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Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at:


	September 30, 2024
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	70,349	$	14,502	$	84,851
Foreign corporate	—		41,047		15,705		56,752
Foreign government	—		44,091		41		44,132
U.S. government and agency	16,650		18,026		—		34,676
RMBS	—		33,367		1,897		35,264
ABS & CLO	—		15,138		2,382		17,520
Municipals	—		10,798		—		10,798
CMBS	—		8,557		1,229		9,786
Total fixed maturity securities AFS	16,650		241,373		35,756		293,779
Equity securities	430		74		242		746
Unit-linked and FVO securities (1)	7,846		267		1,176		9,289
Short-term investments (2)	3,155		1,176		6		4,337
Other investments	44		2,016		1,095		3,155
Derivative assets: (3)
Interest rate	2		3,424		—		3,426
Foreign currency exchange rate	2		4,159		25		4,186
Credit	—		271		—		271
Equity market	13		272		4		289
Total derivative assets	17		8,126		29		8,172
MRBs	—		—		310		310
Reinsured MRBs (4)	—		—		16		16
Separate account assets (5)	69,799		77,991		1,019		148,809
Total assets (6)	$	97,941	$	331,023	$	39,649	$	468,613
Liabilities
Derivative liabilities: (3)
Interest rate	$	2	$	2,994	$	—	$	2,996
Foreign currency exchange rate	—		2,918		5		2,923
Credit	—		76		—		76
Equity market	6		356		—		362
Total derivative liabilities	8		6,344		5		6,357
Embedded derivatives within liability host contracts (7)	—		—		119		119
MRBs	—		—		3,117		3,117
Separate account liabilities (5)	—		5		—		5
Total liabilities	$	8	$	6,349	$	3,241	$	9,598


	December 31, 2023
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
U.S. corporate	$	—	$	67,003	$	13,714	$	80,717
Foreign corporate	—		40,813		14,631		55,444
Foreign government	—		45,438		51		45,489
U.S. government and agency	15,327		16,925		—		32,252
RMBS	3		27,495		1,598		29,096
ABS & CLO	—		15,191		2,103		17,294
Municipals	—		11,171		—		11,171
CMBS	—		9,099		850		9,949
Total fixed maturity securities AFS	15,330		233,135		32,947		281,412
Equity securities	429		79		249		757
Unit-linked and FVO securities (1)	7,520		1,708		1,103		10,331
Short-term investments (2)	5,103		667		27		5,797
Other investments	48		363		975		1,386
Derivative assets: (3)
Interest rate	1		3,674		—		3,675
Foreign currency exchange rate	2		4,393		23		4,418
Credit	—		228		8		236
Equity market	8		393		7		408
Total derivative assets	11		8,688		38		8,737
MRBs	—		—		286		286
Reinsured MRBs (4)	—		—		18		18
Separate account assets (5)	66,229		77,258		1,147		144,634
Total assets (6)	$	94,670	$	321,898	$	36,790	$	453,358
Liabilities
Derivative liabilities: (3)
Interest rate	$	5	$	2,805	$	174	$	2,984
Foreign currency exchange rate	—		2,737		7		2,744
Credit	—		84		—		84
Equity market	11		475		—		486
Total derivative liabilities	16		6,101		181		6,298
Embedded derivatives within liability host contracts (7)	—		—		93		93
MRBs	—		—		3,179		3,179
Separate account liabilities (5)	4		4		—		8
Total liabilities	$	20	$	6,105	$	3,453	$	9,578

__________________

(1)Unit-linked and FVO securities were primarily comprised of Unit-linked investments at both September 30, 2024 and December 31, 2023.

(2)Short-term investments as presented in the tables above differ from the amounts presented on the interim condensed consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(3)Derivative assets are presented within other invested assets on the interim condensed consolidated balance sheets and derivative liabilities are presented within other liabilities on the interim condensed consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the interim condensed consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4)Reinsured MRBs are presented within premiums, reinsurance and other receivables on the consolidated balance sheets.

(5)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities.

(6)Total assets included in the fair value hierarchy exclude OLPI that are measured at estimated fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient. The estimated fair value of such investments was $51 million and $52 million at September 30, 2024 and December 31, 2023, respectively.

(7)Embedded derivatives within liability host contracts are presented within PABs and other liabilities on the interim condensed consolidated balance sheets.

Fair Value Inputs, Quantitative Information

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:


					September 30, 2024				December 31, 2023				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities AFS (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Offered quotes (4)	34	-	133	94	4	-	131	93	Increase
	•	Market pricing	•	Quoted prices (4)	13	-	116	97	—	-	110	92	Increase
	•	Consensus pricing	•	Offered quotes (4)	92	-	100	96	86	-	102	96	Increase
RMBS	•	Market pricing	•	Quoted prices (4)	—	-	121	95	—	-	112	93	Increase (5)
ABS & CLO	•	Market pricing	•	Quoted prices (4)	3	-	106	97	3	-	101	93	Increase (5)

Derivatives
Interest rate	•	Present value techniques	•	Swap yield (6)	—	-	—	—	367	-	399	385	Increase (7)

Foreign currency exchange rate	•	Present value techniques	•	Swap yield (6)	111	-	168	166	185	-	399	193	Increase (7)

Credit	•	Consensus pricing	•	Offered quotes (8)
MRBs and Reinsured MRBs
Direct, assumed and ceded guaranteed minimum benefits	•	Option pricing techniques	•	Mortality rates:
				Ages 0 - 40	0%	-	0.15%	0.05%	0%	-	0.15%	0.05%	(9)
				Ages 41 - 60	0.04%	-	0.79%	0.22%	0.04%	-	0.75%	0.22%	(9)
				Ages 61 - 115	0%	-	100%	1.14%	0%	-	100%	1.23%	(9)
			•	Lapse rates:
				Durations 1 - 10	0.14%	-	20.10%	12.86%	0.39%	-	20.10%	8.72%	Decrease (10)
				Durations 11 - 20	0.39%	-	15%	6.05%	0.39%	-	15%	4.34%	Decrease (10)
				Durations 21 - 116	0.39%	-	15%	8.20%	0.10%	-	15%	4.59%	Decrease (10)





			•	Utilization rates	0.20%	-	22%	0.79%	0.20%	-	22%	0.44%	Increase (11)
			•	Withdrawal rates	0%	-	20%	4.77%	0%	-	20%	4.47%	(12)
			•	Long-term equity volatilities	14.23%	-	22.27%	18.77%	8.05%	-	21.85%	18.55%	Increase (13)
			•	Nonperformance risk spread	0.11%	-	1.49%	0.64%	0.38%	-	1.59%	0.73%	Decrease (14)

__________________

(1)The weighted average for fixed maturity securities AFS and derivatives is determined based on the estimated fair value of the securities and derivatives. The weighted average for MRBs is determined based on a combination of account values and experience data.

(2)The impact of a decrease in input would have resulted in the opposite impact on estimated fair value. For MRBs, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions.

(3)Significant increases (decreases) in expected default rates in isolation would have resulted in substantially lower (higher) valuations.

(4)Range and weighted average are presented in accordance with the market convention for fixed maturity securities AFS of dollars per hundred dollars of par.

(5)Changes in the assumptions used for the probability of default would have been accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(6)Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(7)Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(8)At September 30, 2024 and December 31, 2023, independent non-binding broker quotations were used in the determination of 0% and less than 1%, respectively, of the total net derivative estimated fair value.

(9)Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For contracts that contain only a GMDB, any increase (decrease) in mortality rates result in an increase (decrease) in the estimated fair value of MRBs. Generally, for contracts that contain both a GMDB and a living benefit (e.g., GMIB, GMWB, GMAB), any increase (decrease) in mortality rates result in a decrease (increase) in the estimated fair value of MRBs.

(10)Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(11)The utilization rate assumption estimates the percentage of contractholders with GMIBs or a lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(12)The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(13)Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the MRBs.

(14)Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the MRBs.

Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables summarize the change of assets (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), excluding MRBs (see Note 6):


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Municipals		Equity Securities		Unit-linked and FVO Securities
	(In millions)
Three Months Ended September 30, 2024
Balance, beginning of period	$	29,240	$	40	$	5,867	$	1	$	262	$	1,096
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(10)		(8)		6		—		(15)		56
Total realized/unrealized gains (losses) included in AOCI	1,169		7		132		—		—		—
Purchases (3)	2,080		2		1,080		—		9		135
Sales (3)	(1,255)		(1)		(539)		(1)		(14)		(111)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	94		1		31		—		—		—
Transfers out of Level 3 (4)	(1,111)		—		(1,069)		—		—		—
Balance, end of period	$	30,207	$	41	$	5,508	$	—	$	242	$	1,176
Three Months Ended September 30, 2023
Balance, beginning of period	$	25,968	$	60	$	4,554	$	7	$	250	$	1,057
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	3		4		(8)		—		(5)		(31)
Total realized/unrealized gains (losses) included in AOCI	(996)		(9)		(10)		—		—		—
Purchases (3)	991		4		969		—		—		204
Sales (3)	(573)		(9)		(376)		—		(1)		(177)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	132		—		70		—		—		16
Transfers out of Level 3 (4)	(258)		(7)		(294)		(7)		—		—
Balance, end of period	$	25,267	$	43	$	4,905	$	—	$	244	$	1,069
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (5)	$	(6)	$	(8)	$	12	$	—	$	(15)	$	57
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (5)	$	2	$	4	$	(5)	$	—	$	(4)	$	(32)
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2024 (5)	$	1,159	$	7	$	113	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2023 (5)	$	(989)	$	(9)	$	(14)	$	—	$	—	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Three Months Ended September 30, 2024
Balance, beginning of period	$	10	$	1,073	$	(75)	$	(55)	$	1,122
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		9		21		(61)		(9)
Total realized/unrealized gains (losses) included in AOCI	—		—		7		—		—
Purchases (3)	1		6		—		—		18
Sales (3)	(8)		(45)		—		—		(93)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		72		(3)		—
Transfers into Level 3 (4)	3		52		—		—		1
Transfers out of Level 3 (4)	—		—		(1)		—		(20)
Balance, end of period	$	6	$	1,095	$	24	$	(119)	$	1,019
Three Months Ended September 30, 2023
Balance, beginning of period	$	18	$	964	$	(214)	$	(64)	$	1,248
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		(6)		(56)		86		(22)
Total realized/unrealized gains (losses) included in AOCI	1		—		(110)		—		—
Purchases (3)	14		12		—		—		15
Sales (3)	(8)		—		—		—		(30)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		91		(27)		—
Transfers into Level 3 (4)	—		—		—		—		6
Transfers out of Level 3 (4)	—		—		—		—		(10)
Balance, end of period	$	25	$	970	$	(289)	$	(5)	$	1,207
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (5)	$	—	$	11	$	15	$	(61)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (5)	$	—	$	(6)	$	(57)	$	86	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2024 (5)	$	—	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2023 (5)	$	—	$	—	$	(92)	$	—	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS
	Corporate (6)		Foreign Government		Structured Products		Municipals		Equity Securities		Unit-linked and FVO Securities
	(In millions)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	28,345	$	51	$	4,551	$	—	$	249	$	1,103
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	(70)		(6)		19		—		(26)		121
Total realized/unrealized gains (losses) included in AOCI	502		3		172		—		—		—
Purchases (3)	4,618		1		1,614		—		31		139
Sales (3)	(2,212)		(1)		(792)		—		(12)		(167)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	55		1		179		—		—		—
Transfers out of Level 3 (4)	(1,031)		(8)		(235)		—		—		(20)
Balance, end of period	$	30,207	$	41	$	5,508	$	—	$	242	$	1,176
Nine Months Ended September 30, 2023
Balance, beginning of period	$	24,401	$	103	$	4,269	$	—	$	259	$	787
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		3		(10)		—		1		63
Total realized/unrealized gains (losses) included in AOCI	(659)		(7)		(42)		—		—		—
Purchases (3)	3,282		7		1,099		—		2		227
Sales (3)	(1,562)		(11)		(537)		—		(18)		(21)
Issuances (3)	—		—		—		—		—		—
Settlements (3)	—		—		—		—		—		—
Transfers into Level 3 (4)	305		4		240		—		—		17
Transfers out of Level 3 (4)	(500)		(56)		(114)		—		—		(4)
Balance, end of period	$	25,267	$	43	$	4,905	$	—	$	244	$	1,069
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (5)	$	(17)	$	(6)	$	23	$	—	$	(20)	$	124
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (5)	$	(2)	$	3	$	1	$	—	$	(6)	$	62
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2024 (5)	$	489	$	3	$	144	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2023 (5)	$	(685)	$	(7)	$	(48)	$	—	$	—	$	—


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Short-term Investments		Other Investments		Net Derivatives (7)		Net Embedded Derivatives (8)		Separate Accounts (9)
	(In millions)
Nine Months Ended September 30, 2024
Balance, beginning of period	$	27	$	975	$	(143)	$	(93)	$	1,147
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	1		21		5		(21)		(46)
Total realized/unrealized gains (losses) included in AOCI	(1)		—		(28)		—		—
Purchases (3)	5		54		—		—		15
Sales (3)	(26)		(186)		—		—		(92)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		201		(5)		—
Transfers into Level 3 (4)	—		231		—		—		2
Transfers out of Level 3 (4)	—		—		(11)		—		(7)
Balance, end of period	$	6	$	1,095	$	24	$	(119)	$	1,019
Nine Months Ended September 30, 2023
Balance, beginning of period	$	57	$	926	$	(170)	$	(17)	$	1,210
Total realized/unrealized gains (losses) included in net income (loss) (1), (2)	—		19		(21)		51		(62)
Total realized/unrealized gains (losses) included in AOCI	1		—		(59)		—		—
Purchases (3)	25		25		—		—		181
Sales (3)	(48)		—		—		—		(128)
Issuances (3)	—		—		—		—		—
Settlements (3)	—		—		121		(39)		1
Transfers into Level 3 (4)	—		—		—		—		14
Transfers out of Level 3 (4)	(10)		—		(160)		—		(9)
Balance, end of period	$	25	$	970	$	(289)	$	(5)	$	1,207
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2024 (5)	$	1	$	19	$	2	$	(21)	$	—
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2023 (5)	$	—	$	20	$	(28)	$	51	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2024 (5)	$	—	$	—	$	—	$	—	$	—
Changes in unrealized gains (losses) included in AOCI for the instruments still held at September 30, 2023 (5)	$	—	$	—	$	(85)	$	—	$	—

__________________

(1)Amortization of premium/accretion of discount is included within net investment income. Impairments and changes in ACL charged to net income (loss) on certain securities are included in net investment gains (losses), while changes in estimated fair value of Unit-linked and FVO securities are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(2)Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3)Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4)Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5)Changes in unrealized gains (losses) included in net income (loss) and included in AOCI relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).

(6)Comprised of U.S. and foreign corporate securities.

(7)Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(8)Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(9)Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net income (loss). Separate account assets and liabilities are presented net for the purposes of the rollforward.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment), using significant unobservable inputs (Level 3).


	September 30, 2024		December 31, 2023
	(In millions)
Carrying value after measurement:
Mortgage loans (1)	$	1,087	$	474
Other invested assets (2)	$	63	$	63


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In millions)
Realized gains (losses) net:
Mortgage loans (1)	$	(100)	$	(49)	$	(253)	$	(190)

__________________

(1)Estimated fair values of impaired mortgage loans are based on the underlying collateral or discounted cash flows. See Note 10.

(2)The Company recognized an impairment loss in connection with the pending disposition of MetLife Malaysia. See Note 3.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:


	September 30, 2024
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	90,415	$	—	$	—	$	86,994	$	86,994
Policy loans	$	8,822	$	—	$	—	$	9,550	$	9,550

Other invested assets	$	1,247	$	—	$	715	$	532	$	1,247
Premiums, reinsurance and other receivables	$	4,752	$	—	$	725	$	4,029	$	4,754
Other assets	$	242	$	—	$	73	$	174	$	247
Liabilities
PABs	$	141,467	$	—	$	—	$	139,362	$	139,362
Long-term debt	$	15,271	$	—	$	15,499	$	—	$	15,499
Collateral financing arrangement	$	529	$	—	$	—	$	460	$	460
Junior subordinated debt securities	$	3,163	$	—	$	3,714	$	—	$	3,714
Other liabilities	$	10,594	$	—	$	1,486	$	8,936	$	10,422
Separate account liabilities	$	78,004	$	—	$	78,004	$	—	$	78,004


	December 31, 2023
			Fair Value Hierarchy
	Carrying Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Mortgage loans	$	92,506	$	—	$	—	$	87,753	$	87,753
Policy loans	$	8,788	$	—	$	—	$	9,516	$	9,516

Other invested assets	$	919	$	—	$	714	$	205	$	919
Premiums, reinsurance and other receivables	$	5,182	$	—	$	791	$	4,400	$	5,191
Other assets	$	268	$	—	$	82	$	184	$	266
Liabilities
PABs	$	138,233	$	—	$	—	$	134,025	$	134,025
Long-term debt	$	15,516	$	—	$	15,621	$	—	$	15,621
Collateral financing arrangement	$	637	$	—	$	—	$	551	$	551
Junior subordinated debt securities	$	3,161	$	—	$	3,552	$	—	$	3,552
Other liabilities	$	10,556	$	—	$	609	$	9,651	$	10,260
Separate account liabilities	$	75,705	$	—	$	75,705	$	—	$	75,705

- 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