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Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)
 6 Months Ended
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 1Level 2Level 3Total
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 agreements2,180 14 — 2,194 
Assets held in separate accounts93,081 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 contracts3 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 1Level 2Level 3Total
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 pledged346 26,175 2,090 28,611 
Equity securities
140 — 96 236 
Derivatives:
Interest rate contracts7 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 agreements2,148 17 — 2,165 
Assets held in separate accounts87,180 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:		PurchasesIssuancesSales

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 securities18 — 1 — — — (7)— — 12 — — 
U.S. corporate private securities1,455 — (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 securities52 (3)— — — — — — — 49 (3)— 
Other asset-backed securities55 — — — — (11)(2)— (18)24 — — 
Total fixed maturities, including securities pledged2,029 (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 1Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

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 securities18 — 1 — — — (7)— — 12 — — 
U.S. corporate private securities1,526 — (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 securities57 (4)— — — — — — (4)49 (4)— 
Other asset-backed securities52 — — — — (12)(3)— (13)24 — — 
Total fixed maturities, including securities pledged2,090 (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 1Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

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 securities21 — (1)— — — — — — 20 — — 
U.S. corporate private securities1,800 — (29)20 — (3)(56)— — 1,732 — (29)
Foreign corporate private securities(1)
441 1 — 19 — — (93)45 — 413 1 — 
Residential mortgage-backed securities56 (3)— 4 — — — — — 57 (3)— 
Other asset-backed securities77 — — 4 — — (1)— (35)45 — — 
Total fixed maturities, including securities pledged2,396 (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 1Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

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 securities20 — — — — — — — — 20 — — 
U.S. corporate private securities1,801 — 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 securities28 (3)— 32 — — — — — 57 (3)— 
Other asset-backed securities64 — — 4 — — (1)— (22)45 — — 
Total fixed maturities, including securities pledged2,349 — 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, 2024December 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 securities240 240 236 236 
Mortgage loans on real estate5,001 4,705 5,218 4,941 
Policy loans345 345 352 352 
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements2,194 2,194 2,165 2,165 
Derivatives316 316 311 311 
Embedded derivatives on reinsurance62 62 61 61 
Other investments64 64 64 64 
Assets held in separate accounts99,147 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 maturities1,200 1,208 1,175 1,178 
Supplementary contracts, immediate annuities and other594 531 628 571 
Stabilizer and MCGs10 10 9 9 
Derivatives316 316 371 371 
Embedded derivative on reinsurance46 46 49 49 
Short-term debt395 390 389 1 
Long-term debt1,707 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 1Level 2Level 3NAVTotal
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 equivalents3 — — — 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 1Level 2Level 3NAVTotal
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 InstrumentClassification
Mortgage loans on real estateLevel 3
Policy loansLevel 2
Other investmentsLevel 2
Funding agreements without fixed maturities and deferred annuitiesLevel 3
Funding agreements with fixed maturitiesLevel 2
Supplementary contracts and immediate annuitiesLevel 3
Short-term debt and Long-term debtLevel 2