XML 84 R72.htm IDEA: XBRL DOCUMENT v3.25.2
FAIR VALUE DISCLOSURES - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Investments      
Fixed maturities, AFS: $ 80,094 $ 76,641  
Fixed maturities, at fair value using the fair value option [1] 2,428 2,053  
Liabilities:      
Notes issued by consolidated VIE's, at fair value using the fair value option [1] 2,471 2,116  
Liability for market risk benefits 10,187 11,810 $ 12,612
Accrued interest payable for notes issued by consolidated variable interest entity 19 11  
Carrying Value | Other liabilities      
Investments      
Other equity investments 12 20  
U.S. Treasury, government and agency      
Investments      
Fixed maturities, AFS: 4,519 4,288  
States and political subdivisions      
Investments      
Fixed maturities, AFS: 385 386  
Foreign governments      
Investments      
Fixed maturities, AFS: 575 554  
Residential mortgage-backed      
Investments      
Fixed maturities, AFS: 5,454 4,383  
Asset-backed      
Investments      
Fixed maturities, AFS: 15,842 13,699  
Commercial mortgage-backed      
Investments      
Fixed maturities, AFS: 4,557 3,921  
Redeemable preferred stock      
Investments      
Fixed maturities, AFS: 58 59  
Recurring      
Investments      
Fixed maturities, AFS: 80,094 76,641  
Fixed maturities, at fair value using the fair value option 2,428 2,053  
Other equity investments 584 623  
Trading securities 1,295 1,089  
Other invested assets: 17,672 16,265  
Cash equivalents 6,066 5,401  
Segregated securities 483 500  
Purchased market risk benefits 5,543 7,376  
Assets for market risk benefits 776 863  
Separate Accounts assets 131,182 134,203  
Total Assets 246,123 245,014  
Liabilities:      
Notes issued by consolidated VIE's, at fair value using the fair value option 2,452 2,105  
Liability for market risk benefits 10,187 11,810  
Contingent payment arrangements 8 9  
Total Liabilities 30,976 31,136  
Recurring | Liabilities of consolidated VIEs and VOEs      
Liabilities:      
Guarantees 18    
Recurring | Corporate      
Investments      
Fixed maturities, AFS: 48,704 49,351  
Recurring | U.S. Treasury, government and agency      
Investments      
Fixed maturities, AFS: 4,519 4,288  
Recurring | States and political subdivisions      
Investments      
Fixed maturities, AFS: 385 386  
Recurring | Foreign governments      
Investments      
Fixed maturities, AFS: 575 554  
Recurring | Residential mortgage-backed      
Investments      
Fixed maturities, AFS: 5,454 4,383  
Recurring | Asset-backed      
Investments      
Fixed maturities, AFS: 15,842 13,699  
Recurring | Commercial mortgage-backed      
Investments      
Fixed maturities, AFS: 4,557 3,921  
Recurring | Redeemable preferred stock      
Investments      
Fixed maturities, AFS: 58 59  
Recurring | Short-term investments      
Investments      
Other invested assets: 5 36  
Recurring | Assets of consolidated VIEs/VOEs      
Investments      
Other invested assets: 462 155  
Recurring | Swaps      
Investments      
Other invested assets: (438) (259)  
Recurring | Credit default swaps      
Investments      
Other invested assets: (9) 2  
Recurring | Futures      
Investments      
Other invested assets: (3) 3  
Recurring | Options      
Investments      
Other invested assets: 17,655 16,328  
Recurring | SCS, SIO, MSO and IUL indexed features’ liability      
Liabilities:      
Guarantees 18,311 17,212  
Recurring | Level 1      
Investments      
Fixed maturities, AFS: 0 0  
Fixed maturities, at fair value using the fair value option 0 0  
Other equity investments 307 319  
Trading securities 368 433  
Other invested assets: 34 19  
Cash equivalents 6,066 5,356  
Segregated securities 0 2  
Purchased market risk benefits 0 0  
Assets for market risk benefits 0 0  
Separate Accounts assets 128,654 131,714  
Total Assets 135,429 137,843  
Liabilities:      
Notes issued by consolidated VIE's, at fair value using the fair value option 0 0  
Liability for market risk benefits 0 0  
Contingent payment arrangements 0 0  
Total Liabilities 1 0  
Recurring | Level 1 | Liabilities of consolidated VIEs and VOEs      
Liabilities:      
Guarantees 1    
Recurring | Level 1 | Corporate      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 1 | U.S. Treasury, government and agency      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 1 | States and political subdivisions      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 1 | Foreign governments      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 1 | Residential mortgage-backed      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 1 | Asset-backed      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 1 | Commercial mortgage-backed      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 1 | Redeemable preferred stock      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 1 | Short-term investments      
Investments      
Other invested assets: 0 0  
Recurring | Level 1 | Assets of consolidated VIEs/VOEs      
Investments      
Other invested assets: 37 16  
Recurring | Level 1 | Swaps      
Investments      
Other invested assets: 0 0  
Recurring | Level 1 | Credit default swaps      
Investments      
Other invested assets: 0 0  
Recurring | Level 1 | Futures      
Investments      
Other invested assets: (3) 3  
Recurring | Level 1 | Options      
Investments      
Other invested assets: 0 0  
Recurring | Level 1 | SCS, SIO, MSO and IUL indexed features’ liability      
Liabilities:      
Guarantees 0 0  
Recurring | Level 2      
Investments      
Fixed maturities, AFS: 77,099 73,929  
Fixed maturities, at fair value using the fair value option 2,018 1,778  
Other equity investments 265 251  
Trading securities 800 576  
Other invested assets: 17,637 16,244  
Cash equivalents 0 45  
Segregated securities 483 498  
Purchased market risk benefits 0 0  
Assets for market risk benefits 0 0  
Separate Accounts assets 2,528 2,489  
Total Assets 100,830 95,810  
Liabilities:      
Notes issued by consolidated VIE's, at fair value using the fair value option 2,294 1,933  
Liability for market risk benefits 0 0  
Contingent payment arrangements 0 0  
Total Liabilities 20,622 19,145  
Recurring | Level 2 | Liabilities of consolidated VIEs and VOEs      
Liabilities:      
Guarantees 17    
Recurring | Level 2 | Corporate      
Investments      
Fixed maturities, AFS: 46,695 46,879  
Recurring | Level 2 | U.S. Treasury, government and agency      
Investments      
Fixed maturities, AFS: 4,519 4,288  
Recurring | Level 2 | States and political subdivisions      
Investments      
Fixed maturities, AFS: 385 386  
Recurring | Level 2 | Foreign governments      
Investments      
Fixed maturities, AFS: 575 554  
Recurring | Level 2 | Residential mortgage-backed      
Investments      
Fixed maturities, AFS: 5,423 4,383  
Recurring | Level 2 | Asset-backed      
Investments      
Fixed maturities, AFS: 14,906 13,467  
Recurring | Level 2 | Commercial mortgage-backed      
Investments      
Fixed maturities, AFS: 4,538 3,913  
Recurring | Level 2 | Redeemable preferred stock      
Investments      
Fixed maturities, AFS: 58 59  
Recurring | Level 2 | Short-term investments      
Investments      
Other invested assets: 5 36  
Recurring | Level 2 | Assets of consolidated VIEs/VOEs      
Investments      
Other invested assets: 424 137  
Recurring | Level 2 | Swaps      
Investments      
Other invested assets: (438) (259)  
Recurring | Level 2 | Credit default swaps      
Investments      
Other invested assets: (9) 2  
Recurring | Level 2 | Futures      
Investments      
Other invested assets: 0 0  
Recurring | Level 2 | Options      
Investments      
Other invested assets: 17,655 16,328  
Recurring | Level 2 | SCS, SIO, MSO and IUL indexed features’ liability      
Liabilities:      
Guarantees 18,311 17,212  
Recurring | Level 3      
Investments      
Fixed maturities, AFS: 2,995 2,712  
Fixed maturities, at fair value using the fair value option 410 275  
Other equity investments 12 53  
Trading securities 127 80  
Other invested assets: 1 2  
Cash equivalents 0 0  
Segregated securities 0 0  
Purchased market risk benefits 5,543 7,376  
Assets for market risk benefits 776 863  
Separate Accounts assets 0 0  
Total Assets 9,864 11,361  
Liabilities:      
Notes issued by consolidated VIE's, at fair value using the fair value option 158 172  
Liability for market risk benefits 10,187 11,810  
Contingent payment arrangements 8 9  
Total Liabilities 10,353 11,991  
Recurring | Level 3 | Liabilities of consolidated VIEs and VOEs      
Liabilities:      
Guarantees 0    
Recurring | Level 3 | Corporate      
Investments      
Fixed maturities, AFS: 2,009 2,472  
Recurring | Level 3 | U.S. Treasury, government and agency      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 3 | States and political subdivisions      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 3 | Foreign governments      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 3 | Residential mortgage-backed      
Investments      
Fixed maturities, AFS: 31 0  
Recurring | Level 3 | Asset-backed      
Investments      
Fixed maturities, AFS: 936 232  
Recurring | Level 3 | Commercial mortgage-backed      
Investments      
Fixed maturities, AFS: 19 8  
Recurring | Level 3 | Redeemable preferred stock      
Investments      
Fixed maturities, AFS: 0 0  
Recurring | Level 3 | Short-term investments      
Investments      
Other invested assets: 0 0  
Recurring | Level 3 | Assets of consolidated VIEs/VOEs      
Investments      
Other invested assets: 1 2  
Recurring | Level 3 | Swaps      
Investments      
Other invested assets: 0 0  
Recurring | Level 3 | Credit default swaps      
Investments      
Other invested assets: 0 0  
Recurring | Level 3 | Futures      
Investments      
Other invested assets: 0 0  
Recurring | Level 3 | Options      
Investments      
Other invested assets: 0 0  
Recurring | Level 3 | SCS, SIO, MSO and IUL indexed features’ liability      
Liabilities:      
Guarantees 0 0  
Recurring | NAV      
Investments      
Separate Accounts assets $ 287 $ 320  
[1] See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.