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Consolidated and Nonconsolidated Investment Entities (Tables) | 9 Months Ended
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Sep. 30, 2025
Consolidated Investment Entities [Abstract] |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:
| September 30, 2025 |  | December 31, 2024
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Assets: |  |  |  |  |  |  |
Fixed maturities, including securities pledged | $ | 29,883 |  |  | $ | 29,883 |  |  | $ | 27,454 |  |  | $ | 27,454 |
Equity securities | 198 |  |  | 198 |  |  | 246 |  |  | 246 |
Mortgage loans on real estate | 5,414 |  |  | 5,297 |  |  | 4,699 |  |  | 4,459 |
Policy loans | 327 |  |  | 327 |  |  | 342 |  |  | 342 |
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,343 |  |  | 2,343 |  |  | 2,535 |  |  | 2,535 |
Derivatives | 185 |  |  | 185 |  |  | 303 |  |  | 303 |
Embedded derivatives within reinsurance | 62 |  |  | 62 |  |  | 55 |  |  | 55 |
Other investments, including securities pledged | 73 |  |  | 73 |  |  | 74 |  |  | 74 |
Assets held in separate accounts | 111,950 |  |  | 111,950 |  |  | 101,676 |  |  | 101,676 |
Liabilities: |  |  |  |  |  |  |
Investment contract liabilities: |  |  |  |  |  |  |
Funding agreements without fixed maturities and deferred annuities(1) | $ | 34,170 |  |  | $ | 37,612 |  |  | $ | 31,082 |  |  | $ | 32,877 |
Funding agreements with fixed maturities | 1,501 |  |  | 1,507 |  |  | 1,249 |  |  | 1,257 |
Supplementary contracts and immediate annuities | 531 |  |  | 491 |  |  | 570 |  |  | 515 |
Stabilizer and MCGs | 6 |  |  | 6 |  |  | 19 |  |  | 19 |
Derivatives | 288 |  |  | 288 |  |  | 332 |  |  | 332 |
Embedded derivatives within reinsurance | 33 |  |  | 33 |  |  | 41 |  |  | 41 |
Short-term debt | 586 |  |  | 589 |  |  | 399 |  |  | 399 |
Long-term debt | 1,518 |  |  | 1,504 |  |  | 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 September 30, 2025:
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 115 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 115 |
Corporate loans | — |  |  | 1,166 |  |  | — |  |  | — |  |  | 1,166 |
Limited partnerships/corporations | — |  |  | — |  |  | — |  |  | 3,130 |  |  | 3,130 |
Other investments(1) | — |  |  | — |  |  | 48 |  |  | — |  |  | 48 |
VOEs |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Other investments(1) | — |  |  | — |  |  | — |  |  | 47 |  |  | 47 |
Total assets | $ | 119 |  |  | $ | 1,166 |  |  | $ | 48 |  |  | $ | 3,177 |  |  | $ | 4,510 |
Liabilities |  |  |  |  |  |  |  |  |
VIEs |  |  |  |  |  |  |  |  |
CLO notes | $ | — |  |  | $ | 1,107 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,107 |
Total liabilities | $ | — |  |  | $ | 1,107 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,107 |
(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.

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