v3.26.1
Fair Value of Financial Instruments - Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Assets    
Fixed maturity AFS securities $ 95,085 $ 93,448
Trading securities 1,515 1,676
Equity securities 292 501
Mortgage loans on real estate 195 199
Derivative investments 17,413 16,029
Other investments – short-term investments 250 194
Market risk benefit assets 5,077 4,753
Embedded derivative asset 1,437 1,369
Separate account assets 188,252 180,092
Total assets 309,518 298,263
Liabilities    
Embedded derivative liability (182) (289)
Market risk benefit liabilities (895) (1,118)
Derivative liabilities (23,131) (21,548)
Total liabilities (24,415) (23,025)
Corporate bonds    
Assets    
Fixed maturity AFS securities 67,901 69,045
U.S. government bonds    
Assets    
Fixed maturity AFS securities 962 869
State and municipal bonds    
Assets    
Fixed maturity AFS securities 2,067 2,147
Foreign government bonds    
Assets    
Fixed maturity AFS securities 203 226
RMBS    
Assets    
Fixed maturity AFS securities 1,953 2,122
CMBS    
Assets    
Fixed maturity AFS securities 2,888 2,502
ABS    
Assets    
Fixed maturity AFS securities 18,898 16,282
Hybrid and redeemable preferred securities    
Assets    
Fixed maturity AFS securities 213 255
MRB assets    
Assets    
Market risk benefit assets 5,077 4,753
Ceded MRBs    
Assets    
Market risk benefit assets 2 2
Liabilities    
Market risk benefit liabilities (389) (359)
RILA, Fixed Annity And IUL Contracts    
Liabilities    
Policyholder account balances – RILA, fixed annuity and IUL contracts (16,856) (15,115)
MRB liabilities    
Liabilities    
Market risk benefit liabilities (895) (1,118)
Excluding Embedded Derivatives    
Liabilities    
Derivative liabilities (6,093) (6,144)
(Level 1)    
Assets    
Trading securities 0 0
Equity securities 31 234
Mortgage loans on real estate 0 0
Derivative investments 0 0
Other investments – short-term investments 0 0
Embedded derivative asset 0 0
Separate account assets 348 383
Total assets 1,301 1,498
Liabilities    
Embedded derivative liability 0 0
Total liabilities 0 0
(Level 1) | Corporate bonds    
Assets    
Fixed maturity AFS securities 0 0
(Level 1) | U.S. government bonds    
Assets    
Fixed maturity AFS securities 893 849
(Level 1) | State and municipal bonds    
Assets    
Fixed maturity AFS securities 0 0
(Level 1) | Foreign government bonds    
Assets    
Fixed maturity AFS securities 0 0
(Level 1) | RMBS    
Assets    
Fixed maturity AFS securities 0 0
(Level 1) | CMBS    
Assets    
Fixed maturity AFS securities 0 0
(Level 1) | ABS    
Assets    
Fixed maturity AFS securities 0 0
(Level 1) | Hybrid and redeemable preferred securities    
Assets    
Fixed maturity AFS securities 29 32
(Level 1) | MRB assets    
Assets    
Market risk benefit assets 0 0
(Level 1) | Ceded MRBs    
Assets    
Market risk benefit assets 0 0
Liabilities    
Market risk benefit liabilities 0 0
(Level 1) | RILA, Fixed Annity And IUL Contracts    
Liabilities    
Policyholder account balances – RILA, fixed annuity and IUL contracts 0 0
(Level 1) | MRB liabilities    
Liabilities    
Market risk benefit liabilities 0 0
(Level 1) | Excluding Embedded Derivatives    
Liabilities    
Derivative liabilities 0 0
(Level 2)    
Assets    
Trading securities 1,327 1,347
Equity securities 231 234
Mortgage loans on real estate 0 0
Derivative investments 17,351 16,001
Other investments – short-term investments 245 193
Embedded derivative asset 0 0
Separate account assets 187,904 179,709
Total assets 292,594 282,386
Liabilities    
Embedded derivative liability 154 145
Total liabilities (5,823) (5,863)
(Level 2) | Corporate bonds    
Assets    
Fixed maturity AFS securities 64,503 65,132
(Level 2) | U.S. government bonds    
Assets    
Fixed maturity AFS securities 69 20
(Level 2) | State and municipal bonds    
Assets    
Fixed maturity AFS securities 2,067 2,147
(Level 2) | Foreign government bonds    
Assets    
Fixed maturity AFS securities 203 226
(Level 2) | RMBS    
Assets    
Fixed maturity AFS securities 1,953 2,122
(Level 2) | CMBS    
Assets    
Fixed maturity AFS securities 2,771 2,417
(Level 2) | ABS    
Assets    
Fixed maturity AFS securities 13,866 12,698
(Level 2) | Hybrid and redeemable preferred securities    
Assets    
Fixed maturity AFS securities 104 140
(Level 2) | MRB assets    
Assets    
Market risk benefit assets 0 0
(Level 2) | Ceded MRBs    
Assets    
Market risk benefit assets 0 0
Liabilities    
Market risk benefit liabilities 0 0
(Level 2) | RILA, Fixed Annity And IUL Contracts    
Liabilities    
Policyholder account balances – RILA, fixed annuity and IUL contracts 0 0
(Level 2) | MRB liabilities    
Liabilities    
Market risk benefit liabilities 0 0
(Level 2) | Excluding Embedded Derivatives    
Liabilities    
Derivative liabilities (5,977) (6,008)
(Level 3)    
Assets    
Trading securities 188 329
Equity securities 30 33
Mortgage loans on real estate 195 199
Derivative investments 62 28
Other investments – short-term investments 5 1
Embedded derivative asset 1,437 1,369
Separate account assets 0 0
Total assets 15,623 14,379
Liabilities    
Embedded derivative liability (336) (434)
Total liabilities (18,592) (17,162)
(Level 3) | Corporate bonds    
Assets    
Fixed maturity AFS securities 3,398 3,913
(Level 3) | U.S. government bonds    
Assets    
Fixed maturity AFS securities 0 0
(Level 3) | State and municipal bonds    
Assets    
Fixed maturity AFS securities 0 0
(Level 3) | Foreign government bonds    
Assets    
Fixed maturity AFS securities 0 0
(Level 3) | RMBS    
Assets    
Fixed maturity AFS securities 0 0
(Level 3) | CMBS    
Assets    
Fixed maturity AFS securities 117 85
(Level 3) | ABS    
Assets    
Fixed maturity AFS securities 5,032 3,584
(Level 3) | Hybrid and redeemable preferred securities    
Assets    
Fixed maturity AFS securities 80 83
(Level 3) | MRB assets    
Assets    
Market risk benefit assets 5,077 4,753
(Level 3) | Ceded MRBs    
Assets    
Market risk benefit assets 2 2
Liabilities    
Market risk benefit liabilities (389) (359)
(Level 3) | RILA, Fixed Annity And IUL Contracts    
Liabilities    
Policyholder account balances – RILA, fixed annuity and IUL contracts (16,856) (15,115)
(Level 3) | MRB liabilities    
Liabilities    
Market risk benefit liabilities (895) (1,118)
(Level 3) | Excluding Embedded Derivatives    
Liabilities    
Derivative liabilities (116) (136)
Fair Value Measured at Net Asset Value Per Share    
Liabilities    
Closed end funds measured at NAV per share $ 164 $ 135