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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities on a Recurring Basis
The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:

As of December 31, 2024
Quoted                                                            
Prices                                     
in Active                                       
Markets forSignificantSignificant              
IdenticalObservableUnobservableTotal
AssetsInputsInputsFair
(Level 1)(Level 2)(Level 3)Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$– $63,585 $2,865 $66,450 
U.S. government bonds371 20 – 391 
State and municipal bonds– 2,371 – 2,371 
Foreign government bonds– 237 – 237 
RMBS– 1,851 12 1,863 
CMBS– 1,657 8 1,665 
ABS– 11,781 2,099 13,880 
Hybrid and redeemable preferred securities48 133 73 254 
Trading securities– 1,760 265 2,025 
Equity securities– 260 34 294 
Mortgage loans on real estate– – 232 232 
Derivative investments (1)
– 13,884 3 13,887 
Other investments – short-term investments– 369 23 392 
MRB assets– – 4,860 4,860 
Other assets:
Ceded MRBs– – 2 2 
Indexed annuity ceded embedded derivatives– – 1,115 1,115 
Separate account assets391 168,047 – 168,438 
Total assets$810 $265,955 $11,591 $278,356 
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts$– $– $(12,449)$(12,449)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives– 204 (234)(30)
MRB liabilities– – (1,046)(1,046)
Other liabilities:
Ceded MRBs– – (381)(381)
Derivative liabilities (1)
– (4,256)(139)(4,395)
Total liabilities$– $(4,052)$(14,249)$(18,301)
As of December 31, 2023
Quoted
Prices
in Active
Markets forSignificantSignificant
IdenticalObservableUnobservableTotal
AssetsInputsInputsFair
(Level 1)(Level 2)(Level 3)Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds$– $67,160 $2,497 $69,657 
U.S. government bonds374 19 – 393 
State and municipal bonds– 2,785 5 2,790 
Foreign government bonds– 283 – 283 
RMBS– 1,760 13 1,773 
CMBS– 1,416 8 1,424 
ABS– 10,687 1,484 12,171 
Hybrid and redeemable preferred securities46 153 48 247 
Trading securities– 2,075 284 2,359 
Equity securities1 263 42 306 
Mortgage loans on real estate– – 288 288 
Derivative investments (1)
– 10,874 622 11,496 
Other investments – short-term investments– 233 – 233 
MRB assets– – 3,894 3,894 
Other assets:
Ceded MRBs– – 2 2 
Indexed annuity ceded embedded derivatives– – 940 940 
Separate account assets402 157,855 – 158,257 
Total assets$823 $255,563 $10,127 $266,513 
Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts$– $– $(9,077)$(9,077)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives– 237 (789)(552)
MRB liabilities– – (1,716)(1,716)
Other liabilities:
Ceded MRBs– – (239)(239)
Derivative liabilities (1)
– (4,792)(586)(5,378)
Total liabilities$– $(4,555)$(12,407)$(16,962)

(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.
The following summarizes the fair value by the fair value hierarchy levels and the carrying amount of our financial instruments not carried at fair value (in millions):

As of December 31, 2024
Quoted
Prices
in Active
Markets forSignificantSignificant
IdenticalObservableUnobservableTotal
AssetsInputsInputsFairCarrying
(Level 1)(Level 2)(Level 3)ValueAmount
Assets
Investments:
Mortgage loans on real estate$– $19,647 $– $19,647 $21,083 
Other investments– 1,119 5,469 6,588 6,588 
Policy loans– 2,476 – 2,476 2,476 
Cash and invested cash– 5,801 – 5,801 5,801 
Liabilities
Policyholder account balances and other liabilities$– $– $(30,505)$(30,505)$(40,394)
Short-term debt– (299)– (299)(300)
Long-term debt– (5,304)– (5,304)(5,856)
Funds withheld reinsurance-related liabilities – excluding
embedded derivatives– – (16,877)(16,877)(16,877)
As of December 31, 2023
Quoted
Prices
in Active
Markets forSignificantSignificant
IdenticalObservableUnobservableTotal
AssetsInputsInputsFairCarrying
(Level 1)(Level 2)(Level 3)ValueAmount
Assets
Investments:
Mortgage loans on real estate$– $17,047 $– $17,047 $18,963 
Other investments– 667 4,348 5,015 5,015 
Policy loans– 2,476 – 2,476 2,476 
Cash and invested cash– 3,365 – 3,365 3,365 
Liabilities
Policyholder account balances and other liabilities$– $– $(31,611)$(31,611)$(40,027)
Short-term debt– (249)– (249)(250)
Long-term debt– (5,182)– (5,182)(5,699)
Funds withheld reinsurance-related liabilities – excluding
embedded derivatives– – (17,089)(17,089)(17,089)
Fair Value Measured on a Recurring Basis Reconciliation
The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 9.

For the Year Ended December 31, 2024
GainsIssuances,Transfers
Items(Losses)Sales,Into or
IncludedinMaturities,Out
BeginninginOCISettlements,ofEnding
FairNet andCalls,Level 3,Fair
ValueIncome
Other (1)
NetNetValue
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds$2,497 $(1)$(14)$514 $(131)$2,865 
State and municipal bonds5 – – – (5)– 
RMBS13 – (2)6 (5)12 
CMBS8 – (1)29 (28)8 
ABS1,484 – 25 1,037 (447)2,099 
Hybrid and redeemable preferred
securities48 – 3 12 10 73 
Trading securities284 1 – (20)– 265 
Equity securities42 (4)– – (4)34 
Mortgage loans on real estate288 9 1 (66)– 232 
Other investments– – – 13 10 23 
Other assets:
Ceded MRBs (3)
2 – – – – 2 
Indexed annuity ceded embedded
derivatives (4)
940 161 – 14 – 1,115 
Liabilities
Policyholder account balances –
RILA, fixed annuity and IUL
contracts (4)
(9,077)(3,059)– (313)– (12,449)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)
(789)555 – – – (234)
Other liabilities:
Ceded MRBs (3)
(239)(142)– – – (381)
Derivative liabilities36 (124)– 3 (51)(136)
Total, net$(4,458)$(2,604)$12 $1,229 $(651)$(6,472)
For the Year Ended December 31, 2023
GainsIssuances,Transfers
Items(Losses)Sales,Into or
IncludedinMaturities,Out
BeginninginOCISettlements,ofEnding
FairNetandCalls,Level 3,Fair
ValueIncome
Other (1)
NetNetValue
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds$2,295 $2 $17 $194 $(11)$2,497 
State and municipal bonds35 (4)4 (30)– 5 
RMBS1 – – 5 7 13 
CMBS– – – (4)12 8 
ABS1,117 – 9 733 (375)1,484 
Hybrid and redeemable preferred
securities49 – (2)(2)3 48 
Trading securities581 17 – (313)(1)284 
Equity securities153 (19)– (98)6 42 
Mortgage loans on real estate487 (7)5 (197)– 288 
Derivative investments2 (13)– 16 31 36 
Other assets:
Ceded MRBs (3)
12 (10)– – – 2 
Indexed annuity ceded embedded
derivatives (4)
525 6 – 409 – 940 
Liabilities
Policyholder account balances –
RILA, fixed annuity and IUL
contracts (4)
(4,783)(3,193)– (1,101)– (9,077)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)
– (789)– – – (789)
Other liabilities – ceded MRBs (3)
(205)(34)— — – (239)
Total, net$269 $(4,044)$33 $(388)$(328)$(4,458)
For the Year Ended December 31, 2022
GainsIssuances,Transfers
Items(Losses)Sales,Into or
IncludedinMaturities,Out
BeginninginOCISettlements,ofEnding
FairNetandCalls,Level 3,Fair
ValueIncome
Other (1)
NetNetValue
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds$5,720 $1 $(1,550)$796 $(2,672)$2,295 
State and municipal bonds– – (1)– 36 35 
Foreign government bonds41 – (6)(30)(5)– 
RMBS4 – 1 21 (25)1 
CMBS– – – 17 (17)– 
ABS870 – (113)676 (316)1,117 
Hybrid and redeemable preferred
securities93 (6)(22)(12)(4)49 
Trading securities828 (80)– (152)(15)581 
Equity securities95 54 – 19 (15)153 
Mortgage loans on real estate739 (20)(5)(227)– 487 
Derivative investments21 2 (6)– (15)2 
Other assets:
Ceded MRBs (3)
95 (83)– – – 12 
Indexed annuity ceded embedded
derivatives (4)
528 (215)– 212 – 525 
Liabilities
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives (4)
(6,131)1,975 – (627)– (4,783)
Other liabilities – ceded MRBs (3)
(17)(188)– – – (205)
Total, net$2,886 $1,440 $(1,702)$693 $(3,048)$269 

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).
(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
Schedule of Investment Holdings Movements
The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:

For the Year Ended December 31, 2024
IssuancesSalesMaturitiesSettlementsCallsTotal
Investments:
Fixed maturity AFS securities:
Corporate bonds$1,350 $(301)$(2)$(532)$(1)$514 
State and municipal– – – – – – 
RMBS6 – – – – 6 
CMBS29 – – – – 29 
ABS1,495 (82)– (319)(57)1,037 
Hybrid and redeemable preferred
securities16 – – – (4)12 
Trading securities6 (2)– (24)– (20)
Equity securities1 (1)– – – – 
Mortgage loans on real estate1 (31)(29)(7)– (66)
Other investments16 – (3)– – 13 
Other assets – indexed annuity ceded
embedded derivatives135 – – (121)– 14 
Policyholder account balances –
RILA, fixed annuity and IUL
contracts(1,137)– – 824 – (313)
Other liabilities – derivative liabilities4 – (1)– – 3 
Total, net$1,922 $(417)$(35)$(179)$(62)$1,229 

For the Year Ended December 31, 2023
IssuancesSalesMaturitiesSettlementsCallsTotal
Investments:
Fixed maturity AFS securities:
Corporate bonds$797 $(149)$(34)$(409)$(11)$194 
State and municipal– (30)– – – (30)
RMBS5 – – – – 5 
CMBS– – – (4)– (4)
ABS971 (2)– (230)(6)733 
Hybrid and redeemable preferred
securities– – – – (2)(2)
Trading securities– (231)– (82)– (313)
Equity securities1 (99)– – – (98)
Mortgage loans on real estate5 – – (202)– (197)
Derivative investments19 – (3)– – 16 
Other assets – indexed annuity ceded
embedded derivatives404 – – 5 – 409 
Policyholder account balances –
RILA, fixed annuity and IUL
contracts(1,110)– – 9 – (1,101)
Total, net$1,092 $(511)$(37)$(913)$(19)$(388)
For the Year Ended December 31, 2022
IssuancesSalesMaturitiesSettlementsCallsTotal
Investments:
Fixed maturity AFS securities:
Corporate bonds$1,263 $(100)$(82)$(235)$(50)$796 
Foreign government bonds– – (30)– – (30)
RMBS21 – – – – 21 
CMBS17 – – – – 17 
ABS918 – – (235)(7)676 
Hybrid and redeemable preferred
securities– – – – (12)(12)
Trading securities287 (229)– (210)– (152)
Equity securities28 (9)– – – 19 
Mortgage loans on real estate15 – – (242)– (227)
Other assets – indexed annuity ceded
embedded derivatives124 – – 88 – 212 
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives(710)– – 83 – (627)
Total, net$1,963 $(338)$(112)$(751)$(69)$693 
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings
The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):

For the Years Ended December 31,
202420232022
Investments:
Trading securities (1)
$– $8 $(81)
Equity securities (1)
(2)(16)56 
Mortgage loans on real estate (1)
– (8)(20)
Derivative investments (1)
(121)1 2 
MRBs (2)
2,643 2,200 3,183 
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)
555 (789)– 
Embedded derivatives – indexed annuity
and IUL contracts (1)
1,061 (20)(95)
Total, net
$4,136 $1,376 $3,045 

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).
Changes in Unrealized Gains (Losses) Included in OCI
The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):
For the Years Ended December 31,
202420232022
Investments:
Fixed maturity AFS securities:
Corporate bonds$(37)$(5)$(1,562)
State and municipal bonds– 3 (1)
Foreign government bonds– – (7)
ABS(3)3 (116)
Hybrid and redeemable preferred
securities2 (1)(22)
Mortgage loans on real estate2 4 (5)
Total, net$(36)$4 $(1,713)
Components of the Transfers In and Out of Level 3
The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:

For the Year Ended December 31, 2024
TransfersTransfers
IntoOut of
Level 3Level 3Total
Investments:
Fixed maturity AFS securities:
Corporate bonds$22 $(153)$(131)
State and municipal bonds– (5)(5)
RMBS– (5)(5)
CMBS– (28)(28)
ABS50 (497)(447)
Hybrid and redeemable preferred securities10 – 10 
Equity securities– (4)(4)
Other investments10 – 10 
Other liabilities – derivative liabilities– (51)(51)
Total, net$92 $(743)$(651)
For the Year Ended December 31, 2023
TransfersTransfers
IntoOut of
Level 3Level 3Total
Investments:
Fixed maturity AFS securities:
Corporate bonds$195 $(206)$(11)
RMBS12 (5)7 
CMBS12 – 12 
ABS2 (377)(375)
Hybrid and redeemable preferred securities16 (13)3 
Trading securities6 (7)(1)
Equity securities6 – 6 
Derivative investments31 – 31 
Total, net$280 $(608)$(328)

For the Year Ended December 31, 2022
TransfersTransfers
IntoOut of
Level 3Level 3Total
Investments:
Fixed maturity AFS securities:
Corporate bonds$296 $(2,968)$(2,672)
State and municipal bonds36 – 36 
Foreign government bonds– (5)(5)
RMBS– (25)(25)
CMBS– (17)(17)
ABS16 (332)(316)
Hybrid and redeemable preferred securities– (4)(4)
Trading securities4 (19)(15)
Equity securities– (15)(15)
Derivative investments– (15)(15)
Total, net$352 $(3,400)$(3,048)
Fair Value Inputs Quantitative Information
The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2024:

Weighted
FairValuationSignificantAssumption orAverage Input
ValueTechniqueUnobservable InputsInput Ranges
Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds$187 Discounted cash flow
Liquidity/duration adjustment (2)
0 %– 3.1 %1.7 %
ABS10 Discounted cash flow
Liquidity/duration adjustment (2)
1.3 %–1.3 %1.3 %
CMBS8 Discounted cash flow
Liquidity/duration adjustment (2)
1.9 %– 1.9 %1.9 %
Hybrid and redeemable
preferred securities19 Discounted cash flow
Liquidity/duration adjustment (2)
1.4 %– 1.9 %1.8 %
Equity securities5 Discounted cash flow
Liquidity/duration adjustment (2)
4.5 %– 4.5 %4.5 %
MRB assets 4,860 
Other assets – ceded MRBs2 Discounted cash flow
Lapse (3)
1 %– 30 %
(10)
Utilization of GLB withdrawals (4)
85 %– 100 %92 %
Claims utilization factor (5)
60 %– 100 %
(10)
Premiums utilization factor (5)
80 %– 115 %
(10)
Non-performance risk (6)
0.25 %– 2.00 %1.58 %
Mortality (7)
(9)
(10)
Volatility (8)
1 %– 29 %14.50 %
Other assets – indexed
annuity ceded embedded
derivatives1,115 Discounted cash flow
Lapse (3)
0 %– 9 %
(10)
Mortality (7)
(9)
(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives$(12,402)Discounted cash flow
Lapse (3)
0 %– 9 %
(10)
Mortality (7)
(9)
(10)
MRB liabilities(1,046)
Other liabilities – ceded
MRBs(381)Discounted cash flow
Lapse (3)
1 %– 30 %
(10)
Utilization of GLB withdrawals (4)
85 %– 100 %92 %
Claims utilization factor (5)
60 %– 100 %
(10)
Premiums utilization factor (5)
80 %– 115 %
(10)
Non-performance risk (6)
0.25 %– 2.00 %1.58 %
Mortality (7)
(9)
(10)
Volatility (8)
1 %– 29 %14.50 %
The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2023:

FairValuationSignificantAssumption orWeighted Average Input
ValueTechniqueUnobservable InputsInput Ranges
Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds$186 Discounted cash flow
Liquidity/duration adjustment (2)
(0.2)%– 3.7 %2.1 %
State and municipal
bonds5 Discounted cash flow
Liquidity/duration adjustment (2)
0.9 %–2.2 %2.1 %
CMBS8 Discounted cash flow
Liquidity/duration adjustment (2)
2.3 %–2.3 %2.3 %
ABS12 Discounted cash flow
Liquidity/duration adjustment (2)
1.8 %–1.8 %1.8 %
Hybrid and redeemable
preferred securities7 Discounted cash flow
Liquidity/duration adjustment (2)
1.4 %– 1.5 %1.5 %
Equity securities5 Discounted cash flow
Liquidity/duration adjustment (2)
4.5 %– 4.5 %4.5 %
MRB assets 3,894 
Other assets – ceded MRBs2 Discounted cash flow
Lapse (3)
1 %– 30 %
(10)
Utilization of GLB withdrawals (4)
85 %– 100 %94 %
Claims utilization factor (5)
60 %– 100 %
(10)
Premiums utilization factor (5)
80 %– 115 %
(10)
Non-performance risk (6)
0.51 %– 2.13 %1.78 %
Mortality (7)
(9)
(10)
Volatility (8)
1 %– 29 %13.92 %
Other assets – indexed
annuity ceded embedded
derivatives940 Discounted cash flow
Lapse (3)
0 %– 9 %
(10)
Mortality (7)
(9)
(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives$(9,013)Discounted cash flow
Lapse (3)
0 %– 9 %
(10)
Mortality (7)
(9)
(10)
MRB liabilities(1,716)
Other liabilities – ceded
MRBs(239)Discounted cash flow
Lapse (3)
1 %– 30 %
(10)
Utilization of GLB withdrawals (4)
85 %– 100 %94 %
Claims utilization factor (5)
60 %– 100 %
(10)
Premiums utilization factor (5)
80 %– 115 %
(10)
Non-performance risk (6)
0.51 %– 2.13 %1.78 %
Mortality (7)
(9)
(10)
Volatility (8)
1 %– 29 %13.92 %

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.
(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.
(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.
(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.
(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.
(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption.
(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.
(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.
(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.
(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.
Fair Value Option, Disclosures
As of December 31,
20242023
Fair value$232 $288 
Aggregate contractual principal263 326