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FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |
Corporate (1) | $ | — |  |  | $ | 47,106 |  |  | $ | 1,831 |  |  | $ | 48,937 |
U.S. Treasury, government and agency | — |  |  | 4,754 |  |  | — |  |  | 4,754 |
States and political subdivisions | — |  |  | 389 |  |  | — |  |  | 389 |
Foreign governments | — |  |  | 559 |  |  | — |  |  | 559 |
Residential mortgage-backed (2) | — |  |  | 5,260 |  |  | — |  |  | 5,260 |
Asset-backed (3) | — |  |  | 13,237 |  |  | 648 |  |  | 13,885 |
Commercial mortgage-backed | — |  |  | 4,148 |  |  | 8 |  |  | 4,156 |
Redeemable preferred stock | — |  |  | 57 |  |  | — |  |  | 57 |
Total fixed maturities, AFS | — |  |  | 75,510 |  |  | 2,487 |  |  | 77,997 |
Fixed maturities, at fair value using the fair value option | — |  |  | 1,842 |  |  | 263 |  |  | 2,105 |
Other equity investments (4) | 311 |  |  | 260 |  |  | 16 |  |  | 587 |
Trading securities | 406 |  |  | 688 |  |  | 109 |  |  | 1,203 |
Other invested assets: |  |  |  |  |  |  |
Short-term investments | — |  |  | 50 |  |  | — |  |  | 50 |
Assets of consolidated VIEs/VOEs | 18 |  |  | 324 |  |  | 2 |  |  | 344 |
Swaps | — |  |  | (283) |  |  | — |  |  | (283) |
Credit default swaps | — |  |  | (5) |  |  | — |  |  | (5) |
Futures | 1 |  |  | — |  |  | — |  |  | 1 |
Options | — |  |  | 13,631 |  |  | — |  |  | 13,631 |
Total other invested assets | 19 |  |  | 13,717 |  |  | 2 |  |  | 13,738 |
Cash equivalents | 5,462 |  |  | 530 |  |  | — |  |  | 5,992 |
Segregated securities | — |  |  | 772 |  |  | — |  |  | 772 |
Purchased market risk benefits | — |  |  | — |  |  | 5,976 |  |  | 5,976 |
Assets for market risk benefits | — |  |  | — |  |  | 644 |  |  | 644 |
Separate Accounts assets (5) | 121,586 |  |  | 2,476 |  |  | — |  |  | 124,062 |
Total Assets | $ | 127,784 |  |  | $ | 95,795 |  |  | $ | 9,497 |  |  | $ | 233,076 |
Liabilities: |  |  |  |  |  |  |
Notes issued by consolidated VIE’s, at fair value using the fair value option (6) | $ | — |  |  | $ | 1,931 |  |  | $ | 168 |  |  | $ | 2,099 |
SCS, SIO, MSO and IUL indexed features’ liability | — |  |  | 13,962 |  |  | — |  |  | 13,962 |
Liabilities for market risk benefits | — |  |  | — |  |  | 10,864 |  |  | 10,864 |
Contingent payment arrangements | — |  |  | — |  |  | 8 |  |  | 8 |
Total Liabilities | $ | — |  |  | $ | 15,893 |  |  | $ | 11,040 |  |  | $ | 26,933 |
______________ (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 $21 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, 2025, the fair value of such investments was $302 million. (6)Accrued interest payable of $11 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, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
Assets: |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |
Corporate (1) | $ | — |  |  | $ | 46,879 |  |  | $ | 2,472 |  |  | $ | 49,351 |
U.S. Treasury, government and agency | — |  |  | 4,288 |  |  | — |  |  | 4,288 |
States and political subdivisions | — |  |  | 386 |  |  | — |  |  | 386 |
Foreign governments | — |  |  | 554 |  |  | — |  |  | 554 |
Residential mortgage-backed (2) | — |  |  | 4,383 |  |  | — |  |  | 4,383 |
Asset-backed (3) | — |  |  | 13,467 |  |  | 232 |  |  | 13,699 |
Commercial mortgage-backed (2) | — |  |  | 3,913 |  |  | 8 |  |  | 3,921 |
Redeemable preferred stock | — |  |  | 59 |  |  | — |  |  | 59 |
Total fixed maturities, AFS | — |  |  | 73,929 |  |  | 2,712 |  |  | 76,641 |
Fixed maturities, at fair value using the fair value option | — |  |  | 1,778 |  |  | 275 |  |  | 2,053 |
Other equity investments (4) | 319 |  |  | 251 |  |  | 53 |  |  | 623 |
Trading securities | 433 |  |  | 576 |  |  | 80 |  |  | 1,089 |
Other invested assets: |  |  |  |  |  |  |
Short-term investments | — |  |  | 36 |  |  | — |  |  | 36 |
Assets of consolidated VIEs/VOEs | 16 |  |  | 137 |  |  | 2 |  |  | 155 |
Swaps | — |  |  | (259) |  |  | — |  |  | (259) |
Credit default swaps | — |  |  | 2 |  |  | — |  |  | 2 |
Futures | 3 |  |  | — |  |  | — |  |  | 3 |
Options | — |  |  | 16,328 |  |  | — |  |  | 16,328 |
Total other invested assets | 19 |  |  | 16,244 |  |  | 2 |  |  | 16,265 |
Cash equivalents | 5,356 |  |  | 45 |  |  | — |  |  | 5,401 |
Segregated securities | 2 |  |  | 498 |  |  | — |  |  | 500 |
Purchased market risk benefits | — |  |  | — |  |  | 7,376 |  |  | 7,376 |
Assets for market risk benefits | — |  |  | — |  |  | 863 |  |  | 863 |
Separate Accounts assets (5) | 131,714 |  |  | 2,489 |  |  | — |  |  | 134,203 |
Total Assets | $ | 137,843 |  |  | $ | 95,810 |  |  | $ | 11,361 |  |  | $ | 245,014 |
Liabilities: |  |  |  |  |  |  |
Notes issued by consolidated VIE’s, at fair value using the fair value option (6) | $ | — |  |  | $ | 1,933 |  |  | $ | 172 |  |  | $ | 2,105 |
SCS, SIO, MSO and IUL indexed features’ liability | — |  |  | 17,212 |  |  | — |  |  | 17,212 |
Liabilities for market risk benefits | — |  |  | — |  |  | 11,810 |  |  | 11,810 |
Contingent payment arrangements | — |  |  | — |  |  | 9 |  |  | 9 |
Total Liabilities | $ | — |  |  | $ | 19,145 |  |  | $ | 11,991 |  |  | $ | 31,136 |
______________ (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 $20 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, 2024, the fair value of such investments was $320 million. (6)Accrued interest payable of $11 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, 2025
| Corporate |  | State and Political Subdivisions |  | Asset-backed |  |  |  | CMBS
| (in millions)
Balance, beginning of period | $ | 2,472 |  |  | $ | — |  |  | $ | 232 |  |  |  |  | $ | 8 |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |
Net investment income (loss) | 1 |  |  | — |  |  | — |  |  |  |  | — |
Investment gains (losses), net | (3) |  |  | — |  |  | — |  |  |  |  | — |
Subtotal | (2) |  |  | — |  |  | — |  |  |  |  | — |
Other comprehensive income (loss) | 11 |  |  | — |  |  | 3 |  |  |  |  | — |
Purchases | 145 |  |  | — |  |  | 386 |  |  |  |  | — |
Debt issuances | — |  |  | — |  |  | — |  |  |  |  | — |
Sales | (98) |  |  | — |  |  | (122) |  |  |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  |  |  | — |
Other | — |  |  | — |  |  | — |  |  |  |  | — |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  |  |  | — |
Transfers into Level 3 (1) | — |  |  | — |  |  | 149 |  |  |  |  | — |
Transfers out of Level 3 (1) | (697) |  |  | — |  |  | — |  |  |  |  | — |
Balance, end of period | $ | 1,831 |  |  | $ | — |  |  | $ | 648 |  |  |  |  | $ | 8 |
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) | $ | 8 |  |  | $ | — |  |  | $ | 3 |  |  |  |  | $ | — |
______________ (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, 2025, 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, 2025
| Fixed maturities, at FVO |  | Other Equity Investments (1) |  | Trading Securities, at Fair Value |  |  |  | Notes issued by consolidated VIE’s |  | Contingent Payment Arrangement
| (in millions)
Balance, beginning of period | $ | 275 |  |  | $ | 55 |  |  | $ | 80 |  |  |  |  | $ | (172) |  |  | $ | (9) |
Total gains and (losses), realized and unrealized, included in: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) as: |  |  |  |  |  |  |  |  |  |  |
Net investment income (loss) | 2 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Investment gains (losses), net | (4) |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Subtotal | (2) |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Purchases | 112 |  |  | 3 |  |  | 29 |  |  |  |  | — |  |  | — |
Debt issuances | — |  |  | — |  |  | — |  |  |  |  | (1) |  |  | — |
Sales | (14) |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  |  |  | 5 |  |  | 1 |
Other | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Activity related to consolidated VIEs/VOEs | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Transfers into Level 3 (2) | 32 |  |  | 2 |  |  | — |  |  |  |  | — |  |  | — |
Transfers out of Level 3 (2) | (140) |  |  | (42) |  |  | — |  |  |  |  | — |  |  | — |
Balance, end of period | $ | 263 |  |  | $ | 18 |  |  | $ | 109 |  |  |  |  | $ | (168) |  |  | $ | (8) |
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (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 (3) | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |
______________ (1)Other Equity Investments include other invested assets. (2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (3)For instruments held as of March 31, 2025, 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
| Corporate |  | State and Political Subdivisions |  | Asset-backed |  |  |  | CMBS
| (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) |  |  | — |  |  | — |  |  |  |  | — |
Subtotal | 1 |  |  | — |  |  | — |  |  |  |  | — |
Other comprehensive income (loss) | 10 |  |  | — |  |  | — |  |  |  |  | — |
Purchases | 215 |  |  | — |  |  | 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 (1) |  | Trading Securities, at Fair Value |  | Separate Accounts Assets |  | Contingent 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 | — |  |  | — |  |  | — |  |  | — |  |  | — |
Subtotal | 16 |  |  | 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 (2) | 63 |  |  | — |  |  | — |  |  | — |  |  | — |
| Three Months Ended March 31, 2024
| Fixed maturities, at FVO |  | Other Equity Investments (1) |  | Trading Securities, at Fair Value |  | Separate Accounts Assets |  | Contingent Payment Arrangement
| (in millions)
Transfers out of Level 3 (2) | (81) |  |  | — |  |  | — |  |  | — |  |  | — |
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 (3) | $ | — |  |  | $ | 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 (3) | $ | 28 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
_____________ (1)Other Equity Investments include other invested assets. (2)Transfers into/out of the Level 3 classification are reflected at beginning-of-period fair values. (3)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.
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, 2025
| Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average (2)
| (Dollars in millions)
Assets: |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |  |  |
Corporate | $ | 1,050 |  |  | Market comparable companies |  | EBITDA multiples Discount rate Cash flow multiples Loan to value |  | 1.0x - 36.5x 7.9% - 18.7% 1.8x - 13.0x (1.7)% - 54.6% |  | 10.8x 3.5% 4.4x 8.7%
Trading securities, at fair value (5) | 75 |  |  | Discounted cash flow |  | Earnings multiple Discount factor Discount years |  | 8.6x 10.0% 7 |  |
| 1 |  |  | Market comparable companies |  | Cashflow Multiples |  | 6.0x - 8.4x |  | 8.4x
Purchased MRB asset (1) (2) (4) | 5,976 |  |  | 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 |  | 0.24%-13.05% 0.06%-11.65% 0.04%-66.70% 0 bps - 97 bps 15%-30% 0.01%-0.17% 0.06%-0.52% 0.32%-41.20% |  | 2.00% 0.59% 6.77% 7 bps 23% 3.19% (same for all ages) (same for all ages)
Liabilities: |  |  |  |  |  |  |  |  |
AB Contingent consideration payable | $ | 8 |  |  | Discounted cash flow |  | Expected revenue growth rates Discount rate |  | 2.0% - 13.3% 1.9% - 1.9% |  | 6.8% 1.9%
Direct MRB (1) (2) (3) (4) | 10,220 |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 |  | 116 bps 0.24%-36.18% 0.00%-11.65% 0.04%-100.00% 0.01%-0.17% 0.06%-0.52% 0.32%-41.20% |  | 116 bps 3.58% 0.75% 5.25% 2.87% (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 $10.9 billion of MRB liabilities and $644 million of MRB assets. (4)Includes Legacy and Core products. (5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of March 31, 2025. Quantitative Information about Level 3 Fair Value Measurements as of December 31, 2024
| Fair Value |  | Valuation Technique |  | Significant Unobservable Input |  | Range |  | Weighted Average (2)
| (Dollars in millions)
Assets: |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturities, AFS: |  |  |  |  |  |  |  |  |
Corporate | $ | 402 |  |  | Matrix pricing model |  | Spread over benchmark |  | 70 bps - 220 bps |  | 153 bps
| 981 |  |  | Market comparable companies |  | EBITDA multiples Discount rate Cash flow multiples Loan to value |  | 4.7x - 36.5x 8.4% - 34.9% 1.8x-11.8x 0.0%-56.4% |  | 12.2x 3.9% 4.5x 15.0%
Trading securities, at fair value (5) | 75 |  |  | Discounted cash flow |  | Earnings multiple Discounts factor Discount years |  | 8.6x 10.0% 7 |  |
| 1 |  |  | Market comparable companies |  | Cashflow Multiples |  | 8.4x - 8.4x |  | 8.4x
Purchased MRB asset (1) (2) (4) | 7,376 |  |  | 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 |  | 0.24% - 13.05% 0.06% - 11.65% 0.04% - 66.70% 33 bps - 93 bps 12% - 29% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 41.20% |  | 2.17% 0.48% 6.75% 34 bps 23% 3.36% (same for all ages) (same for all ages)
Liabilities: |  |  |  |  |  |  |  |  |
AB Contingent consideration payable | $ | 9 |  |  | Discounted cash flow |  | Expected revenue growth rates Discount rate |  | 2.0% - 29.3% 1.9% - 10.4% |  | 5.5% 7.3%
Direct MRB (1) (2) (3) (4) | 10,947 |  |  | Discounted cash flow |  | Non-performance risk Lapse rates Withdrawal rates Annuitization rates Mortality: Ages 0-40 Ages 41-60 Ages 61-115 |  | 94 bps 0.24% - 36.18% 0.00% - 11.65% 0.04% - 100.00% 0.01% - 0.17% 0.06% - 0.52% 0.32% - 41.20% |  | 94 bps 3.57% 0.58% 5.15% 3.00% (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 $11.8 billion of MRB liabilities and $863 million of MRB assets. (4)Includes Legacy and Core products. (5)Certain newly acquired Level 3 Trading securities are not presented as cost basis approximates fair value as of December 31, 2024.
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, 2025: |  |  |  |  |  |  |  |  |
Mortgage loans on real estate | $ | 20,566 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,353 |  |  | $ | 19,353 |
Policy loans | $ | 4,318 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,553 |  |  | $ | 4,553 |
Policyholders’ liabilities: Investment contracts | $ | 2,409 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,381 |  |  | $ | 2,381 |
FHLB funding agreements | $ | 6,879 |  |  | $ | — |  |  | $ | 6,835 |  |  | $ | — |  |  | $ | 6,835 |
FABN funding agreements | $ | 7,100 |  |  | $ | — |  |  | $ | 6,877 |  |  | $ | — |  |  | $ | 6,877 |
Funding agreement-backed commercial paper (FABCP) | $ | 828 |  |  | $ | — |  |  | $ | 850 |  |  | $ | — |  |  | $ | 850 |
Long-term debt | $ | 4,330 |  |  | $ | — |  |  | $ | 4,256 |  |  | $ | — |  |  | $ | 4,256 |
Separate Accounts liabilities | $ | 11,388 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,388 |  |  | $ | 11,388 |
December 31, 2024: |  |  |  |  |  |  |  |  |
Mortgage loans on real estate | $ | 20,072 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,567 |  |  | $ | 18,567 |
Policy loans | $ | 4,330 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,559 |  |  | $ | 4,559 |
Policyholders’ liabilities: Investment contracts | $ | 2,046 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,996 |  |  | $ | 1,996 |
FHLB funding agreements | $ | 7,167 |  |  | $ | — |  |  | $ | 7,113 |  |  | $ | — |  |  | $ | 7,113 |
FABN funding agreements | $ | 5,725 |  |  | $ | — |  |  | $ | 5,481 |  |  | $ | — |  |  | $ | 5,481 |
Funding agreement-backed commercial paper (FABCP) | $ | 74 |  |  | $ | — |  |  | $ | 75 |  |  | $ | — |  |  | $ | 75 |
Long-term debt | $ | 3,833 |  |  | $ | — |  |  | $ | 3,722 |  |  | $ | — |  |  | $ | 3,722 |
Separate Accounts liabilities | $ | 12,055 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,055 |  |  | $ | 12,055 |

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