v3.26.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured of Fair Value, on a Recurring Basis
Our assets and liabilities measured and carried at fair value on a recurring basis, summarized according to the hierarchy previously described, are as follows (in millions):

September 30, 2026
Level 1Level 2Level 3NAVFair Value
Assets
Cash and cash equivalents$1,560 $— $— $— $1,560 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 6,642 11,207 — 17,849 
Commercial mortgage-backed securities— 4,102 4 — 4,106 
Corporates37 19,275 3,635 — 22,947 
Hybrids30 555 14 — 599 
Municipals— 1,221 3 — 1,224 
Residential mortgage-backed securities— 3,360 — — 3,360 
U.S. Government381 — — — 381 
Foreign Governments— 223 23 — 246 
Fixed maturity securities, at fair value under fair value option (a)— 78 — — 78 
Equity securities:
Preferred equity securities106 82 — — 188 
Common equity securities36 — — 47 83 
Derivative investments— 1,117 9 — 1,126 
Investments in unconsolidated affiliates— — 256 — 256 
Other long-term investments (a)— 296 — — 296 
Short term investments591 4 129 — 724 
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable— — 947 — 947 
Market risk benefits asset— — 343 — 343 
Total financial assets at fair value$2,741 $36,955 $16,570 $47 $56,313 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$— $— $6,456 $— $6,456 
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 279 19 — 298 
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— (545)— — (545)
Contingent consideration, included in Accounts payable and accrued liabilities— 63 — — 63 
Market risk benefits liability— — 906 — 906 
Total financial liabilities at fair value$— $(203)$7,381 $— $7,178 
(a)Includes certain interests in VIEs for which the fair value option has been elected. Refer to Note C - Investments for further details.
December 31, 2025
Level 1Level 2Level 3NAVFair Value
Assets
Cash and cash equivalents$1,486 $— $— $— $1,486 
Fixed maturity securities, available-for-sale:
Asset-backed securities— 8,638 10,094 — 18,732 
Commercial mortgage-backed securities— 5,155 — — 5,155 
Corporates40 20,086 3,124 — 23,250 
Hybrids36 558 15 — 609 
Municipals— 1,352 3 — 1,355 
Residential mortgage-backed securities— 2,842 3 — 2,845 
U.S. Government493 — — — 493 
Foreign Governments— 238 23 — 261 
Equity securities:
Preferred equity securities115 117 7 — 239 
Common equity securities62 — 5 35 102 
Derivative investments— 1,148 — — 1,148 
Investments in unconsolidated affiliates— — 270 — 270 
Other long-term investments (a)— 248 41 — 289 
Short term investments887 82 74 — 1,043 
Indexed annuities/IUL ceded embedded derivatives, included in Reinsurance recoverable— — 399 — 399 
Loan receivable, included in Prepaid expenses and other assets— — 24 — 24 
Market risk benefits asset— — 285 — 285 
Total financial assets at fair value$3,119 $40,464 $14,367 $35 $57,985 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$— $— $6,542 $— $6,542 
Interest rate and foreign currency swaps, included in Accounts payable and accrued liabilities— 3 9 — 12 
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities— 75 — — 75 
Contingent consideration, included in Accounts payable and accrued liabilities— — 72 — 72 
Market risk benefits liability— — 903 — 903 
Total financial liabilities at fair value$— $78 $7,526 $— $7,604 
(a)Includes certain interests in VIEs for which the fair value option has been elected. Refer to Note C - Investments for further details.
The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described (in millions).
September 30, 2026
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $188 $— $— $188 $188 
Commercial mortgage loans— — 3,473 — 3,473 3,799 
Residential mortgage loans— — 5,919 — 5,919 6,447 
Investments in unconsolidated affiliates— — — 4,894 4,894 4,894 
Policy loans— — 186 — 186 186 
Company-owned life insurance— — 883 — 883 883 
Total
$— $188 $10,461 $4,894 $15,543 $16,397 
Liabilities
Investment contracts, included in Contractholder funds $— $— $53,991 $— $53,991 $58,613 
Notes payable— 2,131 — — 2,131 2,240 
Total
$— $2,131 $53,991 $— $56,122 $60,853 

December 31, 2025
Level 1Level 2Level 3NAVTotal Estimated Fair ValueCarrying Amount
Assets
FHLB common stock$— $155 $— $— $155 $155 
Commercial mortgage loans— — 3,025 — 3,025 3,242 
Residential mortgage loans— — 4,424 — 4,424 4,649 
Investments in unconsolidated affiliates— — — 4,608 4,608 4,608 
Policy loans— — 147 — 147 147 
Company-owned life insurance— — 850 — 850 850 
Total
$— $155 $8,446 $4,608 $13,209 $13,651 
Liabilities
Investment contracts, included in Contractholder funds$— $— $51,027 $— $51,027 $56,184 
Notes payable— 2,289 — — 2,289 2,237 
Total
$— $2,289 $51,027 $— $53,316 $58,421 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of September 30, 2026 and December 31, 2025, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follows (in millions):
September 30, 2026
Fair ValueValuation
Technique		Unobservable Input(s)RangeWeighted Average
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$156 Third-Party ValuationDiscount Rate
6.11% - 12.30%
7.70%
Corporates560 Third-Party Valuation Discount Rate
4.30% - 9.06%
6.59%
Municipals3 Third-Party ValuationDiscount Rate
6.30% - 6.30%
6.30%
Foreign Governments5 Third-Party Valuation Discount Rate
5.80% - 5.80%
5.80%
Investments in unconsolidated affiliates256 Market Comparable Company AnalysisEBITDA Multiple
8.00x - 14.50x
11.58x
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives947 Discounted Cash FlowMarket Value of Option
0.00% - 20.99%
2.37%
Mortality Multiplier
75.00% - 120.00%
97.50%
Surrender Rates
0.25% - 30.00%
3.48%
Partial Withdrawal Rate
2.00% - 25.64%
2.51%
Non-Performance Spread
0.85% - 2.11%
1.44%
Option Cost
0.56% - 5.30%
2.34%
Market risk benefits asset343Discounted Cash FlowMortality Multiplier
75.00% - 120.00%
97.50%
Surrender Rates
0.25% - 30.00%
6.19%
Partial Withdrawal Rate
2.00% - 27.03%
2.47%
Non-Performance Spread
0.46% - 0.95%
0.79%
GMWB Utilization
50.00% - 75.00%
63.63%
Total financial assets at fair value (a)$2,270 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,456 Discounted Cash FlowMarket Value of Option
0.00% - 18.82%
3.16%
Mortality Multiplier
75.00% - 120.00%
97.50%
Surrender Rates
0.25% - 70.00%
7.35%
Partial Withdrawal Rate
2.00% - 37.04%
2.68%
Non-Performance Spread
0.46% - 0.95%
0.79%
Option Cost
0.50% - 5.55%
2.86%
Market risk benefits liability906 Discounted Cash FlowMortality Multiplier
75.00% - 120.00%
97.50%
Surrender Rates
0.25% - 30.00%
6.19%
Partial Withdrawal Rate
2.00% - 27.03%
2.47%
Non-Performance Spread
0.46% - 0.95%
0.79%
GMWB Utilization
50.00% - 75.00%
63.63%
Total financial liabilities at fair value$7,362 
(a)Assets of $14,300 million and liabilities of $19 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.
December 31, 2025
Fair ValueValuation TechniqueUnobservable Input(s)RangeWeighted Average
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$92 Third-Party ValuationDiscount Rate
4.36% - 7.15%
5.80%
Corporates649 Third-Party ValuationDiscount Rate
3.45% - 8.68%
5.84%
Municipals3 Third-Party ValuationDiscount Rate
4.94% - 4.94%
4.94%
Residential mortgage-backed securities3 Third-Party ValuationDiscount Rate
5.41% - 5.41%
5.41%
Foreign Governments5 Third-Party ValuationDiscount Rate
5.73% - 5.73%
5.73%
Investments in unconsolidated affiliates270 Market Comparable Company AnalysisEBITDA Multiple
7.4x - 15.5x
12.10x
Other long-term investments:
Available-for-sale embedded derivative41 Black Scholes ModelMarket Value of AnchorPath Fund
100.00%
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives399 Discounted Cash FlowMarket Value of Option
0.00% - 31.77%
2.74%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
3.33%
Partial Withdrawal Rate
2.00% - 6.50%
2.22%
Non-Performance Spread
0.53% - 1.15%
0.90%
Option Cost
1.39% - 5.30%
1.98%
Prepaid expenses and other assets:
Loan receivable24 Discounted Cash FlowRisk-Adjusted Discount Rate
6.35% - 6.35%
6.35%
Collateral Volatility
35.00% - 35.00%
35.00%
Market risk benefits asset285 Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.33%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.43% - 0.85%
0.64%
GMWB Utilization
50.00% - 75.00%
63.03%
Total financial assets at fair value (a)$1,771 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 Discounted Cash FlowMarket Value of Option
0.00% - 40.13%
3.84%
Mortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 50.00%
6.68%
Partial Withdrawals
2.00% - 35.71%
2.69%
Non-Performance Spread
0.43% - 0.85%
0.64%
Option Cost
0.50% - 6.09%
2.78%
Contingent consideration, included in Accounts payable and accrued liabilities72 Discounted Cash FlowRisk-Adjusted Discount Rate
11.50% - 11.50%
11.50%
EBITDA Volatility
35.00% - 35.00%
35.00%
Counterparty Discount Rate
6.30% - 6.30%
6.30%
Market risk benefits liability903 Discounted Cash FlowMortality Multiplier
80.00% - 115.00%
100.00%
Surrender Rates
0.25% - 30.00%
5.33%
Partial Withdrawal Rate
0.00% - 25.64%
2.47%
Non-Performance Spread
0.43% - 0.85%
0.64%
GMWB Utilization
50.00% - 75.00%
63.03%
Total financial liabilities at fair value$7,517 
(a)Assets of $12,596 million and liabilities of $9 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2026 and 2025 (in millions). The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.
Three months ended September 30, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$10,495 $7 $24 $989 $(4)$(294)$(10)$11,207 $23 
Commercial mortgage-backed securities— — — 4 — — — 4 — 
Corporates3,729 2 (62)213 (151)(89)(7)3,635 (62)
Hybrids14 — — — — — — 14 — 
Municipals3 — — — — — — 3 — 
Foreign Governments23 — — — — — — 23 — 
Derivative investments8 1 — — — — — 9 — 
Investments in unconsolidated affiliates267 (11)— — — — — 256 — 
Short term investments76 — — 58 — (5)— 129 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives831 (69)— 195 — (10)— 947 — 
Subtotal assets at Level 3 fair value15,446 $(70)$(38)$1,459 $(155)$(398)$(17)16,227 $(39)
Market risk benefits asset (b)364 343 
Total assets at Level 3 fair value$15,810 $16,570 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$7,080 $(822)$— $346 $— $(148)$— $6,456 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities4 15 — — — — — 19 — 
Contingent consideration, included in Accounts payable and accrued liabilities62 1 — — — — (63)— — 
Subtotal liabilities at Level 3 fair value7,146 $(806)$— $346 $— $(148)$(63)6,475 $— 
Market risk benefits liability (b)1,102 906 
Total liabilities at Level 3 fair value$8,248 $7,381 
(a)The net transfers out of Level 3 during the three months ended September 30, 2026 were exclusively into Level 2.
(b)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Three months ended September 30, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$9,361 $(2)$65 $863 $(119)$(483)$(216)$9,469 $59 
Commercial mortgage-backed securities3 — — 43 — — (3)43 — 
Corporates3,145 2 35 441 (214)(112)— 3,297 36 
Hybrids5 — 1 9 — — — 15 — 
Municipals3 — — — — — — 3 — 
Residential mortgage-backed securities5 — — — — — (2)3 — 
Foreign Governments23 — 2 — — — — 25 1 
Equity securities:
Preferred equity securities7 — — — — — — 7 — 
Common equity securities5 — — — — — — 5 — 
Derivative investments— — — — — — — — — 
Investments in unconsolidated affiliates272 (2)— — — — — 270 — 
Other long-term investments:
Available-for-sale embedded derivative36 — 3 — — — — 39 3 
Short term investments5 — — 2 — — — 7 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives179 3 — 122 — (1)— 303 — 
Prepaid expenses and other assets:
Loan receivable18 — — — — — — 18 — 
Subtotal assets at Level 3 fair value13,067 $1 $106 $1,480 $(333)$(596)$(221)13,504 $99 
Market risk benefits asset (b)213 242 
Total assets at Level 3 fair value$13,280 $13,746 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$5,727 $174 $— $315 $— $(133)$— $6,083 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities5 1 — — — — — 6 — 
Contingent consideration, included in Accounts payable and accrued liabilities67 5 — — — — — 72 — 
Subtotal liabilities at Level 3 fair value5,799 $180 $— $315 $— $(133)$— 6,161 $— 
Market risk benefits liability (b)711 830 
Total Liabilities at Level 3 fair value$6,510 $6,991 
(a)The net transfers out of Level 3 during the three months ended September 30, 2025 were exclusively into Level 2.
(b)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Nine months ended September 30, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$10,094 $21 $(57)$2,134 $(125)$(949)$89 $11,207 $(55)
Commercial mortgage-backed securities— — — 4 — — 4 — 
Corporates3,124 12 (99)1,248 (375)(268)(7)3,635 (98)
Hybrid15 — (1)— — — — 14 — 
Municipals3 — — — — — — 3 — 
Residential mortgage-backed securities3 — — — — (3)— — — 
Foreign Governments23 — — — — — — 23 — 
Equity securities:
Preferred equity securities7 — — — — (7)— — — 
Common equity securities5 — — 5 — — (10)— — 
Derivative investments— 12 — — — (3)— 9 — 
Investments in unconsolidated affiliates270 (14)— — — — — 256 — 
Other long-term investments:
Available-for-sale embedded derivative41 24 (21)— — (44)— — (2)
Short term investments74 — — 65 — (10)— 129 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives399 (48)— 615 — (19)— 947 — 
Prepaid expenses and other assets:
Loan receivable (b)24 — — 12 — (36)— — — 
Subtotal assets at Level 3 fair value14,082 $7 $(178)$4,083 $(500)$(1,339)$72 16,227 $(155)
Market risk benefits asset (c)285 343 
Total assets at Level 3 fair value$14,367 $16,570 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 $(569)$— $904 $— $(421)$— $6,456 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities9 10 — — — — — 19 — 
Contingent consideration, included in Accounts payable and accrued liabilities72 3 — — — (12)(63)— — 
Subtotal liabilities at Level 3 fair value6,623 $(556)$— $904 $— $(433)$(63)6,475 $— 
Market risk benefits liability (c)903 906 
Total liabilities at Level 3 fair value
$7,526 $7,381 
(a)The net transfers into Level 3 during the nine months ended September 30, 2026 were exclusively from Level 2.
(b)Purchases represent advances on the loan commitment to Roar. Refer to Note N - Commitments and Contingencies for further details.
(c)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Nine months ended September 30, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$8,143 $(5)$95 $2,586 $(317)$(882)$(151)$9,469 $88 
Commercial mortgage-backed securities— — — 46 — — (3)43 — 
Corporates2,941 (14)76 1,150 (539)(317)— 3,297 76 
Hybrid— — — 15 — — — 15 — 
Municipals— — — 4 — (1)— 3 — 
Residential mortgage-backed securities3 — — 2 — — (2)3 — 
Foreign Governments4 — 2 19 — — — 25 1 
Equity securities:
Preferred equity securities7 (1)1 — — — — 7 — 
Common equity securities— — — 5 — — — 5 — 
Derivative investments3 (2)(2)1 — — — — (2)
Investments in unconsolidated affiliates272 (2)— — — — — 270 — 
Other long-term investments:
Available-for-sale embedded derivative32 — 7 — — — — 39 7 
Short term investments37 — — 8 — (38)— 7 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives98 7 — 200 — (2)— 303 — 
Prepaid expenses and other assets:
Loan receivable (b)11 — — 7 — — — 18 — 
Subtotal assets at Level 3 fair value11,551 $(17)$179 $4,043 $(856)$(1,240)$(156)13,504 $170 
Market risk benefits asset (c)189 242 
Total assets at Level 3 fair value$11,740 $13,746 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$5,220 $309 $— $899 $— $(345)$— $6,083 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities— 6 — — — — — 6 — 
Contingent consideration, included in Accounts payable and accrued liabilities74 10 — — — (12)— 72 — 
Subtotal liabilities at Level 3 fair value5,294 $325 $— $899 $— $(357)$— 6,161 $— 
Market risk benefits liability (c)549 830 
Total liabilities at Level 3 fair value $5,843 $6,991 
(a)The net transfers out of Level 3 during the nine months ended September 30, 2025 were exclusively into Level 2.
(b)Purchases represent advances on the loan commitment to Roar. Refer to Note N - Commitments and Contingencies for further details.
(c)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three and nine months ended September 30, 2026 and 2025 (in millions). The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.
Three months ended September 30, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$10,495 $7 $24 $989 $(4)$(294)$(10)$11,207 $23 
Commercial mortgage-backed securities— — — 4 — — — 4 — 
Corporates3,729 2 (62)213 (151)(89)(7)3,635 (62)
Hybrids14 — — — — — — 14 — 
Municipals3 — — — — — — 3 — 
Foreign Governments23 — — — — — — 23 — 
Derivative investments8 1 — — — — — 9 — 
Investments in unconsolidated affiliates267 (11)— — — — — 256 — 
Short term investments76 — — 58 — (5)— 129 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives831 (69)— 195 — (10)— 947 — 
Subtotal assets at Level 3 fair value15,446 $(70)$(38)$1,459 $(155)$(398)$(17)16,227 $(39)
Market risk benefits asset (b)364 343 
Total assets at Level 3 fair value$15,810 $16,570 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$7,080 $(822)$— $346 $— $(148)$— $6,456 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities4 15 — — — — — 19 — 
Contingent consideration, included in Accounts payable and accrued liabilities62 1 — — — — (63)— — 
Subtotal liabilities at Level 3 fair value7,146 $(806)$— $346 $— $(148)$(63)6,475 $— 
Market risk benefits liability (b)1,102 906 
Total liabilities at Level 3 fair value$8,248 $7,381 
(a)The net transfers out of Level 3 during the three months ended September 30, 2026 were exclusively into Level 2.
(b)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Three months ended September 30, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Assets
Fixed maturity securities available-for-sale:
Asset-backed securities$9,361 $(2)$65 $863 $(119)$(483)$(216)$9,469 $59 
Commercial mortgage-backed securities3 — — 43 — — (3)43 — 
Corporates3,145 2 35 441 (214)(112)— 3,297 36 
Hybrids5 — 1 9 — — — 15 — 
Municipals3 — — — — — — 3 — 
Residential mortgage-backed securities5 — — — — — (2)3 — 
Foreign Governments23 — 2 — — — — 25 1 
Equity securities:
Preferred equity securities7 — — — — — — 7 — 
Common equity securities5 — — — — — — 5 — 
Derivative investments— — — — — — — — — 
Investments in unconsolidated affiliates272 (2)— — — — — 270 — 
Other long-term investments:
Available-for-sale embedded derivative36 — 3 — — — — 39 3 
Short term investments5 — — 2 — — — 7 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives179 3 — 122 — (1)— 303 — 
Prepaid expenses and other assets:
Loan receivable18 — — — — — — 18 — 
Subtotal assets at Level 3 fair value13,067 $1 $106 $1,480 $(333)$(596)$(221)13,504 $99 
Market risk benefits asset (b)213 242 
Total assets at Level 3 fair value$13,280 $13,746 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$5,727 $174 $— $315 $— $(133)$— $6,083 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities5 1 — — — — — 6 — 
Contingent consideration, included in Accounts payable and accrued liabilities67 5 — — — — — 72 — 
Subtotal liabilities at Level 3 fair value5,799 $180 $— $315 $— $(133)$— 6,161 $— 
Market risk benefits liability (b)711 830 
Total Liabilities at Level 3 fair value$6,510 $6,991 
(a)The net transfers out of Level 3 during the three months ended September 30, 2025 were exclusively into Level 2.
(b)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Nine months ended September 30, 2026
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$10,094 $21 $(57)$2,134 $(125)$(949)$89 $11,207 $(55)
Commercial mortgage-backed securities— — — 4 — — 4 — 
Corporates3,124 12 (99)1,248 (375)(268)(7)3,635 (98)
Hybrid15 — (1)— — — — 14 — 
Municipals3 — — — — — — 3 — 
Residential mortgage-backed securities3 — — — — (3)— — — 
Foreign Governments23 — — — — — — 23 — 
Equity securities:
Preferred equity securities7 — — — — (7)— — — 
Common equity securities5 — — 5 — — (10)— — 
Derivative investments— 12 — — — (3)— 9 — 
Investments in unconsolidated affiliates270 (14)— — — — — 256 — 
Other long-term investments:
Available-for-sale embedded derivative41 24 (21)— — (44)— — (2)
Short term investments74 — — 65 — (10)— 129 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives399 (48)— 615 — (19)— 947 — 
Prepaid expenses and other assets:
Loan receivable (b)24 — — 12 — (36)— — — 
Subtotal assets at Level 3 fair value14,082 $7 $(178)$4,083 $(500)$(1,339)$72 16,227 $(155)
Market risk benefits asset (c)285 343 
Total assets at Level 3 fair value$14,367 $16,570 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$6,542 $(569)$— $904 $— $(421)$— $6,456 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities9 10 — — — — — 19 — 
Contingent consideration, included in Accounts payable and accrued liabilities72 3 — — — (12)(63)— — 
Subtotal liabilities at Level 3 fair value6,623 $(556)$— $904 $— $(433)$(63)6,475 $— 
Market risk benefits liability (c)903 906 
Total liabilities at Level 3 fair value
$7,526 $7,381 
(a)The net transfers into Level 3 during the nine months ended September 30, 2026 were exclusively from Level 2.
(b)Purchases represent advances on the loan commitment to Roar. Refer to Note N - Commitments and Contingencies for further details.
(c)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Nine months ended September 30, 2025
Balance at Beginning
of Period		Total Gains (Losses) for Assets and (Gains) Losses for LiabilitiesPurchasesSalesSettlementsNet transfer In (Out) of
Level 3 (a)		Balance at End of
Period		Change in Unrealized Included in OCI
Included in
Earnings		Included in AOCI
Assets
Fixed maturity securities, available-for-sale:
Asset-backed securities$8,143 $(5)$95 $2,586 $(317)$(882)$(151)$9,469 $88 
Commercial mortgage-backed securities— — — 46 — — (3)43 — 
Corporates2,941 (14)76 1,150 (539)(317)— 3,297 76 
Hybrid— — — 15 — — — 15 — 
Municipals— — — 4 — (1)— 3 — 
Residential mortgage-backed securities3 — — 2 — — (2)3 — 
Foreign Governments4 — 2 19 — — — 25 1 
Equity securities:
Preferred equity securities7 (1)1 — — — — 7 — 
Common equity securities— — — 5 — — — 5 — 
Derivative investments3 (2)(2)1 — — — — (2)
Investments in unconsolidated affiliates272 (2)— — — — — 270 — 
Other long-term investments:
Available-for-sale embedded derivative32 — 7 — — — — 39 7 
Short term investments37 — — 8 — (38)— 7 — 
Reinsurance recoverable:
Indexed annuities/IUL ceded embedded derivatives98 7 — 200 — (2)— 303 — 
Prepaid expenses and other assets:
Loan receivable (b)11 — — 7 — — — 18 — 
Subtotal assets at Level 3 fair value11,551 $(17)$179 $4,043 $(856)$(1,240)$(156)13,504 $170 
Market risk benefits asset (c)189 242 
Total assets at Level 3 fair value$11,740 $13,746 
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds$5,220 $309 $— $899 $— $(345)$— $6,083 $— 
Foreign currency swaps, included in Accounts payable and accrued liabilities— 6 — — — — — 6 — 
Contingent consideration, included in Accounts payable and accrued liabilities74 10 — — — (12)— 72 — 
Subtotal liabilities at Level 3 fair value5,294 $325 $— $899 $— $(357)$— 6,161 $— 
Market risk benefits liability (c)549 830 
Total liabilities at Level 3 fair value $5,843 $6,991 
(a)The net transfers out of Level 3 during the nine months ended September 30, 2025 were exclusively into Level 2.
(b)Purchases represent advances on the loan commitment to Roar. Refer to Note N - Commitments and Contingencies for further details.
(c)Refer to Note G - Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.
Schedule of Fair Value Option, Disclosures
The following table presents information regarding the assets for which the fair value option was elected.

September 30,December 31,
20262025
Assets
Fixed maturity securities, at fair value under fair value option$78 $— 
Investments in unconsolidated affiliates$256 $270 
Other loans, within other long-term investments (a)
Fair value$296 $248 
Aggregate unpaid principal299 250 
Loan receivable, within prepaid expenses and other assets (b)
Fair value$— $24 
Aggregate unpaid principal— 24 
(a)No loans are 90 days or more past due as of September 30, 2026 and December 31, 2025. There were $3 million and $0 of loans in nonaccrual status as of September 30, 2026 and December 31, 2025, respectively.
(b)No loans are 90 days or more past due or in nonaccrual status as of September 30, 2026 and December 31, 2025.

The following table presents information regarding the impact of changes in fair value of assets for which the fair value option was elected which are reported within Recognized gains and losses, net on the unaudited Condensed Consolidated Statements of Operations.

Three months ended September 30,Nine months ended September 30,
2026202520262025
Fixed maturity securities, at fair value under fair value option$12 $— $14 $— 
Investments in unconsolidated affiliates(11)(2)(14)(2)
Other loans— — (2)—