Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 2025
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	56,179	$	7,287	$	63,466
U.S. government bonds	598		20		–		618
State and municipal bonds	–		1,999		–		1,999
Foreign government bonds	–		240		–		240
RMBS	–		1,948		12		1,960
CMBS	–		2,003		61		2,064
ABS	–		11,206		3,389		14,595
Hybrid and redeemable preferred securities	34		119		91		244
Trading securities	–		1,534		303		1,837
Equity securities	205		251		81		537
Mortgage loans on real estate	–		–		230		230
Derivative investments (1)	–		17,279		32		17,311
Other investments – short-term investments	–		214		8		222
MRB assets	–		–		4,694		4,694
Other assets:
Ceded MRBs	–		–		17		17
Indexed annuity ceded embedded derivatives	–		–		2,320		2,320
LPR ceded derivative	–		–		204		204
Separate account assets	385		179,475		–		179,860
Total assets	$	1,222	$	272,467	$	18,729	$	292,418
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts	$	–	$	–	$	(14,918)	$	(14,918)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		324		(136)		188
MRB liabilities	–		–		(1,190)		(1,190)
Other liabilities:
Ceded MRBs	–		–		(2,689)		(2,689)
Derivative liabilities (1)	–		(6,873)		(143)		(7,016)
Total liabilities	$	–	$	(6,549)	$	(19,076)	$	(25,625)

	As of December 31, 2024
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	54,808	$	7,025	$	61,833
U.S. government bonds	370		20		–		390
State and municipal bonds	–		2,148		–		2,148
Foreign government bonds	–		233		–		233
RMBS	–		1,691		12		1,703
CMBS	–		1,575		8		1,583
ABS	–		11,670		2,099		13,769
Hybrid and redeemable preferred securities	47		122		72		241
Trading securities	–		1,740		265		2,005
Equity securities	–		260		34		294
Mortgage loans on real estate	–		–		232		232
Derivative investments (1)	–		13,728		3		13,731
Other investments – short-term investments	–		369		23		392
MRB assets	–		–		4,860		4,860
Other assets:
Ceded MRBs	–		–		14		14
Indexed annuity ceded embedded derivatives	–		–		1,970		1,970
LPR ceded derivative	–		–		190		190
Separate account assets	391		168,047		–		168,438
Total assets	$	808	$	256,411	$	16,807	$	274,026
Liabilities
Policyholder account balances – RILA,
fixed annuity and IUL contracts	$	–	$	–	$	(12,449)	$	(12,449)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives	–		787		(59)		728
MRB liabilities	–		–		(1,046)		(1,046)
Other liabilities:
Ceded MRBs	–		–		(2,763)		(2,763)
Derivative liabilities (1)	–		(4,256)		(139)		(4,395)
Total liabilities	$	–	$	(3,469)	$	(16,456)	$	(19,925)

(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 September 30, 2025
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair		Carrying
	(Level 1)		(Level 2)		(Level 3)		Value		Amount
Assets
Investments:
Mortgage loans on real estate	$	–	$	21,246	$	–	$	21,246	$	21,862
Other investments	–		598		5,489		6,087		6,087
Policy loans	–		2,574		–		2,574		2,574
Cash and invested cash	–		9,944		–		9,944		9,944
Liabilities
Policyholder account balances – certain investment
contracts and other liabilities	$	–	$	–	$	(36,351)	$	(36,351)	$	(43,183)
Policyholder account balances – funding agreements	–		(1,942)		–		(1,942)		(1,892)
Short-term debt	–		(105)		–		(105)		(105)
Long-term debt	–		(2,202)		–		(2,202)		(2,147)
Funds withheld reinsurance-related liabilities –
excluding embedded derivatives	–		–		(29,798)		(29,798)		(29,798)

	As of December 31, 2024
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair		Carrying
	(Level 1)		(Level 2)		(Level 3)		Value		Amount
Assets
Investments:
Mortgage loans on real estate	$	–	$	19,523	$	–	$	19,523	$	20,940
Other investments	–		1,061		5,211		6,272		6,272
Policy loans	–		2,465		–		2,465		2,465
Cash and invested cash	–		4,505		–		4,505		4,505
Liabilities
Policyholder account balances – certain investment
contracts and other liabilities	$	–	$	–	$	(29,689)	$	(29,689)	$	(39,137)
Short-term debt	–		(24)		–		(24)		(24)
Long-term debt	–		(2,164)		–		(2,164)		(2,173)
Funds withheld reinsurance-related liabilities –
excluding embedded derivatives	–		–		(27,538)		(27,538)		(27,538)

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 8.

	For the Three Months Ended September 30, 2025
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	7,240	$	(6)	$	5	$	90	$	(42)	$	7,287
RMBS	79		–		1		–		(68)		12
CMBS	41		–		1		19		–		61
ABS	3,000		–		33		427		(71)		3,389
Hybrid and redeemable preferred
securities	91		–		–		–		–		91
Trading securities	296		3		–		4		–		303
Equity securities	78		–		–		3		–		81
Mortgage loans on real estate	232		(1)		(1)		–		–		230
Other investments – short-term
investments	24		–		–		(16)		–		8
Other assets:
Ceded MRBs (3)	20		(3)		–		–		–		17
Indexed annuity ceded embedded
derivatives (4)	2,134		110		–		76		–		2,320
LPR ceded derivative (5)	198		6		–		–		–		204
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(13,089)		(1,693)		–		(136)		–		(14,918)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)	(92)		(44)		–		–		–		(136)
Other liabilities:
Ceded MRBs (3)	(2,541)		(148)		–		–		–		(2,689)
Derivative liabilities	(115)		4		–		–		–		(111)
Total, net	$	(2,404)	$	(1,772)	$	39	$	467	$	(181)	$	(3,851)

	For the Three Months Ended September 30, 2024
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	6,817	$	(1)	$	39	$	11	$	(7)	$	6,859
RMBS	18		–		–		–		(5)		13
CMBS	22		–		1		14		(16)		21
ABS	1,997		1		49		232		(178)		2,101
Hybrid and redeemable preferred
securities	50		–		1		16		9		76
Trading securities	273		7		–		(6)		–		274
Equity securities	38		–		–		1		(4)		35
Mortgage loans on real estate	258		2		4		(1)		–		263
Derivative investments	(8)		6		–		1		–		(1)
Other investments – short-term
investments	–		–		–		10		10		20
Other assets:
Ceded MRBs (3)	39		11		–		–		–		50
Indexed annuity ceded embedded
derivatives (4)	1,756		232		–		(27)		–		1,961
LPR ceded derivative (5)	202		–		–		–		–		202
Liabilities
Policyholder account balances –
RILA, fixed annuity and
IUL contracts (4)	(11,417)		(898)		–		45		–		(12,270)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)	(53)		11		–		–		–		(42)
Other liabilities – ceded MRBs (3)	(2,189)		(28)		–		–		–		(2,217)
Total, net	$	(2,197)	$	(657)	$	94	$	296	$	(191)	$	(2,655)

	For the Nine Months Ended September 30, 2025
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	7,025	$	(40)	$	4	$	229	$	69	$	7,287
RMBS	12		–		1		74		(75)		12
CMBS	8		–		1		59		(7)		61
ABS	2,099		(21)		40		1,324		(53)		3,389
Hybrid and redeemable preferred
securities	72		–		–		19		–		91
Trading securities	265		7		–		7		24		303
Equity securities	34		(8)		–		1		54		81
Mortgage loans on real estate	232		(3)		3		(2)		–		230
Other investments – short-term
investments (4)	23		–		–		(15)		–		8
Other assets:
Ceded MRBs (3)	14		3		–		–		–		17
Indexed annuity ceded embedded
derivatives (4)	1,970		188		–		162		–		2,320
LPR ceded derivative (5)	190		14		–		–		–		204
Liabilities
Policyholder account balances -
RILA, fixed annuity and
IUL contracts (4)	(12,449)		(2,161)		–		(308)		–		(14,918)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)	(59)		(77)		–		–		–		(136)
Other liabilities:
Ceded MRBs (3)	(2,763)		74		–		–		–		(2,689)
Derivative liabilities	(136)		25		–		–		–		(111)
Total, net	$	(3,463)	$	(1,999)	$	49	$	1,550	$	12	$	(3,851)

	For the Nine Months Ended September 30, 2024
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	6,469	$	(1)	$	23	$	492	$	(124)	$	6,859
State and municipal bonds	5		–		–		–		(5)		–
RMBS	13		–		(1)		6		(5)		13
CMBS	8		–		1		28		(16)		21
ABS	1,484		2		54		798		(237)		2,101
Hybrid and redeemable preferred
securities	48		–		3		16		9		76
Trading securities	284		7		–		(17)		–		274
Equity securities	42		(3)		–		–		(4)		35
Mortgage loans on real estate	288		6		5		(36)		–		263
Derivative investments	36		11		–		3		(51)		(1)
Other investments – short-term
investments	–		–		–		10		10		20
Other assets:
Ceded MRBs (3)	274		(224)		–		–		–		50
Indexed annuity ceded embedded
derivatives (4)	940		276		–		745		–		1,961
LPR ceded derivative (5)	206		(4)		–		–		–		202
Liabilities
Policyholder account balances -
RILA, fixed annuity and
IUL contracts (4)	(9,077)		(2,915)		–		(278)		–		(12,270)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)	–		(42)		–		–		–		(42)
Other liabilities – ceded MRBs (3)	(1,149)		(1,068)		–		–		–		(2,217)
Total, net	$	(129)	$	(3,955)	$	85	$	1,767	$	(423)	$	(2,655)

(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).

(5) Gains (losses) from the changes in fair value are included in benefits 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 Three Months Ended September 30, 2025
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	352	$	(101)	$	–	$	(161)	$	–	$	90
CMBS	19		–		–		–		–		19
ABS	581		(38)		–		(84)		(32)		427
Trading securities	22		(8)		(5)		(5)		–		4
Equity securities	4		(1)		–		–		–		3
Mortgage loans on real estate	1		–		–		(1)		–		–
Other investments – short-term investments	–		–		–		(16)		–		(16)
Other assets – indexed annuity ceded
embedded derivatives	37		–		–		39		–		76
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(398)		–		–		262		–		(136)
Total, net	$	618	$	(148)	$	(5)	$	34	$	(32)	$	467

	For the Three Months Ended September 30, 2024
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	273	$	(92)	$	–	$	(170)	$	–	$	11
CMBS	14		–		–		–		–		14
ABS	402		(20)		–		(104)		(46)		232
Hybrid and redeemable preferred
securities	16		–		–		–		–		16
Trading securities	1		–		–		(7)		–		(6)
Equity securities	1		–		–		–		–		1
Mortgage loans on real estate	–		–		–		(1)		–		(1)
Derivative investments	–		–		1		–		–		1
Other investments – short-term investments	10		–		–		–		–		10
Other assets – indexed annuity ceded
embedded derivatives	51		–		–		(78)		–		(27)
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(317)		–		–		362		–		45
Total, net	$	451	$	(112)	$	1	$	2	$	(46)	$	296

	For the Nine Months Ended September 30, 2025
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,208	$	(582)	$	(6)	$	(381)	$	(10)	$	229
RMBS	75		–		–		(1)		–		74
CMBS	74		(15)		–		–		–		59
ABS	1,752		(78)		(10)		(251)		(89)		1,324
Hybrid and redeemable preferred
securities	21		(2)		–		–		–		19
Trading securities	83		(60)		(5)		(11)		–		7
Equity securities	14		(13)		–		–		–		1
Mortgage loans on real estate	2		(1)		–		(3)		–		(2)
Other investments – short-term investments	11		–		(10)		(16)		–		(15)
Other assets – indexed annuity ceded
embedded derivatives	127		–		–		35		–		162
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(1,057)		–		–		749		–		(308)
Total, net	$	2,310	$	(751)	$	(31)	$	121	$	(99)	$	1,550

	For the Nine Months Ended September 30, 2024
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,184	$	(298)	$	(2)	$	(391)	$	(1)	$	492
RMBS	6		–		–		–		–		6
CMBS	28		–		–		–		–		28
ABS	1,128		(50)		–		(223)		(57)		798
Hybrid and redeemable preferred
securities	16		–		–		–		–		16
Trading securities	5		(2)		–		(20)		–		(17)
Equity securities	1		(1)		–		–		–		–
Mortgage loans on real estate	1		(31)		–		(6)		–		(36)
Derivative investments	4		–		(1)		–		–		3
Other investments – short-term investments	10		–		–		–		–		10
Other assets – indexed annuity ceded
embedded derivatives	103		–		–		642		–		745
Policyholder account balances –
RILA, fixed annuity and
IUL contracts	(849)		–		–		571		–		(278)
Total, net	$	1,637	$	(382)	$	(3)	$	573	$	(58)	$	1,767

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 Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Investments:
Trading securities (1)	$	3	$	7	$	3	$	6
Equity securities (1)	2		–		(5)		(2)
Mortgage loans on real estate (1)	(1)		2		(3)		(2)
Derivative investments (1)	34		5		(9)		14
MRBs (2)	194		(684)		7		161
Other assets – LPR ceded derivative (3)	6		–		14		(4)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)	(44)		11		(77)		(42)
Embedded derivatives – indexed annuity
and IUL contracts (1)	220		287		596		755
Total, net	$	414	$	(372)	$	526	$	886

(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).

(3) Included in benefits 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 Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	39	$	(16)	$	2
RMBS	–		1		–		–
CMBS	1		–		1		–
ABS	32		47		43		26
Hybrid and redeemable preferred
securities	–		1		–		2
Mortgage loans on real estate	(1)		4		3		5
Total, net	$	32	$	92	$	31	$	35

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 Three Months Ended September 30, 2025						For the Three Months Ended September 30, 2024
	Transfers		Transfers				Transfers		Transfers
	Into		Out of				Into		Out of
	Level 3		Level 3		Total		Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	(42)	$	(42)	$	–	$	(7)	$	(7)
RMBS	–		(68)		(68)		–		(5)		(5)
CMBS	–		–		–		–		(16)		(16)
ABS	–		(71)		(71)		–		(178)		(178)
Hybrid and redeemable preferred
securities	–		–		–		9		–		9
Equity securities	–		–		–		–		(4)		(4)
Other investments – short-term investments	–		–		–		10		–		10
Total, net	$	–	$	(181)	$	(181)	$	19	$	(210)	$	(191)

	For the Nine Months Ended September 30, 2025						For the Nine Months Ended September 30, 2024
	Transfers		Transfers				Transfers		Transfers
	Into		Out of				Into		Out of
	Level 3		Level 3		Total		Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	112	$	(43)	$	69	$	19	$	(143)	$	(124)
State and municipal bonds	–		–		–		–		(5)		(5)
RMBS	–		(75)		(75)		–		(5)		(5)
CMBS	–		(7)		(7)		–		(16)		(16)
ABS	70		(123)		(53)		49		(286)		(237)
Hybrid and redeemable preferred
securities	9		(9)		–		9		–		9
Trading securities	24		–		24		–		–		–
Equity securities	54		–		54		–		(4)		(4)
Derivative investments	–		–		–		–		(51)		(51)
Other investments – short-term investments	–		–		–		10		–		10
Total, net	$	269	$	(257)	$	12	$	87	$	(510)	$	(423)

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 September 30, 2025:

										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds	$	246	Discounted cash flow	Liquidity/duration adjustment (2)	0.0	%	–	5.2	%	2.0	%
CMBS	42		Discounted cash flow	Liquidity/duration adjustment (2)	1.7	%	–	1.8	%	1.8	%
ABS	8		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.4	%	1.4	%
Hybrid and redeemable
preferred securities	40		Discounted cash flow	Liquidity/duration adjustment (2)	1.0	%	–	2.0	%	1.8	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	4,694		Discounted cash flow	Lapse (3)	1.0	%	–	30.0	%	(10)
				Utilization of GLB withdrawals (4)	85.0	%	–	100.0	%	93.0	%
				Claims utilization factor (5)	50.0	%	–	100.0	%	(10)
				Premiums utilization factor (5)	80.0	%	–	115.0	%	(10)
				Non-performance risk (6)	0.2	%	–	1.8	%	1.4	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1.0	%	–	27.0	%	15.1	%
Other assets:
Ceded MRBs (11)	17
Indexed annuity
ceded embedded
derivatives	2,320		Discounted cash flow	Lapse (3)	0.0	%	–	9.0	%	(10)
				Mortality (7)				(9)		(10)
LPR ceded
derivative	204		Discounted cash flow	Lapse (3)	0.1	%	–	2.4	%	(10)
				Non-performance risk (6)	0.2	%	–	1.8	%	1.2	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(14,829)	Discounted cash flow	Lapse (3)	0.0	%	–	9.0	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,190)		Discounted cash flow	Lapse (3)	1.0	%	–	30.0	%	(10)
				Utilization of GLB withdrawals (4)	85.0	%	–	100.0	%	93.0	%
				Claims utilization factor (5)	50.0	%	–	100.0	%	(10)
				Premiums utilization factor (5)	80.0	%	–	115.0	%	(10)
				Non-performance risk (6)	0.2	%	–	1.8	%	1.4	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1.0	%	–	27.0	%	15.1	%
Other liabilities – ceded
MRBs (11)	(2,689)

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
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds	$	185	Discounted cash flow	Liquidity/duration adjustment (2)	0.0	%	–	3.1	%	1.7	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	1.9	%	–	1.9	%	1.9	%
ABS	10		Discounted cash flow	Liquidity/duration adjustment (2)	1.3	%	–	1.3	%	1.3	%
Hybrid and redeemable
preferred securities	19		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.9	%	1.8	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%
MRB assets	4,860		Discounted cash flow	Lapse (3)	1.0	%	–	30.0	%	(10)
				Utilization of GLB withdrawals (4)	85.0	%	–	100.0	%	92.0	%
				Claims utilization factor (5)	60.0	%	–	100.0	%	(10)
				Premiums utilization factor (5)	80.0	%	–	115.0	%	(10)
				Non-performance risk (6)	0.3	%	–	2.0	%	1.6	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1.0	%	–	29.0	%	14.5	%
Other assets:
Ceded MRBs (11)	14
Indexed annuity
ceded embedded
derivatives	1,970		Discounted cash flow	Lapse (3)	0.0	%	–	9.0	%	(10)
				Mortality (7)				(9)		(10)
LPR ceded
derivative	190		Discounted cash flow	Lapse (3)	0.1	%	–	2.0	%	(10)
				Non-performance risk (6)	0.3	%	–	2.0	%	1.4	%
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(12,402)	Discounted cash flow	Lapse (3)	0.0	%	–	9.0	%	(10)
				Mortality (7)				(9)		(10)
MRB liabilities	(1,046)		Discounted cash flow	Lapse (3)	1.0	%	–	30.0	%	(10)
				Utilization of GLB withdrawals (4)	85.0	%	–	100.0	%	92.0	%
				Claims utilization factor (5)	60.0	%	–	100.0	%	(10)
				Premiums utilization factor (5)	80.0	%	–	115.0	%	(10)
				Non-performance risk (6)	0.3	%	–	2.0	%	1.6	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1.0	%	–	29.0	%	14.5	%
Other liabilities – ceded
MRBs (11)	(2,763)

(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. The non-performance risk input for LPR ceded derivative was weighted using a simple average.

(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.

(11) The fair value inputs for ceded MRBs are consistent with those used to value MRB assets and liabilities.

Fair Value Option, Disclosures

The fair value and aggregate contractual principal for mortgage loans on real estate where the fair value option was elected (in millions) were as follows:

	As of September 30,		As of December 31,
	2025		2024
Fair value	$	230	$	232
Aggregate contractual principal	263		263