v3.26.1
Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value
10. Fair Value
Considerable judgment is often required in interpreting the market data used to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.
Recurring Fair Value Measurements
The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:
March 31, 2026
Fair Value Hierarchy
Level 1Level 2Level 3
Total 
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $43,635 $7,581 $51,216 
RMBS
— 26,212 1,080 27,292 
U.S. government and agency12,271 12,596 — 24,867 
Foreign corporate— 16,629 9,566 26,195 
ABS & CLO— 14,602 1,464 16,066 
Municipals
— 5,402 — 5,402 
CMBS
— 4,818 143 4,961 
Foreign government
— 3,324 19 3,343 
Total fixed maturity securities AFS
12,271 127,218 19,853 159,342 
Short-term investments
958 416 35 1,409 
Other investments
14 813 1,459 2,286 
Derivative assets: (1)
Interest rate
— 2,534 — 2,534 
Foreign currency exchange rate
— 2,627 — 2,627 
Credit
— 147 — 147 
Equity market
1 434 1 436 
Total derivative assets
1 5,742 1 5,744 
Embedded derivatives within asset host contracts (2)
— — 46 46 
MRBs
— — 207 207 
Reinsured MRBs (3)
— — 373 373 
Separate account assets (4)
11,954 58,682 792 71,428 
Total assets (5)
$25,198 $192,871 $22,766 $240,835 
Liabilities
Derivative liabilities: (1)
Interest rate
$— $1,572 $— $1,572 
Foreign currency exchange rate
— 917 — 917 
Credit
— 2 — 2 
Equity market
10 212 — 222 
Total derivative liabilities
10 2,703 — 2,713 
Embedded derivatives within liability host contracts (2)
— — (296)(296)
Notes issued by CFEs
— — 801 801 
MRBs
— — 2,321 2,321 
Total liabilities
$10 $2,703 $2,826 $5,539 
December 31, 2025
Fair Value Hierarchy
Level 1Level 2Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate
$— $43,351 $7,251 $50,602 
RMBS
— 26,031 1,208 27,239 
U.S. government and agency14,337 12,364 — 26,701 
Foreign corporate— 17,148 9,323 26,471 
ABS & CLO— 13,822 729 14,551 
Municipals
— 5,588 1 5,589 
CMBS
— 4,998 115 5,113 
Foreign government
— 3,051 15 3,066 
Total fixed maturity securities AFS
14,337 126,353 18,642 159,332 
Short-term investments
1,763 424 34 2,221 
Other investments
13 12 1,459 1,484 
Derivative assets: (1)
Interest rate
— 2,501 — 2,501 
Foreign currency exchange rate
— 2,554 — 2,554 
Credit
— 103 — 103 
Equity market
3 227 — 230 
Total derivative assets
3 5,385 — 5,388 
Embedded derivatives within asset host contracts (2)
— — 53 53 
MRBs
— — 257 257 
Reinsured MRBs (3)
— — 285 285 
Separate account assets (4)
11,694 60,951 866 73,511 
Total assets (5)
$27,810 $193,125 $21,596 $242,531 
Liabilities
Derivative liabilities: (1)
Interest rate
$— $1,615 $— $1,615 
Foreign currency exchange rate
— 1,028 — 1,028 
Credit
— 6 — 6 
Equity market
— 265 1 266 
Total derivative liabilities
— 2,914 1 2,915 
Embedded derivatives within liability host contracts (2)
— — (166)(166)
Notes issued by CFEs
— — — — 
MRBs
— — 2,201 2,201 
Total liabilities
$— $2,914 $2,036 $4,950 
__________________
(1)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.
(2)Embedded derivatives within asset host contracts are presented within other invested assets on the interim condensed consolidated balance sheets. Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.
(3)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the interim condensed consolidated balance sheets.
(4)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities.
(5)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $36 million and $38 million at March 31, 2026 and December 31, 2025, respectively.
The following describes the valuation methodologies used to measure assets and liabilities at fair value.
Investments
Securities, Short-term Investments and Other Investments
When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings, and valuation of these securities does not involve management’s judgment.
When quoted prices in active markets are not available, the determination of estimated fair value of securities is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based, in large part, on management’s judgment or estimation and cannot be supported by reference to market activity. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such investments.
The estimated fair value of short-term investments and other investments is determined on a basis consistent with the methodologies described herein.
The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. The primary valuation approaches are the market approach, which considers recent prices from market transactions involving identical or similar assets or liabilities, and the income approach, which converts expected future amounts (e.g., cash flows) to a single current, discounted amount. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs.
Instrument
Level 2
Observable Inputs
Level 3
Unobservable Inputs
Fixed maturity securities AFS
U.S. corporate and Foreign corporate securities
Valuation Approaches: Principally the market and income approaches.
Valuation Approaches: Principally the market approach.
Key Inputs:
Key Inputs:
•
quoted prices in markets that are not active
•
illiquidity premium
•benchmark yields; spreads off benchmark yields; new issuances; issuer ratings•delta spread adjustments to reflect specific credit-related issues
•trades of identical or comparable securities; duration•credit spreads
•
privately-placed securities are valued using the additional key inputs:
•
quoted prices in markets that are not active for identical or similar
securities that are less liquid and based on lower levels of trading
activity than securities classified in Level 2
•
market yield curve; call provisions
•
observable prices and spreads for similar public or private securities that
incorporate the credit quality and industry sector of the issuer
•

independent non-binding broker quotations
•
delta spread adjustments to reflect specific credit-related issues
U.S. government and agency securities, Municipals and Foreign government securities
Valuation Approaches: Principally the market approach.
Valuation Approaches: Principally the market approach.
Key Inputs:
Key Inputs:
•
quoted prices in markets that are not active
•
independent non-binding broker quotations
•
benchmark U.S. Treasury yield or other yields
•
quoted prices in markets that are not active for identical or similar
securities that are less liquid and based on lower levels of trading
activity than securities classified in Level 2
•
the spread off the U.S. Treasury yield curve for the identical security
•issuer ratings and issuer spreads; broker-dealer quotations•credit spreads
•
comparable securities that are actively traded
Structured Products
Valuation Approaches: Principally the market and income approaches.
Valuation Approaches: Principally the market and income approaches.
Key Inputs:
Key Inputs:
•quoted prices in markets that are not active•
credit spreads
•
spreads for actively traded securities; spreads off benchmark yields
•
quoted prices in markets that are not active for identical or similar
securities that are less liquid and based on lower levels of trading
activity than securities classified in Level 2
•
expected prepayment speeds and volumes
•
current and forecasted loss severity; ratings; geographic region
•
independent non-binding broker quotations
•
weighted average coupon and weighted average maturity
•credit ratings
•average delinquency rates; DSCR
•
credit ratings
•
issuance-specific information, including, but not limited to:
•collateral type; structure of the security; vintage of the loans
•payment terms of the underlying assets
•
payment priority within the tranche; deal performance
Instrument
Level 2
Observable Inputs
Level 3
Unobservable Inputs
Short-term investments and Other investments
•Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above; while certain other investments are similar to equity securities. The valuation approaches and observable inputs used in their valuation are also similar to those described above. Other investments contain equity securities valued using quoted prices in markets that are not considered active. •
Certain short-term investments and certain other investments are of a similar nature and class to the fixed maturity securities AFS described above, while certain other investments are similar to equity securities. The valuation approaches and unobservable inputs used in their valuation are also similar to those described above. Other investments contain equity securities that use key unobservable inputs such as credit ratings, issuance structures and those described above for fixed maturities AFS. Other investments also include certain REJVs and use the valuation approach and key inputs as described for OLPI below.
Separate account assets and Separate account liabilities (1)
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly
Key Input:•N/A
•
quoted prices or reported NAV provided by the fund managers
OLPI
•N/A
Valued giving consideration to the underlying holdings of the partnerships and adjusting, if appropriate.
Key Input:
•
NAV
__________________
(1)Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, OLPI, short-term investments and cash and cash equivalents. The estimated fair value of fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents is determined on a basis consistent with the assets described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.”
Derivatives
The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models.
The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. With respect to certain OTC-bilateral and OTC-cleared derivatives, management may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Unobservable inputs are based on management’s assumptions about the inputs market participants would use in pricing such derivatives.
Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.
The credit risk of both the counterparty and the Company is considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by the counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is, in part, due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.
Freestanding Derivatives
Level 2 Valuation Approaches and Key Inputs:
This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3.
Level 3 Valuation Approaches and Key Inputs:
These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.
Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows:
InstrumentInterest RateForeign Currency
Exchange Rate		CreditEquity Market
Inputs common to Level 2 and Level 3 by instrument type
•
swap yield curves
•
swap yield curves
•
swap yield curves
•
swap yield curves
•
basis curves
•
basis curves
•
credit curves
•
spot equity index levels
•interest rate volatility (1)•
currency spot rates
•
recovery rates
•
dividend yield curves
•cross currency basis curves•
equity volatility (1)
Level 3•
N/A
•
N/A
•
N/A
•
dividend yield curves (2)
•
equity volatility (1), (2)
•correlation between model inputs (1)
__________________
(1)Option-based only.
(2)Extrapolation beyond the observable limits of the curve(s).
Embedded Derivatives
Embedded derivatives principally include equity-indexed annuity contracts and investment risk related to certain affiliated and unaffiliated reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.
The estimated fair value of the embedded derivatives within funds withheld related to certain assumed affiliated reinsurance and certain ceded affiliated and unaffiliated reinsurance, as well as experience refund provisions related to certain assumed affiliated reinsurance, is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the related reinsurance liabilities. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their underlying host contracts, in other liabilities and other invested assets on the interim condensed consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.
The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk.
Notes Issued by CFEs
The estimated fair value of these notes is based on the estimated fair value of the corresponding securities which collateralize the notes. Since the notes are valued based on referenced collateral, they are classified as Level 3.
MRBs
See Note 5 for information on the Company’s valuation approaches and key inputs for MRBs.
Transfers between Levels
Overall, transfers between levels occur when there are changes in the observability of inputs and market activity.
Transfers into or out of Level 3:
Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.
Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)
The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:
March 31, 2026December 31, 2025Impact of
Increase in Input
on Estimated
Fair Value (2)
Valuation
Techniques
Significant
Unobservable Inputs		RangeWeighted
Average (1)		RangeWeighted
Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate
•
Matrix pricing
•Offered quotes (4)17-1249532-12796Increase
•
Market pricing
•
Quoted prices (4)
—-10194—-10089Increase
RMBS
•
Market pricing
•
Quoted prices (4)
32-1519733-11496Increase (5)
ABS & CLO
•
Market pricing
•
Quoted prices (4)
—-1669923-142100Increase (5)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits•Option pricing techniques
•
Mortality rates:
Ages 0 - 400.01%-0.13%0.05%0.01%-0.13%0.05%
(6)
Ages 41 - 60
0.05%-0.68%0.22%0.05%-0.68%0.22%
(6)
Ages 61 - 115
0.35%-100%1.23%0.35%-100%1.23%
(6)
•
Lapse rates:
Durations 1 - 10
0.80%-20.10%13.37%0.80%-20.10%13.37%
Decrease (7)
Durations 11 - 20
3.30%-10.55%8.17%3.30%-10.55%8.17%
Decrease (7)
Durations 21 - 116
1.20%-10.55%7.48%1.20%-10.55%7.48%
Decrease (7)
•
Utilization rates
0.20%-16.25%0.54%0.20%-16.25%0.54%
Increase (8)
•
Withdrawal rates
0%-7.75%4.92%0%-7.75%4.92%(9)
•
Long-term equity volatilities
16.87%-22.49%18.96%16.87%-22.49%18.96%
Increase (10)
•
Nonperformance risk spread
0.37%-0.76%0.58%0.33%-0.65%0.58%
Decrease (11)
__________________
(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.
(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.
(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.
(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.
(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.
(6)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on Company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.
(7)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(8)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(9)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.
(10)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.
(11)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.
All other classes of securities classified within Level 3, including those within Other investments, Separate account assets, Notes issued by CFEs, and Embedded derivatives within funds withheld related to certain assumed affiliated reinsurance and certain ceded affiliated and unaffiliated reinsurance, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. Generally, all other classes of assets and liabilities classified within Level 3 that are not included above use the same valuation techniques and significant unobservable inputs as previously described for Level 3. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”
The following tables summarize the change of all assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 5):
 Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
 Fixed Maturity Securities AFS
 Corporate (6)Structured
Products		Foreign
Government		Short-term
Investments
 (In millions)
Three Months Ended March 31, 2026
Balance, beginning of period
$16,574 $2,052 $15 $34 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)(4)(5)— — 
Total realized/unrealized gains (losses) included in 
AOCI
(305)(7)— (3)
Purchases (3)
1,339 1,343 1 11 
Sales (3)
(403)(135)(2)(1)
Issuances (3)
— — — — 
Settlements (3)
— — — — 
Transfers into Level 3 (4)
84 32 5 — 
Transfers out of Level 3 (4)
(138)(593)— (6)
Balance, end of period
$17,147 $2,687 $19 $35 
Three Months Ended March 31, 2025
Balance, beginning of period
$15,091 $5,590 $12 $1 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(25)4 — — 
Total realized/unrealized gains (losses) included in 
AOCI
227 18 4 — 
Purchases (3)
698 1,155 — — 
Sales (3)
(355)(96)(1)(1)
Issuances (3)
— — — — 
Settlements (3)
— — — — 
Transfers into Level 3 (4)
112 19 — — 
Transfers out of Level 3 (4)
(279)(3,679)(1)— 
Balance, end of period
$15,469 $3,011 $14 $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held
at March 31, 2026 (5)
$(9)$(6)$— $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held
at March 31, 2025 (5)
$(3)$4 $— $— 
Changes in unrealized gains (losses) included in AOCI for the instruments still held
at March 31, 2026 (5)
$(303)$(7)$— $2 
Changes in unrealized gains (losses) included in AOCI for the instruments still held
at March 31, 2025 (5)
$204 $18 $3 $— 
 
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
 
Other
 Investments
Net
Derivatives (7)		Net Embedded
Derivatives (8)
Separate
Accounts (9) 
Notes Issued by CFEs
 
(In millions)
Three Months Ended March 31, 2026
Balance, beginning of period
$1,459 $(1)$219 $866 $— 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)(114)2 213 (10)— 
Total realized/unrealized gains (losses) included in 
AOCI
— — — — — 
Purchases (3)
101 — — 23 (801)
Sales (3)
(3)— — (57)— 
Issuances (3)
— — (92)— — 
Settlements (3)
— — 2 — — 
Transfers into Level 3 (4)
16 — — — — 
Transfers out of Level 3 (4)
— — — (30)— 
Balance, end of period
$1,459 $1 $342 $792 $(801)
Three Months Ended March 31, 2025
Balance, beginning of period
$1,371 $3 $457 $859 $— 
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)
(11)(3)(193)3 — 
Total realized/unrealized gains (losses) included in 
AOCI
— — — — — 
Purchases (3)
21 — — 42 — 
Sales (3)
(33)— — (42)— 
Issuances (3)
— — — — — 
Settlements (3)
— — (2)— — 
Transfers into Level 3 (4)
— — — 1 — 
Transfers out of Level 3 (4)
— — — (6)— 
Balance, end of period
$1,348 $— $262 $857 $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held
at March 31, 2026 (5)
$(96)$2 $213 $— $— 
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held
at March 31, 2025 (5)
$(29)$(3)$(193)$— $— 
Changes in unrealized gains (losses) included in AOCI for the instruments still held
at March 31, 2026 (5)
$— $— $— $— $— 
Changes in unrealized gains (losses) included in AOCI for the instruments still held
at March 31, 2025 (5)
$— $— $— $— $— 
__________________
(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses). Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward.
(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
(6)Comprised of U.S. and foreign corporate securities.
(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss).
Fair Value Option
The Company has elected the FVO for certain invested assets held by, and notes issued by, CFEs.
The unpaid principal balance on the invested assets held by CFEs exceeded the estimated fair value by $28 million at March 31, 2026.
The estimated fair value on the notes issued by CFEs exceeded the unpaid principal balance by $14 million at March 31, 2026.
Nonrecurring Fair Value Measurements
The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).
March 31, 2026December 31, 2025
(In millions)
Carrying value after measurement:
Mortgage loans (1)
$1,006 $730 
Real estate and REJVs (2)
$14 $— 
Three Months
Ended
March 31,
20262025
(In millions)
Net investment gains (losses):
Mortgage loans (1)
$(103)$(125)
Real estate and REJVs (2)
$(116)$— 
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(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 8.    
(2)Estimated fair values of impaired real estate and REJVs are based on appraised values.
Fair Value of Financial Instruments Carried at Other Than Fair Value
The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. The following tables exclude cash and cash equivalents, which are primarily classified as Level 1, and accrued investment income and payables for collateral under securities loaned and other transactions, which are primarily classified as Level 2. The Company believes that due to the short-term nature of these excluded financial instruments, the estimated fair value approximates carrying value.
The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:
March 31, 2026
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$55,472 $— $— $53,839 $53,839 
Policy loans
$5,545 $— $— $5,813 $5,813 
Other invested assets
$2,061 $— $1,765 $269 $2,034 
Premiums, reinsurance and other receivables
$13,814 $— $359 $13,182 $13,541 
Liabilities
PABs
$89,109 $— $— $88,093 $88,093 
Long-term debt
$994 $— $1,073 $— $1,073 
Other liabilities
$12,765 $— $1,200 $10,988 $12,188 
Separate account liabilities
$22,058 $— $22,058 $— $22,058 
December 31, 2025
Fair Value Hierarchy
Carrying
Value		Level 1Level 2Level 3Total
Estimated
Fair Value
(In millions)
Assets
Mortgage loans
$55,870 $— $— $54,507 $54,507 
Policy loans
$5,596 $— $— $5,879 $5,879 
Other invested assets
$1,808 $— $1,792 $— $1,792 
Premiums, reinsurance and other receivables$13,925 $— $354 $13,304 $13,658 
Liabilities
PABs
$88,074 $— $— $87,444 $87,444 
Long-term debt
$1,043 $— $1,146 $— $1,146 
Other liabilities
$12,004 $— $335 $11,083 $11,418 
Separate account liabilities
$21,835 $— $21,835 $— $21,835