Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Financial Assets and Liabilities Recorded at Fair Value

The following summarizes the Company’s financial assets and liabilities recorded at fair value hierarchy level:


	March 31, 2026
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	3,569	$	—	$	—		$	—	$	3,569
Restricted cash and cash equivalents	19		—		—			—		19
Cash and cash equivalents of consolidated VIEs	851		—		—			—		851

Investments	180		182		1,586		1	213		2,161
Investments of consolidated VIEs	5		320		1,938			632		2,895
Due from related parties2	—		—		15			—		15
Derivative assets3	—		40		2			—		42
Total Assets – Asset Management	4,624		542		3,541			845		9,552
Retirement Services
AFS Securities
U.S. government and agencies	18,799		—		—			—		18,799
U.S. state, municipal and political subdivisions	—		747		—			—		747
Foreign governments	606		1,049		17			—		1,672
Corporate	9		79,616		6,428			—		86,053
CLO	—		23,694		—			—		23,694
ABS	—		13,706		24,784			—		38,490
CMBS	—		12,624		19			—		12,643
RMBS	—		7,867		411			—		8,278
Total AFS securities	19,414		139,303		31,659			—		190,376
Trading securities	24		6,065		143			—		6,232
Equity securities	179		576		8			—		763
Mortgage loans	—		—		93,077			—		93,077

Funds withheld at interest – embedded derivative	—		—		(2,540)			—		(2,540)
Derivative assets	109		8,241		2			—		8,352
Short-term investments	—		7		1			—		8
Other investments	—		1,280		709			—		1,989
Cash and cash equivalents	17,852		—		—			—		17,852
Restricted cash and cash equivalents	1,159		—		—			—		1,159
Investments in related parties
AFS securities
Corporate	—		2,432		982			—		3,414
CLO	—		5,465		1,333			—		6,798
ABS	—		1,130		17,603			—		18,733
CMBS	—		153		—			—		153
Total AFS securities – related parties	—		9,180		19,918			—		29,098
Trading securities	—		—		1,376			—		1,376

Mortgage loans	—		—		1,557			—		1,557
Investment funds	—		—		2,310			—		2,310
Funds withheld at interest – embedded derivative	—		—		(381)			—		(381)

Other investments	—		—		341			—		341
Reinsurance recoverable	—		—		1,851			—		1,851
Other assets5	—		—		183			—		183
(Continued)


	March 31, 2026
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Assets of consolidated VIEs
Trading securities	—		963		2,411		—		3,374

Mortgage loans	—		—		2,031		—		2,031
Investment funds	—		—		288		25,345		25,633

Cash and cash equivalents	298		—		—		—		298
Total Assets – Retirement Services	39,035		165,615		154,944		25,345		384,939
Total Assets	$	43,659	$	166,157	$	158,485	$	26,190	$	394,491
Liabilities
Asset Management


Due to related parties2	$	—	$	—	$	84	$	—	$	84
Contingent consideration obligations4	—		—		56		—		56

Other liabilities of consolidated VIEs, at fair value	—		—		17		—		17

Total Liabilities – Asset Management	—		—		157		—		157
Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		13,549		—		13,549
Universal life benefits	—		—		744		—		744
Future policy benefits
AmerUs Life Insurance Company (“AmerUs”) Closed Block	—		—		1,061		—		1,061
Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits	—		—		526		—		526
Market risk benefits5	—		—		5,010		—		5,010
Derivative liabilities	48		5,787		—		—		5,835
Other liabilities	—		—		143		—		143
Total Liabilities – Retirement Services	48		5,787		21,033		—		26,868
Total Liabilities	$	48	$	5,787	$	21,190	$	—	$	27,025

(Continued)


	December 31, 2025
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	3,350	$	—	$	—		$	—	$	3,350
Restricted cash and cash equivalents	19		—		—			—		19
Cash and cash equivalents of consolidated VIEs	327		—		—			—		327

Investments	232		82		1,197		1	185		1,696
Investments of consolidated VIEs	1		5		2,939			133		3,078
Due from related parties2	—		—		15			—		15
Derivative assets3	—		—		7			—		7
Total Assets – Asset Management	3,929		87		4,158			318		8,492

Retirement Services
AFS Securities
U.S. government and agencies	16,898		—		—			—		16,898
U.S. state, municipal and political subdivisions	—		759		—			—		759
Foreign governments	516		1,131		12			—		1,659
Corporate	10		82,771		6,650			—		89,431
CLO	—		26,272		—			—		26,272
ABS	—		13,255		22,207			—		35,462
CMBS	—		13,043		41			—		13,084
RMBS	—		8,593		439			—		9,032
Total AFS securities	17,424		145,824		29,349			—		192,597
Trading securities	24		6,367		18			—		6,409
Equity securities	185		629		8			—		822
Mortgage loans	—		—		91,918			—		91,918

Funds withheld at interest – embedded derivative	—		—		(2,409)			—		(2,409)
Derivative assets	206		8,982		2			—		9,190
Short-term investments	—		33		—			—		33
Other investments	—		1,057		761			—		1,818
Cash and cash equivalents	14,994		—		—			—		14,994
Restricted cash and cash equivalents	1,332		—		—			—		1,332
Investments in related parties
AFS securities
Corporate	—		1,117		1,200			—		2,317
CLO	—		5,870		1,333			—		7,203
ABS	—		1,089		15,277			—		16,366
CMBS	—		161		—			—		161
Total AFS securities – related parties	—		8,237		17,810			—		26,047
Trading securities	—		—		454			—		454
Equity securities	—		—		266			—		266
Mortgage loans	—		—		1,486			—		1,486
Investment funds	—		—		1,318			—		1,318
Funds withheld at interest – embedded derivative	—		—		(356)			—		(356)

Other investments	—		—		344			—		344
Reinsurance recoverable	—		—		1,911			—		1,911
Other assets5	—		—		214			—		214
(Continued)


	December 31, 2025
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Assets of consolidated VIEs
Trading securities	—		683		2,437		—		3,120

Mortgage loans	—		—		2,140		—		2,140
Investment funds	—		—		286		23,602		23,888

Cash and cash equivalents	569		—		—		—		569
Total Assets – Retirement Services	34,734		171,812		147,957		23,602		378,105
Total Assets	$	38,663	$	171,899	$	152,115	$	23,920	$	386,597
Liabilities
Asset Management


Contingent consideration obligations4	$	—	$	—	$	72	$	—	$	72
Derivative liabilities3	—		7		—		—		7

Total Liabilities – Asset Management	—		7		72		—		79


Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		14,749		—		14,749
Universal life benefits	—		—		766		—		766
Future policy benefits
AmerUs Closed Block	—		—		1,085		—		1,085
ILICO Closed Block and life benefits	—		—		530		—		530
Market risk benefits5	—		—		4,930		—		4,930
Derivative liabilities	9		5,733		—		—		5,742
Other liabilities	—		—		254		—		254
Total Liabilities – Retirement Services	9		5,733		22,314		—		28,056
Total Liabilities	$	9	$	5,740	$	22,386	$	—	$	28,135

(Concluded)


1 Investments as of March 31, 2026 and December 31, 2025 excludes $240 million and $235 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments.
2 Due from/to related parties represents receivables and payables associated with funds. See note 16 for additional information on due from/to related parties.
3 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition.
4 Other liabilities include profit sharing payable related to contingent obligations classified as Level 3.

5 Other assets consist of market risk benefits assets. See note 9 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.

Schedule of Valuation Techniques and Quantitative Inputs and Assumptions used for Financial Assets and Liabilities

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

March 31, 2026

Fair Value

(In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

273

Discounted cash flow

Discount rate

5.2% – 52.8%

25.2%

132

Direct capitalization

Capitalization rate

7.0%

1,181

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.8%

Derivative assets

Option model

Volatility rate

50.0%

Investments of consolidated VIEs

Bank loans

589

Discounted cash flow

Discount rate

6.1% – 11.8%

8.8%

270

Adjusted transaction value

N/A

Equity securities

364

Discounted cash flow

Discount rate

13.7% – 13.7%

13.7%

Adjusted transaction value

N/A

Option model

Volatility rate

65.0% – 200.0%

95.5%

Bonds

200

Discounted cash flow

Discount rate

6.5% – 9.4%

7.2%

447

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

37,666

Discounted cash flow

Discount rate

3.0% – 23.5%

6.7%

Mortgage loans2

96,665

Discounted cash flow

Discount rate

1.4% – 31.4%

6.7%

Investment funds2

147

Discounted cash flow

Discount rate

14.0% – 14.0%

14.0%

288

Recoverability

Estimated proceeds

N/A

2,163

Adjusted transaction value

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

21.0% – 25.0%

23.9%

Due to related parties

Adjusted transaction value

N/A

Liabilities of Consolidated VIEs

Bank Loans

Adjusted transaction value

N/A

Discounted cash flow

Discount rate

6.4% – 11.5%

9.0%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

13,549

Discounted cash flow

Nonperformance risk

0.5% – 1.3%

0.8%

Option budget

0.5% – 5.9%

3.1%

Surrender rate

6.2% – 14.0%

9.7%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

December 31, 2025

Fair Value

(In millions)

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

850

Discounted cash flow

Discount rate

5.7% – 52.8%

17.3%

154

Direct capitalization

Capitalization rate

7.0%

193

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.8%

Derivative assets

Option model

Volatility rate

40.0%

Investments of consolidated VIEs

Bank loans

357

Discounted cash flow

Discount rate

6.7% – 13.9%

8.9%

740

Adjusted transaction value

N/A

Equity securities

392

Discounted cash flow

Discount rate

10.0% – 13.5%

12.8%

1,014

Adjusted transaction value

N/A

Option model

Volatility rate

100.0% – 105.0%

102.9%

Bonds

430

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

31,915

Discounted cash flow

Discount rate

2.8% – 22.9%

6.4%

Mortgage loans2

95,524

Discounted cash flow

Discount rate

1.0% – 31.5%

6.5%

Recoverability

Estimated proceeds

N/A

Investment funds2

1,313

Discounted cash flow

Discount rate

13.0% – 14.0%

13.1%

286

Recoverability

Estimated proceeds

N/A

Reported net asset value

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 24.0%

22.9%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

14,749

Discounted cash flow

Nonperformance risk

0.4% – 1%

0.6%

Option budget

0.5% – 5.9%

3.1%

Surrender rate

6.0% – 14.2%

9.6%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

The following summarizes the unobservable inputs for market risk benefits:


	March 31, 2026
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	4,827	Discounted cash flow	Nonperformance risk	0.5	%	1.3	%	1.1	%	1	Decrease
				Option budget	0.5	%	5.9	%	2.7	%	2	Decrease
				Surrender rate	3.9	%	7.9	%	5.2	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	86.5	%	3	Increase

	March 31, 2025
(In millions, except percentages)	Fair Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	4,077	Discounted cash flow	Nonperformance risk	0.5	%	1.3	%	1.1	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.4	%	2	Decrease
				Surrender rate	3.1	%	6.8	%	4.5	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	85.1	%	3	Increase








1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

Schedule of Level 3 Assets Measured at Fair Value on a Recurring Basis

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:


	Three months ended March 31, 2026
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,204	$	(12)	$	—	$	396	$	—	$	1,588	$	5	$	—
Investments of consolidated VIEs	2,939		(27)		—		(489)		(485)		1,938		(23)		—
Total Level 3 assets – Asset Management	$	4,143	$	(39)	$	—	$	(93)	$	(485)	$	3,526	$	(18)	$	—

Assets – Retirement Services
AFS securities

Foreign governments	$	12	$	—	$	—	$	5	$	—	$	17	$	—	$	—
Corporate	6,650		(1)		(153)		648		(716)		6,428		(8)		(152)

ABS	22,207		(57)		(163)		2,963		(166)		24,784		(66)		(167)
CMBS	41		—		—		(22)		—		19		—		—
RMBS	439		4		—		(32)		—		411		—		1
Trading securities	18		(1)		—		128		(2)		143		—		—
Equity securities	8		—		—		—		—		8		—		—
Mortgage loans	91,918		(746)		—		1,905		—		93,077		(749)		—

Funds withheld at interest – embedded derivative	(2,409)		(131)		—		—		—		(2,540)		—		—
Derivative assets	2		—		—		—		—		2		—		—
Short-term investments	—		—		—		1		—		1		—		—
Other investments	761		—		—		(52)		—		709		—		—
Investments in related parties
AFS securities
Corporate	1,200		—		8		(226)		—		982		—		(2)
CLO	1,333		—		—		—		—		1,333		—		(1)
ABS	15,277		2		(49)		2,277		96		17,603		—		(51)
Trading securities	454		(22)		—		925		19		1,376		(12)		—
Equity securities	266		(4)		—		(262)		—		—		—		—
Mortgage loans	1,486		(7)		—		78		—		1,557		(7)		—
Investment funds	1,318		(9)		—		1,001		—		2,310		(9)		—

Funds withheld at interest – embedded derivative	(356)		(25)		—		—		—		(381)		—		—
Other investments	344		(3)		—		—		—		341		(4)		—
Reinsurance recoverable	1,911		(84)		—		24		—		1,851		—		—
Assets of consolidated VIEs
Trading securities	2,437		(46)		—		70		(50)		2,411		(46)		—

Mortgage loans	2,140		2		—		(111)		—		2,031		6		—
Investment funds	286		2		—		—		—		288		2		—

Total Level 3 assets – Retirement Services	$	147,743	$	(1,126)	$	(357)	$	9,320	$	(819)	$	154,761	$	(893)	$	(372)

															(Continued)


	Three months ended March 31, 2026
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Liabilities – Asset Management
Due to related parties	$	—	$	(3)	$	—	$	87	$	—	$	84	$	—	$	—
Contingent consideration obligations	72		—		—		(16)		—		56		—		—
Other liabilities of consolidated VIEs	—		16		—		1		—		17		—		—
Total Level 3 liabilities – Asset Management	$	72	$	13	$	—	$	72	$	—	$	157	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(14,749)	$	1,531	$	—	$	(331)	$	—	$	(13,549)	$	—	$	—
Universal life benefits	(766)		22		—		—		—		(744)		—		—
Future policy benefits
AmerUs Closed Block	(1,085)		24		—		—		—		(1,061)		—		—
ILICO Closed Block and life benefits	(530)		4		—		—		—		(526)		—		—

Other liabilities	(254)		111		—		—		—		(143)		—		—
Total Level 3 liabilities – Retirement Services	$	(17,384)	$	1,692	$	—	$	(331)	$	—	$	(16,023)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.


	Three months ended March 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,081	$	12	$	—	$	14	$	—	$	1,107	$	(6)	$	—
Investments of consolidated VIEs	2,258		219		—		(352)		(607)		1,518		(8)		—
Total Level 3 assets – Asset Management	$	3,339	$	231	$	—	$	(338)	$	(607)	$	2,625	$	(14)	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	29	$	(1)	$	—	$	—	$	—	$	28	$	—	$	—
Corporate	4,321		14		27		1,421		(178)		5,605		13		20

ABS	16,529		22		167		(81)		(4,065)		12,572		1		121
CMBS	—		(24)		(3)		28		(1)		—		—		—
RMBS	256		4		(1)		47		—		306		—		(1)
Trading securities	22		—		—		(1)		(14)		7		—		—
Equity securities	27		(1)		—		—		—		26		—		—
Mortgage loans	63,239		1,000		—		6,677		—		70,916		1,007		—

Funds withheld at interest – embedded derivative	(3,035)		188		—		—		—		(2,847)		—		—
Derivative assets	1		—		—		—		—		1		—		—
Short-term investments	169		—		—		(120)		(1)		48		—		—
Other investments	895		1		—		—		—		896		1		—

															(Continued)


	Three months ended March 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Investments in related parties
AFS securities
Corporate	1,108		—		(2)		2		—		1,108		—		(2)
CLO	696		—		(2)		376		—		1,070		—		(2)
ABS	9,741		1		19		624		—		10,385		—		13
Trading securities	573		—		—		(136)		—		437		—		—
Equity securities	234		10		—		—		—		244		10		—
Mortgage loans	1,297		14		—		(15)		—		1,296		14		—
Investment funds	1,139		41		—		—		—		1,180		41		—
Funds withheld at interest – embedded derivative	(615)		75		—		—		—		(540)		—		—

Other investments	331		9		—		—		—		340		9		—
Reinsurance recoverable	1,661		30		—		38		—		1,729		—		—
Assets of consolidated VIEs
Trading securities	1,954		67		—		71		78		2,170		66		—

Mortgage loans	2,579		27		—		(87)		—		2,519		30		—
Investment funds	770		15		—		(496)		—		289		3		—
Other investments	103		4		—		(16)		—		91		2		—
Total Level 3 assets – Retirement Services	$	104,024	$	1,496	$	205	$	8,332	$	(4,181)	$	109,876	$	1,197	$	149

Liabilities – Asset Management
Contingent consideration obligations	$	67	$	1	$	—	$	(13)	$	—	$	55	$	—	$	—

Total Level 3 liabilities – Asset Management	$	67	$	1	$	—	$	(13)	$	—	$	55	$	—	$	—




Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(11,242)	$	1,003	$	—	$	(508)	$	—	$	(10,747)	$	—	$	—
Universal life benefits	(742)		(27)		—		—		—		(769)		—		—
Future policy benefits
AmerUs Closed Block	(1,102)		(5)		—		—		—		(1,107)		—		—
ILICO Closed Block and life benefits	(538)		(18)		—		—		—		(556)		—		—
Derivative liabilities	(1)		1		—		—		—		—		—		—
Other liabilities	(225)		(6)		—		1		—		(230)		—		—
Total Level 3 liabilities – Retirement Services	$	(13,850)	$	948	$	—	$	(507)	$	—	$	(13,409)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:


	Three months ended March 31, 2026
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	757	$	—	$	(361)	$	—	$	396	$	—	$	—	$	—
Investments of consolidated VIEs	2,033		—		(2,522)		—		(489)		1		(486)		(485)
Total Level 3 assets – Asset Management	$	2,790	$	—	$	(2,883)	$	—	$	(93)	$	1	$	(486)	$	(485)

Assets – Retirement Services
AFS securities

Foreign governments	$	5	$	—	$	—	$	—	$	5	$	—	$	—	$	—
Corporate	897		—		(141)		(108)		648		—		(716)		(716)

ABS	3,441		—		(31)		(447)		2,963		—		(166)		(166)
CMBS	—		—		(22)		—		(22)		—		—		—
RMBS	—		—		—		(32)		(32)		—		—		—
Trading securities	129		—		—		(1)		128		—		(2)		(2)

Mortgage loans	6,514		—		(30)		(4,579)		1,905		—		—		—



Short-term investments	2		—		—		(1)		1		—		—		—
Other investments	—		—		—		(52)		(52)		—		—		—
Investments in related parties
AFS securities
Corporate	—		—		—		(226)		(226)		—		—		—

ABS	4,675		—		(82)		(2,316)		2,277		96		—		96
Trading securities	928		—		—		(3)		925		19		—		19
Equity securities	—		—		—		(262)		(262)		—		—		—
Mortgage loans	121		—		—		(43)		78		—		—		—
Investment funds	1,006		—		(5)		—		1,001		—		—		—



Reinsurance recoverable	—		30		—		(6)		24		—		—		—
Assets of consolidated VIEs
Trading securities	146		—		(76)		—		70		—		(50)		(50)

Mortgage loans	65		—		(42)		(134)		(111)		—		—		—


Total Level 3 assets – Retirement Services	$	17,929	$	30	$	(429)	$	(8,210)	$	9,320	$	115	$	(934)	$	(819)


Liabilities – Asset Management
Due to related parties	$	—	$	87	$	—	$	—	$	87	$	—	$	—	$	—
Contingent consideration obligations	—		—		—		(16)		(16)		—		—		—
Other liabilities of consolidated VIEs	—		2		—		(1)		1		—		—		—
Total Level 3 liabilities – Asset Management	$	—	$	89	$	—	$	(17)	$	72	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(617)	$	—	$	286	$	(331)	$	—	$	—	$	—






Total Level 3 liabilities – Retirement Services	$	—	$	(617)	$	—	$	286	$	(331)	$	—	$	—	$	—


	Three months ended March 31, 2025
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	14	$	—	$	—	$	—	$	14	$	—	$	—	$	—
Investments of consolidated VIEs	625		—		(977)		—		(352)		—		(607)		(607)
Total Level 3 assets – Asset Management	$	639	$	—	$	(977)	$	—	$	(338)	$	—	$	(607)	$	(607)

Assets – Retirement Services
AFS securities


Corporate	$	1,555	$	—	$	(6)	$	(128)	$	1,421	$	96	$	(274)	$	(178)

ABS	229		—		(12)		(298)		(81)		479		(4,544)		(4,065)
CMBS	28		—		—		—		28		13		(14)		(1)
RMBS	49		—		—		(2)		47		—		—		—
Trading securities	—		—		—		(1)		(1)		—		(14)		(14)

Mortgage loans	9,010		—		(132)		(2,201)		6,677		—		—		—



Short-term investments	12		—		—		(132)		(120)		—		(1)		(1)

Investments in related parties
AFS securities
Corporate	5		—		—		(3)		2		—		—		—
CLO	376		—		—		—		376		—		—		—
ABS	1,204		—		—		(580)		624		—		—		—
Trading securities	22		—		(91)		(67)		(136)		—		—		—

Mortgage loans	—		—		(15)		—		(15)		—		—		—



Reinsurance recoverable	—		41		—		(3)		38		—		—		—
Assets of consolidated VIEs
Trading securities	144		—		(73)		—		71		90		(12)		78

Mortgage loans	15		—		(7)		(95)		(87)		—		—		—
Investment funds	—		—		(496)		—		(496)		—		—		—
Other investments	—		—		(16)		—		(16)		—		—		—
Total Level 3 assets – Retirement Services	$	12,649	$	41	$	(848)	$	(3,510)	$	8,332	$	678	$	(4,859)	$	(4,181)
Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(13)	$	(13)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(13)	$	(13)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(752)	$	—	$	244	$	(508)	$	—	$	—	$	—





Other liabilities	—		—		—		1		1		—		—		—

Total Level 3 liabilities – Retirement Services	$	—	$	(752)	$	—	$	245	$	(507)	$	—	$	—	$	—

Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:


	Three months ended March 31, 2026
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,204	$	(12)	$	—	$	396	$	—	$	1,588	$	5	$	—
Investments of consolidated VIEs	2,939		(27)		—		(489)		(485)		1,938		(23)		—
Total Level 3 assets – Asset Management	$	4,143	$	(39)	$	—	$	(93)	$	(485)	$	3,526	$	(18)	$	—

Assets – Retirement Services
AFS securities

Foreign governments	$	12	$	—	$	—	$	5	$	—	$	17	$	—	$	—
Corporate	6,650		(1)		(153)		648		(716)		6,428		(8)		(152)

ABS	22,207		(57)		(163)		2,963		(166)		24,784		(66)		(167)
CMBS	41		—		—		(22)		—		19		—		—
RMBS	439		4		—		(32)		—		411		—		1
Trading securities	18		(1)		—		128		(2)		143		—		—
Equity securities	8		—		—		—		—		8		—		—
Mortgage loans	91,918		(746)		—		1,905		—		93,077		(749)		—

Funds withheld at interest – embedded derivative	(2,409)		(131)		—		—		—		(2,540)		—		—
Derivative assets	2		—		—		—		—		2		—		—
Short-term investments	—		—		—		1		—		1		—		—
Other investments	761		—		—		(52)		—		709		—		—
Investments in related parties
AFS securities
Corporate	1,200		—		8		(226)		—		982		—		(2)
CLO	1,333		—		—		—		—		1,333		—		(1)
ABS	15,277		2		(49)		2,277		96		17,603		—		(51)
Trading securities	454		(22)		—		925		19		1,376		(12)		—
Equity securities	266		(4)		—		(262)		—		—		—		—
Mortgage loans	1,486		(7)		—		78		—		1,557		(7)		—
Investment funds	1,318		(9)		—		1,001		—		2,310		(9)		—

Funds withheld at interest – embedded derivative	(356)		(25)		—		—		—		(381)		—		—
Other investments	344		(3)		—		—		—		341		(4)		—
Reinsurance recoverable	1,911		(84)		—		24		—		1,851		—		—
Assets of consolidated VIEs
Trading securities	2,437		(46)		—		70		(50)		2,411		(46)		—

Mortgage loans	2,140		2		—		(111)		—		2,031		6		—
Investment funds	286		2		—		—		—		288		2		—

Total Level 3 assets – Retirement Services	$	147,743	$	(1,126)	$	(357)	$	9,320	$	(819)	$	154,761	$	(893)	$	(372)

															(Continued)


	Three months ended March 31, 2026
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Liabilities – Asset Management
Due to related parties	$	—	$	(3)	$	—	$	87	$	—	$	84	$	—	$	—
Contingent consideration obligations	72		—		—		(16)		—		56		—		—
Other liabilities of consolidated VIEs	—		16		—		1		—		17		—		—
Total Level 3 liabilities – Asset Management	$	72	$	13	$	—	$	72	$	—	$	157	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(14,749)	$	1,531	$	—	$	(331)	$	—	$	(13,549)	$	—	$	—
Universal life benefits	(766)		22		—		—		—		(744)		—		—
Future policy benefits
AmerUs Closed Block	(1,085)		24		—		—		—		(1,061)		—		—
ILICO Closed Block and life benefits	(530)		4		—		—		—		(526)		—		—

Other liabilities	(254)		111		—		—		—		(143)		—		—
Total Level 3 liabilities – Retirement Services	$	(17,384)	$	1,692	$	—	$	(331)	$	—	$	(16,023)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.


	Three months ended March 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,081	$	12	$	—	$	14	$	—	$	1,107	$	(6)	$	—
Investments of consolidated VIEs	2,258		219		—		(352)		(607)		1,518		(8)		—
Total Level 3 assets – Asset Management	$	3,339	$	231	$	—	$	(338)	$	(607)	$	2,625	$	(14)	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	29	$	(1)	$	—	$	—	$	—	$	28	$	—	$	—
Corporate	4,321		14		27		1,421		(178)		5,605		13		20

ABS	16,529		22		167		(81)		(4,065)		12,572		1		121
CMBS	—		(24)		(3)		28		(1)		—		—		—
RMBS	256		4		(1)		47		—		306		—		(1)
Trading securities	22		—		—		(1)		(14)		7		—		—
Equity securities	27		(1)		—		—		—		26		—		—
Mortgage loans	63,239		1,000		—		6,677		—		70,916		1,007		—

Funds withheld at interest – embedded derivative	(3,035)		188		—		—		—		(2,847)		—		—
Derivative assets	1		—		—		—		—		1		—		—
Short-term investments	169		—		—		(120)		(1)		48		—		—
Other investments	895		1		—		—		—		896		1		—

															(Continued)


	Three months ended March 31, 2025
			Total realized and unrealized gains (losses)
(In millions)	Beginning Balance		Included in Income		Included in OCI		Net Purchases, Issuances, Sales and Settlements		Net Transfers In (Out)		Ending Balance		Total Gains (Losses) Included in Earnings1		Total Gains (Losses) Included in OCI1
Investments in related parties
AFS securities
Corporate	1,108		—		(2)		2		—		1,108		—		(2)
CLO	696		—		(2)		376		—		1,070		—		(2)
ABS	9,741		1		19		624		—		10,385		—		13
Trading securities	573		—		—		(136)		—		437		—		—
Equity securities	234		10		—		—		—		244		10		—
Mortgage loans	1,297		14		—		(15)		—		1,296		14		—
Investment funds	1,139		41		—		—		—		1,180		41		—
Funds withheld at interest – embedded derivative	(615)		75		—		—		—		(540)		—		—

Other investments	331		9		—		—		—		340		9		—
Reinsurance recoverable	1,661		30		—		38		—		1,729		—		—
Assets of consolidated VIEs
Trading securities	1,954		67		—		71		78		2,170		66		—

Mortgage loans	2,579		27		—		(87)		—		2,519		30		—
Investment funds	770		15		—		(496)		—		289		3		—
Other investments	103		4		—		(16)		—		91		2		—
Total Level 3 assets – Retirement Services	$	104,024	$	1,496	$	205	$	8,332	$	(4,181)	$	109,876	$	1,197	$	149

Liabilities – Asset Management
Contingent consideration obligations	$	67	$	1	$	—	$	(13)	$	—	$	55	$	—	$	—

Total Level 3 liabilities – Asset Management	$	67	$	1	$	—	$	(13)	$	—	$	55	$	—	$	—




Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(11,242)	$	1,003	$	—	$	(508)	$	—	$	(10,747)	$	—	$	—
Universal life benefits	(742)		(27)		—		—		—		(769)		—		—
Future policy benefits
AmerUs Closed Block	(1,102)		(5)		—		—		—		(1,107)		—		—
ILICO Closed Block and life benefits	(538)		(18)		—		—		—		(556)		—		—
Derivative liabilities	(1)		1		—		—		—		—		—		—
Other liabilities	(225)		(6)		—		1		—		(230)		—		—
Total Level 3 liabilities – Retirement Services	$	(13,850)	$	948	$	—	$	(507)	$	—	$	(13,409)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:


	Three months ended March 31, 2026
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	757	$	—	$	(361)	$	—	$	396	$	—	$	—	$	—
Investments of consolidated VIEs	2,033		—		(2,522)		—		(489)		1		(486)		(485)
Total Level 3 assets – Asset Management	$	2,790	$	—	$	(2,883)	$	—	$	(93)	$	1	$	(486)	$	(485)

Assets – Retirement Services
AFS securities

Foreign governments	$	5	$	—	$	—	$	—	$	5	$	—	$	—	$	—
Corporate	897		—		(141)		(108)		648		—		(716)		(716)

ABS	3,441		—		(31)		(447)		2,963		—		(166)		(166)
CMBS	—		—		(22)		—		(22)		—		—		—
RMBS	—		—		—		(32)		(32)		—		—		—
Trading securities	129		—		—		(1)		128		—		(2)		(2)

Mortgage loans	6,514		—		(30)		(4,579)		1,905		—		—		—



Short-term investments	2		—		—		(1)		1		—		—		—
Other investments	—		—		—		(52)		(52)		—		—		—
Investments in related parties
AFS securities
Corporate	—		—		—		(226)		(226)		—		—		—

ABS	4,675		—		(82)		(2,316)		2,277		96		—		96
Trading securities	928		—		—		(3)		925		19		—		19
Equity securities	—		—		—		(262)		(262)		—		—		—
Mortgage loans	121		—		—		(43)		78		—		—		—
Investment funds	1,006		—		(5)		—		1,001		—		—		—



Reinsurance recoverable	—		30		—		(6)		24		—		—		—
Assets of consolidated VIEs
Trading securities	146		—		(76)		—		70		—		(50)		(50)

Mortgage loans	65		—		(42)		(134)		(111)		—		—		—


Total Level 3 assets – Retirement Services	$	17,929	$	30	$	(429)	$	(8,210)	$	9,320	$	115	$	(934)	$	(819)


Liabilities – Asset Management
Due to related parties	$	—	$	87	$	—	$	—	$	87	$	—	$	—	$	—
Contingent consideration obligations	—		—		—		(16)		(16)		—		—		—
Other liabilities of consolidated VIEs	—		2		—		(1)		1		—		—		—
Total Level 3 liabilities – Asset Management	$	—	$	89	$	—	$	(17)	$	72	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(617)	$	—	$	286	$	(331)	$	—	$	—	$	—






Total Level 3 liabilities – Retirement Services	$	—	$	(617)	$	—	$	286	$	(331)	$	—	$	—	$	—


	Three months ended March 31, 2025
(In millions)	Purchases		Issuances		Sales		Settlements		Net Purchases, Issuances, Sales and Settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	14	$	—	$	—	$	—	$	14	$	—	$	—	$	—
Investments of consolidated VIEs	625		—		(977)		—		(352)		—		(607)		(607)
Total Level 3 assets – Asset Management	$	639	$	—	$	(977)	$	—	$	(338)	$	—	$	(607)	$	(607)

Assets – Retirement Services
AFS securities


Corporate	$	1,555	$	—	$	(6)	$	(128)	$	1,421	$	96	$	(274)	$	(178)

ABS	229		—		(12)		(298)		(81)		479		(4,544)		(4,065)
CMBS	28		—		—		—		28		13		(14)		(1)
RMBS	49		—		—		(2)		47		—		—		—
Trading securities	—		—		—		(1)		(1)		—		(14)		(14)

Mortgage loans	9,010		—		(132)		(2,201)		6,677		—		—		—



Short-term investments	12		—		—		(132)		(120)		—		(1)		(1)

Investments in related parties
AFS securities
Corporate	5		—		—		(3)		2		—		—		—
CLO	376		—		—		—		376		—		—		—
ABS	1,204		—		—		(580)		624		—		—		—
Trading securities	22		—		(91)		(67)		(136)		—		—		—

Mortgage loans	—		—		(15)		—		(15)		—		—		—



Reinsurance recoverable	—		41		—		(3)		38		—		—		—
Assets of consolidated VIEs
Trading securities	144		—		(73)		—		71		90		(12)		78

Mortgage loans	15		—		(7)		(95)		(87)		—		—		—
Investment funds	—		—		(496)		—		(496)		—		—		—
Other investments	—		—		(16)		—		(16)		—		—		—
Total Level 3 assets – Retirement Services	$	12,649	$	41	$	(848)	$	(3,510)	$	8,332	$	678	$	(4,859)	$	(4,181)
Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(13)	$	(13)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(13)	$	(13)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(752)	$	—	$	244	$	(508)	$	—	$	—	$	—





Other liabilities	—		—		—		1		1		—		—		—

Total Level 3 liabilities – Retirement Services	$	—	$	(752)	$	—	$	245	$	(507)	$	—	$	—	$	—

Schedule of Gain (Losses) Recorded for Financial Instruments Elected the Fair Value Option

The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:


(In millions)	March 31, 2026		December 31, 2025
Commercial mortgage loans	$	39,974	$	38,869
Commercial mortgage loans under development	1,745		1,787
Total commercial mortgage loans	41,719		40,656
Mark to fair value	(1,705)		(1,585)
Commercial mortgage loans	40,014		39,071
Residential mortgage loans	56,125		55,613
Mark to fair value	526		860
Residential mortgage loans	56,651		56,473
Mortgage loans	$	96,665	$	95,544

The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:


	Three months ended March 31,
(In millions)		2026		2025
Trading securities		$	(252)	$	75
Mortgage loans		(751)		1,041
Investment funds		(10)		41
Future policy benefits		24		(5)
Other		6		12
Total gains (losses)		$	(983)	$	1,164

The following summarizes information for fair value option mortgage loans, including related parties and VIEs:


(In millions)	March 31, 2026		December 31, 2025
Unpaid principal balance	$	97,844	$	96,269
Mark to fair value	(1,179)		(725)
Fair value	$	96,665	$	95,544

The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	March 31, 2026		December 31, 2025
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	860	$	992
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(323)		(337)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	537	$	655

Fair value of commercial mortgage loans 90 days or more past due	$	313	$	274
Fair value of commercial mortgage loans in non-accrual status	537		655

The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	March 31, 2026		December 31, 2025
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	965	$	826
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	(83)		(85)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	882	$	741

Fair value of residential mortgage loans 90 days or more past due1	$	880	$	741
Fair value of residential mortgage loans in non-accrual status	801		678

1 As of March 31, 2026 and December 31, 2025, includes $81 million and $63 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.

The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on Athene’s mortgage loan portfolio:


	Three months ended March 31,
(In millions)		2026		2025
Mortgage loans		$	(24)	$	(3)

Schedule of Financial Instruments not Measured at Fair Value

The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition:


	March 31, 2026
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	184	$	184	$	184	$	—	$	—	$	—
Policy loans	296		296		—		—		296		—
Funds withheld at interest	17,054		17,054		—		—		—		17,054
Short-term investments	132		132		—		—		—		132
Other investments	64		44		—		—		—		44
Investments in related parties
Investment funds	826		826		826		—		—		—
Funds withheld at interest	4,340		4,340		—		—		—		4,340
Short-term investments	18		18		—		—		18		—





Total financial assets not carried at fair value	$	22,914	$	22,894	$	1,010	$	—	$	314	$	21,570

Financial liabilities
Interest sensitive contract liabilities	$	268,841	$	263,060	$	—	$	—	$	—	$	263,060
Debt	7,840		7,172		—		546		6,626		—
Securities to repurchase	3,244		3,244		—		—		3,244		—
Funds withheld liability	6,247		6,247		—		—		—		6,247
Total financial liabilities not carried at fair value	$	286,172	$	279,723	$	—	$	546	$	9,870	$	269,307


	December 31, 2025
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets
Investment funds	$	108	$	108	$	108	$	—	$	—	$	—
Policy loans	301		301		—		—		301		—
Funds withheld at interest	17,822		17,822		—		—		—		17,822
Short-term investments	1,049		1,049		—		—		907		142
Other investments	57		67		—		—		—		67
Investments in related parties
Investment funds	831		831		831		—		—		—
Funds withheld at interest	4,571		4,571		—		—		—		4,571
Short-term investments	18		18		—		—		18		—





Total financial assets not carried at fair value	$	24,757	$	24,767	$	939	$	—	$	1,226	$	22,602

Financial liabilities
Interest sensitive contract liabilities	$	257,022	$	254,089	$	—	$	—	$	—	$	254,089
Debt	7,848		7,498		—		576		6,922		—
Securities to repurchase	6,043		6,043		—		—		6,043		—
Funds withheld liability	5,946		5,946		—		—		—		5,946
Total financial liabilities not carried at fair value	$	276,859	$	273,576	$	—	$	576	$	12,965	$	260,035

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details