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Fair Value Measurements (excluding Consolidated Investment Entities) (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2024:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Fixed maturities, including securities pledged: |  |  |  |  |  |  |
U.S. Treasuries | $ | 275 |  |  | $ | 74 |  |  | $ | — |  |  | $ | 349 |
U.S. Government agencies and authorities | — |  |  | 54 |  |  | — |  |  | 54 |
State, municipalities and political subdivisions | — |  |  | 630 |  |  | — |  |  | 630 |
U.S. corporate public securities | — |  |  | 7,125 |  |  | 12 |  |  | 7,137 |
U.S. corporate private securities | — |  |  | 3,232 |  |  | 1,464 |  |  | 4,696 |
Foreign corporate public securities and foreign governments(1) | — |  |  | 2,503 |  |  | 17 |  |  | 2,520 |
Foreign corporate private securities(1) | — |  |  | 2,216 |  |  | 444 |  |  | 2,660 |
Residential mortgage-backed securities | — |  |  | 3,329 |  |  | 49 |  |  | 3,378 |
Commercial mortgage-backed securities | — |  |  | 3,388 |  |  | — |  |  | 3,388 |
Other asset-backed securities | — |  |  | 2,636 |  |  | 24 |  |  | 2,660 |
Total fixed maturities, including securities pledged | 275 |  |  | 25,187 |  |  | 2,010 |  |  | 27,472 |
Equity securities | 142 |  |  | — |  |  | 98 |  |  | 240 |
Derivatives: |  |  |  |  |  |  |
Interest rate contracts | — |  |  | 269 |  |  | — |  |  | 269 |
Foreign exchange contracts | — |  |  | 43 |  |  | — |  |  | 43 |
Equity contracts | — |  |  | 4 |  |  | — |  |  | 4 |
Embedded derivative on reinsurance | — |  |  | 62 |  |  | — |  |  | 62 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,180 |  |  | 14 |  |  | — |  |  | 2,194 |
Assets held in separate accounts | 93,081 |  |  | 5,703 |  |  | 363 |  |  | 99,147 |
Total assets | $ | 95,678 |  |  | $ | 31,282 |  |  | $ | 2,471 |  |  | $ | 129,431 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 49 |  |  | $ | 49 |
Stabilizer and MCGs | — |  |  | — |  |  | 10 |  |  | 10 |
Derivatives: |  |  |  |  |  |  |
Interest rate contracts | 3 |  |  | 305 |  |  | — |  |  | 308 |
Foreign exchange contracts | — |  |  | 3 |  |  | — |  |  | 3 |
Equity contracts | — |  |  | 3 |  |  | — |  |  | 3 |
Credit contracts | — |  |  | 2 |  |  | — |  |  | 2 |
Embedded derivative on reinsurance | — |  |  | (11) |  | (2) | 57 |  |  | 46 |
Total liabilities | $ | 3 |  |  | $ | 302 |  |  | $ | 116 |  |  | $ | 421 |
(1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Fixed maturities, including securities pledged: |  |  |  |  |  |  |
U.S. Treasuries | $ | 346 |  |  | $ | 57 |  |  | $ | — |  |  | $ | 403 |
U.S. Government agencies and authorities | — |  |  | 55 |  |  | 1 |  |  | 56 |
State, municipalities and political subdivisions | — |  |  | 771 |  |  | — |  |  | 771 |
U.S. corporate public securities | — |  |  | 7,648 |  |  | 18 |  |  | 7,666 |
U.S. corporate private securities | — |  |  | 3,234 |  |  | 1,526 |  |  | 4,760 |
Foreign corporate public securities and foreign governments(1) | — |  |  | 2,702 |  |  | — |  |  | 2,702 |
Foreign corporate private securities(1) | — |  |  | 2,376 |  |  | 436 |  |  | 2,812 |
Residential mortgage-backed securities | — |  |  | 3,419 |  |  | 57 |  |  | 3,476 |
Commercial mortgage-backed securities | — |  |  | 3,495 |  |  | — |  |  | 3,495 |
Other asset-backed securities | — |  |  | 2,418 |  |  | 52 |  |  | 2,470 |
Total fixed maturities, including securities pledged | 346 |  |  | 26,175 |  |  | 2,090 |  |  | 28,611 |
Equity securities | 140 |  |  | — |  |  | 96 |  |  | 236 |
Derivatives: |  |  |  |  |  |  |
Interest rate contracts | 7 |  |  | 263 |  |  | — |  |  | 270 |
Foreign exchange contracts | — |  |  | 37 |  |  | — |  |  | 37 |
Equity contracts | — |  |  | 4 |  |  | — |  |  | 4 |
Embedded derivative on reinsurance | — |  |  | 61 |  |  | — |  |  | 61 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,148 |  |  | 17 |  |  | — |  |  | 2,165 |
Assets held in separate accounts | 87,180 |  |  | 5,605 |  |  | 348 |  |  | 93,133 |
Total assets | $ | 89,821 |  |  | $ | 32,162 |  |  | $ | 2,534 |  |  | $ | 124,517 |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 51 |  |  | $ | 51 |
Stabilizer and MCGs | — |  |  | — |  |  | 9 |  |  | 9 |
Derivatives: |  |  |  |  |  |  |
Interest rate contracts | — |  |  | 354 |  |  | — |  |  | 354 |
Foreign exchange contracts | — |  |  | 13 |  |  | — |  |  | 13 |
Equity contracts | — |  |  | 2 |  |  | — |  |  | 2 |
Credit contracts | — |  |  | 2 |  |  | — |  |  | 2 |
Embedded derivative on reinsurance | — |  |  | (9) |  | (2) | 58 |  |  | 49 |
Total liabilities | $ | — |  |  | $ | 362 |  |  | $ | 118 |  |  | $ | 480 |
(1) Primarily U.S. dollar denominated. (2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:
| Three Months Ended June 30, 2024
| Fair Value as of April 1 |  | Realized/Unrealized Gains (Losses) Included in: |  | Purchases |  | Issuances |  | Sales |  | Settlements |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Fair Value as of June 30 |  | Change In Unrealized Gains (Losses) Included in Earnings(3) |  | Change In Unrealized Gains (Losses) Included in OCI(3)
|  | Net Income |  | OCI |  |  |  |  |  |  |  |  |
Fixed maturities, including securities pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and authorities | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. corporate public securities | 18 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |
U.S. corporate private securities | 1,455 |  |  | — |  |  | (7) |  |  | 74 |  |  | — |  |  | (18) |  |  | (37) |  |  | — |  |  | (3) |  |  | 1,464 |  |  | — |  |  | (6) |
Foreign corporate public securities and foreign governments(1) | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | — |
Foreign corporate private securities(1) | 448 |  |  | — |  |  | (7) |  |  | 20 |  |  | — |  |  | (9) |  |  | (8) |  |  | — |  |  | — |  |  | 444 |  |  | — |  |  | (7) |
Residential mortgage-backed securities | 52 |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49 |  |  | (3) |  |  | — |
Other asset-backed securities | 55 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11) |  |  | (2) |  |  | — |  |  | (18) |  |  | 24 |  |  | — |  |  | — |
Total fixed maturities, including securities pledged | 2,029 |  |  | (3) |  |  | (13) |  |  | 111 |  |  | — |  |  | (38) |  |  | (54) |  |  | — |  |  | (22) |  |  | 2,010 |  |  | (3) |  |  | (13) |
Equity securities, at fair value | 99 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | (1) |  |  | — |
Contingent consideration | (48) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (49) |  |  | — |  |  | — |
Stabilizer and MCGs(2) | (8) |  |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | — |
Embedded derivatives on reinsurance | (57) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (57) |  |  | — |  |  | — |
Assets held in separate accounts(4) | 360 |  |  | 1 |  |  | — |  |  | 19 |  |  | — |  |  | (12) |  |  | — |  |  | — |  |  | (5) |  |  | 363 |  |  | — |  |  | — |
(1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of June 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
| Six Months Ended June 30, 2024
| Fair Value as of January 1 |  | Realized/Unrealized Gains (Losses) Included in: |  | Purchases |  | Issuances |  | Sales |  | Settlements |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Fair Value as of June 30 |  | Change In Unrealized Gains (Losses) Included in Earnings(3) |  | Change In Unrealized Gains (Losses) Included in OCI(3)
|  | Net Income |  | OCI |  |  |  |  |  |  |  |  |
Fixed maturities, including securities pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and authorities | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. corporate public securities | 18 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (7) |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |
U.S. corporate private securities | 1,526 |  |  | — |  |  | (22) |  |  | 136 |  |  | — |  |  | (23) |  |  | (115) |  |  | — |  |  | (38) |  |  | 1,464 |  |  | — |  |  | (26) |
Foreign corporate public securities and foreign governments(1) | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | — |  |  | — |
Foreign corporate private securities(1) | 436 |  |  | — |  |  | (11) |  |  | 21 |  |  | — |  |  | (9) |  |  | (44) |  |  | 51 |  |  | — |  |  | 444 |  |  | — |  |  | (11) |
Residential mortgage-backed securities | 57 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | 49 |  |  | (4) |  |  | — |
Other asset-backed securities | 52 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12) |  |  | (3) |  |  | — |  |  | (13) |  |  | 24 |  |  | — |  |  | — |
Total fixed maturities, including securities pledged | 2,090 |  |  | (4) |  |  | (32) |  |  | 174 |  |  | — |  |  | (44) |  |  | (169) |  |  | 51 |  |  | (56) |  |  | 2,010 |  |  | (4) |  |  | (37) |
Equity securities, at fair value | 96 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | 2 |  |  | — |
Contingent consideration | (51) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | (49) |  |  | — |  |  | — |
Stabilizer and MCGs(2) | (9) |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10) |  |  | — |  |  | — |
Embedded derivatives on reinsurance | (58) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (57) |  |  | — |  |  | — |
Assets held in separate accounts(4) | 348 |  |  | 1 |  |  | — |  |  | 35 |  |  | — |  |  | (15) |  |  | — |  |  | 5 |  |  | (11) |  |  | 363 |  |  | — |  |  | — |
(1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of June 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
| Three Months Ended June 30, 2023
| Fair Value as of April 1 |  | Realized/Unrealized Gains (Losses) Included in: |  | Purchases |  | Issuances |  | Sales |  | Settlements |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Fair Value as of June 30 |  | Change In Unrealized Gains (Losses) Included in Earnings(3) |  | Change In Unrealized Gains (Losses) Included in OCI(3)
|  | Net Income |  | OCI |  |  |  |  |  |  |  |  |
Fixed maturities, including securities pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and authorities | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
U.S. corporate public securities | 21 |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | — |
U.S. corporate private securities | 1,800 |  |  | — |  |  | (29) |  |  | 20 |  |  | — |  |  | (3) |  |  | (56) |  |  | — |  |  | — |  |  | 1,732 |  |  | — |  |  | (29) |
Foreign corporate private securities(1) | 441 |  |  | 1 |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | (93) |  |  | 45 |  |  | — |  |  | 413 |  |  | 1 |  |  | — |
Residential mortgage-backed securities | 56 |  |  | (3) |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | (3) |  |  | — |
Other asset-backed securities | 77 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (35) |  |  | 45 |  |  | — |  |  | — |
Total fixed maturities, including securities pledged | 2,396 |  |  | (2) |  |  | (30) |  |  | 47 |  |  | — |  |  | (3) |  |  | (150) |  |  | 45 |  |  | (35) |  |  | 2,268 |  |  | (2) |  |  | (29) |
Equity securities, at fair value | 192 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 192 |  |  | — |  |  | — |
Contingent consideration | (112) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (112) |  |  | — |  |  | — |
Stabilizer and MCGs(2) | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |
Embedded derivatives on reinsurance | (58) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (58) |  |  | — |  |  | — |
Assets held in separate accounts(4) | 349 |  |  | (8) |  |  | — |  |  | 7 |  |  | — |  |  | (7) |  |  | — |  |  | 3 |  |  | — |  |  | 344 |  |  | — |  |  | — |
(1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of June 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
| Six Months Ended June 30, 2023
| Fair Value as of January 1 |  | Realized/Unrealized Gains (Losses) Included in: |  | Purchases |  | Issuances |  | Sales |  | Settlements |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Fair Value as of June 30 |  | Change In Unrealized Gains (Losses) Included in Earnings(3) |  | Change In Unrealized Gains (Losses) Included in OCI(3)
|  | Net Income |  | OCI |  |  |  |  |  |  |  |  |
Fixed maturities, including securities pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and authorities | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
U.S. corporate public securities | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20 |  |  | — |  |  | — |
U.S. corporate private securities | 1,801 |  |  | — |  |  | 6 |  |  | 61 |  |  | — |  |  | (3) |  |  | (133) |  |  | — |  |  | — |  |  | 1,732 |  |  | 1 |  |  | 5 |
Foreign corporate public securities and foreign governments(1) | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |
Foreign corporate private securities(1) | 432 |  |  | 3 |  |  | 7 |  |  | 75 |  |  | — |  |  | — |  |  | (181) |  |  | 77 |  |  | — |  |  | 413 |  |  | 3 |  |  | 6 |
Residential mortgage-backed securities | 28 |  |  | (3) |  |  | — |  |  | 32 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 57 |  |  | (3) |  |  | — |
Other asset-backed securities | 64 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (22) |  |  | 45 |  |  | — |  |  | — |
Total fixed maturities, including securities pledged | 2,349 |  |  | — |  |  | 13 |  |  | 172 |  |  | — |  |  | (3) |  |  | (315) |  |  | 77 |  |  | (25) |  |  | 2,268 |  |  | 1 |  |  | 11 |
Equity securities, at fair value | 196 |  |  | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 192 |  |  | (3) |  |  | — |
Contingent consideration | (112) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (112) |  |  | — |  |  | — |
Stabilizer and MCGs(2) | (6) |  |  | 4 |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |  |  | — |  |  | — |
Embedded derivatives on reinsurance | (58) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (58) |  |  | — |  |  | — |
Assets held in separate accounts(4) | 347 |  |  | (4) |  |  | — |  |  | 7 |  |  | — |  |  | (9) |  |  | — |  |  | 3 |  |  | — |  |  | 344 |  |  | — |  |  | — |
(1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of June 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:
| June 30, 2024 |  | December 31, 2023
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |
Fixed maturities, including securities pledged | $ | 27,472 |  |  | $ | 27,472 |  |  | $ | 28,611 |  |  | $ | 28,611 |
Equity securities | 240 |  |  | 240 |  |  | 236 |  |  | 236 |
Mortgage loans on real estate | 5,001 |  |  | 4,705 |  |  | 5,218 |  |  | 4,941 |
Policy loans | 345 |  |  | 345 |  |  | 352 |  |  | 352 |
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,194 |  |  | 2,194 |  |  | 2,165 |  |  | 2,165 |
Derivatives | 316 |  |  | 316 |  |  | 311 |  |  | 311 |
Embedded derivatives on reinsurance | 62 |  |  | 62 |  |  | 61 |  |  | 61 |
Other investments | 64 |  |  | 64 |  |  | 64 |  |  | 64 |
Assets held in separate accounts | 99,147 |  |  | 99,147 |  |  | 93,133 |  |  | 93,133 |
Liabilities: |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |
Funding agreements without fixed maturities and deferred annuities(1) | $ | 31,715 |  |  | $ | 33,354 |  |  | $ | 32,848 |  |  | $ | 34,856 |
Funding agreements with fixed maturities | 1,200 |  |  | 1,208 |  |  | 1,175 |  |  | 1,178 |
Supplementary contracts, immediate annuities and other | 594 |  |  | 531 |  |  | 628 |  |  | 571 |
Stabilizer and MCGs | 10 |  |  | 10 |  |  | 9 |  |  | 9 |
Derivatives | 316 |  |  | 316 |  |  | 371 |  |  | 371 |
Embedded derivative on reinsurance | 46 |  |  | 46 |  |  | 49 |  |  | 49 |
Short-term debt | 395 |  |  | 390 |  |  | 389 |  |  | 1 |
Long-term debt | 1,707 |  |  | 1,613 |  |  | 2,097 |  |  | 1,998 |
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of June 30, 2024:
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 111 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 111 |
Corporate loans | — |  |  | 1,216 |  |  | — |  |  | — |  |  | 1,216 |
Limited partnerships/corporations | — |  |  | — |  |  | — |  |  | 2,991 |  |  | 2,991 |
VOE |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Other investments(1) | — |  |  | — |  |  | — |  |  | 49 |  |  | 49 |
Total assets | $ | 114 |  |  | $ | 1,216 |  |  | $ | — |  |  | $ | 3,040 |  |  | $ | 4,370 |
Liabilities |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
CLO notes | $ | — |  |  | $ | 1,121 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,121 |
Total liabilities | $ | — |  |  | $ | 1,121 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,121 |
(1) VOE - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2023:
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 181 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 181 |
Corporate loans | — |  |  | 1,404 |  |  | — |  |  | — |  |  | 1,404 |
Limited partnerships/corporations | — |  |  | — |  |  | — |  |  | 2,861 |  |  | 2,861 |
Total assets | $ | 181 |  |  | $ | 1,404 |  |  | $ | — |  |  | $ | 2,861 |  |  | $ | 4,446 |
Liabilities |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
CLO notes | $ | — |  |  | $ | 1,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,332 |
Total liabilities | $ | — |  |  | $ | 1,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,332 |
Financial Instruments Not Carried at Fair Value | The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:
Financial Instrument | Classification
Mortgage loans on real estate | Level 3
Policy loans | Level 2
Other investments | Level 2
Funding agreements without fixed maturities and deferred annuities | Level 3
Funding agreements with fixed maturities | Level 2
Supplementary contracts and immediate annuities | Level 3
Short-term debt and Long-term debt | Level 2

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