Fair Value (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following represents the hierarchy for our assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | (In millions) | Total | | NAV | | Level 1 | | Level 2 | | Level 3 | | | Assets | | | | | | | | | | | | AFS securities | | | | | | | | | | | | US government and agencies | $ | 23,416 | | | $ | — | | | $ | 23,416 | | | $ | — | | | $ | — | | | US state, municipal and political subdivisions | 526 | | | — | | | — | | | 526 | | | — | | | | Foreign governments | 1,731 | | | — | | | — | | | 1,731 | | | — | | | | Corporate | 92,925 | | | — | | | 35 | | | 88,237 | | | 4,653 | | | | CLO | 21,332 | | | — | | | — | | | 21,332 | | | — | | | | ABS | 36,536 | | | — | | | — | | | 12,604 | | | 23,932 | | | | CMBS | 12,284 | | | — | | | — | | | 12,254 | | | 30 | | | | RMBS | 8,013 | | | — | | | — | | | 7,632 | | | 381 | | | | Total AFS securities | 196,763 | | | — | | | 23,451 | | | 144,316 | | | 28,996 | | | | Trading securities | 6,318 | | | — | | | 24 | | | 6,134 | | | 160 | | | | Equity securities | 697 | | | — | | | 175 | | | 515 | | | 7 | | | | Mortgage loans | 99,974 | | | — | | | — | | | — | | | 99,974 | | | | | | | | | | | | | | | Funds withheld at interest – embedded derivative | (2,404) | | | — | | | — | | | — | | | (2,404) | | | | Derivative assets | 11,034 | | | — | | | 116 | | | 10,915 | | | 3 | | | | Short-term investments | 105 | | | — | | | 100 | | | 4 | | | 1 | | | | Other investments | 1,911 | | | — | | | — | | | 1,256 | | | 655 | | | | Cash and cash equivalents | 21,957 | | | — | | | 21,957 | | | — | | | — | | | | Restricted cash | 1,583 | | | — | | | 1,583 | | | — | | | — | | | | Investments in related parties | | | | | | | | | | | | AFS securities | | | | | | | | | | | | Corporate | 3,578 | | | — | | | — | | | 2,382 | | | 1,196 | | | | CLO | 6,746 | | | — | | | — | | | 5,412 | | | 1,334 | | | | ABS | 22,857 | | | — | | | — | | | 1,091 | | | 21,766 | | | | CMBS | 111 | | | — | | | — | | | 111 | | | — | | | | Total AFS securities – related parties | 33,292 | | | — | | | — | | | 8,996 | | | 24,296 | | | | Trading securities | 1,290 | | | — | | | — | | | — | | | 1,290 | | | | | | | | | | | | | | | Mortgage loans | 1,549 | | | — | | | — | | | — | | | 1,549 | | | | Investment funds | 2,311 | | | — | | | — | | | — | | | 2,311 | | | | Funds withheld at interest – embedded derivative | (347) | | | — | | | — | | | — | | | (347) | | | | | | | | | | | | | | | Other investments | 333 | | | — | | | — | | | — | | | 333 | | | | Reinsurance recoverable | 1,920 | | | — | | | — | | | — | | | 1,920 | | | | Other assets | 169 | | | — | | | — | | | — | | | 169 | | | | Assets of consolidated VIEs | | | | | | | | | | | | Trading securities | 2,103 | | | — | | | — | | | 594 | | | 1,509 | | | | | | | | | | | | | | | Mortgage loans | 2,058 | | | — | | | — | | | — | | | 2,058 | | | | Investment funds | 26,798 | | | 26,486 | | | 22 | | | — | | | 290 | | | | | | | | | | | | | | | Cash and cash equivalents | 171 | | | — | | | 171 | | | — | | | — | | | | Total assets measured at fair value | $ | 409,585 | | | $ | 26,486 | | | $ | 47,599 | | | $ | 172,730 | | | $ | 162,770 | | | | Liabilities | | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | | Embedded derivative | $ | 16,384 | | | $ | — | | | $ | — | | | $ | — | | | $ | 16,384 | | | | Universal life benefits | 742 | | | — | | | — | | | — | | | 742 | | | Future policy benefits | | | | | | | | | | | | AmerUs Life Insurance Company (AmerUs) Closed Block | 1,054 | | | — | | | — | | | — | | | 1,054 | | | | Indianapolis Life Insurance Company (ILICO) Closed Block and life benefits | 510 | | | — | | | — | | | — | | | 510 | | | | Market risk benefits | 5,283 | | | — | | | — | | | — | | | 5,283 | | | | Derivative liabilities | 6,241 | | | — | | | 11 | | | 6,222 | | | 8 | | | | Other liabilities | 174 | | | — | | | — | | | — | | | 174 | | | | Total liabilities measured at fair value | $ | 30,388 | | | $ | — | | | $ | 11 | | | $ | 6,222 | | | $ | 24,155 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (In millions) | Total | | NAV | | Level 1 | | Level 2 | | Level 3 | | Assets | | | | | | | | | | | AFS securities | | | | | | | | | | | US government and agencies | $ | 16,898 | | | $ | — | | | $ | 16,898 | | | $ | — | | | $ | — | | US state, municipal and political subdivisions | 759 | | | — | | | — | | | 759 | | | — | | | Foreign governments | 1,659 | | | — | | | 516 | | | 1,131 | | | 12 | | | Corporate | 89,431 | | | — | | | 10 | | | 82,771 | | | 6,650 | | | CLO | 26,272 | | | — | | | — | | | 26,272 | | | — | | | ABS | 35,462 | | | — | | | — | | | 13,255 | | | 22,207 | | | CMBS | 13,084 | | | — | | | — | | | 13,043 | | | 41 | | | RMBS | 9,032 | | | — | | | — | | | 8,593 | | | 439 | | | Total AFS securities | 192,597 | | | — | | | 17,424 | | | 145,824 | | | 29,349 | | | Trading securities | 6,409 | | | — | | | 24 | | | 6,367 | | | 18 | | | Equity securities | 822 | | | — | | | 185 | | | 629 | | | 8 | | | Mortgage loans | 91,918 | | | — | | | — | | | — | | | 91,918 | | | | | | | | | | | | | Funds withheld at interest – embedded derivative | (2,409) | | | — | | | — | | | — | | | (2,409) | | | Derivative assets | 9,190 | | | — | | | 206 | | | 8,982 | | | 2 | | | Short-term investments | 33 | | | — | | | — | | | 33 | | | — | | | Other investments | 1,818 | | | — | | | — | | | 1,057 | | | 761 | | | Cash and cash equivalents | 14,994 | | | — | | | 14,994 | | | — | | | — | | | Restricted cash | 1,332 | | | — | | | 1,332 | | | — | | | — | | | Investments in related parties | | | | | | | | | | | AFS securities | | | | | | | | | | | Corporate | 2,714 | | | — | | | — | | | 1,117 | | | 1,597 | | | CLO | 7,203 | | | — | | | — | | | 5,870 | | | 1,333 | | | ABS | 16,366 | | | — | | | — | | | 1,089 | | | 15,277 | | | CMBS | 161 | | | — | | | — | | | 161 | | | — | | | Total AFS securities – related parties | 26,444 | | | — | | | — | | | 8,237 | | | 18,207 | | | Trading securities | 454 | | | — | | | — | | | — | | | 454 | | | Equity securities | 266 | | | — | | | — | | | — | | | 266 | | | Mortgage loans | 1,486 | | | — | | | — | | | — | | | 1,486 | | | Investment funds | 1,318 | | | — | | | — | | | — | | | 1,318 | | | Funds withheld at interest – embedded derivative | (356) | | | — | | | — | | | — | | | (356) | | | | | | | | | | | | | Other investments | 344 | | | — | | | — | | | — | | | 344 | | | Reinsurance recoverable | 1,911 | | | — | | | — | | | — | | | 1,911 | | | Other assets | 214 | | | — | | | — | | | — | | | 214 | | | Assets of consolidated VIEs | | | | | | | | | | | Trading securities | 3,120 | | | — | | | — | | | 683 | | | 2,437 | | | Mortgage loans | 2,140 | | | — | | | — | | | — | | | 2,140 | | | Investment funds | 24,070 | | | 23,784 | | | — | | | — | | | 286 | | | | | | | | | | | | | Cash and cash equivalents | 569 | | | — | | | 569 | | | — | | | — | | | Total assets measured at fair value | $ | 378,684 | | | $ | 23,784 | | | $ | 34,734 | | | $ | 171,812 | | | $ | 148,354 | | | Liabilities | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | Embedded derivative | $ | 14,749 | | | $ | — | | | $ | — | | | $ | — | | | $ | 14,749 | | | Universal life benefits | 766 | | | — | | | — | | | — | | | 766 | | Future policy benefits | | | | | | | | | | AmerUs Closed Block | 1,085 | | | — | | | — | | | — | | | 1,085 | | ILICO Closed Block and life benefits | 530 | | | — | | | — | | | — | | | 530 | | | Market risk benefits | 4,930 | | | — | | | — | | | — | | | 4,930 | | | Derivative liabilities | 5,742 | | | — | | | 9 | | | 5,733 | | | — | | | Other liabilities | 254 | | | — | | | — | | | — | | | 254 | | | Total liabilities measured at fair value | $ | 28,056 | | | $ | — | | | $ | 9 | | | $ | 5,733 | | | $ | 22,314 | | | | | | | | | | | |
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| Summary of Fair Value Option |
The following represents the gains (losses) recorded for instruments for which we have elected the fair value option, including related parties and consolidated VIEs: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | (In millions) | 2026 | | 2025 | | 2026 | | 2025 | | Trading securities | $ | 62 | | | $ | 261 | | | $ | (190) | | | $ | 336 | | | Mortgage loans | (624) | | | 892 | | | (1,375) | | | 1,933 | | | Investment funds | 6 | | | 120 | | | (3) | | | 203 | | | Future policy benefits | 7 | | | 10 | | | 31 | | | 5 | | | Other | (2) | | | (29) | | | 4 | | | (17) | | | Total gains (losses) | $ | (551) | | | $ | 1,254 | | | $ | (1,533) | | | $ | 2,460 | |
The following summarizes information for fair value option mortgage loans, including related parties and consolidated VIEs: | | | | | | | | | | | | | (In millions) | June 30, 2026 | | December 31, 2025 | | Unpaid principal balance | $ | 105,204 | | | $ | 96,269 | | | Mark to fair value | (1,623) | | | (725) | | | Fair value | $ | 103,581 | | | $ | 95,544 | |
The following represents our commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status: | | | | | | | | | | | | | (In millions) | June 30, 2026 | | December 31, 2025 | | Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status | $ | 1,027 | | | $ | 992 | | | Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | (332) | | | (337) | | | Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status | $ | 695 | | | $ | 655 | | | | | | | Fair value of commercial mortgage loans 90 days or more past due | $ | 298 | | | $ | 274 | | | Fair value of commercial mortgage loans in non-accrual status | 695 | | | 655 | |
The following represents our residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status: | | | | | | | | | | | | | (In millions) | June 30, 2026 | | December 31, 2025 | | Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status | $ | 1,912 | | | $ | 826 | | | Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status | (184) | | | (85) | | | Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status | $ | 1,728 | | | $ | 741 | | | | | | Fair value of residential mortgage loans 90 days or more past due1 | $ | 829 | | | $ | 741 | | | Fair value of residential mortgage loans in non-accrual status | 1,655 | | | 678 | | | | | | 1 As of June 30, 2026 and December 31, 2025 includes $73 million and $63 million, respectively, of residential mortgage loans that are guaranteed by US government-sponsored agencies. |
The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio: | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | | (In millions) | 2026 | | 2025 | | 2026 | | 2025 | | Mortgage loans | $ | (20) | | | $ | (20) | | | $ | (44) | | | $ | (23) | |
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| Reconciliation of Level 3 Assets Measured on a Recurring Basis |
The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis. Transfers in and out of Level 3 are primarily based on changes in the availability of pricing sources, as described in the valuation methods above. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2026 | | | | Total realized and unrealized gains (losses) | | | | | | | | | | | | (In millions) | Beginning balance | | Included in income | | Included in OCI | | Net purchases, issuances, sales and settlements | | Net transfers in (out) | | Ending balance | | Total gains (losses) included in earnings1 | | Total gains (losses) included in OCI1 | | Assets | | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | 17 | | | $ | — | | | $ | — | | | $ | (6) | | | $ | (11) | | | $ | — | | | $ | — | | | $ | — | | | Corporate | 6,428 | | | 2 | | | 47 | | | 290 | | | (2,114) | | | 4,653 | | | (1) | | | 2 | | | | | | | | | | | | | | | | | | | ABS | 24,784 | | | (19) | | | 26 | | | 1,738 | | | (2,597) | | | 23,932 | | | (30) | | | 1 | | | CMBS | 19 | | | — | | | — | | | 11 | | | — | | | 30 | | | — | | | — | | | RMBS | 411 | | | 4 | | | — | | | (34) | | | — | | | 381 | | | — | | | 1 | | | Trading securities | 143 | | | 1 | | | — | | | 16 | | | — | | | 160 | | | — | | | — | | | Equity securities | 8 | | | (1) | | | — | | | — | | | — | | | 7 | | | — | | | — | | | Mortgage loans | 93,077 | | | (638) | | | — | | | 7,535 | | | — | | | 99,974 | | | (794) | | | — | | | | | | | | | | | | | | | | | | | Funds withheld at interest – embedded derivative | (2,540) | | | 136 | | | — | | | — | | | — | | | (2,404) | | | — | | | — | | | Derivative assets | 2 | | | 1 | | | — | | | — | | | — | | | 3 | | | — | | | — | | | Short-term investments | 1 | | | — | | | — | | | — | | | — | | | 1 | | | — | | | — | | | Other investments | 709 | | | — | | | — | | | (54) | | | — | | | 655 | | | — | | | — | | | Investments in related parties | | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | Corporate | 1,299 | | | 14 | | | (28) | | | (89) | | | — | | | 1,196 | | | — | | | (14) | | | CLO | 1,333 | | | — | | | 1 | | | — | | | — | | | 1,334 | | | — | | | 1 | | | ABS | 17,603 | | | (8) | | | 14 | | | 4,157 | | | — | | | 21,766 | | | — | | | 7 | | | | | | | | | | | | | | | | | | | Trading securities | 1,376 | | | (17) | | | — | | | (69) | | | — | | | 1,290 | | | 2 | | | — | | | | | | | | | | | | | | | | | | | Mortgage loans | 1,557 | | | — | | | — | | | (8) | | | — | | | 1,549 | | | (2) | | | — | | | Investment funds | 2,310 | | | 1 | | | — | | | — | | | — | | | 2,311 | | | 1 | | | — | | | Funds withheld at interest – embedded derivative | (381) | | | 34 | | | — | | | — | | | — | | | (347) | | | — | | | — | | | | | | | | | | | | | | | | | | | Other investments | 341 | | | (8) | | | — | | | — | | | — | | | 333 | | | (8) | | | — | | | Reinsurance recoverable | 1,851 | | | 29 | | | — | | | 40 | | | — | | | 1,920 | | | — | | | — | | | Assets of consolidated VIEs | | | | | | | | | | | | | | | | | Trading securities | 2,411 | | | (21) | | | — | | | 21 | | | (902) | | | 1,509 | | | (25) | | | — | | | | | | | | | | | | | | | | | | | Mortgage loans | 2,031 | | | 14 | | | — | | | 131 | | | (118) | | | 2,058 | | | 10 | | | — | | | Investment funds | 288 | | | 2 | | | — | | | — | | | — | | | 290 | | | 2 | | | — | | | | | | | | | | | | | | | | | | | Total Level 3 assets | $ | 155,078 | | | $ | (474) | | | $ | 60 | | | $ | 13,679 | | | $ | (5,742) | | | $ | 162,601 | | | $ | (845) | | | $ | (2) | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | | | | | | | Embedded derivative | $ | (13,549) | | | $ | (2,135) | | | $ | — | | | $ | (700) | | | $ | — | | | $ | (16,384) | | | $ | — | | | $ | — | | | Universal life benefits | (744) | | | 2 | | | — | | | — | | | — | | | (742) | | | — | | | — | | | Future policy benefits | | | | | | | | | | | | | | | | | AmerUs Closed Block | (1,061) | | | 7 | | | — | | | — | | | — | | | (1,054) | | | — | | | — | | | ILICO Closed Block and life benefits | (526) | | | 16 | | | — | | | — | | | — | | | (510) | | | — | | | — | | | Derivative liabilities | — | | | (8) | | | — | | | — | | | — | | | (8) | | | — | | | — | | | Other liabilities | (143) | | | (53) | | | — | | | 22 | | | — | | | (174) | | | — | | | — | | | Total Level 3 liabilities | $ | (16,023) | | | $ | (2,171) | | | $ | — | | | $ | (678) | | | $ | — | | | $ | (18,872) | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | 1 Related to instruments held at end of period. | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2025 | | | | Total realized and unrealized gains (losses) | | | | | | | | | | | | (In millions) | Beginning balance | | Included in income | | Included in OCI | | Net purchases, issuances, sales and settlements | | Net transfers in (out) | | Ending balance | | Total gains (losses) included in earnings1 | | Total gains (losses) included in OCI1 | | Assets | | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | 28 | | | $ | — | | | $ | — | | | $ | (5) | | | $ | — | | | $ | 23 | | | $ | — | | | $ | — | | | Corporate | 5,605 | | | 56 | | | 51 | | | 1,680 | | | — | | | 7,392 | | | 51 | | | 59 | | | | | | | | | | | | | | | | | | | ABS | 12,572 | | | (17) | | | 306 | | | 1,926 | | | (643) | | | 14,144 | | | 3 | | | 321 | | | CMBS | — | | | 1 | | | (1) | | | — | | | — | | | — | | | — | | | — | | | RMBS | 306 | | | 5 | | | 2 | | | 234 | | | (49) | | | 498 | | | — | | | 1 | | | Trading securities | 7 | | | — | | | — | | | 11 | | | — | | | 18 | | | (6) | | | — | | | Equity securities | 26 | | | — | | | — | | | (18) | | | — | | | 8 | | | — | | | — | | | Mortgage loans | 70,916 | | | 772 | | | — | | | 5,601 | | | — | | | 77,289 | | | 821 | | | — | | | | | | | | | | | | | | | | | | | Funds withheld at interest – embedded derivative | (2,847) | | | 104 | | | — | | | — | | | — | | | (2,743) | | | — | | | — | | | Derivative assets | 1 | | | — | | | — | | | — | | | — | | | 1 | | | — | | | — | | | Short-term investments | 48 | | | — | | | — | | | (36) | | | — | | | 12 | | | — | | | — | | | Other investments | 896 | | | 1 | | | — | | | (156) | | | — | | | 741 | | | (1) | | | — | | | Investments in related parties | | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | Corporate | 1,435 | | | 7 | | | 33 | | | 1 | | | — | | | 1,476 | | | — | | | 32 | | | CLO | 1,070 | | | — | | | — | | | — | | | — | | | 1,070 | | | — | | | — | | | ABS | 10,385 | | | 2 | | | 31 | | | 407 | | | (15) | | | 10,810 | | | — | | | 26 | | | | | | | | | | | | | | | | | | | Trading securities | 437 | | | — | | | — | | | (38) | | | — | | | 399 | | | 1 | | | — | | | Equity securities | 244 | | | 22 | | | — | | | — | | | — | | | 266 | | | 22 | | | — | | | Mortgage loans | 1,296 | | | 10 | | | — | | | (31) | | | — | | | 1,275 | | | 8 | | | — | | | Investment funds | 1,180 | | | 114 | | | — | | | 3 | | | — | | | 1,297 | | | 115 | | | — | | | Funds withheld at interest – embedded derivative | (540) | | | 62 | | | — | | | — | | | — | | | (478) | | | — | | | — | | | | | | | | | | | | | | | | | | | Other investments | 340 | | | (1) | | | — | | | — | | | — | | | 339 | | | (1) | | | — | | | Reinsurance recoverable | 1,729 | | | 5 | | | — | | | 46 | | | — | | | 1,780 | | | — | | | — | | | Assets of consolidated VIEs | | | | | | | | | | | | | | | | | Trading securities | 2,170 | | | 150 | | | — | | | 29 | | | (11) | | | 2,338 | | | 148 | | | — | | | | | | | | | | | | | | | | | | | Mortgage loans | 2,519 | | | 110 | | | — | | | (85) | | | — | | | 2,544 | | | 111 | | | — | | | Investment funds | 289 | | | (18) | | | — | | | (1) | | | — | | | 270 | | | (18) | | | — | | | Other investments | 91 | | | (4) | | | — | | | 279 | | | — | | | 366 | | | 5 | | | — | | | Total Level 3 assets | $ | 110,203 | | | $ | 1,381 | | | $ | 422 | | | $ | 9,847 | | | $ | (718) | | | $ | 121,135 | | | $ | 1,259 | | | $ | 439 | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | | | | | | | Embedded derivative | $ | (10,747) | | | $ | (887) | | | $ | — | | | $ | (642) | | | $ | — | | | $ | (12,276) | | | $ | — | | | $ | — | | | Universal life benefits | (769) | | | 14 | | | — | | | — | | | — | | | (755) | | | — | | | — | | | Future policy benefits | | | | | | | | | | | | | | | | | AmerUs Closed Block | (1,107) | | | 10 | | | — | | | — | | | — | | | (1,097) | | | — | | | — | | | ILICO Closed Block and life benefits | (556) | | | — | | | — | | | — | | | — | | | (556) | | | — | | | — | | | | | | | | | | | | | | | | | | | Other liabilities | (230) | | | (65) | | | — | | | — | | | — | | | (295) | | | — | | | — | | | Total Level 3 liabilities | $ | (13,409) | | | $ | (928) | | | $ | — | | | $ | (642) | | | $ | — | | | $ | (14,979) | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | 1 Related to instruments held at end of period. | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2026 | | | | Total realized and unrealized gains (losses) | | | | | | | | | | | | (In millions) | Beginning balance | | Included in income | | Included in OCI | | Net purchases, issuances, sales and settlements | | Net transfers in (out) | | Ending balance | | Total gains (losses) included in earnings1 | | Total gains (losses) included in OCI1 | | Assets | | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | 12 | | | $ | — | | | $ | — | | | $ | (1) | | | $ | (11) | | | $ | — | | | $ | — | | | $ | — | | | Corporate | 6,650 | | | 1 | | | (106) | | | 938 | | | (2,830) | | | 4,653 | | | (8) | | | (52) | | | | | | | | | | | | | | | | | | | ABS | 22,207 | | | (76) | | | (137) | | | 4,701 | | | (2,763) | | | 23,932 | | | (96) | | | (160) | | | CMBS | 41 | | | — | | | — | | | (11) | | | — | | | 30 | | | — | | | — | | | RMBS | 439 | | | 8 | | | — | | | (66) | | | — | | | 381 | | | — | | | 2 | | | Trading securities | 18 | | | — | | | — | | | 144 | | | (2) | | | 160 | | | — | | | — | | | Equity securities | 8 | | | (1) | | | — | | | — | | | — | | | 7 | | | — | | | — | | | Mortgage loans | 91,918 | | | (1,384) | | | — | | | 9,440 | | | — | | | 99,974 | | | (1,543) | | | — | | | | | | | | | | | | | | | | | | | Funds withheld at interest – embedded derivative | (2,409) | | | 5 | | | — | | | — | | | — | | | (2,404) | | | — | | | — | | | Derivative assets | 2 | | | 1 | | | — | | | — | | | — | | | 3 | | | — | | | — | | | Short-term investments | — | | | — | | | — | | | 1 | | | — | | | 1 | | | — | | | — | | | Other investments | 761 | | | — | | | — | | | (106) | | | — | | | 655 | | | — | | | — | | | Investments in related parties | | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | Corporate | 1,597 | | | 28 | | | (27) | | | (402) | | | — | | | 1,196 | | | — | | | (16) | | | CLO | 1,333 | | | — | | | 1 | | | — | | | — | | | 1,334 | | | — | | | — | | | ABS | 15,277 | | | (6) | | | (35) | | | 6,524 | | | 6 | | | 21,766 | | | — | | | (43) | | | | | | | | | | | | | | | | | | | Trading securities | 454 | | | (39) | | | — | | | 875 | | | — | | | 1,290 | | | (10) | | | — | | | Equity securities | 266 | | | (4) | | | — | | | (262) | | | — | | | — | | | — | | | — | | | Mortgage loans | 1,486 | | | (7) | | | — | | | 70 | | | — | | | 1,549 | | | (9) | | | — | | | Investment funds | 1,318 | | | (8) | | | — | | | 1,001 | | | — | | | 2,311 | | | (9) | | | — | | | Funds withheld at interest – embedded derivative | (356) | | | 9 | | | — | | | — | | | — | | | (347) | | | — | | | — | | | | | | | | | | | | | | | | | | | Other investments | 344 | | | (11) | | | — | | | — | | | — | | | 333 | | | (12) | | | — | | | Reinsurance recoverable | 1,911 | | | (55) | | | — | | | 64 | | | — | | | 1,920 | | | — | | | — | | | Assets of consolidated VIEs | | | | | | | | | | | | | | | | | Trading securities | 2,437 | | | (67) | | | — | | | 91 | | | (952) | | | 1,509 | | | (63) | | | — | | | | | | | | | | | | | | | | | | | Mortgage loans | 2,140 | | | 16 | | | — | | | 20 | | | (118) | | | 2,058 | | | 16 | | | — | | | Investment funds | 286 | | | 4 | | | — | | | — | | | — | | | 290 | | | 4 | | | — | | | | | | | | | | | | | | | | | | | Total Level 3 assets | $ | 148,140 | | | $ | (1,586) | | | $ | (304) | | | $ | 23,021 | | | $ | (6,670) | | | $ | 162,601 | | | $ | (1,730) | | | $ | (269) | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | | | | | | | Embedded derivative | $ | (14,749) | | | $ | (604) | | | $ | — | | | $ | (1,031) | | | $ | — | | | $ | (16,384) | | | $ | — | | | $ | — | | | Universal life benefits | (766) | | | 24 | | | — | | | — | | | — | | | (742) | | | — | | | — | | | Future policy benefits | | | | | | | | | | | | | | | | | AmerUs Closed Block | (1,085) | | | 31 | | | — | | | — | | | — | | | (1,054) | | | — | | | — | | | ILICO Closed Block and life benefits | (530) | | | 20 | | | — | | | — | | | — | | | (510) | | | — | | | — | | | Derivative liabilities | — | | | (8) | | | — | | | — | | | — | | | (8) | | | — | | | — | | | Other liabilities | (254) | | | 58 | | | — | | | 22 | | | — | | | (174) | | | — | | | — | | | Total Level 3 liabilities | $ | (17,384) | | | $ | (479) | | | $ | — | | | $ | (1,009) | | | $ | — | | | $ | (18,872) | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | 1 Related to instruments held at end of period. | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | | | Total realized and unrealized gains (losses) | | | | | | | | | | | | (In millions) | Beginning balance | | Included in income | | Included in OCI | | Net purchases, issuances, sales and settlements | | Net transfers in (out) | | Ending balance | | Total gains (losses) included in earnings1 | | Total gains (losses) included in OCI1 | | Assets | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | 29 | | | $ | (1) | | | $ | — | | | $ | (5) | | | $ | — | | | $ | 23 | | | $ | — | | | $ | — | | | Corporate | 4,321 | | | 70 | | | 78 | | | 3,101 | | | (178) | | | 7,392 | | | 63 | | | 72 | | | | | | | | | | | | | | | | | | ABS | 16,529 | | | 5 | | | 473 | | | 2,082 | | | (4,945) | | | 14,144 | | | 4 | | | 494 | | CMBS | — | | | (23) | | | (4) | | | 28 | | | (1) | | | — | | | — | | | — | | RMBS | 256 | | | 9 | | | 1 | | | 281 | | | (49) | | | 498 | | | — | | | 1 | | Trading securities | 22 | | | — | | | — | | | 10 | | | (14) | | | 18 | | | (6) | | | — | | Equity securities | 27 | | | (1) | | | — | | | (18) | | | — | | | 8 | | | (1) | | | — | | | Mortgage loans | 63,239 | | | 1,772 | | | — | | | 12,278 | | | — | | | 77,289 | | | 1,750 | | | — | | | | | | | | | | | | | | | | | | | Funds withheld at interest – embedded derivative | (3,035) | | | 292 | | | — | | | — | | | — | | | (2,743) | | | — | | | — | | | Derivative assets | 1 | | | — | | | — | | | — | | | — | | | 1 | | | — | | | — | | | Short-term investments | 169 | | | — | | | — | | | (156) | | | (1) | | | 12 | | | — | | | — | | | Other investments | 895 | | | 2 | | | — | | | (156) | | | — | | | 741 | | | (1) | | | — | | Investments in related parties | | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | Corporate | 1,432 | | | 7 | | | 30 | | | 7 | | | — | | | 1,476 | | | — | | | 29 | | CLO | 696 | | | — | | | (2) | | | 376 | | | — | | | 1,070 | | | — | | | (2) | | | ABS | 9,741 | | | 3 | | | 50 | | | 1,031 | | | (15) | | | 10,810 | | | — | | | 41 | | | | | | | | | | | | | | | | | | | Trading securities | 573 | | | — | | | — | | | (174) | | | — | | | 399 | | | 1 | | | — | | | Equity securities | 234 | | | 32 | | | — | | | — | | | — | | | 266 | | | 32 | | | — | | | Mortgage loans | 1,297 | | | 24 | | | — | | | (46) | | | — | | | 1,275 | | | 25 | | | — | | | Investment funds | 1,139 | | | 155 | | | — | | | 3 | | | — | | | 1,297 | | | 155 | | | — | | Funds withheld at interest – embedded derivative | (615) | | | 137 | | | — | | | — | | | — | | | (478) | | | — | | | — | | | | | | | | | | | | | | | | | | | Other investments | 331 | | | 8 | | | — | | | — | | | — | | | 339 | | | 8 | | | — | | | Reinsurance recoverable | 1,661 | | | 35 | | | — | | | 84 | | | — | | | 1,780 | | | — | | | — | | | Assets of consolidated VIEs | | | | | | | | | | | | | | | | | Trading securities | 1,954 | | | 217 | | | — | | | 190 | | | (23) | | | 2,338 | | | 214 | | | — | | | | | | | | | | | | | | | | | | | Mortgage loans | 2,579 | | | 137 | | | — | | | (172) | | | — | | | 2,544 | | | 141 | | | — | | | Investment funds | 770 | | | (3) | | | — | | | (497) | | | — | | | 270 | | | (15) | | | — | | | Other investments | 103 | | | — | | | — | | | 263 | | | — | | | 366 | | | 7 | | | — | | Total Level 3 assets | $ | 104,348 | | | $ | 2,877 | | | $ | 626 | | | $ | 18,510 | | | $ | (5,226) | | | $ | 121,135 | | | $ | 2,377 | | | $ | 635 | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | Interest sensitive contract liabilities | | | | | | | | | | | | | | | | Embedded derivative | $ | (11,242) | | | $ | 116 | | | $ | — | | | $ | (1,150) | | | $ | — | | | $ | (12,276) | | | $ | — | | | $ | — | | Universal life benefits | (742) | | | (13) | | | — | | | — | | | — | | | (755) | | | — | | | — | | Future policy benefits | | | | | | | | | | | | | | | | AmerUs Closed Block | (1,102) | | | 5 | | | — | | | — | | | — | | | (1,097) | | | — | | | — | | ILICO Closed Block and life benefits | (538) | | | (18) | | | — | | | — | | | — | | | (556) | | | — | | | — | | | Derivative liabilities | (1) | | | 1 | | | — | | | — | | | — | | | — | | | — | | | — | | | Other liabilities | (225) | | | (71) | | | — | | | 1 | | | — | | | (295) | | | — | | | — | | Total Level 3 liabilities | $ | (13,850) | | | $ | 20 | | | $ | — | | | $ | (1,149) | | | $ | — | | | $ | (14,979) | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | 1 Related to instruments held at end of period. | | |
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| Gross Components of Purchases, Sales, Issuances and Settlements, net |
The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2026 | | (In millions) | Purchases | | Issuances | | Sales | | Settlements | | Net purchases, issuances, sales and settlements | | Transfers in | | Transfers out | | Net transfers in (out) | | Assets | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | — | | | $ | — | | | $ | — | | | $ | (6) | | | $ | (6) | | | $ | — | | | $ | (11) | | | $ | (11) | | | Corporate | 482 | | | — | | | (96) | | | (96) | | | 290 | | | — | | | (2,114) | | | (2,114) | | | | | | | | | | | | | | | | | | ABS | 2,299 | | | — | | | (46) | | | (515) | | | 1,738 | | | — | | | (2,597) | | | (2,597) | | CMBS | 11 | | | — | | | — | | | — | | | 11 | | | — | | | — | | | — | | RMBS | — | | | — | | | — | | | (34) | | | (34) | | | — | | | — | | | — | | Trading securities | 19 | | | — | | | (2) | | | (1) | | | 16 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Mortgage loans | 12,644 | | | — | | | (287) | | | (4,822) | | | 7,535 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other investments | — | | | — | | | — | | | (54) | | | (54) | | | — | | | — | | | — | | Investments in related parties | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | Corporate | 5 | | | — | | | — | | | (94) | | | (89) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | ABS | 6,940 | | | — | | | (869) | | | (1,914) | | | 4,157 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | Trading securities | — | | | — | | | — | | | (69) | | | (69) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Mortgage loans | 102 | | | — | | | — | | | (110) | | | (8) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reinsurance recoverable | — | | | 47 | | | — | | | (7) | | | 40 | | | — | | | — | | | — | | | Assets of consolidated VIEs | | | | | | | | | | | | | | | | | Trading securities | 49 | | | — | | | (28) | | | — | | | 21 | | | — | | | (902) | | | (902) | | | | | | | | | | | | | | | | | | | Mortgage loans | 282 | | | — | | | (22) | | | (129) | | | 131 | | | — | | | (118) | | | (118) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Level 3 assets | $ | 22,833 | | | $ | 47 | | | $ | (1,350) | | | $ | (7,851) | | | $ | 13,679 | | | $ | — | | | $ | (5,742) | | | $ | (5,742) | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest sensitive contract liabilities – embedded derivative | $ | — | | | $ | (1,001) | | | $ | — | | | $ | 301 | | | $ | (700) | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other liabilities | — | | | — | | | — | | | 22 | | | 22 | | | — | | | — | | | — | | Total Level 3 liabilities | $ | — | | | $ | (1,001) | | | $ | — | | | $ | 323 | | | $ | (678) | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2025 | | (In millions) | Purchases | | Issuances | | Sales | | Settlements | | Net purchases, issuances, sales and settlements | | Transfers in | | Transfers out | | Net transfers in (out) | | Assets | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | — | | | $ | — | | | $ | — | | | $ | (5) | | | $ | (5) | | | $ | — | | | $ | — | | | $ | — | | | Corporate | 1,902 | | | — | | | — | | | (222) | | | 1,680 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | ABS | 2,563 | | | — | | | (11) | | | (626) | | | 1,926 | | | — | | | (643) | | | (643) | | | | | | | | | | | | | | | | | | RMBS | 248 | | | — | | | — | | | (14) | | | 234 | | | — | | | (49) | | | (49) | | Trading securities | 11 | | | — | | | — | | | — | | | 11 | | | — | | | — | | | — | | | Equity securities | — | | | — | | | — | | | (18) | | | (18) | | | — | | | — | | | — | | | Mortgage loans | 8,750 | | | — | | | (40) | | | (3,109) | | | 5,601 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Short-term investments | — | | | — | | | — | | | (36) | | | (36) | | | — | | | — | | | — | | | Other investments | — | | | — | | | — | | | (156) | | | (156) | | | — | | | — | | | — | | Investments in related parties | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | Corporate | 4 | | | — | | | — | | | (3) | | | 1 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | ABS | 1,069 | | | — | | | — | | | (662) | | | 407 | | | — | | | (15) | | | (15) | | | | | | | | | | | | | | | | | | Trading securities | 50 | | | — | | | — | | | (88) | | | (38) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Mortgage loans | — | | | — | | | — | | | (31) | | | (31) | | | — | | | — | | | — | | Investment funds | 3 | | | — | | | — | | | — | | | 3 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reinsurance recoverable | — | | | 49 | | | — | | | (3) | | | 46 | | | — | | | — | | | — | | | Assets of consolidated VIEs | | | | | | | | | | | | | | | | | Trading securities | 291 | | | — | | | (262) | | | — | | | 29 | | | — | | | (11) | | | (11) | | | | | | | | | | | | | | | | | | | Mortgage loans | 19 | | | — | | | (3) | | | (101) | | | (85) | | | — | | | — | | | — | | | Investment funds | — | | | — | | | (1) | | | — | | | (1) | | | — | | | — | | | — | | | Other investments | 279 | | | — | | | — | | | — | | | 279 | | | — | | | — | | | — | | Total Level 3 assets | $ | 15,189 | | | $ | 49 | | | $ | (317) | | | $ | (5,074) | | | $ | 9,847 | | | $ | — | | | $ | (718) | | | $ | (718) | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest sensitive contract liabilities – embedded derivative | $ | — | | | $ | (861) | | | $ | — | | | $ | 219 | | | $ | (642) | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Level 3 liabilities | $ | — | | | $ | (861) | | | $ | — | | | $ | 219 | | | $ | (642) | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2026 | | (In millions) | Purchases | | Issuances | | Sales | | Settlements | | Net purchases, issuances, sales and settlements | | Transfers in | | Transfers out | | Net transfers in (out) | | Assets | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | 5 | | | $ | — | | | $ | — | | | $ | (6) | | | $ | (1) | | | $ | — | | | $ | (11) | | | $ | (11) | | | Corporate | 1,379 | | | — | | | (237) | | | (204) | | | 938 | | | — | | | (2,830) | | | (2,830) | | | | | | | | | | | | | | | | | | ABS | 5,740 | | | — | | | (77) | | | (962) | | | 4,701 | | | — | | | (2,763) | | | (2,763) | | CMBS | 11 | | | — | | | (22) | | | — | | | (11) | | | — | | | — | | | — | | RMBS | — | | | — | | | — | | | (66) | | | (66) | | | — | | | — | | | — | | Trading securities | 148 | | | — | | | (2) | | | (2) | | | 144 | | | — | | | (2) | | | (2) | | | | | | | | | | | | | | | | | | | Mortgage loans | 19,158 | | | — | | | (317) | | | (9,401) | | | 9,440 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Short-term investments | 2 | | | — | | | — | | | (1) | | | 1 | | | — | | | — | | | — | | | Other investments | — | | | — | | | — | | | (106) | | | (106) | | | — | | | — | | | — | | Investments in related parties | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | Corporate | 9 | | | — | | | — | | | (411) | | | (402) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | ABS | 11,705 | | | — | | | (951) | | | (4,230) | | | 6,524 | | | 6 | | | — | | | 6 | | | | | | | | | | | | | | | | | | Trading securities | 947 | | | — | | | — | | | (72) | | | 875 | | | — | | | — | | | — | | Equity securities | — | | | — | | | — | | | (262) | | | (262) | | | — | | | — | | | — | | | Mortgage loans | 223 | | | — | | | — | | | (153) | | | 70 | | | — | | | — | | | — | | Investment funds | 1,006 | | | — | | | (5) | | | — | | | 1,001 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reinsurance recoverable | — | | | 77 | | | — | | | (13) | | | 64 | | | — | | | — | | | — | | | Assets of consolidated VIEs | | | | | | | | | | | | | | | | | Trading securities | 195 | | | — | | | (104) | | | — | | | 91 | | | — | | | (952) | | | (952) | | | | | | | | | | | | | | | | | | | Mortgage loans | 347 | | | — | | | (64) | | | (263) | | | 20 | | | — | | | (118) | | | (118) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Level 3 assets | $ | 40,875 | | | $ | 77 | | | $ | (1,779) | | | $ | (16,152) | | | $ | 23,021 | | | $ | 6 | | | $ | (6,676) | | | $ | (6,670) | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest sensitive contract liabilities – embedded derivative | $ | — | | | $ | (1,618) | | | $ | — | | | $ | 587 | | | $ | (1,031) | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other liabilities | — | | | — | | | — | | | 22 | | | 22 | | | — | | | — | | | — | | Total Level 3 liabilities | $ | — | | | $ | (1,618) | | | $ | — | | | $ | 609 | | | $ | (1,009) | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six months ended June 30, 2025 | | (In millions) | Purchases | | Issuances | | Sales | | Settlements | | Net purchases, issuances, sales and settlements | | Transfers in | | Transfers out | | Net transfers in (out) | | Assets | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign governments | $ | — | | | $ | — | | | $ | — | | | $ | (5) | | | $ | (5) | | | $ | — | | | $ | — | | | $ | — | | | Corporate | 3,457 | | | — | | | (6) | | | (350) | | | 3,101 | | | 96 | | | (274) | | | (178) | | | | | | | | | | | | | | | | | | ABS | 3,029 | | | — | | | (23) | | | (924) | | | 2,082 | | | 242 | | | (5,187) | | | (4,945) | | CMBS | 28 | | | — | | | — | | | — | | | 28 | | | 13 | | | (14) | | | (1) | | RMBS | 297 | | | — | | | — | | | (16) | | | 281 | | | — | | | (49) | | | (49) | | | Trading securities | 11 | | | — | | | — | | | (1) | | | 10 | | | — | | | (14) | | | (14) | | | Equity securities | — | | | — | | | — | | | (18) | | | (18) | | | — | | | — | | | — | | | Mortgage loans | 17,760 | | | — | | | (172) | | | (5,310) | | | 12,278 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Short-term investments | 12 | | | — | | | — | | | (168) | | | (156) | | | — | | | (1) | | | (1) | | | | | | | | | | | | | | | | | | | Other investments | — | | | — | | | — | | | (156) | | | (156) | | | — | | | — | | | — | | | Investments in related parties | | | | | | | | | | | | | | | | | AFS securities | | | | | | | | | | | | | | | | | Corporate | 13 | | | — | | | — | | | (6) | | | 7 | | | — | | | — | | | — | | | CLO | 376 | | | — | | | — | | | — | | | 376 | | | — | | | — | | | — | | | ABS | 2,273 | | | — | | | — | | | (1,242) | | | 1,031 | | | — | | | (15) | | | (15) | | | | | | | | | | | | | | | | | | | Trading securities | 72 | | | — | | | (91) | | | (155) | | | (174) | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | Mortgage loans | — | | | — | | | (15) | | | (31) | | | (46) | | | — | | | — | | | — | | | Investment funds | 3 | | | — | | | — | | | — | | | 3 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Reinsurance recoverable | — | | | 90 | | | — | | | (6) | | | 84 | | | — | | | — | | | — | | | Assets of consolidated VIEs | | | | | | | | | | | | | | | | | Trading securities | 525 | | | — | | | (335) | | | — | | | 190 | | | — | | | (23) | | | (23) | | | | | | | | | | | | | | | | | | | Mortgage loans | 34 | | | — | | | (10) | | | (196) | | | (172) | | | — | | | — | | | — | | | Investment funds | — | | | — | | | (497) | | | — | | | (497) | | | — | | | — | | | — | | | Other investments | 279 | | | — | | | (16) | | | — | | | 263 | | | — | | | — | | | — | | Total Level 3 assets | $ | 28,169 | | | $ | 90 | | | $ | (1,165) | | | $ | (8,584) | | | $ | 18,510 | | | $ | 351 | | | $ | (5,577) | | | $ | (5,226) | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest sensitive contract liabilities – embedded derivative | $ | — | | | $ | (1,613) | | | $ | — | | | $ | 463 | | | $ | (1,150) | | | $ | — | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other liabilities | — | | | — | | | — | | | 1 | | | 1 | | | — | | | — | | | — | | | | | | | | | | | | | | | | | | Total Level 3 liabilities | $ | — | | | $ | (1,613) | | | $ | — | | | $ | 464 | | | $ | (1,149) | | | $ | — | | | $ | — | | | $ | — | |
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| Summary of the Unobservable Inputs for the Embedded Derivative of Fixed Indexed Annuities |
The following summarizes our significant unobservable inputs: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (In millions, except percentages) | | Fair value | | Valuation technique | | Unobservable inputs | | Minimum | | Maximum | | Weighted average | | Impact of an increase in the input on fair value | | AFS, trading and equity securities | | $ | 37,251 | | | Discounted cash flow | | Discount rate | | 3.2 | % | | 23.5 | % | | 6.7 | % | 1 | | Decrease | | Mortgage loans | | 103,581 | | | Discounted cash flow | | Discount rate | | 1.4 | % | | 35.0 | % | | 6.8 | % | 1 | | Decrease | | | | | | | | | | | | | | | | | | Investment funds | | 2,311 | | | Discounted cash flow | | Discount rate | | 14.0 | % | | 14.0 | % | | 14.0 | % | 1 | | Decrease | | | 290 | | | Recoverability | | Estimated proceeds | | N/A | | N/A | | N/A | | | N/A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest sensitive contract liabilities –indexed annuities embedded derivatives | | 16,384 | | | Discounted cash flow | | Nonperformance risk | | 0.3 | % | | 1.1 | % | | 0.7 | % | 2 | | Decrease | | | | | | | Option budget | | 0.5 | % | | 5.9 | % | | 3.3 | % | 3 | | Increase | | | | | | | Surrender rate | | 6.3 | % | | 13.4 | % | | 9.8 | % | 3 | | Decrease | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (In millions, except percentages) | | Fair value | | Valuation technique | | Unobservable inputs | | Minimum | | Maximum | | Weighted average | | Impact of an increase in the input on fair value | AFS, trading and equity securities | | $ | 32,312 | | | Discounted cash flow | | Discount rate | | 2.8 | % | | 22.9 | % | | 6.4 | % | 1 | | Decrease | | Mortgage loans | | 95,524 | | | Discounted cash flow | | Discount rate | | 1.0 | % | | 31.5 | % | | 6.5 | % | 1 | | Decrease | | | 20 | | | Recoverability | | Estimated proceeds | | N/A | | N/A | | N/A | | | N/A | | Investment funds | | 1,313 | | | Discounted cash flow | | Discount rate | | 13.0 | % | | 14.0 | % | | 13.1 | % | 1 | | Decrease | | | | | | | | | | | | | | | | | | | 286 | | | Recoverability | | Estimated proceeds | | N/A | | N/A | | N/A | | | N/A | | | 5 | | | Reported net asset value | | Reported net asset value | | N/A | | N/A | | N/A | | | N/A | | Interest sensitive contract liabilities –indexed annuities embedded derivatives | | 14,749 | | | Discounted cash flow | | Nonperformance risk | | 0.4 | % | | 1.0 | % | | 0.6 | % | 2 | | Decrease | | | | | | | Option budget | | 0.5 | % | | 5.9 | % | | 3.1 | % | 3 | | Increase | | | | | | | Surrender rate | | 6.0 | % | | 14.2 | % | | 9.6 | % | 3 | | Decrease | | | | | | | | | | | | | | | | | 1 The discount rate weighted average is calculated based on the relative fair values of the investments. | 2 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative. | 3 The option budget and surrender rate weighted averages are calculated based on projected account values. |
The following summarizes the unobservable inputs for market risk benefits: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (In millions, except percentages) | | Fair value | | Valuation technique | | Unobservable inputs | | Minimum | | Maximum | | Weighted average | | Impact of an increase in the input on fair value | Market risk benefits, net | | $ | 5,114 | | | Discounted cash flow | | Nonperformance risk | | 0.3 | % | | 1.1 | % | | 0.9 | % | 1 | | Decrease | | | | | | | Option budget | | 0.5 | % | | 5.9 | % | | 2.7 | % | 2 | | Decrease | | | | | | | Surrender rate | | 4.0 | % | | 7.5 | % | | 5.1 | % | 2 | | Decrease | | | | | | | Utilization rate | | 28.6 | % | | 95.0 | % | | 86.7 | % | 3 | | Increase | | | | | | | | | | | | | | | | | | | June 30, 2025 | | (In millions, except percentages) | | Fair value | | Valuation technique | | Unobservable inputs | | Minimum | | Maximum | | Weighted average | | Impact of an increase in the input on fair value | Market risk benefits, net | | $ | 4,212 | | | Discounted cash flow | | Nonperformance risk | | 0.3 | % | | 1.1 | % | | 1.0 | % | 1 | | Decrease | | | | | | | Option budget | | 0.5 | % | | 6.0 | % | | 2.5 | % | 2 | | Decrease | | | | | | | Surrender rate | | 3.1 | % | | 6.7 | % | | 4.4 | % | 2 | | Decrease | | | | | | | Utilization rate | | 28.6 | % | | 95.0 | % | | 85.4 | % | 3 | | Increase | | | | | | | | | | | | | | | | | 1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve. | 2 The option budget and surrender rate weighted averages are calculated based on projected account values. | 3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values. |
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| Summary of Financial Instruments Not Carried at Fair Value on the Balance Sheet |
The following represents our financial instruments not carried at fair value on the condensed consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | (In millions) | Carrying Value | | Fair Value | | NAV | | Level 1 | | Level 2 | | Level 3 | | Financial assets | | | | | | | | | | | | | Investment funds | $ | 276 | | | $ | 276 | | | $ | 276 | | | $ | — | | | $ | — | | | $ | — | | | Policy loans | 293 | | | 293 | | | — | | | — | | | 293 | | | — | | | Funds withheld at interest | 16,191 | | | 16,191 | | | — | | | — | | | — | | | 16,191 | | | Short-term investments | 125 | | | 125 | | | — | | | — | | | — | | | 125 | | | Other investments | 57 | | | 47 | | | — | | | — | | | — | | | 47 | | | Investments in related parties | | | | | | | | | | | | | Investment funds | 932 | | | 932 | | | 932 | | | — | | | — | | | — | | | Funds withheld at interest | 4,149 | | | 4,149 | | | — | | | — | | | — | | | 4,149 | | | Short-term investments | 18 | | | 18 | | | — | | | — | | | 18 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total financial assets not carried at fair value | $ | 22,041 | | | $ | 22,031 | | | $ | 1,208 | | | $ | — | | | $ | 311 | | | $ | 20,512 | | | | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | | | Interest sensitive contract liabilities | $ | 283,553 | | | $ | 276,856 | | | $ | — | | | $ | — | | | $ | — | | | $ | 276,856 | | | Debt | 7,832 | | | 7,273 | | | — | | | 564 | | | 6,709 | | | — | | | Securities to repurchase | 3,244 | | | 3,244 | | | — | | | — | | | 3,244 | | | — | | | Funds withheld liability | 6,814 | | | 6,814 | | | — | | | — | | | — | | | 6,814 | | | Total financial liabilities not carried at fair value | $ | 301,443 | | | $ | 294,187 | | | $ | — | | | $ | 564 | | | $ | 9,953 | | | $ | 283,670 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | (In millions) | Carrying Value | | Fair Value | | NAV | | Level 1 | | Level 2 | | Level 3 | | Financial assets | | | | | | | | | | | | | Investment funds | $ | 108 | | | $ | 108 | | | $ | 108 | | | $ | — | | | $ | — | | | $ | — | | | Policy loans | 301 | | | 301 | | | — | | | — | | | 301 | | | — | | | Funds withheld at interest | 17,822 | | | 17,822 | | | — | | | — | | | — | | | 17,822 | | | Short-term investments | 1,049 | | | 1,049 | | | — | | | — | | | 907 | | | 142 | | | Other investments | 57 | | | 67 | | | — | | | — | | | — | | | 67 | | | Investments in related parties | | | | | | | | | | | | | Investment funds | 831 | | | 831 | | | 831 | | | — | | | — | | | — | | | Funds withheld at interest | 4,571 | | | 4,571 | | | — | | | — | | | — | | | 4,571 | | | Short-term investments | 18 | | | 18 | | | — | | | — | | | 18 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | Total financial assets not carried at fair value | $ | 24,757 | | | $ | 24,767 | | | $ | 939 | | | $ | — | | | $ | 1,226 | | | $ | 22,602 | | | | | | | | | | | | | | | Financial liabilities | | | | | | | | | | | | | Interest sensitive contract liabilities | $ | 257,022 | | | $ | 254,089 | | | $ | — | | | $ | — | | | $ | — | | | $ | 254,089 | | | | | | | | | | | | | | | Debt | 7,848 | | | 7,498 | | | — | | | 576 | | | 6,922 | | | — | | | Securities to repurchase | 6,043 | | | 6,043 | | | — | | | — | | | 6,043 | | | — | | | Funds withheld liability | 5,946 | | | 5,946 | | | — | | | — | | | — | | | 5,946 | | Total financial liabilities not carried at fair value | $ | 276,859 | | | $ | 273,576 | | | $ | — | | | $ | 576 | | | $ | 12,965 | | | $ | 260,035 | |
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