Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the balances of assets and liabilities reported at fair value on a recurring basis, as of the dates indicated.

	March 31, 2025
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	1,080,660	$	0	$		$	1,080,660
Obligations of U.S. states and their political subdivisions	0		517,184		0				517,184
Foreign government securities	0		393,237		0				393,237
U.S. corporate public securities	0		15,560,822		0				15,560,822
U.S. corporate private securities	0		5,307,604		1,001,182				6,308,786
Foreign corporate public securities	0		4,366,433		6,869				4,373,302
Foreign corporate private securities	0		5,346,922		433,117				5,780,039
Asset-backed securities(2)	0		2,961,274		855,082				3,816,356
Commercial mortgage-backed securities	0		905,268		76,272				981,540
Residential mortgage-backed securities	0		354,146		0				354,146
Subtotal	0		36,793,550		2,372,522				39,166,072
Market risk benefit assets	0		0		2,508,967				2,508,967
Fixed maturities, trading	0		4,126,571		152,081				4,278,652
Equity securities	2,342,713		21,274		20,274				2,384,261
Short-term investments	0		354,852		104,761				459,613
Cash equivalents	0		1,828,321		103				1,828,424
Other invested assets(3)	12,288		12,741,659		32		(12,673,497)		80,482
Reinsurance recoverables and deposit receivables	0		0		716,745				716,745
Receivables from parent and affiliates	0		187,671		379,360				567,031
Subtotal excluding separate account assets	2,355,001		56,053,898		6,254,845		(12,673,497)		51,990,247
Separate account assets(4)(5)	319,136		106,449,817		12,242				106,781,195
Total assets	$	2,674,137	$	162,503,715	$	6,267,087	$	(12,673,497)	$	158,771,442
Market risk benefit liabilities	$	0	$	0	$	4,803,284	$		$	4,803,284
Policyholders' account balances	0		0		11,817,734				11,817,734
Payables to parent and affiliates	0		26,296,904		0		(22,078,754)		4,218,150
Other liabilities	7,660		5,153		12,504		(6,940)		18,377
Total liabilities	$	7,660	$	26,302,057	$	16,633,522	$	(22,085,694)	$	20,857,545

	December 31, 2024
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in thousands)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	1,099,241	$	0	$		$	1,099,241
Obligations of U.S. states and their political subdivisions	0		541,066		0				541,066
Foreign government securities	0		309,686		648				310,334
U.S. corporate public securities	0		13,238,428		0				13,238,428
U.S. corporate private securities	0		4,996,400		757,697				5,754,097
Foreign corporate public securities	0		3,692,124		6,727				3,698,851
Foreign corporate private securities	0		4,906,450		435,183				5,341,633
Asset-backed securities(2)	0		3,126,089		624,574				3,750,663
Commercial mortgage-backed securities	0		820,457		75,318				895,775
Residential mortgage-backed securities	0		356,072		0				356,072
Subtotal	0		33,086,013		1,900,147				34,986,160
Market risk benefit assets	0		0		2,637,363				2,637,363
Fixed maturities, trading	0		3,778,760		66,285				3,845,045
Equity securities	2,587,791		15,514		20,515				2,623,820
Short-term investments	0		390,745		105,540				496,285
Cash equivalents	0		2,851,250		33				2,851,283
Other invested assets(3)	2,302		15,330,249		143		(15,308,195)		24,499
Reinsurance recoverables and deposit receivables	0		0		645,193				645,193
Receivables from parent and affiliates	0		169,072		351,390				520,462
Subtotal excluding separate account assets	2,590,093		55,621,603		5,726,609		(15,308,195)		48,630,110
Separate account assets(4)(5)	273,288		111,415,717		10,547				111,699,552
Total assets	$	2,863,381	$	167,037,320	$	5,737,156	$	(15,308,195)	$	160,329,662
Market risk benefit liabilities	$	0	$	0	$	4,281,244	$		$	4,281,244
Policyholders' account balances	0		0		12,624,585				12,624,585
Payables to parent and affiliates	0		27,232,920		0		(23,617,643)		3,615,277
Other liabilities	7,988		1,274		31		(1,943)		7,350
Total liabilities	$	7,988	$	27,234,194	$	16,905,860	$	(23,619,586)	$	20,528,456

(1)“Netting” amounts represent cash collateral of $(9,412) million and $(8,311) million as of March 31, 2025 and December 31, 2024, respectively, and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

(2)Includes credit-tranched securities collateralized by loan obligations, home equity loans, auto loans and education loans.

(3)Other invested assets excluded from the fair value hierarchy include certain hedge funds, private equity funds and other funds for which fair value is measured at net asset value ("NAV") per share (or its equivalent) as a practical expedient. As of March 31, 2025 and December 31, 2024, the fair value of such investments was $40 million and $44 million, respectively.

(4)Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Unaudited Interim Consolidated Statements of Financial Position.

(5)Separate account assets included in the fair value hierarchy exclude investments in entities that calculate NAV per share (or its equivalent) as a practical expedient. Such investments excluded from the fair value hierarchy include investments in real estate, hedge funds and a corporate owned life insurance fund. As of March 31, 2025 and December 31, 2024, the fair value of such investments was $6,805 million and $6,444 million, respectively.

Fair Value Inputs, Assets and Liabilities, Quantitative Information

The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.

	March 31, 2025
	Fair Value		Valuation   Techniques	Unobservable Inputs	Minimum		Maximum		Weighted Average		Impact of  Increase in  Input on  Fair Value(1)(2)
	(in thousands)
Assets:
Corporate securities(3)	$	1,360,498	Discounted cash flow	Discount rate	5.74	%	21.50	%	11.08	%	Decrease
			Market comparables	EBITDA multiple(4)	5.0 X		5.0 X		5.0 X		Increase
			Liquidation	Liquidation value	29.66	%	84.21	%	75.45	%	Increase
Asset-backed securities	$	104,566	Discounted cash flow	Discount rate	2.43	%	10.10	%	4.35	%	Decrease
				Liquidity premium	1.90	%	1.90	%	1.90	%	Decrease
Commercial mortgage-backed securities	$	76,272	Discounted cash flow	Liquidity premium	0.90	%	0.90	%	0.90	%	Decrease
Market risk benefit assets(5)	$	2,508,967	Discounted cash flow	Lapse rate(6)	1	%	20	%			Increase
				Spread over SOFR(7)	0.41	%	1.84	%			Increase
				Utilization rate(8)	37	%	94	%			Decrease
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	16	%			Increase
				Equity volatility curve	16	%	25	%			Decrease
Reinsurance recoverables and deposit receivables(11)	$	716,745	Discounted cash flow	Lapse rate(6)	0	%	80	%			Decrease
				Spread over SOFR(7)	0.41	%	1.83	%			Decrease
				Option budget(13)	(1)	%	7	%			Increase
Receivables from parent and affiliates	$	374,029	Liquidation	Liquidation value	100	%	100	%	100	%	Increase
Liabilities:
Market risk benefit liabilities(5)	$	4,803,284	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over SOFR(7)	0.41	%	1.84	%			Decrease
				Utilization rate(8)	37	%	94	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	16	%			Decrease
				Equity volatility curve	16	%	25	%			Increase
Policyholders' account balances(12)	$	11,817,734	Discounted cash flow	Lapse rate(6)	0	%	80	%			Decrease
				Spread over SOFR(7)	0.41	%	1.83	%			Decrease
				Mortality rate(10)	0	%	23	%			Decrease
				Option budget(13)	(1)	%	7	%			Increase

	December 31, 2024
	Fair Value		Valuation   Techniques	Unobservable Inputs	Minimum		Maximum		Weighted  Average		Impact of  Increase in  Input on  Fair Value(1)(2)
	(in thousands)
Assets:
Corporate securities(3)	$	1,130,627	Discounted cash flow	Discount rate	2.15	%	20.00	%	11.15	%	Decrease
			Market Comparables	EBITDA multiple(4)	5.0 X		5.0 X		5.0 X		Increase
			Liquidation	Liquidation value	75.00	%	75.00	%	75.00	%	Increase
Asset-backed securities	$	90,370	Discounted cash flow	Discount rate	2.30	%	10.70	%	6.18	%	Decrease
Commercial mortgage-backed securities	$	75,318	Discounted cash flow	Liquidity premium	1.00	%	1.00	%	1.00	%	Decrease
Market risk benefit assets(5)	$	2,637,363	Discounted cash flow	Lapse rate(6)	1	%	20	%			Increase
				Spread over SOFR(7)	0.29	%	1.79	%			Increase
				Utilization rate(8)	37	%	94	%			Decrease
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	16	%			Increase
				Equity volatility curve	16	%	25	%			Decrease
Reinsurance recoverables and deposit receivables(11)	$	645,193	Discounted cash flow	Lapse rate(6)	0	%	80	%			Decrease
				Spread over SOFR(7)	0.29	%	1.71	%			Decrease
				Option budget(13)	(1)	%	7	%			Increase
Receivables from parent and affiliates	$	328,001	Liquidation	Liquidation value	100	%	100	%	100	%	Increase
Liabilities:
Market risk benefit liabilities(5)	$	4,281,244	Discounted cash flow	Lapse rate(6)	1	%	20	%			Decrease
				Spread over SOFR(7)	0.29	%	1.79	%			Decrease
				Utilization rate(8)	37	%	94	%			Increase
				Withdrawal rate	See table footnote (9) below.
				Mortality rate(10)	0	%	16	%			Decrease
				Equity volatility curve	16	%	25	%			Increase
Policyholders' account balances(12)	$	12,624,585	Discounted cash flow	Lapse rate(6)	0	%	80	%			Decrease
				Spread over SOFR(7)	0.29	%	1.73	%			Decrease
				Mortality rate(10)	0	%	23	%			Decrease
				Option budget(13)	(1)	%	7	%			Increase

(1)Conversely, the impact of a decrease in input would have the opposite impact on fair value as that presented in the table.

(2)Directional impacts for MRB assets and liabilities are associated with the directional impacts of direct and assumed MRBs.

(3)Includes assets classified as fixed maturities, available-for-sale and fixed maturities, trading.

(4)Represents multiple of earnings before interest, taxes, depreciation and amortization ("EBITDA"), and are amounts used when the Company has determined that market participants would use such multiples when valuing the investments.

(5)Market risk benefits primarily represent fair value for all living benefit guarantees including accumulation, withdrawal and income benefits. Since the valuation methodology for these assets and liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(6)Lapse rates for contracts with living benefit guarantees are adjusted at the contract level based on the in-the-moneyness of the living benefit and reflect other factors, such as the applicability of any surrender charges. Lapse rates are reduced when contracts are more in-the-money. Lapse rates for contracts with index-linked crediting guarantees may be adjusted at the contract level based on the applicability of any surrender charges, product type, and market related factors such as interest rates. Lapse rates are also generally assumed to be lower for the period where surrender charges apply. For any given contract, lapse rates vary throughout the period over which cash flows are projected for the purposes of valuing these balances.

(7)The spread over the Secured Overnight Financing Rate (“SOFR”) swap curve represents the premium added to the proxy for the risk-free rate (SOFR) to reflect the Company’s estimates of rates that a market participant would use to value the living benefits in both the accumulation and payout phases and index-linked interest crediting guarantees as of March 31, 2025 and December 31, 2024, respectively. This spread includes an estimate of non-performance risk ("NPR"), which is the risk that the obligation will not be fulfilled by the Company. NPR is primarily estimated by utilizing the credit spreads associated with issuing funding agreements, adjusted for any illiquidity risk premium. In order to reflect the financial strength ratings of the Company, credit spreads associated with funding agreements, as opposed to credit spread associated with debt, are utilized in developing this estimate because funding agreements are insurance liabilities and are therefore senior to debt. Effective April 2023, the Company entered into an agreement with The Ohio National Life Insurance Company, now known as AuguStar Life Insurance Company ("AuguStar"), an affiliate of Constellation Insurance Holdings, Inc., to reinsure approximately $10 billion of account values of Prudential Defined Income ("PDI") traditional variable annuity contracts with guaranteed living benefits. See Note 11 for additional information regarding this transaction. As a result of this transaction, a ceded MRB asset balance was established to fair value the reinsurance reimbursements to the Company. The establishment of the fair value also required an estimate of NPR for AuguStar, which may differ from the Company's; however, the NPR spreads for AuguStar were developed using a methodology similar to that of the Company.

(8)The utilization rate assumption estimates the percentage of contracts that will utilize the benefit during the contract duration and begin lifetime withdrawals at various time intervals from contract inception. The remaining contractholders are assumed to either begin lifetime withdrawals immediately or never utilize the benefit. Utilization assumptions may vary by product type, tax status and age. The impact of changes in these assumptions is highly dependent on the product type, the age of the contractholder at the time of the sale, and the timing of the first lifetime income withdrawal. Range reflects the utilization rate for the vast majority of business with living benefits.

(9)The withdrawal rate assumption estimates the magnitude of annual contractholder withdrawals relative to the maximum allowable amount under the contract. These assumptions vary based on the age of the contractholder, the tax status of the contract and the duration since the contractholder began lifetime withdrawals. As of both March 31, 2025 and December 31, 2024, the minimum withdrawal rate assumption is 78% and the maximum withdrawal rate assumption may be greater than 100%. The fair value of the liability will generally increase the closer the withdrawal rate is to 100% and decrease as the withdrawal rate moves further away from 100%.

(10)The range reflects the mortality rates for the vast majority of business with living benefits and other contracts, with policyholders ranging from 50 to 90 years old. While the majority of living benefits have a minimum age requirement, certain other contracts do not have an age restriction. This results in contractholders with mortality rates approaching 0% for certain benefits. Mortality rates may vary by product, age, and duration. A mortality improvement assumption is also incorporated into the overall mortality table.

(11)Includes deposit assets related to reinsurance agreements using deposit method of accounting and modified coinsurance agreements, which include amounts representing the fair value of embedded derivative instruments associated with the index-linked features of certain annuity products.

(12)Policyholders’ account balances primarily represent general account liabilities for the index-linked interest credited on certain of the Company’s life and annuity products that are accounted for as embedded derivatives. Since the valuation methodology for these liabilities uses a range of inputs that vary at the contract level over the cash flow projection period, presenting a range, rather than a weighted average, is a more meaningful representation of the unobservable inputs used in the valuation.

(13)Option budget estimates the expected long-term cost of options used to hedge exposures associated with equity price and interest rate changes. The level of option budget determines future costs of the options, which impacts the growth in account value and the valuation of embedded derivatives.

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

The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

	Three Months Ended March 31, 2025(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
Foreign government	$	648	$	(8)	$	0	$	0	$	0	$	(640)	$	0	$	0	$	0	$	0	$	0
Corporate securities(3)	1,199,607		(1,598)		416,528		(159,562)		0		(40,372)		(4,435)		31,000		0		1,441,168		(759)
Structured securities(4)	699,892		2,777		321,883		(203,502)		0		(36,655)		(58,357)		261,816		(56,500)		931,354		3,481
Other assets:
Fixed maturities, trading	66,285		3,593		82,403		0		0		(26,130)		58,357		2,001		(34,428)		152,081		6,190
Equity securities	20,515		(241)		0		0		0		0		0		0		0		20,274		(241)
Other invested assets	143		(111)		0		0		0		0		0		0		0		32		(111)
Short-term investments	105,540		(323)		2,500		(1,524)		0		(34)		(1,398)		0		0		104,761		(323)
Cash equivalents	33		(87)		206		0		0		(16)		(33)		0		0		103		(87)
Receivables from parent and affiliates	351,390		(3,052)		55,295		(9,253)		0		(2,789)		5,867		0		(18,098)		379,360		(3,093)
Reinsurance recoverables and deposit receivables(5)	645,193		(741)		72,293		0		0		0		0		0		0		716,745		41,155
Separate account assets	10,547		(101)		1,876		(69)		0		(11)		0		0		0		12,242		(101)
Liabilities:
Policyholders' account balances(5)	(12,624,585)		1,434,146		0		0		(627,295)		0		0		0		0		(11,817,734)		403,703
Other liabilities	(31)		(12,473)		0		0		0		0		0		0		0		(12,504)		(12,473)

	Three Months Ended March 31, 2025
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(6,667)	$	0	$	0	$	8,780	$	(942)	$	(6,178)	$	0	$	0	$	8,900
Other assets:
Fixed maturities, trading	0		6,190		0		0		(2,597)		0		6,190		0		0
Equity securities	0		(241)		0		0		0		0		(241)		0		0
Other invested assets	(111)		0		0		0		0		(111)		0		0		0
Short-term investments	28		0		0		(351)		0		28		0		0		(351)
Cash equivalents	(87)		0		0		0		0		(87)		0		0		0
Receivables from parent and affiliates	(4,071)		0		0		1,019		0		(3,899)		0		0		806
Reinsurance recoverables and deposit receivables	(741)		0		0		0		0		41,155		0		0		0
Separate account assets	0		0		(101)		0		0		0		0		(101)		0
Liabilities:
Policyholders' account balances	1,434,146		0		0		0		0		403,703		0		0		0
Other liabilities	(12,473)		0		0		0		0		(12,473)		0		0		0

	Three Months Ended March 31, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
Foreign government	$	682	$	(11)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	671	$	(13)
Corporate securities(3)	1,014,343		(10,790)		125,041		(65,052)		0		(53,892)		0		0		0		1,009,650		(9,602)
Structured securities(4)	177,237		(139)		484,340		0		0		(1,895)		0		34,578		0		694,121		(280)
Other assets:
Fixed maturities, trading	34,048		(848)		113,343		0		0		0		0		0		0		146,543		(848)
Equity securities	28,709		(332)		273		0		0		0		0		0		0		28,650		(332)
Other invested assets	1		1		(1)		0		0		0		0		0		0		1		1
Short-term investments	1,759		(316)		2,002		0		0		(94)		0		0		0		3,351		(316)
Receivables from parent and affiliates	0		0		121,378		0		0		0		0		0		0		121,378		0
Reinsurance recoverables and deposit receivables(5)(8)(9)	192,642		(14,340)		72,576		0		0		0		0		0		0		250,878		(51,458)
Separate account assets	5,985		199		2,633		(1,256)		0		(125)		0		458		0		7,894		200
Liabilities:
Policyholders' account balances(5)(9)	(7,697,627)		(1,495,324)		0		0		(560,400)		0		813		0		0		(9,752,538)		(134,807)
Other liabilities	0		(207)		0		0		0		0		0		0		0		(207)		(207)

	Three Months Ended March 31, 2024
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(1,696)	$	0	$	0	$	(9,842)	$	598	$	626	$	0	$	0	$	(10,521)
Other assets:
Fixed maturities, trading	0		(848)		0		0		0		0		(848)		0		0
Equity securities	0		(332)		0		0		0		0		(332)		0		0
Other invested assets	1		0		0		0		0		1		0		0		0
Short-term investments	(316)		0		0		0		0		(316)		0		0		0
Reinsurance recoverables and deposit receivables(8)(9)	(14,340)		0		0		0		0		(51,458)		0		0		0
Separate account assets	0		0		199		0		0		0		0		200		0
Liabilities:
Policyholders' account balances(9)	(1,495,324)		0		0		0		0		(134,807)		0		0		0
Other liabilities	(207)		0		0		0		0		(207)		0		0		0

(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private, and foreign government bonds.

(4)Includes asset-backed and commercial mortgage-backed securities.

(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.

(6)Excludes MRB assets of $2,509 million and $2,537 million and MRB liabilities of $4,803 million and $4,388 million for the periods ended March 31, 2025 and 2024, respectively. See Note 10 for additional information.

(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

(8)Prior period amounts have been updated to conform to current period presentation.

(9)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

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

The following tables describe changes in fair values of Level 3 assets and liabilities as of the dates indicated, as well as the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets and liabilities still held at the end of their respective periods (excluding MRBs disclosed in Note 10). When a determination is made to classify assets and liabilities within Level 3, the determination is based on significance of the unobservable inputs in the overall fair value measurement. All transfers are based on changes in the observability of the valuation inputs, including the availability of pricing service information that the Company can validate. Transfers into Level 3 are generally the result of unobservable inputs utilized within valuation methodologies and the use of indicative broker quotes for assets that were previously valued using observable inputs. Transfers out of Level 3 are generally due to the use of observable inputs in valuation methodologies as well as the availability of pricing service information for certain assets that the Company can validate.

	Three Months Ended March 31, 2025(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
Foreign government	$	648	$	(8)	$	0	$	0	$	0	$	(640)	$	0	$	0	$	0	$	0	$	0
Corporate securities(3)	1,199,607		(1,598)		416,528		(159,562)		0		(40,372)		(4,435)		31,000		0		1,441,168		(759)
Structured securities(4)	699,892		2,777		321,883		(203,502)		0		(36,655)		(58,357)		261,816		(56,500)		931,354		3,481
Other assets:
Fixed maturities, trading	66,285		3,593		82,403		0		0		(26,130)		58,357		2,001		(34,428)		152,081		6,190
Equity securities	20,515		(241)		0		0		0		0		0		0		0		20,274		(241)
Other invested assets	143		(111)		0		0		0		0		0		0		0		32		(111)
Short-term investments	105,540		(323)		2,500		(1,524)		0		(34)		(1,398)		0		0		104,761		(323)
Cash equivalents	33		(87)		206		0		0		(16)		(33)		0		0		103		(87)
Receivables from parent and affiliates	351,390		(3,052)		55,295		(9,253)		0		(2,789)		5,867		0		(18,098)		379,360		(3,093)
Reinsurance recoverables and deposit receivables(5)	645,193		(741)		72,293		0		0		0		0		0		0		716,745		41,155
Separate account assets	10,547		(101)		1,876		(69)		0		(11)		0		0		0		12,242		(101)
Liabilities:
Policyholders' account balances(5)	(12,624,585)		1,434,146		0		0		(627,295)		0		0		0		0		(11,817,734)		403,703
Other liabilities	(31)		(12,473)		0		0		0		0		0		0		0		(12,504)		(12,473)

	Three Months Ended March 31, 2025
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(6,667)	$	0	$	0	$	8,780	$	(942)	$	(6,178)	$	0	$	0	$	8,900
Other assets:
Fixed maturities, trading	0		6,190		0		0		(2,597)		0		6,190		0		0
Equity securities	0		(241)		0		0		0		0		(241)		0		0
Other invested assets	(111)		0		0		0		0		(111)		0		0		0
Short-term investments	28		0		0		(351)		0		28		0		0		(351)
Cash equivalents	(87)		0		0		0		0		(87)		0		0		0
Receivables from parent and affiliates	(4,071)		0		0		1,019		0		(3,899)		0		0		806
Reinsurance recoverables and deposit receivables	(741)		0		0		0		0		41,155		0		0		0
Separate account assets	0		0		(101)		0		0		0		0		(101)		0
Liabilities:
Policyholders' account balances	1,434,146		0		0		0		0		403,703		0		0		0
Other liabilities	(12,473)		0		0		0		0		(12,473)		0		0		0

	Three Months Ended March 31, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(7)		Transfers out of Level 3(7)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in thousands)
Fixed maturities, available-for-sale:
Foreign government	$	682	$	(11)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	671	$	(13)
Corporate securities(3)	1,014,343		(10,790)		125,041		(65,052)		0		(53,892)		0		0		0		1,009,650		(9,602)
Structured securities(4)	177,237		(139)		484,340		0		0		(1,895)		0		34,578		0		694,121		(280)
Other assets:
Fixed maturities, trading	34,048		(848)		113,343		0		0		0		0		0		0		146,543		(848)
Equity securities	28,709		(332)		273		0		0		0		0		0		0		28,650		(332)
Other invested assets	1		1		(1)		0		0		0		0		0		0		1		1
Short-term investments	1,759		(316)		2,002		0		0		(94)		0		0		0		3,351		(316)
Receivables from parent and affiliates	0		0		121,378		0		0		0		0		0		0		121,378		0
Reinsurance recoverables and deposit receivables(5)(8)(9)	192,642		(14,340)		72,576		0		0		0		0		0		0		250,878		(51,458)
Separate account assets	5,985		199		2,633		(1,256)		0		(125)		0		458		0		7,894		200
Liabilities:
Policyholders' account balances(5)(9)	(7,697,627)		(1,495,324)		0		0		(560,400)		0		813		0		0		(9,752,538)		(134,807)
Other liabilities	0		(207)		0		0		0		0		0		0		0		(207)		(207)

	Three Months Ended March 31, 2024
	Total realized and unrealized gains (losses)										Unrealized gains (losses) for assets still held(2)
	Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders' account balances		Included in other comprehensive income (loss)
	(in thousands)
Fixed maturities, available-for-sale	$	(1,696)	$	0	$	0	$	(9,842)	$	598	$	626	$	0	$	0	$	(10,521)
Other assets:
Fixed maturities, trading	0		(848)		0		0		0		0		(848)		0		0
Equity securities	0		(332)		0		0		0		0		(332)		0		0
Other invested assets	1		0		0		0		0		1		0		0		0
Short-term investments	(316)		0		0		0		0		(316)		0		0		0
Reinsurance recoverables and deposit receivables(8)(9)	(14,340)		0		0		0		0		(51,458)		0		0		0
Separate account assets	0		0		199		0		0		0		0		200		0
Liabilities:
Policyholders' account balances(9)	(1,495,324)		0		0		0		0		(134,807)		0		0		0
Other liabilities	(207)		0		0		0		0		(207)		0		0		0

(1)"Other" includes additional activity not allocated to the specific categories within the rollforward of Level 3 Assets and Liabilities.

(2)Unrealized gains or losses related to assets still held at the end of the period do not include amortization or accretion of premiums and discounts.

(3)Includes U.S. corporate private, foreign corporate public, foreign corporate private, and foreign government bonds.

(4)Includes asset-backed and commercial mortgage-backed securities.

(5)Purchases/issuances and settlements for Policyholders' account balances and Reinsurance recoverables and deposit receivables are presented net in the rollforward.

(6)Excludes MRB assets of $2,509 million and $2,537 million and MRB liabilities of $4,803 million and $4,388 million for the periods ended March 31, 2025 and 2024, respectively. See Note 10 for additional information.

(7)Transfers into or out of Level 3 are generally reported at the value as of the beginning of the quarter in which the transfers occur for any such positions still held at the end of the quarter.

(8)Prior period amounts have been updated to conform to current period presentation.

(9)Amounts reflect revision to prior period Financial Statements. See Note 16 for additional information.

Fair Value Disclosure Financial Instruments Not Carried at Fair Value

The tables below present the carrying amount and fair value by fair value hierarchy level of certain financial instruments that are not reported at fair value. The financial instruments presented below are reported at carrying value on the Company’s Unaudited Interim Consolidated Statements of Financial Position. In some cases, as described below, the carrying amount equals or approximates fair value.

	March 31, 2025
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	7,943,756	$	7,943,756	$	8,054,419
Policy loans	0		0		1,556,658		1,556,658		1,556,658
Short-term investments	0		101		0		101		101
Cash and cash equivalents	263,914		10,000		0		273,914		273,914
Accrued investment income	0		502,312		0		502,312		502,312
Reinsurance recoverables and deposit receivables	0		0		2,347,998		2,347,998		2,349,003
Receivables from parent and affiliates	0		74,030		0		74,030		74,030
Other assets	0		184,107		0		184,107		184,107
Total assets	$	263,914	$	770,550	$	11,848,412	$	12,882,876	$	12,994,544
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	803,362	$	10,948,974	$	11,752,336	$	11,764,366
Cash collateral for loaned securities	0		236,793		0		236,793		236,793
Reinsurance and funds withheld payables	0		2,643,105		0		2,643,105		2,643,105
Payables to parent and affiliates	0		49,361		0		49,361		49,361
Other liabilities	0		893,981		31,606		925,587		925,587
Total liabilities	$	0	$	4,626,602	$	10,980,580	$	15,607,182	$	15,619,212

	December 31, 2024
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in thousands)
Assets:
Commercial mortgage and other loans	$	0	$	0	$	7,534,909	$	7,534,909	$	7,759,323
Policy loans	0		0		1,541,480		1,541,480		1,541,480
Short-term investments	21,101		0		0		21,101		21,101
Cash and cash equivalents	474,415		0		0		474,415		474,415
Accrued investment income	0		466,394		0		466,394		466,394
Reinsurance recoverables and deposit receivables	0		0		2,355,489		2,355,489		2,357,292
Receivables from parent and affiliates	0		157,566		0		157,566		157,566
Other assets	0		203,493		0		203,493		203,493
Total assets	$	495,516	$	827,453	$	11,431,878	$	12,754,847	$	12,981,064
Liabilities:
Policyholders’ account balances - investment contracts	$	0	$	815,520	$	9,995,841	$	10,811,361	$	10,826,931
Cash collateral for loaned securities	0		121,372		0		121,372		121,372
Reinsurance and funds withheld payables	0		2,602,140		0		2,602,140		2,602,140
Payables to parent and affiliates	0		38,571		0		38,571		38,571
Other liabilities	0		849,278		31,606		880,884		880,884
Total liabilities	$	0	$	4,426,881	$	10,027,447	$	14,454,328	$	14,469,898

(1) Carrying values presented herein differ from those in the Company’s Unaudited Interim Consolidated Statements of Financial Position because certain items within the respective financial statement captions are not considered financial instruments or are out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.