FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.


	June 30, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies		$	16,975		$	778		$	0		$	17,753
Municipalities		0			2,074			0			2,074
Mortgage- and asset-backed securities		0			2,604			1,922			4,526
Public utilities		0			6,682			792			7,474
Sovereign and supranational		0			412			23			435
Banks/financial institutions		0			9,818			9			9,827
Other corporate		0			26,627			163			26,790
Total fixed maturity securities		16,975			48,995			2,909			68,879
Equity securities		715			0			167			882
Other investments		2,375			0			0			2,375
Cash and cash equivalents		6,965			0			0			6,965
Other assets:
Foreign currency swaps		0			45			0			45
Foreign currency forwards		0			29			0			29
Foreign currency options		0			2			0			2
Interest rate swaps		0			14			0			14


Total other assets		0			90			0			90
Total assets		$	27,030		$	49,085		$	3,076		$	79,191
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	589		$	0		$	589
Foreign currency forwards		0			61			0			61

Interest rate swaps		0			275			0			275


Total liabilities		$	0		$	925		$	0		$	925


	December 31, 2024
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies		$	17,088		$	758		$	0		$	17,846
Municipalities		0			2,034			0			2,034
Mortgage- and asset-backed securities		0			2,407			1,156			3,563
Public utilities		0			6,398			647			7,045
Sovereign and supranational		0			393			23			416
Banks/financial institutions		0			8,946			10			8,956
Other corporate		0			25,178			231			25,409
Total fixed maturity securities		17,088			46,114			2,067			65,269
Equity securities		639			0			157			796
Other investments		1,599			0			0			1,599
Cash and cash equivalents		6,229			0			0			6,229
Other assets:
Foreign currency swaps		0			55			0			55
Foreign currency forwards		0			185			0			185


Total other assets		0			240			0			240
Total assets		$	25,555		$	46,354		$	2,224		$	74,133
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	604		$	0		$	604

Interest rate swaps		0			329			0			329


Total liabilities		$	0		$	933		$	0		$	933

Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost

The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.


	June 30, 2025
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	16,718		$	16,711		$	149		$	0		$	16,860
Municipalities		255			0			265			0			265

Public utilities		35			0			34			0			34
Sovereign and supranational		409			0			430			0			430

Other corporate		17			0			18			0			18
Commercial mortgage and other loans		10,264			0			0			10,099			10,099
Other investments (1)		40			0			40			0			40
Total assets		$	27,738		$	16,711		$	936		$	10,099		$	27,746
Liabilities:
Other policyholders’ funds		$	6,002		$	0		$	0		$	5,925		$	5,925
Notes payable (excluding leases)		8,837			0			7,678			737			8,415
Total liabilities		$	14,839		$	0		$	7,678		$	6,662		$	14,340

(1) Excludes policy loans of $221, equity method investments of $3,745, and REO of $964, at carrying value


	December 31, 2024
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	15,309		$	15,916		$	143		$	0		$	16,059
Municipalities		235			0			257			0			257

Public utilities		32			0			33			0			33
Sovereign and supranational		374			0			405			0			405

Other corporate		16			0			18			0			18
Commercial mortgage and other loans		10,869			0			0			10,653			10,653
Other investments (1)		39			0			39			0			39
Total assets		$	26,874		$	15,916		$	895		$	10,653		$	27,464
Liabilities:
Other policyholders’ funds		$	5,460		$	0		$	0		$	5,389		$	5,389
Notes payable (excluding leases)		7,402			0			6,352			675			7,027
Total liabilities		$	12,862		$	0		$	6,352		$	6,064		$	12,416

(1) Excludes policy loans of $203, equity method investments of $3,435, and REO of $682, at carrying value

Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources

The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.


	June 30, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	16,975		$	446		$	0		$	17,421
Internal		0			332			0			332

Total government and agencies		16,975			778			0			17,753
Municipalities:
Third-party pricing vendor		0			1,827			0			1,827
Internal		0			247			0			247

Total municipalities		0			2,074			0			2,074
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			2,422			0			2,422
Internal		0			182			38			220
Broker/other		0			0			1,884			1,884
Total mortgage- and asset-backed securities		0			2,604			1,922			4,526
Public utilities:
Third-party pricing vendor		0			3,734			0			3,734
Internal		0			2,948			0			2,948
Broker/other		0			0			792			792
Total public utilities		0			6,682			792			7,474
Sovereign and supranational:
Third-party pricing vendor		0			78			0			78
Internal		0			334			0			334
Broker/other		0			0			23			23
Total sovereign and supranational		0			412			23			435
Banks/financial institutions:
Third-party pricing vendor		0			5,636			0			5,636
Internal		0			4,182			5			4,187
Broker/other		0			0			4			4
Total banks/financial institutions		0			9,818			9			9,827
Other corporate:
Third-party pricing vendor		0			21,310			0			21,310
Internal		0			5,317			21			5,338
Broker/other		0			0			142			142
Total other corporate		0			26,627			163			26,790
Total securities available-for-sale		$	16,975		$	48,995		$	2,909		$	68,879
Equity securities, carried at fair value:
Third-party pricing vendor		$	715		$	0		$	0		$	715
Internal		0			0			1			1
Broker/other		0			0			166			166
Total equity securities		$	715		$	0		$	167		$	882


	December 31, 2024
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	17,088		$	446		$	0		$	17,534
Internal		0			312			0			312
Total government and agencies		17,088			758			0			17,846
Municipalities:
Third-party pricing vendor		0			1,791			0			1,791
Internal		0			243			0			243
Total municipalities		0			2,034			0			2,034
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			2,352			0			2,352
Internal		0			55			37			92
Broker/other		0			0			1,119			1,119
Total mortgage- and asset-backed securities		0			2,407			1,156			3,563
Public utilities:
Third-party pricing vendor		0			3,628			0			3,628
Internal		0			2,770			0			2,770
Broker/other		0			0			647			647
Total public utilities		0			6,398			647			7,045
Sovereign and supranational:
Third-party pricing vendor		0			78			0			78
Internal		0			315			0			315
Broker/other		0			0			23			23
Total sovereign and supranational		0			393			23			416
Banks/financial institutions:
Third-party pricing vendor		0			4,975			0			4,975
Internal		0			3,971			5			3,976
Broker/other		0			0			5			5
Total banks/financial institutions		0			8,946			10			8,956
Other corporate:
Third-party pricing vendor		0			20,051			0			20,051
Internal		0			5,127			116			5,243
Broker/other		0			0			115			115
Total other corporate		0			25,178			231			25,409
Total securities available-for-sale		$	17,088		$	46,114		$	2,067		$	65,269
Equity securities, carried at fair value:
Third-party pricing vendor		$	639		$	0		$	0		$	639
Internal		0			0			26			26
Broker/other		0			0			131			131
Total equity securities		$	639		$	0		$	157		$	796

Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources


	June 30, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	16,711		$	149		$	0		$	16,860

Total government and agencies		16,711			149			0			16,860
Municipalities:
Third-party pricing vendor		0			265			0			265

Total municipalities		0			265			0			265




Public utilities:
Third-party pricing vendor		0			34			0			34


Total public utilities		0			34			0			34
Sovereign and supranational:
Third-party pricing vendor		0			212			0			212
Internal		0			218			0			218

Total sovereign and supranational		0			430			0			430




Other corporate:
Third-party pricing vendor		0			18			0			18


Total other corporate		0			18			0			18
Total securities held-to-maturity		$	16,711		$	896		$	0		$	17,607


	December 31, 2024
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	15,916		$	143		$	0		$	16,059
Total government and agencies		15,916			143			0			16,059
Municipalities:
Third-party pricing vendor		0			257			0			257
Total municipalities		0			257			0			257




Public utilities:
Third-party pricing vendor		0			33			0			33
Total public utilities		0			33			0			33
Sovereign and supranational:
Third-party pricing vendor		0			198			0			198
Internal		0			207			0			207

Total sovereign and supranational		0			405			0			405



Other corporate:
Third-party pricing vendor		0			18			0			18

Total other corporate		0			18			0			18
Total securities held-to-maturity		$	15,916		$	856		$	0		$	16,772

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

The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3.


Three Months Ended June 30, 2025
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	1,603	$	756	$	24	$	10	$	137	$	160	$	2,690
Net investment gains (losses) included in earnings	0		0		0		0		0		3		3
Unrealized gains (losses) included in other comprehensive income (loss)	20		14		1		(1)		2		0		36
Purchases, issuances, sales and settlements:
Purchases	175		48		0		0		24		4		251
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(44)		(26)		(2)		0		0		0		(72)
Transfers into Level 3	168		0		0		0		0		0		168
Transfers out of Level 3	0		0		0		0		0		0		0
Balance, end of period	$	1,922	$	792	$	23	$	9	$	163	$	167	$	3,076
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	3	$	3


Three Months Ended June 30, 2024
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	859	$	507	$	28	$	74	$	450	$	159	$	2,077
Net investment gains (losses) included in earnings	1		0		0		0		0		(2)		(1)
Unrealized gains (losses) included in other comprehensive income (loss)	(5)		(1)		(1)		(5)		(5)		0		(17)
Purchases, issuances, sales and settlements:
Purchases	189		39		0		0		58		0		286
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(21)		(3)		(2)		0		0		0		(26)
Transfers into Level 3	190		56		0		0		0		0		246
Transfers out of Level 3	0		(233)		0		0		(119)		0		(352)
Balance, end of period	$	1,213	$	365	$	25	$	69	$	384	$	157	$	2,213
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	1	$	0	$	0	$	0	$	0	$	(3)	$	(2)


Six Months Ended June 30, 2025
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	1,156	$	647	$	23	$	10	$	231	$	157	$	2,224
Net investment gains (losses) included in earnings	0		0		0		0		0		4		4
Unrealized gains (losses) included in other comprehensive income (loss)	30		20		2		(1)		4		0		55
Purchases, issuances, sales and settlements:
Purchases	609		158		0		0		24		7		798
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		(1)		(1)
Settlements	(56)		(33)		(2)		0		(1)		0		(92)
Transfers into Level 3	183		0		0		0		0		0		183
Transfers out of Level 3	0		0		0		0		(95)		0		(95)
Balance, end of period	$	1,922	$	792	$	23	$	9	$	163	$	167	$	3,076
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	4	$	4


Six Months Ended June 30, 2024
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	772	$	253	$	30	$	78	$	648	$	248	$	2,029
Net investment gains (losses) included in earnings	2		0		0		0		0		(7)		(5)
Unrealized gains (losses) included in other comprehensive income (loss)	(9)		(11)		(3)		(9)		(4)		0		(36)
Purchases, issuances, sales and settlements:
Purchases	307		99		0		5		95		0		506
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(49)		(25)		(2)		(5)		(3)		(84)		(168)
Transfers into Level 3	190		282		0		0		0		0		472
Transfers out of Level 3	0		(233)		0		0		(352)		0		(585)
Balance, end of period	$	1,213	$	365	$	25	$	69	$	384	$	157	$	2,213
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	2	$	0	$	0	$	0	$	0	$	(6)	$	(4)

Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

June 30, 2025

(In millions)

Fair Value

Valuation Technique(s)

Unobservable Input

Range

Weighted Average

Assets:

Securities available-for-sale, carried at fair value:

Fixed maturity securities:

Mortgage- and asset-backed securities

1,922

Consensus pricing

Offered quotes

87.62

107.25

(a)

100.12

Public utilities

792

Discounted cash flow

Credit spreads

100 bps

347 bps

(c)

160 bps

Sovereign and supranational

Consensus pricing

Offered quotes

N/A

(b)

N/A

Banks/financial institutions

Adjusted cost

Private financials

N/A

(d)

N/A

Other corporate

163

Discounted cash flow

Credit spreads

100 bps

392 bps

(c)

228 bps

Equity securities

167

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

3,076

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques

(b) Category represents a single security; range not applicable

(d) Prices do not utilize credit spreads; therefore, range is not applicable

December 31, 2024

(In millions)

Fair Value

Valuation Technique(s)

Unobservable Input

Range

Weighted Average

Assets:

Securities available-for-sale, carried at fair value:

Fixed maturity securities:

Mortgage- and asset-backed securities

1,156

Consensus pricing

Offered quotes

84.08

104.60

(a)

99.07

Public utilities

647

Discounted cash flow

Credit spreads

100 bps

375 bps

(c)

162 bps

Sovereign and supranational

Consensus pricing

Offered quotes

N/A

(b)

N/A

Banks/financial institutions

Adjusted cost

Private financials

N/A

(d)

N/A

Other corporate

231

Discounted cash flow

Credit spreads

91 bps

294 bps

(c)

173 bps

Equity securities

157

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

2,224

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques

(b) Category represents a single security; range not applicable

(d) Prices do not utilize credit spreads; therefore, range is not applicable

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details