v3.25.2
Fair Value Measurements (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$330 $103 $— $433 
U.S. Government agencies and authorities— 28 — 28 
State, municipalities and political subdivisions— 361 — 361 
U.S. corporate public securities— 5,605 39 5,644 
U.S. corporate private securities — 2,901 1,317 4,218 
Foreign corporate public securities and foreign governments(1)
— 1,919 48 1,967 
Foreign corporate private securities (1)
— 1,815 504 2,319 
Residential mortgage-backed securities— 2,690 84 2,774 
Commercial mortgage-backed securities— 2,112 — 2,112 
Other asset-backed securities— 1,940 68 2,008 
Total fixed maturities, including securities pledged330 19,474 2,060 21,864 
Equity securities9 — 51 60 
Derivatives:
Interest rate contracts8 131 — 139 
Foreign exchange contracts— 9 — 9 
Embedded derivatives within reinsurance
— — 16 16 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements1,167 41 21 1,229 
Assets held in separate accounts98,201 5,601 347 104,149 
Total assets$99,715 $25,256 $2,495 $127,466 
Liabilities:
Stabilizer and MCGs$— $— $13 $13 
Derivatives:
Interest rate contracts— 225 — 225 
Foreign exchange contracts— 25 — 25 
Credit contracts— 2 — 2 
Total liabilities$— $252 $13 $265 
(1) Primarily U.S. dollar denominated.
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$307 $71 $— $378 
U.S. Government agencies and authorities— 27 — 27 
State, municipalities and political subdivisions— 409 — 409 
U.S. corporate public securities— 5,202 47 5,249 
U.S. corporate private securities— 2,628 1,171 3,799 
Foreign corporate public securities and foreign governments(1)
— 1,820 48 1,868 
Foreign corporate private securities (1)
— 1,688 341 2,029 
Residential mortgage-backed securities— 2,471 54 2,525 
Commercial mortgage-backed securities— 2,111 — 2,111 
Other asset-backed securities— 1,725 14 1,739 
Total fixed maturities, including securities pledged307 18,152 1,675 20,134 
Equity securities10 — 56 66 
Derivatives:
Interest rate contracts— 201 — 201 
Foreign exchange contracts— 38 — 38 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements1,356 — 19 1,375 
Assets held in separate accounts92,849 5,390 340 98,579 
Total assets$94,522 $23,781 $2,090 $120,393 
Liabilities:
Stabilizer and MCGs$— $— $19 $19 
Derivatives:
Interest rate contracts10 256 — 266 
Foreign exchange contracts— 2 — 2 
Credit contracts— — — — 
Total liabilities$10 $258 $19 $287 
(1) Primarily U.S. dollar denominated.