Consolidated and Nonconsolidated Investment Entities (Tables)

12 Months Ended

Dec. 31, 2025

Consolidated Investment Entities [Abstract]

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.