Variable Interest Entities and Equity Method Investments (Tables)

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

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


	September 30, 2025		December 31, 2024
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	75	$	107
Equity securities	99		93
Mortgage loans on real estate, net of allowance	208		206
Private loans, net of allowance	1,950		1,373
Investment real estate	2,411		2,046
Real estate partnerships	2,191		1,398
Investment funds	3,273		2,331
Short-term investments	43		75
Other invested assets	203		337
Cash and cash equivalents	243		223
Other assets	180		327
Total assets of consolidated VIEs	$	10,876	$	8,516

Notes payable	$	204	$	189
Other liabilities	443		587
Total liabilities of consolidated VIEs	$	647	$	776

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


	September 30, 2025				December 31, 2024
	Carrying Amount		Maximum Exposure to Loss		Carrying Amount		Maximum Exposure to Loss
	(Dollars in millions)
Available-for-sale fixed maturity securities	$	1,156	$	1,308	$	2,146	$	3,007
Equity securities	480		480		291		291
Mortgage loans on real estate, net of allowance	692		693		716		731
Private loans, net of allowance	1,502		1,521		1,160		1,160

Real estate partnerships	2,786		2,789		2,689		2,720
Investment funds	892		1,074		—		—
Short-term investments	455		455		99		99
Other invested assets	1,223		1,270		2,084		2,100
Cash and cash equivalents	—		—		7		7
Total	$	9,186	$	9,590	$	9,192	$	10,115

- 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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