Consolidated and Nonconsolidated Investment Entities (Tables)

3 Months Ended

Mar. 31, 2025

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:


	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	29,225	$	29,225	$	27,454	$	27,454
Equity securities	209		209		246		246
Mortgage loans on real estate	5,614		5,428		4,699		4,459
Policy loans	336		336		342		342
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	2,047		2,047		2,535		2,535
Derivatives	249		249		303		303
Embedded derivatives within reinsurance	62		62		55		55

Other investments, including securities pledged	69		69		74		74
Assets held in separate accounts	98,948		98,948		101,676		101,676
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	$	34,573	$	37,362	$	31,082	$	32,877
Funding agreements with fixed maturities	1,299		1,303		1,249		1,257
Supplementary contracts and immediate annuities	551		506		570		515

Stabilizer and MCGs	16		16		19		19
Derivatives	286		286		332		332
Embedded derivatives within reinsurance	42		42		41		41
Short-term debt	1		1		399		399
Long-term debt	2,103		2,042		2,103		2,023

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of March 31, 2025:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	140	$	—	$	—	$	—	$	140
Corporate loans	—		1,066		—		—		1,066
Limited partnerships/corporations	—		—		—		2,923		2,923
Other investments(1)	—		—		44		—		44
VOEs
Cash and cash equivalents	2		—		—		—		2

Other investments(1)	—		—		—		46		46

Total assets	$	142	$	1,066	$	44	$	2,969	$	4,221
Liabilities
VIEs
CLO notes	$	—	$	1,028	$	—	$	—	$	1,028
Total liabilities	$	—	$	1,028	$	—	$	—	$	1,028
(1) VIEs and VOEs - 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, 2024:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	113	$	—	$	—	$	—	$	113
Corporate loans	—		1,434		—		—		1,434
Limited partnerships/corporations	—		—		—		3,067		3,067
Other investments(1)	—		—		53		—		53
VOEs
Cash and cash equivalents	2		—		—		—		2

Other investments(1)	—		—		—		50		50

Total assets	$	115	$	1,434	$	53	$	3,117	$	4,719
Liabilities
VIEs
CLO notes	$	—	$	1,101	$	—	$	—	$	1,101
Total liabilities	$	—	$	1,101	$	—	$	—	$	1,101
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.