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Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025:

			Level 1						Level 2						Level 3						Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries			$	453					$	96					$	—					$	549
U.S. Government agencies and authorities			—						31						—						31
State, municipalities and political subdivisions			—						518						—						518
U.S. corporate public securities			—						7,706						63						7,769
U.S. corporate private securities			—						3,706						1,801						5,507
Foreign corporate public securities and foreign governments(1)			—						2,701						61						2,762
Foreign corporate private securities(1)			—						2,243						601						2,844
Residential mortgage-backed securities			—						4,132						69						4,201
Commercial mortgage-backed securities			—						2,823						—						2,823
Other asset-backed securities			—						2,670						209						2,879
Total fixed maturities, including securities pledged			453						26,626						2,804						29,883
Equity securities			104						—						94						198
Derivatives:
Interest rate contracts			1						168						—						169
Foreign exchange contracts			—						13						—						13
Equity contracts			—						3						—						3
Embedded derivatives within reinsurance			—						62						—						62
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			2,307						26						10						2,343
Assets held in separate accounts			106,219						5,359						372						111,950
Total assets			$	109,084					$	32,257					$	3,280					$	144,621
Liabilities:
Contingent consideration			$	—					$	—					$	154					$	154
Stabilizer and MCGs			—						—						6						6
Derivatives:
Interest rate contracts			3						262						—						265
Foreign exchange contracts			—						21						—						21
Equity contracts			—						2						—						2
Credit contracts			—						—						—						—
Embedded derivatives within reinsurance			—						(9)			(2)			42						33
Total liabilities			$	3					$	276					$	202					$	481

(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, 2024:

			Level 1						Level 2						Level 3						Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries			$	402					$	70					$	—					$	472
U.S. Government agencies and authorities			—						30						—						30
State, municipalities and political subdivisions			—						580						—						580
U.S. corporate public securities			—						6,949						59						7,008
U.S. corporate private securities			—						3,486						1,497						4,983
Foreign corporate public securities and foreign governments(1)			—						2,412						60						2,472
Foreign corporate private securities(1)			—						2,116						421						2,537
Residential mortgage-backed securities			—						3,404						67						3,471
Commercial mortgage-backed securities			—						3,132						—						3,132
Other asset-backed securities			—						2,746						23						2,769
Total fixed maturities, including securities pledged			402						24,925						2,127						27,454
Equity securities			148						—						98						246
Derivatives:
Interest rate contracts			—						246						—						246
Foreign exchange contracts			—						55						—						55
Equity contracts			—						2						—						2
Embedded derivatives within reinsurance			—						55						—						55
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			2,511						1						23						2,535
Assets held in separate accounts			95,946						5,390						340						101,676
Total assets			$	99,007					$	30,674					$	2,588					$	132,269
Liabilities:
Contingent consideration			$	—					$	—					$	2					$	2
Stabilizer and MCGs			—						—						19						19
Derivatives:
Interest rate contracts			11						302						—						313
Foreign exchange contracts			—						8						—						8
Equity contracts			—						9						—						9
Credit contracts			—						2						—						2
Embedded derivatives within reinsurance			—						(12)			(2)			53						41
Total liabilities			$	11					$	309					$	74					$	394

(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 September 30, 2025
			Fair Value as of July 1						Realized/Unrealized Gains (Losses) Included in:												Purchases						Issuances						Sales						Settlements						Transfers into Level 3						Transfers out of Level 3						Fair Value as of September 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. corporate public securities			$	48					$	—					$	1					$	15					$	—					$	—					$	—					$	—					$	(1)					$	63					$	—					$	—
U.S. corporate private securities			1,675						—						18						235						—						(33)						(94)						—						—						1,801						1						18
Foreign corporate public securities and foreign governments(1)			62						—						2						—						—						—						—						—						(3)						61						—						2
Foreign corporate private securities(1)			636						3						1						34						—						—						(73)						—						—						601						—						4
Residential mortgage-backed securities			98						(2)						(1)						—						—						—						—						—						(26)						69						(2)						(1)
Other asset-backed securities			94						—						1						135						—						(13)						(3)						—						(5)						209						—						1
Total fixed maturities, including securities pledged			2,613						1						22						419						—						(46)						(170)						—						(35)						2,804						(1)						24
Equity securities, at fair value			95						(1)						—						—						—						—						—						—						—						94						(1)						—
Contingent consideration			(154)						—						—						—						—						—						—						—						—						(154)						—						—
Stabilizer and MCGs(2)			(13)						5						—						—						—						—						2						—						—						(6)						—						—
Embedded derivatives within reinsurance			(42)						—						—						—						—						—						—						—						—						(42)						—						—
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			25						1						(1)						—						—						—						(15)						—						—						10						—						(2)
Assets held in separate accounts(4)			347						2						—						36						—						(10)						—						—						(3)						372						—						—

(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 September 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments 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.

			Nine Months Ended September 30, 2025
			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 September 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. corporate public securities			$	59					$	(1)					$	2					$	15					$	—					$	(10)					$	—					$	—					$	(2)					$	63					$	—					$	1
U.S. corporate private securities			1,497						2						52						504						—						(42)						(212)						—						—						1,801						1						50
Foreign corporate public securities and foreign governments(1)			60						—						1						—						—						—						—						—						—						61						—						1
Foreign corporate private securities(1)			421						(47)						50						266						—						—						(89)						—						—						601						(18)						49
Residential mortgage-backed securities			67						(5)						—						17						—						—						—						—						(10)						69						(5)						—
Other asset-backed securities			23						—						1						208						—						(14)						(7)						—						(2)						209						—						1
Total fixed maturities, including securities pledged			2,127						(51)						106						1,010						—						(66)						(308)						—						(14)						2,804						(22)						102
Equity securities, at fair value			98						1						—						9						—						(14)						—						—						—						94						2						—
Contingent consideration			(2)						(4)						—						—						(149)			(5)			—						1						—						—						(154)						—						—
Stabilizer and MCGs(2)			(19)						12						—						—						(1)						—						2						—						—						(6)						—						—
Embedded derivatives on reinsurance			(53)						11						—						—						—						—						—						—						—						(42)						—						—
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			23						1						1						—						—						—						(15)						—						—						10						—						—
Assets held in separate accounts(4)			340						8						—						57						—						(27)						—						—						(6)						372						—						—

(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 September 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments 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.

(5) Represents a portion of the purchase consideration related to the acquisition of OneAmerica Financial's full-service retirement plan business.

			Three Months Ended September 30, 2024
			Fair Value as of July 1						Realized/Unrealized Gains (Losses) Included in:												Purchases						Issuances						Sales						Settlements						Transfers into Level 3						Transfers out of Level 3						Fair Value as of September 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. corporate public securities			$	12					$	—					$	(1)					$	—					$	—					$	—					$	—					$	—					$	—					$	11					$	—					$	(1)
U.S. corporate private securities			1,464						(4)						58						118						—						(3)						(81)						—						(107)						1,445						2						54
Foreign corporate public securities and foreign governments(1)			17						—						1						10						—						(18)						—						—						—						10						—						—
Foreign corporate private securities(1)			444						2						2						22						—						—						(2)						—						—						468						1						3
Residential mortgage-backed securities			49						4						—						13						—						—						—						—						—						66						5						—
Other asset-backed securities			24						—						—						12						—						—						(2)						—						—						34						—						—
Total fixed maturities, including securities pledged			2,010						2						60						175						—						(21)						(85)						—						(107)						2,034						8						56
Equity securities, at fair value			98						4						—						—						—						—						—						—						—						102						4						—
Contingent consideration			(49)						—						—						—						—						—						14						—						—						(35)						—						—
Stabilizer and MCGs(2)			(10)						—						—						—						—						—						—						—						—						(10)						—						—
Embedded derivatives within reinsurance			(57)						(1)						—						—						—						—						6						—						—						(52)						—						—
Assets held in separate accounts(4)			363						11						—						12						—						(9)						—						—						(29)						348						—						—

(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 September 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments 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.

			Nine Months Ended September 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 September 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						—						—						—						—						—						(7)						—						—						11						—						(1)
U.S. corporate private securities			1,526						(5)						36						240						—						(9)						(196)						—						(147)						1,445						1						29
Foreign corporate public securities and foreign governments(1)			—						—						—						10						—						—						—						—						—						10						—						—
Foreign corporate private securities(1)			436						2						(9)						43						—						(9)						(46)						51						—						468						1						(9)
Residential mortgage-backed securities			57						—						—						13						—						—						—						—						(4)						66						1						—
Other asset-backed securities			52						—						—						12						—						—						(5)						—						(25)						34						—						—
Total fixed maturities, including securities pledged			2,090						(3)						27						318						—						(18)						(254)						51						(177)						2,034						3						19
Equity securities, at fair value			96						6						—						—						—						—						—						—						—						102						6						—
Contingent consideration			(51)						—						—						—						—						—						16						—						—						(35)						—						—
Stabilizer and MCGs(2)			(9)						—						—						—						(1)						—						—						—						—						(10)						—						—
Embedded derivatives on reinsurance			(58)						—						—						—						—						—						6						—						—						(52)						—						—
Assets held in separate accounts(4)			348						12						—						47						—						(24)						—						5						(40)						348						—						—

(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 September 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments 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:

			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.

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

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Paragraph 12
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
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