Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.


	March 31, 2026
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	22,582	$	0	$		$	22,582
Obligations of U.S. states and their political subdivisions	0		5,054		5				5,059
Foreign government securities	0		47,670		5				47,675
U.S. corporate public securities	0		107,671		64				107,735
U.S. corporate private securities(2)	0		40,781		5,537				46,318
Foreign corporate public securities	0		24,005		39				24,044
Foreign corporate private securities	0		37,579		1,825				39,404
Asset-backed securities(3)	0		16,672		4,942				21,614
Commercial mortgage-backed securities	0		9,031		845				9,876
Residential mortgage-backed securities	0		6,435		109				6,544
Subtotal	0		317,480		13,371				330,851
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		246		0				246

Foreign government securities	0		612		0				612
Corporate securities	0		57		0				57



Equity securities	2,156		1,710		0				3,866

Subtotal	2,156		2,625		0				4,781
Market risk benefit assets	0		0		2,166				2,166
Fixed maturities, trading	0		12,916		2,915				15,831
Equity securities	9,732		2,252		568				12,552
Commercial mortgage and other loans	0		1,225		270				1,495
Other invested assets(4)	37		24,446		1,134		(23,021)		2,596
Short-term investments	2,496		3,751		44				6,291
Cash equivalents	620		8,646		0				9,266
Reinsurance recoverables and deposit receivables	0		293		452				745

Separate account assets(5)(6)	9,426		151,769		210				161,405
Total assets	$	24,467	$	525,403	$	21,130	$	(23,021)	$	547,979
Market risk benefit liabilities	$	0	$	0	$	5,000	$		$	5,000
Policyholders’ account balances	0		0		17,590				17,590
Reinsurance and funds withheld payables	0		78		0				78
Other liabilities	35		37,825		0		(31,459)		6,401
Notes issued by consolidated VIEs	0		0		1,330				1,330
Total liabilities	$	35	$	37,903	$	23,920	$	(31,459)	$	30,399


	December 31, 2025
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	22,179	$	0	$		$	22,179
Obligations of U.S. states and their political subdivisions	0		5,460		5				5,465
Foreign government securities	0		50,609		5				50,614
U.S. corporate public securities	0		107,718		63				107,781
U.S. corporate private securities(2)	0		42,007		5,094				47,101
Foreign corporate public securities	0		23,661		42				23,703
Foreign corporate private securities	0		38,425		1,734				40,159
Asset-backed securities(3)	0		15,227		4,102				19,329
Commercial mortgage-backed securities	0		8,890		853				9,743
Residential mortgage-backed securities	0		5,281		100				5,381
Subtotal	0		319,457		11,998				331,455
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		245		0				245

Foreign government securities	0		596		0				596
Corporate securities	0		55		0				55



Equity securities	2,225		1,721		0				3,946

Subtotal	2,225		2,617		0				4,842
Market risk benefit assets	0		0		2,330				2,330
Fixed maturities, trading	0		12,556		2,313				14,869
Equity securities	8,052		2,294		626				10,972
Commercial mortgage and other loans	0		793		263				1,056
Other invested assets(4)	301		25,816		1,088		(24,445)		2,760
Short-term investments	116		5,664		1				5,781
Cash equivalents	1,466		11,372		0				12,838
Reinsurance recoverables and deposit receivables	0		206		367				573

Separate account assets(5)(6)	9,419		159,115		211				168,745
Total assets	$	21,579	$	539,890	$	19,197	$	(24,445)	$	556,221
Market risk benefit liabilities	$	0	$	0	$	4,623	$		$	4,623
Policyholders’ account balances	0		0		18,799				18,799
Reinsurance and funds withheld payables	0		174		0				174
Other liabilities	280		38,877		0		(32,942)		6,215
Notes issued by consolidated VIEs	0		0		767				767
Total liabilities	$	280	$	39,051	$	24,189	$	(32,942)	$	30,578

__________

(1)“Netting” amounts represent cash collateral of $(8,438) million and $(8,497) million as of March 31, 2026 and December 31, 2025, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

(2)Excludes notes with fair value of $15,844 million (carrying amount of $15,844 million) and $15,744 million (carrying amount of $15,744 million) as of March 31, 2026 and December 31, 2025, respectively, which have been offset with the associated debt under a netting agreement.

(3)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans, education loans and other asset types.

(4)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of March 31, 2026 and December 31, 2025, the fair value of such investments was $5,931 million and $5,526 million, respectively.

(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and other invested assets. As of March 31, 2026 and December 31, 2025, the fair value of such investments was $27,631 million and $27,506 million, respectively.

(6)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company’s Unaudited Interim Consolidated Statements of Financial Position.

Fair Value Inputs, Assets and Liabilities, Quantitative Information

The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.


	As of March 31, 2026
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	8,331	Discounted cash flow	Discount rate	1.20%	31.61%	9.14%	Decrease
			Market comparables	EBITDA multiple(4)	5.5X	8.5X	6.9X	Increase
			Liquidation	Liquidation value	12.01%	77.35%	36.82%	Increase
Asset backed securities	$	783	Discounted cash flow	Discount rate	1.98%	10.24%	3.88%	Decrease
				Liquidity premium	2.55%	2.60%	2.56%	Decrease
Commercial mortgage-backed securities	$	845	Discounted cash flow	Liquidity premium	0.90%	0.90%	0.90%	Decrease
Market risk benefit assets(6)	$	2,166	Discounted cash flow	Lapse rate(8)	1%	20%		Increase
				Spread over SOFR(9)	0.44%	1.85%		Increase
				Utilization rate(10)	37%	94%		Decrease
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Increase
				Equity volatility curve	18%	26%		Decrease
Equity securities	$	181	Market comparables	EBITDA multiple(4)	6.0X	7.0X	6.2X	Increase
			Net Asset Value	Share price	$3	$1,809	$750	Increase
Commercial mortgage and other loans	$	270	Discounted cash flow	Spread	1.90%	3.10%	2.47%	Decrease
Reinsurance recoverables and deposit receivables	$	452	Discounted cash flow	Lapse rate(8)	1%	50%		Increase
				Spread over SOFR(9)	0.44%	1.82%		Increase
				Option Budget(13)	0%	6%		Decrease
Liabilities:
Market risk benefit liabilities(6)	$	5,000	Discounted cash flow	Lapse rate(8)	1%	20%		Decrease
				Spread over SOFR(9)	0.44%	1.85%		Decrease
				Utilization rate(10)	37%	94%		Increase
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Decrease
				Equity volatility curve	18%	26%		Increase
Policyholders’ account balances(7)	$	17,502	Discounted cash flow	Lapse rate(8)	0%	80%		Decrease
				Spread over SOFR(9)	0.44%	1.82%		Decrease
				Mortality rate(12)	0%	23%		Decrease

				Option Budget(13)	(1)%	6%		Increase
Notes issued by consolidated VIEs	$	517	Liquidation	Liquidation value	100%	100%	100%	Increase


	As of December 31, 2025
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	7,702	Discounted cash flow	Discount rate	1.10%	25.50%	8.47%	Decrease
			Market comparables	EBITDA multiple(4)	5.5X	8.5X	7.5X	Increase
			Liquidation	Liquidation value	12.01%	39.00%	30.18%	Increase
Asset backed securities	$	1,767	Discounted cash flow	Discount rate	2.10%	10.05%	6.10%	Decrease
				Liquidity premium	1.50%	2.60%	1.89%	Decrease
Commercial mortgage-backed securities	$	853	Discounted cash flow	Liquidity premium	0.90%	0.90%	0.90%	Decrease
Market risk benefit assets(6)	$	2,330	Discounted cash flow	Lapse rate(8)	1%	20%		Increase
				Spread over SOFR(9)	0.38%	1.61%		Increase
				Utilization rate(10)	37%	94%		Decrease
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Increase
				Equity volatility curve	15%	25%		Decrease
Equity securities	$	214	Discounted cash flow	Discount rate(5)	40%	40%		Decrease
			Market comparables	EBITDA multiple(4)	7.0X	7.0X	7.0X	Increase
			Net Asset Value	Share price	$3	$1,809	$778	Increase
Commercial mortgage and other loans	$	263	Discounted cash flow	Spread	2.15%	3.10%	2.63%	Decrease
Reinsurance recoverables and deposit receivables	$	367	Discounted cash flow	Lapse rate(8)	1%	50%		Increase
				Spread over SOFR(9)	0.38%	1.61%		Increase
				Option Budget(13)	0%	6%		Decrease
Liabilities:
Market risk benefit liabilities(6)	$	4,623	Discounted cash flow	Lapse rate(8)	1%	20%		Decrease
				Spread over SOFR(9)	0.38%	1.61%		Decrease
				Utilization rate(10)	37%	94%		Increase
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Decrease
				Equity volatility curve	15%	25%		Increase
Policyholders’ account balances(7)	$	18,716	Discounted cash flow	Lapse rate(8)	0%	80%		Decrease
				Spread over SOFR(9)	0.38%	1.61%		Decrease
				Mortality rate(12)	0%	23%		Decrease

				Option Budget(13)	(2)%	9%		Increase
Notes issued by consolidated VIEs	$	382	Liquidation	Liquidation value	100%	100%	100%	Increase

___________

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2)Includes assets classified as fixed maturities, available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.

(3)Excludes notes which have been offset with the associated debt under a netting agreement.

(4)Represents multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.

(5)For these investments, a range of discount rates is typically used and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average.

(6)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(7)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(8)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.

(9)The spread over the secured overnight financing rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of March 31, 2026 and December 31, 2025, respectively. This spread includes an estimate of non-performance risk (“NPR”), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company (“AuguStar”), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company’s; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.

(10)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration, and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(11)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both March 31, 2026 and December 31, 2025, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(12)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.


	Three Months Ended March 31, 2026(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets and liabilities still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	5	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	5	$	0
Foreign government	5		0		0		0		0		0		0		0		0		5		0
Corporate securities(3)	6,933		(154)		686		(94)		0		(360)		13		469		(28)		7,465		(165)
Structured securities(4)	5,055		(32)		1,298		(54)		0		(150)		(1)		0		(220)		5,896		(32)






Other assets:
Fixed maturities, trading	2,313		(44)		724		(24)		0		(41)		(1)		16		(28)		2,915		(49)
Equity securities	626		(32)		23		(2)		0		(14)		0		0		(33)		568		(28)
Commercial mortgage and other loans	263		0		39		0		26		(58)		0		0		0		270		0
Other invested assets	1,088		(1)		59		(12)		0		0		0		0		0		1,134		(1)
Short-term investments	1		(11)		26		0		0		28		0		0		0		44		(11)
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	367		60		44		0		0		(21)		2		0		0		452		39

Separate account assets	211		(4)		6		(1)		0		(8)		0		6		0		210		(4)
Liabilities:
Policyholders’ account balances(5)	(18,799)		1,589		0		0		0		(381)		1		0		0		(17,590)		323
Other liabilities	0		0		0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	(767)		(2)		0		0		(138)		0		(423)		0		0		(1,330)		(4)


	Three Months Ended March 31, 2026
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets and liabilities still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(77)	$	0	$	0	$	(111)	$	2	$	(89)	$	0	$	0	$	(108)

Other assets:
Fixed maturities, trading	0		(44)		0		0		0		0		(49)		0		0
Equity securities	0		(32)		0		0		0		0		(28)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(1)		0		0		0		0		(1)		0		0
Short-term investments	(11)		0		0		0		0		(11)		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	60		0		0		0		0		39		0		0		0

Separate account assets	0		0		(4)		0		0		0		0		(4)		0
Liabilities:
Policyholders’ account balances	1,589		0		0		0		0		323		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		(2)		0		0		0		0		(4)		0		0


	Three Months Ended March 31, 2025(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets and liabilities still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	6	$	0	$	0	$	0	$	0	$	(1)	$	0	$	0	$	0	$	5	$	0
Foreign government	7		0		0		0		0		(2)		0		0		0		5		0
Corporate securities(3)	5,831		(68)		868		(350)		0		(194)		(41)		234		(1)		6,279		(71)
Structured securities(4)	2,333		18		826		(323)		0		(65)		(362)		865		(75)		3,217		19






Other assets:
Fixed maturities, trading	1,986		(21)		423		(261)		0		(252)		366		3		(106)		2,138		(7)
Equity securities	518		(17)		154		(23)		0		0		0		119		(18)		733		(23)
Commercial mortgage and other loans	233		0		0		0		30		0		0		0		0		263		0
Other invested assets	953		(1)		14		(1)		0		0		0		0		0		965		(1)
Short-term investments	461		0		8		(3)		0		(4)		0		0		0		462		0
Cash equivalents	0		0		1		0		0		0		0		0		0		1		0
Reinsurance recoverables and deposit receivables	613		(4)		23		0		0		(18)		(233)		0		0		381		(21)

Separate account assets	232		(8)		60		(34)		0		(1)		0		4		0		253		(8)
Liabilities:
Policyholders’ account balances(5)	(12,746)		1,435		0		0		0		(625)		(2)		0		0		(11,938)		407
Other liabilities	(1)		(12)		0		0		0		0		0		0		0		(13)		(12)
Notes issued by consolidated VIEs	(60)		0		0		0		(7)		0		0		0		0		(67)		0


	Three Months Ended March 31, 2025
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets and liabilities still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(19)	$	0	$	0	$	(28)	$	(3)	$	(22)	$	0	$	0	$	(30)






Other assets:
Fixed maturities, trading	0		(6)		0		0		(15)		0		(7)		0		0
Equity securities	0		(17)		0		0		0		0		(23)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(1)		0		0		0		0		(1)		0		0
Short-term investments	0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	(4)		0		0		0		0		(21)		0		0		0

Separate account assets	0		0		(8)		0		0		0		0		(8)		0
Liabilities:
Policyholders’ account balances	1,435		0		0		0		0		407		0		0		0
Other liabilities	(12)		0		0		0		0		(12)		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0

__________

(1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets and liabilities still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.

(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.

(6)Excludes MRB assets of $2,166 million and $2,139 million and MRB liabilities of $5,000 million and $5,021 million for the periods ended March 31, 2026 and 2025, respectively. See Note 11 for additional information.

(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the period in which the transfers occur for any such positions still held at the end of the period.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	Three Months Ended March 31, 2026(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets and liabilities still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	5	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	5	$	0
Foreign government	5		0		0		0		0		0		0		0		0		5		0
Corporate securities(3)	6,933		(154)		686		(94)		0		(360)		13		469		(28)		7,465		(165)
Structured securities(4)	5,055		(32)		1,298		(54)		0		(150)		(1)		0		(220)		5,896		(32)






Other assets:
Fixed maturities, trading	2,313		(44)		724		(24)		0		(41)		(1)		16		(28)		2,915		(49)
Equity securities	626		(32)		23		(2)		0		(14)		0		0		(33)		568		(28)
Commercial mortgage and other loans	263		0		39		0		26		(58)		0		0		0		270		0
Other invested assets	1,088		(1)		59		(12)		0		0		0		0		0		1,134		(1)
Short-term investments	1		(11)		26		0		0		28		0		0		0		44		(11)
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	367		60		44		0		0		(21)		2		0		0		452		39

Separate account assets	211		(4)		6		(1)		0		(8)		0		6		0		210		(4)
Liabilities:
Policyholders’ account balances(5)	(18,799)		1,589		0		0		0		(381)		1		0		0		(17,590)		323
Other liabilities	0		0		0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	(767)		(2)		0		0		(138)		0		(423)		0		0		(1,330)		(4)


	Three Months Ended March 31, 2026
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets and liabilities still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(77)	$	0	$	0	$	(111)	$	2	$	(89)	$	0	$	0	$	(108)

Other assets:
Fixed maturities, trading	0		(44)		0		0		0		0		(49)		0		0
Equity securities	0		(32)		0		0		0		0		(28)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(1)		0		0		0		0		(1)		0		0
Short-term investments	(11)		0		0		0		0		(11)		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	60		0		0		0		0		39		0		0		0

Separate account assets	0		0		(4)		0		0		0		0		(4)		0
Liabilities:
Policyholders’ account balances	1,589		0		0		0		0		323		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		(2)		0		0		0		0		(4)		0		0


	Three Months Ended March 31, 2025(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets and liabilities still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	6	$	0	$	0	$	0	$	0	$	(1)	$	0	$	0	$	0	$	5	$	0
Foreign government	7		0		0		0		0		(2)		0		0		0		5		0
Corporate securities(3)	5,831		(68)		868		(350)		0		(194)		(41)		234		(1)		6,279		(71)
Structured securities(4)	2,333		18		826		(323)		0		(65)		(362)		865		(75)		3,217		19






Other assets:
Fixed maturities, trading	1,986		(21)		423		(261)		0		(252)		366		3		(106)		2,138		(7)
Equity securities	518		(17)		154		(23)		0		0		0		119		(18)		733		(23)
Commercial mortgage and other loans	233		0		0		0		30		0		0		0		0		263		0
Other invested assets	953		(1)		14		(1)		0		0		0		0		0		965		(1)
Short-term investments	461		0		8		(3)		0		(4)		0		0		0		462		0
Cash equivalents	0		0		1		0		0		0		0		0		0		1		0
Reinsurance recoverables and deposit receivables	613		(4)		23		0		0		(18)		(233)		0		0		381		(21)

Separate account assets	232		(8)		60		(34)		0		(1)		0		4		0		253		(8)
Liabilities:
Policyholders’ account balances(5)	(12,746)		1,435		0		0		0		(625)		(2)		0		0		(11,938)		407
Other liabilities	(1)		(12)		0		0		0		0		0		0		0		(13)		(12)
Notes issued by consolidated VIEs	(60)		0		0		0		(7)		0		0		0		0		(67)		0


	Three Months Ended March 31, 2025
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets and liabilities still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(19)	$	0	$	0	$	(28)	$	(3)	$	(22)	$	0	$	0	$	(30)






Other assets:
Fixed maturities, trading	0		(6)		0		0		(15)		0		(7)		0		0
Equity securities	0		(17)		0		0		0		0		(23)		0		0
Commercial mortgage and other loans	0		0		0		0		0		0		0		0		0
Other invested assets	0		(1)		0		0		0		0		(1)		0		0
Short-term investments	0		0		0		0		0		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	(4)		0		0		0		0		(21)		0		0		0

Separate account assets	0		0		(8)		0		0		0		0		(8)		0
Liabilities:
Policyholders’ account balances	1,435		0		0		0		0		407		0		0		0
Other liabilities	(12)		0		0		0		0		(12)		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0

__________

(1)“Other” includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets and liabilities still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

(4)Includes asset-backed, commercial mortgage-backed and residential mortgage-backed securities.

(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.

(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the period in which the transfers occur for any such positions still held at the end of the period.

Fair Value Assets and Liabilities Measured on Recurring Basis, Derivatives

The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.


	As of March 31, 2026
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	15	$	11,041	$	0	$		$	11,056
Currency	0		1,685		0				1,685
Credit	0		56		0				56
Currency/Interest Rate	0		2,016		0				2,016
Equity	22		9,648		0				9,670
Netting(1)							(23,021)		(23,021)
Total derivative assets	$	37	$	24,446	$	0	$	(23,021)	$	1,462
Derivative Liabilities:
Interest Rate	$	6	$	25,165	$	0	$		$	25,171
Currency	0		1,621		0				1,621
Credit	0		0		0				0
Currency/Interest Rate	0		1,105		0				1,105
Equity	29		9,934		0				9,963
Netting(1)							(31,459)		(31,459)
Total derivative liabilities	$	35	$	37,825	$	0	$	(31,459)	$	6,401


	As of December 31, 2025
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	7	$	11,210	$	0	$		$	11,217
Currency	0		1,384		0				1,384
Credit	0		112		0				112
Currency/Interest Rate	0		1,656		0				1,656
Equity	293		11,454		0				11,747
Netting(1)							(24,445)		(24,445)
Total derivative assets	$	300	$	25,816	$	0	$	(24,445)	$	1,671
Derivative Liabilities:
Interest Rate	$	22	$	25,571	$	0	$		$	25,593
Currency	0		1,591		0				1,591
Credit	0		0		0				0
Currency/Interest Rate	0		1,619		0				1,619
Equity	258		10,096		0				10,354
Netting(1)							(32,942)		(32,942)
Total derivative liabilities	$	280	$	38,877	$	0	$	(32,942)	$	6,215

__________

(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives

The following tables provide a summary of the changes in fair value of Level 3 derivative assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income, attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods.


	Three Months Ended March 31, 2026
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Net Derivative - Interest Rate	0		0		0		0		0		0		0		0		0		0		0


	Three Months Ended March 31, 2025
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	1	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	1	$	1
Net Derivative - Interest Rate	0		(13)		0		0		0		0		0		0		0		(13)		(13)

__________

(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”

(2)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the period in which the transfers occur for any such positions still held at the end of the period.

Fair Value Measurements, Nonrecurring

The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).


	Three Months Ended March 31,
	2026		2025
	(in millions)
Gains (Losses):


Investment real estate	$	0	$	(12)
Investment in JV/LP and Other	$	(5)	$	0
Equity securities	$	9	$	0


	March 31, 2026		December 31, 2025
	(in millions)
Carrying value after measurement as of period end:


Investment real estate(1)	$	0	$	45
Investment in JV/LP and Other(1)	$	74	$	61
Equity securities(1)	$	32	$	92

__________

(1)Reported carrying values for 2026 include values as of the measurement dates of March 31, 2026 for “Investment in JV/LP and Other” and “Equity securities.” Reported carrying values for 2025 include values as of the measurement dates of March 31, 2025 for “Investment real estate,” December 31, 2025 for “Investment in JV/LP and Other” and September 30, 2025 and December 31, 2025 for “Equity securities.”

Fair Value, Option

The following tables present information regarding assets and liabilities where the fair value option has been elected.


	Three Months Ended March 31,
	2026		2025
	(in millions)
Commercial mortgage and other loans:
Interest income	$	8	$	8
Changes in fair value	$	0	$	0
Notes issued by consolidated VIEs:
Interest expense	$	8	$	0
Changes in fair value	$	2	$	0


	March 31, 2026		December 31, 2025
	(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end	$	1,495	$	1,056
Aggregate contractual principal as of period end	$	1,485	$	1,048
Other invested assets:
Fair value as of period end	$	26	$	26


Notes issued by consolidated VIEs:
Fair value as of period end	$	1,330	$	767
Aggregate contractual principal as of period end	$	1,330	$	767

__________

(1)As of March 31, 2026, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.

Fair Value Disclosure Financial Instruments Not Carried at Fair Value

In some cases, as described below, the carrying amount equals or approximates fair value.


	March 31, 2026
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	13	$	62,288	$	62,301	$	63,917
Policy loans	13		0		9,975		9,988		9,988
Other invested assets	0		93		0		93		93
Short-term investments	625		1		0		626		626
Cash and cash equivalents	6,422		248		0		6,670		6,670
Accrued investment income	0		3,633		0		3,633		3,633
Reinsurance recoverables and deposit receivables	0		8		7,066		7,074		7,074
Other assets	56		3,401		2		3,459		3,459
Total assets	$	7,116	$	7,397	$	79,331	$	93,844	$	95,460
Liabilities:
Policyholders’ account balances—investment contracts	$	0	$	35,871	$	48,916	$	84,787	$	90,343
Securities sold under agreements to repurchase	0		10,975		0		10,975		10,975
Cash collateral for loaned securities	0		8,905		0		8,905		8,905
Reinsurance and funds withheld payables(2)	0		10,772		(37)		10,735		10,735
Short-term debt	0		910		36		946		946
Long-term debt(3)	7,263		10,059		457		17,779		18,882
Notes issued by consolidated VIEs	0		0		1,953		1,953		1,953
Other liabilities	0		7,636		31		7,667		7,667
Separate account liabilities—investment contracts	0		22,320		17,545		39,865		39,865
Total liabilities	$	7,263	$	107,448	$	68,901	$	183,612	$	190,271


	December 31, 2025
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	14	$	63,164	$	63,178	$	63,659
Policy loans	12		0		9,946		9,958		9,958
Other invested assets	0		93		0		93		93
Short-term investments	632		1		0		633		633
Cash and cash equivalents	6,652		222		0		6,874		6,874
Accrued investment income	0		3,636		0		3,636		3,636
Reinsurance recoverables and deposit receivables	0		8		6,710		6,718		6,718
Other assets	37		3,142		2		3,181		3,181
Total assets	$	7,333	$	7,116	$	79,822	$	94,271	$	94,752
Liabilities:
Policyholders’ account balances—investment contracts	$	0	$	35,175	$	49,931	$	85,106	$	89,970
Securities sold under agreements to repurchase	0		9,598		0		9,598		9,598
Cash collateral for loaned securities	0		8,700		0		8,700		8,700
Reinsurance and funds withheld payables(2)	0		10,639		(32)		10,607		10,607
Short-term debt	0		1,408		33		1,441		1,443
Long-term debt(3)	7,507		10,324		522		18,353		18,856
Notes issued by consolidated VIEs	0		0		1,892		1,892		1,892
Other liabilities	0		6,993		31		7,024		7,024
Separate account liabilities—investment contracts	0		22,548		17,663		40,211		40,211
Total liabilities	$	7,507	$	105,385	$	70,040	$	182,932	$	188,301

__________

(1)Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Life Reinsurance, Ltd (“Prismic Re”) with a fair value of $7,430 million (carrying amount of $7,430 million) and $7,513 million (carrying amount of $7,513 million), a portion of which relates to insurance contracts as of March 31, 2026 and December 31, 2025, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.

(3)Excludes debt with fair value of $15,844 million (carrying amount of $15,844 million) and $15,744 million (carrying amount of $15,744 million) as of March 31, 2026 and December 31, 2025, respectively, which have been offset with the associated notes under a netting agreement.