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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Hierarchy, Assets and Liabilities Measured on Recurring Basis

The following tables present the fair value hierarchy levels of the Company's assets and liabilities that are measured and carried at fair value on a recurring basis.


	September 30, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies		$	15,854		$	729		$	0		$	16,583
Municipalities		0			1,986			0			1,986
Mortgage- and asset-backed securities		0			2,116			2,246			4,362
Public utilities		0			6,624			806			7,430
Sovereign and supranational		0			403			22			425
Banks/financial institutions		0			9,710			9			9,719
Other corporate		0			26,608			163			26,771
Total fixed maturity securities		15,854			48,176			3,246			67,276
Equity securities		722			0			163			885
Other investments		2,346			0			0			2,346
Cash and cash equivalents		6,768			0			0			6,768
Other assets:
Foreign currency swaps		0			44			0			44
Foreign currency forwards		0			46			0			46
Foreign currency options		0			1			0			1
Interest rate swaps		0			16			0			16


Total other assets		0			107			0			107
Total assets		$	25,690		$	48,283		$	3,409		$	77,382
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	685		$	0		$	685
Foreign currency forwards		0			18			0			18

Interest rate swaps		0			231			0			231


Total liabilities		$	0		$	934		$	0		$	934


	December 31, 2024
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies		$	17,088		$	758		$	0		$	17,846
Municipalities		0			2,034			0			2,034
Mortgage- and asset-backed securities		0			2,407			1,156			3,563
Public utilities		0			6,398			647			7,045
Sovereign and supranational		0			393			23			416
Banks/financial institutions		0			8,946			10			8,956
Other corporate		0			25,178			231			25,409
Total fixed maturity securities		17,088			46,114			2,067			65,269
Equity securities		639			0			157			796
Other investments		1,599			0			0			1,599
Cash and cash equivalents		6,229			0			0			6,229
Other assets:
Foreign currency swaps		0			55			0			55
Foreign currency forwards		0			185			0			185


Total other assets		0			240			0			240
Total assets		$	25,555		$	46,354		$	2,224		$	74,133
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	604		$	0		$	604

Interest rate swaps		0			329			0			329


Total liabilities		$	0		$	933		$	0		$	933

Fair Value Hierarchy Levels of Assets and Liabilities Carried at Cost or Amortized Cost

The following tables present the carrying amount and fair value categorized by fair value hierarchy level for the Company's financial instruments that are not carried at fair value.


	September 30, 2025
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	16,258		$	15,925		$	143		$	0		$	16,068
Municipalities		248			0			252			0			252

Public utilities		34			0			32			0			32
Sovereign and supranational		398			0			400			0			400

Other corporate		17			0			18			0			18
Commercial mortgage and other loans		10,137			0			0			10,013			10,013
Other investments (1)		31			0			31			0			31
Total assets		$	27,123		$	15,925		$	876		$	10,013		$	26,814
Liabilities:
Other policyholders’ funds		$	5,785		$	0		$	0		$	5,711		$	5,711
Notes payable (excluding leases)		8,598			0			7,451			717			8,168
Total liabilities		$	14,383		$	0		$	7,451		$	6,428		$	13,879

(1) Excludes policy loans of $217, equity method investments of $3,961, and REO of $940, at carrying value


	December 31, 2024
(In millions)	Carrying Value			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Assets:
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies		$	15,309		$	15,916		$	143		$	0		$	16,059
Municipalities		235			0			257			0			257

Public utilities		32			0			33			0			33
Sovereign and supranational		374			0			405			0			405

Other corporate		16			0			18			0			18
Commercial mortgage and other loans		10,869			0			0			10,653			10,653
Other investments (1)		39			0			39			0			39
Total assets		$	26,874		$	15,916		$	895		$	10,653		$	27,464
Liabilities:
Other policyholders’ funds		$	5,460		$	0		$	0		$	5,389		$	5,389
Notes payable (excluding leases)		7,402			0			6,352			675			7,027
Total liabilities		$	12,862		$	0		$	6,352		$	6,064		$	12,416

(1) Excludes policy loans of $203, equity method investments of $3,435, and REO of $682, at carrying value

Fair Value Assets Securities Carried At Fair Value Primary Pricing Sources

The following tables present the pricing sources for the fair values of the Company's fixed maturity and equity securities.


	September 30, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	15,854		$	409		$	0		$	16,263
Internal		0			320			0			320

Total government and agencies		15,854			729			0			16,583
Municipalities:
Third-party pricing vendor		0			1,749			0			1,749
Internal		0			237			0			237

Total municipalities		0			1,986			0			1,986
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			2,069			0			2,069
Internal		0			47			38			85
Broker/other		0			0			2,208			2,208
Total mortgage- and asset-backed securities		0			2,116			2,246			4,362
Public utilities:
Third-party pricing vendor		0			3,774			0			3,774
Internal		0			2,850			0			2,850
Broker/other		0			0			806			806
Total public utilities		0			6,624			806			7,430
Sovereign and supranational:
Third-party pricing vendor		0			80			0			80
Internal		0			323			0			323
Broker/other		0			0			22			22
Total sovereign and supranational		0			403			22			425
Banks/financial institutions:
Third-party pricing vendor		0			5,580			0			5,580
Internal		0			4,130			5			4,135
Broker/other		0			0			4			4
Total banks/financial institutions		0			9,710			9			9,719
Other corporate:
Third-party pricing vendor		0			21,376			0			21,376
Internal		0			5,232			20			5,252
Broker/other		0			0			143			143
Total other corporate		0			26,608			163			26,771
Total securities available-for-sale		$	15,854		$	48,176		$	3,246		$	67,276
Equity securities, carried at fair value:
Third-party pricing vendor		$	722		$	0		$	0		$	722
Internal		0			0			25			25
Broker/other		0			0			138			138
Total equity securities		$	722		$	0		$	163		$	885


	December 31, 2024
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities available-for-sale, carried at fair value:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	17,088		$	446		$	0		$	17,534
Internal		0			312			0			312
Total government and agencies		17,088			758			0			17,846
Municipalities:
Third-party pricing vendor		0			1,791			0			1,791
Internal		0			243			0			243
Total municipalities		0			2,034			0			2,034
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			2,352			0			2,352
Internal		0			55			37			92
Broker/other		0			0			1,119			1,119
Total mortgage- and asset-backed securities		0			2,407			1,156			3,563
Public utilities:
Third-party pricing vendor		0			3,628			0			3,628
Internal		0			2,770			0			2,770
Broker/other		0			0			647			647
Total public utilities		0			6,398			647			7,045
Sovereign and supranational:
Third-party pricing vendor		0			78			0			78
Internal		0			315			0			315
Broker/other		0			0			23			23
Total sovereign and supranational		0			393			23			416
Banks/financial institutions:
Third-party pricing vendor		0			4,975			0			4,975
Internal		0			3,971			5			3,976
Broker/other		0			0			5			5
Total banks/financial institutions		0			8,946			10			8,956
Other corporate:
Third-party pricing vendor		0			20,051			0			20,051
Internal		0			5,127			116			5,243
Broker/other		0			0			115			115
Total other corporate		0			25,178			231			25,409
Total securities available-for-sale		$	17,088		$	46,114		$	2,067		$	65,269
Equity securities, carried at fair value:
Third-party pricing vendor		$	639		$	0		$	0		$	639
Internal		0			0			26			26
Broker/other		0			0			131			131
Total equity securities		$	639		$	0		$	157		$	796

Fair Value Assets Held-To-Maturity Securities Primary Pricing Sources


	September 30, 2025
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	15,925		$	143		$	0		$	16,068

Total government and agencies		15,925			143			0			16,068
Municipalities:
Third-party pricing vendor		0			252			0			252

Total municipalities		0			252			0			252




Public utilities:
Third-party pricing vendor		0			32			0			32


Total public utilities		0			32			0			32
Sovereign and supranational:
Third-party pricing vendor		0			202			0			202
Internal		0			198			0			198

Total sovereign and supranational		0			400			0			400




Other corporate:
Third-party pricing vendor		0			18			0			18


Total other corporate		0			18			0			18
Total securities held-to-maturity		$	15,925		$	845		$	0		$	16,770


	December 31, 2024
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Securities held-to-maturity, carried at amortized cost:
Fixed maturity securities:
Government and agencies:
Third-party pricing vendor		$	15,916		$	143		$	0		$	16,059
Total government and agencies		15,916			143			0			16,059
Municipalities:
Third-party pricing vendor		0			257			0			257
Total municipalities		0			257			0			257




Public utilities:
Third-party pricing vendor		0			33			0			33
Total public utilities		0			33			0			33
Sovereign and supranational:
Third-party pricing vendor		0			198			0			198
Internal		0			207			0			207

Total sovereign and supranational		0			405			0			405



Other corporate:
Third-party pricing vendor		0			18			0			18

Total other corporate		0			18			0			18
Total securities held-to-maturity		$	15,916		$	856		$	0		$	16,772

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

The following tables present the changes in fair value of the Company's investments carried at fair value classified as Level 3.


Three Months Ended September 30, 2025
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	1,922	$	792	$	23	$	9	$	163	$	167	$	3,076
Net investment gains (losses) included in earnings	0		0		0		0		0		(4)		(4)
Unrealized gains (losses) included in other comprehensive income (loss)	6		9		(1)		0		0		0		14
Purchases, issuances, sales and settlements:
Purchases	208		9		0		0		0		1		218
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		(1)		(1)
Settlements	(65)		(4)		0		0		0		0		(69)
Transfers into Level 3	175		0		0		0		0		0		175
Transfers out of Level 3	0		0		0		0		0		0		0
Balance, end of period	$	2,246	$	806	$	22	$	9	$	163	$	163	$	3,409
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	0	$	0


Three Months Ended September 30, 2024
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	1,213	$	365	$	25	$	69	$	384	$	157	$	2,213
Net investment gains (losses) included in earnings	1		0		0		0		0		2		3
Unrealized gains (losses) included in other comprehensive income (loss)	57		19		3		0		20		0		99
Purchases, issuances, sales and settlements:
Purchases	31		48		0		4		98		3		184
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		(1)		(1)
Settlements	(18)		(1)		0		(4)		(1)		0		(24)
Transfers into Level 3	15		139		0		0		5		0		159
Transfers out of Level 3	(90)		0		0		(59)		(132)		0		(281)
Balance, end of period	$	1,209	$	570	$	28	$	10	$	374	$	161	$	2,352
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	1	$	0	$	0	$	0	$	0	$	6	$	7


Nine Months Ended September 30, 2025
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	1,156	$	647	$	23	$	10	$	231	$	157	$	2,224
Net investment gains (losses) included in earnings	0		0		0		0		0		0		0
Unrealized gains (losses) included in other comprehensive income (loss)	36		29		1		(1)		4		0		69
Purchases, issuances, sales and settlements:
Purchases	817		167		0		0		24		8		1,016
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		(2)		(2)
Settlements	(121)		(37)		(2)		0		(1)		0		(161)
Transfers into Level 3	358		0		0		0		0		0		358
Transfers out of Level 3	0		0		0		0		(95)		0		(95)
Balance, end of period	$	2,246	$	806	$	22	$	9	$	163	$	163	$	3,409
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	0	$	0	$	0	$	0	$	0	$	4	$	4


Nine Months Ended September 30, 2024
	Fixed Maturity Securities										Equity Securities
(In millions)	Mortgage- and Asset- Backed Securities		Public Utilities		Sovereign and Supranational		Banks/ Financial Institutions		Other Corporate				Total
Balance, beginning of period	$	772	$	253	$	30	$	78	$	648	$	248	$	2,029
Net investment gains (losses) included in earnings	3		0		0		0		0		(5)		(2)
Unrealized gains (losses) included in other comprehensive income (loss)	48		8		0		(9)		16		0		63
Purchases, issuances, sales and settlements:
Purchases	338		147		0		9		193		3		690
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		(1)		(1)
Settlements	(67)		(26)		(2)		(9)		(4)		(84)		(192)
Transfers into Level 3	205		421		0		0		5		0		631
Transfers out of Level 3	(90)		(233)		0		(59)		(484)		0		(866)
Balance, end of period	$	1,209	$	570	$	28	$	10	$	374	$	161	$	2,352
Changes in unrealized gains (losses) relating to Level 3 assets and liabilities still held at the end of the period included in earnings	$	3	$	0	$	0	$	0	$	0	$	0	$	3

Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize the significant unobservable inputs used in the valuation of the Company's Level 3 investments carried at fair value. Included in the tables are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

September 30, 2025

(In millions)

Fair Value

Valuation Technique(s)

Unobservable Input

Range

Weighted Average

Assets:

Securities available-for-sale, carried at fair value:

Fixed maturity securities:

Mortgage- and asset-backed securities

2,246

Consensus pricing

Offered quotes

89.64

106.78

(a)

100.52

Public utilities

806

Discounted cash flow

Credit spreads

100 bps

394 bps

(c)

166 bps

Sovereign and supranational

Consensus pricing

Offered quotes

N/A

(b)

N/A

Banks/financial institutions

Adjusted cost

Private financials

N/A

(d)

N/A

Other corporate

163

Discounted cash flow

Credit spreads

75 bps

384 bps

(c)

217 bps

Equity securities

163

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

3,409

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques

(b) Category represents a single security; range not applicable

(d) Prices do not utilize credit spreads; therefore, range is not applicable

December 31, 2024

(In millions)

Fair Value

Valuation Technique(s)

Unobservable Input

Range

Weighted Average

Assets:

Securities available-for-sale, carried at fair value:

Fixed maturity securities:

Mortgage- and asset-backed securities

1,156

Consensus pricing

Offered quotes

84.08

104.60

(a)

99.07

Public utilities

647

Discounted cash flow

Credit spreads

100 bps

375 bps

(c)

162 bps

Sovereign and supranational

Consensus pricing

Offered quotes

N/A

(b)

N/A

Banks/financial institutions

Adjusted cost

Private financials

N/A

(d)

N/A

Other corporate

231

Discounted cash flow

Credit spreads

91 bps

294 bps

(c)

173 bps

Equity securities

157

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

2,224

(a) Represents prices for securities where the Company receives unadjusted broker quotes and for which there is no transparency into the providers' valuation techniques

(b) Category represents a single security; range not applicable

(d) Prices do not utilize credit spreads; therefore, range is not applicable

- 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