v3.26.1
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost $ 15,509 $ 16,125
Commercial mortgage and other loans 9,354 9,765
Other investments 8,251 6,622
Total assets 72,891 72,805
Liabilities:    
Other policyholders’ funds 5,288 5,445
Total liabilities 1,072 972
Policy loans    
Assets:    
Other investments 204 210
Equity method investments    
Assets:    
Other investments [1] 4,346 4,109
Real estate owned    
Assets:    
Other investments 847 902
Level 1    
Assets:    
Total assets 22,764 22,266
Liabilities:    
Total liabilities 0 0
Level 2    
Assets:    
Total assets 46,208 47,022
Liabilities:    
Total liabilities 1,072 972
Level 3    
Assets:    
Total assets 3,919 3,517
Liabilities:    
Total liabilities 0 0
Carrying value    
Assets:    
Commercial mortgage and other loans 9,354 9,765
Other investments 39 [2] 28 [3]
Total assets 24,898 25,913
Liabilities:    
Other policyholders’ funds 5,288 5,445
Notes payable 8,643 8,330
Total liabilities 13,931 13,775
Carrying value | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 14,900 15,459
Carrying value | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 225 235
Carrying value | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 31 32
Carrying value | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 334 378
Carrying value | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 15 16
Fair value    
Assets:    
Commercial mortgage and other loans 9,192 9,617
Other investments 39 [2] 28 [3]
Total assets 23,487 25,121
Liabilities:    
Other policyholders’ funds 5,222 5,376
Notes payable 8,054 7,849
Total liabilities 13,276 13,225
Fair value | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 13,696 14,827
Fair value | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 205 229
Fair value | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 26 29
Fair value | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 315 375
Fair value | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 14 16
Fair value | Level 1    
Assets:    
Commercial mortgage and other loans 0 0
Other investments 0 [2] 0 [3]
Total assets 13,576 14,696
Liabilities:    
Other policyholders’ funds 0 0
Notes payable 0 0
Total liabilities 0 0
Fair value | Level 1 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 13,576 14,696
Fair value | Level 1 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 1 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 1 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 1 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 2    
Assets:    
Commercial mortgage and other loans 0 0
Other investments 39 [2] 28 [3]
Total assets 719 808
Liabilities:    
Other policyholders’ funds 0 0
Notes payable 7,396 7,167
Total liabilities 7,396 7,167
Fair value | Level 2 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 120 131
Fair value | Level 2 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 205 229
Fair value | Level 2 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 26 29
Fair value | Level 2 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 315 375
Fair value | Level 2 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 14 16
Fair value | Level 3    
Assets:    
Commercial mortgage and other loans 9,192 9,617
Other investments 0 [2] 0 [3]
Total assets 9,192 9,617
Liabilities:    
Other policyholders’ funds 5,222 5,376
Notes payable 658 682
Total liabilities 5,880 6,058
Fair value | Level 3 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost $ 0 $ 0
[1] Includes tax credit investments and asset classes such as private equity and real estate funds
[2] Excludes policy loans of $204, equity method investments of $4,346, and REO of $847, at carrying value
[3] Excludes policy loans of $210, equity method investments of $4,109, and REO of $902, at carrying value