Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Financial Assets and Financial Liabilities Carried at Fair Value |
The following table provides information about the Company's investment and derivative financial assets and liabilities carried at fair value on a recurring basis. Further information regarding insurance assets and liabilities carried at fair value is provided in Note 9E to the Consolidated Financial Statements in the Company's 2024 Form 10-K. Separate account assets are also recorded at fair value on the Company's Consolidated Balance Sheets and are reported separately in the Separate Accounts section below as gains and losses related to these assets generally accrue directly to contractholders. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In millions) | | Quoted Prices in Active Markets for Identical Assets
(Level 1) | | Significant Other Observable Inputs
(Level 2) | | Significant Unobservable Inputs
(Level 3) | | Total | | | September 30,
2025 | | December 31, 2024 | | September 30,
2025 | | December 31, 2024 | | September 30,
2025 | | December 31, 2024 | | September 30,
2025 | | December 31, 2024 | | Financial assets at fair value | | | | | | | | | | | | | | | | | | Debt securities | | | | | | | | | | | | | | | | | | Federal government and agency | | $ | 105 | | | $ | 165 | | | $ | 121 | | | $ | 116 | | | $ | — | | | $ | — | | | $ | 226 | | | $ | 281 | | | State and local government | | — | | | — | | | 25 | | | 37 | | | — | | | — | | | 25 | | | 37 | | | Foreign government | | — | | | — | | | 412 | | | 344 | | | — | | | — | | | 412 | | | 344 | | Corporate | | — | | | — | | | 7,130 | | | 8,049 | | | 313 | | | 374 | | | 7,443 | | | 8,423 | | | Mortgage and other asset-backed | | — | | | — | | | 207 | | | 295 | | | 38 | | | 43 | | | 245 | | | 338 | | | Total debt securities | | 105 | | | 165 | | | 7,895 | | | 8,841 | | | 351 | | | 417 | | | 8,351 | | | 9,423 | | Equity securities (1) | | 76 | | | 1 | | | 46 | | | 36 | | | 12 | | | — | | | 134 | | | 37 | | | Short-term investments | | — | | | — | | | 276 | | | 170 | | | — | | | — | | | 276 | | | 170 | | | Derivative assets | | — | | | — | | | 74 | | | 168 | | | 936 | | | — | | | 1,010 | | | 168 | | | Financial liabilities at fair value | | | | | | | | | | | | | | | | | | Derivative liabilities | | $ | — | | | $ | — | | | $ | 20 | | | $ | 1 | | | $ | 320 | | | $ | — | | | $ | 340 | | | $ | 1 | |
(1)Excludes certain equity securities that have no readily determinable fair value.
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| Fair Value and Significant Unobservable Inputs Used in Pricing Debt Securities |
The following table summarizes the fair value and significant unobservable inputs that were developed directly by the Company and used in pricing these debt securities. The range and weighted average basis point amounts for liquidity reflect the Company's best estimates of the unobservable adjustments a market participant would make to calculate these fair values. An increase in liquidity spread adjustments would result in a lower fair value measurement, while a decrease would result in a higher fair value measurement.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value as of | | | | Unobservable Adjustment Range (Weighted Average by Quantity) as of | | | (Fair value in millions) | | September 30,
2025 | | December 31,
2024 | | Unobservable Input September 30, 2025 | | September 30,
2025 | | December 31,
2024 | | | Debt securities | | | | | | | | | | | | | Corporate | | $ | 312 | | | $ | 373 | | | Liquidity | | 60 - 2360 (400) | bps | 60 - 1520 (370) | bps | | Mortgage and other asset-backed securities | | 38 | | | 43 | | | Liquidity | | 120 - 500 (290) | bps | 100 - 550 (280) | bps | | Other debt securities | | 1 | | | 1 | | | | | | | | | | Total Level 3 debt securities | | $ | 351 | | | $ | 417 | | | | | | | | |
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| Changes in Level 3 Financial Assets and Financial Liabilities Carried at Fair Value |
The following table summarizes the changes in financial assets and financial liabilities classified in Level 3. Gains and losses reported in the table may include net changes in fair value that are attributable to both observable and unobservable inputs. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended
September 30, | | (In millions) | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | Beginning balance | $ | 362 | | | $ | 397 | | | $ | 417 | | | $ | 447 | | Losses included in Shareholders' net income | (9) | | | (10) | | | (23) | | | (71) | | Gains included in Other comprehensive income (loss) | 21 | | | 8 | | | 31 | | | 3 | | | | | | | | | | | Purchases, sales and settlements | | | | | | | | | Purchases | 617 | | | 4 | | | 644 | | | 15 | | | Sales | (1) | | | (2) | | | (3) | | | (2) | | | Settlements | (21) | | | (4) | | | (101) | | | (19) | | | Total purchases, sales and settlements | 595 | | | (2) | | | 540 | | | (6) | | | Transfers into / (out of) Level 3 | | | | | | | | | Transfers into Level 3 | 10 | | | 32 | | | 59 | | | 63 | | | Transfers out of Level 3 | — | | | (2) | | | (45) | | | (13) | | | Total transfers into / (out of) Level 3 | 10 | | | 30 | | | 14 | | | 50 | | | Ending balance | $ | 979 | | | $ | 423 | | | $ | 979 | | | $ | 423 | | Total losses included in Shareholders' net income attributable to instruments held at the reporting date | $ | (6) | | | $ | (9) | | | $ | (23) | | | $ | (71) | | Change in unrealized gain or (loss) included in Other comprehensive income (loss) for assets held at the end of the reporting period | $ | 11 | | | $ | 8 | | | $ | 18 | | | $ | 3 | |
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| Fair Values of Separate Account Assets |
Fair values of Separate account assets were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Other Observable Inputs
(Level 2) | Significant Unobservable Inputs
(Level 3) | Total | | (In millions) | September 30,
2025 | December 31,
2024 | September 30,
2025 | December 31,
2024 | September 30,
2025 | December 31,
2024 | September 30,
2025 | December 31,
2024 | Guaranteed separate accounts (See Note 16) | $ | 248 | | $ | 231 | | $ | 333 | | $ | 345 | | $ | — | | $ | — | | $ | 581 | | $ | 576 | | Non-guaranteed separate accounts (1) | 274 | | 267 | | 5,809 | | 5,575 | | 213 | | 228 | | 6,296 | | 6,070 | | | Subtotal | $ | 522 | | $ | 498 | | $ | 6,142 | | $ | 5,920 | | $ | 213 | | $ | 228 | | 6,877 | | 6,646 | | Non-guaranteed separate accounts priced at net asset value as a practical expedient (1) | | | | | | | 656 | | 632 | | | Total | | | | | | | $ | 7,533 | | $ | 7,278 | | | | | | | | | | | | | | | | | | | |
(1)Non-guaranteed separate accounts include $3.8 billion as of both September 30, 2025 and December 31, 2024 in assets supporting the Company's pension plans, including $0.2 billion classified in Level 3 as of both September 30, 2025 and December 31, 2024. Non-guaranteed separate accounts are primarily comprised of securities partnerships, real estate and real estate funds.
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| Fair Value Disclosures for Financial Instruments Not Carried at Fair Value |
The following table includes the Company's financial instruments not recorded at fair value but for which fair value disclosure is required. In addition to universal life products and finance leases, financial instruments that are carried in the Company's Consolidated Balance Sheets at amounts that approximate fair value are excluded from the following table. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Classification in Fair Value Hierarchy | | September 30, 2025 | | December 31, 2024 | | (In millions) | | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | | Commercial mortgage loans | | Level 3 | | $ | 1,214 | | | $ | 1,258 | | | $ | 1,256 | | | $ | 1,351 | | | Long-term debt, including current maturities, excluding finance leases | | Level 2 | | $ | 32,378 | | | $ | 33,923 | | | $ | 28,392 | | | $ | 31,008 | |
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