v3.26.1
Fair Value of Assets and Liabilities Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule Of Fair Value Assets and Liabilities Measured on Recurring Basis Table Text Block
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 are summarized below (dollars in millions):
March 31, 2026: Fair Value Measurements Using:
 TotalLevel 1Level 2Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate$73,228 $— $63,154 $10,074 
Canadian government5,015 — 5,015 — 
Japanese government7,817 — 7,817 — 
Korean government1,163 — 1,163 — 
ABS7,281 — 3,802 3,479 
CMBS2,335 — 2,272 63 
RMBS1,543 — 1,543 — 
U.S. government2,562 2,353 206 3 
State and political subdivisions655 — 655 — 
Other foreign government5,729 — 5,614 115 
Total fixed maturity securities available-for-sale107,328 2,353 91,241 13,734 
Equity securities300 209 — 91 
Funds withheld at interest – embedded derivatives(149)— — (149)
Funds withheld at interest63 — — 63 
Real estate joint ventures – fair value16 — — 16 
Cash equivalents3,035 2,945 90 — 
Short-term investments274 196 58 20 
Other invested assets:
Derivatives179 — 179 — 
Other15 — 15 — 
Total other invested assets194 — 194 — 
Other assets – derivatives2 — — 2 
Total$111,063 $5,703 $91,583 $13,777 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$397 $— $— $397 
Other liabilities:
Funds withheld at interest – embedded derivatives(124)— — (124)
Derivatives644 — 642 2 
Total$917 $— $642 $275 
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of March 31, 2026, the fair value of such investments was $935 million.
December 31, 2025:
 Fair Value Measurements Using:
 TotalLevel 1Level 2Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate$69,737 $— $59,710 $10,027 
Canadian government5,100 — 5,100 — 
Japanese government4,701 — 4,701 — 
Korean government1,312 — 1,312 — 
ABS7,369 — 3,831 3,538 
CMBS2,162 — 2,099 63 
RMBS1,569 — 1,569 — 
U.S. government3,287 3,074 209 4 
State and political subdivisions660 — 660 — 
Other foreign government5,872 — 5,752 120 
Total fixed maturity securities available-for-sale101,769 3,074 84,943 13,752 
Equity securities311 213 — 98 
Funds withheld at interest – embedded derivatives(128)— — (128)
Funds withheld at interest61 — — 61 
Real estate joint ventures – fair value— — — — 
Cash equivalents2,460 2,460 — — 
Short-term investments255 156 66 33 
Other invested assets:
Derivatives185 — 185 — 
Other17 — 17 — 
Total other invested assets 202 — 202 — 
Other assets – derivatives3 — — 3 
Total$104,933 $5,903 $85,211 $13,819 
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives$470 $— $— $470 
Other liabilities:
Funds withheld at interest – embedded derivatives(59)— — (59)
Derivatives599 — 596 3 
Total$1,010 $— $596 $414 
(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2025, the fair value of such investments was $925 million.
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of March 31, 2026 and December 31, 2025 (dollars in millions):
Estimated Fair Value      Valuation TechniqueUnobservable InputRange (Weighted Average) 
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Assets:
Corporate$585 $636 Market comparable securitiesLiquidity premium
2%-4% (3%)
0-4% (3%)
EBITDA Multiple
6.0x-14.1x (8.0x)
6.0x-14.8x (9.3x)
ABS1,153 1,329 Market comparable securitiesLiquidity premium
0-67% (4%)
0-20% (4%)
U.S. government3 4 Market comparable securitiesLiquidity premium1%
1%
Equity securities30 41 Market comparable securitiesLiquidity premium4%
4%
EBITDA Multiple
7.5x-11.6x (9.0x)
7.4x-13.3x (9.9x)
Funds withheld at interest – embedded derivatives44 26 Total return swapMortality
0-100% (4%)
0-100% (4%)
Lapse
0-35% (16%)
0-35% (17%)
Withdrawal
0-10% (5%)
0-10% (5%)
CVA
0-5% (0%)
0-5% (0%)
Crediting rate
1-8% (2%)
1%-8% (2%)
Other assets – derivatives2 3 Credit default swapCredit spread
0-1% (0%)
0-1% (0%)
Probability of default
0-7% (1%)
0-7% (1%)
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed products397 470 Discounted cash flowMortality
0-100% (3%)
0-100% (3%)
Lapse
0-35% (15%)
0-35% (16%)
Withdrawal
0-10% (5%)
0-10% (4%)
Option budget projection
1-8% (2%)
1%-8% (2%)
Other liabilities – derivatives2 3 Credit default swapCredit spread
0-1% (0%)
0-1%(0%)
Probability of default
0-7% (1%)
0-7% (1%)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
For the three months ended March 31, 2026:
Fixed maturity securities available-for-saleReal estate joint ventures – fair value
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesShort-term investments
Fair value, beginning of period$10,027 $120 $3,601 $4 $98 $— $33 $(69)$61 $(470)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income4 — (1)— — — — — 3 — 
Investment related gains (losses), net(30)— — — (10)— — 44 — — 
Interest credited— — — — — — — — — 30 
Included in other comprehensive income (loss)(124)(5)(42)— — — (1)— (1)— 
Purchases (2)
537 — 747 — 4 16 14 — 1 (29)
Sales (2)
(130)— (37)— (1)— (2)— — — 
Settlements (2)
(182)— (691)(1)— — (18)— (1)72 
Transfers into Level 36 — — — — — — — — — 
Transfers out of Level 3(34)— (35)— — — (6)— — — 
Fair value, end of period$10,074 $115 $3,542 $3 $91 $16 $20 $(25)$63 $(397)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income$3 $— $(1)$— $— $— $— $— $3 $— 
Investment related gains (losses), net(35)— — — (10)— — 44 — — 
Interest credited— — — — — — — — — (42)
Included in other comprehensive income (loss)(118)(5)(44)— — — — — (1)— 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
For the three months ended March 31, 2025:
Fixed maturity securities available-for-saleReal estate joint ventures – fair value
Funds 
withheld at interest –embedded derivatives, net (1)
Funds 
withheld at interest		Interest-sensitive contract 
liabilities – embedded derivatives
 CorporateForeign govtStructured securitiesU.S. and local govtEquity securitiesShort-term investments
Fair value, beginning of period$6,854 $30 $1,799 $5 $88 $— $11 $(55)$56 $(435)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income4 — 2 — — — — — (1)— 
Investment related gains (losses), net(7)— 1 — — — — (11)— — 
Interest credited— — — — — — — — 24 
Included in other comprehensive income (loss)39 — 20 — — — — — 2 — 
Purchases (2)
1,514 — 196 — — — — — — 7 
Sales (2)
(44)— — — (1)— — — — — 
Settlements (2)
(140)— (114)(1)— — (6)— — 21 
Transfers into Level 32 — 10 — — — — — — — 
Transfers out of Level 3— — (6)— — — (2)— — — 
Fair value, end of period$8,222 $30 $1,908 $4 $87 $— $3 $(66)$57 $(383)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income$3 $— $1 $— $— $— $— $— $(1)$— 
Investment related gains (losses), net(8)— — — 1 — — (11)— — 
Interest credited— — — — — — — — — 3 
Included in other comprehensive income (loss)40 — 21 — — — — — 2 — 
(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.
Fair Value Measurements, Nonrecurring For the three months ended March 31, 2025, the Company did not have any material assets that were measured at fair value on a nonrecurring basis due to impairment.
Carrying Value After Measurement
At March 31, 2026At December 31, 2025
Mortgage loans$8 $21 
Limited partnerships and real estate joint ventures10 46 
Investment Related Gains (Losses), Net
Three months ended March 31, 2026
Mortgage loans$(1)
Limited partnerships and real estate joint ventures(6)
Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block]
The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of March 31, 2026 and December 31, 2025 (dollars in millions). For additional information regarding the methods and significant assumptions used by the Company to estimate these fair values, see Note 13 – “Fair Value of Assets and Liabilities” in the Notes to Consolidated Financial Statements included in the 2025 Annual Report. This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amounts approximates carrying value as they equal the amount of cash collateral received/paid.
March 31, 2026:
Carrying 
Value (1)
Estimated 
Fair Value		Fair Value Measurement Using:
Level 1Level 2Level 3
Assets:
Mortgage loans$11,318 $11,149 $— $— $11,149 
Policy loans3,703 3,703 — 3,703 — 
Funds withheld at interest8,476 8,285 — — 8,285 
Limited partnerships – cost method71 99 — — 99 
Cash and cash equivalents1,958 1,958 1,958 — — 
Short-term investments83 83 83 — — 
Other invested assets1,290 1,063 1 68 994 
Accrued investment income1,361 1,361 — 1,361 — 
Other asset1,029 1,039 — 1,039 
Liabilities:
Interest-sensitive contract liabilities (2)
$31,679 $31,579 $— $— $31,579 
Funds withheld at interest6,616 6,441 — — 6,441 
Long-term debt6,105 5,951 — — 5,951 
December 31, 2025:
Assets:
Mortgage loans$11,104 $11,044 $— $— $11,044 
Policy loans3,541 3,541 — 3,541 — 
Funds withheld at interest8,216 7,970 — — 7,970 
Limited partnerships – cost method72 98 — — 98 
Cash and cash equivalents1,708 1,708 1,708 — — 
Short-term investments91 91 91 — — 
Other invested assets1,271 1,051 2 68 981 
Accrued investment income1,296 1,296 — 1,296 — 
Other asset1,020 1,071 — — 1,071 
Liabilities:
Interest-sensitive contract liabilities (2)
$31,056 $31,013 $— $— 31,013 
Funds withheld at interest6,863 6,681 — — 6,681 
Long-term debt5,710 5,638 — — 5,638 
(1)Carrying values presented herein may differ from those in the Company’s condensed consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.
(2)Carrying values and estimated fair values presented herein include a reinsurance recoverable of $1.8 billion as of March 31, 2026 and $1.9 billion as of December 31, 2025.