In the normal course of its activities, the Company enters into relationships with various special-purpose entities and other entities that are deemed to be variable interest entities (“VIEs”). For additional information, see Note 4 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The table below reflects the carrying amount and balance sheet caption in which the assets and liabilities of consolidated VIEs are reported. The liabilities primarily comprise obligations under debt instruments issued by the VIEs. The creditors of these VIEs do not have recourse to the Company in excess of the assets contained within the VIEs.


	Consolidated VIEs for which the Company is the Investment Manager(1)				Other Consolidated VIEs
	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
	(in millions)
Fixed maturities, available-for-sale	$	1,623	$	1,250	$	757	$	716

Fixed maturities, trading	161		166		0		0
Equity securities	68		80		0		0
Commercial mortgage and other loans	722		681		403		490
Other invested assets	7,234		6,379		485		500
Cash and cash equivalents	315		308		6		0
Accrued investment income	4		6		3		3
Other assets	912		644		913		613
Total assets of consolidated VIEs	$	11,039	$	9,514	$	2,567	$	2,322
Other liabilities	$	332	$	218	$	183	$	1
Notes issued by consolidated VIEs(2)	1,728		1,392		30		38
Total liabilities of consolidated VIEs	$	2,060	$	1,610	$	213	$	39

(1)Total assets of consolidated VIEs reflect $4,153 million and $3,835 million as of June 30, 2025 and December 31, 2024, respectively, related to VIEs whose beneficial interests are wholly-owned by consolidated subsidiaries.

(2)Recourse is limited to the assets of the respective VIE and does not extend to the general credit of the Company. As of June 30, 2025, the maturities of these obligations were between 0 and 13 years.

The Company has determined that it is not the primary beneficiary of certain VIEs for which it may or may not be the investment manager. The Company’s maximum exposure to loss resulting from its relationship with unconsolidated VIEs is limited to its investment in the VIEs, which was $1,523 million and $1,529 million as of June 30, 2025 and December 31, 2024, respectively. These investments are reflected in “Fixed maturities, available-for-sale,” “Fixed maturities, trading,” “Equity securities” and “Other invested assets.” There are no liabilities associated with these unconsolidated VIEs on the Company’s Unaudited Interim Consolidated Statements of Financial Position.

In addition, in the normal course of its activities, the Company will invest in structured investments including VIEs for which it is not the investment manager. These structured investments typically invest in fixed income investments and are managed by third parties and include asset-backed securities, commercial mortgage-backed securities and residential mortgage-backed securities. The Company’s maximum exposure to loss on these structured investments, both VIEs and non-VIEs, is limited to the amount of its investment. See Note 3 for details regarding the carrying amounts and classification of these assets. The Company has not provided material financial or other support that was not contractually required to these structures. The Company has determined that it is not the primary beneficiary of these structures due to the fact that it does not control these entities.

In the normal course of its activities, the Company will invest in limited partnerships and limited liability companies (“LPs/LLCs”), which include hedge funds, private equity funds and real estate-related funds and may or may not be VIEs. The Company classifies these investments as “Other invested assets” and its maximum exposure to loss associated with these VIE and non-VIE entities is limited to the amount of its investment, which was $21,137 million and $21,847 million as of June 30, 2025 and December 31, 2024, respectively.