v3.26.1
Consolidated and Nonconsolidated Investment Entities (Tables)
 3 Months Ended
Mar. 31, 2026
Consolidated Investment Entities [Abstract]  
Fair Value, by Balance Sheet Grouping
The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:

March 31, 2026December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:
Fixed maturities, including securities pledged$29,551 $29,551 $30,151 $30,151 
Equity securities193 193 201 201 
Mortgage loans on real estate5,664 5,524 5,608 5,522 
Policy loans316 316 323 323 
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements2,191 2,191 2,357 2,357 
Derivatives203 203 197 197 
Embedded derivatives within reinsurance
46 46 55 55 
Other investments
90 90 86 86 
Assets held in separate accounts108,467 108,467 113,007 113,007 
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)
$33,570 $36,578 $33,793 $37,154 
Funding agreements with fixed maturities2,256 2,276 2,101 2,120 
Supplementary contracts and immediate annuities
501 483 504 481 
Stabilizer and MCGs7 7 5 5 
Derivatives262 262 282 282 
Embedded derivatives within reinsurance(2)
(9)(9)(9)(9)
Short-term debt587 587 586 588 
Long-term debt1,913 1,826 1,518 1,489 
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.
(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
The following table shows the fair value hierarchy for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of March 31, 2026:
Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents
$118 $— $— $— $118 
Corporate loans— 1,488 — — 1,488 
Limited partnerships/corporations— — — 2,971 2,971 
Other investments(1)
— — 66 — 66 
VOEs
Cash and cash equivalents3 — — — 3 
Other investments(1)
— — — 20 20 
Total assets$121 $1,488 $66 $2,991 $4,666 
Liabilities
VIEs
CLO notes$— $1,173 $— $— $1,173 
Total liabilities$— $1,173 $— $— $1,173 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.

The following table shows the fair value for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of December 31, 2025:

Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents$116 $— $— $— $116 
Corporate loans— 1,350 — — 1,350 
Limited partnerships/corporations— — — 3,142 3,142 
Other investments(1)
— — 43 — 43 
VOEs
Cash and cash equivalents4 — — — 4 
Other investments(1)
— — — 47 47 
Total assets$120 $1,350 $43 $3,189 $4,702 
Liabilities
VIEs
CLO notes$— $1,134 $— $— $1,134 
Total liabilities$— $1,134 $— $— $1,134