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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Assets and Financial Liabilities Carried at Fair Value
The following table provides information about the Company's financial assets and liabilities carried at fair value. Further information regarding insurance assets and liabilities carried at fair value is provided in Note 9E to the Consolidated Financial Statements. Separate account assets are also recorded at fair value on the Company's Consolidated Balance Sheets and are reported separately in the Separate Accounts section below as gains and losses related to these assets generally accrue directly to contractholders.
(In millions)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
March 31,
2025		December 31, 2024March 31,
2025		December 31, 2024March 31,
2025		December 31, 2024March 31,
2025		December 31, 2024
Financial assets at fair value
Debt securities
Federal government and agency$104 $165 $119 $116 $— $— $223 $281 
State and local government— — 25 37 — — 25 37 
Foreign government— — 358 344 — — 358 344 
Corporate
— — 6,951 8,049 329 374 7,280 8,423 
Mortgage and other asset-backed— — 285 295 44 43 329 338 
Total debt securities104 165 7,738 8,841 373 417 8,215 9,423 
Equity securities (1)
1 1 37 36 — — 38 37 
Short-term investments— — 196 170 — — 196 170 
Derivative assets— — 153 168 — — 153 168 
Financial liabilities at fair value
Derivative liabilities$— $— $2 $1 $— $— $2 $1 
(1)Excludes certain equity securities that have no readily determinable fair value.
Fair Value and Significant Unobservable Inputs Used in Pricing Debt Securities
The following table summarizes the fair value and significant unobservable inputs that were developed directly by the Company and used in pricing these debt securities. The range and weighted average basis point amounts for liquidity reflect the Company's best estimates of the unobservable adjustments a market participant would make to calculate these fair values. An increase in liquidity spread adjustments would result in a lower fair value measurement, while a decrease would result in a higher fair value measurement.

Fair Value as ofUnobservable Adjustment Range (Weighted Average by Quantity) as of
(Fair value in millions)March 31,
2025		December 31,
2024
Unobservable Input
March 31, 2025
March 31,
2025		December 31,
2024
Debt securities
Corporate$329 $373 Liquidity
5 - 1475 (300)
bps
60 - 1520 (370)
bps
Mortgage and other asset-backed securities44 43 Liquidity
105 - 575 (290)
bps
100 - 550 (280)
bps
Other debt securities— 1 
Total Level 3 debt securities$373 $417 
Changes in Level 3 Financial Assets and Financial Liabilities Carried at Fair Value
The following table summarizes the changes in financial assets and financial liabilities classified in Level 3. Gains and losses reported in the table may include net changes in fair value that are attributable to both observable and unobservable inputs.
Three Months Ended
March 31,
(In millions)20252024
Debt securities
Beginning balance$417 $447 
Losses included in Shareholders' net income (loss)
(10)(21)
Gains (losses) included in Other comprehensive loss
7 (3)
Purchases, sales and settlements
Purchases2 — 
Settlements(31)(14)
Total purchases, sales and settlements(29)(14)
Transfers into / (out of) Level 3
Transfers into Level 318 16 
Transfers out of Level 3(30)(3)
Total transfers into / (out of) Level 3(12)13 
Ending balance$373 $422 
Total losses included in Shareholders' net income (loss) attributable to instruments held at the reporting date
$(13)$(21)
Change in unrealized gain or (loss) included in Other comprehensive loss for assets held at the end of the reporting period
$3 $(4)
Fair Values of Separate Account Assets
Fair values of Separate account assets were as follows:
Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
(In millions)March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024
Guaranteed separate accounts (See Note 16)
$227 $231 $328 $345 $— $— $555 $576 
Non-guaranteed separate accounts (1)
275 267 5,559 5,575 255 228 6,089 6,070 
Subtotal$502 $498 $5,887 $5,920 $255 $228 6,644 6,646 
Non-guaranteed separate accounts priced at net asset value as a practical expedient (1)
633 632 
Total$7,277 $7,278 
Non-guaranteed separate accounts include $3.8 billion as of each of March 31, 2025 and December 31, 2024 in assets supporting the Company's pension plans, including $0.2 billion classified in Level 3 as of each of March 31, 2025 and December 31, 2024, respectively. Non-guaranteed separate accounts are primarily comprised of securities partnerships, real estate and real estate funds.
Fair Value Disclosures for Financial Instruments Not Carried at Fair Value
The following table includes the Company's financial instruments not recorded at fair value but for which fair value disclosure is required. In addition to universal life products and finance leases, financial instruments that are carried in the Company's Consolidated Balance Sheets at amounts that approximate fair value are excluded from the following table.
Classification in Fair Value HierarchyMarch 31, 2025December 31, 2024
(In millions)Fair ValueCarrying ValueFair ValueCarrying Value
Commercial mortgage loansLevel 3$1,228 $1,294 $1,256 $1,351 
Long-term debt, including current maturities, excluding finance leasesLevel 2$28,149 $30,371 $28,392 $31,008