Fair Value Measurement - Quantitative Information - Assets & Liabilities (Details)
$ in Millions |
Jun. 30, 2026
USD ($)
risk
Year
|
Dec. 31, 2025
USD ($)
Year
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
$ 6,817
|
$ 6,369
|
| Fixed-maturity securities, trading |
131
|
124
|
| Funds withheld, at fair value |
296
|
0
|
| Total assets carried at fair value |
8,390
|
7,912
|
| FG VIEs’ assets, measurement input |
|
167
|
| Other assets |
187
|
174
|
| FG VIEs' liabilities |
(174)
|
(218)
|
| Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Total assets carried at fair value |
164
|
172
|
| FG VIEs' liabilities |
(147)
|
(197)
|
| Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
1,469
|
1,769
|
| Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
3,439
|
2,952
|
| RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
726
|
615
|
| CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
401
|
456
|
| Others |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
240
|
209
|
| Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
788
|
833
|
| Fixed-maturity securities, trading |
4
|
4
|
| Funds withheld, at fair value |
296
|
|
| Total assets carried at fair value |
1,261
|
1,185
|
| FG VIEs’ assets, measurement input |
|
167
|
| Other assets |
27
|
28
|
| FG VIEs' liabilities |
(168)
|
(218)
|
| Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Total assets carried at fair value |
143
|
150
|
| FG VIEs' liabilities |
(147)
|
(197)
|
| Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
10
|
10
|
| Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
160
|
168
|
| Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
155
|
144
|
| Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, trading |
4
|
4
|
| Funds withheld, at fair value |
296
|
|
| Other assets |
20
|
22
|
| Credit derivative liabilities, net |
(14)
|
(15)
|
| Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Total assets carried at fair value |
143
|
150
|
| FG VIEs' liabilities |
(147)
|
(197)
|
| Discounted Cash Flow | Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
10
|
10
|
| Discounted Cash Flow | Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
160
|
168
|
| Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
155
|
144
|
| Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
401
|
456
|
| Discounted Cash Flow | Level 3 | Others |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale |
$ 62
|
55
|
| Income Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets, measurement input |
|
$ 167
|
| Measurement Input, Yield | Discounted Cash Flow | Level 3 | Others |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.087
|
0.091
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, trading, measurement input |
0.037
|
0.001
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.064
|
0.060
|
| FG VIEs’ liabilities |
0.054
|
0.050
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.048
|
0.052
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.060
|
0.050
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.073
|
0.070
|
| Measurement Input, Yield | Minimum | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.122
|
0.110
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, trading, measurement input |
0.180
|
0.088
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.094
|
0.098
|
| FG VIEs’ liabilities |
0.089
|
0.098
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.150
|
0.150
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.090
|
0.080
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.104
|
0.099
|
| Measurement Input, Yield | Maximum | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.325
|
0.265
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, trading, measurement input |
0.152
|
0.044
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.073
|
0.087
|
| FG VIEs’ liabilities |
0.069
|
0.065
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | Obligations of state and political subdivisions |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.071
|
0.066
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | Corporate securities |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.062
|
0.052
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.080
|
0.083
|
| Measurement Input, Yield | Weighted Average | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.208
|
0.190
|
| Conditional prepayment rate (CPR) | Minimum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.003
|
0.002
|
| FG VIEs’ liabilities |
0.003
|
0.002
|
| Conditional prepayment rate (CPR) | Minimum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.000
|
0.000
|
| Conditional prepayment rate (CPR) | Maximum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.252
|
0.275
|
| FG VIEs’ liabilities |
0.252
|
0.275
|
| Conditional prepayment rate (CPR) | Maximum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.195
|
0.213
|
| Conditional prepayment rate (CPR) | Weighted Average | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.059
|
0.053
|
| FG VIEs’ liabilities |
0.059
|
0.053
|
| Conditional prepayment rate (CPR) | Weighted Average | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.047
|
0.041
|
| CDR | Minimum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.012
|
0.012
|
| FG VIEs’ liabilities |
0.012
|
0.012
|
| CDR | Minimum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.013
|
0.012
|
| CDR | Maximum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.410
|
0.410
|
| FG VIEs’ liabilities |
0.410
|
0.410
|
| CDR | Maximum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.185
|
0.186
|
| CDR | Weighted Average | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.106
|
0.105
|
| FG VIEs’ liabilities |
0.106
|
0.105
|
| CDR | Weighted Average | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.056
|
0.056
|
| Loss severity | Minimum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.450
|
0.450
|
| FG VIEs’ liabilities |
0.450
|
0.450
|
| Loss severity | Minimum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.400
|
0.500
|
| Loss severity | Maximum | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
1.000
|
1.000
|
| FG VIEs’ liabilities |
1.000
|
1.000
|
| Loss severity | Maximum | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
1.250
|
1.250
|
| Loss severity | Weighted Average | Discounted Cash Flow | Level 3 | Variable Interest Entity, Primary Beneficiary |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| FG VIEs’ assets |
0.838
|
0.836
|
| FG VIEs’ liabilities |
0.838
|
0.836
|
| Loss severity | Weighted Average | Discounted Cash Flow | Level 3 | RMBS |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.661
|
0.792
|
| Discount margin | Income Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
|
0.233
|
| Discount margin | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Funds withheld, measurement input | risk |
0.021
|
|
| Credit derivative liabilities, net, measurement input |
0.039
|
0.033
|
| Discount margin | Minimum | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.004
|
0.010
|
| Discount margin | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Funds withheld, measurement input | risk |
0.059
|
|
| Credit derivative liabilities, net, measurement input |
0.044
|
0.045
|
| Discount margin | Maximum | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.029
|
0.029
|
| Discount margin | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Funds withheld, measurement input | risk |
0.044
|
|
| Credit derivative liabilities, net, measurement input |
0.043
|
0.043
|
| Discount margin | Weighted Average | Discounted Cash Flow | Level 3 | CLOs |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fixed-maturity securities, available for sale, measurement input |
0.015
|
0.017
|
| Market multiple-price to earnings | Market Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
|
5.75
|
| Terminal growth rate | Market Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
|
0.040
|
| Implied Yield | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fair value inputs term |
0.064
|
0.064
|
| Implied Yield | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fair value inputs term |
0.069
|
0.069
|
| Implied Yield | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fair value inputs term |
0.067
|
0.066
|
| Term (years) | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Fair value inputs term | Year |
10
|
10
|
| Hedge cost (in basis points) (bps) | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.00119
|
0.00115
|
| Hedge cost (in basis points) (bps) | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.00293
|
0.00274
|
| Hedge cost (in basis points) (bps) | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.00159
|
0.00151
|
| Bank profit (in bps) | Minimum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.00633
|
0.00660
|
| Bank profit (in bps) | Maximum | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.02419
|
0.02619
|
| Bank profit (in bps) | Weighted Average | Discounted Cash Flow | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Credit derivative liabilities, net, measurement input |
0.01264
|
0.01247
|
| Market multiple-price to book | Market Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
|
1.00
|
| Exit multiple-price to earnings | Market Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Assets of CIVs - equity securities, measurement input |
|
5.50
|
| Other invested assets | Income Approach | Level 3 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
| Total assets carried at fair value |
$ 3
|
$ 3
|