v3.25.1
VARIABLE INTEREST ENTITIES
3 Months Ended
Mar. 31, 2025
Variable Interest Entities [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $154 million and $141 million and liabilities of $132 million and $131 million at March 31, 2025 and December 31, 2024, respectively, in consolidated Variable Interest Entities (VIEs). These VIEs are primarily associated with a legacy business in Corporate & Other and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. Our investments in unconsolidated VIEs were $8,234 million and $8,131 million at March 31, 2025 and December 31, 2024, respectively. Of these investments, $1,247 million and $1,280 million were owned for U.S. tax equity, comprising equity method investments primarily related to onshore renewable energy projects, at March 31, 2025 and December 31, 2024, respectively. In addition, $6,796 million and $6,665 million were owned by our run-off insurance operations, primarily comprised of equity method investments at March 31, 2025 and December 31, 2024, respectively. The increase in investments in unconsolidated VIEs in our run-off insurance operations reflects strategic initiatives to invest in higher-yielding asset classes. Our maximum exposure to loss with respect to unconsolidated VIEs is increased by our commitments to make additional investments in these entities described in Note 22.