Variable Interest Entities and Equity Method Investments (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

The assets and liabilities relating to the consolidated VIEs from our investment activities included in the financial statements are as follows:


	September 30, 2024		December 31, 2023
	(Dollars in millions)
Fixed maturity securities, available-for-sale	$	61	$	63
Equity securities, at fair value	568		15
Mortgage loans on real estate	4		—
Private loans	685		188
Real estate	3,498		172
Real estate partnerships	1,493		—
Investment funds	2,019		4
Short-term investments	—		4
Other invested assets	399		—
Cash and cash equivalents	188		26
Other assets	56		61
Total assets of consolidated VIEs	$	8,971	$	533

Notes payable	$	178	$	174
Other liabilities	218		14
Total liabilities of consolidated VIEs	$	396	$	188

The carrying amount and maximum exposure to loss relating to these unconsolidated VIEs are as follows:


	September 30, 2024				December 31, 2023
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(Dollars in millions)
Fixed maturity securities, available-for-sale, at fair value	$	2,121	$	2,121	$	—	$	—
Equity securities, at fair value	—		—		—		—
Mortgage loans on real estate, at amortized cost	669		742		632		632
Private loans, at amortized cost	—		—		—		—
Real estate	—		—		—		—
Real estate partnerships	520		523		301		301
Investment funds	—		—		—		—
Short-term investments	82		82		—		—
Other invested assets	156		156		—		—
Total	$	3,549	$	3,625	$	933	$	933

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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