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Fair Value of Financial Instruments (Tables)

6 Months Ended

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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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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