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v3.25.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value of Assets and Liabilities on a Recurring Basis | The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:
| As of March 31, 2025
| Quoted |  |  |  |  |  |
| Prices |  |  |  |  |  |
| in Active |  |  |  |  |  |
| Markets for |  | Significant |  | Significant |  |
| Identical |  | Observable |  | Unobservable |  | Total
| Assets |  | Inputs |  | Inputs |  | Fair
| (Level 1) |  | (Level 2) |  | (Level 3) |  | Value
Assets |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |
Corporate bonds | $ | – |  |  | $ | 63,911 |  |  | $ | 2,974 |  |  | $ | 66,885 |
U.S. government bonds | 518 |  |  | 20 |  |  | – |  |  | 538 |
State and municipal bonds | – |  |  | 2,350 |  |  | – |  |  | 2,350 |
Foreign government bonds | – |  |  | 239 |  |  | – |  |  | 239 |
RMBS | – |  |  | 1,922 |  |  | 19 |  |  | 1,941 |
CMBS | – |  |  | 1,800 |  |  | 30 |  |  | 1,830 |
ABS | – |  |  | 11,610 |  |  | 2,631 |  |  | 14,241 |
Hybrid and redeemable preferred securities | 47 |  |  | 145 |  |  | 81 |  |  | 273 |
Trading securities | – |  |  | 1,697 |  |  | 287 |  |  | 1,984 |
Equity securities | – |  |  | 310 |  |  | 35 |  |  | 345 |
Mortgage loans on real estate | – |  |  | – |  |  | 232 |  |  | 232 |
Derivative investments (1) | – |  |  | 11,238 |  |  | 10 |  |  | 11,248 |
Other investments – short-term investments | – |  |  | 468 |  |  | 15 |  |  | 483 |
MRB assets | – |  |  | – |  |  | 4,157 |  |  | 4,157 |
Other assets: |  |  |  |  |  |  |
Ceded MRBs | – |  |  | – |  |  | 2 |  |  | 2 |
Indexed annuity ceded embedded derivatives | – |  |  | – |  |  | 1,092 |  |  | 1,092 |
Separate account assets | 373 |  |  | 162,133 |  |  | – |  |  | 162,506 |
Total assets | $ | 938 |  |  | $ | 257,843 |  |  | $ | 11,565 |  |  | $ | 270,346 |
Liabilities |  |  |  |  |  |  |
Policyholder account balances – RILA, fixed annuity |  |  |  |  |  |  |
and IUL contracts | $ | – |  |  | $ | – |  |  | $ | (10,807) |  |  | $ | (10,807) |
Funds withheld reinsurance liabilities – reinsurance-related |  |  |  |  |  |  |
embedded derivatives | – |  |  | 185 |  |  | (323) |  |  | (138) |
MRB liabilities | – |  |  | – |  |  | (1,306) |  |  | (1,306) |
Other liabilities: |  |  |  |  |  |  |
Ceded MRBs | – |  |  | – |  |  | (314) |  |  | (314) |
Derivative liabilities (1) | – |  |  | (3,377) |  |  | (119) |  |  | (3,496) |
Total liabilities | $ | – |  |  | $ | (3,192) |  |  | $ | (12,869) |  |  | $ | (16,061) |
| As of December 31, 2024
| Quoted |  |  |  |  |  |
| Prices |  |  |  |  |  |
| in Active |  |  |  |  |  |
| Markets for |  | Significant |  | Significant |  |
| Identical |  | Observable |  | Unobservable |  | Total
| Assets |  | Inputs |  | Inputs |  | Fair
| (Level 1) |  | (Level 2) |  | (Level 3) |  | Value
Assets |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |
Corporate bonds | $ | – |  |  | $ | 63,585 |  |  | $ | 2,865 |  |  | $ | 66,450 |
U.S. government bonds | 371 |  |  | 20 |  |  | – |  |  | 391 |
State and municipal bonds | – |  |  | 2,371 |  |  | – |  |  | 2,371 |
Foreign government bonds | – |  |  | 237 |  |  | – |  |  | 237 |
RMBS | – |  |  | 1,851 |  |  | 12 |  |  | 1,863 |
CMBS | – |  |  | 1,657 |  |  | 8 |  |  | 1,665 |
ABS | – |  |  | 11,781 |  |  | 2,099 |  |  | 13,880 |
Hybrid and redeemable preferred securities | 48 |  |  | 133 |  |  | 73 |  |  | 254 |
Trading securities | – |  |  | 1,760 |  |  | 265 |  |  | 2,025 |
Equity securities | – |  |  | 260 |  |  | 34 |  |  | 294 |
Mortgage loans on real estate | – |  |  | – |  |  | 232 |  |  | 232 |
Derivative investments (1) | – |  |  | 13,884 |  |  | 3 |  |  | 13,887 |
Other investments – short-term investments | – |  |  | 369 |  |  | 23 |  |  | 392 |
MRB assets | – |  |  | – |  |  | 4,860 |  |  | 4,860 |
Other assets: |  |  |  |  |  |  |
Ceded MRBs | – |  |  | – |  |  | 2 |  |  | 2 |
Indexed annuity ceded embedded derivatives | – |  |  | – |  |  | 1,115 |  |  | 1,115 |
Separate account assets | 391 |  |  | 168,047 |  |  | – |  |  | 168,438 |
Total assets | $ | 810 |  |  | $ | 265,955 |  |  | $ | 11,591 |  |  | $ | 278,356 |
Liabilities |  |  |  |  |  |  |
Policyholder account balances – RILA, fixed annuity |  |  |  |  |  |  |
and IUL contracts | $ | – |  |  | $ | – |  |  | $ | (12,449) |  |  | $ | (12,449) |
Funds withheld reinsurance liabilities – reinsurance-related |  |  |  |  |  |  |
embedded derivatives | – |  |  | 204 |  |  | (234) |  |  | (30) |
MRB liabilities | – |  |  | – |  |  | (1,046) |  |  | (1,046) |
Other liabilities: |  |  |  |  |  |  |
Ceded MRBs | – |  |  | – |  |  | (381) |  |  | (381) |
Derivative liabilities (1) | – |  |  | (4,256) |  |  | (139) |  |  | (4,395) |
Total liabilities | $ | – |  |  | $ | (4,052) |  |  | $ | (14,249) |  |  | $ | (18,301) |
(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty. The following summarizes the fair value by the fair value hierarchy levels and the carrying amount of our financial instruments not carried at fair value (in millions):
|  | As of March 31, 2025
|  | Quoted |  |  |  |  |  |  |  |  |  |  |  |
|  | Prices |  |  |  |  |  |  |  |  |  |  |  |
|  | in Active |  |  |  |  |  |  |  |  |  |  |  |
|  | Markets for |  |  | Significant |  |  | Significant |  |  |  |  |  |
|  | Identical |  |  | Observable |  |  | Unobservable |  |  | Total |  |  |
|  | Assets |  |  | Inputs |  |  | Inputs |  |  | Fair |  |  | Carrying
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |  |  | Amount
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | – |  |  |  | $ | 20,373 |  |  |  | $ | – |  |  |  | $ | 20,373 |  |  |  | $ | 21,326 |
Other investments |  | – |  |  |  | 513 |  |  |  | 5,657 |  |  |  | 6,170 |  |  |  | 6,170 |
Policy loans |  | – |  |  |  | 2,529 |  |  |  | – |  |  |  | 2,529 |  |  |  | 2,529 |
Cash and invested cash |  | – |  |  |  | 4,284 |  |  |  | – |  |  |  | 4,284 |  |  |  | 4,284 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – certain investment |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts and other liabilities |  | $ | – |  |  |  | $ | – |  |  |  | $ | (30,876) |  |  |  | $ | (30,876) |  |  |  | $ | (41,005) |
Policyholder account balances – funding agreements |  | – |  |  |  | (508) |  |  |  | – |  |  |  | (508) |  |  |  | (500) |
Long-term debt |  | – |  |  |  | (5,356) |  |  |  | – |  |  |  | (5,356) |  |  |  | (5,868) |
Funds withheld reinsurance-related liabilities – excluding |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives |  | – |  |  |  | – |  |  |  | (16,700) |  |  |  | (16,700) |  |  |  | (16,700) |
|  | As of December 31, 2024
|  | Quoted |  |  |  |  |  |  |  |  |  |  |  |
|  | Prices |  |  |  |  |  |  |  |  |  |  |  |
|  | in Active |  |  |  |  |  |  |  |  |  |  |  |
|  | Markets for |  |  | Significant |  |  | Significant |  |  |  |  |  |
|  | Identical |  |  | Observable |  |  | Unobservable |  |  | Total |  |  |
|  | Assets |  |  | Inputs |  |  | Inputs |  |  | Fair |  |  | Carrying
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Value |  |  | Amount
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans on real estate |  | $ | – |  |  |  | $ | 19,647 |  |  |  | $ | – |  |  |  | $ | 19,647 |  |  |  | $ | 21,083 |
Other investments |  | – |  |  |  | 1,119 |  |  |  | 5,469 |  |  |  | 6,588 |  |  |  | 6,588 |
Policy loans |  | – |  |  |  | 2,476 |  |  |  | – |  |  |  | 2,476 |  |  |  | 2,476 |
Cash and invested cash |  | – |  |  |  | 5,801 |  |  |  | – |  |  |  | 5,801 |  |  |  | 5,801 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – certain investment |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts and other liabilities |  | $ | – |  |  |  | $ | – |  |  |  | $ | (30,505) |  |  |  | $ | (30,505) |  |  |  | $ | (40,394) |
Short-term debt |  | – |  |  |  | (299) |  |  |  | – |  |  |  | (299) |  |  |  | (300) |
Long-term debt |  | – |  |  |  | (5,304) |  |  |  | – |  |  |  | (5,304) |  |  |  | (5,856) |
Funds withheld reinsurance-related liabilities – excluding |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives |  | – |  |  |  | – |  |  |  | (16,877) |  |  |  | (16,877) |  |  |  | (16,877) |
Fair Value Measured on a Recurring Basis Reconciliation | The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 8.
| For the Three Months Ended March 31, 2025 |  |  |  |  |  |
|  |  |  |  | Gains |  | Issuances, |  | Transfers |  |  |  |  |  |  |  |
|  |  | Items |  | (Losses) |  | Sales, |  | Into or |  |  |  |  |  |  |  |
|  |  | Included |  | in |  | Maturities, |  | Out |  |  |  |  |  |  |  |
| Beginning |  | in |  | OCI |  | Settlements, |  | of |  | Ending |  |  |  |  |  |
| Fair |  | Net |  | and |  | Calls, |  | Level 3, |  | Fair |  |  |  |  |  |
| Value |  | Income |  | Other (1) |  | Net |  | Net |  | Value |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,865 |  |  | $ | (13) |  |  | $ | 1 |  |  | $ | 99 |  |  | $ | 22 |  |  | $ | 2,974 |  |  |  |  |  |  |
RMBS | 12 |  |  | – |  |  | – |  |  | 7 |  |  | – |  |  | 19 |  |  |  |  |  |  |
CMBS | 8 |  |  | – |  |  | – |  |  | 22 |  |  | – |  |  | 30 |  |  |  |  |  |  |
ABS | 2,099 |  |  | (21) |  |  | 18 |  |  | 478 |  |  | 57 |  |  | 2,631 |  |  |  |  |  |  |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | 73 |  |  | – |  |  | – |  |  | 18 |  |  | (10) |  |  | 81 |  |  |  |  |  |  |
Trading securities | 265 |  |  | 1 |  |  | – |  |  | 4 |  |  | 17 |  |  | 287 |  |  |  |  |  |  |
Equity securities | 34 |  |  | (6) |  |  | – |  |  | 7 |  |  | – |  |  | 35 |  |  |  |  |  |  |
Mortgage loans on real estate | 232 |  |  | (1) |  |  | 2 |  |  | (1) |  |  | – |  |  | 232 |  |  |  |  |  |  |
Other investments | 23 |  |  | – |  |  | – |  |  | (8) |  |  | – |  |  | 15 |  |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) | 2 |  |  | – |  |  | – |  |  | – |  | – |  |  | 2 |  |  |  |  |  |  |
Indexed annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives (4) | 1,115 |  |  | (24) |  |  | – |  |  | 1 |  |  | – |  |  | 1,092 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RILA, fixed annuity and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IUL contracts (4) | (12,449) |  |  | 1,676 |  |  | – |  |  | (34) |  |  | – |  |  | (10,807) |  |  |  |  |  |  |
Funds withheld reinsurance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
liabilities – reinsurance-related |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives (4) | (234) |  |  | (89) |  |  | – |  |  | – |  | – |  |  | (323) |  |  |  |  |  |  |
Other liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) | (381) |  |  | 67 |  |  | – |  |  | – |  | – |  |  | (314) |  |  |  |  |  |  |
Derivative liabilities | (136) |  |  | 27 |  |  | – |  |  | – |  | – |  |  | (109) |  |  |  |  |  |  |
Total, net | $ | (6,472) |  |  | $ | 1,617 |  |  | $ | 21 |  |  | $ | 593 |  |  | $ | 86 |  |  | $ | (4,155) |  |  |  |  |  |  |
| For the Three Months Ended March 31, 2024
|  |  |  |  | Gains |  | Issuances, |  | Transfers |  |
|  |  | Items |  | (Losses) |  | Sales, |  | Into or |  |
|  |  | Included |  | in |  | Maturities, |  | Out |  |
| Beginning |  | in |  | OCI |  | Settlements, |  | of |  | Ending
| Fair |  | Net |  | and |  | Calls, |  | Level 3, |  | Fair
| Value |  | Income |  | Other (1) |  | Net |  | Net |  | Value
Assets |  |  |  |  |  |  |  |  |  |  |
Investments: (2) |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 2,497 |  |  | $ | 2 |  |  | $ | (10) |  |  | $ | 22 |  |  | $ | (22) |  |  | $ | 2,489 |
State and municipal bonds | 5 |  |  | – |  |  | – |  |  | – |  |  | (5) |  |  | – |
RMBS | 13 |  |  | – |  |  | (1) |  |  | – |  |  | – |  |  | 12 |
CMBS | 8 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 8 |
ABS | 1,484 |  |  | – |  |  | (1) |  |  | 201 |  |  | 8 |  |  | 1,692 |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |
securities | 48 |  |  | – |  |  | 3 |  |  | – |  |  | – |  |  | 51 |
Trading securities | 284 |  |  | – |  |  | – |  |  | (13) |  |  | – |  |  | 271 |
Equity securities | 42 |  |  | (3) |  |  | – |  |  | – |  |  | – |  |  | 39 |
Mortgage loans on real estate | 288 |  |  | – |  |  | 1 |  |  | – |  |  | – |  |  | 289 |
Derivative investments | 36 |  |  | 12 |  |  | – |  |  | 4 |  |  | (51) |  |  | 1 |
Other assets: |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (3) | 2 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 2 |
Indexed annuity ceded embedded |  |  |  |  |  |  |  |  |  |  |
derivatives (4) | 940 |  |  | 33 |  |  | – |  |  | – |  |  | – |  |  | 973 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Policyholder account balances – |  |  |  |  |  |  |  |  |  |  |
RILA, fixed annuity and |  |  |  |  |  |  |  |  |  |  |
IUL contracts (4) | (9,077) |  |  | (1,677) |  |  | – |  |  | (142) |  |  | – |  |  | (10,896) |
Funds withheld reinsurance |  |  |  |  |  |  |  |  |  |  |
liabilities – reinsurance-related |  |  |  |  |  |  |  |  |  |  |
embedded derivatives (4) | (789) |  |  | 206 |  |  | – |  |  | – |  |  | – |  |  | (583) |
Other liabilities – ceded MRBs (3) | (239) |  |  | (121) |  |  | – |  |  | – |  |  | – |  |  | (360) |
Total, net | $ | (4,458) |  |  | $ | (1,548) |  |  | $ | (8) |  |  | $ | 72 |  |  | $ | (70) |  |  | $ | (6,012) |
(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5). (2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
Schedule of Investment Holdings Movements | The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:
| For the Three Months Ended March 31, 2025 |  |  |  |  |  |
| Issuances |  | Sales |  | Maturities |  | Settlements |  | Calls |  | Total |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 246 |  |  | $ | (45) |  |  | $ | – |  |  | $ | (102) |  |  | $ | – |  |  | $ | 99 |  |  |  |  |  |  |
RMBS | 7 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 7 |  |  |  |  |  |  |
CMBS | 22 |  |  | – |  |  | – |  |  | – |  |  | – |  |  | 22 |  |  |  |  |  |  |
ABS | 594 |  |  | – |  |  | (10) |  |  | (90) |  |  | (16) |  |  | 478 |  |  |  |  |  |  |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | 20 |  |  | (2) |  |  | – |  |  | – |  |  | – |  |  | 18 |  |  |  |  |  |  |
Trading securities | 50 |  |  | (42) |  |  | – |  |  | (4) |  |  | – |  |  | 4 |  |  |  |  |  |  |
Equity securities | 8 |  |  | (1) |  |  | – |  |  | – |  |  | – |  |  | 7 |  |  |  |  |  |  |
Mortgage loans on real estate | – |  |  | (1) |  |  | – |  |  | – |  |  | – |  |  | (1) |  |  |  |  |  |  |
Other investments | 2 |  |  | – |  |  | (10) |  |  | – |  |  | – |  |  | (8) |  |  |  |  |  |  |
Other assets – indexed annuity ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
embedded derivatives | 27 |  |  | – |  |  | – |  |  | (26) |  |  | – |  |  | 1 |  |  |  |  |  |  |
Policyholder account balances – |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RILA, fixed annuity and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
IUL contracts | (234) |  |  | – |  |  | – |  |  | 200 |  |  | – |  |  | (34) |  |  |  |  |  |  |
Total, net | $ | 742 |  |  | $ | (91) |  |  | $ | (20) |  |  | $ | (22) |  |  | $ | (16) |  |  | $ | 593 |  |  |  |  |  |  |
| For the Three Months Ended March 31, 2024
| Issuances |  | Sales |  | Maturities |  | Settlements |  | Calls |  | Total
Investments: |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 277 |  |  | $ | (141) |  |  | $ | (2) |  |  | $ | (111) |  |  | $ | (1) |  |  | $ | 22 |
ABS | 264 |  |  | – |  |  | – |  |  | (63) |  |  | – |  |  | 201 |
Trading securities | – |  |  | (2) |  |  | – |  |  | (11) |  |  | – |  |  | (13) |
Mortgage loans on real estate | 1 |  |  | (1) |  |  | – |  |  | – |  |  | – |  |  | – |
Derivative investments | 7 |  |  | – |  |  | (3) |  |  | – |  |  | – |  |  | 4 |
Other assets – indexed annuity ceded |  |  |  |  |  |  |  |  |  |  |
embedded derivatives | 26 |  |  | – |  |  | – |  |  | (26) |  |  | – |  |  | – |
Policyholder account balances – |  |  |  |  |  |  |  |  |  |  |
RILA, fixed annuity and |  |  |  |  |  |  |  |  |  |  |
IUL contracts | (249) |  |  | – |  |  | – |  |  | 107 |  |  | – |  |  | (142) |
Total, net | $ | 326 |  |  | $ | (144) |  |  | $ | (5) |  |  | $ | (104) |  |  | $ | (1) |  |  | $ | 72 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):
| For the Three Months Ended March 31, |  |  |
| 2025 |  |  | 2024 |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Trading securities (1) | $ | (3) |  |  |  | $ | – |  |  |  |  |  |
Equity securities (1) | (6) |  |  |  | (3) |  |  |  |  |  |
Mortgage loans on real estate (1) | (1) |  |  |  | – |  |  |  |  |  |
Derivative investments (1) | 12 |  |  |  | 16 |  |  |  |  |  |
MRBs (2) | (1,299) |  |  |  | 1,896 |  |  |  |  |  |
Funds withheld reinsurance liabilities – |  |  |  |  |  |  |  |  |
reinsurance-related embedded derivatives (1) | (89) |  |  |  | 206 |  |  |  |  |  |
Embedded derivatives – indexed annuity |  |  |  |  |  |  |  |  |
and IUL contracts (1) | 169 |  |  |  | 241 |  |  |  |  |  |
Total, net | $ | (1,217) |  |  |  | $ | 2,356 |  |  |  |  |  |
(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss). (2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
Changes in Unrealized Gains (Losses) Included in OCI | The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):
| For the Three Months Ended March 31, |  |
| 2025 |  |  | 2024 |  |  |  |
Investments: |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |
Corporate bonds | $ | (7) |  |  |  | $ | (11) |  |  |  |  |
ABS | 16 |  |  |  | (1) |  |  |  |  |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |
securities | – |  |  |  | 2 |  |  |  |  |
Mortgage loans on real estate | 2 |  |  |  | 1 |  |  |  |  |
Total, net | $ | 11 |  |  |  | $ | (9) |  |  |  |  |
Components of the Transfers In and Out of Level 3 | The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:
| For the Three Months Ended March 31, 2025 |  | For the Three Months Ended March 31, 2024 |  |  |  |  |  |
| Transfers |  | Transfers |  |  |  | Transfers |  | Transfers |  |  |  |  |  |  |  |
| Into |  | Out of |  |  |  | Into |  | Out of |  |  |  |  |  |  |  |
| Level 3 |  | Level 3 |  | Total |  | Level 3 |  | Level 3 |  | Total |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 22 |  |  | $ | – |  |  | $ | 22 |  |  | $ | 22 |  |  | $ | (44) |  |  | $ | (22) |  |  |  |  |  |  |
State and municipal bonds | – |  |  | – |  |  | – |  |  | – |  |  | (5) |  |  | (5) |  |  |  |  |  |  |
ABS | 57 |  |  | – |  |  | 57 |  |  | 31 |  |  | (23) |  |  | 8 |  |  |  |  |  |  |
Hybrid and redeemable preferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | – |  |  | (10) |  |  | (10) |  |  | – |  |  | – |  |  | – |  |  |  |  |  |  |
Trading securities | 17 |  |  | – |  |  | 17 |  |  | – |  |  | – |  |  | – |  |  |  |  |  |  |
Derivative investments | – |  |  | – |  |  | – |  |  | – |  |  | (51) |  |  | (51) |  |  |  |  |  |  |
Total, net | $ | 96 |  |  | $ | (10) |  |  | $ | 86 |  |  | $ | 53 |  |  | $ | (123) |  |  | $ | (70) |  |  |  |  |  |  |
Fair Value Inputs Quantitative Information | The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of March 31, 2025:
|  |  |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |
|  |  |  |  |  |  |  |  | Average |  |  |  |
| Fair |  | Valuation |  | Significant |  | Assumption or |  | Input |  |  |  |
| Value |  | Technique |  | Unobservable Inputs |  | Input Ranges |  | Range (1) |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 190 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 0.0 | % |  | – |  |  | 4.3 | % |  | 1.9 | % |  |  |  |
ABS | 10 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.4 | % |  | – |  |  | 1.4 | % |  | 1.4 | % |  |  |  |
CMBS | 8 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 2.0 | % |  | — |  |  | 2.0 | % |  | 2.0 | % |  |  |  |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred securities | 39 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.2 | % |  | – |  |  | 2.1 | % |  | 1.8 | % |  |  |  |
Equity securities | 5 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 4.5 | % |  | – |  |  | 4.5 | % |  | 4.5 | % |  |  |  |
MRB assets | 4,157 |  |  | Discounted cash flow |  | Lapse (3) |  | 1.0 | % |  | — |  |  | 30.0 | % |  | (10) |  |  |  |
|  |  |  |  | Utilization of GLB withdrawals (4) |  | 85.0 | % |  | — |  |  | 100.0 | % |  | 92.0 | % |  |  |  |
|  |  |  |  | Claims utilization factor (5) |  | 60.0 | % |  | — |  |  | 100.0 | % |  | (10) |  |  |  |
|  |  |  |  | Premiums utilization factor (5) |  | 80.0 | % |  | — |  |  | 115.0 | % |  | (10) |  |  |  |
|  |  |  |  | Non-performance risk (6) |  | 0.3 | % |  | — |  |  | 2.2 | % |  | 1.8 | % |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |
|  |  |  |  | Volatility (8) |  | 1.0 | % |  | — |  |  | 29.0 | % |  | 14.3 | % |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (11) | 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | 1,092 |  |  | Discounted cash flow |  | Lapse (3) |  | 0.0 | % |  | – |  |  | 9.0 | % |  | (10) |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
balances – indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | $ | (10,860) |  |  | Discounted cash flow |  | Lapse (3) |  | 0.0 | % |  | – |  |  | 9.0 | % |  | (10) |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |
MRB liabilities | (1,306) |  |  | Discounted cash flow |  | Lapse (3) |  | 1.0 | % |  | — |  |  | 30.0 | % |  | (10) |  |  |  |
|  |  |  |  | Utilization of GLB withdrawals (4) |  | 85.0 | % |  | — |  |  | 100.0 | % |  | 92.0 | % |  |  |  |
|  |  |  |  | Claims utilization factor (5) |  | 60.0 | % |  | — |  |  | 100.0 | % |  | (10) |  |  |  |
|  |  |  |  | Premiums utilization factor (5) |  | 80.0 | % |  | — |  |  | 115.0 | % |  | (10) |  |  |  |
|  |  |  |  | Non-performance risk (6) |  | 0.3 | % |  | — |  |  | 2.2 | % |  | 1.8 | % |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |
|  |  |  |  | Volatility (8) |  | 1.0 | % |  | — |  |  | 29.0 | % |  | 14.3 | % |  |  |  |
Other liabilities – ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRBs (11) | (314) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2024:
|  |  |  |  |  |  |  |  |  |  |  |  | Weighted |  |  |  |  |  |
|  |  |  |  |  |  |  |  | Average |  |  |  |  |  |
| Fair |  | Valuation |  | Significant |  | Assumption or |  | Input |  |  |  |  |  |
| Value |  | Technique |  | Unobservable Inputs |  | Input Ranges |  | Range (1) |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity AFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | $ | 187 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 0.0 | % |  | – |  |  | 3.1 | % |  | 1.7 | % |  |  |  |  |  |
ABS | 10 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.3 | % |  | – |  |  | 1.3 | % |  | 1.3 | % |  |  |  |  |  |
CMBS | 8 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.9 | % |  | – |  |  | 1.9 | % |  | 1.9 | % |  |  |  |  |  |
Hybrid and redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
preferred securities | 19 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 1.4 | % |  | – |  |  | 1.9 | % |  | 1.8 | % |  |  |  |  |  |
Equity securities | 5 |  |  | Discounted cash flow |  | Liquidity/duration adjustment (2) |  | 4.5 | % |  | – |  |  | 4.5 | % |  | 4.5 | % |  |  |  |  |  |
MRB assets | 4,860 |  |  | Discounted cash flow |  | Lapse (3) |  | 1.0 | % |  | — |  |  | 30.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Utilization of GLB withdrawals (4) |  | 85.0 | % |  | – |  |  | 100.0 | % |  | 92.0 | % |  |  |  |  |  |
|  |  |  |  | Claims utilization factor (5) |  | 60.0 | % |  | – |  |  | 100.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Premiums utilization factor (5) |  | 80.0 | % |  | – |  |  | 115.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Non-performance risk (6) |  | 0.3 | % |  | – |  |  | 2.0 | % |  | 1.6 | % |  |  |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |  |  |
|  |  |  |  | Volatility (8) |  | 1.0 | % |  | – |  |  | 29.0 | % |  | 14.5 | % |  |  |  |  |  |
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ceded MRBs (11) | 2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ceded embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | 1,115 |  |  | Discounted cash flow |  | Lapse (3) |  | 0.0 | % |  | — |  |  | 9.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policyholder account |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
balances – indexed annuity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
contracts embedded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
derivatives | $ | (12,402) |  |  | Discounted cash flow |  | Lapse (3) |  | 0.0 | % |  | – |  |  | 9.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |  |  |
MRB liabilities | (1,046) |  |  | Discounted cash flow |  | Lapse (3) |  | 1.0 | % |  | – |  |  | 30.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Utilization of GLB withdrawals (4) |  | 85.0 | % |  | – |  |  | 100.0 | % |  | 92.0 | % |  |  |  |  |  |
|  |  |  |  | Claims utilization factor (5) |  | 60.0 | % |  | – |  |  | 100.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Premiums utilization factor (5) |  | 80.0 | % |  | – |  |  | 115.0 | % |  | (10) |  |  |  |  |  |
|  |  |  |  | Non-performance risk (6) |  | 0.3 | % |  | — |  |  | 2.0 | % |  | 1.6 | % |  |  |  |  |  |
|  |  |  |  | Mortality (7) |  |  |  |  |  | (9) |  | (10) |  |  |  |  |  |
|  |  |  |  | Volatility (8) |  | 1.0 | % |  | – |  |  | 29.0 | % |  | 14.5 | % |  |  |  |  |  |
Other liabilities – ceded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MRBs (11) | (381) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted. (2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment. (3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period. (4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders. (5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal. (6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption. (7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die. (8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index. (9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors. (10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality. (11) The fair value inputs for ceded MRBs are consistent with those used to value MRB assets and liabilities.
Fair Value Option | The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:
| As of March 31, |  | As of December 31,
| 2025 |  | 2024
Fair value | $ | 232 |  |  | $ | 232 |
Aggregate contractual principal | 263 |  |  | 263 |

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- Definition 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of unrealized gains and losses on investments. + References No definition available. + Details
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