XML 61 R49.htm IDEA: XBRL DOCUMENT v3.25.2
Fair Value of Financial Instruments - Schedule of Carrying Amounts of Assets and Liabilities at Estimated Fair Value Measured on a Recurring Basis (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Assets                
Fixed maturity securities available for sale $ 52,047   $ 52,047     $ 48,218    
Derivative investments and reinsurance related embedded derivative, included in other assets 936   936     794    
Market risk benefits asset 213   213     189    
Total financial assets at fair value 1,486   1,486     1,433    
Derivatives:                
Market risk benefits liability 711   711     549    
Decrease in fair value of derivative 209 $ (41) 145 $ 187        
Liabilities, Total (Losses) Gains Included in AOCI 0 0 0 0        
Liabilities, Purchases 328 333 584 669        
Liabilities, Sales 0 0 0 0        
Liabilities, Settlements (119) (108) (224) (175)        
Liabilities, Net transfer In (Out) of Level 3 0 0 0 0        
Contingent consideration                
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 67 63 67 63 $ 64 74 $ 57 $ 0
Decrease in fair value of derivative 3 6 5 15        
Liabilities, Total (Losses) Gains Included in AOCI 0 0 0 0        
Liabilities, Purchases 0 0 0 48        
Liabilities, Sales 0 0 0 0        
Liabilities, Settlements 0 0 (12) 0        
Liabilities, Net transfer In (Out) of Level 3 0 0 0 0        
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI 0 0 0 0        
Level 1                
Assets                
Cash and cash equivalents 3,272   3,272     3,479    
Derivative investments and reinsurance related embedded derivative, included in other assets 0   0     0    
Investment in unconsolidated affiliates 0   0     0    
Short term investments 1,266   1,266     2,995    
Loan receivable, included in Prepaid expenses and other assets 0   0     0    
Market risk benefits asset 0   0     0    
Total financial assets at fair value 6,113   6,113     7,945    
Derivatives:                
Contingent consideration obligation, included in Accounts payable and accrued liabilities 0   0     0    
Market risk benefits liability 0   0     0    
Total financial liabilities at fair value 0   0     1    
Level 2                
Assets                
Cash and cash equivalents 0   0     0    
Derivative investments and reinsurance related embedded derivative, included in other assets 936   936     791    
Investment in unconsolidated affiliates 0   0     0    
Short term investments 180   180     18    
Loan receivable, included in Prepaid expenses and other assets 0   0     0    
Market risk benefits asset 0   0     0    
Total financial assets at fair value 39,904   39,904     37,459    
Derivatives:                
Contingent consideration obligation, included in Accounts payable and accrued liabilities 0   0     0    
Market risk benefits liability 0   0     0    
Total financial liabilities at fair value (16)   (16)     (99)    
Level 3                
Assets                
Cash and cash equivalents 0   0     0    
Derivative investments and reinsurance related embedded derivative, included in other assets 0   0     3    
Investment in unconsolidated affiliates 272   272     272    
Short term investments 5   5     37    
Loan receivable, included in Prepaid expenses and other assets 18   18     11    
Market risk benefits asset 213   213     189    
Total financial assets at fair value 13,272   13,272     11,734    
Derivatives:                
Contingent consideration obligation, included in Accounts payable and accrued liabilities 67   67     74    
Market risk benefits liability 711   711     549    
Total financial liabilities at fair value 6,510   6,510     5,843    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 13,272 11,068 13,272 11,068 12,518 11,734 10,476 9,677
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value 6,510 5,398 6,510 5,398 6,016 5,843 5,180 4,661
NAV                
Assets                
Total financial assets at fair value 22   22     57    
Fair Value                
Assets                
Cash and cash equivalents 3,272   3,272     3,479    
Derivative investments and reinsurance related embedded derivative, included in other assets 936   936     794    
Investment in unconsolidated affiliates 272   272     272    
Short term investments 1,451   1,451     3,050    
Loan receivable, included in Prepaid expenses and other assets 18   18     11    
Market risk benefits asset 213   213     189    
Total financial assets at fair value 59,311   59,311     57,195    
Derivatives:                
Contingent consideration obligation, included in Accounts payable and accrued liabilities 67   67     74    
Market risk benefits liability 711   711     549    
Total financial liabilities at fair value 6,494   6,494     5,745    
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds | Level 1                
Derivatives:                
Derivative liability 0   0     0    
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds | Level 2                
Derivatives:                
Derivative liability 0   0     0    
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds | Level 3                
Derivatives:                
Derivative liability 5,727   5,727     5,220    
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds | Fair Value                
Derivatives:                
Derivative liability 5,727   5,727     5,220    
Foreign currency swaps and other derivative instruments, included in Accounts payable and accrued liabilities | Level 1                
Derivatives:                
Derivative liability 0   0          
Foreign currency swaps and other derivative instruments, included in Accounts payable and accrued liabilities | Level 2                
Derivatives:                
Derivative liability 1   1          
Foreign currency swaps and other derivative instruments, included in Accounts payable and accrued liabilities | Level 3                
Derivatives:                
Derivative liability 5   5          
Foreign currency swaps and other derivative instruments, included in Accounts payable and accrued liabilities | Fair Value                
Derivatives:                
Derivative liability 6   6          
Interest rate swaps, included in Accounts payable and accrued liabilities | Level 1                
Derivatives:                
Derivative liability           0    
Interest rate swaps, included in Accounts payable and accrued liabilities | Level 2                
Derivatives:                
Derivative liability           10    
Interest rate swaps, included in Accounts payable and accrued liabilities | Level 3                
Derivatives:                
Derivative liability           0    
Interest rate swaps, included in Accounts payable and accrued liabilities | Fair Value                
Derivatives:                
Derivative liability           10    
Equity options | Level 1                
Derivatives:                
Derivative liability           1    
Equity options | Level 2                
Derivatives:                
Derivative liability           0    
Equity options | Level 3                
Derivatives:                
Derivative liability           0    
Equity options | Fair Value                
Derivatives:                
Derivative liability           1    
Reinsurance related embedded derivatives | Level 1                
Derivatives:                
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities 0   0     0    
Reinsurance related embedded derivatives | Level 2                
Derivatives:                
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities (17)   (17)     (109)    
Reinsurance related embedded derivatives | Level 3                
Derivatives:                
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities 0   0     0    
Reinsurance related embedded derivatives | Fair Value                
Derivatives:                
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities (17)   (17)     (109)    
Asset-backed securities ("ABS")                
Assets                
Fixed maturity securities available for sale 18,345   18,345     15,656    
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 9,361 8,042 9,361 8,042 8,848 8,143 7,736 7,122
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings (4) 27 (3) 15        
Assets, Total (Losses) Gains Included in AOCI 27 6 30 110        
Assets, Purchases 694 704 1,723 1,466        
Assets, Sales (55) (60) (198) (79)        
Assets, Settlements (214) (344) (399) (546)        
Assets, Net transfer In (Out) of Level 3 65 (27) 65 (46)        
Change in Unrealized Included in OCI 27 3 29 107        
Asset-backed securities ("ABS") | Level 1                
Assets                
Fixed maturity securities available for sale 0   0     0    
Asset-backed securities ("ABS") | Level 2                
Assets                
Fixed maturity securities available for sale 8,984   8,984     7,513    
Asset-backed securities ("ABS") | Level 3                
Assets                
Fixed maturity securities available for sale 9,361   9,361     8,143    
Asset-backed securities ("ABS") | Fair Value                
Assets                
Fixed maturity securities available for sale 18,345   18,345     15,656    
Commercial mortgage-backed securities                
Assets                
Fixed maturity securities available for sale 5,390   5,390     5,182    
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 3 15 3 15 0 0 12 18
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0 0 0 0        
Assets, Total (Losses) Gains Included in AOCI 0 0 0 0        
Assets, Purchases 3 57 3 58        
Assets, Sales 0 0 0 0        
Assets, Settlements 0 0 0 0        
Assets, Net transfer In (Out) of Level 3 0 (54) 0 (61)        
Change in Unrealized Included in OCI 0 0 0 0        
Commercial mortgage-backed securities | Level 1                
Assets                
Fixed maturity securities available for sale 0   0     0    
Commercial mortgage-backed securities | Level 2                
Assets                
Fixed maturity securities available for sale 5,387   5,387     5,182    
Commercial mortgage-backed securities | Level 3                
Assets                
Fixed maturity securities available for sale 3   3     0    
Commercial mortgage-backed securities | Fair Value                
Assets                
Fixed maturity securities available for sale 5,390   5,390     5,182    
Corporates                
Assets                
Fixed maturity securities available for sale 22,339   22,339     21,696    
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 3,165 2,355 3,165 2,355 3,006 2,957 2,184 1,979
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings (3) 0 (16) 0        
Assets, Total (Losses) Gains Included in AOCI 6 2 41 14        
Assets, Purchases 367 303 719 520        
Assets, Sales (14) (93) (328) (96)        
Assets, Settlements (194) (20) (205) (42)        
Assets, Net transfer In (Out) of Level 3 (3) (21) (3) (20)        
Change in Unrealized Included in OCI 7 0 40 13        
Corporates | Level 1                
Assets                
Fixed maturity securities available for sale 41   41     41    
Corporates | Level 2                
Assets                
Fixed maturity securities available for sale 19,133   19,133     18,698    
Corporates | Level 3                
Assets                
Fixed maturity securities available for sale 3,165   3,165     2,957    
Corporates | Fair Value                
Assets                
Fixed maturity securities available for sale 22,339   22,339     21,696    
Hybrids                
Assets                
Fixed maturity securities available for sale 566   566     581    
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 5   5   6 0    
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0   0          
Assets, Total (Losses) Gains Included in AOCI (1)   (1)          
Assets, Purchases 0   6          
Assets, Sales 0   0          
Assets, Settlements 0   0          
Assets, Net transfer In (Out) of Level 3 0   0          
Change in Unrealized Included in OCI 0   0          
Hybrids | Level 1                
Assets                
Fixed maturity securities available for sale 36   36     35    
Hybrids | Level 2                
Assets                
Fixed maturity securities available for sale 525   525     546    
Hybrids | Level 3                
Assets                
Fixed maturity securities available for sale 5   5     0    
Hybrids | Fair Value                
Assets                
Fixed maturity securities available for sale 566   566     581    
Municipals                
Assets                
Fixed maturity securities available for sale 1,349   1,349     1,386    
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 3 0 3 0 4 0 18 49
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0 0 0 0        
Assets, Total (Losses) Gains Included in AOCI 0 0 0 1        
Assets, Purchases 0 0 4 0        
Assets, Sales 0 (18) 0 (50)        
Assets, Settlements (1) 0 (1) 0        
Assets, Net transfer In (Out) of Level 3 0 0 0 0        
Change in Unrealized Included in OCI 0 0 0 1        
Municipals | Level 1                
Assets                
Fixed maturity securities available for sale 0   0     0    
Municipals | Level 2                
Assets                
Fixed maturity securities available for sale 1,346   1,346     1,386    
Municipals | Level 3                
Assets                
Fixed maturity securities available for sale 3   3     0    
Municipals | Fair Value                
Assets                
Fixed maturity securities available for sale 1,349   1,349     1,386    
Residential mortgage-backed securities                
Assets                
Fixed maturity securities available for sale 2,961   2,961     2,796    
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 5 3 5 3 3 3 4 3
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0 0 0 0        
Assets, Total (Losses) Gains Included in AOCI 0 0 0 0        
Assets, Purchases 2 0 2 1        
Assets, Sales 0 0 0 0        
Assets, Settlements 0 0 0 0        
Assets, Net transfer In (Out) of Level 3 0 (1) 0 (1)        
Change in Unrealized Included in OCI 0 0 0 0        
Residential mortgage-backed securities | Level 1                
Assets                
Fixed maturity securities available for sale 0   0     0    
Residential mortgage-backed securities | Level 2                
Assets                
Fixed maturity securities available for sale 2,956   2,956     2,793    
Residential mortgage-backed securities | Level 3                
Assets                
Fixed maturity securities available for sale 5   5     3    
Residential mortgage-backed securities | Fair Value                
Assets                
Fixed maturity securities available for sale 2,961   2,961     2,796    
U.S. Government                
Assets                
Fixed maturity securities available for sale 773   773     637    
U.S. Government | Level 1                
Assets                
Fixed maturity securities available for sale 767   767     631    
U.S. Government | Level 2                
Assets                
Fixed maturity securities available for sale 6   6     6    
U.S. Government | Level 3                
Assets                
Fixed maturity securities available for sale 0   0     0    
U.S. Government | Fair Value                
Assets                
Fixed maturity securities available for sale 773   773     637    
Foreign Governments                
Assets                
Fixed maturity securities available for sale 324   324     284    
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 23 5 23 5 23 4 5 16
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0 0 0 0        
Assets, Total (Losses) Gains Included in AOCI 0 0 0 0        
Assets, Purchases 0 0 19 0        
Assets, Sales 0 0 0 0        
Assets, Settlements 0 0 0 (11)        
Assets, Net transfer In (Out) of Level 3 0 0 0 0        
Change in Unrealized Included in OCI 0 0 0 0        
Foreign Governments | Level 1                
Assets                
Fixed maturity securities available for sale 102   102     0    
Foreign Governments | Level 2                
Assets                
Fixed maturity securities available for sale 199   199     280    
Foreign Governments | Level 3                
Assets                
Fixed maturity securities available for sale 23   23     4    
Foreign Governments | Fair Value                
Assets                
Fixed maturity securities available for sale 324   324     284    
Preferred securities                
Assets                
Equity and preferred securities 436   436     443    
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 8 8 8 8 8 8 8 8
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0 0 (1) 0        
Assets, Total (Losses) Gains Included in AOCI 0 0 1 0        
Assets, Purchases 0 0 0 0        
Assets, Sales 0 0 0 0        
Assets, Settlements 0 0 0 0        
Assets, Net transfer In (Out) of Level 3 0 0 0 0        
Change in Unrealized Included in OCI 0 0 0 0        
Preferred securities | Level 1                
Assets                
Equity and preferred securities 176   176     189    
Preferred securities | Level 2                
Assets                
Equity and preferred securities 252   252     246    
Preferred securities | Level 3                
Assets                
Equity and preferred securities 8   8     8    
Preferred securities | Fair Value                
Assets                
Equity and preferred securities 436   436     443    
Equity securities | Level 1                
Assets                
Equity and preferred securities 453   453     575    
Equity securities | Level 2                
Assets                
Equity and preferred securities 0   0     0    
Equity securities | Level 3                
Assets                
Equity and preferred securities 15   15     10    
Equity securities | NAV                
Assets                
Equity and preferred securities 22   22     57    
Equity securities | Fair Value                
Assets                
Equity and preferred securities 490   490     642    
Other long-term investments | Level 1                
Assets                
Other long-term investments 0   0     0    
Other long-term investments | Level 2                
Assets                
Other long-term investments 0   0     0    
Other long-term investments | Level 3                
Assets                
Other long-term investments 36   36     32    
Other long-term investments | Fair Value                
Assets                
Other long-term investments 36   36     32    
Other assets                
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 140 50 140 50 67 65 0 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 2 0 1 0        
Assets, Total (Losses) Gains Included in AOCI 0 0 0 0        
Assets, Purchases 71 50 74 50        
Assets, Sales 0 0 0 0        
Assets, Settlements 0 0 0 0        
Assets, Net transfer In (Out) of Level 3 0 0 0 0        
Change in Unrealized Included in OCI 0 0 0 0        
Other assets | Level 1                
Assets                
Other assets 0   0     0    
Other assets | Level 2                
Assets                
Other assets 0   0     0    
Other assets | Level 3                
Assets                
Other assets 140   140     65    
Other assets | Fair Value                
Assets                
Other assets 140   140     65    
Equity securities                
Assets                
Equity and preferred securities 490   490     642    
Derivatives:                
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value 15 13 15 13 $ 10 $ 10 $ 14 $ 15
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings 0 (1) 0 (2)        
Assets, Total (Losses) Gains Included in AOCI 0 0 0 0        
Assets, Purchases 5 0 5 0        
Assets, Sales 0 0 0 0        
Assets, Settlements 0 0 0 0        
Assets, Net transfer In (Out) of Level 3 0 0 0 0        
Change in Unrealized Included in OCI $ 0 $ 0 $ 0 $ 0