 4 |  |  | Third-Party Valuation |  | Discount Rate |  | 9.07% - 9.07% (9.07%)
Preferred securities | 1 |  |  | Discounted Cash Flow |  | Discount rate |  | 100.00% - 100.00% (100.00%)
Equity securities | 4 |  |  | Discounted Cash Flow |  | Discount rate |  | 14.10% - 14.10% (14.10%)
|  |  | Market Comparable Company Analysis |  | EBITDA multiple |  | 5.6x - 5.6x (5.6x)
Investment in unconsolidated affiliates | 272 |  |  | Market Comparable Company Analysis |  | EBITDA Multiple |  | 8.4x - 12.4x (9.80x)
Other long-term investments: |  |  |  |  |  |  |
Available-for-sale embedded derivative | 36 |  |  | Black Scholes Model |  | Market Value of AnchorPath Fund |  | 100.00%
Prepaid expenses and other assets: |  |  |  |  |  |  |
Loan receivable | 18 |  |  | Discounted Cash Flow |  | Risk-Adjusted Discount Rate |  | 6.81% - 6.81% (6.81%)
|  |  |  |  | Collateral Volatility |  | 35.00% - 35.00% (35.00%)
Other assets | 140 |  |  | Discounted Cash Flow |  | Discount Rate |  | 7.66% - 12.52% (9.35%)
|  |  |  |  | Conditional Prepayment Rate |  | 5.95% -13.85% (8.19%)
Market risk benefits asset | 213 |  |  | Discounted Cash Flow |  | Mortality |  | 80.00% - 115.00% (100.00%)
|  |  |  |  | Surrender Rates |  | 0.25% - 30.00% (5.01%)
|  |  |  |  | Partial Withdrawal Rates |  | 0.00% - 24.39% (2.48%)
|  |  |  |  | Non-Performance Spread |  | 0.48% - 0.95% (0.75%)
|  |  |  |  | GMWB Utilization |  | 50.00% - 75.00% (62.37%)
Total financial assets at fair value (a) | $ | 1,486 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | $ | 5,727 |  |  | Discounted Cash Flow |  | Market Value of Option |  | 0.00% - 20.78% (2.76%)
|  |  |  |  | Mortality Multiplier |  | 80.00% - 115.00% (100.00%)
|  |  |  |  | Surrender Rates |  | 0.25% - 50.00% (6.55%)
|  |  |  |  | Partial Withdrawals |  | 2.00% - 37.04% (2.71%)
|  |  |  |  | Non-Performance Spread |  | 0.48% - 0.95% (0.75%)
|  |  |  |  | Option Cost |  | 0.07% - 5.70% (2.75%)
Accounts payable and accrued liabilities: |  |  |  |  |  |  |
Contingent consideration | 67 |  |  | Discounted Cash Flow |  | Risk-Adjusted Discount Rate |  | 12.50% - 12.50% (12.50%)
|  |  |  |  | EBITDA Volatility |  | 35.00% - 35.00% (35.00%)
|  |  |  |  | Counterparty Discount Rate |  | 6.00% - 6.00% (6.00%)
Market risk benefits liability | 711 |  |  | Discounted Cash Flow |  | Mortality |  | 80.00% - 115.00% (100.00%)
|  |  |  |  | Surrender Rates |  | 0.25% - 30.00% (5.01%)
|  |  |  |  | Partial Withdrawal Rates |  | 0.00% - 24.39% (2.48%)
|  |  |  |  | Non-Performance Spread |  | 0.48% - 0.95% (0.75%)
|  |  |  |  | GMWB Utilization |  | 50.00% - 75.00% (62.37%)
Total financial liabilities at fair value | $ | 6,505 |  |  |  |  |  |  |
(a) Assets of $11,784 million and liabilities of $5 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, 2024 |  |  |
| (In millions) |  |  |  | December 31, 2024
Assets |  |  |  |  |  |  |
Asset-backed securities | $ | 95 |  |  | Third-Party Valuation |  | Discount Rate |  | 4.83% - 7.15%% (6.33%)
Corporates | 750 |  |  | Third-Party Valuation |  | Discount Rate |  | 2.00% - 22.53% (6.76%)
Corporates | 7 |  | Discounted Cash Flow |  | Discount Rate |  | 13.33% - 100.00% (96.45%)
Residential mortgage-backed securities | 3 |  |  | Third-Party Valuation |  | Discount Rate |  | 5.89% - 5.89% (5.89%)
Foreign Governments | 4 |  |  | Third-Party Valuation |  | Discount Rate |  | 12.14% - 12.14% (12.14%)
Preferred securities | 1 |  |  | Discounted Cash Flow |  | Discount rate |  | 100.00% - 100.00% (100.00%)
Equity securities | 4 |  |  | Discounted Cash Flow |  | Discount rate |  | 4.80% - 14.10% (9.40%)
|  |  | Market Comparable Company Analysis |  | EBITDA multiple |  | 5.8x - 7.5x (7.0x)
Investment in unconsolidated affiliates | 272 |  |  | Market Comparable Company Analysis |  | EBITDA Multiple |  | 8.7x - 23.6x (14.6xx)
Other assets | 65 |  |  | Discounted Cash Flow |  | Discount Rate |  | 10.60% - 12.00% (11.30%)
|  |  |  |  | Conditional Prepayment Rate |  | 6.24% - 11.99% (9.12%)
Other long-term investments: |  |  |  |  |  |  |
Available-for-sale embedded derivative | 32 |  |  | Black Scholes Model |  | Market Value of AnchorPath Fund |  | 100.00%
Prepaid expenses and other assets: |  |  |  |  |  |  |
Loan receivable | 11 |  |  | Discounted Cash Flow |  | Risk-Adjusted Discount Rate |  | 7.22% - 7.22% (7.22%)
|  |  |  |  | Collateral Volatility |  | 35.00% - 35.00% (35.00%)
Market risk benefits asset | 189 |  |  | Discounted Cash Flow |  | Mortality |  | 80.00% - 115.00% (100.00%)
|  |  |  |  | Surrender Rates |  | 0.25% - 30.00% (5.05%)
|  |  |  |  | Partial Withdrawal Rates |  | 2.00% -24.39% (2.48%)
|  |  |  |  | Non-Performance Spread |  | 0.48% - 0.95% (0.75%)
|  |  |  |  | GMWB Utilization |  | 50.00% -75.00% (61.77%)
Total financial assets at fair value (a) | $ | 1,433 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | $ | 5,220 |  |  | Discounted Cash Flow |  | Market Value of Option |  | 0.00% - 20.81% (2.92%)
|  |  |  |  | Mortality Multiplier |  | 80.00% - 115.00% (100.00%)
|  |  |  |  | Surrender Rates |  | 0.25% - 50.00% (6.94%)
|  |  |  |  | Partial Withdrawals |  | 2.00% - 35.71% (2.72%)
|  |  |  |  | Non-Performance Spread |  | 0.48% - 0.95% (0.75%)
|  |  |  |  | Option Cost |  | 0.07% - 5.70% (2.68%)
Accounts payable and accrued liabilities: |  |  |  |  |  |  |
Contingent consideration | 74 |  | Discounted Cash Flow |  | Risk-Adjusted Discount Rate |  | 13.50% - 13.50% (13.50%)
|  |  |  |  | EBITDA Volatility |  | 35.00% - 35.00% (35.00%)
|  |  |  |  | Counterparty Discount Rate |  | 6.50% - 6.50% (6.50%)
Market risk benefits liability | 549 |  | Discounted Cash Flow |  | Mortality |  | 80.00% - 115.00% (100.00%)
|  |  |  |  | Surrender Rates |  | 0.25% - 30.00% (5.05%)
|  |  |  |  | Partial Withdrawal Rates |  | 2.00% - 24.39% (2.48%)
|  |  |  |  | Non-Performance Spread |  | 0.48% - 0.95% (0.75%)
|  |  |  |  | GMWB Utilization |  | 50.00% - 75.00% (61.77%)
Total financial liabilities at fair value | $ | 5,843 |  |  |  |  |  |  |
(a) Assets of $10,301 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.
Schedule of 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, 2025 and 2024. 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, 2025 |  |
| Balance at Beginning of Period |  |  |  | Total Gains (Losses) |  | Purchases |  | Sales |  | Settlements |  | Net Transfer to (from) 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 | $ | 8,848 |  |  |  |  | $ | (4) |  |  | $ | 27 |  |  | $ | 694 |  |  | $ | (55) |  |  | $ | (214) |  |  | $ | 65 |  |  | $ | 9,361 |  |  | $ | 27 |  |  |
Commercial mortgage-backed securities | — |  |  |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  |
Corporates | 3,006 |  |  |  |  | (3) |  |  | 6 |  |  | 367 |  |  | (14) |  |  | (194) |  |  | (3) |  |  | 3,165 |  |  | 7 |  |  |
Hybrids | 6 |  |  |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |
Municipals | 4 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 3 |  |  | — |  |  |
Residential mortgage-backed securities | 3 |  |  |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |
Foreign Governments | 23 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | — |  |  |
Preferred securities | 8 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  |
Equity securities | 10 |  |  |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  |
Derivative investments | 1 |  |  |  |  | (2) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Investment in unconsolidated affiliates | 272 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 272 |  |  | — |  |  |
Short term investments | 40 |  |  |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | (38) |  |  | — |  |  | 5 |  |  | — |  |  |
Other long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale embedded derivative | 32 |  |  |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | 4 |  |  |
Prepaid expenses and other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan receivable (b) | 11 |  |  |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | — |  |  |
Other assets | 67 |  |  |  |  | 2 |  |  | — |  |  | 71 |  |  | — |  |  | — |  |  | — |  |  | 140 |  |  | — |  |  |
Subtotal Level 3 assets at fair value | $ | 12,331 |  |  |  |  | $ | (7) |  |  | $ | 36 |  |  | $ | 1,153 |  |  | $ | (69) |  |  | $ | (447) |  |  | $ | 62 |  |  | $ | 13,059 |  |  | $ | 38 |  |  |
Market risk benefits asset (c) | 187 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 213 |  |  |  |  |
Total Level 3 assets at fair value | $ | 12,518 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,272 |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | $ | 5,316 |  |  |  |  | $ | 202 |  |  | $ | — |  |  | $ | 328 |  |  | $ | — |  |  | $ | (119) |  |  | $ | — |  |  | $ | 5,727 |  |  | $ | — |  |  |
Foreign currency swaps and other derivative instruments | 1 |  |  |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | 64 |  |  |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 67 |  |  | — |  |  |
Subtotal Level 3 liabilities at fair value | $ | 5,381 |  |  |  |  | $ | 209 |  |  | $ | — |  |  | $ | 328 |  |  | $ | — |  |  | $ | (119) |  |  | $ | — |  |  | $ | 5,799 |  |  | $ | — |  |  |
Market risk benefits liability (c) | 635 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 711 |  |  |  |  |
Total Level 3 liabilities at fair value | $ | 6,016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,510 |  |  |  |  |
(a) The net transfers to (from) Level 3 during the three months ended June 30, 2025 were exclusively from Level 2. (b) Purchases represent advances on the loan commitment to Roar. Refer to Note F Commitments and Contingencies for further details. (c) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
| Three months ended June 30, 2024 |  |
| Balance at Beginning of Period |  | Total Gains (Losses) |  | Purchases |  | Sales |  | Settlements |  | Net Transfer from 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 |  |  | — |  |  |
Investment in unconsolidated affiliates | 343 |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 358 |  |  | — |  |  |
Short term investments | 9 |  |  | — |  |  | — |  |  | 62 |  |  | — |  |  | — |  |  | — |  |  | 71 |  |  | — |  |  |
Preferred securities | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  |
Equity securities | 14 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  |
Derivative investments | 9 |  |  | (2) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 1 |  |  |
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuities/IUL embedded derivatives, included in contractholder funds | $ | 4,679 |  |  | $ | (56) |  |  | $ | — |  |  | $ | 333 |  |  | $ | — |  |  | $ | (108) |  |  | $ | — |  |  | $ | 4,848 |  |  | $ | — |  |  |
Interest rate swaps | 19 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 from Level 3 during the three months ended June 30, 2024 were exclusively to Level 2. (b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.
| Six months ended June 30, 2025
| Balance at Beginning of Period |  |  |  | Total Gains (Losses) |  | Purchases |  | Sales |  | Settlements |  | Net transfer to (from) 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 | $ | 8,143 |  |  |  |  | $ | (3) |  |  | $ | 30 |  |  | $ | 1,723 |  |  | $ | (198) |  |  | $ | (399) |  |  | $ | 65 |  |  | $ | 9,361 |  |  | $ | 29 |
Commercial mortgage-backed securities | — |  |  |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |
Corporates | 2,957 |  |  |  |  | (16) |  |  | 41 |  |  | 719 |  |  | (328) |  |  | (205) |  |  | (3) |  |  | 3,165 |  |  | 40 |
Hybrids | — |  |  |  |  | — |  |  | (1) |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Municipals | — |  |  |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | (1) |  |  | — |  |  | 3 |  |  | — |
Residential mortgage-backed securities | 3 |  |  |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Foreign Governments | 4 |  |  |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | — |
Preferred securities | 8 |  |  |  |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |
Equity securities | 10 |  |  |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |
Derivative investments | 3 |  |  |  |  | (2) |  |  | (2) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Investment in unconsolidated affiliates | 272 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 272 |  |  | — |
Short term investments | 37 |  |  |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | (38) |  |  | — |  |  | 5 |  |  | — |
Prepaid expenses and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets | 65 |  |  |  |  | 1 |  |  | — |  |  | 74 |  |  | — |  |  | — |  |  | — |  |  | 140 |  |  | — |
Loan receivable (b) | 11 |  |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 18 |  | — |
Other long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale embedded derivative | 32 |  |  |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | 4 |
Subtotal Level 3 assets at fair value | $ | 11,545 |  |  |  |  | $ | (21) |  |  | $ | 73 |  |  | $ | 2,569 |  |  | $ | (526) |  |  | $ | (643) |  |  | $ | 62 |  |  | $ | 13,059 |  |  | $ | 71 |
Market risk benefits asset (c) | 189 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 213 |  |  |
Total Level 3 assets at fair value | $ | 11,734 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,272 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuity/ IUL embedded derivatives, included in contractholder funds | $ | 5,220 |  |  |  |  | $ | 135 |  |  | $ | — |  |  | $ | 584 |  |  | $ | — |  |  | $ | (212) |  |  | $ | — |  |  | $ | 5,727 |  |  | $ | — |
Foreign currency swaps and other derivative instruments | — |  |  |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Contingent consideration | 74 |  |  |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | 67 |  |  | — |
Subtotal Level 3 liabilities at fair value | $ | 5,294 |  |  |  |  | $ | 145 |  |  | $ | — |  |  | $ | 584 |  |  | $ | — |  |  | $ | (224) |  |  | $ | — |  |  | $ | 5,799 |  |  | $ | — |
Market risk benefits liability (c) | 549 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 711 |  |  |
Total Level 3 liabilities at fair value | $ | 5,843 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,510 |  |  |
(a) The net transfers to (from) Level 3 during the six months ended June 30, 2025 were exclusively from Level 2. (b) Purchases represent advances on the loan commitment to Roar. Refer to Note F Commitments and Contingencies for further details. (c) Refer to Note O 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 from 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 |  |  | — |
Investment in unconsolidated affiliates | 285 |  |  | 73 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 358 |  |  | — |
Short term investments | — |  |  | — |  |  | — |  |  | 71 |  |  | — |  |  | — |  |  | — |  |  | 71 |  |  | — |
Preferred securities | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |
Equity securities | 15 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |
Derivative investments | 57 |  |  | (50) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 1 |
Other assets | — |  |  | — |  |  | — |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |  |  | — |
Other long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale embedded derivative | 27 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 31 |  |  | 4 |
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 from Level 3 during the six months ended June 30, 2024 were exclusively to Level 2. (b) Refer to Note O 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.
Schedule of 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, 2025 and 2024. 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, 2025 |  |
| Balance at Beginning of Period |  |  |  | Total Gains (Losses) |  | Purchases |  | Sales |  | Settlements |  | Net Transfer to (from) 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 | $ | 8,848 |  |  |  |  | $ | (4) |  |  | $ | 27 |  |  | $ | 694 |  |  | $ | (55) |  |  | $ | (214) |  |  | $ | 65 |  |  | $ | 9,361 |  |  | $ | 27 |  |  |
Commercial mortgage-backed securities | — |  |  |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  |
Corporates | 3,006 |  |  |  |  | (3) |  |  | 6 |  |  | 367 |  |  | (14) |  |  | (194) |  |  | (3) |  |  | 3,165 |  |  | 7 |  |  |
Hybrids | 6 |  |  |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |
Municipals | 4 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 3 |  |  | — |  |  |
Residential mortgage-backed securities | 3 |  |  |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |
Foreign Governments | 23 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | — |  |  |
Preferred securities | 8 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  |
Equity securities | 10 |  |  |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  |
Derivative investments | 1 |  |  |  |  | (2) |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
Investment in unconsolidated affiliates | 272 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 272 |  |  | — |  |  |
Short term investments | 40 |  |  |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | (38) |  |  | — |  |  | 5 |  |  | — |  |  |
Other long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale embedded derivative | 32 |  |  |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | 4 |  |  |
Prepaid expenses and other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan receivable (b) | 11 |  |  |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | — |  |  |
Other assets | 67 |  |  |  |  | 2 |  |  | — |  |  | 71 |  |  | — |  |  | — |  |  | — |  |  | 140 |  |  | — |  |  |
Subtotal Level 3 assets at fair value | $ | 12,331 |  |  |  |  | $ | (7) |  |  | $ | 36 |  |  | $ | 1,153 |  |  | $ | (69) |  |  | $ | (447) |  |  | $ | 62 |  |  | $ | 13,059 |  |  | $ | 38 |  |  |
Market risk benefits asset (c) | 187 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 213 |  |  |  |  |
Total Level 3 assets at fair value | $ | 12,518 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,272 |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds | $ | 5,316 |  |  |  |  | $ | 202 |  |  | $ | — |  |  | $ | 328 |  |  | $ | — |  |  | $ | (119) |  |  | $ | — |  |  | $ | 5,727 |  |  | $ | — |  |  |
Foreign currency swaps and other derivative instruments | 1 |  |  |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | 64 |  |  |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 67 |  |  | — |  |  |
Subtotal Level 3 liabilities at fair value | $ | 5,381 |  |  |  |  | $ | 209 |  |  | $ | — |  |  | $ | 328 |  |  | $ | — |  |  | $ | (119) |  |  | $ | — |  |  | $ | 5,799 |  |  | $ | — |  |  |
Market risk benefits liability (c) | 635 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 711 |  |  |  |  |
Total Level 3 liabilities at fair value | $ | 6,016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,510 |  |  |  |  |
(a) The net transfers to (from) Level 3 during the three months ended June 30, 2025 were exclusively from Level 2. (b) Purchases represent advances on the loan commitment to Roar. Refer to Note F Commitments and Contingencies for further details. (c) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
| Three months ended June 30, 2024 |  |
| Balance at Beginning of Period |  | Total Gains (Losses) |  | Purchases |  | Sales |  | Settlements |  | Net Transfer from 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 |  |  | — |  |  |
Investment in unconsolidated affiliates | 343 |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 358 |  |  | — |  |  |
Short term investments | 9 |  |  | — |  |  | — |  |  | 62 |  |  | — |  |  | — |  |  | — |  |  | 71 |  |  | — |  |  |
Preferred securities | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  |
Equity securities | 14 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |  |  |
Derivative investments | 9 |  |  | (2) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 1 |  |  |
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuities/IUL embedded derivatives, included in contractholder funds | $ | 4,679 |  |  | $ | (56) |  |  | $ | — |  |  | $ | 333 |  |  | $ | — |  |  | $ | (108) |  |  | $ | — |  |  | $ | 4,848 |  |  | $ | — |  |  |
Interest rate swaps | 19 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  |  |  |
Accounts payable and accrued liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 from Level 3 during the three months ended June 30, 2024 were exclusively to Level 2. (b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.
| Six months ended June 30, 2025
| Balance at Beginning of Period |  |  |  | Total Gains (Losses) |  | Purchases |  | Sales |  | Settlements |  | Net transfer to (from) 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 | $ | 8,143 |  |  |  |  | $ | (3) |  |  | $ | 30 |  |  | $ | 1,723 |  |  | $ | (198) |  |  | $ | (399) |  |  | $ | 65 |  |  | $ | 9,361 |  |  | $ | 29 |
Commercial mortgage-backed securities | — |  |  |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |
Corporates | 2,957 |  |  |  |  | (16) |  |  | 41 |  |  | 719 |  |  | (328) |  |  | (205) |  |  | (3) |  |  | 3,165 |  |  | 40 |
Hybrids | — |  |  |  |  | — |  |  | (1) |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Municipals | — |  |  |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | (1) |  |  | — |  |  | 3 |  |  | — |
Residential mortgage-backed securities | 3 |  |  |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Foreign Governments | 4 |  |  |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | — |
Preferred securities | 8 |  |  |  |  | (1) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |
Equity securities | 10 |  |  |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | — |
Derivative investments | 3 |  |  |  |  | (2) |  |  | (2) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Investment in unconsolidated affiliates | 272 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 272 |  |  | — |
Short term investments | 37 |  |  |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | (38) |  |  | — |  |  | 5 |  |  | — |
Prepaid expenses and other assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets | 65 |  |  |  |  | 1 |  |  | — |  |  | 74 |  |  | — |  |  | — |  |  | — |  |  | 140 |  |  | — |
Loan receivable (b) | 11 |  |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 18 |  | — |
Other long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale embedded derivative | 32 |  |  |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36 |  |  | 4 |
Subtotal Level 3 assets at fair value | $ | 11,545 |  |  |  |  | $ | (21) |  |  | $ | 73 |  |  | $ | 2,569 |  |  | $ | (526) |  |  | $ | (643) |  |  | $ | 62 |  |  | $ | 13,059 |  |  | $ | 71 |
Market risk benefits asset (c) | 189 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 213 |  |  |
Total Level 3 assets at fair value | $ | 11,734 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,272 |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuity/ IUL embedded derivatives, included in contractholder funds | $ | 5,220 |  |  |  |  | $ | 135 |  |  | $ | — |  |  | $ | 584 |  |  | $ | — |  |  | $ | (212) |  |  | $ | — |  |  | $ | 5,727 |  |  | $ | — |
Foreign currency swaps and other derivative instruments | — |  |  |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |
Contingent consideration | 74 |  |  |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | — |  |  | 67 |  |  | — |
Subtotal Level 3 liabilities at fair value | $ | 5,294 |  |  |  |  | $ | 145 |  |  | $ | — |  |  | $ | 584 |  |  | $ | — |  |  | $ | (224) |  |  | $ | — |  |  | $ | 5,799 |  |  | $ | — |
Market risk benefits liability (c) | 549 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 711 |  |  |
Total Level 3 liabilities at fair value | $ | 5,843 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,510 |  |  |
(a) The net transfers to (from) Level 3 during the six months ended June 30, 2025 were exclusively from Level 2. (b) Purchases represent advances on the loan commitment to Roar. Refer to Note F Commitments and Contingencies for further details. (c) Refer to Note O 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 from 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 |  |  | — |
Investment in unconsolidated affiliates | 285 |  |  | 73 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 358 |  |  | — |
Short term investments | — |  |  | — |  |  | — |  |  | 71 |  |  | — |  |  | — |  |  | — |  |  | 71 |  |  | — |
Preferred securities | 8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |
Equity securities | 15 |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |  |  | — |
Derivative investments | 57 |  |  | (50) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 1 |
Other assets | — |  |  | — |  |  | — |  |  | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |  |  | — |
Other long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale embedded derivative | 27 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 31 |  |  | 4 |
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 from Level 3 during the six months ended June 30, 2024 were exclusively to Level 2. (b) Refer to Note O 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.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + 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
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- 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
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