v3.25.2
Fair Value of Assets and Liabilities (Financial Instruments where Carrying Amounts and Fair Values May Differ) (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Assets:      
Commercial mortgage and other loans [1] $ 62,966 $ 62,341  
Policy loans 9,946 9,795  
Other invested assets [1] 27,256 26,351  
Cash and cash equivalents 16,638 [1] 18,497 [1] $ 17,111
Accrued investment income [1] 3,560 3,441  
Reinsurance recoverables and deposit receivables [2] 44,152 37,680  
Other assets, assets at fair value 0 0  
Liabilities:      
Securities sold under agreements to repurchase 8,205 6,796  
Cash collateral for loaned securities 9,167 9,621  
Reinsurance and funds withheld payables [2] 17,126 17,084  
Short-term debt 1,373 953  
Long-term debt 18,651 19,187  
Other Liabilities, derivatives at fair value 6,350 4,751  
Fair Value      
Assets:      
Commercial mortgage and other loans 60,295 58,463  
Policy loans 9,946 9,795  
Other invested assets 93 95  
Short-term investments 422 474  
Cash and cash equivalents 7,015 7,806  
Accrued investment income 3,560 3,441  
Reinsurance recoverables and deposit receivables 5,662 5,790  
Other assets, assets at fair value 3,088 3,086  
Total assets 90,081 88,950  
Liabilities:      
Policyholders’ account balances—investment contracts 81,741 74,871  
Securities sold under agreements to repurchase 8,205 6,796  
Cash collateral for loaned securities 9,167 9,621  
Reinsurance and funds withheld payables 10,336 10,454  
Short-term debt 1,364 960  
Long-term debt 17,870 18,132  
Notes issued by consolidated VIEs 1,563 1,370  
Other Liabilities, derivatives at fair value 6,897 6,918  
Separate account liabilities—investment contracts 40,455 39,821  
Total liabilities 177,598 168,943  
Carrying Amount      
Assets:      
Commercial mortgage and other loans 62,240 61,639  
Policy loans 9,946 9,795  
Other invested assets 93 95  
Short-term investments 422 474  
Cash and cash equivalents 7,015 7,806  
Accrued investment income 3,560 3,441  
Reinsurance recoverables and deposit receivables 5,662 5,790  
Other assets, assets at fair value 3,088 3,086  
Total assets 92,026 92,126  
Liabilities:      
Policyholders’ account balances—investment contracts 86,081 79,571  
Securities sold under agreements to repurchase 8,205 6,796  
Cash collateral for loaned securities 9,167 9,621  
Reinsurance and funds withheld payables 10,336 10,454  
Short-term debt 1,373 953  
Long-term debt 18,651 19,187  
Notes issued by consolidated VIEs 1,563 1,370  
Other Liabilities, derivatives at fair value 6,897 6,918  
Separate account liabilities—investment contracts 40,455 39,821  
Total liabilities 182,728 174,691  
Level 1 | Fair Value      
Assets:      
Commercial mortgage and other loans 0 0  
Policy loans 10 8  
Other invested assets 0 0  
Short-term investments 402 453  
Cash and cash equivalents 6,544 7,352  
Accrued investment income 0 0  
Reinsurance recoverables and deposit receivables 0 0  
Other assets, assets at fair value 63 23  
Total assets 7,019 7,836  
Liabilities:      
Policyholders’ account balances—investment contracts 0 0  
Securities sold under agreements to repurchase 0 0  
Cash collateral for loaned securities 0 0  
Reinsurance and funds withheld payables 0 0  
Short-term debt 0 0  
Long-term debt 534 524  
Notes issued by consolidated VIEs 0 0  
Other Liabilities, derivatives at fair value 0 0  
Separate account liabilities—investment contracts 0 0  
Total liabilities 534 524  
Level 2 | Fair Value      
Assets:      
Commercial mortgage and other loans 17 17  
Policy loans 0 0  
Other invested assets 93 95  
Short-term investments 20 21  
Cash and cash equivalents 471 454  
Accrued investment income 3,560 3,441  
Reinsurance recoverables and deposit receivables 9 8  
Other assets, assets at fair value 3,023 3,062  
Total assets 7,193 7,098  
Liabilities:      
Policyholders’ account balances—investment contracts 33,863 31,405  
Securities sold under agreements to repurchase 8,205 6,796  
Cash collateral for loaned securities 9,167 9,621  
Reinsurance and funds withheld payables 10,357 10,489  
Short-term debt 1,015 521  
Long-term debt 16,800 17,185  
Notes issued by consolidated VIEs 0 0  
Other Liabilities, derivatives at fair value 6,866 6,886  
Separate account liabilities—investment contracts 22,311 21,144  
Total liabilities 108,584 104,047  
Level 3 | Fair Value      
Assets:      
Commercial mortgage and other loans 60,278 58,446  
Policy loans 9,936 9,787  
Other invested assets 0 0  
Short-term investments 0 0  
Cash and cash equivalents 0 0  
Accrued investment income 0 0  
Reinsurance recoverables and deposit receivables 5,653 5,782  
Other assets, assets at fair value 2 1  
Total assets 75,869 74,016  
Liabilities:      
Policyholders’ account balances—investment contracts 47,878 43,466  
Securities sold under agreements to repurchase 0 0  
Cash collateral for loaned securities 0 0  
Reinsurance and funds withheld payables (21) (35)  
Short-term debt 349 439  
Long-term debt 536 423  
Notes issued by consolidated VIEs 1,563 1,370  
Other Liabilities, derivatives at fair value 31 32  
Separate account liabilities—investment contracts 18,144 18,677  
Total liabilities 68,480 64,372  
Prudential Netting Agreement | Fair Value      
Liabilities:      
Long-term debt 15,220 14,748  
Prudential Netting Agreement | Carrying Amount      
Liabilities:      
Long-term debt 15,220 14,748  
Prismic Life Reinsurance, Ltd | Fair Value      
Liabilities:      
Reinsurance and funds withheld payables 7,731 7,887  
Prismic Life Reinsurance, Ltd | Carrying Amount      
Liabilities:      
Reinsurance and funds withheld payables $ 7,731 $ 7,887  
[1] See Note 4 for details of balances associated with variable interest entities.
[2] See Note 20 for additional information regarding related party transactions.