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FAIR VALUE DISCLOSURES (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized below:
Fair Value Measurements as of March 31, 2024

Level 1
Level 2
Level 3
Total
 
(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)
$— $42,020 $2,338 $44,358 
U.S. Treasury, government and agency— 4,495 — 4,495 
States and political subdivisions— 513 — 513 
Foreign governments— 591 — 591 
Residential mortgage-backed (2)
— 2,540 — 2,540 
Asset-backed (3)
— 11,756 71 11,827 
Commercial mortgage-backed— 3,216 7 3,223 
Redeemable preferred stock— 59 — 59 
Total fixed maturities, AFS— 65,190 2,416 67,606 
Fixed maturities, at fair value using the fair value option — 1,443 244 1,687 
Other equity investments (4)251 463 55 769 
Trading securities393 886 61 1,340 
Other invested assets:
Short-term investments— 411 — 411 
Assets of consolidated VIEs/VOEs64 240 3 307 
Swaps— (278)— (278)
Credit default swaps
— 3 — 3 
Futures(1)— — (1)
Options— 12,763 — 12,763 
Total other invested assets63 13,139 3 13,205 
Cash equivalents7,451 1,173 — 8,624 
Segregated securities— 866 — 866 
Purchased market risk benefits — — 8,337 8,337 
Assets for market risk benefits— — 818 818 
Separate Accounts assets (5)
130,299 2,591 1 132,891 
Total Assets$138,457 $85,751 $11,935 $236,143 
Liabilities:
Notes issued by consolidated VIE’s, at fair value using the fair value option (6)
$— $1,561 $— $1,561 
SCS, SIO, MSO and IUL indexed features’ liability— 13,758 — 13,758 
Liabilities of consolidated VIEs and VOEs— 5 — 5 
Liabilities for market risk benefits— — 12,814 12,814 
Contingent payment arrangements— — 254 254 
Total Liabilities$— $15,324 $13,068 $28,392 
______________
(1)Corporate fixed maturities includes both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
(4)Includes short position equity securities of $10 million that are reported in other liabilities.
(5)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of March 31, 2024, the fair value of such investments was $354 million.
(6)Accrued interest payable of $19 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.
Fair Value Measurements as of December 31, 2023
Level 1
Level 2
Level 3
Total
 
(in millions)
Assets:
Investments
Fixed maturities, AFS:
Corporate (1)
$— $42,584 $2,158 $44,742 
U.S. Treasury, government and agency— 4,631 — 4,631 
States and political subdivisions— 522 27 549 
Foreign governments— 611 — 611 
Residential mortgage-backed (2)
— 2,355 — 2,355 
Asset-backed (3)
— 10,954 47 11,001 
Commercial mortgage-backed (2)
— 3,075 7 3,082 
Redeemable preferred stock— 59 — 59 
Total fixed maturities, AFS— 64,791 2,239 67,030 
Fixed maturities, at fair value using the fair value option— 1,473 181 1,654 
Other equity investments (4)
217 464 54 735 
Trading securities321 675 61 1,057 
Other invested assets:

Short-term investments— 429 — 429 
Assets of consolidated VIEs/VOEs61 350 3 414 
Swaps— (190)— (190)
Credit default swaps
— 3 — 3 
Futures(4)— — (4)
Options— 10,084 — 10,084 
Total other invested assets57 10,676 3 10,736 
Cash equivalents5,901 694 — 6,595 
Segregated securities— 868 — 868 
Purchased market risk benefits— — 9,427 9,427 
Assets for market risk benefits— — 591 591 
Separate Accounts assets (5)
124,099 2,624 — 126,723 
Total Assets$130,595 $82,265 $12,556 $225,416 
Liabilities:
Notes issued by consolidated VIE’s, at fair value using the fair value option (6)
$— $1,539 $— $1,539 
SCS, SIO, MSO and IUL indexed features’ liability— 10,745 — 10,745 
Liabilities of consolidated VIEs and VOEs1 2 — 3 
Liabilities for market risk benefits
— — 14,612 14,612 
Contingent payment arrangements— — 253 253 
Total Liabilities$1 $12,286 $14,865 $27,152 
______________
(1)Corporate fixed maturities includes both public and private issues.
(2)Includes publicly traded agency pass-through securities and collateralized obligations.
(3)Includes credit-tranched securities collateralized by sub-prime mortgages, credit risk transfer securities and other asset types.
(4)Includes short position equity securities of $4 million that are reported in other liabilities.
(5)Separate Accounts assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate. As of December 31, 2023, the fair value of such investments was $371 million.
(6)Accrued interest payable of $20 million is reported in Notes issued by consolidated VIE’s, at fair value using the fair value option in the consolidated balance sheets, which is not required to be measured at fair value on a recurring basis.
Schedule of Reconciliation of Assets and Liabilities at Level 3
The tables below present reconciliations for all Level 3 assets and liabilities and changes in unrealized gains (losses). Not included below are the changes in balances related to MRBs and purchased MRBs level 3 assets and liabilities, which are included in Note 9 of the Notes to these Consolidated Financial Statements.
Three Months Ended March 31, 2024
CorporateState and Political SubdivisionsAsset-backedRMBSCMBS
(in millions)
Balance, beginning of period$2,158 $27 $47 $— $7 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)2 — — — — 
Investment gains (losses), net(1)— — — — 
Subtotal1 — — — — 
Other comprehensive income (loss)10 — — — — 
Purchases215 — 48 — — 
Sales(56)— (10)— — 
Settlements— — — — — 
Other— — — — — 
Activity related to consolidated VIEs/VOEs— — — — — 
Transfers into Level 3 (1)57 — — — — 
Transfers out of Level 3 (1)(47)(27)(14)— — 
Balance, end of period$2,338 $— $71 $— $7 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$10 $— $— $— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(2)For instruments held as of March 31, 2024, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Three Months Ended March 31, 2024
Fixed maturities, at FVO
Other Equity Investments (3)
Trading Securities, at Fair ValueSeparate Accounts AssetsContingent Payment Arrangement
(in millions)
Balance, beginning of period$181 $57 $61 $— $(253)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)16 1 — — — 
Investment gains (losses), net— — — — — 
Subtotal16 1 — — — 
Other comprehensive income (loss)— — — — — 
Purchases 80 42 — 1 — 
Sales (15)(42)— — — 
Settlements — — — — 1 
Other — — — — (2)
Activity related to consolidated VIEs/VOEs— — — — — 
Transfers into Level 3 (1)63 — — — — 
Transfers out of Level 3 (1)(81)— — — — 
Three Months Ended March 31, 2024
Fixed maturities, at FVO
Other Equity Investments (3)
Trading Securities, at Fair ValueSeparate Accounts AssetsContingent Payment Arrangement
(in millions)
Balance, end of period$244 $58 $61 $1 $(254)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $1 $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$28 $— $— $— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(2)For instruments held as of March 31, 2024, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
(3)Other Equity Investments include other invested assets.
Three Months Ended March 31, 2023
CorporateState and Political SubdivisionsAsset-backedRMBSCMBS
(in millions)
Balance, beginning of period$2,121 $28 $— $34 $32 
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)2 — — — — 
Investment gains (losses), net(3)— — — — 
Subtotal(1)— — — — 
Other comprehensive income (loss)18 — — — — 
Purchases171 — 12 — 2 
Sales(91)— — — — 
Settlements— — — — — 
Other— — — — — 
Activity related to consolidated VIEs/VOEs— — — — — 
Transfers into Level 3 (1)— — — — — 
Transfers out of Level 3 (1)(268)— — (34)— 
Balance, end of period$1,950 $28 $12 $— $34 
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$— $— $— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$17 $— $— $— $— 
______________
(1)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(2)For instruments held as of March 31, 2023, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
Three Months Ended March 31, 2023
Fixed maturities, at FVO
Other
Equity Investments (3)
Trading Securities, at Fair ValueSeparate Accounts AssetsContingent Payment Arrangement
(in millions)
Balance, beginning of period$224 $17 $55 $1 $(247)
Total gains and (losses), realized and unrealized, included in:
Net income (loss) as:
Net investment income (loss)3 (3)— — — 
Investment gains (losses), net— — — — — 
Subtotal3 (3)— — — 
Other comprehensive income (loss)— — — — — 
Purchases 12 — — — — 
Sales — — — — — 
Settlements — — — — — 
Other — — — — (1)
Activity related to consolidated VIEs/VOEs— — — — — 
Transfers into Level 3 (1)56 1 — — — 
Transfers out of Level 3 (1)(99)— — — — 
Balance, end of period$196 $15 $55 $1 $(248)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (2)$3 $(3)$— $— $— 
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period (2)$— $— $— $— $— 
Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values.
(2)For instruments held as of March 31, 2023, amounts are included in net investment income or net derivative gains (losses) in the consolidated statements of income (loss) or unrealized gains (losses) on investments in the consolidated statements of comprehensive income.
(3)Other Equity Investments include other invested assets.
Schedule of Quantitative Information About Level 3 Fair Value Measurement
The following tables disclose quantitative information about Level 3 fair value measurements by category for assets and liabilities:
Quantitative Information about Level 3 Fair Value Measurements as of March 31, 2024

Fair
Value
Valuation
Technique
Significant
Unobservable Input
Range
Weighted Average (2)
 (Dollars in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate$350 Matrix pricing model
Spread over Benchmark
20 bps - 270 bps
145 bps
1,172 Market comparable 
companies
EBITDA multiples
Discount rate
Cash flow multiples
Loan to value
3.3x - 30.5x
0.0% - 19.2%
0.8x - 9.3x
0.0% - 61.4%
13.5x
3.8%
6.2x
14.0%
Trading securities, at fair value
61 Discounted cash flow
Earnings multiple
Discount factor
Discount years
9.1x
10.0%
7
Other equity investments2 Discounted cash flow
Earnings Multiple
3.9x - 7.0x
5.9x
Purchased MRB asset (1) (2) (4)8,337 Discounted cash flow
Lapse rates
Withdrawal rates
GMIB Utilization rates
Non-performance risk
Volatility rates - Equity
Mortality: Ages 0-40
Ages 41-60
Ages 61-115

0.21%-12.38%
0.07%-14.97%
0.04%-66.21%
32 bps - 101 bps
12%-28%
0.01%-0.18%
0.07%-0.53%
0.33%-42.00%
1.96%
0.50%
6.91%
40 bps
23%
3.25%
(same for all ages)
(same for all ages)
Liabilities:
AB Contingent consideration payable$254 Discounted cash flow
Expected revenue growth rates
Discount rate
2.0% - 29.3%
1.9% - 10.4%
7.9%
4.6%
Direct MRB (1) (2) (3) (4)11,996 Discounted cash flow
Non-performance risk
Lapse rates
Withdrawal rates
Annuitization rates
Mortality: Ages 0-40
Ages 41-60
Ages 61-115
117 bps
0.21%-29.37%
0.00%-14.97%
0.04%-100.00%
0.01%-0.18%
0.07%-0.53%
0.33%-42.00%
117 bps
3.20%
0.67%
5.15%
2.67%
(same for all ages)
(same for all ages)
______________
(1)Mortality rates vary by age and demographic characteristic such as gender. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.
(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base.
(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $12.8 billion of MRB liabilities and $818 million of MRB assets.
(4)Includes Legacy and Core products.
Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2023
Fair
Value
Valuation
Technique
Significant
Unobservable Input
Range
Weighted Average (2)
 (Dollars in millions)
Assets:
Investments:
Fixed maturities, AFS:
Corporate$373 Matrix pricing model
Spread over benchmark
20 bps - 747 bps
181 bps
979 Market comparable companies
EBITDA multiples
 Discount rate
 Cash flow multiples
Loan to value
3.3x - 29.0x
0.0% - 22.8%
0.8x-10.0x
3.4%-61.0%
13.6x
3.9%
6.3x
13.8%
Trading securities, at fair value61 Discounted cash flow
Earnings multiple
Discounts factor
Discount years
9.1x
10.00%
7
Other equity investments2 Discounted cash flow    
Earnings Multiple
3.9x - 8.4x
6.5x
Purchased MRB asset (1) (2) (4)9,427 Discounted cash flow
Lapse rates
Withdrawal rates
GMIB Utilization rates
Non-performance risk
Volatility rates - Equity
Mortality: Ages 0-40
Ages 41-60
Ages 61-115
0.21% - 12.38%
0.07% - 14.97%
0.04% - 66.21%
35 bps - 97 bps
11% - 28%
0.01% - 0.18%
0.07% - 0.53%
0.33% - 42.00%
1.79%
0.46%
7.44%
45 bps
23%
3.07%
(same for all ages)
(same for all ages)
Liabilities:
AB Contingent consideration payable$253 Discounted cash flow
Expected revenue growth rates
Discount rate
2.0% - 83.9%
1.9% - 10.4%
10.3%
4.6%
Direct MRB (1) (2) (3) (4)14,021 Discounted cash flow
Non-performance risk
Lapse rates
Withdrawal rates
Annuitization rates
Mortality: Ages 0-40
Ages 41-60
Ages 61-115
118 bps
0.21% - 29.37%
0.00% - 14.97%
0.04% - 100.00%
0.01% - 0.18%
0.07% - 0.53%
0.33% - 42.00%
118 bps
3.07%
0.64%
5.38%
2.50%
(same for all ages)
(same for all ages)
______________
(1)Mortality rates vary by age and demographic characteristic such as gender and benefits elected with the policy. Mortality rate assumptions are based on a combination of company and industry experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuating the embedded derivatives.
(2)Lapses and pro-rata withdrawal rates were developed as a function of the policy account value. Dollar for dollar withdrawal rates were developed as a function of the dollar for dollar threshold, the dollar for dollar limit. Utilization rates were developed as a function of the benefit base.
(3)MRB liabilities are shown net of MRB assets. Net amount is made up of $14.6 billion of MRB liabilities and $591 million of MRB assets.
(4)Includes Legacy and Core products.
Schedule of Fair Value Disclosure Financial Instruments Not Carried At Fair Value
The carrying values and fair values for financial instruments not otherwise disclosed in Note 3 and Note 4 of the Notes to these Consolidated Financial Statements were as follows:
Carrying Values and Fair Values for Financial Instruments Not Otherwise Disclosed

 
Carrying
Value
Fair Value
 
Level 1
Level 2
Level 3
Total
(in millions)
March 31, 2024:
Mortgage loans on real estate $18,570 $— $— $16,794 $16,794 
Policy loans$4,191 $— $— $4,442 $4,442 
Policyholders’ liabilities: Investment contracts$1,608 $— $— $1,559 $1,559 
FHLB funding agreements $7,168 $— $7,086 $— $7,086 
FABN funding agreements$6,252 $— $5,839 $— $5,839 
Funding agreement-backed commercial paper (FABCP)$663 $— $675 $— $675 
Long-term debt$3,821 $— $3,700 $— $3,700 
Separate Accounts liabilities$11,246 $— $— $11,246 $11,246 
December 31, 2023:
Mortgage loans on real estate$18,171 $— $— $16,471 $16,471 
Policy loans$4,158 $— $— $4,485 $4,485 
Policyholders’ liabilities: Investment contracts$1,663 $— $— $1,634 $1,634 
FHLB funding agreements $7,618 $— $7,567 $— $7,567 
FABN funding agreements$6,267 $— $5,840 $— $5,840 
Funding agreement-backed commercial paper (FABCP)$939 $— $948 $— $948 
Long-term debt $3,820 $— $3,742 $— $3,742 
Separate Accounts liabilities$10,715 $— $— $10,715 $10,715