v3.25.4
Fair Value of Financial Instruments - Fair Value Inputs Quantitative Information (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Assets    
Fixed maturity available-for-sale securities, at fair value $ 87,586 $ 81,900
Equity securities 495 294
Market risk benefit assets 4,753 4,860
Liabilities    
Embedded derivative liability 202 728
Market risk benefit liabilities (1,118) (1,046)
Corporate bonds    
Assets    
Fixed maturity available-for-sale securities, at fair value 63,723 61,833
State and municipal bonds    
Assets    
Fixed maturity available-for-sale securities, at fair value 1,965 2,148
CMBS    
Assets    
Fixed maturity available-for-sale securities, at fair value 2,423 1,583
ABS    
Assets    
Fixed maturity available-for-sale securities, at fair value 16,178 13,769
Hybrid and redeemable preferred securities    
Assets    
Fixed maturity available-for-sale securities, at fair value 242 241
Significant Unobservable Inputs (Level 3)    
Assets    
Equity securities 28 34
Liabilities    
Embedded derivative liability (156) (59)
Significant Unobservable Inputs (Level 3) | Valuation Technique, Discounted Cash Flow    
Assets    
Equity securities 4 5
Market risk benefit assets 4,753 4,860
Liabilities    
Embedded derivative liability (15,031) (12,402)
Market risk benefit liabilities (1,118) (1,046)
Significant Unobservable Inputs (Level 3) | Corporate bonds    
Assets    
Fixed maturity available-for-sale securities, at fair value 7,297 6,888
Significant Unobservable Inputs (Level 3) | Corporate bonds | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity available-for-sale securities, at fair value 673 185
Significant Unobservable Inputs (Level 3) | State and municipal bonds    
Assets    
Fixed maturity available-for-sale securities, at fair value 0 0
Significant Unobservable Inputs (Level 3) | CMBS    
Assets    
Fixed maturity available-for-sale securities, at fair value 85 8
Significant Unobservable Inputs (Level 3) | CMBS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity available-for-sale securities, at fair value 41 8
Significant Unobservable Inputs (Level 3) | ABS    
Assets    
Fixed maturity available-for-sale securities, at fair value 3,584 2,092
Significant Unobservable Inputs (Level 3) | ABS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity available-for-sale securities, at fair value 8 10
Significant Unobservable Inputs (Level 3) | Hybrid and redeemable preferred securities    
Assets    
Fixed maturity available-for-sale securities, at fair value 83 63
Significant Unobservable Inputs (Level 3) | Hybrid and redeemable preferred securities | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity available-for-sale securities, at fair value 40 19
Significant Unobservable Inputs (Level 3) | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit assets 19 14
Significant Unobservable Inputs (Level 3) | Other assets - indexed annuity ceded embedded derivatives | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset 2,482 1,970
Significant Unobservable Inputs (Level 3) | Other assets - LPR ceded derivative | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset 202 190
Significant Unobservable Inputs (Level 3) | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Liabilities    
Market risk benefit liabilities $ (2,884) $ (2,763)
Significant Unobservable Inputs (Level 3) | Liquidity/Duration Adjustment | Valuation Technique, Discounted Cash Flow    
Assets    
Equity securities, measurement input   0.045
Significant Unobservable Inputs (Level 3) | Liquidity/Duration Adjustment | Corporate bonds | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input   0.017
Significant Unobservable Inputs (Level 3) | Liquidity/Duration Adjustment | CMBS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input   0.019
Significant Unobservable Inputs (Level 3) | Liquidity/Duration Adjustment | ABS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input   0.013
Significant Unobservable Inputs (Level 3) | Liquidity/Duration Adjustment | Hybrid and redeemable preferred securities | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input   0.018
Significant Unobservable Inputs (Level 3) | Non-Performance Risk | Other assets - LPR ceded derivative | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset, measurement input   0.014
Significant Unobservable Inputs (Level 3) | Minimum | Liquidity/Duration Adjustment | Valuation Technique, Discounted Cash Flow    
Assets    
Equity securities, measurement input 0.045 0.045
Significant Unobservable Inputs (Level 3) | Minimum | Liquidity/Duration Adjustment | Corporate bonds | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.000 0.000
Significant Unobservable Inputs (Level 3) | Minimum | Liquidity/Duration Adjustment | CMBS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.018 0.019
Significant Unobservable Inputs (Level 3) | Minimum | Liquidity/Duration Adjustment | ABS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.011 0.013
Significant Unobservable Inputs (Level 3) | Minimum | Liquidity/Duration Adjustment | Hybrid and redeemable preferred securities | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.016 0.014
Significant Unobservable Inputs (Level 3) | Minimum | Lapse | Valuation Technique, Discounted Cash Flow    
Liabilities    
Embedded derivative liability, measurement input 0.000 0.000
Significant Unobservable Inputs (Level 3) | Minimum | Lapse | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.010 0.010
Significant Unobservable Inputs (Level 3) | Minimum | Lapse | Other assets - indexed annuity ceded embedded derivatives | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset, measurement input 0.000 0.000
Significant Unobservable Inputs (Level 3) | Minimum | Lapse | Other assets - LPR ceded derivative | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset, measurement input 0.001 0.001
Significant Unobservable Inputs (Level 3) | Minimum | Lapse | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.010 0.010
Significant Unobservable Inputs (Level 3) | Minimum | Utilization of GLB Withdrawls | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.850 0.850
Significant Unobservable Inputs (Level 3) | Minimum | Utilization of GLB Withdrawls | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.850 0.850
Significant Unobservable Inputs (Level 3) | Minimum | Claims Utilization Factor | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.500 0.600
Significant Unobservable Inputs (Level 3) | Minimum | Claims Utilization Factor | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.500 0.600
Significant Unobservable Inputs (Level 3) | Minimum | Premiums Utilization Factor | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.800 0.800
Significant Unobservable Inputs (Level 3) | Minimum | Premiums Utilization Factor | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.800 0.800
Significant Unobservable Inputs (Level 3) | Minimum | Non-Performance Risk | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.002 0.003
Significant Unobservable Inputs (Level 3) | Minimum | Non-Performance Risk | Other assets - LPR ceded derivative | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset, measurement input 0.002 0.003
Significant Unobservable Inputs (Level 3) | Minimum | Non-Performance Risk | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.002 0.003
Significant Unobservable Inputs (Level 3) | Minimum | Volatility | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.010 0.010
Significant Unobservable Inputs (Level 3) | Minimum | Volatility | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.010 0.010
Significant Unobservable Inputs (Level 3) | Maximum | Liquidity/Duration Adjustment | Valuation Technique, Discounted Cash Flow    
Assets    
Equity securities, measurement input 0.045 0.045
Significant Unobservable Inputs (Level 3) | Maximum | Liquidity/Duration Adjustment | Corporate bonds | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.062 0.031
Significant Unobservable Inputs (Level 3) | Maximum | Liquidity/Duration Adjustment | CMBS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.019 0.019
Significant Unobservable Inputs (Level 3) | Maximum | Liquidity/Duration Adjustment | ABS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.011 0.013
Significant Unobservable Inputs (Level 3) | Maximum | Liquidity/Duration Adjustment | Hybrid and redeemable preferred securities | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.019 0.019
Significant Unobservable Inputs (Level 3) | Maximum | Lapse | Valuation Technique, Discounted Cash Flow    
Liabilities    
Embedded derivative liability, measurement input 0.090 0.090
Significant Unobservable Inputs (Level 3) | Maximum | Lapse | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.300 0.300
Significant Unobservable Inputs (Level 3) | Maximum | Lapse | Other assets - indexed annuity ceded embedded derivatives | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset, measurement input 0.090 0.090
Significant Unobservable Inputs (Level 3) | Maximum | Lapse | Other assets - LPR ceded derivative | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset, measurement input 0.024 0.020
Significant Unobservable Inputs (Level 3) | Maximum | Lapse | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.300 0.300
Significant Unobservable Inputs (Level 3) | Maximum | Utilization of GLB Withdrawls | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 1.000 1.000
Significant Unobservable Inputs (Level 3) | Maximum | Utilization of GLB Withdrawls | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 1.000 1.000
Significant Unobservable Inputs (Level 3) | Maximum | Claims Utilization Factor | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 1.000 1.000
Significant Unobservable Inputs (Level 3) | Maximum | Claims Utilization Factor | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 1.000 1.000
Significant Unobservable Inputs (Level 3) | Maximum | Premiums Utilization Factor | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 1.150 1.150
Significant Unobservable Inputs (Level 3) | Maximum | Premiums Utilization Factor | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 1.150 1.150
Significant Unobservable Inputs (Level 3) | Maximum | Non-Performance Risk | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.016 0.020
Significant Unobservable Inputs (Level 3) | Maximum | Non-Performance Risk | Other assets - LPR ceded derivative | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset, measurement input 0.016 0.020
Significant Unobservable Inputs (Level 3) | Maximum | Non-Performance Risk | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.016 0.020
Significant Unobservable Inputs (Level 3) | Maximum | Volatility | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.270 0.290
Significant Unobservable Inputs (Level 3) | Maximum | Volatility | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.270 0.290
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Liquidity/Duration Adjustment | Valuation Technique, Discounted Cash Flow    
Assets    
Equity securities, measurement input 0.045  
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Liquidity/Duration Adjustment | Corporate bonds | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.014  
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Liquidity/Duration Adjustment | CMBS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.018  
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Liquidity/Duration Adjustment | ABS | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.011  
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Liquidity/Duration Adjustment | Hybrid and redeemable preferred securities | Valuation Technique, Discounted Cash Flow    
Assets    
Fixed maturity AFS and trading securities, measurement input 0.017  
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Utilization of GLB Withdrawls | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.930 0.920
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Utilization of GLB Withdrawls | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.930 0.920
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Non-Performance Risk | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.013 0.016
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Non-Performance Risk | Other assets - LPR ceded derivative | Valuation Technique, Discounted Cash Flow    
Assets    
Embedded derivative asset, measurement input 0.012  
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Non-Performance Risk | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.013 0.016
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Volatility | Other assets – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.151 0.145
Significant Unobservable Inputs (Level 3) | Weighted Average Range | Volatility | Other liabilities – ceded MRBs | Valuation Technique, Discounted Cash Flow    
Assets    
Market risk benefit, measurement input 0.151 0.145