Consolidated and Nonconsolidated Investment Entities (Tables)

6 Months Ended

Jun. 30, 2024

Consolidated Investment Entities [Abstract]

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