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Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments:    
Fixed maturities available-for-sale, at fair value (amortized cost of $80,753 and $84,717) (allowance for credit losses of $0 and $2) $ 75,851 $ 76,641
Fixed maturities, at fair value using the fair value option [1] 2,416 2,053
Mortgage loans on real estate (net of allowance for credit losses of $287 and $278) [1] 22,150 20,072
Policy loans 1,855 4,330
Other equity investments [1] 3,786 3,719
Trading securities, at fair value 1,595 1,089
Other invested assets [1] 8,852 8,537
Total investments 116,505 116,441
Cash and cash equivalents [1] 13,604 6,964
Cash and securities segregated, at fair value 425 500
Broker-dealer related receivables 1,996 1,961
Deferred policy acquisition costs 7,430 7,170
Goodwill and other intangible assets, net 5,327 5,371
Amounts due from reinsurers (allowance for credit losses of $7 and $8) 20,025 7,899
Current and deferred income taxes 2,337 2,003
Purchased market risk benefits 5,415 7,376
Other assets [1] 3,678 4,462
Assets for market risk benefits 762 863
Separate Accounts assets 136,905 134,717
Total Assets 314,409 295,727
LIABILITIES    
Policyholders’ account balances 129,561 110,929
Liability for market risk benefits 10,301 11,810
Future policy benefits and other policyholders’ liabilities 17,611 17,613
Broker-dealer related payables 1,367 775
Customer related payables 1,740 1,933
Amounts due to reinsurers 1,451 1,421
Long-term debt 3,833 3,833
Notes issued by consolidated variable interest entities, at fair value using the fair value option [1] 2,530 2,116
Other liabilities [1] 7,162 7,032
Separate Accounts liabilities 136,905 134,717
Total Liabilities 312,461 292,179
Redeemable noncontrolling interest [1],[2] 344 125
Commitments and contingent liabilities [3]
Equity attributable to Holdings:    
Preferred stock and additional paid-in capital, $1 par value and $25,000 liquidation preference 1,068 1,507
Common stock, $0.01 par value, 2,000,000,000 shares authorized; 470,891,296 and 477,801,636 shares issued, respectively; 289,208,849 and 309,900,248 shares outstanding, respectively 5 5
Additional paid-in capital 1,917 2,336
Treasury stock, at cost, 181,682,447 and 167,901,388 shares, respectively (5,011) (4,198)
Retained earnings 8,360 10,627
Accumulated other comprehensive income (loss) (6,191) (8,712)
Total equity attributable to Holdings 148 1,565
Noncontrolling interest 1,456 1,858
Total Equity 1,604 3,423
Total Liabilities, Redeemable Noncontrolling Interest and Equity $ 314,409 $ 295,727
[1] See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.
[2] See Note 15 of the Notes to these Consolidated Financial Statements for details of redeemable noncontrolling interest.
[3] See Note 16 of the Notes to these Consolidated Financial Statements for details of commitments and contingent liabilities.