v3.25.4
Fair Value of Financial Instruments - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Fixed maturity available-for-sale securities, at fair value $ 87,586 $ 81,900
Trading securities 1,660 2,005
Equity securities 495 294
Mortgage loans on real estate 199 232
Market risk benefit assets 4,753 4,860
Derivative instruments 16,029 13,731
Other investments – short-term investments 194 392
Separate account assets 180,092 168,438
Total assets 293,711 274,026
Liabilities    
Embedded derivative liability 202 728
Market risk benefit liabilities (1,118) (1,046)
Derivative liabilities (21,259) (16,845)
Total liabilities (25,059) (19,925)
Indexed annuity ceded embedded derivatives    
Assets    
Embedded derivative asset 2,482 1,970
LPR ceded derivative    
Assets    
Embedded derivative asset 202 190
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Trading securities 0 0
Equity securities 233 28
Mortgage loans on real estate 0 0
Derivative instruments 0 0
Other investments – short-term investments 0 0
Separate account assets 383 391
Total assets 1,495 836
Liabilities    
Embedded derivative liability 0 0
Total liabilities 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Indexed annuity ceded embedded derivatives    
Assets    
Embedded derivative asset 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | LPR ceded derivative    
Assets    
Embedded derivative asset 0 0
Significant Observable Inputs (Level 2)    
Assets    
Trading securities 1,331 1,746
Equity securities 234 232
Mortgage loans on real estate 0 0
Derivative instruments 16,001 13,728
Other investments – short-term investments 193 369
Separate account assets 179,709 168,047
Total assets 273,126 256,553
Liabilities    
Embedded derivative liability 358 787
Total liabilities (5,650) (3,469)
Significant Observable Inputs (Level 2) | Indexed annuity ceded embedded derivatives    
Assets    
Embedded derivative asset 0 0
Significant Observable Inputs (Level 2) | LPR ceded derivative    
Assets    
Embedded derivative asset 0 0
Significant Unobservable Inputs (Level 3)    
Assets    
Trading securities 329 259
Equity securities 28 34
Mortgage loans on real estate 199 232
Derivative instruments 28 3
Other investments – short-term investments 1 23
Separate account assets 0 0
Total assets 19,090 16,637
Liabilities    
Embedded derivative liability (156) (59)
Total liabilities (19,409) (16,456)
Significant Unobservable Inputs (Level 3) | Indexed annuity ceded embedded derivatives    
Assets    
Embedded derivative asset 2,482 1,970
Significant Unobservable Inputs (Level 3) | LPR ceded derivative    
Assets    
Embedded derivative asset 202 190
Fair Value Measured at Net Asset Value Per Share    
Liabilities    
Closed end funds measured at NAV per share 134  
Corporate bonds    
Assets    
Fixed maturity available-for-sale securities, at fair value 63,723 61,833
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
Corporate bonds | Significant Observable Inputs (Level 2)    
Assets    
Fixed maturity available-for-sale securities, at fair value 56,426 54,945
Corporate bonds | Significant Unobservable Inputs (Level 3)    
Assets    
Fixed maturity available-for-sale securities, at fair value 7,297 6,888
U.S. government bonds    
Assets    
Fixed maturity available-for-sale securities, at fair value 867 390
U.S. government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Fixed maturity available-for-sale securities, at fair value 848 370
U.S. government bonds | Significant Observable Inputs (Level 2)    
Assets    
Fixed maturity available-for-sale securities, at fair value 19 20
U.S. government bonds | Significant Unobservable Inputs (Level 3)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
State and municipal bonds    
Assets    
Fixed maturity available-for-sale securities, at fair value 1,965 2,148
State and municipal bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
State and municipal bonds | Significant Observable Inputs (Level 2)    
Assets    
Fixed maturity available-for-sale securities, at fair value 1,965 2,148
State and municipal bonds | Significant Unobservable Inputs (Level 3)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
Foreign government bonds    
Assets    
Fixed maturity available-for-sale securities, at fair value 223 233
Foreign government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
Foreign government bonds | Significant Observable Inputs (Level 2)    
Assets    
Fixed maturity available-for-sale securities, at fair value 223 233
Foreign government bonds | Significant Unobservable Inputs (Level 3)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
RMBS    
Assets    
Fixed maturity available-for-sale securities, at fair value 1,965 1,703
RMBS | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
RMBS | Significant Observable Inputs (Level 2)    
Assets    
Fixed maturity available-for-sale securities, at fair value 1,965 1,702
RMBS | Significant Unobservable Inputs (Level 3)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 1
CMBS    
Assets    
Fixed maturity available-for-sale securities, at fair value 2,423 1,583
CMBS | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
CMBS | Significant Observable Inputs (Level 2)    
Assets    
Fixed maturity available-for-sale securities, at fair value 2,338 1,575
CMBS | Significant Unobservable Inputs (Level 3)    
Assets    
Fixed maturity available-for-sale securities, at fair value 85 8
ABS    
Assets    
Fixed maturity available-for-sale securities, at fair value 16,178 13,769
ABS | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
ABS | Significant Observable Inputs (Level 2)    
Assets    
Fixed maturity available-for-sale securities, at fair value 12,594 11,677
ABS | Significant Unobservable Inputs (Level 3)    
Assets    
Fixed maturity available-for-sale securities, at fair value 3,584 2,092
Hybrid and redeemable preferred securities    
Assets    
Fixed maturity available-for-sale securities, at fair value 242 241
Hybrid and redeemable preferred securities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Fixed maturity available-for-sale securities, at fair value 31 47
Hybrid and redeemable preferred securities | Significant Observable Inputs (Level 2)    
Assets    
Fixed maturity available-for-sale securities, at fair value 128 131
Hybrid and redeemable preferred securities | Significant Unobservable Inputs (Level 3)    
Assets    
Fixed maturity available-for-sale securities, at fair value 83 63
MRB assets    
Assets    
Market risk benefit assets 4,753 4,860
MRB assets | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Market risk benefit assets 0 0
MRB assets | Significant Observable Inputs (Level 2)    
Assets    
Market risk benefit assets 0 0
MRB assets | Significant Unobservable Inputs (Level 3)    
Assets    
Market risk benefit assets 4,753 4,860
Ceded MRBs    
Assets    
Market risk benefit assets 19 14
Liabilities    
Market risk benefit liabilities (2,884) (2,763)
Ceded MRBs | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Assets    
Market risk benefit assets 0 0
Liabilities    
Market risk benefit liabilities 0 0
Ceded MRBs | Significant Observable Inputs (Level 2)    
Assets    
Market risk benefit assets 0 0
Liabilities    
Market risk benefit liabilities 0 0
Ceded MRBs | Significant Unobservable Inputs (Level 3)    
Assets    
Market risk benefit assets 19 14
Liabilities    
Market risk benefit liabilities (2,884) (2,763)
RILA, Fixed Annity And IUL Contracts    
Liabilities    
Policyholder account balances (15,115) (12,449)
RILA, Fixed Annity And IUL Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Liabilities    
Policyholder account balances 0 0
RILA, Fixed Annity And IUL Contracts | Significant Observable Inputs (Level 2)    
Liabilities    
Policyholder account balances 0 0
RILA, Fixed Annity And IUL Contracts | Significant Unobservable Inputs (Level 3)    
Liabilities    
Policyholder account balances (15,115) (12,449)
MRB liabilities    
Liabilities    
Market risk benefit liabilities (1,118) (1,046)
MRB liabilities | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Liabilities    
Market risk benefit liabilities 0 0
MRB liabilities | Significant Observable Inputs (Level 2)    
Liabilities    
Market risk benefit liabilities 0 0
MRB liabilities | Significant Unobservable Inputs (Level 3)    
Liabilities    
Market risk benefit liabilities (1,118) (1,046)
Excluding Embedded Derivatives    
Liabilities    
Derivative liabilities (6,144) (4,395)
Excluding Embedded Derivatives | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Liabilities    
Derivative liabilities 0 0
Excluding Embedded Derivatives | Significant Observable Inputs (Level 2)    
Liabilities    
Derivative liabilities (6,008) (4,256)
Excluding Embedded Derivatives | Significant Unobservable Inputs (Level 3)    
Liabilities    
Derivative liabilities $ (136) $ (139)