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

12 Months Ended

Dec. 31, 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 December 31, 2025:

			Level 1						Level 2						Level 3						Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries			$	486					$	128					$	—					$	614
U.S. Government agencies and authorities			—						31						—						31
State, municipalities and political subdivisions			—						510						—						510
U.S. corporate public securities			—						7,786						78						7,864
U.S. corporate private securities			—						3,522						2,100						5,622
Foreign corporate public securities and foreign governments(1)			—						2,718						60						2,778
Foreign corporate private securities(1)			—						2,178						631						2,809
Residential mortgage-backed securities			—						4,273						71						4,344
Commercial mortgage-backed securities			—						2,676						—						2,676
Other asset-backed securities			—						2,604						299						2,903
Total fixed maturities, including securities pledged			486						26,426						3,239						30,151
Equity securities			107						—						94						201
Derivatives:
Interest rate contracts			2						182						—						184
Foreign exchange contracts			—						10						—						10
Equity contracts			—						3						—						3
Embedded derivatives within reinsurance			—						55						—						55
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			2,352						5						—						2,357
Assets held in separate accounts			107,191						5,428						388						113,007
Total assets			$	110,138					$	32,109					$	3,721					$	145,968
Liabilities:
Contingent consideration			$	—					$	—					$	147					$	147
Stabilizer and MCGs			—						—						5						5
Derivatives:
Interest rate contracts			—						258						—						258
Foreign exchange contracts			—						22						—						22
Equity contracts			—						2						—						2
Embedded derivatives within reinsurance			—						(9)			(2)			—						(9)
Total liabilities			$	—					$	273					$	152					$	425

(1) Primarily U.S. dollar denominated.

(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.

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 the liabilities section as the balance represents an offset to a funds withheld liability.

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:

			Year Ended December 31, 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 December 31						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					$	30					$	—					$	(10)					$	(2)					$	—					$	—					$	78					$	—					$	1
U.S. corporate private securities			1,497						(5)						54						819						—						(45)						(273)						53						—						2,100						2						51
Foreign corporate public securities and foreign governments(1)			60						—						—						—						—						—						—						—						—						60						—						—
Foreign corporate private securities(1)			421						(31)						51						360						—						(72)						(98)						—						—						631						1						12
Residential mortgage-backed securities			67						(9)						—						22						—						—						—						—						(9)						71						(9)						—
Other asset-backed securities			23						—						2						292						—						(2)						(14)						—						(2)						299						—						2
Total fixed maturities including securities pledged			2,127						(46)						109						1,523						—						(129)						(387)						53						(11)						3,239						(6)						66
Equity securities, at fair value			98						1						—						9						—						(14)						—						—						—						94						1						—
Contingent consideration			(2)						3						—						—						(149)			(5)			—						1						—						—						(147)						—						—
Stabilizer and MCGs(2)			(19)						14						—						—						(2)						—						2						—						—						(5)						—						—
Embedded derivatives within reinsurance			(53)						13						—						—						—						—						40						—						—						—						—						—
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			23						1						1						—						—						(10)						(15)						—						—						—						—						—
Assets held in separate accounts(4)			340						11						—						91						—						(46)						—						15						(23)						388						—						—

(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 Consolidated Statements of Operations.

(3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on investments in the 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 for the Company.

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

			Year Ended December 31, 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 December 31						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						—						(1)						49						—						—						(7)						—						—						59						—						(2)
U.S. corporate private securities			1,526						(4)						1						377						—						(22)						(246)						—						(135)						1,497						—						(5)
Foreign corporate public securities and foreign governments(1)			—						—						—						60						—						—						—						—						—						60						—						—
Foreign corporate private securities(1)			436						(8)						(33)						35						—						(9)						(51)						51						—						421						—						(33)
Residential mortgage-backed securities			57						(4)						—						18						—						—						—						—						(4)						67						(4)						—
Other asset-backed securities			52						—						—						3						—						—						(7)						—						(25)						23						—						—
Total fixed maturities including securities pledged			2,090						(16)						(33)						542						—						(31)						(311)						51						(165)						2,127						(4)						(40)
Equity securities, at fair value			96						2						—						—						—						—						—						—						—						98						2						—
Contingent consideration			(51)						1						—						—						—						—						48						—						—						(2)						—						—
Stabilizer and MCGs(2)			(9)						(8)						—						—						(2)						—						—						—						—						(19)						—						—
Embedded derivatives within reinsurance			(58)						(1)						—						—						—						—						6						—						—						(53)						—						—
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements			—						—						—						23						—						—						—						—						—						23						—						—
Assets held in separate accounts(4)			348						6						—						47						—						(26)						—						5						(40)						340						—						—

(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 Consolidated Statements of Operations.

(3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on investments in the 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 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:

			December 31, 2025												December 31, 2024
			Carrying Value						Fair Value						Carrying Value						Fair Value
Assets:
Fixed maturities, including securities pledged			$	30,151					$	30,151					$	27,454					$	27,454
Equity securities			201						201						246						246
Mortgage loans on real estate			5,608						5,522						4,699						4,459
Policy loans			323						323						342						342
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements			2,357						2,357						2,535						2,535
Derivatives			197						197						303						303
Embedded derivatives within reinsurance			55						55						55						55
Other investments, including securities pledged			86						86						74						74
Assets held in separate accounts			113,007						113,007						101,676						101,676
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)			$	33,793					$	37,154					$	31,082					$	32,877
Funding agreements with fixed maturities			2,101						2,120						1,249						1,257
Supplementary contracts and immediate annuities			504						481						570						515
Stabilizer and MCGs			5						5						19						19
Derivatives			282						282						332						332
Embedded derivatives within reinsurance(2)			(9)						(9)						41						41
Short-term debt			586						588						399						399
Long-term debt			1,518						1,489						2,103						2,023

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

(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.

The following table shows the fair value hierarchy for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of December 31, 2025:

			Level 1						Level 2						Level 3						NAV						Total
Assets
VIEs
Cash and cash equivalents			$	116					$	—					$	—					$	—					$	116
Corporate loans			—						1,350						—						—						1,350
Limited partnerships/corporations			—						—						—						3,142						3,142
Other investments(1)			—						—						43						—						43
VOEs
Cash and cash equivalents			4						—						—						—						4
Other investments(1)			—						—						—						47						47
Total assets			$	120					$	1,350					$	43					$	3,189					$	4,702
Liabilities
VIEs
CLO notes			$	—					$	1,134					$	—					$	—					$	1,134
Total liabilities			$	—					$	1,134					$	—					$	—					$	1,134
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Consolidated Balance Sheets.

The following table shows the fair value hierarchy for assets and liabilities measured on a recurring basis within the Company's 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 Consolidated Balance Sheets.

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following table presents the classification of financial instruments which are not carried at fair value on the 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

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-Topic 825
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-Name Accounting Standards Codification
-Section 50
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Tabular disclosure of information about fair value of asset and liability not measured at fair value.

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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).

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