v3.26.1
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost $ 15,756 $ 16,125
Commercial mortgage and other loans 9,770 9,765
Other investments 7,937 6,622
Total assets 72,560 72,805
Liabilities:    
Other policyholders’ funds 5,423 5,445
Total liabilities 1,016 972
Policy loans    
Assets:    
Other investments 205 210
Equity method investments    
Assets:    
Other investments [1] 4,226 4,109
Real estate owned    
Assets:    
Other investments 853 902
Level 1    
Assets:    
Total assets 21,955 22,266
Liabilities:    
Total liabilities 0 0
Level 2    
Assets:    
Total assets 46,808 47,022
Liabilities:    
Total liabilities 1,016 972
Level 3    
Assets:    
Total assets 3,797 3,517
Liabilities:    
Total liabilities 0 0
Carrying value    
Assets:    
Commercial mortgage and other loans 9,770 9,765
Other investments 37 [2] 28 [3]
Total assets 25,559 25,913
Liabilities:    
Other policyholders’ funds 5,423 5,445
Notes payable 7,822 8,330
Total liabilities 13,245 13,775
Carrying value | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 15,136 15,459
Carrying value | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 230 235
Carrying value | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 31 32
Carrying value | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 339 378
Carrying value | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 16 16
Fair value    
Assets:    
Commercial mortgage and other loans 9,578 9,617
Other investments 37 [2] 28 [3]
Total assets 24,384 25,121
Liabilities:    
Other policyholders’ funds 5,358 5,376
Notes payable 7,249 7,849
Total liabilities 12,607 13,225
Fair value | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 14,177 14,827
Fair value | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 217 229
Fair value | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 27 29
Fair value | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 333 375
Fair value | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 15 16
Fair value | Level 1    
Assets:    
Commercial mortgage and other loans 0 0
Other investments 0 [2] 0 [3]
Total assets 14,052 14,696
Liabilities:    
Other policyholders’ funds 0 0
Notes payable 0 0
Total liabilities 0 0
Fair value | Level 1 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 14,052 14,696
Fair value | Level 1 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 1 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 1 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 1 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 2    
Assets:    
Commercial mortgage and other loans 0 0
Other investments 37 [2] 28 [3]
Total assets 754 808
Liabilities:    
Other policyholders’ funds 0 0
Notes payable 6,581 7,167
Total liabilities 6,581 7,167
Fair value | Level 2 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 125 131
Fair value | Level 2 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 217 229
Fair value | Level 2 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 27 29
Fair value | Level 2 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 333 375
Fair value | Level 2 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 15 16
Fair value | Level 3    
Assets:    
Commercial mortgage and other loans 9,578 9,617
Other investments 0 [2] 0 [3]
Total assets 9,578 9,617
Liabilities:    
Other policyholders’ funds 5,358 5,376
Notes payable 668 682
Total liabilities 6,026 6,058
Fair value | Level 3 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost $ 0 $ 0
[1] Includes tax credit investments and asset classes such as private equity and real estate funds
[2] Excludes policy loans of $205, equity method investments of $4,226, and REO of $853, at carrying value
[3] Excludes policy loans of $210, equity method investments of $4,109, and REO of $902, at carrying value