Fair Value Measurement - Quantitative Information - Assets & Liabilities (Details)
$ in Millions |
12 Months Ended |
|
|
Dec. 31, 2025
USD ($)
Year
|
Mar. 31, 2026
USD ($)
risk
Year
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
$ 6,369
|
$ 6,875
|
| Fixed-maturity securities, trading |
124
|
127
|
| Funds withheld, at fair value |
0
|
296
|
| Total assets carried at fair value |
7,912
|
8,416
|
| FG VIEs’ assets, measurement input |
167
|
|
| Other assets |
174
|
180
|
| FG VIEs' liabilities |
(218)
|
(178)
|
| Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Total assets carried at fair value |
172
|
167
|
| FG VIEs' liabilities |
(197)
|
(152)
|
| Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
1,769
|
1,744
|
| Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
2,952
|
3,350
|
| RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
615
|
624
|
| CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
456
|
374
|
| Others |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
209
|
241
|
| Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
833
|
741
|
| Fixed-maturity securities, trading |
4
|
8
|
| Funds withheld, at fair value |
|
296
|
| Total assets carried at fair value |
1,185
|
1,227
|
| FG VIEs’ assets, measurement input |
167
|
|
| Other assets |
28
|
33
|
| FG VIEs' liabilities |
(218)
|
(173)
|
| Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Total assets carried at fair value |
150
|
146
|
| FG VIEs' liabilities |
(197)
|
(152)
|
| Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
10
|
10
|
| Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
168
|
162
|
| Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
144
|
140
|
| Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, trading |
4
|
8
|
| Funds withheld, at fair value |
|
296
|
| Other assets |
22
|
28
|
| Credit derivative liabilities, net |
(15)
|
(16)
|
| Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Total assets carried at fair value |
150
|
146
|
| FG VIEs' liabilities |
(197)
|
(152)
|
| Discounted Cash Flow | Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
10
|
10
|
| Discounted Cash Flow | Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
168
|
162
|
| Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
144
|
140
|
| Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
456
|
374
|
| Discounted Cash Flow | Level 3 | Others |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
55
|
$ 55
|
| Income Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets, measurement input |
$ 167
|
|
| Measurement Input, Yield | Discounted Cash Flow | Level 3 | Others |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.091
|
0.090
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, trading, measurement input |
0.001
|
0.037
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.060
|
0.063
|
| FG VIEs’ liabilities |
0.050
|
0.051
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.052
|
0.054
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.050
|
0.057
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.070
|
0.074
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.110
|
0.099
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, trading, measurement input |
0.088
|
0.200
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.098
|
0.103
|
| FG VIEs’ liabilities |
0.098
|
0.103
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.150
|
0.150
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.080
|
0.087
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.099
|
0.103
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.265
|
0.360
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, trading, measurement input |
0.044
|
0.150
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.087
|
0.074
|
| FG VIEs’ liabilities |
0.065
|
0.068
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.066
|
0.074
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.052
|
0.059
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.083
|
0.087
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.190
|
0.236
|
| Conditional prepayment rate (CPR) | Minimum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.002
|
0.001
|
| FG VIEs’ liabilities |
0.002
|
0.001
|
| Conditional prepayment rate (CPR) | Minimum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.000
|
0.000
|
| Conditional prepayment rate (CPR) | Maximum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.275
|
0.262
|
| FG VIEs’ liabilities |
0.275
|
0.262
|
| Conditional prepayment rate (CPR) | Maximum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.213
|
0.222
|
| Conditional prepayment rate (CPR) | Weighted Average | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.053
|
0.057
|
| FG VIEs’ liabilities |
0.053
|
0.057
|
| Conditional prepayment rate (CPR) | Weighted Average | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.041
|
0.042
|
| CDR | Minimum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.012
|
0.012
|
| FG VIEs’ liabilities |
0.012
|
0.012
|
| CDR | Minimum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.012
|
0.013
|
| CDR | Maximum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.410
|
0.410
|
| FG VIEs’ liabilities |
0.410
|
0.410
|
| CDR | Maximum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.186
|
0.185
|
| CDR | Weighted Average | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.105
|
0.106
|
| FG VIEs’ liabilities |
0.105
|
0.106
|
| CDR | Weighted Average | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.056
|
0.055
|
| Loss severity | Minimum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.450
|
0.450
|
| FG VIEs’ liabilities |
0.450
|
0.450
|
| Loss severity | Minimum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.500
|
0.500
|
| Loss severity | Maximum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
1.000
|
1.000
|
| FG VIEs’ liabilities |
1.000
|
1.000
|
| Loss severity | Maximum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
1.250
|
1.250
|
| Loss severity | Weighted Average | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.836
|
0.837
|
| FG VIEs’ liabilities |
0.836
|
0.837
|
| Loss severity | Weighted Average | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.792
|
0.792
|
| Discount margin | Income Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
0.233
|
|
| Discount margin | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Funds withheld, measurement input | risk |
|
0.028
|
| Credit derivative liabilities, net, measurement input |
0.033
|
0.035
|
| Discount margin | Minimum | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.010
|
0.009
|
| Discount margin | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Funds withheld, measurement input | risk |
|
0.069
|
| Credit derivative liabilities, net, measurement input |
0.045
|
0.044
|
| Discount margin | Maximum | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.029
|
0.029
|
| Discount margin | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Funds withheld, measurement input | risk |
|
0.045
|
| Credit derivative liabilities, net, measurement input |
0.043
|
0.043
|
| Discount margin | Weighted Average | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.017
|
0.017
|
| Market multiple-price to earnings | Market Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
5.75
|
|
| Terminal growth rate | Market Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
0.040
|
|
| Implied Yield | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fair value inputs term |
0.064
|
0.066
|
| Implied Yield | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fair value inputs term |
0.069
|
0.071
|
| Implied Yield | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fair value inputs term |
0.066
|
0.069
|
| Term (years) | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fair value inputs term | Year |
10
|
10
|
| Hedge cost (in basis points) (bps) | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.00115
|
0.00132
|
| Hedge cost (in basis points) (bps) | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.00274
|
0.00312
|
| Hedge cost (in basis points) (bps) | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.00151
|
0.00176
|
| Bank profit (in bps) | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.00660
|
0.00677
|
| Bank profit (in bps) | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.02619
|
0.02730
|
| Bank profit (in bps) | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.01247
|
0.01403
|
| Market multiple-price to book | Market Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
1.00
|
|
| Exit multiple-price to earnings | Market Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
5.50
|
|
| Consolidated Investment Vehicles | Terminal growth rate | Income Approach | Level 3 | Exit multiple-price to book |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Yield (as a percent) |
100.00%
|
|
| Other invested assets | Income Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Total assets carried at fair value |
$ 3
|
$ 3
|