v3.26.1
Consolidated and Nonconsolidated Investment Entities (Tables)
 6 Months Ended
Jun. 30, 2026
Consolidated Investment Entities [Abstract]  
Fair Value, by Balance Sheet Grouping
The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:

June 30, 2026December 31, 2025
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Assets:
Fixed maturities, including securities pledged$29,333 $29,333 $30,151 $30,151 
Equity securities202 202 201 201 
Mortgage loans on real estate5,484 5,356 5,608 5,522 
Policy loans312 312 323 323 
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements2,151 2,151 2,357 2,357 
Derivatives197 197 197 197 
Embedded derivatives within reinsurance
50 50 55 55 
Other investments
89 89 86 86 
Assets held in separate accounts119,424 119,424 113,007 113,007 
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)
$33,102 $35,804 $33,793 $37,154 
Funding agreements with fixed maturities2,251 2,261 2,101 2,120 
Supplementary contracts and immediate annuities
488 468 504 481 
Stabilizer and MCGs8 8 5 5 
Derivatives248 248 282 282 
Embedded derivatives within reinsurance(2)
(10)(10)(9)(9)
Short-term debt153 154 586 588 
Long-term debt1,950 1,920 1,518 1,489 
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within Stabilizer and MCGs.
(2) The Company classifies the embedded derivative within the liabilities section as the balance represents an offset to a funds withheld liability.
The following table shows the fair value hierarchy for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of June 30, 2026:
Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents
$75 $— $— $— $75 
Corporate loans— 965 — — 965 
Limited partnerships/corporations— — — 2,854 2,854 
Other investments(1)
— — 64 — 64 
VOEs
Cash and cash equivalents2 — — — 2 
Other investments(1)
— — — 21 21 
Total assets$77 $965 $64 $2,875 $3,981 
Liabilities
VIEs
CLO notes$— $902 $— $— $902 
Total liabilities$— $902 $— $— $902 
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Condensed Consolidated Balance Sheets.
The following table shows the fair value for assets and liabilities measured on a recurring basis within the Company's consolidated investment entities as of December 31, 2025:

Level 1Level 2Level 3NAVTotal
Assets
VIEs
Cash and cash equivalents$116 $— $— $— $116 
Corporate loans— 1,350 — — 1,350 
Limited partnerships/corporations— — — 3,142 3,142 
Other investments(1)
— — 43 — 43 
VOEs
Cash and cash equivalents4 — — — 4 
Other investments(1)
— — — 47 47 
Total assets$120 $1,350 $43 $3,189 $4,702 
Liabilities
VIEs
CLO notes$— $1,134 $— $— $1,134 
Total liabilities$— $1,134 $— $— $1,134