Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.


	June 30, 2025
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	20,370	$	0	$		$	20,370
Obligations of U.S. states and their political subdivisions	0		5,508		5				5,513
Foreign government securities	0		58,684		5				58,689
U.S. corporate public securities	0		103,096		90				103,186
U.S. corporate private securities(2)	0		40,990		4,693				45,683
Foreign corporate public securities	0		23,949		39				23,988
Foreign corporate private securities	0		37,207		1,838				39,045
Asset-backed securities(3)	0		14,920		3,411				18,331
Commercial mortgage-backed securities	0		8,734		847				9,581
Residential mortgage-backed securities	0		3,846		70				3,916
Subtotal	0		317,304		10,998				328,302
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		236		0				236

Foreign government securities	0		635		0				635
Corporate securities	0		67		0				67



Equity securities	1,813		1,531		0				3,344

Subtotal	1,813		2,469		0				4,282
Market risk benefit assets	0		0		2,188				2,188
Fixed maturities, trading	0		11,930		2,090				14,020
Equity securities	4,966		1,867		601				7,434
Commercial mortgage and other loans	0		463		263				726
Other invested assets(4)	339		19,789		978		(18,345)		2,761
Short-term investments	1,788		4,147		18				5,953
Cash equivalents	638		8,984		1				9,623
Reinsurance recoverables and deposit receivables	0		267		367				634

Separate account assets(5)(6)	10,202		157,364		252				167,818
Total assets	$	19,746	$	524,584	$	17,756	$	(18,345)	$	543,741
Market risk benefit liabilities	$	0	$	0	$	4,859	$		$	4,859
Policyholders’ account balances	0		0		15,289				15,289
Reinsurance and funds withheld payables	0		27		0				27
Other liabilities	236		34,271		15		(28,172)		6,350
Notes issued by consolidated VIEs	0		0		195				195
Total liabilities	$	236	$	34,298	$	20,358	$	(28,172)	$	26,720


	December 31, 2024
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	20,348	$	0	$		$	20,348
Obligations of U.S. states and their political subdivisions	0		6,098		6				6,104
Foreign government securities	0		57,472		7				57,479
U.S. corporate public securities	0		98,442		66				98,508
U.S. corporate private securities(2)	0		39,848		3,941				43,789
Foreign corporate public securities	0		21,946		36				21,982
Foreign corporate private securities	0		32,675		1,788				34,463
Asset-backed securities(3)	0		15,654		1,480				17,134
Commercial mortgage-backed securities	0		8,420		853				9,273
Residential mortgage-backed securities	0		2,490		0				2,490
Subtotal	0		303,393		8,177				311,570
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		220		0				220

Foreign government securities	0		539		0				539
Corporate securities	0		67		0				67



Equity securities	1,522		1,359		0				2,881

Subtotal	1,522		2,185		0				3,707
Market risk benefit assets	0		0		2,331				2,331
Fixed maturities, trading	0		10,544		1,986				12,530
Equity securities	7,154		1,745		518				9,417
Commercial mortgage and other loans	0		469		233				702
Other invested assets(4)	10		21,683		953		(20,093)		2,553
Short-term investments	1,896		6,238		461				8,595
Cash equivalents	326		10,365		0				10,691
Reinsurance recoverables and deposit receivables	0		236		613				849

Separate account assets(5)(6)	8,441		157,999		232				166,672
Total assets	$	19,349	$	514,857	$	15,504	$	(20,093)	$	529,617
Market risk benefit liabilities	$	0	$	0	$	4,455	$		$	4,455
Policyholders’ account balances	0		0		12,746				12,746
Reinsurance and funds withheld payables	0		(118)		0				(118)
Other liabilities	28		32,863		1		(28,141)		4,751
Notes issued by consolidated VIEs	0		0		60				60
Total liabilities	$	28	$	32,745	$	17,262	$	(28,141)	$	21,894

__________

(1)“Netting” amounts represent cash collateral of $(9,827) million and $(8,049) million as of June 30, 2025 and December 31, 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

(2)Excludes notes with fair value of $15,220 million (carrying amount of $15,220 million) and $14,748 million (carrying amount of $14,748 million) as of June 30, 2025 and December 31, 2024, respectively, which have been offset with the associated debt under a netting agreement.

(3)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.

(4)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of June 30, 2025 and December 31, 2024, the fair value of such investments was $5,173 million and $5,021 million, respectively.

(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of June 30, 2025 and December 31, 2024, the fair value of such investments was $26,943 million and $26,700 million, respectively.

(6)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.

Fair Value Inputs, Assets and Liabilities, Quantitative Information


	As of June 30, 2025
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	7,440	Discounted cash flow	Discount rate	0.96%	21.50%	10.04%	Decrease
			Market comparables	EBITDA multiple(4)	0.1X	9.4X	6.4X	Increase
			Liquidation	Liquidation value	28.34%	84.21%	63.25%	Increase
Asset backed securities	$	1,147	Discounted cash flow	Discount rate	2.03%	10.75%	4.00%	Decrease
				Liquidity premium	1.90%	1.90%	1.90%	Decrease
Commercial mortgage-backed securities	$	847	Discounted cash flow	Liquidity premium	0.90%	0.90%	0.90%	Decrease
Market risk benefit assets(6)	$	2,188	Discounted cash flow	Lapse rate(8)	1%	20%		Increase
				Spread over SOFR(9)	0.40%	1.82%		Increase
				Utilization rate(10)	37%	94%		Decrease
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Increase
				Equity volatility curve	15%	25%		Decrease
Equity securities	$	195	Discounted cash flow	Discount rate(5)	0.16%	40.00%		Decrease
			Market comparables	EBITDA multiple(4)	6.8X	12.2X	9.3X	Increase
			Net Asset Value	Share price	$3	$1,809	$758	Increase
Commercial mortgage and other loans	$	263	Discounted cash flow	Spread	0.00%	2.41%	2.14%	Decrease
Reinsurance recoverables and deposit receivables	$	367	Discounted cash flow	Lapse rate(8)	1%	50%		Increase
				Spread over SOFR(9)	0.40%	1.82%		Increase
				Option Budget(13)	0%	6%		Decrease
Liabilities:
Market risk benefit liabilities(6)	$	4,859	Discounted cash flow	Lapse rate(8)	1%	20%		Decrease
				Spread over SOFR(9)	0.40%	1.82%		Decrease
				Utilization rate(10)	37%	94%		Increase
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Decrease
				Equity volatility curve	15%	25%		Increase
Policyholders’ account balances(7)	$	15,239	Discounted cash flow	Lapse rate(8)	0%	80%		Decrease
				Spread over SOFR(9)	0.40%	1.82%		Decrease
				Mortality rate(12)	0%	23%		Decrease

				Option Budget(13)	(2)%	7%		Increase


	As of December 31, 2024
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	6,763	Discounted cash flow	Discount rate	0.95%	20.00%	10.36%	Decrease
			Market comparables	EBITDA multiple(4)	3.0X	8.8X	7.6X	Increase
			Liquidation	Liquidation value	75.00%	75.00%	75.00%	Increase
Asset backed securities	$	529	Discounted cash flow	Discount rate	2.30%	10.70%	6.08%	Decrease
Commercial mortgage-backed securities	$	853	Discounted cash flow	Liquidity premium	1.00%	1.00%	1.00%	Decrease
Market risk benefit assets(6)	$	2,331	Discounted cash flow	Lapse rate(8)	1%	20%		Increase
				Spread over SOFR(9)	0.29%	1.71%		Increase
				Utilization rate(10)	37%	94%		Decrease
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Increase
				Equity volatility curve	16%	25%		Decrease
Equity securities	$	209	Discounted cash flow	Discount rate(5)	0.16%	40.00%		Decrease
			Market comparables	EBITDA multiple(4)	5.5X	12.2X	6.0X	Increase
			Net Asset Value	Share price	$3	$1,810	$779	Increase
Reinsurance recoverables and deposit receivables	$	613	Discounted cash flow	Lapse rate(8)	1%	50%		Increase
				Spread over SOFR(9)	0.29%	1.71%		Increase
				Option Budget(13)	0%	6%		Decrease
Liabilities:
Market risk benefit liabilities(6)	$	4,455	Discounted cash flow	Lapse rate(8)	1%	20%		Decrease
				Spread over SOFR(9)	0.29%	1.71%		Decrease
				Utilization rate(10)	37%	94%		Increase
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Decrease
				Equity volatility curve	16%	25%		Increase
Policyholders’ account balances(7)	$	12,741	Discounted cash flow	Lapse rate(8)	0%	80%		Decrease
				Spread over SOFR(9)	0.29%	1.73%		Decrease
				Mortality rate(12)	0%	23%		Decrease

				Option Budget(13)	(1)%	7%		Increase

___________

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2)Includes assets classified as fixed maturities, available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.

(3)Excludes notes which have been offset with the associated debt under a netting agreement.

(4)Represents multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.

(5)For these investments, a range of discount rates is typically used and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average.

(6)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(7)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(8)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.

(9)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of June 30, 2025 and December 31, 2024, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.

(10)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration, and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(11)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both June 30, 2025 and December 31, 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(12)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in Level 3 Assets and Liabilities—The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 11). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.


	Three Months Ended June 30, 2025(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	5	$	0	$	(1)	$	0	$	0	$	1	$	0	$	0	$	0	$	5	$	0
Foreign government	5		0		0		0		0		0		0		0		0		5		0
Corporate securities(3)	6,279		42		839		(121)		0		(408)		11		18		0		6,660		38
Structured securities(4)	3,217		(9)		1,502		(446)		0		(168)		191		199		(158)		4,328		(6)






Other assets:
Fixed maturities, trading	2,138		(14)		289		(10)		0		(86)		(183)		0		(44)		2,090		(31)
Equity securities	733		4		62		(35)		0		(1)		0		1		(163)		601		4
Commercial mortgage and other loans	263		0		0		0		0		0		0		0		0		263		0
Other invested assets	965		(3)		44		(30)		0		0		1		0		1		978		(3)
Short-term investments	462		0		15		(452)		0		(7)		(2)		1		1		18		0
Cash equivalents	1		0		1		0		0		(1)		0		0		0		1		0
Reinsurance recoverables and deposit receivables	381		5		(2)		0		0		(16)		(1)		0		0		367		(12)
Other assets	0		0		0		0		0		0		0		0		0		0		0
Separate account assets	253		16		25		(3)		0		(30)		0		1		(10)		252		15
Liabilities:
Policyholders’ account balances(5)	(11,938)		(2,978)		0		0		(371)		0		(2)		0		0		(15,289)		(169)
Other liabilities	(13)		(2)		0		0		0		0		0		0		0		(15)		(2)
Notes issued by consolidated VIEs	(67)		0		0		0		(124)		0		(4)		0		0		(195)		0


	Three Months Ended June 30, 2025
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(12)	$	0	$	0	$	46	$	(1)	$	(11)	$	0	$	0	$	43

Other assets:
Fixed maturities, trading	0		(28)		0		0		14		0		(31)		0		0
Equity securities	0		4		0		0		0		0		4		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(2)		(1)		0		0		(1)		(2)		0		0
Short-term investments	0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	5		0		0		0		0		(12)		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		16		0		0		0		0		15		0
Liabilities:
Policyholders’ account balances	(2,978)		0		0		0		0		(169)		0		0		0
Other liabilities	(2)		0		0		0		0		(2)		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2025(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	6	$	0	$	(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	5	$	0
Foreign government	7		0		0		0		0		(2)		0		0		0		5		0
Corporate securities(3)	5,831		(26)		1,707		(471)		0		(602)		(30)		252		(1)		6,660		(32)
Structured securities(4)	2,333		9		2,328		(769)		0		(233)		(171)		1,064		(233)		4,328		12






Other assets:
Fixed maturities, trading	1,986		(35)		712		(271)		0		(338)		183		3		(150)		2,090		(39)
Equity securities	518		(13)		216		(58)		0		(1)		0		120		(181)		601		(19)
Commercial mortgage and other loans	233		0		0		0		30		0		0		0		0		263		0
Other invested assets	953		(4)		58		(31)		0		0		1		0		1		978		(3)
Short-term investments	461		0		23		(455)		0		(11)		(2)		1		1		18		0
Cash equivalents	0		0		2		0		0		(1)		0		0		0		1		0
Reinsurance recoverables and deposit receivables	613		1		21		0		0		(34)		(234)		0		0		367		(33)
Other assets	0		0		0		0		0		0		0		0		0		0		0
Separate account assets	232		8		85		(37)		0		(31)		0		5		(10)		252		5
Liabilities:
Policyholders’ account balances(5)	(12,746)		(1,543)		0		0		(996)		0		(4)		0		0		(15,289)		238
Other liabilities	(1)		(14)		0		0		0		0		0		0		0		(15)		(14)
Notes issued by consolidated VIEs	(60)		0		0		0		(131)		0		(4)		0		0		(195)		0


	Six Months Ended June 30, 2025
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(31)	$	0	$	0	$	18	$	(4)	$	(33)	$	0	$	0	$	13

Other assets:
Fixed maturities, trading	0		(34)		0		0		(1)		0		(39)		0		0
Equity securities	0		(13)		0		0		0		0		(19)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(3)		(1)		0		0		0		(3)		0		0
Short-term investments	0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	1		0		0		0		0		(33)		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		8		0		0		0		0		5		0
Liabilities:
Policyholders’ account balances	(1,543)		0		0		0		0		238		0		0		0
Other liabilities	(14)		0		0		0		0		(14)		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Three Months Ended June 30, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	6	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	6	$	0
Foreign government	7		0		0		0		0		0		0		0		0		7		0
Corporate securities(3)	4,965		(43)		417		(28)		0		(221)		(141)		54		0		5,003		(51)
Structured securities(4)	2,612		(10)		327		(1)		0		(63)		(492)		(1)		(320)		2,052		(11)






Other assets:
Fixed maturities, trading	1,330		(7)		330		0		0		(70)		0		(2)		(61)		1,520		(6)
Equity securities	506		12		54		(12)		0		(1)		(3)		1		(1)		556		12
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0		0		0
Other invested assets	865		(39)		93		0		0		0		19		0		0		938		(40)
Short-term investments	32		3		2		0		0		(6)		(22)		0		0		9		2
Cash equivalents	0		0		4		0		0		0		0		0		0		4		0
Reinsurance recoverables and deposit receivables	303		14		59		0		0		(13)		0		0		0		363		1
Other assets	19		0		0		0		0		0		(19)		0		0		0		0
Separate account assets	338		(8)		80		(61)		0		(2)		0		0		(5)		342		(7)
Liabilities:
Policyholders’ account balances(5)	(9,864)		119		0		0		(469)		0		1		0		0		(10,213)		965
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	(405)		0		0		0		(17)		0		0		0		0		(422)		0


	Three Months Ended June 30, 2024
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(30)	$	0	$	0	$	(33)	$	10	$	(31)	$	0	$	0	$	(30)






Other assets:
Fixed maturities, trading	0		(7)		0		0		0		0		(6)		0		0
Equity securities	0		12		0		0		0		0		12		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	1		(40)		0		0		0		0		(40)		0		0
Short-term investments	3		0		0		0		0		2		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	14		0		0		0		0		1		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		(8)		0		0		0		0		(7)		0
Liabilities:
Policyholders’ account balances	119		0		0		0		0		965		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	6	$	(1)
Foreign government	8		0		0		0		0		(1)		0		0		0		7		0
Corporate securities(3)	4,806		(89)		819		(33)		0		(508)		(154)		162		0		5,003		(101)
Structured securities(4)	1,297		(7)		1,592		(1)		0		(75)		(493)		59		(320)		2,052		(11)






Other assets:
Fixed maturities, trading	429		(5)		894		(22)		0		(116)		(1)		402		(61)		1,520		1
Equity securities	512		(7)		75		(16)		0		(5)		6		1		(10)		556		(10)
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0		0		0
Other invested assets	846		(47)		122		(2)		0		0		19		0		0		938		(47)
Short-term investments	29		1		7		0		0		(6)		(22)		0		0		9		0
Cash equivalents	4		0		4		0		0		0		(4)		0		0		4		0
Reinsurance recoverables and deposit receivables	224		51		114		0		0		(26)		0		0		0		363		25
Other assets	11		0		8		0		0		0		(19)		0		0		0		0
Separate account assets	1,094		(54)		136		(824)		0		(4)		0		0		(6)		342		(15)
Liabilities:
Policyholders’ account balances(5)	(7,752)		(1,376)		0		0		(1,087)		0		2		0		0		(10,213)		749
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	(778)		(8)		0		0		(27)		0		391		0		0		(422)		(8)


	Six Months Ended June 30, 2024
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(63)	$	0	$	0	$	(49)	$	15	$	(59)	$	0	$	0	$	(54)






Other assets:
Fixed maturities, trading	0		(6)		0		0		1		0		1		0		0
Equity securities	0		(7)		0		0		0		0		(10)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(47)		0		0		0		0		(47)		0		0
Short-term investments	0		0		0		0		1		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	51		0		0		0		0		25		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		(54)		0		0		0		0		(15)		0
Liabilities:
Policyholders’ account balances	(1,376)		0		0		0		0		749		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		(8)		0		0		0		0		(8)		0		0

__________

(1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.

(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.

(6)Excludes MRB assets of $2,188 million and $2,233 million and MRB liabilities of $4,859 million and $4,592 million for the periods ended June 30, 2025 and 2024, respectively. See Note 11 for additional information.

(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	Three Months Ended June 30, 2025(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	5	$	0	$	(1)	$	0	$	0	$	1	$	0	$	0	$	0	$	5	$	0
Foreign government	5		0		0		0		0		0		0		0		0		5		0
Corporate securities(3)	6,279		42		839		(121)		0		(408)		11		18		0		6,660		38
Structured securities(4)	3,217		(9)		1,502		(446)		0		(168)		191		199		(158)		4,328		(6)






Other assets:
Fixed maturities, trading	2,138		(14)		289		(10)		0		(86)		(183)		0		(44)		2,090		(31)
Equity securities	733		4		62		(35)		0		(1)		0		1		(163)		601		4
Commercial mortgage and other loans	263		0		0		0		0		0		0		0		0		263		0
Other invested assets	965		(3)		44		(30)		0		0		1		0		1		978		(3)
Short-term investments	462		0		15		(452)		0		(7)		(2)		1		1		18		0
Cash equivalents	1		0		1		0		0		(1)		0		0		0		1		0
Reinsurance recoverables and deposit receivables	381		5		(2)		0		0		(16)		(1)		0		0		367		(12)
Other assets	0		0		0		0		0		0		0		0		0		0		0
Separate account assets	253		16		25		(3)		0		(30)		0		1		(10)		252		15
Liabilities:
Policyholders’ account balances(5)	(11,938)		(2,978)		0		0		(371)		0		(2)		0		0		(15,289)		(169)
Other liabilities	(13)		(2)		0		0		0		0		0		0		0		(15)		(2)
Notes issued by consolidated VIEs	(67)		0		0		0		(124)		0		(4)		0		0		(195)		0


	Three Months Ended June 30, 2025
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(12)	$	0	$	0	$	46	$	(1)	$	(11)	$	0	$	0	$	43

Other assets:
Fixed maturities, trading	0		(28)		0		0		14		0		(31)		0		0
Equity securities	0		4		0		0		0		0		4		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(2)		(1)		0		0		(1)		(2)		0		0
Short-term investments	0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	5		0		0		0		0		(12)		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		16		0		0		0		0		15		0
Liabilities:
Policyholders’ account balances	(2,978)		0		0		0		0		(169)		0		0		0
Other liabilities	(2)		0		0		0		0		(2)		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2025(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	6	$	0	$	(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	5	$	0
Foreign government	7		0		0		0		0		(2)		0		0		0		5		0
Corporate securities(3)	5,831		(26)		1,707		(471)		0		(602)		(30)		252		(1)		6,660		(32)
Structured securities(4)	2,333		9		2,328		(769)		0		(233)		(171)		1,064		(233)		4,328		12






Other assets:
Fixed maturities, trading	1,986		(35)		712		(271)		0		(338)		183		3		(150)		2,090		(39)
Equity securities	518		(13)		216		(58)		0		(1)		0		120		(181)		601		(19)
Commercial mortgage and other loans	233		0		0		0		30		0		0		0		0		263		0
Other invested assets	953		(4)		58		(31)		0		0		1		0		1		978		(3)
Short-term investments	461		0		23		(455)		0		(11)		(2)		1		1		18		0
Cash equivalents	0		0		2		0		0		(1)		0		0		0		1		0
Reinsurance recoverables and deposit receivables	613		1		21		0		0		(34)		(234)		0		0		367		(33)
Other assets	0		0		0		0		0		0		0		0		0		0		0
Separate account assets	232		8		85		(37)		0		(31)		0		5		(10)		252		5
Liabilities:
Policyholders’ account balances(5)	(12,746)		(1,543)		0		0		(996)		0		(4)		0		0		(15,289)		238
Other liabilities	(1)		(14)		0		0		0		0		0		0		0		(15)		(14)
Notes issued by consolidated VIEs	(60)		0		0		0		(131)		0		(4)		0		0		(195)		0


	Six Months Ended June 30, 2025
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(31)	$	0	$	0	$	18	$	(4)	$	(33)	$	0	$	0	$	13

Other assets:
Fixed maturities, trading	0		(34)		0		0		(1)		0		(39)		0		0
Equity securities	0		(13)		0		0		0		0		(19)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(3)		(1)		0		0		0		(3)		0		0
Short-term investments	0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	1		0		0		0		0		(33)		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		8		0		0		0		0		5		0
Liabilities:
Policyholders’ account balances	(1,543)		0		0		0		0		238		0		0		0
Other liabilities	(14)		0		0		0		0		(14)		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Three Months Ended June 30, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	6	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	6	$	0
Foreign government	7		0		0		0		0		0		0		0		0		7		0
Corporate securities(3)	4,965		(43)		417		(28)		0		(221)		(141)		54		0		5,003		(51)
Structured securities(4)	2,612		(10)		327		(1)		0		(63)		(492)		(1)		(320)		2,052		(11)






Other assets:
Fixed maturities, trading	1,330		(7)		330		0		0		(70)		0		(2)		(61)		1,520		(6)
Equity securities	506		12		54		(12)		0		(1)		(3)		1		(1)		556		12
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0		0		0
Other invested assets	865		(39)		93		0		0		0		19		0		0		938		(40)
Short-term investments	32		3		2		0		0		(6)		(22)		0		0		9		2
Cash equivalents	0		0		4		0		0		0		0		0		0		4		0
Reinsurance recoverables and deposit receivables	303		14		59		0		0		(13)		0		0		0		363		1
Other assets	19		0		0		0		0		0		(19)		0		0		0		0
Separate account assets	338		(8)		80		(61)		0		(2)		0		0		(5)		342		(7)
Liabilities:
Policyholders’ account balances(5)	(9,864)		119		0		0		(469)		0		1		0		0		(10,213)		965
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	(405)		0		0		0		(17)		0		0		0		0		(422)		0


	Three Months Ended June 30, 2024
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(30)	$	0	$	0	$	(33)	$	10	$	(31)	$	0	$	0	$	(30)






Other assets:
Fixed maturities, trading	0		(7)		0		0		0		0		(6)		0		0
Equity securities	0		12		0		0		0		0		12		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	1		(40)		0		0		0		0		(40)		0		0
Short-term investments	3		0		0		0		0		2		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	14		0		0		0		0		1		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		(8)		0		0		0		0		(7)		0
Liabilities:
Policyholders’ account balances	119		0		0		0		0		965		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	6	$	(1)
Foreign government	8		0		0		0		0		(1)		0		0		0		7		0
Corporate securities(3)	4,806		(89)		819		(33)		0		(508)		(154)		162		0		5,003		(101)
Structured securities(4)	1,297		(7)		1,592		(1)		0		(75)		(493)		59		(320)		2,052		(11)






Other assets:
Fixed maturities, trading	429		(5)		894		(22)		0		(116)		(1)		402		(61)		1,520		1
Equity securities	512		(7)		75		(16)		0		(5)		6		1		(10)		556		(10)
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0		0		0
Other invested assets	846		(47)		122		(2)		0		0		19		0		0		938		(47)
Short-term investments	29		1		7		0		0		(6)		(22)		0		0		9		0
Cash equivalents	4		0		4		0		0		0		(4)		0		0		4		0
Reinsurance recoverables and deposit receivables	224		51		114		0		0		(26)		0		0		0		363		25
Other assets	11		0		8		0		0		0		(19)		0		0		0		0
Separate account assets	1,094		(54)		136		(824)		0		(4)		0		0		(6)		342		(15)
Liabilities:
Policyholders’ account balances(5)	(7,752)		(1,376)		0		0		(1,087)		0		2		0		0		(10,213)		749
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	(778)		(8)		0		0		(27)		0		391		0		0		(422)		(8)


	Six Months Ended June 30, 2024
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(63)	$	0	$	0	$	(49)	$	15	$	(59)	$	0	$	0	$	(54)






Other assets:
Fixed maturities, trading	0		(6)		0		0		1		0		1		0		0
Equity securities	0		(7)		0		0		0		0		(10)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(47)		0		0		0		0		(47)		0		0
Short-term investments	0		0		0		0		1		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	51		0		0		0		0		25		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		(54)		0		0		0		0		(15)		0
Liabilities:
Policyholders’ account balances	(1,376)		0		0		0		0		749		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		(8)		0		0		0		0		(8)		0		0

__________

(1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.

(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.

(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

Fair Value Assets and Liabilities Measured on Recurring Basis, Derivatives

Derivative Fair Value Information

The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.


	As of June 30, 2025
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	66	$	10,319	$	1	$		$	10,386
Currency	0		889		0				889
Credit	0		87		0				87
Currency/Interest Rate	0		1,601		0				1,601
Equity	273		6,893		1				7,167
Netting(1)							(18,345)		(18,345)
Total derivative assets	$	339	$	19,789	$	2	$	(18,345)	$	1,785
Derivative Liabilities:
Interest Rate	$	17	$	24,608	$	15	$		$	24,640
Currency	0		1,288		0				1,288
Credit	0		0		0				0
Currency/Interest Rate	0		1,900		0				1,900
Equity	219		6,475		0				6,694
Netting(1)							(28,172)		(28,172)
Total derivative liabilities	$	236	$	34,271	$	15	$	(28,172)	$	6,350


	As of December 31, 2024
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	7	$	11,725	$	1	$		$	11,733
Currency	0		1,717		0				1,717
Credit	0		90		0				90
Currency/Interest Rate	0		3,310		0				3,310
Equity	3		4,841		0				4,844
Netting(1)							(20,093)		(20,093)
Total derivative assets	$	10	$	21,683	$	1	$	(20,093)	$	1,601
Derivative Liabilities:
Interest Rate	$	21	$	26,871	$	1	$		$	26,893
Currency	0		1,378		0				1,378
Credit	0		0		0				0
Currency/Interest Rate	0		497		0				497
Equity	7		4,117		0				4,124
Netting(1)							(28,141)		(28,141)
Total derivative liabilities	$	28	$	32,863	$	1	$	(28,141)	$	4,751

__________

(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives

Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income, attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods.


	Three Months Ended June 30, 2025
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	1	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	1	$	0
Net Derivative - Interest Rate	(13)		(2)		0		0		0		0		0		0		0		(15)		(2)


	Six Months Ended June 30, 2025
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	1	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	1	$	1
Net Derivative - Interest Rate	0		(15)		0		0		0		0		0		0		0		(15)		(15)


	Three Months Ended June 30, 2024
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Net Derivative - Interest Rate	0		1		0		0		0		0		0		0		0		1		1


	Six Months Ended June 30, 2024
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Net Derivative - Interest Rate	0		1		0		0		0		0		0		0		0		1		1

__________

(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”

(2)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

Fair Value Measurements, Nonrecurring

The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Gains (Losses):


Investment real estate	$	0	$	(3)	$	(12)	$	(3)
Investment in JV/LP and Other	$	0	$	0	$	0	$	(7)


	June 30, 2025		December 31, 2024
	(in millions)
Carrying value after measurement as of period end:


Investment real estate(1)	$	46	$	73
Investment in JV/LP and Other(1)	$	0	$	128

__________

(1)Reported carrying values for 2025 include values as of the measurement periods of March 31, 2025 for “Investment real estate.” Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and June 30, 2024 and September 30, 2024 for “Investment real estate.”

Fair Value, Option

The following tables present information regarding assets and liabilities where the fair value option has been elected.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value	$	0	$	0	$	0	$	8


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in millions)
Commercial mortgage and other loans:
Interest income	$	9	$	1	$	17	$	3
Notes issued by consolidated VIEs:
Interest expense	$	2	$	3	$	2	$	11


	June 30, 2025		December 31, 2024
	(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end	$	726	$	702
Aggregate contractual principal as of period end	$	723	$	697
Other invested assets:
Fair value as of period end	$	26	$	19


Notes issued by consolidated VIEs:
Fair value as of period end	$	195	$	60
Aggregate contractual principal as of period end	$	195	$	60

__________

(1)As of June 30, 2025, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.

Fair Value Disclosure Financial Instruments Not Carried at Fair Value

The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.


	June 30, 2025
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	17	$	60,278	$	60,295	$	62,240
Policy loans	10		0		9,936		9,946		9,946
Other invested assets	0		93		0		93		93
Short-term investments	402		20		0		422		422
Cash and cash equivalents	6,544		471		0		7,015		7,015
Accrued investment income	0		3,560		0		3,560		3,560
Reinsurance recoverables and deposit receivables	0		9		5,653		5,662		5,662
Other assets	63		3,023		2		3,088		3,088
Total assets	$	7,019	$	7,193	$	75,869	$	90,081	$	92,026
Liabilities:
Policyholders’ account balances—investment contracts	$	0	$	33,863	$	47,878	$	81,741	$	86,081
Securities sold under agreements to repurchase	0		8,205		0		8,205		8,205
Cash collateral for loaned securities	0		9,167		0		9,167		9,167
Reinsurance and funds withheld payables(2)	0		10,357		(21)		10,336		10,336
Short-term debt	0		1,015		349		1,364		1,373
Long-term debt(3)	534		16,800		536		17,870		18,651
Notes issued by consolidated VIEs	0		0		1,563		1,563		1,563
Other liabilities	0		6,866		31		6,897		6,897
Separate account liabilities—investment contracts	0		22,311		18,144		40,455		40,455
Total liabilities	$	534	$	108,584	$	68,480	$	177,598	$	182,728


	December 31, 2024
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	17	$	58,446	$	58,463	$	61,639
Policy loans	8		0		9,787		9,795		9,795
Other invested assets	0		95		0		95		95
Short-term investments	453		21		0		474		474
Cash and cash equivalents	7,352		454		0		7,806		7,806
Accrued investment income	0		3,441		0		3,441		3,441
Reinsurance recoverables and deposit receivables	0		8		5,782		5,790		5,790
Other assets	23		3,062		1		3,086		3,086
Total assets	$	7,836	$	7,098	$	74,016	$	88,950	$	92,126
Liabilities:
Policyholders’ account balances—investment contracts	$	0	$	31,405	$	43,466	$	74,871	$	79,571
Securities sold under agreements to repurchase	0		6,796		0		6,796		6,796
Cash collateral for loaned securities	0		9,621		0		9,621		9,621
Reinsurance and funds withheld payables(2)	0		10,489		(35)		10,454		10,454
Short-term debt	0		521		439		960		953
Long-term debt(3)	524		17,185		423		18,132		19,187
Notes issued by consolidated VIEs	0		0		1,370		1,370		1,370
Other liabilities	0		6,886		32		6,918		6,918
Separate account liabilities—investment contracts	0		21,144		18,677		39,821		39,821
Total liabilities	$	524	$	104,047	$	64,372	$	168,943	$	174,691

__________

(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,731 million (carrying amount of $7,731 million) and $7,887 million (carrying amount of $7,887 million), a portion of which relates to insurance contracts as of June 30, 2025 and December 31, 2024, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.

(3)Excludes debt with fair value of $15,220 million (carrying amount of $15,220 million) and $14,748 million (carrying amount of $14,748 million) as of June 30, 2025 and December 31, 2024, respectively, which have been offset with the associated notes under a netting agreement.