Fair Value (Tables)

The following summarizes the Company’s financial assets and liabilities recorded at fair value hierarchy level:


	June 30, 2026
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	3,415	$	—	$	—		$	—	$	3,415
Restricted cash and cash equivalents	19		—		—			—		19
Cash and cash equivalents of consolidated VIEs	1,272		—		—			—		1,272

Investments	219		199		1,538		1	217		2,173
Investments of consolidated VIEs	21		—		2,766			572		3,359

Derivative assets3	—		55		1			—		56
Total Assets – Asset Management	4,946		254		4,305			789		10,294
Retirement Services
AFS Securities
U.S. government and agencies	23,416		—		—			—		23,416
U.S. state, municipal and political subdivisions	—		526		—			—		526
Foreign governments	—		1,731		—			—		1,731
Corporate	35		88,237		4,653			—		92,925
CLO	—		21,332		—			—		21,332
ABS	—		12,604		23,932			—		36,536
CMBS	—		12,254		30			—		12,284
RMBS	—		7,632		381			—		8,013
Total AFS securities	23,451		144,316		28,996			—		196,763
Trading securities	24		6,134		160			—		6,318
Equity securities	175		515		7			—		697
Mortgage loans	—		—		99,974			—		99,974

Funds withheld at interest – embedded derivative	—		—		(2,404)			—		(2,404)
Derivative assets	116		10,915		3			—		11,034
Short-term investments	100		4		1			—		105
Other investments	—		1,256		655			—		1,911
Cash and cash equivalents	21,957		—		—			—		21,957
Restricted cash and cash equivalents	1,583		—		—			—		1,583
Investments in related parties
AFS securities
Corporate	—		2,382		982			—		3,364
CLO	—		5,412		1,334			—		6,746
ABS	—		1,091		21,766			—		22,857
CMBS	—		111		—			—		111
Total AFS securities – related parties	—		8,996		24,082			—		33,078
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 assets5	—		—		169			—		169
(Continued)


	June 30, 2026
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Assets of consolidated VIEs
Trading securities	—		594		1,509		—		2,103

Mortgage loans	—		—		2,058		—		2,058
Investment funds	22		—		290		26,486		26,798

Cash and cash equivalents	171		—		—		—		171
Total Assets – Retirement Services	47,599		172,730		162,556		26,486		409,371
Total Assets	$	52,545	$	172,984	$	166,861	$	27,275	$	419,665
Liabilities
Asset Management


Due to related parties2	$	—	$	—	$	54	$	—	$	54
Contingent consideration obligations4	—		—		56		—		56

Other liabilities of consolidated VIEs, at fair value	—		—		7		—		7

Total Liabilities – Asset Management	—		—		117		—		117
Retirement Services
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 benefits5	—		—		5,283		—		5,283
Derivative liabilities	11		6,222		8		—		6,241
Other liabilities	—		—		174		—		174
Total Liabilities – Retirement Services	11		6,222		24,155		—		30,388
Total Liabilities	$	11	$	6,222	$	24,272	$	—	$	30,505

(Continued)


	December 31, 2025
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	3,350	$	—	$	—		$	—	$	3,350
Restricted cash and cash equivalents	19		—		—			—		19
Cash and cash equivalents of consolidated VIEs	327		—		—			—		327

Investments	232		82		1,197		1	185		1,696
Investments of consolidated VIEs	1		5		2,939			133		3,078
Due from related parties2	—		—		15			—		15
Derivative assets3	—		—		7			—		7
Total Assets – Asset Management	3,929		87		4,158			318		8,492

Retirement Services
AFS Securities
U.S. government and agencies	16,898		—		—			—		16,898
U.S. state, municipal and political subdivisions	—		759		—			—		759
Foreign governments	516		1,131		12			—		1,659
Corporate	10		82,771		6,650			—		89,431
CLO	—		26,272		—			—		26,272
ABS	—		13,255		22,207			—		35,462
CMBS	—		13,043		41			—		13,084
RMBS	—		8,593		439			—		9,032
Total AFS securities	17,424		145,824		29,349			—		192,597
Trading securities	24		6,367		18			—		6,409
Equity securities	185		629		8			—		822
Mortgage loans	—		—		91,918			—		91,918

Funds withheld at interest – embedded derivative	—		—		(2,409)			—		(2,409)
Derivative assets	206		8,982		2			—		9,190
Short-term investments	—		33		—			—		33
Other investments	—		1,057		761			—		1,818
Cash and cash equivalents	14,994		—		—			—		14,994
Restricted cash and cash equivalents	1,332		—		—			—		1,332
Investments in related parties
AFS securities
Corporate	—		1,117		1,200			—		2,317
CLO	—		5,870		1,333			—		7,203
ABS	—		1,089		15,277			—		16,366
CMBS	—		161		—			—		161
Total AFS securities – related parties	—		8,237		17,810			—		26,047
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 assets5	—		—		214			—		214
(Continued)


	December 31, 2025
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Assets of consolidated VIEs
Trading securities	—		683		2,437		—		3,120

Mortgage loans	—		—		2,140		—		2,140
Investment funds	—		—		286		23,602		23,888

Cash and cash equivalents	569		—		—		—		569
Total Assets – Retirement Services	34,734		171,812		147,957		23,602		378,105
Total Assets	$	38,663	$	171,899	$	152,115	$	23,920	$	386,597
Liabilities
Asset Management


Contingent consideration obligations4	$	—	$	—	$	72	$	—	$	72
Derivative liabilities3	—		7		—		—		7

Total Liabilities – Asset Management	—		7		72		—		79


Retirement Services
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 benefits5	—		—		4,930		—		4,930
Derivative liabilities	9		5,733		—		—		5,742
Other liabilities	—		—		254		—		254
Total Liabilities – Retirement Services	9		5,733		22,314		—		28,056
Total Liabilities	$	9	$	5,740	$	22,386	$	—	$	28,135

(Concluded)


1 Investments as of June 30, 2026 and December 31, 2025 excludes $231 million and $235 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option.
2 Due from/to related parties represents receivables and payables associated with funds. See note 16 for additional information on due from/ to related parties.
3 Derivative assets and derivative liabilities are presented as a component of other assets and other liabilities, respectively, in the condensed consolidated statements of financial condition.
4 Other liabilities include profit sharing payable related to contingent obligations classified as Level 3.

5 Other assets consist of market risk benefits assets. See note 9 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

June 30, 2026

Fair Value

(In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

1,203

Discounted cash flow

Discount rate

6.0% – 52.8%

16.6%

Option model

Volatility rate

60.0%

285

Adjusted transaction value

N/A

Derivative assets

Option model

Volatility rate

40.0%

Investments of consolidated VIEs

Bank loans

312

Discounted cash flow

Discount rate

7.4% – 13.3%

9.3%

175

Adjusted transaction value

N/A

Equity securities

343

Discounted cash flow

Discount rate

14.2%

147

Direct capitalization

Capitalization rate

7.2%

Adjusted transaction value

N/A

Option model

Volatility rate

75.0% – 200.0%

131.2%

Bonds

Discounted cash flow

Discount rate

6.6% – 8.0%

6.6%

1,680

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

37,037

Discounted cash flow

Discount rate

3.2% – 23.5%

6.7%

Mortgage loans2

103,581

Discounted cash flow

Discount rate

1.4% – 35.0%

6.8%

Investment funds2

2,311

Discounted cash flow

Discount rate

14.0% – 14.0%

14.0%

290

Recoverability

Estimated proceeds

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

21.0% – 25.0%

24.0%

Due to related parties

Adjusted transaction value

N/A

Liabilities of Consolidated VIEs

Bank Loans

Adjusted transaction value

N/A

Discounted cash flow

Discount rate

8.6% – 13.0%

10.6%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

16,384

Discounted cash flow

Nonperformance risk

0.3% – 1.1%

0.7%

Option budget

0.5% – 5.9%

3.3%

Surrender rate

6.3% – 13.4%

9.8%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

December 31, 2025

Fair Value

(In millions)

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

850

Discounted cash flow

Discount rate

5.7% – 52.8%

17.3%

154

Direct capitalization

Capitalization rate

7.0%

193

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.8%

Derivative assets

Option model

Volatility rate

40.0%

Investments of consolidated VIEs

Bank loans

357

Discounted cash flow

Discount rate

6.7% – 13.9%

8.9%

740

Adjusted transaction value

N/A

Equity securities

392

Discounted cash flow

Discount rate

10.0% – 13.5%

12.8%

1,014

Adjusted transaction value

N/A

Option model

Volatility rate

100.0% – 105.0%

102.9%

Bonds

430

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

31,915

Discounted cash flow

Discount rate

2.8% – 22.9%

6.4%

Mortgage loans2

95,524

Discounted cash flow

Discount rate

1.0% – 31.5%

6.5%

Recoverability

Estimated proceeds

N/A

Investment funds2

1,313

Discounted cash flow

Discount rate

13.0% – 14.0%

13.1%

286

Recoverability

Estimated proceeds

N/A

Reported net asset value

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 24.0%

22.9%

Retirement Services

Interest sensitive contract liabilities – indexed annuities embedded derivatives

14,749

Discounted cash flow

Nonperformance risk

0.4% – 1.0%

0.6%

Option budget

0.5% – 5.9%

3.1%

Surrender rate

6.0% – 14.2%

9.6%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 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.

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:


	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 – Asset Management
Investments and derivative assets	$	1,588	$	2	$	—	$	(33)	$	(18)	$	1,539	$	42	$	—
Investments of Consolidated VIEs	1,938		(14)		—		1,248		(406)		2,766		(20)		—
Total Level 3 assets – Asset Management	$	3,526	$	(12)	$	—	$	1,215	$	(424)	$	4,305	$	22	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	17	$	—	$	—	$	(6)	$	(11)	$	—	$	—	$	—
Corporate	6,428		2		47		290		(2,114)		4,653		(1)		2

ABS	24,784		(19)		26		1,686		(2,545)		23,932		(30)		1
CMBS	19		—		—		11		—		30		—		—
RMBS	411		4		—		(34)		—		381		—		1
Trading securities	143		1		—		14		2		160		—		—
Equity securities	8		(1)		—		—		—		7		—		—
Mortgage loans	93,077		(638)		—		7,519		16		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	982		—		1		(1)		—		982		—		1
CLO	1,333		—		1		—		—		1,334		—		1
ABS	17,603		(8)		14		4,081		76		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 – Retirement Services	$	154,761	$	(488)	$	89	$	13,621	$	(5,596)	$	162,387	$	(845)	$	13

(Continued)


	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
Liabilities – Asset Management
Due to related parties	$	84	$	(1)	$	—	$	(29)	$	—	$	54	$	—	$	—
Contingent consideration obligations	56		1		—		(1)		—		56		—		—
Other liabilities of consolidated VIEs	17		(11)		—		1		—		7		—		—
Total Level 3 liabilities – Asset Management	$	157	$	(11)	$	—	$	(29)	$	—	$	117	$	—	$	—
Liabilities – Retirement Services
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 – Retirement Services	$	(16,023)	$	(2,171)	$	—	$	(678)	$	—	$	(18,872)	$	—	$	—
1 Related to instruments held at end of period.													(Concluded)


	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 – Asset Management
Investments and derivative assets	$	1,107	$	37	$	—	$	5	$	—	$	1,149	$	(5)	$	—
Investments of consolidated VIEs	1,518		84		—		345		(60)		1,887		(19)		—
Total Level 3 assets – Asset Management	$	2,625	$	121	$	—	$	350	$	(60)	$	3,036	$	(24)	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	28	$	—	$	—	$	(5)	$	—	$	23	$	—	$	—
Corporate	5,605		56		51		1,650		30		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)		—
															(Continued)


	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
Investments in related parties
AFS securities
Corporate	1,108		—		(6)		(3)		—		1,099		—		(7)
CLO	1,070		—		—		—		—		1,070		—		—
ABS	10,385		2		31		393		(1)		10,810		—		26
Trading securities	437		—		—		(40)		2		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 – Retirement Services	$	109,876	$	1,374	$	383	$	9,797	$	(672)	$	120,758	$	1,259	$	400

Liabilities – Asset Management
Contingent consideration obligations	$	55	$	7	$	—	$	(1)	$	—	$	61	$	—	$	—

Total Level 3 liabilities – Asset Management	$	55	$	7	$	—	$	(1)	$	—	$	61	$	—	$	—
Liabilities – Retirement Services
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 – Retirement Services	$	(13,409)	$	(928)	$	—	$	(642)	$	—	$	(14,979)	$	—	$	—

1 Related to instruments held at end of period.													(Concluded)


	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 – Asset Management
Investments and derivative assets	$	1,204	$	(10)	$	—	$	363	$	(18)	$	1,539	$	47	$	—
Investments of consolidated VIEs	2,939		(41)		—		759		(891)		2,766		(43)		—
Total Level 3 assets – Asset Management	$	4,143	$	(51)	$	—	$	1,122	$	(909)	$	4,305	$	4	$	—


Assets – Retirement Services
AFS securities

Foreign governments	$	12	$	—	$	—	$	(1)	$	(11)	$	—	$	—	$	—
Corporate	6,650		1		(106)		938		(2,830)		4,653		(8)		(52)

ABS	22,207		(76)		(137)		4,649		(2,711)		23,932		(96)		(160)
CMBS	41		—		—		(11)		—		30		—		—
RMBS	439		8		—		(66)		—		381		—		2
Trading securities	18		—		—		142		—		160		—		—
Equity securities	8		(1)		—		—		—		7		—		—
Mortgage loans	91,918		(1,384)		—		9,424		16		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	1,200		—		9		(227)		—		982		—		(2)
CLO	1,333		—		1		—		—		1,334		—		—
ABS	15,277		(6)		(35)		6,358		172		21,766		—		(43)
Trading securities	454		(39)		—		856		19		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 – Retirement Services	$	147,743	$	(1,614)	$	(268)	$	22,941	$	(6,415)	$	162,387	$	(1,730)	$	(255)
															(Continued)


	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
Liabilities – Asset Management
Due to related parties	$	—	$	(4)	$	—	$	58	$	—	$	54	$	—	$	—
Contingent consideration obligations	72		1		—		(17)		—		56		—		—
Other liabilities of consolidated VIEs	—		5		—		2		—		7		—		—
Total Level 3 liabilities – Asset Management	$	72	$	2	$	—	$	43	$	—	$	117	$	—	$	—

Liabilities – Retirement Services
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 – Retirement Services	$	(17,384)	$	(479)	$	—	$	(1,009)	$	—	$	(18,872)	$	—	$	—

1 Related to instruments held at end of period.													(Concluded)


	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 – Asset Management
Investments and derivative assets	$	1,081	$	49	$	—	$	19	$	—	$	1,149	$	(11)	$	—
Investments of consolidated VIEs	2,258		303		—		(7)		(667)		1,887		(29)		—
Total Level 3 assets – Asset Management	$	3,339	$	352	$	—	$	12	$	(667)	$	3,036	$	(40)	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	29	$	(1)	$	—	$	(5)	$	—	$	23	$	—	$	—
Corporate	4,321		70		78		3,071		(148)		7,392		63		72

ABS	16,529		5		473		1,845		(4,708)		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)		—
															(Continued)


	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

Investments in related parties
AFS securities
Corporate	1,108		—		(8)		(1)		—		1,099		—		(9)
CLO	696		—		(2)		376		—		1,070		—		(2)
ABS	9,741		3		50		1,017		(1)		10,810		—		41
Trading securities	573		—		—		(176)		2		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		—		100		67		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 – Retirement Services	$	104,024	$	2,870	$	588	$	18,129	$	(4,853)	$	120,758	$	2,377	$	597

Liabilities – Asset Management
Contingent consideration obligations	$	67	$	8	$	—	$	(14)	$	—	$	61	$	—	$	—

Total Level 3 liabilities – Asset Management	$	67	$	8	$	—	$	(14)	$	—	$	61	$	—	$	—




Liabilities – Retirement Services
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 – Retirement Services	$	(13,850)	$	20	$	—	$	(1,149)	$	—	$	(14,979)	$	—	$	—

1 Related to instruments held at end of period.													(Concluded)

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 – Asset Management
Investments and derivative assets	$	1,250	$	—	$	(1,283)	$	—	$	(33)	$	6	$	(24)	$	(18)
Investments of consolidated VIEs	2,852		—		(1,604)		—		1,248		—		(406)		(406)
Total Level 3 assets – Asset Management	$	4,102	$	—	$	(2,887)	$	—	$	1,215	$	6	$	(430)	$	(424)

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(6)	(6)		$	—	$	(11)	$	(11)
Corporate	482		—		(96)		(96)		290		—		(2,114)		(2,114)

ABS	2,247		—		(46)		(515)		1,686		52		(2,597)		(2,545)
CMBS	11		—		—		—		11		—		—		—
RMBS	—		—		—		(34)		(34)		—		—		—
Trading securities	17		—		(2)		(1)		14		2		—		2

Mortgage loans	12,628		—		(287)		(4,822)		7,519		16		—		16




Other investments	—		—		—		(54)		(54)		—		—		—
Investments in related parties
AFS securities
Corporate	1		—		—		(2)		(1)		—		—		—

ABS	6,864		—		(869)		(1,914)		4,081		76		—		76
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 – Retirement Services	$	22,683	$	47	$	(1,350)	$	(7,759)	$	13,621	$	146	$	(5,742)	$	(5,596)

Liabilities – Asset Management
Due to related parties	$	—	$	—	$	—	$	(29)	$	(29)	$	—	$	—	$	—
Contingent consideration obligations	—		—		—		(1)		(1)		—		—		—
Debt and other liabilities of consolidated VIEs	—		3		—		(2)		1		—		—		—
Total Level 3 liabilities – Asset Management	$	—	$	3	$	—	$	(32)	$	(29)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,001)	$	—	$	301	$	(700)	$	—	$	—	$	—





Other liabilities	—		—		—		22		22		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(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 – Asset Management
Investments and derivative assets	$	15	$	—	$	(10)	$	—	$	5	$	—	$	—	$	—
Investments of consolidated VIEs	664		—		(319)		—		345		—		(60)		(60)
Total Level 3 assets – Asset Management	$	679	$	—	$	(329)	$	—	$	350	$	—	$	(60)	$	(60)

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(5)	$	(5)	$	—	$	—	$	—
Corporate	1,872		—		—		(222)		1,650		30		—		30

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	—		—		—		(3)		(3)		—		—		—

ABS	1,055		—		—		(662)		393		14		(15)		(1)
Trading securities	48		—		—		(88)		(40)		2		—		2

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 – Retirement Services	$	15,139	$	49	$	(317)	$	(5,074)	$	9,797	$	46	$	(718)	$	(672)

Liabilities - Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(1)	$	(1)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(1)	$	(1)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Interest sensitive contract liabilities - embedded derivative	$	—	$	(861)	$	—	$	219	$	(642)	$	—	$	—	$	—







Total Level 3 liabilities – Retirement Services	$	—	$	(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 – Asset Management
Investments and derivative assets	$	2,007	$	—	$	(1,644)	$	—	$	363	$	6	$	(24)	$	(18)
Investments of consolidated VIEs	4,885		—		(4,126)		—		759		1		(892)		(891)
Total Level 3 assets – Asset Management	$	6,892	$	—	$	(5,770)	$	—	$	1,122	$	7	$	(916)	$	(909)

Assets – Retirement Services
AFS securities

Foreign governments	$	5	$	—	$	—	$	(6)	$	(1)	$	—	$	(11)	$	(11)
Corporate	1,379		—		(237)		(204)		938		—		(2,830)		(2,830)

ABS	5,688		—		(77)		(962)		4,649		52		(2,763)		(2,711)
CMBS	11		—		(22)		—		(11)		—		—		—
RMBS	—		—		—		(66)		(66)		—		—		—
Trading securities	146		—		(2)		(2)		142		2		(2)		—

Mortgage loans	19,142		—		(317)		(9,401)		9,424		16		—		16



Short-term investments	2		—		—		(1)		1		—		—		—
Other investments	—		—		—		(106)		(106)		—		—		—
Investments in related parties
AFS securities
Corporate	1		—		—		(228)		(227)		—		—		—

ABS	11,539		—		(951)		(4,230)		6,358		172		—		172
Trading securities	928		—		—		(72)		856		19		—		19
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 – Retirement Services	$	40,612	$	77	$	(1,779)	$	(15,969)	$	22,941	$	261	$	(6,676)	$	(6,415)


Liabilities – Asset Management
Due to related parties	$	—	$	87	$	—	$	(29)	$	58	$	—	$	—	$	—
Contingent consideration obligations	—		—		—		(17)		(17)		—		—		—
Other liabilities of consolidated VIEs	—		5		—		(3)		2		—		—		—
Total Level 3 liabilities – Asset Management	$	—	$	92	$	—	$	(49)	$	43	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,618)	$	—	$	587	$	(1,031)	$	—	$	—	$	—





Other liabilities	—		—		—		22		22		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(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 – Asset Management
Investments and derivative assets	$	29	$	—	$	(10)	$	—	$	19	$	—	$	—	$	—
Investments of consolidated VIEs	1,289		—		(1,296)		—		(7)		—		(667)		(667)
Total Level 3 assets – Asset Management	$	1,318	$	—	$	(1,306)	$	—	$	12	$	—	$	(667)	$	(667)

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(5)	$	(5)	$	—	$	—	$	—
Corporate	3,427		—		(6)		(350)		3,071		126		(274)		(148)

ABS	2,792		—		(23)		(924)		1,845		479		(5,187)		(4,708)
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	5		—		—		(6)		(1)		—		—		—
CLO	376		—		—		—		376		—		—		—
ABS	2,259		—		—		(1,242)		1,017		14		(15)		(1)
Trading securities	70		—		(91)		(155)		(176)		2		—		2

Mortgage loans	—		—		(15)		(31)		(46)		—		—		—
Investment funds	3		—		—		—		3		—		—		—


Reinsurance recoverable	—		90		—		(6)		84		—		—		—
Assets of consolidated VIEs
Trading securities	435		—		(335)		—		100		90		(23)		67

Mortgage loans	34		—		(10)		(196)		(172)		—		—		—
Investment funds	—		—		(497)		—		(497)		—		—		—
Other investments	279		—		(16)		—		263		—		—		—
Total Level 3 assets – Retirement Services	$	27,788	$	90	$	(1,165)	$	(8,584)	$	18,129	$	724	$	(5,577)	$	(4,853)
Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(14)	$	(14)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(14)	$	(14)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,613)	$	—	$	463	$	(1,150)	$	—	$	—	$	—





Other liabilities	—		—		—		1		1		—		—		—

Total Level 3 liabilities – Retirement Services	$	—	$	(1,613)	$	—	$	464	$	(1,149)	$	—	$	—	$	—

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:


	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 – Asset Management
Investments and derivative assets	$	1,588	$	2	$	—	$	(33)	$	(18)	$	1,539	$	42	$	—
Investments of Consolidated VIEs	1,938		(14)		—		1,248		(406)		2,766		(20)		—
Total Level 3 assets – Asset Management	$	3,526	$	(12)	$	—	$	1,215	$	(424)	$	4,305	$	22	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	17	$	—	$	—	$	(6)	$	(11)	$	—	$	—	$	—
Corporate	6,428		2		47		290		(2,114)		4,653		(1)		2

ABS	24,784		(19)		26		1,686		(2,545)		23,932		(30)		1
CMBS	19		—		—		11		—		30		—		—
RMBS	411		4		—		(34)		—		381		—		1
Trading securities	143		1		—		14		2		160		—		—
Equity securities	8		(1)		—		—		—		7		—		—
Mortgage loans	93,077		(638)		—		7,519		16		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	982		—		1		(1)		—		982		—		1
CLO	1,333		—		1		—		—		1,334		—		1
ABS	17,603		(8)		14		4,081		76		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 – Retirement Services	$	154,761	$	(488)	$	89	$	13,621	$	(5,596)	$	162,387	$	(845)	$	13

(Continued)


	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
Liabilities – Asset Management
Due to related parties	$	84	$	(1)	$	—	$	(29)	$	—	$	54	$	—	$	—
Contingent consideration obligations	56		1		—		(1)		—		56		—		—
Other liabilities of consolidated VIEs	17		(11)		—		1		—		7		—		—
Total Level 3 liabilities – Asset Management	$	157	$	(11)	$	—	$	(29)	$	—	$	117	$	—	$	—
Liabilities – Retirement Services
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 – Retirement Services	$	(16,023)	$	(2,171)	$	—	$	(678)	$	—	$	(18,872)	$	—	$	—
1 Related to instruments held at end of period.													(Concluded)


	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 – Asset Management
Investments and derivative assets	$	1,107	$	37	$	—	$	5	$	—	$	1,149	$	(5)	$	—
Investments of consolidated VIEs	1,518		84		—		345		(60)		1,887		(19)		—
Total Level 3 assets – Asset Management	$	2,625	$	121	$	—	$	350	$	(60)	$	3,036	$	(24)	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	28	$	—	$	—	$	(5)	$	—	$	23	$	—	$	—
Corporate	5,605		56		51		1,650		30		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)		—
															(Continued)


	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
Investments in related parties
AFS securities
Corporate	1,108		—		(6)		(3)		—		1,099		—		(7)
CLO	1,070		—		—		—		—		1,070		—		—
ABS	10,385		2		31		393		(1)		10,810		—		26
Trading securities	437		—		—		(40)		2		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 – Retirement Services	$	109,876	$	1,374	$	383	$	9,797	$	(672)	$	120,758	$	1,259	$	400

Liabilities – Asset Management
Contingent consideration obligations	$	55	$	7	$	—	$	(1)	$	—	$	61	$	—	$	—

Total Level 3 liabilities – Asset Management	$	55	$	7	$	—	$	(1)	$	—	$	61	$	—	$	—
Liabilities – Retirement Services
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 – Retirement Services	$	(13,409)	$	(928)	$	—	$	(642)	$	—	$	(14,979)	$	—	$	—

1 Related to instruments held at end of period.													(Concluded)


	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 – Asset Management
Investments and derivative assets	$	1,204	$	(10)	$	—	$	363	$	(18)	$	1,539	$	47	$	—
Investments of consolidated VIEs	2,939		(41)		—		759		(891)		2,766		(43)		—
Total Level 3 assets – Asset Management	$	4,143	$	(51)	$	—	$	1,122	$	(909)	$	4,305	$	4	$	—


Assets – Retirement Services
AFS securities

Foreign governments	$	12	$	—	$	—	$	(1)	$	(11)	$	—	$	—	$	—
Corporate	6,650		1		(106)		938		(2,830)		4,653		(8)		(52)

ABS	22,207		(76)		(137)		4,649		(2,711)		23,932		(96)		(160)
CMBS	41		—		—		(11)		—		30		—		—
RMBS	439		8		—		(66)		—		381		—		2
Trading securities	18		—		—		142		—		160		—		—
Equity securities	8		(1)		—		—		—		7		—		—
Mortgage loans	91,918		(1,384)		—		9,424		16		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	1,200		—		9		(227)		—		982		—		(2)
CLO	1,333		—		1		—		—		1,334		—		—
ABS	15,277		(6)		(35)		6,358		172		21,766		—		(43)
Trading securities	454		(39)		—		856		19		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 – Retirement Services	$	147,743	$	(1,614)	$	(268)	$	22,941	$	(6,415)	$	162,387	$	(1,730)	$	(255)
															(Continued)


	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
Liabilities – Asset Management
Due to related parties	$	—	$	(4)	$	—	$	58	$	—	$	54	$	—	$	—
Contingent consideration obligations	72		1		—		(17)		—		56		—		—
Other liabilities of consolidated VIEs	—		5		—		2		—		7		—		—
Total Level 3 liabilities – Asset Management	$	72	$	2	$	—	$	43	$	—	$	117	$	—	$	—

Liabilities – Retirement Services
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 – Retirement Services	$	(17,384)	$	(479)	$	—	$	(1,009)	$	—	$	(18,872)	$	—	$	—

1 Related to instruments held at end of period.													(Concluded)


	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 – Asset Management
Investments and derivative assets	$	1,081	$	49	$	—	$	19	$	—	$	1,149	$	(11)	$	—
Investments of consolidated VIEs	2,258		303		—		(7)		(667)		1,887		(29)		—
Total Level 3 assets – Asset Management	$	3,339	$	352	$	—	$	12	$	(667)	$	3,036	$	(40)	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	29	$	(1)	$	—	$	(5)	$	—	$	23	$	—	$	—
Corporate	4,321		70		78		3,071		(148)		7,392		63		72

ABS	16,529		5		473		1,845		(4,708)		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)		—
															(Continued)


	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

Investments in related parties
AFS securities
Corporate	1,108		—		(8)		(1)		—		1,099		—		(9)
CLO	696		—		(2)		376		—		1,070		—		(2)
ABS	9,741		3		50		1,017		(1)		10,810		—		41
Trading securities	573		—		—		(176)		2		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		—		100		67		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 – Retirement Services	$	104,024	$	2,870	$	588	$	18,129	$	(4,853)	$	120,758	$	2,377	$	597

Liabilities – Asset Management
Contingent consideration obligations	$	67	$	8	$	—	$	(14)	$	—	$	61	$	—	$	—

Total Level 3 liabilities – Asset Management	$	67	$	8	$	—	$	(14)	$	—	$	61	$	—	$	—




Liabilities – Retirement Services
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 – Retirement Services	$	(13,850)	$	20	$	—	$	(1,149)	$	—	$	(14,979)	$	—	$	—

1 Related to instruments held at end of period.													(Concluded)

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 – Asset Management
Investments and derivative assets	$	1,250	$	—	$	(1,283)	$	—	$	(33)	$	6	$	(24)	$	(18)
Investments of consolidated VIEs	2,852		—		(1,604)		—		1,248		—		(406)		(406)
Total Level 3 assets – Asset Management	$	4,102	$	—	$	(2,887)	$	—	$	1,215	$	6	$	(430)	$	(424)

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(6)	(6)		$	—	$	(11)	$	(11)
Corporate	482		—		(96)		(96)		290		—		(2,114)		(2,114)

ABS	2,247		—		(46)		(515)		1,686		52		(2,597)		(2,545)
CMBS	11		—		—		—		11		—		—		—
RMBS	—		—		—		(34)		(34)		—		—		—
Trading securities	17		—		(2)		(1)		14		2		—		2

Mortgage loans	12,628		—		(287)		(4,822)		7,519		16		—		16




Other investments	—		—		—		(54)		(54)		—		—		—
Investments in related parties
AFS securities
Corporate	1		—		—		(2)		(1)		—		—		—

ABS	6,864		—		(869)		(1,914)		4,081		76		—		76
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 – Retirement Services	$	22,683	$	47	$	(1,350)	$	(7,759)	$	13,621	$	146	$	(5,742)	$	(5,596)

Liabilities – Asset Management
Due to related parties	$	—	$	—	$	—	$	(29)	$	(29)	$	—	$	—	$	—
Contingent consideration obligations	—		—		—		(1)		(1)		—		—		—
Debt and other liabilities of consolidated VIEs	—		3		—		(2)		1		—		—		—
Total Level 3 liabilities – Asset Management	$	—	$	3	$	—	$	(32)	$	(29)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,001)	$	—	$	301	$	(700)	$	—	$	—	$	—





Other liabilities	—		—		—		22		22		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(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 – Asset Management
Investments and derivative assets	$	15	$	—	$	(10)	$	—	$	5	$	—	$	—	$	—
Investments of consolidated VIEs	664		—		(319)		—		345		—		(60)		(60)
Total Level 3 assets – Asset Management	$	679	$	—	$	(329)	$	—	$	350	$	—	$	(60)	$	(60)

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(5)	$	(5)	$	—	$	—	$	—
Corporate	1,872		—		—		(222)		1,650		30		—		30

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	—		—		—		(3)		(3)		—		—		—

ABS	1,055		—		—		(662)		393		14		(15)		(1)
Trading securities	48		—		—		(88)		(40)		2		—		2

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 – Retirement Services	$	15,139	$	49	$	(317)	$	(5,074)	$	9,797	$	46	$	(718)	$	(672)

Liabilities - Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(1)	$	(1)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(1)	$	(1)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Interest sensitive contract liabilities - embedded derivative	$	—	$	(861)	$	—	$	219	$	(642)	$	—	$	—	$	—







Total Level 3 liabilities – Retirement Services	$	—	$	(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 – Asset Management
Investments and derivative assets	$	2,007	$	—	$	(1,644)	$	—	$	363	$	6	$	(24)	$	(18)
Investments of consolidated VIEs	4,885		—		(4,126)		—		759		1		(892)		(891)
Total Level 3 assets – Asset Management	$	6,892	$	—	$	(5,770)	$	—	$	1,122	$	7	$	(916)	$	(909)

Assets – Retirement Services
AFS securities

Foreign governments	$	5	$	—	$	—	$	(6)	$	(1)	$	—	$	(11)	$	(11)
Corporate	1,379		—		(237)		(204)		938		—		(2,830)		(2,830)

ABS	5,688		—		(77)		(962)		4,649		52		(2,763)		(2,711)
CMBS	11		—		(22)		—		(11)		—		—		—
RMBS	—		—		—		(66)		(66)		—		—		—
Trading securities	146		—		(2)		(2)		142		2		(2)		—

Mortgage loans	19,142		—		(317)		(9,401)		9,424		16		—		16



Short-term investments	2		—		—		(1)		1		—		—		—
Other investments	—		—		—		(106)		(106)		—		—		—
Investments in related parties
AFS securities
Corporate	1		—		—		(228)		(227)		—		—		—

ABS	11,539		—		(951)		(4,230)		6,358		172		—		172
Trading securities	928		—		—		(72)		856		19		—		19
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 – Retirement Services	$	40,612	$	77	$	(1,779)	$	(15,969)	$	22,941	$	261	$	(6,676)	$	(6,415)


Liabilities – Asset Management
Due to related parties	$	—	$	87	$	—	$	(29)	$	58	$	—	$	—	$	—
Contingent consideration obligations	—		—		—		(17)		(17)		—		—		—
Other liabilities of consolidated VIEs	—		5		—		(3)		2		—		—		—
Total Level 3 liabilities – Asset Management	$	—	$	92	$	—	$	(49)	$	43	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,618)	$	—	$	587	$	(1,031)	$	—	$	—	$	—





Other liabilities	—		—		—		22		22		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(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 – Asset Management
Investments and derivative assets	$	29	$	—	$	(10)	$	—	$	19	$	—	$	—	$	—
Investments of consolidated VIEs	1,289		—		(1,296)		—		(7)		—		(667)		(667)
Total Level 3 assets – Asset Management	$	1,318	$	—	$	(1,306)	$	—	$	12	$	—	$	(667)	$	(667)

Assets – Retirement Services
AFS securities

Foreign governments	$	—	$	—	$	—	$	(5)	$	(5)	$	—	$	—	$	—
Corporate	3,427		—		(6)		(350)		3,071		126		(274)		(148)

ABS	2,792		—		(23)		(924)		1,845		479		(5,187)		(4,708)
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	5		—		—		(6)		(1)		—		—		—
CLO	376		—		—		—		376		—		—		—
ABS	2,259		—		—		(1,242)		1,017		14		(15)		(1)
Trading securities	70		—		(91)		(155)		(176)		2		—		2

Mortgage loans	—		—		(15)		(31)		(46)		—		—		—
Investment funds	3		—		—		—		3		—		—		—


Reinsurance recoverable	—		90		—		(6)		84		—		—		—
Assets of consolidated VIEs
Trading securities	435		—		(335)		—		100		90		(23)		67

Mortgage loans	34		—		(10)		(196)		(172)		—		—		—
Investment funds	—		—		(497)		—		(497)		—		—		—
Other investments	279		—		(16)		—		263		—		—		—
Total Level 3 assets – Retirement Services	$	27,788	$	90	$	(1,165)	$	(8,584)	$	18,129	$	724	$	(5,577)	$	(4,853)
Liabilities – Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(14)	$	(14)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(14)	$	(14)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative	$	—	$	(1,613)	$	—	$	463	$	(1,150)	$	—	$	—	$	—





Other liabilities	—		—		—		1		1		—		—		—

Total Level 3 liabilities – Retirement Services	$	—	$	(1,613)	$	—	$	464	$	(1,149)	$	—	$	—	$	—


(In millions)	June 30, 2026		December 31, 2025
Commercial mortgage loans	$	48,372	$	38,869
Commercial mortgage loans under development	1,802		1,787
Total commercial mortgage loans	50,174		40,656
Mark to fair value	(1,883)		(1,585)
Commercial mortgage loans	48,291		39,071
Residential mortgage loans	55,030		55,613
Mark to fair value	260		860
Residential mortgage loans	55,290		56,473
Mortgage loans	$	103,581	$	95,544

The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and 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		114		(4)		155
Future policy benefits	7		10		31		5
Other	(2)		(29)		4		(17)
Total gains (losses)	$	(551)	$	1,248	$	(1,534)	$	2,412

The following summarizes information for fair value option mortgage loans, including related parties and 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 the 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 the 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 U.S. 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 Athene’s 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)

The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition:


	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	919		919		919		—		—		—
Funds withheld at interest	4,149		4,149		—		—		—		4,149
Short-term investments	18		18		—		—		18		—





Total financial assets not carried at fair value	$	22,028	$	22,018	$	1,195	$	—	$	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

- 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