v3.25.4
Fair Value Measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets:      
Bonds available-for-sale [1] $ 189,381 $ 170,840  
Other bond securities, at fair value [1] 5,407 5,262  
Equity securities [1] 79 56  
Derivative assets 10,029 7,250  
Counterparty netting (6,106) (4,494)  
Cash Collateral (3,482) (2,563)  
Total derivative assets 441 193  
Short-term investments [1] 5,675 4,981  
Market risk benefit assets, at fair value 2,392 1,332  
Separate account assets 95,585 93,888  
Liabilities:      
Policyholder contract deposit 188,876 173,695 $ 162,050
Derivative liabilities 7,091 5,268  
Counterparty netting (6,106) (4,494)  
Cash Collateral (686) (664)  
Total derivative liabilities 299 110  
Aggregate carrying amount in the consolidated balance sheets 7,309 5,616  
Private equity funds/hedge funds 8,123 7,829  
Recurring Basis      
Assets:      
Bonds available-for-sale 189,381 170,840  
Other bond securities, at fair value 5,407 5,262  
Equity securities 79 56  
Other invested assets 1,498 1,647  
Counterparty netting (6,106) (4,494)  
Cash Collateral (3,482) (2,563)  
Counterparty netting and cash collateral (9,588) (7,057)  
Total derivative assets 441 193  
Short-term investments 1,624 1,439  
Market risk benefit assets, at fair value 2,392 1,332  
Separate account assets 95,585 93,888  
Total 296,407 274,657  
Liabilities:      
Policyholder contract deposit 12,156 9,535  
Counterparty netting (6,106) (4,494)  
Cash Collateral (686) (664)  
Counterparty netting and cash collateral (6,792) (5,158)  
Total derivative liabilities 299 110  
Fortitude Re funds withheld payable 3,795 2,223  
Other liabilities 23    
Aggregate carrying amount in the consolidated balance sheets 7,309 5,616  
Total 23,582 17,484  
Private equity funds      
Liabilities:      
Private equity funds/hedge funds 6,500 5,900  
Hedge funds      
Liabilities:      
Private equity funds/hedge funds 121 210  
Level 1 | Recurring Basis      
Assets:      
Bonds available-for-sale 10 9  
Other bond securities, at fair value 0 0  
Equity securities 10 15  
Other invested assets 0 0  
Derivative assets 6 1  
Short-term investments 661 351  
Market risk benefit assets, at fair value 0 0  
Separate account assets 91,582 90,400  
Total 92,269 90,776  
Liabilities:      
Policyholder contract deposit 0 0  
Derivative liabilities 7 7  
Fortitude Re funds withheld payable 0 0  
Other liabilities 0    
Aggregate carrying amount in the consolidated balance sheets 0 0  
Total 7 7  
Level 2 | Recurring Basis      
Assets:      
Bonds available-for-sale 158,838 141,858  
Other bond securities, at fair value 3,867 3,721  
Equity securities 0 0  
Other invested assets 0 0  
Derivative assets 9,124 6,218  
Short-term investments 963 1,088  
Market risk benefit assets, at fair value 0 0  
Separate account assets 4,003 3,488  
Total 176,795 156,373  
Liabilities:      
Policyholder contract deposit 134 120  
Derivative liabilities 6,960 5,250  
Fortitude Re funds withheld payable 0 0  
Other liabilities 23    
Aggregate carrying amount in the consolidated balance sheets 0 0  
Total 7,117 5,370  
Level 3      
Assets:      
Market risk benefit assets, at fair value 2,392 1,332  
Liabilities:      
Aggregate carrying amount in the consolidated balance sheets 7,300 5,600  
Level 3 | Recurring Basis      
Assets:      
Bonds available-for-sale 30,533 28,973  
Other bond securities, at fair value 1,540 1,541  
Equity securities 69 41  
Other invested assets 1,498 1,647  
Derivative assets 899 1,031  
Short-term investments 0 0  
Market risk benefit assets, at fair value 2,392 1,332  
Separate account assets 0 0  
Total 36,931 34,565  
Liabilities:      
Policyholder contract deposit 12,022 9,415  
Derivative liabilities 124 11  
Fortitude Re funds withheld payable 3,795 2,223  
Other liabilities 0    
Aggregate carrying amount in the consolidated balance sheets 7,309 5,616  
Total 23,250 17,265  
Interest rate contracts | Recurring Basis      
Assets:      
Derivative assets 916 2,920  
Liabilities:      
Derivative liabilities 1,633 3,452  
Interest rate contracts | Level 1 | Recurring Basis      
Assets:      
Derivative assets 0 0  
Liabilities:      
Derivative liabilities 0 0  
Interest rate contracts | Level 2 | Recurring Basis      
Assets:      
Derivative assets 894 2,556  
Liabilities:      
Derivative liabilities 1,611 3,452  
Interest rate contracts | Level 3 | Recurring Basis      
Assets:      
Derivative assets 22 364  
Liabilities:      
Derivative liabilities 22 0  
Foreign exchange contracts | Recurring Basis      
Assets:      
Derivative assets 711 1,271  
Liabilities:      
Derivative liabilities 554 268  
Foreign exchange contracts | Level 1 | Recurring Basis      
Assets:      
Derivative assets 0 0  
Liabilities:      
Derivative liabilities 0 0  
Foreign exchange contracts | Level 2 | Recurring Basis      
Assets:      
Derivative assets 711 1,271  
Liabilities:      
Derivative liabilities 554 268  
Foreign exchange contracts | Level 3 | Recurring Basis      
Assets:      
Derivative assets 0 0  
Liabilities:      
Derivative liabilities 0 0  
Equity contracts | Recurring Basis      
Assets:      
Derivative assets 8,388 3,045  
Liabilities:      
Derivative liabilities 4,900 1,546  
Equity contracts | Level 1 | Recurring Basis      
Assets:      
Derivative assets 6 1  
Liabilities:      
Derivative liabilities 7 7  
Equity contracts | Level 2 | Recurring Basis      
Assets:      
Derivative assets 7,519 2,390  
Liabilities:      
Derivative liabilities 4,795 1,530  
Equity contracts | Level 3 | Recurring Basis      
Assets:      
Derivative assets 863 654  
Liabilities:      
Derivative liabilities 98 9  
Credit contracts | Recurring Basis      
Assets:      
Derivative assets 0    
Credit contracts | Level 1 | Recurring Basis      
Assets:      
Derivative assets 0    
Credit contracts | Level 2 | Recurring Basis      
Assets:      
Derivative assets 0    
Credit contracts | Level 3 | Recurring Basis      
Assets:      
Derivative assets 0    
Other contracts | Recurring Basis      
Assets:      
Derivative assets 14 14  
Liabilities:      
Derivative liabilities 4 2  
Other contracts | Level 1 | Recurring Basis      
Assets:      
Derivative assets 0 0  
Liabilities:      
Derivative liabilities 0 0  
Other contracts | Level 2 | Recurring Basis      
Assets:      
Derivative assets 0 1  
Liabilities:      
Derivative liabilities 0 0  
Other contracts | Level 3 | Recurring Basis      
Assets:      
Derivative assets 14 13  
Liabilities:      
Derivative liabilities 4 2  
U.S. government and government sponsored entities      
Assets:      
Bonds available-for-sale 1,337 1,368  
U.S. government and government sponsored entities | Recurring Basis      
Assets:      
Bonds available-for-sale 1,337 1,368  
Other bond securities, at fair value 192 188  
U.S. government and government sponsored entities | Level 1 | Recurring Basis      
Assets:      
Bonds available-for-sale 10 9  
Other bond securities, at fair value 0 0  
U.S. government and government sponsored entities | Level 2 | Recurring Basis      
Assets:      
Bonds available-for-sale 1,327 1,359  
Other bond securities, at fair value 192 188  
U.S. government and government sponsored entities | Level 3 | Recurring Basis      
Assets:      
Bonds available-for-sale 0 0  
Other bond securities, at fair value 0 0  
Obligations of states, municipalities and political subdivisions      
Assets:      
Bonds available-for-sale 4,486 4,661  
Obligations of states, municipalities and political subdivisions | Recurring Basis      
Assets:      
Bonds available-for-sale 4,486 4,661  
Other bond securities, at fair value 34 34  
Obligations of states, municipalities and political subdivisions | Level 1 | Recurring Basis      
Assets:      
Bonds available-for-sale 0 0  
Other bond securities, at fair value 0 0  
Obligations of states, municipalities and political subdivisions | Level 2 | Recurring Basis      
Assets:      
Bonds available-for-sale 3,725 3,916  
Other bond securities, at fair value 33 33  
Obligations of states, municipalities and political subdivisions | Level 3      
Assets:      
Bonds available-for-sale 723 746  
Obligations of states, municipalities and political subdivisions | Level 3 | Recurring Basis      
Assets:      
Bonds available-for-sale 761 745  
Other bond securities, at fair value 1 1  
Non-U.S. governments      
Assets:      
Bonds available-for-sale 4,487 3,904  
Non-U.S. governments | Recurring Basis      
Assets:      
Bonds available-for-sale 4,487 3,904  
Other bond securities, at fair value 75 27  
Non-U.S. governments | Level 1 | Recurring Basis      
Assets:      
Bonds available-for-sale 0 0  
Other bond securities, at fair value 0 0  
Non-U.S. governments | Level 2 | Recurring Basis      
Assets:      
Bonds available-for-sale 4,487 3,904  
Other bond securities, at fair value 75 27  
Non-U.S. governments | Level 3 | Recurring Basis      
Assets:      
Bonds available-for-sale 0 0  
Other bond securities, at fair value 0 0  
Corporate debt      
Assets:      
Bonds available-for-sale 122,071 106,478  
Corporate debt | Recurring Basis      
Assets:      
Bonds available-for-sale 122,071 106,478  
Other bond securities, at fair value 2,914 2,936  
Corporate debt | Level 1 | Recurring Basis      
Assets:      
Bonds available-for-sale 0 0  
Other bond securities, at fair value 0 0  
Corporate debt | Level 2 | Recurring Basis      
Assets:      
Bonds available-for-sale 121,390 104,644  
Other bond securities, at fair value 2,709 2,727  
Corporate debt | Level 3      
Assets:      
Bonds available-for-sale 701 1,822  
Corporate debt | Level 3 | Recurring Basis      
Assets:      
Bonds available-for-sale 681 1,834  
Other bond securities, at fair value 205 209  
RMBS      
Assets:      
Bonds available-for-sale 16,350 15,784  
RMBS | Recurring Basis      
Assets:      
Bonds available-for-sale 16,350 15,784  
Other bond securities, at fair value 137 151  
RMBS | Level 1 | Recurring Basis      
Assets:      
Bonds available-for-sale 0 0  
Other bond securities, at fair value 0 0  
RMBS | Level 2 | Recurring Basis      
Assets:      
Bonds available-for-sale 10,495 9,739  
Other bond securities, at fair value 50 53  
RMBS | Level 3      
Assets:      
Bonds available-for-sale 2,847 2,892  
RMBS | Level 3 | Recurring Basis      
Assets:      
Bonds available-for-sale 5,855 6,045  
Other bond securities, at fair value 87 98  
CMBS      
Assets:      
Bonds available-for-sale 9,307 9,577  
CMBS | Recurring Basis      
Assets:      
Bonds available-for-sale 9,307 9,577  
Other bond securities, at fair value 217 220  
CMBS | Level 1 | Recurring Basis      
Assets:      
Bonds available-for-sale 0 0  
Other bond securities, at fair value 0 0  
CMBS | Level 2 | Recurring Basis      
Assets:      
Bonds available-for-sale 8,563 8,956  
Other bond securities, at fair value 201 206  
CMBS | Level 3      
Assets:      
Bonds available-for-sale 696 607  
CMBS | Level 3 | Recurring Basis      
Assets:      
Bonds available-for-sale 744 621  
Other bond securities, at fair value 16 14  
CLO      
Assets:      
Bonds available-for-sale 9,092 10,118  
CLO | Recurring Basis      
Assets:      
Bonds available-for-sale 9,092 10,118  
Other bond securities, at fair value 585 478  
CLO | Level 1 | Recurring Basis      
Assets:      
Bonds available-for-sale 0 0  
Other bond securities, at fair value 0 0  
CLO | Level 2 | Recurring Basis      
Assets:      
Bonds available-for-sale 7,037 7,956  
Other bond securities, at fair value 542 419  
CLO | Level 3 | Recurring Basis      
Assets:      
Bonds available-for-sale 2,055 2,162  
Other bond securities, at fair value 43 59  
ABS      
Assets:      
Bonds available-for-sale 22,251 18,950  
ABS | Recurring Basis      
Assets:      
Bonds available-for-sale 22,251 18,950  
Other bond securities, at fair value 1,253 1,228  
ABS | Level 1 | Recurring Basis      
Assets:      
Bonds available-for-sale 0 0  
Other bond securities, at fair value 0 0  
ABS | Level 2 | Recurring Basis      
Assets:      
Bonds available-for-sale 1,814 1,384  
Other bond securities, at fair value 65 68  
ABS | Level 3 | Recurring Basis      
Assets:      
Bonds available-for-sale 20,437 17,566  
Other bond securities, at fair value $ 1,188 $ 1,160  
[1] See Note 8 for details of balances associated with variable interest entities