v3.26.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
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.
Fair Value Inputs, Quantitative Information
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.
Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation
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).
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)
$(116)$— 
__________________
(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 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