v3.25.2
Consolidated and Nonconsolidated Investment Entities (Tables)
 6 Months Ended
Jun. 30, 2025
Consolidated Investment Entities [Abstract]  
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.