XML 86 R74.htm IDEA: XBRL DOCUMENT v3.25.2
FAIR VALUE DISCLOSURES - Fair Value Measurement Reconciliation for All Levels (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Total gains and (losses), realized and unrealized, included in:        
Other $ 0 $ 0    
Transfers into level 3     $ 367 $ 136
Transfers out of level 3     (882) (141)
Level 3 | Corporate        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 1,831 2,338 2,472 2,158
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) 2 2 3 4
Investment gains (losses), net 0 (1) (3) (2)
Subtotal 2 1 0 2
Other comprehensive income (loss) 17 1 28 11
Purchases 279 542 424 757
Debt issuances     0  
Sales (292) (365) (390) (421)
Settlements 0 0 0 0
Other     0 0
Activity related to consolidated VIEs/VOEs 0 0 0 0
Transfers into level 3 98 0 98 57
Transfers out of level 3 74 1 (623) (46)
Balance, end of period 2,009 2,518 2,009 2,518
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period 0 0 0 0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period 14 1 22 11
Level 3 | States and political subdivisions        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 0 0 0 27
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) 0 0 0 0
Investment gains (losses), net 0 0 0 0
Subtotal 0 0 0 0
Other comprehensive income (loss) 0 0 0 0
Purchases 0 0 0 0
Debt issuances     0  
Sales 0 0 0 0
Settlements 0 0 0 0
Other     0 0
Activity related to consolidated VIEs/VOEs 0 0 0 0
Transfers into level 3 0 0 0 0
Transfers out of level 3 0 0 0 (27)
Balance, end of period 0 0 0 0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period 0 0 0 0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period 0 0 0 0
Level 3 | Asset-backed        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 648 71 232 47
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) 0 0 0 0
Investment gains (losses), net 0 0 0 0
Subtotal 0 0 0 0
Other comprehensive income (loss) 3 0 6 0
Purchases 398 (2) 784 46
Debt issuances     0  
Sales (11) (12) (133) (22)
Settlements 0 0 0 0
Other     0 0
Activity related to consolidated VIEs/VOEs 0 0 0 0
Transfers into level 3 0 0 149 0
Transfers out of level 3 (102) 0 (102) (14)
Balance, end of period 936 57 936 57
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period 0 0 0 0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period 0 0 3 0
Level 3 | RMBS        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 0 0 0  
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) 0 0 0  
Investment gains (losses), net 0 0 0  
Subtotal 0 0 0  
Other comprehensive income (loss) 1 0 1  
Purchases 14 0 14  
Debt issuances      
Sales 0 (3)  
Settlements (3) 0 0  
Other     0  
Activity related to consolidated VIEs/VOEs 0 0 0  
Transfers into level 3 19 0 19  
Transfers out of level 3 0 0 0  
Balance, end of period 31 0 31 0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period 0 0 0  
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period 0 0 1  
Level 3 | CMBS        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 8 7 8 7
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) 0 0 0 0
Investment gains (losses), net 0 0 0 0
Subtotal 0 0 0 0
Other comprehensive income (loss) 1 0 1 0
Purchases 11 0 11 0
Debt issuances     0  
Sales (5) 0 (5) 0
Settlements 0 0 0 0
Other     0 0
Activity related to consolidated VIEs/VOEs 0 0 0 0
Transfers into level 3 4 0 4 0
Transfers out of level 3 0 0 0 0
Balance, end of period 19 7 19 7
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period 0 0 0 0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period 0 0 0 0
Level 3 | Fixed maturities, at FVO        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 263 244 275 181
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) (1) (12) 1 4
Investment gains (losses), net 0 0 (4) 0
Subtotal (1) (12) (3) 4
Other comprehensive income (loss) 0 0 0 0
Purchases 87 (33) 199 47
Debt issuances 0   0  
Sales (27) (18) (41) (33)
Settlements 0 0 0 0
Other 0 0 0 0
Activity related to consolidated VIEs/VOEs 0 0 0 0
Transfers into level 3 63 16 95 79
Transfers out of level 3 25 27 (115) (54)
Balance, end of period 410 224 410 224
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period (1) (12) (1) 0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period 0 0 0 31
Level 3 | Other equity investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 18 58 55 57
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) 1 0 1 1
Investment gains (losses), net 0 0 0 0
Subtotal 1 0 1 1
Other comprehensive income (loss) 0 0 0 0
Purchases 11 (38) 14 4
Debt issuances 0   0  
Sales (16) 39 (16) (3)
Settlements 0 0 0 0
Other 0 0 0 0
Activity related to consolidated VIEs/VOEs (1) 0 (1) 0
Transfers into level 3 0 0 2 0
Transfers out of level 3 0 0 (42) 0
Balance, end of period 13 59 13 59
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period 1 0 1 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 0 0 0 0
Level 3 | Trading Securities, at Fair Value        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period 109 61 80 61
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) 0 0 0 0
Investment gains (losses), net 0 (4) 0 (4)
Subtotal 0 (4) 0 (4)
Other comprehensive income (loss) 0 0 0 0
Purchases 18 0 47 0
Debt issuances 0   0  
Sales 0 0 0 0
Settlements 0 0 0 0
Other 0 0 0 0
Activity related to consolidated VIEs/VOEs 0 0 0 0
Transfers into level 3 0 0 0 0
Transfers out of level 3 0 0 0 0
Balance, end of period 127 57 127 57
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period 0 0 0 (4)
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period 0 0 0 0
Level 3 | Notes issued by consolidated VIE’s        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period (168)   (172)  
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) 0   0  
Investment gains (losses), net 0   0  
Subtotal 0   0  
Other comprehensive income (loss) 0   0  
Purchases 0   0  
Debt issuances (2)   (3)  
Sales 0   0  
Settlements 12   (17)  
Other 0   0  
Activity related to consolidated VIEs/VOEs 0   0  
Transfers into level 3 0   0  
Transfers out of level 3 0   0  
Balance, end of period (158)   (158)  
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period 0   0  
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period 0   0  
Level 3 | Notes issued by consolidated VIE’s        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period   1    
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss)   0    
Investment gains (losses), net   0    
Subtotal   0    
Other comprehensive income (loss)   0    
Purchases   (1)    
Sales   0    
Settlements   0    
Other   0    
Activity related to consolidated VIEs/VOEs   0    
Transfers into level 3   0    
Transfers out of level 3   0    
Balance, end of period   0   0
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period   0    
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period   0    
Level 3 | Contingent Payment Arrangement        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning of period (8) (254) (9) (253)
Total gains and (losses), realized and unrealized, included in:        
Net investment income (loss) 0 0 0 0
Investment gains (losses), net 0 0 0 0
Subtotal 0 0 0 0
Other comprehensive income (loss) 0 0 0 0
Purchases 0 0 0 0
Debt issuances 0   0  
Sales 0 0 0 0
Settlements 0 2 (1) (3)
Other 0 (3) 0 (5)
Activity related to consolidated VIEs/VOEs 0 0 0 0
Transfers into level 3 0 0 0 0
Transfers out of level 3 0 0 0 0
Balance, end of period (8) (255) (8) (255)
Change in unrealized gains or losses for the period included in earnings for instruments held at the end of the reporting period 0 0 0 0
Change in unrealized gains or losses for the period included in other comprehensive income for instruments held at the end of the reporting period $ 0 $ 0 $ 0 $ 0