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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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			$	–					$	65,158					$	3,193					$	68,351
U.S. government bonds			599						20						–						619
State and municipal bonds			–						2,235						–						2,235
Foreign government bonds			–						244						–						244
RMBS			–						2,106						12						2,118
CMBS			–						2,089						61						2,150
ABS			–						11,317						3,389						14,706
Hybrid and redeemable preferred securities			35						130						92						257
Trading securities			–						1,550						303						1,853
Equity securities			205						251						86						542
Mortgage loans on real estate			–						–						230						230
Derivative investments (1)			–						17,279						32						17,311
Other investments – short-term investments			–						214						8						222
MRB assets			–						–						4,694						4,694
Other assets:
Ceded MRBs			–						–						2						2
Indexed annuity ceded embedded derivatives			–						–						1,333						1,333
Separate account assets			385						179,475						–						179,860
Total assets			$	1,224					$	282,068					$	13,435					$	296,727
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts			$	–					$	–					$	(14,918)					$	(14,918)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives			–						147						(501)						(354)
MRB liabilities			–						–						(1,190)						(1,190)
Other liabilities:
Ceded MRBs			–						–						(349)						(349)
Derivative liabilities (1)			–						(6,882)						(143)						(7,025)
Total liabilities			$	–					$	(6,735)					$	(17,101)					$	(23,836)

			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 September 30, 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			$	–					$	21,375					$	–					$	21,375					$	22,000
Other investments			–						659						5,724						6,383						6,383
Policy loans			–						2,584						–						2,584						2,584
Cash and invested cash			–						10,668						–						10,668						10,668
Liabilities
Policyholder account balances – certain investment
contracts and other liabilities			$	–					$	–					$	(36,352)					$	(36,352)					$	(43,203)
Policyholder account balances – funding agreements			–						(1,942)						–						(1,942)						(1,892)
Long-term debt			–						(5,497)						–						(5,497)						(5,772)
Funds withheld reinsurance-related liabilities – excluding
embedded derivatives			–						–						(17,205)						(17,205)						(17,205)

			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 September 30, 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			$	3,076					$	(6)					$	6					$	169					$	(52)					$	3,193
RMBS			79						–						–						–						(67)						12
CMBS			41						–						1						19						–						61
ABS			3,000						–						34						427						(72)						3,389
Hybrid and redeemable preferred
securities			92						–						–						–						–						92
Trading securities			296						3						–						4						–						303
Equity securities			83						(1)						–						4						–						86
Mortgage loans on real estate			232						(1)						(1)						–						–						230
Other investments – short-term
investments			24						–						–						(16)						–						8
Other assets:
Ceded MRBs (3)			2						–						–						–						–						2
Indexed annuity ceded embedded
derivatives (4)			1,236						64						–						33						–						1,333
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)			(13,089)						(1,693)						–						(136)						–						(14,918)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)			(309)						(192)						–						–						–						(501)
Other liabilities:
Ceded MRBs (3)			(341)						(8)						–						–						–						(349)
Derivative liabilities			(115)						4						–						–						–						(111)
Total, net			$	(5,693)					$	(1,830)					$	40					$	504					$	(191)					$	(7,170)

			For the Three Months Ended September 30, 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			$	2,581					$	(1)					$	43					$	50					$	(7)					$	2,666
RMBS			18						–						–						–						(5)						13
CMBS			23						–						–						14						(16)						21
ABS			1,997						–						50						232						(178)						2,101
Hybrid and redeemable preferred
securities			50						–						1						16						10						77
Trading securities			273						7						–						(6)						–						274
Equity securities			38						–						–						1						(4)						35
Mortgage loans on real estate			258						2						4						(1)						–						263
Derivative investments			(8)						6						–						1						–						(1)
Other investments – short-term
investments			–						–						–						10						10						20
Other assets:
Ceded MRBs (3)			2						–						–						–						–						2
Indexed annuity ceded embedded
derivatives (4)			967						191						–						(26)						–						1,132
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)			(11,417)						(898)						–						45						–						(12,270)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)			(204)						661						–						–						–						457
Other liabilities – ceded MRBs (3)			(344)						3						–						–						–						(341)
Total, net			$	(5,766)					$	(29)					$	98					$	336					$	(190)					$	(5,551)

			For the Nine Months Ended September 30, 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					$	(43)					$	12					$	300					$	59					$	3,193
RMBS			12						–						–						74						(74)						12
CMBS			8						–						1						59						(7)						61
ABS			2,099						(21)						41						1,324						(54)						3,389
Hybrid and redeemable preferred
securities			73						–						–						19						–						92
Trading securities			265						7						–						7						24						303
Equity securities			34						(9)						–						7						54						86
Mortgage loans on real estate			232						(3)						3						(2)						–						230
Other investments – short-term
investments			23						–						–						(15)						–						8
Other assets:
Ceded MRBs (3)			2						–						–						–						–						2
Indexed annuity ceded embedded
derivatives (4)			1,115						112						–						106						–						1,333
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)			(12,449)						(2,161)						–						(308)						–						(14,918)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)			(234)						(267)						–						–						–						(501)
Other liabilities:
Ceded MRBs (3)			(381)						32						–						–						–						(349)
Derivative liabilities			(136)						25						–						–						–						(111)
Total, net			$	(6,472)					$	(2,328)					$	57					$	1,571					$	2					$	(7,170)

			For the Nine Months Ended September 30, 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					$	1					$	25					$	264					$	(121)					$	2,666
State and municipal bonds			5						–						–						–						(5)						–
RMBS			13						–						(1)						6						(5)						13
CMBS			8						–						–						29						(16)						21
ABS			1,484						–						55						798						(236)						2,101
Hybrid and redeemable preferred
securities			48						–						3						16						10						77
Trading securities			284						7						–						(17)						–						274
Equity securities			42						(3)						–						–						(4)						35
Mortgage loans on real estate			288						6						5						(36)						–						263
Derivative investments			36						11						–						3						(51)						(1)
Other investments – short-term
investments			–						–						–						10						10						20
Other assets:
Ceded MRBs (3)			2						–						–						–						–						2
Indexed annuity ceded embedded
derivatives (4)			940						238						–						(46)						–						1,132
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)			(9,077)						(2,915)						–						(278)						–						(12,270)
Funds withheld reinsurance
liabilities – reinsurance-related
embedded derivatives (4)			(789)						1,246						–						–						–						457
Other liabilities – ceded MRBs (3)			(239)						(102)						–						–						–						(341)
Total, net			$	(4,458)					$	(1,511)					$	87					$	749					$	(418)					$	(5,551)

(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 September 30, 2025
			Issuances						Sales						Maturities						Settlements						Calls						Total
Investments:
Fixed maturity AFS securities:
Corporate bonds			$	342					$	(7)					$	–					$	(166)					$	–					$	169
CMBS			19						–						–						–						–						19
ABS			581						(38)						–						(84)						(32)						427
Trading securities			22						(8)						(5)						(5)						–						4
Equity securities			5						(1)						–						–						–						4
Mortgage loans on real estate			1						–						–						(1)						–						–
Other investments – short-term investments			–						–						–						(16)						–						(16)
Other assets – indexed annuity ceded
embedded derivatives			37						–						–						(4)						–						33
Policyholder account balances –
RILA, fixed annuity and
IUL contracts			(398)						–						–						262						–						(136)
Total, net			$	609					$	(54)					$	(5)					$	(14)					$	(32)					$	504

			For the Three Months Ended September 30, 2024
			Issuances						Sales						Maturities						Settlements						Calls						Total
Investments:
Fixed maturity AFS securities:
Corporate bonds			$	281					$	(61)					$	–					$	(170)					$	–					$	50
CMBS			14						–						–						–						–						14
ABS			402						(20)						–						(104)						(46)						232
Hybrid and redeemable preferred
securities			16						–						–						–						–						16
Trading securities			1						–						–						(7)						–						(6)
Equity securities			1						–						–						–						–						1
Mortgage loans on real estate			–						–						–						(1)						–						(1)
Derivative investments			–						–						1						–						–						1
Other investments – short-term investments			10						–						–						–						–						10
Other assets – indexed annuity ceded
embedded derivatives			51						–						–						(77)						–						(26)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts			(317)						–						–						362						–						45
Total, net			$	459					$	(81)					$	1					$	3					$	(46)					$	336

			For the Nine Months Ended September 30, 2025
			Issuances						Sales						Maturities						Settlements						Calls						Total
Investments:
Fixed maturity AFS securities:
Corporate bonds			$	1,002					$	(295)					$	(6)					$	(391)					$	(10)					$	300
RMBS			75						–						–						(1)						–						74
CMBS			74						(15)						–						–						–						59
ABS			1,752						(78)						(10)						(251)						(89)						1,324
Hybrid and redeemable preferred
securities			21						(2)						–						–						–						19
Trading securities			83						(60)						(5)						(11)						–						7
Equity securities			20						(13)						–						–						–						7
Mortgage loans on real estate			2						(1)						–						(3)						–						(2)
Other investments – short-term investments			11						–						(10)						(16)						–						(15)
Other assets – indexed annuity ceded
embedded derivatives			130						–						–						(24)						–						106
Policyholder account balances –
RILA, fixed annuity and
IUL contracts			(1,057)						–						–						749						–						(308)
Total, net			$	2,113					$	(464)					$	(31)					$	52					$	(99)					$	1,571

			For the Nine Months Ended September 30, 2024
			Issuances						Sales						Maturities						Settlements						Calls						Total
Investments:
Fixed maturity AFS securities:
Corporate bonds			$	922					$	(260)					$	(2)					$	(395)					$	(1)					$	264
RMBS			6						–						–						–						–						6
CMBS			29						–						–						–						–						29
ABS			1,128						(50)						–						(223)						(57)						798
Hybrid and redeemable preferred
securities			16						–						–						–						–						16
Trading securities			6						(2)						–						(21)						–						(17)
Equity securities			1						(1)						–						–						–						–
Mortgage loans on real estate			1						(31)						–						(6)						–						(36)
Derivative investments			4						–						(1)						–						–						3
Other investments – short-term investments			10						–						–						–						–						10
Other assets – indexed annuity ceded
embedded derivatives			103						–						–						(149)						–						(46)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts			(849)						–						–						571						–						(278)
Total, net			$	1,377					$	(344)					$	(3)					$	(223)					$	(58)					$	749

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 September 30,												For the Nine Months Ended September 30,
			2025									2024						2025						2024
Investments:
Trading securities (1)			$	3								$	7					$	3					$	6
Equity securities (1)			2									–						(5)						(2)
Mortgage loans on real estate (1)			(1)									2						(3)						(2)
Derivative investments (1)			34									5						(9)						14
MRBs (2)			(349)									(665)						(10)						1,357
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)			(192)									661						(267)						1,246
Embedded derivatives – indexed annuity
and IUL contracts (1)			239									23						596						755
Total, net			$	(264)								$	33					$	305					$	3,374

(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 September 30,												For the Nine Months Ended September 30,
			2025									2024						2025						2024
Investments:
Fixed maturity AFS securities:
Corporate bonds			$	1								$	43					$	(14)					$	2
RMBS			–									1						–						–
ABS			32									47						43						27
Hybrid and redeemable preferred
securities			–									1						–						2
Mortgage loans on real estate			(1)									4						3						5
Total, net			$	32								$	96					$	32					$	36

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 September 30, 2025																		For the Three Months Ended September 30, 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			$	–					$	(52)					$	(52)					$	–					$	(7)					$	(7)
RMBS			–						(67)						(67)						–						(5)						(5)
CMBS			–						–						–						–						(16)						(16)
ABS			–						(72)						(72)						–						(178)						(178)
Hybrid and redeemable preferred
securities			–						–						–						10						–						10
Equity securities			–						–						–						–						(4)						(4)
Other investments – short-term investments			–						–						–						10						–						10
Total, net			$	–					$	(191)					$	(191)					$	20					$	(210)					$	(190)

			For the Nine Months Ended September 30, 2025																		For the Nine Months Ended September 30, 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			$	112					$	(53)					$	59					$	22					$	(143)					$	(121)
RMBS			–						(74)						(74)						–						(5)						(5)
CMBS			–						(7)						(7)						–						(16)						(16)
State and municipal bonds			–						–						–						–						(5)						(5)
ABS			70						(124)						(54)						50						(286)						(236)
Hybrid and redeemable preferred
securities			10						(10)						–						10						–						10
Trading securities			24						–						24						–						–						–
Equity securities			54						–						54						–						(4)						(4)
Derivative investments			–						–						–						–						(51)						(51)
Other investments – short-term investments			–						–						–						10						–						10
Total, net			$	270					$	(268)					$	2					$	92					$	(510)					$	(418)

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 September 30, 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			$	248					Discounted cash flow						Liquidity/duration adjustment (2)						0.0		%				–						5.2		%				2.0		%
ABS			8						Discounted cash flow						Liquidity/duration adjustment (2)						1.4		%				–						1.4		%				1.4		%
CMBS			42						Discounted cash flow						Liquidity/duration adjustment (2)						1.7		%				–						1.8		%				1.8		%
Hybrid and redeemable
preferred securities			40						Discounted cash flow						Liquidity/duration adjustment (2)						1.0		%				–						2.0		%				1.8		%
Equity securities			5						Discounted cash flow						Liquidity/duration adjustment (2)						4.5		%				–						4.5		%				4.5		%
MRB assets			4,694						Discounted cash flow						Lapse (3)						1.0		%				–						30.0		%				(10)
															Utilization of GLB withdrawals (4)						85.0		%				–						100.0		%				93.0		%
															Claims utilization factor (5)						50.0		%				–						100.0		%				(10)
															Premiums utilization factor (5)						80.0		%				–						115.0		%				(10)
															Non-performance risk (6)						0.2		%				–						1.8		%				1.4		%
															Mortality (7)																		(9)						(10)
															Volatility (8)						1.0		%				–						27.0		%				15.1		%
Other assets:
Ceded MRBs (11)			2
Indexed annuity
ceded embedded
derivatives			1,333						Discounted cash flow						Lapse (3)						0.0		%				–						9.0		%				(10)
															Mortality (7)																		(9)						(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives			$	(14,829)					Discounted cash flow						Lapse (3)						0.0		%				–						9.0		%				(10)
															Mortality (7)																		(9)						(10)
MRB liabilities			(1,190)						Discounted cash flow						Lapse (3)						1.0		%				–						30.0		%				(10)
															Utilization of GLB withdrawals (4)						85.0		%				–						100.0		%				93.0		%
															Claims utilization factor (5)						50.0		%				–						100.0		%				(10)
															Premiums utilization factor (5)						80.0		%				–						115.0		%				(10)
															Non-performance risk (6)						0.2		%				–						1.8		%				1.4		%
															Mortality (7)																		(9)						(10)
															Volatility (8)						1.0		%				–						27.0		%				15.1		%
Other liabilities – ceded
MRBs (11)			(349)

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 September 30,						As of December 31,
			2025						2024
Fair value			$	230					$	232
Aggregate contractual principal			263						263

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