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Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 are summarized below (dollars in millions):

March 31, 2025:												Fair Value Measurements Using:
						Total						Level 1						Level 2						Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate						$	55,720					$	—					$	47,498					$	8,222
Canadian government						4,996						—						4,996						—
Japanese government						6,105						—						6,105						—
ABS						5,520						—						3,625						1,895
CMBS						2,267						—						2,254						13
RMBS						1,502						—						1,502						—
U.S. government						1,963						1,886						73						4
State and political subdivisions						722						—						722						—
Other foreign government						5,712						—						5,682						30
Total fixed maturity securities available-for-sale						84,507						1,886						72,457						10,164
Equity securities						153						66						—						87
Funds withheld at interest – embedded derivatives						(216)						—						—						(216)
Funds withheld at interest						57						—						—						57
Cash equivalents						3,873						3,862						11						—
Short-term investments						399						303						93						3
Other invested assets:
Derivatives						114						—						114						—
Other						17						—						17						—
Total other invested assets						131						—						131						—
Other assets – derivatives						1						—						—						1
Total						$	88,905					$	6,117					$	72,692					$	10,096
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives						$	383					$	—					$	—					$	383
Other liabilities:
Funds withheld at interest – embedded derivatives						(150)						—						—						(150)
Derivatives						488						—						487						1
Total						$	721					$	—					$	487					$	234

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2025, the fair value of such investments was $963 million.

December 31, 2024:												Fair Value Measurements Using:
						Total						Level 1						Level 2						Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate						$	50,991					$	—					$	44,137					$	6,854
Canadian government						5,016						—						5,016						—
Japanese government						4,445						—						4,445						—
ABS						5,040						—						3,254						1,786
CMBS						2,267						—						2,254						13
RMBS						1,317						—						1,317						—
U.S. government						2,464						2,379						80						5
State and political subdivisions						693						—						693						—
Other foreign government						5,384						—						5,354						30
Total fixed maturity securities available-for-sale						77,617						2,379						66,550						8,688
Equity securities						155						67						—						88
Funds withheld at interest – embedded derivatives						(215)						—						—						(215)
Funds withheld at interest						56						—						—						56
Cash equivalents						2,055						2,053						2						—
Short-term investments						313						175						127						11
Other invested assets:
Derivatives						121						—						121						—
Other						17						—						17						—
Total other invested assets						138						—						138						—
Other assets – derivatives						2						—						—						2
Total						$	80,121					$	4,674					$	66,817					$	8,630
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives						$	435					$	—					$	—					$	435
Other liabilities:
Funds withheld at interest – embedded derivatives						(160)						—						—						(160)
Derivatives						486						—						484						2
Total						$	761					$	—					$	484					$	277

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2024, the fair value of such investments was $966 million.

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2025 and December 31, 2024 (dollars in millions):

			Estimated Fair Value												Valuation Technique						Unobservable Input						Range (Weighted Average)
			March 31, 2025						December 31, 2024																		March 31, 2025						December 31, 2024
Assets:
Corporate			$	352					$	99					Market comparable securities						Liquidity premium						2%						2%
																					EBITDA Multiple						6.2x-11.0x (9.3x)						6.7x-11.0x (9.7x)
ABS			677						564						Market comparable securities						Liquidity premium						0-20% (5%)						0-10% (3%)
U.S. government			4						—						Market comparable securities						Liquidity premium						0-1% (1%)						—
Equity securities			31						33						Market comparable securities						Liquidity premium						4%						4%
																					EBITDA Multiple						7.4x-11.8x (10.5x)						7.4x-12.8x (10.9x)
Funds withheld at interest – embedded derivatives			24						22						Total return swap						Mortality						0-100%  (4%)						0-100%  (3%)
																					Lapse						0-35%  (18%)						0-35%  (18%)
																					Withdrawal						0-10%  (5%)						0-10%  (4%)
																					CVA						0-5%  (0%)						0-5%  (0%)
																					Crediting rate						1-4%  (2%)						1-4%  (2%)
Other assets – derivatives			1						2						Credit default swap						Credit spread						0-1% (0%)						0-1% (0%)
																					Probability of default						0-7% (0%)						0-8% (0%)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed products			383						435						Discounted cash flow						Mortality						0-100%  (3%)						0-100% (3%)
																					Lapse						0-35%  (17%)						0-35% (17%)
																					Withdrawal						0-10%  (4%)						0-10% (4%)
																					Option budget projection						1-4%  (2%)						1-4% (2%)
Other liabilities – derivatives			1						2						Credit default swap						Credit spread						0-1% (0%)						0-1% (0%)
																					Probability of default						0-7% (0%)						0-8% (0%)

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

For the three months ended March 31, 2025:						Fixed maturity securities available-for-sale																																										Funds  withheld at interest –embedded derivatives, net (1)						Funds  withheld at interest												Interest-sensitive contract  liabilities – embedded derivatives
						Corporate						Foreign govt						Structured securities						U.S. and local govt						Equity securities						Cash equivalents						Short-term investments
Fair value, beginning of period						$	6,854					$	30					$	1,799					$	5					$	88					$	—					$	11					$	(55)					$	56											$	(435)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income						4						—						2						—						—						—						—						—						(1)												—
Investment related gains (losses), net						(7)						—						1						—						—						—						—						(11)						—												—
Interest credited						—						—						—						—						—						—						—												—												24
Included in other comprehensive income (loss)						39						—						20						—						—						—						—						—						2												—
Purchases (2)						1,514						—						196						—						—						—						—						—						—												7
Sales (2)						(44)						—						—						—						(1)						—						—						—						—												—
Settlements (2)						(140)						—						(114)						(1)						—						—						(6)						—						—												21
Transfers into Level 3						2						—						10						—						—						—						—						—						—												—
Transfers out of Level 3						—						—						(6)						—						—						—						(2)						—						—												—
Fair value, end of period						$	8,222					$	30					$	1,908					$	4					$	87					$	—					$	3					$	(66)					$	57											$	(383)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income						$	3					$	—					$	1					$	—					$	—					$	—					$	—					$	—					$	(1)											$	—
Investment related gains (losses), net						(8)						—						—						—						1						—						—						(11)						—												—
Interest credited						—						—						—						—						—						—						—						—						—												3
Included in other comprehensive income (loss)						40						—						21						—						—						—						—						—						2												—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

For the three months ended March 31, 2024:						Fixed maturity securities available-for-sale																																										Funds  withheld at interest –embedded derivatives, net (1)						Funds  withheld at interest												Interest-sensitive contract  liabilities – embedded derivatives
						Corporate						Foreign govt						Structured securities						U.S. and local govt						Equity securities						Cash equivalents						Short-term investments
Fair value, beginning of period						$	4,933					$	35					$	1,425					$	26					$	70					$	—					$	2					$	(171)					$	54											$	(415)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income						2						—						1						—						—						—						—						—						2												—
Investment related gains (losses), net						(24)						—						(2)						—						(3)						—						—						77						—												—
Interest credited						—						—						—						—						—						—						—						—						—												(20)
Included in other comprehensive income (loss)						11						(2)						2						—						—						—						—						—						(1)												—
Purchases (2)						428						—						46						—						2						—						8						—						1												12
Sales (2)						(119)						—						(23)						—						—						—						—						—						—												—
Settlements (2)						(118)						—						(60)						(1)						—						—						—						—						(1)												25
Transfers into Level 3						—						—						30						2						—						—						—						—						—												—
Transfers out of Level 3						(34)						—						(21)						—						—						—						—						—						—												—
Fair value, end of period						$	5,079					$	33					$	1,398					$	27					$	69					$	—					$	10					$	(94)					$	55											$	(398)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income						$	1					$	—					$	1					$	—					$	—					$	—					$	—					$	—					$	2											$	—
Investment related gains (losses), net						(27)						—						(3)						—						(3)						—						—						77						—												—
Interest credited						—						—						—						—						—						—						—						—						—												46
Included in other comprehensive income (loss)						12						(2)						2						—						—						—						—						—						(1)												—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.

Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block]

The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of March 31, 2025 and December 31, 2024 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the Company’s 2024 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.

March 31, 2025:						Carrying  Value (1)						Estimated  Fair Value						Fair Value Measurement Using:
																		Level 1						Level 2						Level 3
Assets:
Mortgage loans						$	9,331					$	8,864					$	—					$	—					$	8,864
Policy loans						1,284						1,284						—						1,284						—
Funds withheld at interest						5,487						5,187						—						—						5,187
Limited partnerships – cost method						65						86						—						—						86
Cash and cash equivalents						1,278						1,278						1,278						—						—
Short-term investments						55						55						55						—						—
Other invested assets						1,123						912						3						71						838
Accrued investment income						1,059						1,059						—						1,059						—
Liabilities:
Interest-sensitive contract liabilities (2)						$	27,262					$	27,140					$	—					$	—					$	27,140
Funds withheld at interest						5,039						4,817						—						—						4,817
Long-term debt						5,734						5,593						—						—						5,593
December 31, 2024:
Assets:
Mortgage loans						$	8,839					$	8,422					$	—					$	—					$	8,422
Policy loans						1,321						1,321						—						1,321						—
Funds withheld at interest						5,596						5,296						—						—						5,296
Limited partnerships – cost method						64						88						—						—						88
Cash and cash equivalents						1,271						1,271						1,271						—						—
Short-term investments						50						50						50						—						—
Other invested assets						1,064						862						3						71						788
Accrued investment income						986						986						—						986						—
Liabilities:
Interest-sensitive contract liabilities (2)						$	25,817					$	25,540					$	—					$	—					$	25,540
Funds withheld at interest						5,177						4,960						—						—						4,960
Long-term debt						5,042						4,836						—						—						4,836

(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.

(2)Carrying values and estimated fair values presented herein include a reinsurance recoverable of $2.0 billion as of March 31, 2025 and December 31, 2024.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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