FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.


	September 30, 2026
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies		$	12,795		$	550		$	0		$	13,345
Municipalities		0			1,662			0			1,662
Mortgage- and asset-backed securities		0			2,718			3,410			6,128
Public utilities		0			5,760			822			6,582
Sovereign and supranational		0			355			17			372
Banks/financial institutions		51			8,976			0			9,027
Other corporate		0			23,671			128			23,799
Total fixed maturity securities		12,846			43,692			4,377			60,915
Equity securities		810			0			176			986
Other investments		2,549			0			0			2,549
Cash and cash equivalents		5,623			0			0			5,623
Other assets:
Foreign currency swaps		0			37			0			37
Foreign currency forwards		0			93			0			93
Foreign currency options		0			22			0			22
Interest rate swaps		0			32			0			32


Total other assets		0			184			0			184
Total assets		$	21,828		$	43,876		$	4,553		$	70,257
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	743		$	0		$	743
Foreign currency forwards		0			10			0			10
Foreign currency options		0			30			0			30
Interest rate swaps		0			107			0			107


Total liabilities		$	0		$	890		$	0		$	890


	December 31, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies		$	13,921		$	686		$	0		$	14,607
Municipalities		0			1,930			0			1,930
Mortgage- and asset-backed securities		0			2,072			2,294			4,366
Public utilities		0			6,298			876			7,174
Sovereign and supranational		0			383			19			402
Banks/financial institutions		0			9,235			9			9,244
Other corporate		0			26,239			159			26,398
Total fixed maturity securities		13,921			46,843			3,357			64,121
Equity securities		727			0			160			887
Other investments		1,373			0			0			1,373
Cash and cash equivalents		6,245			0			0			6,245
Other assets:
Foreign currency swaps		0			45			0			45
Foreign currency forwards		0			120			0			120

Interest rate swaps		0			14			0			14
Total other assets		0			179			0			179
Total assets		$	22,266		$	47,022		$	3,517		$	72,805
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	765		$	0		$	765
Foreign currency forwards		0			18			0			18

Interest rate swaps		0			189			0			189

Total liabilities		$	0		$	972		$	0		$	972

Fair Value Hierarchy, Assets and Liabilities Not Carried at Fair Value

The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.


	September 30, 2026
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	15,376		$	13,652		$	120		$	0		$	13,772
Municipalities		232			0			205			0			205

Public utilities		32			0			26			0			26
Sovereign and supranational		343			0			312			0			312

Other corporate		16			0			14			0			14
Commercial mortgage and other loans		8,857			0			31			8,634			8,665
Other investments (1)		26			0			26			0			26
Total assets		$	24,882		$	13,652		$	734		$	8,634		$	23,020
Liabilities:
Other policyholders’ funds		$	5,446		$	0		$	0		$	5,379		$	5,379
Notes payable (excluding leases)		8,817			0			7,274			681			7,955
Total liabilities		$	14,263		$	0		$	7,274		$	6,060		$	13,334

(1) Excludes policy loans of $210, equity method investments of $4,448, and REO of $820, at carrying value


	December 31, 2025
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	15,459		$	14,696		$	131		$	0		$	14,827
Municipalities		235			0			229			0			229

Public utilities		32			0			29			0			29
Sovereign and supranational		378			0			375			0			375

Other corporate		16			0			16			0			16
Commercial mortgage and other loans		9,765			0			0			9,617			9,617
Other investments (1)		28			0			28			0			28
Total assets		$	25,913		$	14,696		$	808		$	9,617		$	25,121
Liabilities:
Other policyholders’ funds		$	5,445		$	0		$	0		$	5,376		$	5,376
Notes payable (excluding leases)		8,330			0			7,167			682			7,849
Total liabilities		$	13,775		$	0		$	7,167		$	6,058		$	13,225

(1) Excludes policy loans of $210, equity method investments of $4,109, and REO of $902, at carrying value

Fair Value, Assets, Securities Carried At Fair Value, Primary Pricing Sources

The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.


	September 30, 2026
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	12,795		$	364		$	0		$	13,159
Internal		0			186			0			186

Total government and agencies		12,795			550			0			13,345
Municipalities:
Third-party pricing vendor		0			1,516			0			1,516
Internal		0			146			0			146

Total municipalities		0			1,662			0			1,662
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			2,529			0			2,529
Internal		0			187			0			187
Broker/other		0			2			3,410			3,412
Total mortgage- and asset-backed securities		0			2,718			3,410			6,128
Public utilities:
Third-party pricing vendor		0			3,430			0			3,430
Internal		0			2,330			0			2,330
Broker/other		0			0			822			822
Total public utilities		0			5,760			822			6,582
Sovereign and supranational:
Third-party pricing vendor		0			72			0			72
Internal		0			283			0			283
Broker/other		0			0			17			17
Total sovereign and supranational		0			355			17			372
Banks/financial institutions:
Third-party pricing vendor		0			5,596			0			5,596
Internal		51			3,380			0			3,431

Total banks/financial institutions		51			8,976			0			9,027
Other corporate:
Third-party pricing vendor		0			19,156			0			19,156
Internal		0			4,515			0			4,515
Broker/other		0			0			128			128
Total other corporate		0			23,671			128			23,799
Total securities available-for-sale		$	12,846		$	43,692		$	4,377		$	60,915
Equity securities, carried at fair value:
Third-party pricing vendor		$	810		$	0		$	0		$	810
Internal		0			0			22			22
Broker/other		0			0			154			154
Total equity securities		$	810		$	0		$	176		$	986


	December 31, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	13,921		$	383		$	0		$	14,304
Internal		0			303			0			303
Total government and agencies		13,921			686			0			14,607
Municipalities:
Third-party pricing vendor		0			1,706			0			1,706
Internal		0			224			0			224
Total municipalities		0			1,930			0			1,930
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			1,824			0			1,824
Internal		0			248			0			248
Broker/other		0			0			2,294			2,294
Total mortgage- and asset-backed securities		0			2,072			2,294			4,366
Public utilities:
Third-party pricing vendor		0			3,660			0			3,660
Internal		0			2,638			0			2,638
Broker/other		0			0			876			876
Total public utilities		0			6,298			876			7,174
Sovereign and supranational:
Third-party pricing vendor		0			79			0			79
Internal		0			304			0			304
Broker/other		0			0			19			19
Total sovereign and supranational		0			383			19			402
Banks/financial institutions:
Third-party pricing vendor		0			5,605			0			5,605
Internal		0			3,630			5			3,635
Broker/other		0			0			4			4
Total banks/financial institutions		0			9,235			9			9,244
Other corporate:
Third-party pricing vendor		0			21,294			0			21,294
Internal		0			4,945			20			4,965
Broker/other		0			0			139			139
Total other corporate		0			26,239			159			26,398
Total securities available-for-sale		$	13,921		$	46,843		$	3,357		$	64,121
Equity securities, carried at fair value:
Third-party pricing vendor		$	727		$	0		$	0		$	727
Internal		0			0			24			24
Broker/other		0			0			136			136
Total equity securities		$	727		$	0		$	160		$	887

Fair Value, Assets, Securities Carried At Amortized Cost, Primary Pricing Sources


	September 30, 2026
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	13,652		$	120		$	0		$	13,772

Total government and agencies		13,652			120			0			13,772
Municipalities:
Third-party pricing vendor		0			205			0			205

Total municipalities		0			205			0			205




Public utilities:
Third-party pricing vendor		0			26			0			26


Total public utilities		0			26			0			26
Sovereign and supranational:
Third-party pricing vendor		0			139			0			139
Internal		0			173			0			173

Total sovereign and supranational		0			312			0			312




Other corporate:
Third-party pricing vendor		0			14			0			14


Total other corporate		0			14			0			14
Total securities held-to-maturity		$	13,652		$	677		$	0		$	14,329


	December 31, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	14,696		$	131		$	0		$	14,827
Total government and agencies		14,696			131			0			14,827
Municipalities:
Third-party pricing vendor		0			229			0			229
Total municipalities		0			229			0			229




Public utilities:
Third-party pricing vendor		0			29			0			29
Total public utilities		0			29			0			29
Sovereign and supranational:
Third-party pricing vendor		0			188			0			188
Internal		0			187			0			187

Total sovereign and supranational		0			375			0			375



Other corporate:
Third-party pricing vendor		0			16			0			16

Total other corporate		0			16			0			16
Total securities held-to-maturity		$	14,696		$	780		$	0		$	15,476

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3.


Three Months Ended September 30, 2026
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	2,753	$	852	$	17	$	4	$	135	$	158	$	3,919
Net investment gains (losses) included in earnings	3		0		0		1		0		2		6
Unrealized gains (losses) included in other comprehensive income (loss)	(81)		(54)		0		0		(6)		0		(141)
Purchases, issuances, sales and settlements:
Purchases	436		30		0		0		0		16		482
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(87)		(6)		0		(5)		(1)		0		(99)
Transfers into Level 3	386		0		0		0		0		0		386
Transfers out of Level 3	0		0		0		0		0		0		0
Balance, end of period	$	3,410	$	822	$	17	$	0	$	128	$	176	$	4,553
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	2	$	0	$	0	$	0	$	0	$	2	$	4


Three Months Ended September 30, 2025
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	1,922	$	792	$	23	$	9	$	163	$	167	$	3,076
Net investment gains (losses) included in earnings	0		0		0		0		0		(4)		(4)
Unrealized gains (losses) included in other comprehensive income (loss)	6		9		(1)		0		0		0		14
Purchases, issuances, sales and settlements:
Purchases	208		9		0		0		0		1		218
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		(1)		(1)
Settlements	(65)		(4)		0		0		0		0		(69)
Transfers into Level 3	175		0		0		0		0		0		175
Transfers out of Level 3	0		0		0		0		0		0		0
Balance, end of period	$	2,246	$	806	$	22	$	9	$	163	$	163	$	3,409
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	0	$	0


Nine Months Ended September 30, 2026
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	2,294	$	876	$	19	$	9	$	159	$	160	$	3,517
Net investment gains (losses) included in earnings	17		5		0		1		6		(1)		28
Unrealized gains (losses) included in other comprehensive income (loss)	(129)		(78)		0		0		(14)		0		(221)
Purchases, issuances, sales and settlements:
Purchases	927		79		0		0		0		17		1,023
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(258)		(60)		(2)		(5)		(23)		0		(348)
Transfers into Level 3	645		0		0		0		0		0		645
Transfers out of Level 3	(86)		0		0		(5)		0		0		(91)
Balance, end of period	$	3,410	$	822	$	17	$	0	$	128	$	176	$	4,553
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	4	$	1	$	0	$	0	$	0	$	3	$	8


Nine Months Ended September 30, 2025
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	1,156	$	647	$	23	$	10	$	231	$	157	$	2,224
Net investment gains (losses) included in earnings	0		0		0		0		0		0		0
Unrealized gains (losses) included in other comprehensive income (loss)	36		29		1		(1)		4		0		69
Purchases, issuances, sales and settlements:
Purchases	817		167		0		0		24		8		1,016
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		(2)		(2)
Settlements	(121)		(37)		(2)		0		(1)		0		(161)
Transfers into Level 3	358		0		0		0		0		0		358
Transfers out of Level 3	0		0		0		0		(95)		0		(95)
Balance, end of period	$	2,246	$	806	$	22	$	9	$	163	$	163	$	3,409
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	4	$	4

Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

September 30, 2026

(In millions)

Fair Value

Valuation Technique(s)

Unobservable Input

Range

Weighted Average

Assets:

Securities available-for-sale, carried at fair value:

Fixed maturity securities:

Mortgage- and asset-backed securities

3,410

Consensus pricing

Offered quotes

84.29

104.60

(a)

97.00

Public utilities

822

Discounted cash flow

Credit spreads

100 bps

708 bps

(c)

179 bps

Sovereign and supranational

Consensus pricing

Offered quotes

N/A

(b)

N/A

Other corporate

128

Discounted cash flow

Credit spreads

75 bps

384 bps

(c)

216 bps

Equity securities

176

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

4,553

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques

(b) Category represents a single security; range not applicable

(d) Prices do not utilize credit spreads; therefore, range is not applicable

December 31, 2025

(In millions)

Fair Value

Valuation Technique(s)

Unobservable Input

Range

Weighted Average

Assets:

Securities available-for-sale, carried at fair value:

Fixed maturity securities:

Mortgage- and asset-backed securities

2,294

Consensus pricing

Offered quotes

88.75

106.70

(a)

100.42

Public utilities

876

Discounted cash flow

Credit spreads

100 bps

391 bps

(c)

163 bps

Sovereign and supranational

Consensus pricing

Offered quotes

N/A

(b)

N/A

Banks/financial institutions

Adjusted cost

Private financials

N/A

(d)

N/A

Other corporate

159

Discounted cash flow

Credit spreads

75 bps

384 bps

(c)

217 bps

Equity securities

160

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

3,517

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques

(b) Category represents a single security; range not applicable

(d) Prices do not utilize credit spreads; therefore, range is not applicable

- 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