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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Carrying Amount and Fair Value of Financial Instruments | The carrying amount and fair value of financial instruments are shown below:
| December 31,
| 2024 |  | 2023
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
| (Dollars in millions)
Financial assets: |  |  |  |  |  |  |
Available-for-sale fixed maturity securities | $ | 47,292 |  |  | $ | 47,292 |  |  | $ | 12,877 |  |  | $ | 12,877 |
Equity securities (1) | 1,142 |  |  | 1,142 |  |  | 1,404 |  |  | 1,404 |
Mortgage loans on real estate, net of allowance | 12,117 |  |  | 11,928 |  |  | 5,658 |  |  | 5,405 |
Private loans, net of allowance | 5,732 |  |  | 5,790 |  |  | 194 |  |  | 194 |
Real estate partnerships (2) | 932 |  |  | 932 |  |  | — |  |  | — |
Investment funds (3) | 124 |  |  | 124 |  |  | — |  |  | — |
Policy loans | 274 |  |  | 274 |  |  | 390 |  |  | 390 |
Short-term investments (4) | 4,177 |  |  | 4,177 |  |  | 2,397 |  |  | 2,397 |
Other invested assets: |  |  |  |  |  |  |
Derivative assets | 1,341 |  |  | 1,341 |  |  | 227 |  |  | 227 |
Collaterals received on derivatives (excluding excess collateral) | (1,298) |  |  | (1,298) |  |  | (226) |  |  | (226) |
Separately managed accounts | 71 |  |  | 71 |  |  | 105 |  |  | 105 |
Other (5) | 941 |  |  | 943 |  |  | 14 |  |  | 14 |
Cash and cash equivalents | 11,330 |  |  | 11,330 |  |  | 3,192 |  |  | 3,192 |
Other assets - market risk benefits | 857 |  |  | 857 |  |  | 34 |  |  | 34 |
Separate account assets (6) | 1,343 |  |  | 1,343 |  |  | 1,189 |  |  | 1,189 |
Total financial assets | $ | 86,375 |  |  | $ | 86,245 |  |  | $ | 27,455 |  |  | $ | 27,202 |
Financial liabilities: |  |  |  |  |  |  |
Policyholders’ account balances – embedded derivative | $ | 1,123 |  |  | $ | 1,123 |  |  | $ | 872 |  |  | $ | 872 |
Market risk benefits | 3,655 |  |  | 3,655 |  |  | 34 |  |  | 34 |
Other liabilities: |  |  |  |  |  |  |
Funds withheld for reinsurance liabilities | 37 |  |  | 37 |  |  | — |  |  | — |
Notes payable | 189 |  |  | 189 |  |  | 174 |  |  | 174 |
Long term borrowings | 2,957 |  |  | 2,977 |  |  | 1,493 |  |  | 1,493 |
Separate account liabilities (6) | 1,343 |  |  | 1,343 |  |  | 1,189 |  |  | 1,189 |
Total financial liabilities | $ | 9,304 |  |  | $ | 9,324 |  |  | $ | 3,762 |  |  | $ | 3,762 |
(1)Balance as of December 31, 2024 and December 31, 2023 includes $0 million and $424 million, respectively, of private equity measured at cost less impairment, if any, as their fair values were not readily determinable and were therefore not subject to fair value hierarchy. (2)Balances represent real estate partnerships in which the company has elected fair value option under ASC 825. Real estate partnerships accounted for as equity method investments are $1.8 billion and directly held real estate is $2.2 billion as of December 31, 2024. Real estate partnerships accounted for as equity method investments and directly held real estate was $3.6 billion as of December 31, 2023. (3)Balances represent financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC 946. Investment funds accounted for as equity method investments are $2.5 billion and investment funds measured using NAV as a practical expedient are $353 million as of December 31, 2024. Investment funds accounted for as equity method investments and measured using NAV as a practical expedient was $1.6 billion as of December 31, 2023. (4)Balance as of December 31, 2024 includes $400 million of amounts loaned under reverse repurchase agreements. The fair value of the collateral received under these agreements were $783 million as of December 31, 2024. We had no outstanding reverse repurchase agreements as of December 31, 2023. (5)Other invested assets accounted for as equity method investments, and therefore excluded from the table, are $959 million and $0 million as of December 31, 2024 and December 31, 2023. (6)Balance includes $31 million and $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy as of December 31, 2024 and December 31, 2023, respectively.
Schedule of Fair Value Hierarchy Measurements of Financial Instruments | The fair value hierarchy measurements for assets and liabilities measured at fair value on a recurring basis are shown below:
| Assets and Liabilities Carried at Fair Value by Hierarchy Level
| Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
| (Dollars in millions)
December 31, 2024 |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |
Available-for-sale fixed maturity securities: |  |  |  |  |  |  |
U.S. treasury and government | $ | 86 |  |  | $ | 76 |  |  | $ | 10 |  |  | $ | — |
U.S. states and political subdivisions | 3,207 |  |  | — |  |  | 3,151 |  |  | 56 |
Foreign governments | 1,541 |  |  | — |  |  | 1,541 |  |  | — |
Corporate debt securities | 32,848 |  |  | — |  |  | 30,192 |  |  | 2,656 |
Residential mortgage-backed securities | 1,106 |  |  | — |  |  | 1,087 |  |  | 19 |
Commercial mortgage-backed securities | 2,796 |  |  | — |  |  | 2,721 |  |  | 75 |
Collateralized debt securities | 5,708 |  |  | — |  |  | 3,077 |  |  | 2,631 |
Total fixed maturity, available-for-sale | 47,292 |  |  | 76 |  |  | 41,779 |  |  | 5,437 |
Equity securities: |  |  |  |  |  |  |
Common stock | 747 |  |  | 606 |  |  | 25 |  |  | 116 |
Preferred stock | 391 |  |  | 22 |  |  | 12 |  |  | 357 |
Private equity and other | 4 |  |  | — |  |  | — |  |  | 4 |
Total equity securities | 1,142 |  |  | 628 |  |  | 37 |  |  | 477 |
Real estate at fair value (1) | 1,283 |  |  | — |  |  | — |  |  | 1,283 |
Real estate partnerships at fair value (1) | 932 |  |  | — |  |  | — |  |  | 932 |
Investment funds (1)(2) | 124 |  |  | — |  |  | — |  |  | 124 |
Short-term investments | 4,177 |  |  | 3,003 |  |  | 821 |  |  | 353 |
Other invested assets: |  |  |  |  |  |  |
Derivative assets | 1,341 |  |  | — |  |  | 1,118 |  |  | 223 |
Collaterals received on derivatives (excluding excess collateral) | (1,298) |  |  | (1,298) |  |  | — |  |  | — |
Separately managed accounts | 71 |  |  | — |  |  | — |  |  | 71 |
Other | 315 |  |  | — |  |  | 11 |  |  | 304 |
Cash and cash equivalents | 11,330 |  |  | 11,330 |  |  | — |  |  | — |
Other assets – market risk benefit assets | 857 |  |  | — |  |  | — |  |  | 857 |
Separate account assets (3) | 1,312 |  |  | 258 |  |  | 1,054 |  |  | — |
Total financial assets | $ | 68,878 |  |  | $ | 13,997 |  |  | $ | 44,820 |  |  | $ | 10,061 |
Financial liabilities |  |  |  |  |  |  |
Policyholders’ account balances – embedded derivative | $ | 1,123 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,123 |
Market risk benefits | 3,655 |  |  | — |  |  | — |  |  | 3,655 |
Funds withheld for reinsurance liabilities – embedded derivatives | 37 |  |  | — |  |  | — |  |  | 37 |
Separate account liabilities (3) | 1,312 |  |  | 258 |  |  | 1,054 |  |  | — |
Total financial liabilities | $ | 6,127 |  |  | $ | 258 |  |  | $ | 1,054 |  |  | $ | 4,815 |
(1)Balances include financial assets that are fair valued in accordance with ASC 825 as well as financial assets that are fair valued as a result of consolidation of investment company VIE in accordance with ASC Topic 946. (2)Balance excludes $353 million of investments measured at estimated fair value using NAV as a practical expedient. (3)Balance excludes $31 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy.
| Assets and Liabilities Carried at Fair Value by Hierarchy Level
| Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
| (Dollars in millions)
December 31, 2023 |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |
Available-for-sale fixed maturity securities: |  |  |  |  |  |  |
U.S. treasury and government | $ | 62 |  |  | $ | 62 |  |  | $ | — |  |  | $ | — |
U.S. states and political subdivisions | 578 |  |  | — |  |  | 578 |  |  | — |
Foreign governments | 9 |  |  | — |  |  | 9 |  |  | — |
Corporate debt securities | 10,784 |  |  | — |  |  | 8,570 |  |  | 2,214 |
Residential mortgage-backed securities | 127 |  |  | — |  |  | 127 |  |  | — |
Collateralized debt securities | 1,317 |  |  | — |  |  | 416 |  |  | 901 |
Total fixed maturity, available-for-sale | 12,877 |  |  | 62 |  |  | 9,700 |  |  | 3,115 |
Equity securities: |  |  |  |  |  |  |
Common stock | 1,307 |  |  | 314 |  |  | — |  |  | 993 |
Preferred stock | 97 |  |  | 22 |  |  | — |  |  | 75 |
Total equity securities | 1,404 |  |  | 336 |  |  | — |  |  | 1,068 |
Short-term investments | 2,397 |  |  | 1,100 |  |  | — |  |  | 1,297 |
Other invested assets: |  |  |  |  |  |  |
Derivative assets | 227 |  |  | — |  |  | — |  |  | 227 |
Collaterals received on derivatives (excluding excess collateral) | (226) |  |  | — |  |  | — |  |  | (226) |
Separately managed accounts | 105 |  |  | — |  |  | — |  |  | 105 |
Cash and cash equivalents | 3,192 |  |  | 3,192 |  |  | — |  |  | — |
Other assets – market risk benefit assets | 34 |  |  | — |  |  | — |  |  | 34 |
Separate account assets (1) | 1,163 |  |  | 406 |  |  | 757 |  |  | — |
Total financial assets | $ | 21,173 |  |  | $ | 5,096 |  |  | $ | 10,457 |  |  | $ | 5,620 |
Financial liabilities |  |  |  |  |  |  |
Policyholders’ account balances – embedded derivative | $ | 872 |  |  | $ | — |  |  | $ | — |  |  | $ | 872 |
Market risk benefits | 34 |  |  | — |  |  | — |  |  | 34 |
Separate account liabilities (1) | 1,163 |  |  | 406 |  |  | 757 |  |  | — |
Total financial liabilities | $ | 2,069 |  |  | $ | 406 |  |  | $ | 757 |  |  | $ | 906 |
(1)Balance includes $26 million of assets, and corresponding liabilities, that are not subject to fair value hierarchy.
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments Not Recorded at Fair Value on a Recurring Basis | The carrying value and estimated fair value of financial instruments not recorded at fair value on a recurring basis are shown below:
| Carrying Amount |  | Fair Value |  | Fair Value Hierarchy Level
|  |  | Level 1 |  | Level 2 |  | Level 3
| (Dollars in millions)
December 31, 2024 |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |
Mortgage loans on real estate, net of allowance | $ | 12,117 |  |  | $ | 11,928 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,928 |
Private loans, net of allowance | 5,732 |  |  | 5,790 |  |  | — |  |  | 145 |  |  | 5,645 |
Policy loans | 274 |  |  | 274 |  |  | — |  |  | — |  |  | 274 |
Other invested assets | 626 |  |  | 628 |  |  | — |  |  | 406 |  |  | 222 |
Total financial assets | $ | 18,749 |  |  | $ | 18,619 |  |  |  |  |  |  |
Financial liabilities |  |  |  |  |  |  |  |  |
Policyholders' account balances – investment contracts, excluding embedded derivative | $ | 79,384 |  |  | $ | 79,384 |  |  | $ | — |  |  | $ | — |  |  | $ | 79,384 |
Long term borrowings | 2,957 |  |  | 2,977 |  |  | — |  |  | — |  |  | 2,977 |
Notes payable | 189 |  |  | 189 |  |  | — |  |  | — |  |  | 189 |
Total financial liabilities | $ | 82,530 |  |  | $ | 82,551 |  |  |  |  |  |  |
| Carrying Amount |  | Fair Value |  | Fair Value Hierarchy Level
|  |  | Level 1 |  | Level 2 |  | Level 3
| (Dollars in millions)
December 31, 2023 |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |
Mortgage loans on real estate, net of allowance | $ | 5,658 |  |  | $ | 5,405 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,405 |
Private loans, net of allowance | 194 |  |  | 194 |  |  | — |  |  | — |  |  | 194 |
Policy loans | 390 |  |  | 390 |  |  | — |  |  | — |  |  | 390 |
Other invested assets | 14 |  |  | 14 |  |  | — |  |  | — |  |  | 14 |
Total financial assets | $ | 6,256 |  |  | $ | 6,003 |  |  |  |  |  |  |
Financial liabilities |  |  |  |  |  |  |  |  |
Policyholders' account balances – investment contracts, excluding embedded derivative | $ | 14,097 |  |  | $ | 14,097 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,097 |
Long term borrowings | 1,493 |  |  | 1,493 |  |  | — |  |  | — |  |  | 1,493 |
Notes payable | 174 |  |  | 174 |  |  | — |  |  | — |  |  | 174 |
Total financial liabilities | $ | 15,764 |  |  | $ | 15,764 |  |  |  |  |  |  |
Schedule of Fair Value Assets Measured on Recurring Basis | For financial assets and financial liabilities measured at fair value on a recurring basis using Level 3 inputs during the periods, reconciliations of the beginning and ending balances are shown below:
| Assets |  | Liabilities
| Invested Assets (1) |  | Derivative Assets |  |  |  |  |  | Policyholders’ Account Balances – Embedded Derivative |  |  |  | Funds Withheld for Reinsurance Liabilities - Embedded Derivative |  |
| (Dollars in millions)
Balance at December 31, 2022 | $ | 3,167 |  |  | $ | 121 |  |  |  |  |  |  | $ | 726 |  |  |  |  | $ | — |  |  |
Fair value changes in net income | 97 |  |  | 19 |  |  |  |  |  |  | 147 |  |  |  |  | — |  |  |
Fair value changes in other comprehensive income | 149 |  |  | 89 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Purchases | 7,301 |  |  | 133 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Sales | (4,935) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Settlements or maturities | — |  |  | (135) |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Premiums less benefits | — |  |  | — |  |  |  |  |  |  | (1) |  |  |  |  | — |  |  |
Transfers out of Level 3 | (194) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Balance at December 31, 2023 | 5,585 |  |  | 227 |  |  |  |  |  |  | 872 |  |  |  |  | — |  |  |
Acquisitions from business combination | 4,288 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Fair value changes in net income | 20 |  |  | 124 |  |  |  |  |  |  | 229 |  |  |  |  | 37 |  |  |
Fair value changes in other comprehensive income | 75 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Purchases | 2,011 |  |  | 148 |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Sales | (913) |  |  | (67) |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Settlements or maturities | (926) |  |  | (209) |  |  |  |  |  |  | (32) |  |  |  |  | — |  |  |
Premiums less benefits | — |  |  | — |  |  |  |  |  |  | 54 |  |  |  |  | — |  |  |
Transfers into Level 3 | 379 |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Transfers out of Level 3 | (1,538) |  |  | — |  |  |  |  |  |  | — |  |  |  |  | — |  |  |
Balance at December 31, 2024 | $ | 8,981 |  |  | $ | 223 |  |  |  |  |  |  | $ | 1,123 |  |  |  |  | $ | 37 |  |  |
(1)Balance includes separately managed accounts and certain consolidated variable interest entities.
Summary of Valuation Techniques and Unobservable Inputs of Level 3 Fair Value Measurements | The following summarizes the valuation techniques and significant unobservable inputs used for recurring fair value measurements categorized within Level 3, excluding investments where third party valuation inputs were not reasonably available.
Type of Asset | Valuation Techniques | Significant Unobservable Inputs | Range
Available-for-sale fixed maturity securities | Discounted cash flows | Discount rate | •1% -10%
Real estate and real estate partnerships | Broker price opinions |  |
Short-term investments | Discounted cash flows | Discount rate | •6% -24%
Derivative assets | Vendor sourced prices | Equity index volatility |
|  | Forward price / dividend |
Separately managed accounts | Current value method | NCY EBITDA (1) |
(1)NCY EBITDA uses forecasted EBITDA expected to be achieved over the next calendar year.

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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