v3.26.1
FAIR VALUE DISCLOSURES - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments    
Fixed maturities, AFS: $ 78,808 $ 77,162
Fixed maturities, at fair value using the fair value option [1] 2,934 2,943
Mortgage loans, at fair value using the fair value option 72 50
Liabilities:    
Notes issued by consolidated VIE's, at fair value using the fair value option [1] 3,090 2,702
Liability for market risk benefits 9,825 10,153
Accrued interest payable for notes issued by consolidated variable interest entity 12 19
Carrying
Value    
Investments    
Other equity investments 30 37
Modco Payable (339) (323)
Liabilities:    
Accrued interest payable for notes issued by consolidated variable interest entity 117  
U.S. Treasury, government and agency    
Investments    
Fixed maturities, AFS: 3,700 3,737
States and political subdivisions    
Investments    
Fixed maturities, AFS: 308 310
Foreign governments    
Investments    
Fixed maturities, AFS: 470 482
Residential mortgage-backed    
Investments    
Fixed maturities, AFS: 7,604 7,086
Asset-backed    
Investments    
Fixed maturities, AFS: 16,327 16,058
Commercial mortgage-backed    
Investments    
Fixed maturities, AFS: 4,632 4,590
Redeemable preferred stock    
Investments    
Fixed maturities, AFS: 57 58
Recurring    
Investments    
Fixed maturities, AFS: 78,808 77,162
Fixed maturities, at fair value using the fair value option 2,934 2,943
Mortgage loans, at fair value using the fair value option 72 50
Other equity investments 460 474
Trading securities 1,645 1,572
Other invested assets: 18,669 21,203
Cash equivalents 4,210 4,998
Segregated securities 351 499
Purchased market risk benefits 5,266 5,260
Assets for market risk benefits 675 752
Modco Payable 2 (1)
Separate Accounts assets 129,993 135,820
Total Assets 243,085 250,732
Liabilities:    
Notes issued by consolidated VIE's, at fair value using the fair value option 3,078 2,708
Liability for market risk benefits 9,825 10,153
Contingent payment arrangements 9 9
Total Liabilities 31,474 34,709
Recurring | Liabilities of consolidated VIEs and VOEs    
Liabilities:    
Guarantees 25 20
Recurring | Corporate    
Investments    
Fixed maturities, AFS: 45,710 44,841
Recurring | U.S. Treasury, government and agency    
Investments    
Fixed maturities, AFS: 3,700 3,737
Recurring | States and political subdivisions    
Investments    
Fixed maturities, AFS: 308 310
Recurring | Foreign governments    
Investments    
Fixed maturities, AFS: 470 482
Recurring | Residential mortgage-backed    
Investments    
Fixed maturities, AFS: 7,604 7,086
Recurring | Asset-backed    
Investments    
Fixed maturities, AFS: 16,327 16,058
Recurring | Commercial mortgage-backed    
Investments    
Fixed maturities, AFS: 4,632 4,590
Recurring | Redeemable preferred stock    
Investments    
Fixed maturities, AFS: 57 58
Recurring | Short-term investments    
Investments    
Other invested assets: 102 96
Recurring | Assets of consolidated VIEs/VOEs    
Investments    
Other invested assets: 422 352
Recurring | Swaps    
Investments    
Other invested assets: 545 (380)
Recurring | Credit default swaps    
Investments    
Other invested assets: (4) (10)
Recurring | Futures    
Investments    
Other invested assets: 4 1
Recurring | Options    
Investments    
Other invested assets: 17,598 21,111
Recurring | Forwards    
Investments    
Other invested assets: 2 33
Recurring | SCS, SIO, MSO and IUL indexed features’ liability    
Liabilities:    
Guarantees 18,537 21,819
Recurring | Level 1    
Investments    
Fixed maturities, AFS: 0 0
Fixed maturities, at fair value using the fair value option 0 0
Mortgage loans, at fair value using the fair value option 0 0
Other equity investments 260 247
Trading securities 373 404
Other invested assets: 34 34
Cash equivalents 4,210 4,998
Segregated securities 0 0
Purchased market risk benefits 0 0
Assets for market risk benefits 0 0
Modco Payable 0 0
Separate Accounts assets 127,219 133,142
Total Assets 132,096 138,825
Liabilities:    
Notes issued by consolidated VIE's, at fair value using the fair value option 0 0
Liability for market risk benefits 0 0
Contingent payment arrangements 0 0
Total Liabilities 0 0
Recurring | Level 1 | Liabilities of consolidated VIEs and VOEs    
Liabilities:    
Guarantees 0 0
Recurring | Level 1 | Corporate    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 1 | U.S. Treasury, government and agency    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 1 | States and political subdivisions    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 1 | Foreign governments    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 1 | Residential mortgage-backed    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 1 | Asset-backed    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 1 | Commercial mortgage-backed    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 1 | Redeemable preferred stock    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 1 | Short-term investments    
Investments    
Other invested assets: 0 0
Recurring | Level 1 | Assets of consolidated VIEs/VOEs    
Investments    
Other invested assets: 30 33
Recurring | Level 1 | Swaps    
Investments    
Other invested assets: 0 0
Recurring | Level 1 | Credit default swaps    
Investments    
Other invested assets: 0 0
Recurring | Level 1 | Futures    
Investments    
Other invested assets: 4 1
Recurring | Level 1 | Options    
Investments    
Other invested assets: 0 0
Recurring | Level 1 | Forwards    
Investments    
Other invested assets: 0 0
Recurring | Level 1 | SCS, SIO, MSO and IUL indexed features’ liability    
Liabilities:    
Guarantees 0 0
Recurring | Level 2    
Investments    
Fixed maturities, AFS: 74,392 73,083
Fixed maturities, at fair value using the fair value option 2,495 2,484
Mortgage loans, at fair value using the fair value option 0 0
Other equity investments 178 210
Trading securities 925 882
Other invested assets: 18,634 21,100
Cash equivalents 0 0
Segregated securities 351 499
Purchased market risk benefits 0 0
Assets for market risk benefits 0 0
Modco Payable 0 0
Separate Accounts assets 2,774 2,678
Total Assets 99,749 100,936
Liabilities:    
Notes issued by consolidated VIE's, at fair value using the fair value option 2,785 2,454
Liability for market risk benefits 0 0
Contingent payment arrangements 0 0
Total Liabilities 21,347 24,293
Recurring | Level 2 | Liabilities of consolidated VIEs and VOEs    
Liabilities:    
Guarantees 25 20
Recurring | Level 2 | Corporate    
Investments    
Fixed maturities, AFS: 42,970 42,345
Recurring | Level 2 | U.S. Treasury, government and agency    
Investments    
Fixed maturities, AFS: 3,700 3,737
Recurring | Level 2 | States and political subdivisions    
Investments    
Fixed maturities, AFS: 308 310
Recurring | Level 2 | Foreign governments    
Investments    
Fixed maturities, AFS: 470 482
Recurring | Level 2 | Residential mortgage-backed    
Investments    
Fixed maturities, AFS: 7,604 7,086
Recurring | Level 2 | Asset-backed    
Investments    
Fixed maturities, AFS: 14,691 14,513
Recurring | Level 2 | Commercial mortgage-backed    
Investments    
Fixed maturities, AFS: 4,592 4,552
Recurring | Level 2 | Redeemable preferred stock    
Investments    
Fixed maturities, AFS: 57 58
Recurring | Level 2 | Short-term investments    
Investments    
Other invested assets: 102 28
Recurring | Level 2 | Assets of consolidated VIEs/VOEs    
Investments    
Other invested assets: 391 318
Recurring | Level 2 | Swaps    
Investments    
Other invested assets: 545 (380)
Recurring | Level 2 | Credit default swaps    
Investments    
Other invested assets: (4) (10)
Recurring | Level 2 | Futures    
Investments    
Other invested assets: 0 0
Recurring | Level 2 | Options    
Investments    
Other invested assets: 17,598 21,111
Recurring | Level 2 | Forwards    
Investments    
Other invested assets: 2 33
Recurring | Level 2 | SCS, SIO, MSO and IUL indexed features’ liability    
Liabilities:    
Guarantees 18,537 21,819
Recurring | Level 3    
Investments    
Fixed maturities, AFS: 4,416 4,079
Fixed maturities, at fair value using the fair value option 439 459
Mortgage loans, at fair value using the fair value option 72 50
Other equity investments 22 17
Trading securities 347 286
Other invested assets: 1 69
Cash equivalents 0 0
Segregated securities 0 0
Purchased market risk benefits 5,266 5,260
Assets for market risk benefits 675 752
Modco Payable 2 (1)
Separate Accounts assets 0 0
Total Assets 11,240 10,971
Liabilities:    
Notes issued by consolidated VIE's, at fair value using the fair value option 293 254
Liability for market risk benefits 9,825 10,153
Contingent payment arrangements 9 9
Total Liabilities 10,127 10,416
Recurring | Level 3 | Liabilities of consolidated VIEs and VOEs    
Liabilities:    
Guarantees 0 0
Recurring | Level 3 | Corporate    
Investments    
Fixed maturities, AFS: 2,740 2,496
Recurring | Level 3 | U.S. Treasury, government and agency    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 3 | States and political subdivisions    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 3 | Foreign governments    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 3 | Residential mortgage-backed    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 3 | Asset-backed    
Investments    
Fixed maturities, AFS: 1,636 1,545
Recurring | Level 3 | Commercial mortgage-backed    
Investments    
Fixed maturities, AFS: 40 38
Recurring | Level 3 | Redeemable preferred stock    
Investments    
Fixed maturities, AFS: 0 0
Recurring | Level 3 | Short-term investments    
Investments    
Other invested assets: 0 68
Recurring | Level 3 | Assets of consolidated VIEs/VOEs    
Investments    
Other invested assets: 1 1
Recurring | Level 3 | Swaps    
Investments    
Other invested assets: 0 0
Recurring | Level 3 | Credit default swaps    
Investments    
Other invested assets: 0 0
Recurring | Level 3 | Futures    
Investments    
Other invested assets: 0 0
Recurring | Level 3 | Options    
Investments    
Other invested assets: 0 0
Recurring | Level 3 | Forwards    
Investments    
Other invested assets: 0 0
Recurring | Level 3 | SCS, SIO, MSO and IUL indexed features’ liability    
Liabilities:    
Guarantees 0 0
Recurring | NAV    
Investments    
Separate Accounts assets $ 290 $ 290
[1] See Note 2 of the Notes to these Consolidated Financial Statements for details of balances with VIEs.