v3.26.3
FAIR VALUE MEASUREMENTS - Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost $ 16,003 $ 16,125
Commercial mortgage and other loans 8,857 9,765
Other investments 8,053 6,622
Total assets 70,257 72,805
Liabilities:    
Other policyholders’ funds 5,446 5,445
Total liabilities 890 972
Policy loans    
Assets:    
Other investments 210 210
Equity method investments    
Assets:    
Other investments [1] 4,448 4,109
Real estate owned    
Assets:    
Other investments 820 902
Level 1    
Assets:    
Total assets 21,828 22,266
Liabilities:    
Total liabilities 0 0
Level 2    
Assets:    
Total assets 43,876 47,022
Liabilities:    
Total liabilities 890 972
Level 3    
Assets:    
Total assets 4,553 3,517
Liabilities:    
Total liabilities 0 0
Carrying value    
Assets:    
Commercial mortgage and other loans 8,857 9,765
Other investments 26 [2] 28 [3]
Total assets 24,882 25,913
Liabilities:    
Other policyholders’ funds 5,446 5,445
Notes payable 8,817 8,330
Total liabilities 14,263 13,775
Carrying value | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 15,376 15,459
Carrying value | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 232 235
Carrying value | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 32 32
Carrying value | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 343 378
Carrying value | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 16 16
Fair value    
Assets:    
Commercial mortgage and other loans 8,665 9,617
Other investments 26 [2] 28 [3]
Total assets 23,020 25,121
Liabilities:    
Other policyholders’ funds 5,379 5,376
Notes payable 7,955 7,849
Total liabilities 13,334 13,225
Fair value | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 13,772 14,827
Fair value | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 205 229
Fair value | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 26 29
Fair value | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 312 375
Fair value | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 14 16
Fair value | Level 1    
Assets:    
Commercial mortgage and other loans 0 0
Other investments 0 [2] 0 [3]
Total assets 13,652 14,696
Liabilities:    
Other policyholders’ funds 0 0
Notes payable 0 0
Total liabilities 0 0
Fair value | Level 1 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 13,652 14,696
Fair value | Level 1 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 1 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 1 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 1 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 2    
Assets:    
Commercial mortgage and other loans 31 0
Other investments 26 [2] 28 [3]
Total assets 734 808
Liabilities:    
Other policyholders’ funds 0 0
Notes payable 7,274 7,167
Total liabilities 7,274 7,167
Fair value | Level 2 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 120 131
Fair value | Level 2 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 205 229
Fair value | Level 2 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 26 29
Fair value | Level 2 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 312 375
Fair value | Level 2 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 14 16
Fair value | Level 3    
Assets:    
Commercial mortgage and other loans 8,634 9,617
Other investments 0 [2] 0 [3]
Total assets 8,634 9,617
Liabilities:    
Other policyholders’ funds 5,379 5,376
Notes payable 681 682
Total liabilities 6,060 6,058
Fair value | Level 3 | Government and agencies    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Municipalities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Public utilities    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Sovereign and supranational    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost 0 0
Fair value | Level 3 | Other corporate    
Assets:    
Fixed maturity securities, held-to-maturity, amortized cost $ 0 $ 0
[1] Includes tax credit investments and asset classes such as private equity and real estate funds
[2] Excludes policy loans of $210, equity method investments of $4,448, and REO of $820, at carrying value
[3] Excludes policy loans of $210, equity method investments of $4,109, and REO of $902, at carrying value