CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Investments:
Fixed maturity available-for-sale securities, at fair value	$ 83,110	$ 81,900
Trading securities	1,969	2,005
Equity securities	340	294
Mortgage loans on real estate, net of allowance for credit losses	21,417	20,940
Policy loans	2,519	2,465
Derivative investments	7,704	9,512
Other investments	6,345	6,272
Total investments	123,404	123,388
Cash and invested cash	3,009	4,505
Deferred acquisition costs, value of business acquired and deferred sales inducements	12,475	12,426
Reinsurance recoverables, net of allowance for credit losses	48,485	48,943
Deposit assets, net of allowance for credit losses	30,752	30,537
Market risk benefit assets	4,157	4,860
Accrued investment income	1,010	993
Goodwill	1,144	1,144
Other assets	10,464	10,192
Separate account assets	162,506	168,438
Total assets	397,406	405,426
Liabilities
Policyholder account balances	124,892	125,818
Future contract benefits	40,908	40,002
Funds withheld reinsurance liabilities	27,023	26,810
Market risk benefit liabilities	1,306	1,046
Deferred front-end loads	6,930	6,750
Payables for collateral on investments	8,158	9,876
Short-term debt	185	24
Long-term debt	2,155	2,173
Other liabilities	13,052	13,977
Separate account liabilities	162,506	168,438
Total liabilities	387,115	394,914
Contingencies and Commitments (See Note 13)
Stockholder’s Equity
Common stock – $10,000,000 shares authorized, issued and outstanding	13,039	13,015
Retained earnings (deficit)	(842)	(173)
Accumulated other comprehensive income (loss)	(1,906)	(2,330)
Total stockholder’s equity	10,291	10,512
Total liabilities and stockholder’s equity	$ 397,406	$ 405,426