FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.


	June 30, 2026
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies		$	13,011		$	556		$	0		$	13,567
Municipalities		0			1,764			0			1,764
Mortgage- and asset-backed securities		0			2,972			2,753			5,725
Public utilities		0			6,102			852			6,954
Sovereign and supranational		0			357			17			374
Banks/financial institutions		51			9,163			4			9,218
Other corporate		0			25,111			135			25,246
Total fixed maturity securities		13,062			46,025			3,761			62,848
Equity securities		767			0			158			925
Other investments		2,815			0			0			2,815
Cash and cash equivalents		6,120			0			0			6,120
Other assets:
Foreign currency swaps		0			42			0			42
Foreign currency forwards		0			124			0			124
Foreign currency options		0			17			0			17



Total other assets		0			183			0			183
Total assets		$	22,764		$	46,208		$	3,919		$	72,891
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	887		$	0		$	887
Foreign currency forwards		0			19			0			19
Foreign currency options		0			59			0			59
Interest rate swaps		0			107			0			107


Total liabilities		$	0		$	1,072		$	0		$	1,072


	December 31, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies		$	13,921		$	686		$	0		$	14,607
Municipalities		0			1,930			0			1,930
Mortgage- and asset-backed securities		0			2,072			2,294			4,366
Public utilities		0			6,298			876			7,174
Sovereign and supranational		0			383			19			402
Banks/financial institutions		0			9,235			9			9,244
Other corporate		0			26,239			159			26,398
Total fixed maturity securities		13,921			46,843			3,357			64,121
Equity securities		727			0			160			887
Other investments		1,373			0			0			1,373
Cash and cash equivalents		6,245			0			0			6,245
Other assets:
Foreign currency swaps		0			45			0			45
Foreign currency forwards		0			120			0			120

Interest rate swaps		0			14			0			14
Total other assets		0			179			0			179
Total assets		$	22,266		$	47,022		$	3,517		$	72,805
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	765		$	0		$	765
Foreign currency forwards		0			18			0			18

Interest rate swaps		0			189			0			189

Total liabilities		$	0		$	972		$	0		$	972

Fair Value Hierarchy, Assets and Liabilities Not Carried at Fair Value

The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.


	June 30, 2026
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	14,900		$	13,576		$	120		$	0		$	13,696
Municipalities		225			0			205			0			205

Public utilities		31			0			26			0			26
Sovereign and supranational		334			0			315			0			315

Other corporate		15			0			14			0			14
Commercial mortgage and other loans		9,354			0			0			9,192			9,192
Other investments (1)		39			0			39			0			39
Total assets		$	24,898		$	13,576		$	719		$	9,192		$	23,487
Liabilities:
Other policyholders’ funds		$	5,288		$	0		$	0		$	5,222		$	5,222
Notes payable (excluding leases)		8,643			0			7,396			658			8,054
Total liabilities		$	13,931		$	0		$	7,396		$	5,880		$	13,276

(1) Excludes policy loans of $204, equity method investments of $4,346, and REO of $847, at carrying value


	December 31, 2025
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	15,459		$	14,696		$	131		$	0		$	14,827
Municipalities		235			0			229			0			229

Public utilities		32			0			29			0			29
Sovereign and supranational		378			0			375			0			375

Other corporate		16			0			16			0			16
Commercial mortgage and other loans		9,765			0			0			9,617			9,617
Other investments (1)		28			0			28			0			28
Total assets		$	25,913		$	14,696		$	808		$	9,617		$	25,121
Liabilities:
Other policyholders’ funds		$	5,445		$	0		$	0		$	5,376		$	5,376
Notes payable (excluding leases)		8,330			0			7,167			682			7,849
Total liabilities		$	13,775		$	0		$	7,167		$	6,058		$	13,225

(1) Excludes policy loans of $210, equity method investments of $4,109, and REO of $902, at carrying value

Fair Value, Assets, Securities Carried At Fair Value, Primary Pricing Sources

The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.


	June 30, 2026
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	13,011		$	367		$	0		$	13,378
Internal		0			189			0			189

Total government and agencies		13,011			556			0			13,567
Municipalities:
Third-party pricing vendor		0			1,616			0			1,616
Internal		0			148			0			148

Total municipalities		0			1,764			0			1,764
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			2,350			0			2,350
Internal		0			622			0			622
Broker/other		0			0			2,753			2,753
Total mortgage- and asset-backed securities		0			2,972			2,753			5,725
Public utilities:
Third-party pricing vendor		0			3,659			0			3,659
Internal		0			2,443			0			2,443
Broker/other		0			0			852			852
Total public utilities		0			6,102			852			6,954
Sovereign and supranational:
Third-party pricing vendor		0			74			0			74
Internal		0			283			0			283
Broker/other		0			0			17			17
Total sovereign and supranational		0			357			17			374
Banks/financial institutions:
Third-party pricing vendor		0			5,801			0			5,801
Internal		51			3,362			0			3,413
Broker/other		0			0			4			4
Total banks/financial institutions		51			9,163			4			9,218
Other corporate:
Third-party pricing vendor		0			20,441			0			20,441
Internal		0			4,670			0			4,670
Broker/other		0			0			135			135
Total other corporate		0			25,111			135			25,246
Total securities available-for-sale		$	13,062		$	46,025		$	3,761		$	62,848
Equity securities, carried at fair value:
Third-party pricing vendor		$	767		$	0		$	0		$	767
Internal		0			0			22			22
Broker/other		0			0			136			136
Total equity securities		$	767		$	0		$	158		$	925


	December 31, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	13,921		$	383		$	0		$	14,304
Internal		0			303			0			303
Total government and agencies		13,921			686			0			14,607
Municipalities:
Third-party pricing vendor		0			1,706			0			1,706
Internal		0			224			0			224
Total municipalities		0			1,930			0			1,930
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			1,824			0			1,824
Internal		0			248			0			248
Broker/other		0			0			2,294			2,294
Total mortgage- and asset-backed securities		0			2,072			2,294			4,366
Public utilities:
Third-party pricing vendor		0			3,660			0			3,660
Internal		0			2,638			0			2,638
Broker/other		0			0			876			876
Total public utilities		0			6,298			876			7,174
Sovereign and supranational:
Third-party pricing vendor		0			79			0			79
Internal		0			304			0			304
Broker/other		0			0			19			19
Total sovereign and supranational		0			383			19			402
Banks/financial institutions:
Third-party pricing vendor		0			5,605			0			5,605
Internal		0			3,630			5			3,635
Broker/other		0			0			4			4
Total banks/financial institutions		0			9,235			9			9,244
Other corporate:
Third-party pricing vendor		0			21,294			0			21,294
Internal		0			4,945			20			4,965
Broker/other		0			0			139			139
Total other corporate		0			26,239			159			26,398
Total securities available-for-sale		$	13,921		$	46,843		$	3,357		$	64,121
Equity securities, carried at fair value:
Third-party pricing vendor		$	727		$	0		$	0		$	727
Internal		0			0			24			24
Broker/other		0			0			136			136
Total equity securities		$	727		$	0		$	160		$	887

Fair Value, Assets, Securities Carried At Amortized Cost, Primary Pricing Sources


	June 30, 2026
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	13,576		$	120		$	0		$	13,696

Total government and agencies		13,576			120			0			13,696
Municipalities:
Third-party pricing vendor		0			205			0			205

Total municipalities		0			205			0			205




Public utilities:
Third-party pricing vendor		0			26			0			26


Total public utilities		0			26			0			26
Sovereign and supranational:
Third-party pricing vendor		0			142			0			142
Internal		0			173			0			173

Total sovereign and supranational		0			315			0			315




Other corporate:
Third-party pricing vendor		0			14			0			14


Total other corporate		0			14			0			14
Total securities held-to-maturity		$	13,576		$	680		$	0		$	14,256


	December 31, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	14,696		$	131		$	0		$	14,827
Total government and agencies		14,696			131			0			14,827
Municipalities:
Third-party pricing vendor		0			229			0			229
Total municipalities		0			229			0			229




Public utilities:
Third-party pricing vendor		0			29			0			29
Total public utilities		0			29			0			29
Sovereign and supranational:
Third-party pricing vendor		0			188			0			188
Internal		0			187			0			187

Total sovereign and supranational		0			375			0			375



Other corporate:
Third-party pricing vendor		0			16			0			16

Total other corporate		0			16			0			16
Total securities held-to-maturity		$	14,696		$	780		$	0		$	15,476

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3.


Three Months Ended June 30, 2026
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	2,655	$	825	$	19	$	4	$	135	$	159	$	3,797
Net investment gains (losses) included in earnings	12		1		0		0		0		(1)		12
Unrealized gains (losses) included in other comprehensive income (loss)	(16)		(1)		0		0		0		0		(17)
Purchases, issuances, sales and settlements:
Purchases	189		39		0		0		0		0		228
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(141)		(12)		(2)		0		0		0		(155)
Transfers into Level 3	140		0		0		0		0		0		140
Transfers out of Level 3	(86)		0		0		0		0		0		(86)
Balance, end of period	$	2,753	$	852	$	17	$	4	$	135	$	158	$	3,919
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	1	$	1	$	0	$	0	$	0	$	2	$	4


Three Months Ended June 30, 2025
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	1,603	$	756	$	24	$	10	$	137	$	160	$	2,690
Net investment gains (losses) included in earnings	0		0		0		0		0		3		3
Unrealized gains (losses) included in other comprehensive income (loss)	20		14		1		(1)		2		0		36
Purchases, issuances, sales and settlements:
Purchases	175		48		0		0		24		4		251
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(44)		(26)		(2)		0		0		0		(72)
Transfers into Level 3	168		0		0		0		0		0		168
Transfers out of Level 3	0		0		0		0		0		0		0
Balance, end of period	$	1,922	$	792	$	23	$	9	$	163	$	167	$	3,076
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	3	$	3


Six Months Ended June 30, 2026
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	2,294	$	876	$	19	$	9	$	159	$	160	$	3,517
Net investment gains (losses) included in earnings	14		5		0		0		6		(3)		22
Unrealized gains (losses) included in other comprehensive income (loss)	(48)		(24)		0		0		(8)		0		(80)
Purchases, issuances, sales and settlements:
Purchases	491		49		0		0		0		1		541
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(171)		(54)		(2)		0		(22)		0		(249)
Transfers into Level 3	259		0		0		0		0		0		259
Transfers out of Level 3	(86)		0		0		(5)		0		0		(91)
Balance, end of period	$	2,753	$	852	$	17	$	4	$	135	$	158	$	3,919
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	2	$	1	$	0	$	0	$	0	$	1	$	4


Six Months Ended June 30, 2025
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	1,156	$	647	$	23	$	10	$	231	$	157	$	2,224
Net investment gains (losses) included in earnings	0		0		0		0		0		4		4
Unrealized gains (losses) included in other comprehensive income (loss)	30		20		2		(1)		4		0		55
Purchases, issuances, sales and settlements:
Purchases	609		158		0		0		24		7		798
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		(1)		(1)
Settlements	(56)		(33)		(2)		0		(1)		0		(92)
Transfers into Level 3	183		0		0		0		0		0		183
Transfers out of Level 3	0		0		0		0		(95)		0		(95)
Balance, end of period	$	1,922	$	792	$	23	$	9	$	163	$	167	$	3,076
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	4	$	4

Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

June 30, 2026

(In millions)

Fair Value

Valuation Technique(s)

Unobservable Input

Range

Weighted Average

Assets:

Securities available-for-sale, carried at fair value:

Fixed maturity securities:

Mortgage- and asset-backed securities

2,753

Consensus pricing

Offered quotes

86.79

104.56

(a)

99.31

Public utilities

852

Discounted cash flow

Credit spreads

100 bps

467 bps

(c)

184 bps

Sovereign and supranational

Consensus pricing

Offered quotes

N/A

(b)

N/A

Banks/financial institutions

Adjusted cost

Private financials

N/A

(d)

N/A

Other corporate

135

Discounted cash flow

Credit spreads

75 bps

380 bps

(c)

205 bps

Equity securities

158

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

3,919

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques

(b) Category represents a single security; range not applicable

(d) Prices do not utilize credit spreads; therefore, range is not applicable

December 31, 2025

(In millions)

Fair Value

Valuation Technique(s)

Unobservable Input

Range

Weighted Average

Assets:

Securities available-for-sale, carried at fair value:

Fixed maturity securities:

Mortgage- and asset-backed securities

2,294

Consensus pricing

Offered quotes

88.75

106.70

(a)

100.42

Public utilities

876

Discounted cash flow

Credit spreads

100 bps

391 bps

(c)

163 bps

Sovereign and supranational

Consensus pricing

Offered quotes

N/A

(b)

N/A

Banks/financial institutions

Adjusted cost

Private financials

N/A

(d)

N/A

Other corporate

159

Discounted cash flow

Credit spreads

75 bps

384 bps

(c)

217 bps

Equity securities

160

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

3,517

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques

(b) Category represents a single security; range not applicable

(d) Prices do not utilize credit spreads; therefore, range is not applicable

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details