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Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments and cash:    
Fixed maturity securities, available-for-sale $ 67,144 $ 65,269
Fixed maturity securities, held-to-maturity 16,888 [1] 15,966
Equity securities 764 796
Commercial mortgage and other loans 10,656 10,869
Other investments 6,763 5,958
Cash and cash equivalents 5,231 6,229
Total investments and cash 107,446 105,087
Receivables 894 779
Accrued investment income 682 710
Deferred policy acquisition costs 9,083 8,758
Property and equipment, at cost less accumulated depreciation 391 387
Other 1,762 1,845
Total assets 120,258 117,566
Policy liabilities:    
Future policy benefits 71,197 70,381
Unpaid policy claims 411 381
Unearned premiums 1,357 1,286
Other policyholders’ funds 5,863 5,460
Total policy liabilities 78,828 77,508
Income taxes 815 573
Payables for return of cash collateral on loaned securities 3,142 2,037
Notes payable and lease obligations 7,751 7,498
Other 3,384 3,852
Total liabilities 93,920 91,468
Commitments and contingent liabilities (Note 13)
Shareholders’ equity:    
Common stock of $.10 par value. In thousands: authorized 1,900,000 shares in 2025 and 2024; issued 1,357,752 shares in 2025 and 1,356,763 shares in 2024 136 136
Additional paid-in capital 2,919 2,894
Retained earnings 52,308 52,277
Accumulated other comprehensive income (loss):    
Unrealized foreign currency translation gains (losses) (4,549) (4,998)
Unrealized gains (losses) on fixed maturity securities (1,233) 24
Unrealized gains (losses) on derivatives (18) (20)
Effect of changes in discount rate assumptions 3,899 2,006
Pension liability adjustment 42 10
Treasury stock, at average cost (27,166) (26,231)
Total shareholders’ equity 26,338 26,098
Total liabilities and shareholders’ equity 120,258 117,566
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Investments and cash:    
Fixed maturity securities, available-for-sale 63,547 61,841
Variable Interest Entity, Consolidated    
Investments and cash:    
Fixed maturity securities, available-for-sale 3,597 3,428
Commercial mortgage and other loans 8,540 8,693
Other investments [2] 2,151 2,176
Total assets 14,337 14,350
Policy liabilities:    
Total liabilities $ 642 $ 604
[1] Net of allowance for credit losses
[2] Consists entirely of alternative investments in limited partnerships, which represent VIEs where the Company is not the primary beneficiary and, therefore, are not consolidated