v3.25.2
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2025:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries
$442 $104 $— $546 
U.S. Government agencies and authorities
— 31 — 31 
State, municipalities and political subdivisions
— 516 — 516 
U.S. corporate public securities— 7,370 48 7,418 
U.S. corporate private securities— 3,713 1,675 5,388 
Foreign corporate public securities and foreign governments(1)
— 2,498 62 2,560 
Foreign corporate private securities(1)
— 2,256 636 2,892 
Residential mortgage-backed securities— 3,618 98 3,716 
Commercial mortgage-backed securities— 3,040 — 3,040 
Other asset-backed securities— 2,888 94 2,982 
Total fixed maturities, including securities pledged
442 26,034 2,613 29,089 
Equity securities
115 — 95 210 
Derivatives:
Interest rate contracts10 167 — 177 
Foreign exchange contracts— 15 — 15 
Equity contracts— 7 — 7 
Embedded derivatives within reinsurance
— 62 — 62 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements2,302 45 25 2,372 
Assets held in separate accounts101,330 5,601 347 107,278 
Total assets$104,199 $31,931 $3,080 $139,210 
Liabilities:
Contingent consideration$— $— $154 $154 
Stabilizer and MCGs— — 13 13 
Derivatives:
Interest rate contracts— 271 — 271 
Foreign exchange contracts— 34 — 34 
Equity contracts— 1 — 1 
Credit contracts— 3 — 3 
Embedded derivatives within reinsurance
— (10)
(2)
42 32 
Total liabilities$— $299 $209 $508 
(1) Primarily U.S. dollar denominated.
(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.
The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:
Level 1Level 2Level 3Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries$402 $70 $— $472 
U.S. Government agencies and authorities— 30 — 30 
State, municipalities and political subdivisions— 580 — 580 
U.S. corporate public securities— 6,949 59 7,008 
U.S. corporate private securities— 3,486 1,497 4,983 
Foreign corporate public securities and foreign governments(1)
— 2,412 60 2,472 
Foreign corporate private securities(1)
— 2,116 421 2,537 
Residential mortgage-backed securities— 3,404 67 3,471 
Commercial mortgage-backed securities— 3,132 — 3,132 
Other asset-backed securities— 2,746 23 2,769 
Total fixed maturities, including securities pledged402 24,925 2,127 27,454 
Equity securities
148 — 98 246 
Derivatives:
Interest rate contracts— 246 — 246 
Foreign exchange contracts— 55 — 55 
Equity contracts— 2 — 2 
Embedded derivatives within reinsurance
— 55 — 55 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements2,511 1 23 2,535 
Assets held in separate accounts95,946 5,390 340 101,676 
Total assets$99,007 $30,674 $2,588 $132,269 
Liabilities:
Contingent consideration$— $— $2 $2 
Stabilizer and MCGs— — 19 19 
Derivatives:
Interest rate contracts11 302 — 313 
Foreign exchange contracts— 8 — 8 
Equity contracts— 9 — 9 
Credit contracts— 2 — 2 
Embedded derivatives within reinsurance
— (12)
(2)
53 41 
Total liabilities$11 $309 $74 $394 
(1) Primarily U.S. dollar denominated.
(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables summarize the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:

Three Months Ended June 30, 2025
Fair Value as of April 1 Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of June 30
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$48 $— $— $— $— $— $— $— $— $48 $— $— 
U.S. corporate private securities1,677 2 16 87 — (13)(94)— — 1,675 — 13 
Foreign corporate public securities and foreign governments(1)
59 — — 3 — — — — — 62 — — 
Foreign corporate private securities(1)
590 (32)20 72 — — (14)— — 636 1 20 
Residential mortgage-backed securities70 — — 28 — — — — — 98 — — 
Other asset-backed securities19 — — 74 — — (1)2 — 94 — — 
Total fixed maturities, including securities pledged2,463 (30)36 264 — (13)(109)2 — 2,613 1 33 
Equity securities, at fair value
110 (1)— — — (14)— — — 95 — — 
Contingent consideration(152)(2)— — — — — — — (154)— — 
Stabilizer and MCGs(2)
(16)4 — — (1)— — — — (13)— — 
Embedded derivatives within reinsurance
(52)10 — — — — — — — (42)— — 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements24 — 1 — — — — — — 25 — 1 
Assets held in separate accounts(4)
338 2 — 13 — (3)— — (3)347 — — 
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
Six Months Ended June 30, 2025
Fair Value as of January 1Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of June 30
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. corporate public securities$59 $(1)$2 $1 $— $(11)$— $— $(2)$48 $— $1 
U.S. corporate private securities1,497 1 35 271 — (11)(118)— — 1,675 1 32 
Foreign corporate public securities and foreign governments(1)
60 — (1)3 — — — — — 62 — (1)
Foreign corporate private securities(1)
421 (50)49 232 — — (16)— — 636 (18)49 
Residential mortgage-backed securities67 (3)— 43 — — — — (9)98 (3)— 
Other asset-backed securities23 — — 77 — — (4)— (2)94 — — 
Total fixed maturities, including securities pledged2,127 (53)85 627 — (22)(138)— (13)2,613 (20)81 
Equity securities, at fair value
98 2 — 9 — (14)— — — 95 2 — 
Contingent consideration(2)(4)— — (149)
(5)
— 1 — — (154)— — 
Stabilizer and MCGs(2)
(19)7 — — (1)— — — — (13)— — 
Embedded derivatives on reinsurance(53)11 — — — — — — — (42)— — 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements23 — 2 — — — — — — 25 — 2 
Assets held in separate accounts(4)
340 6 — 21 — (17)— — (3)347 — — 
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
(5) Represents a portion of the purchase consideration related to the acquisition of OneAmerica Financial's full-service retirement plan business.
Three Months Ended June 30, 2024
Fair Value as of April 1Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of June 30
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities$1 $— $— $— $— $— $— $— $(1)$— $— $— 
U.S. corporate public securities18 — 1 — — — (7)— — 12 — — 
U.S. corporate private securities1,455 — (7)74 — (18)(37)— (3)1,464 — (6)
Foreign corporate public securities and foreign governments(1)
— — — 17 — — — — — 17 — — 
Foreign corporate private securities(1)
448 — (7)20 — (9)(8)— — 444 — (7)
Residential mortgage-backed securities52 (3)— — — — — — — 49 (3)— 
Other asset-backed securities55 — — — — (11)(2)— (18)24 — — 
Total fixed maturities, including securities pledged2,029 (3)(13)111 — (38)(54)— (22)2,010 (3)(13)
Equity securities, at fair value
99 (1)— — — — — — — 98 (1)— 
Contingent consideration(48)(1)— — — — — — — (49)— — 
Stabilizer and MCGs(2)
(8)(2)— — — — — — — (10)— — 
Embedded derivatives within reinsurance
(57)— — — — — — — — (57)— — 
Assets held in separate accounts(4)
360 1 — 19 — (12)— — (5)363 — — 
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
Six Months Ended June 30, 2024
Fair Value as of January 1Realized/Unrealized
Gains (Losses)
Included in:		PurchasesIssuancesSales

Settlements
Transfers
into
Level 3		Transfers
out of
Level 3		Fair Value as of June 30
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
Change In
Unrealized
Gains
(Losses)
Included in
OCI(3)
Net
Income		OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities$1 $— $— $— $— $— $— $— $(1)$— $— $— 
U.S. corporate public securities18 — 1 — — — (7)— — 12 — — 
U.S. corporate private securities1,526 — (22)136 — (23)(115)— (38)1,464 — (26)
Foreign corporate public securities and foreign governments(1)
— — — 17 — — — — — 17 — — 
Foreign corporate private securities(1)
436 — (11)21 — (9)(44)51 — 444 — (11)
Residential mortgage-backed securities57 (4)— — — — — — (4)49 (4)— 
Other asset-backed securities52 — — — — (12)(3)— (13)24 — — 
Total fixed maturities, including securities pledged2,090 (4)(32)174 — (44)(169)51 (56)2,010 (4)(37)
Equity securities, at fair value
96 2 — — — — — — — 98 2 — 
Contingent consideration(51)— — — — — 2 — — (49)— — 
Stabilizer and MCGs(2)
(9)— — — (1)— — — — (10)— — 
Embedded derivatives on reinsurance(58)1 — — — — — — — (57)— — 
Assets held in separate accounts(4)
348 1 — 35 — (15)— 5 (11)363 — — 
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Net gains (losses) in the Condensed Consolidated Statements of Operations.
(3) For financial instruments still held as of June 30 amounts are included in Net investment income and Net gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on investments in the Condensed Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
Fair Value, by Balance Sheet Grouping
The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:

June 30, 2025December 31, 2024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:
Fixed maturities, including securities pledged$29,089 $29,089 $27,454 $27,454 
Equity securities210 210 246 246 
Mortgage loans on real estate5,531 5,379 4,699 4,459 
Policy loans331 331 342 342 
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements2,372 2,372 2,535 2,535 
Derivatives199 199 303 303 
Embedded derivatives within reinsurance
62 62 55 55 
Other investments, including securities pledged79 79 74 74 
Assets held in separate accounts107,278 107,278 101,676 101,676 
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)
$34,444 $37,494 $31,082 $32,877 
Funding agreements with fixed maturities1,400 1,405 1,249 1,257 
Supplementary contracts and immediate annuities
537 488 570 515 
Stabilizer and MCGs13 13 19 19 
Derivatives309 309 332 332 
Embedded derivatives within reinsurance
32 32 41 41 
Short-term debt447 443 399 399 
Long-term debt1,657 1,612 2,103 2,023 
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of June 30, 2025:
Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents
$138 $— $— $— $138 
Corporate loans— 1,399 — — 1,399 
Limited partnerships/corporations— — — 2,870 2,870 
Other investments(1)
— — 44 — 44 
VOEs
Cash and cash equivalents4 — — — 4 
Other investments(1)
— — — 47 47 
Total assets$142 $1,399 $44 $2,917 $4,502 
Liabilities
VIEs
CLO notes$— $1,103 $— $— $1,103 
Total liabilities$— $1,103 $— $— $1,103 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2024:

Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents$113 $— $— $— $113 
Corporate loans— 1,434 — — 1,434 
Limited partnerships/corporations— — — 3,067 3,067 
Other investments(1)
— — 53 — 53 
VOEs
Cash and cash equivalents2 — — — 2 
Other investments(1)
— — — 50 50 
Total assets$115 $1,434 $53 $3,117 $4,719 
Liabilities
VIEs
CLO notes$— $1,101 $— $— $1,101 
Total liabilities$— $1,101 $— $— $1,101 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.
Financial Instruments Not Carried at Fair Value
The following table presents the classification of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets:
Financial InstrumentClassification
Mortgage loans on real estateLevel 3
Policy loansLevel 2
Other investmentsLevel 2
Funding agreements without fixed maturities and deferred annuitiesLevel 3
Funding agreements with fixed maturitiesLevel 2
Supplementary contracts and immediate annuitiesLevel 3
Short-term debt and Long-term debtLevel 2