Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2024:


	Level 1		Level 2			Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	402	$	70		$	—	$	472
U.S. Government agencies and authorities	—		30			—		30
State, municipalities and political subdivisions	—		580			—		580
U.S. corporate public securities	—		6,949			59		7,008
U.S. corporate private securities	—		3,486			1,497		4,983
Foreign corporate public securities and foreign governments(1)	—		2,412			60		2,472
Foreign corporate private securities(1)	—		2,116			421		2,537
Residential mortgage-backed securities	—		3,404			67		3,471
Commercial mortgage-backed securities	—		3,132			—		3,132
Other asset-backed securities	—		2,746			23		2,769
Total fixed maturities, including securities pledged	402		24,925			2,127		27,454
Equity securities	148		—			98		246
Derivatives:
Interest rate contracts	—		246			—		246
Foreign exchange contracts	—		55			—		55
Equity contracts	—		2			—		2

Embedded derivative on reinsurance	—		55			—		55
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,511		1			23		2,535
Assets held in separate accounts	95,946		5,390			340		101,676
Total assets	$	99,007	$	30,674		$	2,588	$	132,269
Liabilities:
Contingent consideration	$	—	$	—		$	2	$	2
Stabilizer and MCGs	—		—			19		19
Derivatives:
Interest rate contracts	11		302			—		313
Foreign exchange contracts	—		8			—		8
Equity contracts	—		9			—		9
Credit contracts	—		2			—		2
Embedded derivative on reinsurance	—		(12)		(2)	53		41
Total liabilities	$	11	$	309		$	74	$	394

(1) Primarily U.S. dollar denominated.

(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2023:


	Level 1		Level 2			Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	346	$	57		$	—	$	403
U.S. Government agencies and authorities	—		55			1		56
State, municipalities and political subdivisions	—		771			—		771
U.S. corporate public securities	—		7,648			18		7,666
U.S. corporate private securities	—		3,234			1,526		4,760
Foreign corporate public securities and foreign governments(1)	—		2,702			—		2,702
Foreign corporate private securities(1)	—		2,376			436		2,812
Residential mortgage-backed securities	—		3,419			57		3,476
Commercial mortgage-backed securities	—		3,495			—		3,495
Other asset-backed securities	—		2,418			52		2,470
Total fixed maturities, including securities pledged	346		26,175			2,090		28,611
Equity securities	140		—			96		236
Derivatives:
Interest rate contracts	7		263			—		270
Foreign exchange contracts	—		37			—		37
Equity contracts	—		4			—		4

Embedded derivative on reinsurance	—		61			—		61
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	2,148		17			—		2,165
Assets held in separate accounts	87,180		5,605			348		93,133
Total assets	$	89,821	$	32,162		$	2,534	$	124,517
Liabilities:
Contingent consideration	$	—	$	—		$	51	$	51



Stabilizer and MCGs	—		—			9		9

Derivatives:
Interest rate contracts	—		354			—		354
Foreign exchange contracts	—		13			—		13
Equity contracts	—		2			—		2
Credit contracts	—		2			—		2
Embedded derivative on reinsurance	—		(9)		(2)	58		49
Total liabilities	$	—	$	362		$	118	$	480

(1) Primarily U.S. dollar denominated.

(2) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset.

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

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated:


	Year Ended December 31, 2024
	Fair Value as of January 1		Realized/ Unrealized Gains (Losses) Included in:				Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income		OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(1)	$	—	$	—	$	—
U.S. corporate public securities	18		—		(1)		49		—		—		(7)		—		—		59		—		(2)
U.S. corporate private securities	1,526		(4)		1		377		—		(22)		(246)		—		(135)		1,497		—		(5)
Foreign corporate public securities and foreign governments(1)	—		—		—		60		—		—		—		—		—		60		—		—
Foreign corporate private securities(1)	436		(8)		(33)		35		—		(9)		(51)		51		—		421		—		(33)
Residential mortgage-backed securities	57		(4)		—		18		—		—		—		—		(4)		67		(4)		—

Other asset-backed securities	52		—		—		3		—		—		(7)		—		(25)		23		—		—
Total fixed maturities including securities pledged	2,090		(16)		(33)		542		—		(31)		(311)		51		(165)		2,127		(4)		(40)

Equity securities, at fair value	96		2		—		—		—		—		—		—		—		98		2		—
Contingent consideration	(51)		1		—		—		—		—		48		—		—		(2)		—		—



Stabilizer and MCGs(2)	(9)		(8)		—		—		(2)		—		—		—		—		(19)		—		—


Embedded derivatives on reinsurance	(58)		(1)		—		—		—		—		6		—		—		(53)		—		—
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	—		—		—		23		—		—		—		—		—		23		—		—
Assets held in separate accounts(4)	348		6		—		47		—		(26)		—		5		(40)		340		—		—

(1) Primarily U.S. dollar denominated.

(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Net gains (losses) in the Consolidated Statements of Operations.

(3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Consolidated Statements of Comprehensive Income.

(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.


	Year Ended December 31, 2023
	Fair Value as of January 1		Realized/ Unrealized Gains (Losses) Included in:					Purchases		Issuances		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Fair Value as of December 31		Change In Unrealized Gains (Losses) Included in Earnings(3)		Change In Unrealized Gains (Losses) Included in OCI(3)
			Net Income			OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	1	$	—		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	—
U.S. corporate public securities	20		1			—		—		—		—		—		—		(3)		18		—		—
U.S. corporate private securities	1,801		1			22		142		—		(4)		(219)		79		(296)		1,526		1		19
Foreign corporate public securities and foreign governments(1)	3		—			—		—		—		—		—		—		(3)		—		—		—
Foreign corporate private securities(1)	432		3			9		129		—		(14)		(167)		51		(7)		436		3		8
Residential mortgage-backed securities	28		(4)			—		31		—		—		—		2		—		57		(3)		—

Other asset-backed securities	64		—			1		15		—		(2)		(4)		—		(22)		52		—		—
Total fixed maturities including securities pledged	2,349		1			32		317		—		(20)		(390)		132		(331)		2,090		1		27

Equity securities, at fair value	196		(3)			—		3		—		—		(100)		—		—		96		(3)		—
Contingent consideration	(112)		61		(5)	—		—		—		—		—		—		—		(51)		—		—
Stabilizer and MCGs(2)	(6)		(1)			—		—		(2)		—		—		—		—		(9)		—		—
Embedded derivatives on reinsurance .	(58)		—			—		—		—		—		—		—		—		(58)		—		—

Assets held in separate accounts(4)	347		1			—		8		—		(21)		—		14		(1)		348		—		—

(1) Primarily U.S. dollar denominated.

(5) Represents the reduction in expected earn out associated with a prior acquisition within the Investment Management segment. This change is included within Operating expenses in the Consolidated Statements of Operations.

Fair Value, by Balance Sheet Grouping

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:


	December 31, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Fixed maturities, including securities pledged	$	27,454	$	27,454	$	28,611	$	28,611
Equity securities	246		246		236		236
Mortgage loans on real estate	4,699		4,459		5,218		4,941
Policy loans	342		342		352		352
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	2,535		2,535		2,165		2,165
Derivatives	303		303		311		311
Embedded derivatives on reinsurance	55		55		61		61
Other investments, including securities pledged	74		74		64		64
Assets held in separate accounts	101,676		101,676		93,133		93,133
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	$	31,082	$	32,877	$	32,848	$	34,856
Funding agreements with fixed maturities	1,249		1,257		1,175		1,178
Supplementary contracts, immediate annuities and other	570		515		628		571
Stabilizer and MCGs	19		19		9		9





Derivatives	332		332		371		371
Embedded derivatives on reinsurance	41		41		49		49
Short-term debt	399		399		1		1
Long-term debt	2,103		2,023		2,097		1,998

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Stabilizer and MCGs section of the table above.

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2024:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	113	$	—	$	—	$	—	$	113
Corporate loans	—		1,434		—		—		1,434
Limited partnerships/corporations	—		—		—		3,067		3,067
Other investments(1)	—		—		53		—		53
VOEs
Cash and cash equivalents	2		—		—		—		2


Other investments(1)	—		—		—		50		50
Total assets	$	115	$	1,434	$	53	$	3,117	$	4,719
Liabilities
VIEs
CLO notes	$	—	$	1,101	$	—	$	—	$	1,101
Total liabilities	$	—	$	1,101	$	—	$	—	$	1,101
(1) VIEs and VOEs - Other investments are reflected in Assets related to consolidated investment entities - Other assets on the Company's Consolidated Balance Sheets.

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2023:


	Level 1		Level 2		Level 3		NAV		Total
Assets
VIEs
Cash and cash equivalents	$	181	$	—	$	—	$	—	$	181
Corporate loans	—		1,404		—		—		1,404
Limited partnerships/corporations	—		—		—		2,861		2,861




Total assets	$	181	$	1,404	$	—	$	2,861	$	4,446
Liabilities
VIEs
CLO notes	$	—	$	1,332	$	—	$	—	$	1,332
Total liabilities	$	—	$	1,332	$	—	$	—	$	1,332

Fair Value Disclosure of Asset and Liability Not Measured at Fair Value

The following table presents the classification of financial instruments which are not carried at fair value on the Consolidated Balance Sheets:


Financial Instrument			Classification
Mortgage loans on real estate			Level 3
Policy loans			Level 2


Other investments			Level 2
Funding agreements without fixed maturities and deferred annuities			Level 3
Funding agreements with fixed maturities			Level 2
Supplementary contracts and immediate annuities			Level 3
Short-term debt and Long-term debt			Level 2