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FAIR VALUE DISCLOSURES (Tables)
 3 Months Ended
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 securities406 688 109 1,203 
Other invested assets:
Short-term investments— 50 — 50 
Assets of consolidated VIEs/VOEs18 324 2 344 
Swaps— (283)— (283)
Credit default swaps
— (5)— (5)
Futures1 — — 1 
Options— 13,631 — 13,631 
Total other invested assets19 13,717 2 13,738 
Cash equivalents5,462 530 — 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 securities433 576 80 1,089 
Other invested assets:

Short-term investments— 36 — 36 
Assets of consolidated VIEs/VOEs16 137 2 155 
Swaps— (259)— (259)
Credit default swaps
— 2 — 2 
Futures3 — — 3 
Options— 16,328 — 16,328 
Total other invested assets19 16,244 2 16,265 
Cash equivalents5,356 45 — 5,401 
Segregated securities2 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
CorporateState and Political SubdivisionsAsset-backedCMBS
(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 — 
Purchases145 — 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
CorporateState and Political SubdivisionsAsset-backedCMBS
(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 (1)
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 (2)
63 — — — — 
Three Months Ended March 31, 2024
Fixed maturities, at FVO
Other
Equity Investments (1)
Trading Securities, at Fair ValueSeparate Accounts AssetsContingent 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