Fair Value Measurements (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
| | | | | | | | | | | | | | | | Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of September 30, 2026 | | Total | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) | Significant
Observable
Inputs
(Level 2) | Significant
Unobservable
Inputs
(Level 3) | | Assets accounted for at fair value on a recurring basis | | | | | | Fixed maturities, AFS | | | | | Asset-backed securities ("ABS") | $ | 4,833 | | $ | — | | $ | 4,585 | | $ | 248 | | Collateralized loan obligations ("CLOs") | 3,652 | | — | | 3,337 | | 315 | | Commercial mortgage-backed securities ("CMBS") | 1,605 | | — | | 1,523 | | 82 | | | Corporate | 23,517 | | — | | 20,621 | | 2,896 | | | Foreign government/government agencies | 438 | | — | | 438 | | — | | | Municipal | 3,902 | | — | | 3,902 | | — | | Residential mortgage-backed securities ("RMBS") | 5,685 | | — | | 5,629 | | 56 | | | U.S. Treasuries | 2,270 | | 290 | | 1,980 | | — | | | Total fixed maturities, AFS | 45,902 | | 290 | | 42,015 | | 3,597 | | | FVO securities | 123 | | — | | — | | 123 | | | Equity securities, at fair value [1] | 535 | | 406 | | 5 | | 124 | | | Derivative assets | | | | | | Credit derivatives | (17) | | — | | (17) | | — | | | | | | | | Foreign exchange derivatives | 9 | | — | | 9 | | — | | | Interest rate derivatives | 1 | | — | | 1 | | — | | | | | | | | Total derivative assets [2] | (7) | | — | | (7) | | — | | | Short-term investments | 4,390 | | 193 | | 3,709 | | 488 | | | Total assets accounted for at fair value on a recurring basis [3] | $ | 50,943 | | $ | 889 | | $ | 45,722 | | $ | 4,332 | | | Liabilities accounted for at fair value on a recurring basis | | | | | | Derivative liabilities | | | | | | Credit derivatives | $ | 17 | | $ | — | | $ | 17 | | $ | — | | | | | | | | Foreign exchange derivatives | 1 | | — | | 1 | | — | | | Interest rate derivatives | (4) | | — | | (4) | | — | | | | | | | | Total derivative liabilities [4] | 14 | | — | | 14 | | — | | | | | | | | Total liabilities accounted for at fair value on a recurring basis | $ | 14 | | $ | — | | $ | 14 | | $ | — | |
| | | | | | | | | | | | | | | | Assets and (Liabilities) Carried at Fair Value by Hierarchy Level as of December 31, 2025 | | Total | Quoted Prices in
Active Markets
for Identical
Assets
(Level 1) | Significant
Observable
Inputs
(Level 2) | Significant
Unobservable
Inputs
(Level 3) | | Assets accounted for at fair value on a recurring basis | | | | | | Fixed maturities, AFS | | | | | | ABS | $ | 4,663 | | $ | — | | $ | 4,496 | | $ | 167 | | | CLOs | 3,316 | | — | | 3,099 | | 217 | | | CMBS | 2,328 | | — | | 2,213 | | 115 | | | Corporate | 23,076 | | — | | 20,210 | | 2,866 | | | Foreign government/government agencies | 447 | | — | | 447 | | — | | | Municipal | 4,652 | | — | | 4,652 | | — | | | RMBS | 6,178 | | — | | 6,171 | | 7 | | | U.S. Treasuries | 1,381 | | 164 | | 1,217 | | — | | | Total fixed maturities, AFS | 46,041 | | 164 | | 42,505 | | 3,372 | | | FVO securities | 168 | | — | | — | | 168 | | | Equity securities, at fair value [1] | 422 | | 311 | | 5 | | 106 | | | Derivative assets | | | | | | | | | | | | | | | | Foreign exchange derivatives | 20 | | — | | 20 | | — | | | | | | | | Total derivative assets [2] | 20 | | — | | 20 | | — | | | Short-term investments | 4,004 | | 491 | | 3,131 | | 382 | | | Total assets accounted for at fair value on a recurring basis [3] | $ | 50,655 | | $ | 966 | | $ | 45,661 | | $ | 4,028 | | | Liabilities accounted for at fair value on a recurring basis | | | | | | Derivative liabilities | | | | | | | | | | | | | | | | Foreign exchange derivatives | $ | (17) | | $ | — | | $ | (17) | | $ | — | | | Interest rate derivatives | (3) | | — | | (3) | | — | | | Total derivative liabilities [4] | (20) | | — | | (20) | | — | | | | | | | | Total liabilities accounted for at fair value on a recurring basis | $ | (20) | | $ | — | | $ | (20) | | $ | — | |
[1]Level 3 includes investments that have contractual sales restrictions that require consent to sell and are in place for the duration that the securities are held by the Company. [2]Includes derivative instruments in a net positive fair value position after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law. See footnote [3] to this table for derivative liabilities. [3]Excludes Level 1 assets of $139 and $179 and Level 2 assets of $326 and $240, respectively, that were reclassified to assets held-for-sale as of September 30, 2026 and December 31, 2025. [4]Includes derivative instruments in a net negative fair value position (derivative liability) after consideration of the accrued interest and impact of collateral posting requirements which may be imposed by agreements and applicable law.
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| Fair Value Inputs, Assets, Quantitative Information |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Significant Unobservable Inputs for Level 3 - Securities | | | | Assets accounted for at fair value on a recurring basis | Fair
Value | Predominant
Valuation
Technique | Significant Unobservable Input | Minimum | Maximum | Weighted Average [1] | Impact of
Increase in
Input on Fair Value [2] | | | | As of September 30, 2026 | | | | ABS | $ | 248 | | Discounted cash flows | Spread | 600 bps | 1,005 bps | 690 bps | Decrease | | | | CLOs | $ | 315 | | Discounted cash flows | Spread | 279 bps | 1,005 bps | 548 bps | Decrease | | | | CMBS [3] | $ | 82 | | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 100 bps | 841 bps | 443 bps | Decrease | | | | Corporate [4] | $ | 2,765 | | Discounted cash flows | Spread | 79 bps | 1,150 bps | 287 bps | Decrease | | | | RMBS | $ | 56 | | Discounted cash flows | Spread [6] | 80 bps | 198 bps | 104 bps | Decrease | | | | | | Constant prepayment rate [6] | 2% | 5% | 4% | Decrease [5] | | | | | | Constant default rate [6] | 2% | 3% | 2% | Decrease | | | | | | Loss severity [6] | 40% | 55% | 48% | Decrease | | | | Equity Securities | $ | 82 | | Adjusted Cost | Private company financials | N/A | N/A | N/A | Increase | | | | 15 | | Discounted cash flows | Spread | 1,530 bps | 1,530 bps | 1,530 bps | Decrease | | | | Short-term investments | $ | 488 | | Discounted cash flows | Spread | 169 bps | 242 bps | 177 bps | Decrease | | | | | | | | | | | | | | As of December 31, 2025 | | | | ABS | $ | 167 | | Discounted cash flows | Spread | 434 bps | 843 bps | 530 bps | Decrease | | | | CLOs | $ | 217 | | Discounted cash flows | Spread | 270 bps | 1,021 bps | 544 bps | Decrease | | | | CMBS [3] | $ | 115 | | Discounted cash flows | Spread (encompasses prepayment, default risk and loss severity) | 245 bps | 1,000 bps | 397 bps | Decrease | | | | Corporate [4] | $ | 2,765 | | Discounted cash flows | Spread | 88 bps | 811 bps | 289 bps | Decrease | | | | RMBS | $ | 7 | | Discounted cash flows | Spread [6] | 88 bps | 551 bps | 172 bps | Decrease | | | | | | Constant prepayment rate [6] | 2% | 5% | 4% | Decrease [5] | | | | | | Constant default rate [6] | 1% | 5% | 2% | Decrease | | | | | | Loss severity [6] | 37% | 80% | 50% | Decrease | | | | Equity Securities | $ | 56 | | Adjusted Cost | Private company financials | N/A | N/A | N/A | Increase | | | | $ | 14 | | Discounted cash flows | Spread | 1,370 | bps | 1,370 | bps | 1,370 | bps | Decrease | | | | Short-term investments | $ | 382 | | Discounted cash flows | Spread | 164 bps | 186 bps | 177 bps | Decrease | | |
[1]The weighted average is determined based on the fair value of the securities. [2]Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. [3]Excludes securities for which the Company bases fair value on broker quotations. [4]Excludes securities for which the Company bases fair value on broker quotations; however, included are broker priced lower-rated private placement securities for which the Company receives spread and yield information to corroborate the fair value. [5]Decrease for above market rate coupons and increase for below market rate coupons. [6]Generally, a change in the assumption used for the constant default rate would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumption used for constant prepayment rate and would have resulted in wider spreads. The table above excludes certain securities for which fair values are predominately based on independent broker quotes. As of September 30, 2026 and December 31, 2025, the fair values of the Company's level 3 derivatives were less than $1 for both periods. |
| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
Three Months Ended September 30, 2026 | | Total realized/unrealized gains (losses) | | | | | | | | | Fair value as of June 30, 2026 | Included in net income [1] | Included in OCI [2] | Purchases | Settlements | Sales | Transfers into Level 3 [3] | Transfers out of Level 3 [3] | Fair value as of September 30, 2026 | | Assets | | | | | | | | | | | Fixed maturities, AFS | | | | | | | | | | | ABS | $ | 175 | | $ | — | | $ | (7) | | $ | 86 | | $ | (5) | | $ | (1) | | $ | — | | $ | — | | $ | 248 | | | CLOs | 200 | | — | | — | | 190 | | — | | — | | — | | (75) | | 315 | | | CMBS | 97 | | (4) | | 1 | | — | | (1) | | (11) | | — | | — | | 82 | | | Corporate | 2,916 | | (3) | | (26) | | 239 | | (229) | | (1) | | — | | — | | 2,896 | | | | | | | | | | | | | | | | | | | | | | | | | RMBS | 15 | | — | | — | | 53 | | (1) | | — | | — | | (11) | | 56 | | | Total fixed maturities, AFS | 3,403 | | (7) | | (32) | | 568 | | (236) | | (13) | | — | | (86) | | 3,597 | | | FVO securities | 125 | | — | | — | | 1 | | (3) | | — | | — | | — | | 123 | | | Equity securities, at fair value | 124 | | — | | — | | — | | — | | — | | — | | — | | 124 | | | Short-term investments | 709 | | — | | — | | 217 | | (351) | | (87) | | — | | — | | 488 | | | Total Assets | $ | 4,361 | | $ | (7) | | $ | (32) | | $ | 786 | | $ | (590) | | $ | (100) | | $ | — | | $ | (86) | | $ | 4,332 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
Nine Months Ended September 30, 2026 | | | | Total realized/unrealized gains (losses) | | | | | | | | | Fair value as of January 1, 2026 | Included in net income [1] | Included in OCI [2] | Purchases | Settlements | Sales | Transfers into Level 3 [3] | Transfers out of Level 3 [3] | Fair value as of September 30, 2026 | | Assets | | | | | | | | | | | Fixed maturities, AFS | | | | | | | | | | | ABS | $ | 167 | | $ | — | | $ | (10) | | $ | 116 | | $ | (13) | | $ | (1) | | $ | — | | $ | (11) | | $ | 248 | | | CLOs | 217 | | — | | (1) | | 372 | | — | | — | | — | | (273) | | 315 | | | CMBS | 115 | | (11) | | 5 | | — | | (13) | | (18) | | 4 | | — | | 82 | | | Corporate | 2,866 | | (3) | | (59) | | 708 | | (584) | | (9) | | — | | (23) | | 2,896 | | | | | | | | | | | | | | | | | | | | | | | | | RMBS | 7 | | — | | — | | 64 | | (4) | | — | | — | | (11) | | 56 | | | Total fixed maturities, AFS | 3,372 | | (14) | | (65) | | 1,260 | | (614) | | (28) | | 4 | | (318) | | 3,597 | | | FVO securities | 168 | | (37) | | — | | 2 | | (10) | | — | | — | | — | | 123 | | | Equity securities, at fair value | 106 | | (2) | | — | | 30 | | — | | — | | — | | (10) | | 124 | | | Short-term investments | 382 | | — | | (1) | | 1,278 | | (910) | | (261) | | — | | — | | 488 | | | Total Assets | $ | 4,028 | | $ | (53) | | $ | (66) | | $ | 2,570 | | $ | (1,534) | | $ | (289) | | $ | 4 | | $ | (328) | | $ | 4,332 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
Three Months Ended September 30, 2025 | | Total realized/unrealized gains (losses) | | | | | | | | | Fair value as of June 30, 2025 | Included in net income [1] | Included in OCI [2] | Purchases | Settlements | Sales | Transfers into Level 3 [3] | Transfers out of Level 3 [3] | Fair value as of September 30, 2025 | | Assets | | | | | | | | | | | Fixed maturities, AFS | | | | | | | | | | | ABS | $ | 92 | | $ | — | | $ | — | | $ | 13 | | $ | (12) | | $ | — | | $ | — | | $ | (10) | | $ | 83 | | | CLOs | 70 | | — | | — | | 119 | | (10) | | — | | — | | (15) | | 164 | | | CMBS | 137 | | — | | 2 | | — | | (8) | | — | | 2 | | — | | 133 | | | Corporate | 2,734 | | — | | 2 | | 448 | | (325) | | (12) | | — | | (12) | | 2,835 | | | | | | | | | | | | | | | | | | | | | | | | | RMBS | 12 | | — | | — | | 13 | | (2) | | — | | — | | — | | 23 | | | Total fixed maturities, AFS | 3,045 | | — | | 4 | | 593 | | (357) | | (12) | | 2 | | (37) | | 3,238 | | | FVO securities | 181 | | 7 | | — | | 7 | | (4) | | — | | — | | — | | 191 | | | Equity securities, at fair value | 93 | | — | | — | | 29 | | (16) | | — | | — | | — | | 106 | | | Short-term investments | 116 | | — | | — | | 201 | | (110) | | — | | — | | — | | 207 | | | Total Assets | $ | 3,435 | | $ | 7 | | $ | 4 | | $ | 830 | | $ | (487) | | $ | (12) | | $ | 2 | | $ | (37) | | $ | 3,742 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Rollforwards for Financial Instruments Classified as Level 3 for the
Nine Months Ended September 30, 2025 | | Total realized/unrealized gains (losses) | | | | | | | | | Fair value as of January 1, 2025 | Included in net income [1] | Included in OCI [2] | Purchases | Settlements | Sales | Transfers into Level 3 [3] | Transfers out of Level 3 [3] | Fair value as of September 30, 2025 | | Assets | | | | | | | | | | | Fixed maturities, AFS | | | | | | | | | | | ABS | $ | 22 | | $ | — | | $ | 1 | | $ | 86 | | $ | (16) | | $ | — | | $ | — | | $ | (10) | | $ | 83 | | | CLOs | 116 | | — | | — | | 347 | | (29) | | — | | — | | (270) | | 164 | | | CMBS | 167 | | (1) | | 6 | | — | | (21) | | (10) | | 45 | | (53) | | 133 | | | Corporate | 2,281 | | 3 | | 64 | | 1,072 | | (523) | | (88) | | 38 | | (12) | | 2,835 | | | | | | | | | | | | | | | | | | | | | | | | | RMBS | 24 | | — | | — | | 37 | | (9) | | — | | — | | (29) | | 23 | | | Total fixed maturities, AFS | 2,610 | | 2 | | 71 | | 1,542 | | (598) | | (98) | | 83 | | (374) | | 3,238 | | | FVO securities | 197 | | (10) | | — | | 15 | | (11) | | — | | — | | — | | 191 | | | Equity securities, at fair value | 87 | | (1) | | — | | 39 | | (19) | | — | | — | | — | | 106 | | | Short-term investments | 98 | | — | | — | | 268 | | (159) | | — | | — | | — | | 207 | | | Total Assets | $ | 2,992 | | $ | (9) | | $ | 71 | | $ | 1,864 | | $ | (787) | | $ | (98) | | $ | 83 | | $ | (374) | | $ | 3,742 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
[1]Amounts in these columns are generally reported in net realized gains (losses). All amounts are before income taxes. [2]All amounts are before income taxes. [3]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Changes in Unrealized Gains (Losses) for Financial Instruments Classified as
Level 3 Still Held at End of Period | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | 2026 | 2025 | | 2026 | 2025 | | 2026 | 2025 | 2026 | 2025 | | | | Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] | | Changes in Unrealized Gain/(Loss) included in OCI [3] | | Changes in Unrealized Gain/(Loss) included in Net Income [1] [2] | Changes in Unrealized Gain/(Loss) included in OCI [3] | | | Assets | | | | | | | | | | | | | Fixed maturities, AFS | | | | | | | | | | | | | ABS | $ | — | | $ | — | | | $ | (7) | | $ | — | | | $ | (1) | | $ | — | | $ | (10) | | $ | 1 | | | | CLOs | — | | — | | | — | | — | | | $ | — | | $ | — | | $ | (1) | | $ | — | | | | CMBS | — | | — | | | (2) | | 2 | | | — | | — | | (2) | | 5 | | | | Corporate | (3) | | — | | | (28) | | 2 | | | (3) | | 3 | | (61) | | 60 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total fixed maturities, AFS | (3) | | — | | | (37) | | 4 | | | (4) | | 3 | | (74) | | 66 | | | | FVO securities | — | | 7 | | | — | | — | | | (37) | | (10) | | — | | — | | | | Equity securities, at fair value | — | | — | | | — | | — | | | (2) | | — | | — | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Assets | $ | (3) | | $ | 7 | | | $ | (37) | | $ | 4 | | | $ | (43) | | $ | (7) | | $ | (74) | | $ | 66 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
[1]All amounts in these rows are reported in net realized gains (losses). All amounts are before income taxes. [2]Amounts presented are for Level 3 only and therefore may not agree to other disclosures included herein. [3]Changes in unrealized gains (losses) on fixed maturities, AFS are reported in changes in net unrealized gain (loss) on fixed maturities in the Condensed Consolidated Statements of Comprehensive Income (Loss).
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| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
| | | | | | | | | | | | | | | | | | | | | | | | | Financial Assets and Liabilities Not Carried at Fair Value | | September 30, 2026 | | December 31, 2025 | | Fair Value Hierarchy Level | Carrying Amount [1] | Fair Value | | Fair Value Hierarchy Level | Carrying Amount [1] | Fair Value | | Assets | | | | | | | | | Mortgage loans | Level 3 | $ | 7,181 | | $ | 6,776 | | | Level 3 | $ | 6,837 | | $ | 6,607 | | | Liabilities | | | | | | | | | Other policyholder funds and benefits payable | Level 3 | $ | 602 | | $ | 602 | | | Level 3 | $ | 612 | | $ | 613 | | | Senior notes [2] | Level 2 | $ | 3,876 | | $ | 3,191 | | | Level 2 | $ | 3,872 | | $ | 3,528 | | | Junior subordinated debentures [2] | Level 2 | $ | 499 | | $ | 497 | | | Level 2 | $ | 499 | | $ | 473 | |
[1]As of both September 30, 2026 and December 31, 2025, the carrying amount of mortgage loans is net of ACL of $49. [2]Included in long-term debt in the Condensed Consolidated Balance Sheets, except for any current maturities, which are included in short-term debt when applicable.
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