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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

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.


	March 31, 2026
(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		$	12,993		$	579		$	0		$	13,572
Municipalities		0			1,878			0			1,878
Mortgage- and asset-backed securities		0			2,382			2,655			5,037
Public utilities		0			6,129			825			6,954
Sovereign and supranational		0			366			19			385
Banks/financial institutions		0			9,190			4			9,194
Other corporate		0			26,073			135			26,208
Total fixed maturity securities		12,993			46,597			3,638			63,228
Equity securities		692			0			159			851
Other investments		2,616			0			0			2,616
Cash and cash equivalents		5,654			0			0			5,654
Other assets:
Foreign currency swaps		0			43			0			43
Foreign currency forwards		0			145			0			145
Foreign currency options		0			23			0			23



Total other assets		0			211			0			211
Total assets		$	21,955		$	46,808		$	3,797		$	72,560
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	806		$	0		$	806
Foreign currency forwards		0			23			0			23
Foreign currency options		0			40			0			40
Interest rate swaps		0			142			0			142
Forward bond purchase commitment		0			5			0			5

Total liabilities		$	0		$	1,016		$	0		$	1,016


	December 31, 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		$	13,921		$	686		$	0		$	14,607
Municipalities		0			1,930			0			1,930
Mortgage- and asset-backed securities		0			2,072			2,294			4,366
Public utilities		0			6,298			876			7,174
Sovereign and supranational		0			383			19			402
Banks/financial institutions		0			9,235			9			9,244
Other corporate		0			26,239			159			26,398
Total fixed maturity securities		13,921			46,843			3,357			64,121
Equity securities		727			0			160			887
Other investments		1,373			0			0			1,373
Cash and cash equivalents		6,245			0			0			6,245
Other assets:
Foreign currency swaps		0			45			0			45
Foreign currency forwards		0			120			0			120

Interest rate swaps		0			14			0			14
Total other assets		0			179			0			179
Total assets		$	22,266		$	47,022		$	3,517		$	72,805
Liabilities:
Other liabilities:
Foreign currency swaps		$	0		$	765		$	0		$	765
Foreign currency forwards		0			18			0			18

Interest rate swaps		0			189			0			189

Total liabilities		$	0		$	972		$	0		$	972

Fair Value Hierarchy, Assets and Liabilities Not Carried at Fair Value

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.


	March 31, 2026
(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		$	15,136		$	14,052		$	125		$	0		$	14,177
Municipalities		230			0			217			0			217

Public utilities		31			0			27			0			27
Sovereign and supranational		339			0			333			0			333

Other corporate		16			0			15			0			15
Commercial mortgage and other loans		9,770			0			0			9,578			9,578
Other investments (1)		37			0			37			0			37
Total assets		$	25,559		$	14,052		$	754		$	9,578		$	24,384
Liabilities:
Other policyholders’ funds		$	5,423		$	0		$	0		$	5,358		$	5,358
Notes payable (excluding leases)		7,822			0			6,581			668			7,249
Total liabilities		$	13,245		$	0		$	6,581		$	6,026		$	12,607

(1) Excludes policy loans of $205, equity method investments of $4,226, and REO of $853, at carrying value


	December 31, 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		$	15,459		$	14,696		$	131		$	0		$	14,827
Municipalities		235			0			229			0			229

Public utilities		32			0			29			0			29
Sovereign and supranational		378			0			375			0			375

Other corporate		16			0			16			0			16
Commercial mortgage and other loans		9,765			0			0			9,617			9,617
Other investments (1)		28			0			28			0			28
Total assets		$	25,913		$	14,696		$	808		$	9,617		$	25,121
Liabilities:
Other policyholders’ funds		$	5,445		$	0		$	0		$	5,376		$	5,376
Notes payable (excluding leases)		8,330			0			7,167			682			7,849
Total liabilities		$	13,775		$	0		$	7,167		$	6,058		$	13,225

(1) Excludes policy loans of $210, equity method investments of $4,109, and REO of $902, 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.


	March 31, 2026
(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		$	12,993		$	385		$	0		$	13,378
Internal		0			194			0			194

Total government and agencies		12,993			579			0			13,572
Municipalities:
Third-party pricing vendor		0			1,664			0			1,664
Internal		0			214			0			214

Total municipalities		0			1,878			0			1,878
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			1,993			0			1,993
Internal		0			389			0			389
Broker/other		0			0			2,655			2,655
Total mortgage- and asset-backed securities		0			2,382			2,655			5,037
Public utilities:
Third-party pricing vendor		0			3,630			0			3,630
Internal		0			2,499			0			2,499
Broker/other		0			0			825			825
Total public utilities		0			6,129			825			6,954
Sovereign and supranational:
Third-party pricing vendor		0			76			0			76
Internal		0			290			0			290
Broker/other		0			0			19			19
Total sovereign and supranational		0			366			19			385
Banks/financial institutions:
Third-party pricing vendor		0			5,572			0			5,572
Internal		0			3,618			0			3,618
Broker/other		0			0			4			4
Total banks/financial institutions		0			9,190			4			9,194
Other corporate:
Third-party pricing vendor		0			21,373			0			21,373
Internal		0			4,700			0			4,700
Broker/other		0			0			135			135
Total other corporate		0			26,073			135			26,208
Total securities available-for-sale		$	12,993		$	46,597		$	3,638		$	63,228
Equity securities, carried at fair value:
Third-party pricing vendor		$	692		$	0		$	0		$	692
Internal		0			0			22			22
Broker/other		0			0			137			137
Total equity securities		$	692		$	0		$	159		$	851


	December 31, 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		$	13,921		$	383		$	0		$	14,304
Internal		0			303			0			303
Total government and agencies		13,921			686			0			14,607
Municipalities:
Third-party pricing vendor		0			1,706			0			1,706
Internal		0			224			0			224
Total municipalities		0			1,930			0			1,930
Mortgage- and asset-backed securities:
Third-party pricing vendor		0			1,824			0			1,824
Internal		0			248			0			248
Broker/other		0			0			2,294			2,294
Total mortgage- and asset-backed securities		0			2,072			2,294			4,366
Public utilities:
Third-party pricing vendor		0			3,660			0			3,660
Internal		0			2,638			0			2,638
Broker/other		0			0			876			876
Total public utilities		0			6,298			876			7,174
Sovereign and supranational:
Third-party pricing vendor		0			79			0			79
Internal		0			304			0			304
Broker/other		0			0			19			19
Total sovereign and supranational		0			383			19			402
Banks/financial institutions:
Third-party pricing vendor		0			5,605			0			5,605
Internal		0			3,630			5			3,635
Broker/other		0			0			4			4
Total banks/financial institutions		0			9,235			9			9,244
Other corporate:
Third-party pricing vendor		0			21,294			0			21,294
Internal		0			4,945			20			4,965
Broker/other		0			0			139			139
Total other corporate		0			26,239			159			26,398
Total securities available-for-sale		$	13,921		$	46,843		$	3,357		$	64,121
Equity securities, carried at fair value:
Third-party pricing vendor		$	727		$	0		$	0		$	727
Internal		0			0			24			24
Broker/other		0			0			136			136
Total equity securities		$	727		$	0		$	160		$	887

Fair Value, Assets, Securities Carried At Amortized Cost, Primary Pricing Sources


	March 31, 2026
(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		$	14,052		$	125		$	0		$	14,177

Total government and agencies		14,052			125			0			14,177
Municipalities:
Third-party pricing vendor		0			217			0			217

Total municipalities		0			217			0			217




Public utilities:
Third-party pricing vendor		0			27			0			27


Total public utilities		0			27			0			27
Sovereign and supranational:
Third-party pricing vendor		0			149			0			149
Internal		0			184			0			184

Total sovereign and supranational		0			333			0			333




Other corporate:
Third-party pricing vendor		0			15			0			15


Total other corporate		0			15			0			15
Total securities held-to-maturity		$	14,052		$	717		$	0		$	14,769


	December 31, 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		$	14,696		$	131		$	0		$	14,827
Total government and agencies		14,696			131			0			14,827
Municipalities:
Third-party pricing vendor		0			229			0			229
Total municipalities		0			229			0			229




Public utilities:
Third-party pricing vendor		0			29			0			29
Total public utilities		0			29			0			29
Sovereign and supranational:
Third-party pricing vendor		0			188			0			188
Internal		0			187			0			187

Total sovereign and supranational		0			375			0			375



Other corporate:
Third-party pricing vendor		0			16			0			16

Total other corporate		0			16			0			16
Total securities held-to-maturity		$	14,696		$	780		$	0		$	15,476

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 March 31, 2026
	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	$	2,294	$	876	$	19	$	9	$	159	$	160	$	3,517
Net investment gains (losses) included in earnings	2		4		0		0		6		(2)		10
Unrealized gains (losses) included in other comprehensive income (loss)	(32)		(23)		0		0		(8)		0		(63)
Purchases, issuances, sales and settlements:
Purchases	302		10		0		0		0		1		313
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		0		0
Settlements	(30)		(42)		0		0		(22)		0		(94)
Transfers into Level 3	119		0		0		0		0		0		119
Transfers out of Level 3	0		0		0		(5)		0		0		(5)
Balance, end of period	$	2,655	$	825	$	19	$	4	$	135	$	159	$	3,797
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	$	(1)	$	0


Three Months Ended March 31, 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		1		1
Unrealized gains (losses) included in other comprehensive income (loss)	10		6		1		0		2		0		19
Purchases, issuances, sales and settlements:
Purchases	434		110		0		0		0		3		547
Issuances	0		0		0		0		0		0		0
Sales	0		0		0		0		0		(1)		(1)
Settlements	(12)		(7)		0		0		(1)		0		(20)
Transfers into Level 3	15		0		0		0		0		0		15
Transfers out of Level 3	0		0		0		0		(95)		0		(95)
Balance, end of period	$	1,603	$	756	$	24	$	10	$	137	$	160	$	2,690
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	$	1	$	1

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.

March 31, 2026

(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

2,655

Consensus pricing

Offered quotes

87.70

104.69

(a)

99.44

Public utilities

825

Discounted cash flow

Credit spreads

100 bps

477 bps

(c)

188 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

135

Discounted cash flow

Credit spreads

75 bps

393 bps

(c)

208 bps

Equity securities

159

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

3,797

(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, 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

2,294

Consensus pricing

Offered quotes

88.75

106.70

(a)

100.42

Public utilities

876

Discounted cash flow

Credit spreads

100 bps

391 bps

(c)

163 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

159

Discounted cash flow

Credit spreads

75 bps

384 bps

(c)

217 bps

Equity securities

160

Adjusted cost

Private financials

N/A

(d)

N/A

Total assets

3,517

(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