v3.25.2
Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 2025
Variable Interest Entity, Measure of Activity [Abstract]  
Schedule of Consolidated Variable Interest Entities
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, trading161 166 
Equity securities68 80 
Commercial mortgage and other loans722 681 403 490 
Other invested assets7,234 6,379 485 500 
Cash and cash equivalents315 308 
Accrued investment income
Other assets912 644 913 613 
Total assets of consolidated VIEs$11,039 $9,514 $2,567 $2,322 
Other liabilities$332 $218 $183 $
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.