v3.26.1
Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Significant Inputs Used by Third-Party Pricing Services for Certain Fair Value Measurements of Fixed Maturity Securities that Classified as Level 2
The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of March 31, 2026:
(Amounts in millions)Fair valuePrimary methodologiesSignificant inputs
U.S. government, agencies and government-sponsored enterprises$3,616 Price quotes from trading desk, broker feedsBid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
State and political subdivisions$2,086 Multi-dimensional attribute-based modeling systems, exchanges for the bond or comparable liquid bondsTrade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
Non-U.S. government$1,176 Price quotes from market makers, spread priced to benchmark curves, matrix pricingBenchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
U.S. corporate$22,854 Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, OAS-based modelsBid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
Non-U.S. corporate$5,530 Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makersBenchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
Residential mortgage-backed$1,062 OAS-based models, single factor binomial models, internally priced, pay-up to the to be announced pricePrepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
Commercial mortgage-backed$1,338 Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics modelCredit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swap curves, TRACE reports
Other asset-backed$1,865 Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makersSpreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports
Schedule of Assets by Class of Instrument that are Measured at Fair Value on Recurring Basis
The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
March 31, 2026
(Amounts in millions)TotalLevel 1Level 2Level 3
NAV (1)
Assets
Investments:
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises$3,616 $— $3,616 $— $
State and political subdivisions2,086 — 2,086 — 
Non-U.S. government1,191 — 1,176 15 
U.S. corporate:
Utilities4,483 — 3,490 993 
Energy2,425 — 2,404 21 
Finance and insurance6,922 — 6,318 604 
Consumer—non-cyclical4,354 — 4,320 34 
Technology and communications2,620 — 2,610 10 
Industrial895 — 878 17 
Capital goods2,273 — 2,237 36 
Consumer—cyclical1,219 — 1,177 42 
Transportation1,057 — 1,044 13 
Other261 — 143 118 
Total U.S. corporate26,509 — 24,621 1,888 
Non-U.S. corporate:
Utilities599 — 372 227 
Energy915 — 807 108 
Finance and insurance1,700 — 1,678 22 
Consumer—non-cyclical550 — 533 17 
Technology and communications706 — 697 9 
Industrial741 — 627 114 
Capital goods686 — 623 63 
Consumer—cyclical221 — 196 25 
Transportation491 — 413 78 
Other436 — 362 74 
Total non-U.S. corporate7,045 — 6,308 737 
Residential mortgage-backed1,064 — 1,062 2 
Commercial mortgage-backed1,358 — 1,338 20 
Other asset-backed2,226 — 1,865 361 
Total fixed maturity securities45,095 — 42,072 3,023 
Equity securities544 467 29 48 
Limited partnerships2,843 — — 20 2,823 
Other invested assets:
Derivative assets:
Interest rate swaps8 — 8 — 
Foreign currency swaps8 — 8 — 
Equity index options12 — — 12 
Forward bond purchase commitments4 — — 4 
Total derivative assets32 — 16 16 
Short-term investments29 — 6 23 
Total other invested assets61 — 22 39 
Separate account assets4,093 4,093 — — 
Total assets$52,636 $4,560 $42,123 $3,130 $2,823 
________________
(1)Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
December 31, 2025
(Amounts in millions)TotalLevel 1Level 2Level 3
NAV (1)
Assets
Investments:
Fixed maturity securities:
U.S. government, agencies and government-sponsored enterprises$3,701 $— $3,701 $— $
State and political subdivisions2,114 — 2,114 — 
Non-U.S. government1,215 — 1,199 16 
U.S. corporate:
Utilities4,515 — 3,511 1,004 
Energy2,452 — 2,431 21 
Finance and insurance7,057 — 6,438 619 
Consumer—non-cyclical4,406 — 4,371 35 
Technology and communications2,749 — 2,731 18 
Industrial954 — 938 16 
Capital goods2,319 — 2,282 37 
Consumer—cyclical1,249 — 1,194 55 
Transportation1,075 — 1,048 27 
Other270 — 145 125 
Total U.S. corporate27,046 — 25,089 1,957 
Non-U.S. corporate:
Utilities637 — 400 237 
Energy944 — 837 107 
Finance and insurance1,719 — 1,697 22 
Consumer—non-cyclical557 — 541 16 
Technology and communications689 — 680 9 
Industrial761 — 645 116 
Capital goods692 — 628 64 
Consumer—cyclical250 — 226 24 
Transportation485 — 406 79 
Other457 — 382 75 
Total non-U.S. corporate7,191 — 6,442 749 
Residential mortgage-backed1,100 — 1,097 3 
Commercial mortgage-backed1,309 — 1,290 19 
Other asset-backed2,086 — 1,759 327 
Total fixed maturity securities45,762 — 42,691 3,071 
Equity securities555 485 29 41 
Limited partnerships2,784 — — 16 2,768 
Other invested assets:
Derivative assets:
Interest rate swaps11 — 11 — 
Foreign currency swaps4 — 4 — 
Equity index options18 — — 18 
Forward bond purchase commitments6 — — 6 
Total derivative assets39 — 15 24 
Short-term investments37 — 14 23 
Total other invested assets76 — 29 47 
Separate account assets4,369 4,369 — — 
Total assets$53,546 $4,854 $42,749 $3,175 $2,768 
_________________
(1)Limited partnerships that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy.
Schedule of Assets Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value
The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the periods indicated:
Beginning
balance
as of
January 1,
2026		Total realized and
unrealized gains
(losses)		Ending
balance
as of
March 31,
2026		Total gains (losses)
attributable to
assets still held
(Amounts in millions)Included
in net
income
(loss)		Included
in OCI		PurchasesSalesIssuancesSettlements
Transfer
into
Level 3 (1)
Transfer
out of
Level 3 (1)
Included
in net
income
(loss)		Included
in OCI
Fixed maturity securities:
Non-U.S. government$16 $— $(1)$— $— $— $— $— $— $15 $— $(1)
U.S. corporate:
Utilities1,004 — (18)29 — — — — (22)993 — (17)
Energy21 — — — — — — — — 21 — — 
Finance and insurance 619 — (10)3 — — (8)— — 604 — (10)
Consumer—non-cyclical35 — — — — — (1)— — 34 — — 
Technology and communications18 — (1)— — — (7)— — 10 — — 
Industrial16 1 — — — — — — — 17 1 — 
Capital goods37 — (1)— — — — — — 36 — (1)
Consumer—cyclical55 — (1)— — — (2)— (10)42 — — 
Transportation27 — — — — — (1)— (13)13 — — 
Other125 — (2)— — — (5)— — 118 — (2)
Total U.S. corporate1,957 1 (33)32 — — (24)— (45)1,888 1 (30)
Non-U.S. corporate:
Utilities237 — — — — — (10)— — 227 — (3)
Energy107 — (1)2 — — — — — 108 — (1)
Finance and insurance22 — — — — — — — — 22 — — 
Consumer—non-cyclical16 — — 1 — — — — — 17 — — 
Technology and communications9 — — — — — — — — 9 — — 
Industrial116 — (2)— — — — — — 114 — (2)
Capital goods64 — (1)— — — — — — 63 — (1)
Consumer—cyclical24 — — 1 — — — — — 25 — — 
Transportation79 — (1)— — — — — — 78 — (1)
Other75 — (1)— — — — — — 74 — (1)
Total non-U.S. corporate749 — (6)4 — — (10)— — 737 — (9)
Residential mortgage-backed3 — — — — — — — (1)2 — — 
Commercial mortgage-backed19 — 1 — — — — — — 20 — 1 
Other asset-backed327 — (1)29 — — (4)20 (10)361 — (1)
Total fixed maturity securities3,071 1 (40)65 — — (38)20 (56)3,023 1 (40)
Equity securities41 — — 7 — — — — — 48 — — 
Limited partnerships16 1 — 3 — — — — — 20 1 — 
Other invested assets:
Derivative assets:
Equity index options18 (3)— 3 — — (6)— — 12 (3)— 
Forward bond purchase commitments6 — (2)— — — — — — 4 — (2)
Total derivative assets24 (3)(2)3 — — (6)— — 16 (3)(2)
Short-term investments23 — — — — — — — — 23 — — 
Total other invested assets47 (3)(2)3 — — (6)— — 39 (3)(2)
Total Level 3 assets$3,175 $(1)$(42)$78 $— $— $(44)$20 $(56)$3,130 $(1)$(42)
_______________
(1)The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
Beginning
balance
as of
January 1,
2025		Total realized and
unrealized gains
(losses)		Ending
balance
as of
March 31,
2025		Total gains (losses)
attributable to
assets still held
(Amounts in millions)Included
in net
income
(loss)		Included
in OCI		PurchasesSalesIssuancesSettlements
Transfer
into
Level 3 (1)
Transfer
out of
Level 3 (1)
Included
in net
income
(loss)		Included
in OCI
Fixed maturity securities:
Non-U.S. government$13 $— $1 $1 $— $— $— $— $— $15 $— $1 
U.S. corporate:
Utilities845 — 4 16 — — (3)— — 862 — 4 
Energy21 — — — — — — — — 21 — — 
Finance and insurance688 — 9 25 — — (23)— (32)667 — 8 
Consumer—non-cyclical63 — 1 — — — (15)— — 49 — 1 
Technology and communications12 — — — — — — 5 — 17 — — 
Industrial15 — — — — — — — — 15 — — 
Capital goods43 — 1 — — — — — — 44 — 1 
Consumer—cyclical99 — 2 8 — — (2)— — 107 — 2 
Transportation31 — — — — — (2)— — 29 — — 
Other133 — — — — — (5)— — 128 — — 
Total U.S. corporate1,950 — 17 49 — — (50)5 (32)1,939 — 16 
Non-U.S. corporate:
Utilities282 — 3 — — — — — — 285 — 3 
Energy116 — (1)— — — — — — 115 — (1)
Finance and insurance21 — — — — — — — — 21 — — 
Consumer—non-cyclical39 — — — — — (8)— — 31 — — 
Technology and communications17 — — — — — — — — 17 — — 
Industrial67 — 2 — — — — 40 — 109 — 2 
Capital goods47 — — — — — — — — 47 — — 
Transportation35 — — — — — — — — 35 — — 
Other51 — 1 12 — — — — — 64 — 1 
Total non-U.S. corporate675 — 5 12 — — (8)40 — 724 — 5 
Residential mortgage-backed2 — — — — — — — — 2 — — 
Commercial mortgage-backed11 — — — — — — — — 11 — — 
Other asset-backed142 — — 48 — — (5)— — 185 — — 
Total fixed maturity securities2,793 — 23 110 — — (63)45 (32)2,876 — 22 
Equity securities44 — — — (1)— — — — 43 — — 
Limited partnerships19 (1)— — — — — — — 18 (1)— 
Other invested assets:
Derivative assets:
Equity index options19 (4)— 3 — — (6)— — 12 (4)— 
Forward bond purchase commitments6 — 13 — — — — — — 19 — 13 
Total derivative assets25 (4)13 3 — — (6)— — 31 (4)13 
Total other invested assets25 (4)13 3 — — (6)— — 31 (4)13 
Total Level 3 assets$2,881 $(5)$36 $113 $(1)$— $(69)$45 $(32)$2,968 $(5)$35 
___________________
(1)The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads, as well as changes in the industry sectors assigned to specific securities.
Schedule of Gains and Losses Included in Net Income (Loss) from Assets Measured at Fair Value
The following table presents the gains and losses included in net income (loss) from assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related condensed consolidated statements of operations line item in which these gains and losses were presented for the periods indicated:
Three months ended
March 31,
(Amounts in millions)20262025
Total realized and unrealized gains (losses) included in net income (loss):
Net investment income$1 $— 
Net investment gains (losses)(2)(5)
Total$(1)$(5)
Total gains (losses) included in net income (loss) attributable to assets still held:
Net investment income$1 $— 
Net investment gains (losses)(2)(5)
Total$(1)$(5)
Schedule of Significant Unobservable Inputs Used for Fair Value Measurements Classified As Level 3
The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2026:
(Amounts in millions)Fair valueUnobservable inputRange
Weighted-average (1)
Fixed maturity securities:
U.S. corporate:
Utilities$949 Credit spreads
63bps - 229bps
128bps
Energy21 Credit spreads
126bps - 170bps
150bps
Finance and insurance586 Credit spreads
14bps - 246bps
151bps
Consumer—non-cyclical34 Credit spreads
77bps - 220bps
125bps
Technology and communications10 Credit spreads
88bps - 181bps
136bps
Industrial17 Credit spreads
88bps - 170bps
117bps
Capital goods36 Credit spreads
126bps - 141bps
132bps
Consumer—cyclical40 Credit spreads
110bps - 136bps
130bps
Transportation13 Credit spreads
52bps - 159bps
130bps
Other71 Credit spreads
88bps - 147bps
105bps
Total U.S. corporate$1,777 Credit spreads
14bps - 246bps
135bps
Non-U.S. corporate:
Utilities$226 Credit spreads
86bps - 244bps
119bps
Energy97 Credit spreads
91bps - 170bps
118bps
Finance and insurance22 Credit spreads
115bps - 139bps
124bps
Consumer—non-cyclical14 Credit spreads
98bps - 148bps
107bps
Technology and communications9 Credit spreads
88bps
Not applicable
Industrial114 Credit spreads
102bps - 180bps
123bps
Capital goods57 Credit spreads
126bps - 196bps
148bps
Consumer—cyclical22 Credit spreads
132bps
Not applicable
Transportation77 Credit spreads
102bps - 170bps
129bps
Other61 Credit spreads
63bps - 126bps
105bps
Total non-U.S. corporate$699 Credit spreads
63bps - 244bps
121bps
Derivative assets:
Equity index options$12 Equity index volatility
13% - 45%
32%
Forward bond purchase commitments$4 Counterparty financing spreads
11bps - 44bps
23bps
Other assets (2)
$101 Lapse rate
2% - 9%
5%
Non-performance risk
(counterparty credit risk)
42bps - 83bps
69bps
Equity index volatility
19% - 28%
24%
______________
(1)Unobservable inputs weighted by the relative fair value of the associated instrument for fixed maturity securities, notional for derivative assets and the policyholder account balances associated with the instrument for the net reinsured portion of our variable annuity MRBs.
(2)Represents the net reinsured portion of our variable annuity MRBs.
Schedule of Liabilities by Class of Instrument that are Measured at Fair Value on Recurring Basis
The following tables set forth our liabilities by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
March 31, 2026
(Amounts in millions)TotalLevel 1Level 2Level 3
Liabilities
Policyholder account balances:
Fixed indexed annuity embedded derivatives$130 $— $— $130 
Indexed universal life embedded derivatives13 — — 13 
Total policyholder account balances143 — — 143 
Derivative liabilities:
Interest rate swaps797 — 797 — 
Foreign currency swaps3 — 3 — 
Forward bond purchase commitments116 — — 116 
Foreign currency forward contracts6 — 6 — 
Total derivative liabilities922 — 806 116 
Total liabilities$1,065 $— $806 $259 
December 31, 2025
(Amounts in millions)TotalLevel 1Level 2Level 3
Liabilities
Policyholder account balances:
Fixed indexed annuity embedded derivatives$138 $— $— $138 
Indexed universal life embedded derivatives14 — — 14 
Total policyholder account balances152 — — 152 
Derivative liabilities:
Interest rate swaps849 — 849 — 
Foreign currency swaps4 — 4 — 
Forward bond purchase commitments107 — — 107 
Foreign currency forward contracts17 — 17 — 
Total derivative liabilities977 — 870 107 
Total liabilities$1,129 $— $870 $259 
Schedule of Liabilities Measured at Fair Value on Recurring Basis and Utilized Significant Unobservable (Level 3) Inputs to Determine Fair Value
The following tables present additional information about liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of and for the periods indicated:
Beginning
balance
as of
January 1, 2026		Total realized and
unrealized (gains)
losses		Ending
balance
as of
March 31,
2026		Total (gains)
losses attributable
to liabilities still
held
(Amounts in millions)Included
in net
(income)
loss		Included
in OCI		PurchasesSalesIssuancesSettlementsTransfer
into
Level 3		Transfer
out of
Level 3		Included
in net
(income)
loss		Included
in OCI
Policyholder account balances:
Fixed indexed annuity embedded derivatives$138 $(2)$— $— $— $— $(5)$— $(1)$130 $(2)$— 
Indexed universal life embedded derivatives14 — — — — — (1)— — 13 — — 
Total policyholder account balances152 (2)— — — — (6)— (1)143 (2)— 
Derivative liabilities:
Forward bond purchase commitments107 1 8 — — — — — — 116 1 8 
Total derivative liabilities107 1 8 — — — — — — 116 1 8 
Total Level 3 liabilities$259 $(1)$8 $— $— $— $(6)$— $(1)$259 $(1)$8 
Beginning
balance
as of
January 1, 2025		Total realized and
unrealized (gains)
losses		Ending
balance
as of
March 31,
2025		Total (gains)
losses attributable
to liabilities still
held
(Amounts in millions)Included
in net
(income)
loss		Included
in OCI		PurchasesSalesIssuancesSettlementsTransfer
into
Level 3		Transfer
out of
Level 3		Included
in net
(income)
loss		Included
in OCI
Policyholder account balances:
Fixed indexed annuity embedded derivatives$155 $(4)$— $— $— $— $(5)$— $(1)$145 $(4)$— 
Indexed universal life embedded derivatives15 (1)— — — — (1)— — 13 (1)— 
Total policyholder account balances170 (5)— — — — (6)— (1)158 (5)— 
Derivative liabilities:
Forward bond purchase commitments71 (4)(23)— — — — — — 44 (4)(22)
Total derivative liabilities71 (4)(23)— — — — — — 44 (4)(22)
Total Level 3 liabilities$241 $(9)$(23)$— $— $— $(6)$— $(1)$202 $(9)$(22)
Schedule of Gains and Losses Included in Net (Income) from Liabilities Measured at Fair Value
The following table presents the gains and losses included in net (income) loss from liabilities measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value and the related condensed consolidated statements of operations line item in which these gains and losses were presented for the periods indicated:
Three months ended
March 31,
(Amounts in millions)20262025
Total realized and unrealized (gains) losses included in net (income) loss:
Net investment income$— $— 
Net investment (gains) losses(1)(9)
Total$(1)$(9)
Total (gains) losses included in net (income) loss attributable to liabilities still held:
Net investment income$— $— 
Net investment (gains) losses(1)(9)
Total$(1)$(9)
Schedule of Significant Unobservable Inputs Used for Certain Liability Fair Value Measurements
The following table presents a summary of the significant unobservable inputs used for certain liability fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2026:
(Amounts in millions)Fair valueUnobservable inputRange
Weighted-average (1)
Policyholder account balances:
Fixed indexed annuity embedded derivatives$130 Expected future interest credited
1% - 4%
2%
Indexed universal life embedded derivatives$13 Expected future interest credited
3% - 11%
5%
Net market risk benefits: (2)
Fixed indexed annuities$53 GMWB utilization rate
20% - 100%
77%
Non-performance risk
(credit spreads)
42bps - 83bps
69bps
Expected future interest credited
1% - 4%
2%
Variable annuities$315 Lapse rate
2% - 11%
5%
GMWB utilization rate
59% - 90%
81%
Non-performance risk
(credit spreads)
42bps - 83bps
69bps
Equity index volatility
19% - 28%
24%
Derivative liabilities:
Forward bond purchase commitments$116 Counterparty financing spreads
14bps - 45bps
36bps
______________
(1)Unobservable inputs weighted by the policyholder account balances associated with the instrument and notional for derivative liabilities.
(2)Refer to note 11 for additional details related to MRBs.
Schedule of Fair Value Financial Instruments Not Required to be Carried at Fair Value
The following represents our estimated fair value of financial assets and liabilities that are not required to be carried at fair value as of the dates indicated:
March 31, 2026
(Amounts in millions)Notional
amount		Carrying
amount		Fair value
TotalLevel 1Level 2Level 3
Assets:
Commercial mortgage loans, net
(1)
$6,293 $6,047 $— $6 $6,041 
Other invested assets
(1)
657 665 — — 665 
Liabilities:
Long-term borrowings
(1)
1,509 1,436 — 1,436 — 
Investment contracts
(1)
3,917 3,950 — — 3,950 
Commitments to fund investments:
Bank loan investments$119 
Private placement investments656 
Commercial mortgage loans10 
______________
(1)These financial instruments do not have notional amounts.
December 31, 2025
(Amounts in millions)Notional
amount		Carrying
amount		Fair value
TotalLevel 1Level 2Level 3
Assets:
Commercial mortgage loans, net
(1)
$6,304 $6,092 $— $6 $6,086 
Other invested assets
(1)
642 651 — — 651 
Liabilities:
Long-term borrowings
(1)
1,513 1,471 — 1,471 — 
Investment contracts
(1)
3,869 3,944 — — 3,944 
Commitments to fund investments:
Bank loan investments$118 
Private placement investments362 
Commercial mortgage loans7 
______________
(1)These financial instruments do not have notional amounts.
Schedule of Carrying Value of Limited Partnerships and Commitments to Fund
The following table presents the carrying value of limited partnerships and commitments to fund as of the dates indicated:
March 31, 2026December 31, 2025
(Amounts in millions)Carrying
value		Commitments
to fund		Carrying
value		Commitments
to fund
Limited partnerships accounted for at NAV:
Private equity and credit funds (1)
$2,520 $1,590 $2,475 $1,619 
Real estate funds (2)
132 63 137 65 
Infrastructure funds (3)
171 157 156 151 
Total limited partnerships accounted for at NAV2,823 1,810 2,768 1,835 
Limited partnerships accounted for at fair value20 1 16 1 
Limited partnerships accounted for under equity method of accounting685 94 700 80 
Total$3,528 $1,905 $3,484 $1,916 
______________
(1)This class employs various investment strategies such as leveraged buyout, growth equity, venture capital and mezzanine financing, generally investing in debt or equity positions directly in companies or assets of various sizes across diverse industries globally, primarily concentrated in North America.
(2)This class invests in real estate in North America, Europe and Asia via direct property ownership, joint ventures, mortgages and investments in debt and equity instruments.
(3)This class invests in the debt or equity of cash flow generating assets diversified across a variety of industries, including transportation, energy infrastructure, renewable power, social infrastructure, power generation, water, telecommunications and other regulated entities globally.