XML 92 R79.htm IDEA: XBRL DOCUMENT v3.25.4
Fair Value of Assets and Liabilities (Changes in Level 3 Assets and Liabilities) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrealized gains (losses) for assets/liabilities still held:      
Market risk benefit assets $ 2,655,866 $ 2,637,363 $ 2,367,243
Market risk benefit liabilities 4,482,417 4,281,244 5,156,858
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 20,515 28,709  
Purchases 2,249 273  
Sales 0 (6,120)  
Issuances 0 0  
Settlements 0 (6,332)  
Other 0 6,120  
Transfers into Level 3 0 0  
Transfers out of Level 3 (20,274) 0  
Fair Value, end of period 2,350 20,515 28,709
Total gains (losses) (realized/unrealized):      
Included in earnings (140) (2,135)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (140) (230)  
Equity securities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (140) (2,135) (928)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (140) (230) (928)
Equity securities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Equity securities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other invested assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 143 1  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 143 1
Total gains (losses) (realized/unrealized):      
Included in earnings (143) 142  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (143) 142  
Other invested assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (143) 142 1
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (143) 142 1
Other invested assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other invested assets | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other invested assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Other invested assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Short-term investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 105,540 1,759  
Purchases 4,018 117,046  
Sales (104,545) (13,113)  
Issuances 0 0  
Settlements (25,279) (1,488)  
Other (1,741) (203)  
Transfers into Level 3 22,372 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 164 105,540 1,759
Total gains (losses) (realized/unrealized):      
Included in earnings (201) 1,539  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (226) 321  
Short-term investments | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 184 1,142 1,857
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 125 (64) 0
Short-term investments | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Short-term investments | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (385) 385 (73)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (351) 385 0
Short-term investments | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 12 789
Cash equivalents      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 33 0  
Purchases 2,660 744  
Sales (35) 0  
Issuances 0 0  
Settlements (2,305) (65)  
Other (307) (605)  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 33 0
Total gains (losses) (realized/unrealized):      
Included in earnings (46) (41)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (80) (41)  
Cash equivalents | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (46) (41)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (80) (41)  
Cash equivalents | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Cash equivalents | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Cash equivalents | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Cash equivalents | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Reinsurance recoverables and deposit receivables      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 645,193 192,642  
Purchases 179,528 333,291  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 93,231  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 804,855 645,193 192,642
Total gains (losses) (realized/unrealized):      
Included in earnings (19,866) 26,029  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (337,374) (122,807)  
Reinsurance recoverables and deposit receivables | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (19,866) 26,029 (104,596)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (337,374) (122,807) (119,067)
Reinsurance recoverables and deposit receivables | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Reinsurance recoverables and deposit receivables | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Separate account assets      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 10,547 5,985  
Purchases 12,710 5,823  
Sales (789) (2,050)  
Issuances 0 0  
Settlements (1,006) (126)  
Other 0 0  
Transfers into Level 3 0 458  
Transfers out of Level 3 0 0  
Fair Value, end of period 21,982 10,547 5,985
Total gains (losses) (realized/unrealized):      
Included in earnings 520 457  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 533 457  
Separate account assets | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate account assets | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate account assets | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 520 457 408
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 533 457 406
Separate account assets | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Separate account assets | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Receivables from parent and affiliates      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 351,390 0  
Purchases 159,069 418,916  
Sales (16,034) (51,199)  
Issuances 0 0  
Settlements (135,122) 0  
Other 30,792 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 (23,440) (16,417)  
Fair Value, end of period 358,188 351,390 0
Total gains (losses) (realized/unrealized):      
Included in earnings (8,467) 90  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (588) 90  
Receivables from parent and affiliates | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (7,689) 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Receivables from parent and affiliates | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Receivables from parent and affiliates | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Receivables from parent and affiliates | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings (778) 90  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (588) 90  
Receivables from parent and affiliates | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Policyholders' account balances      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (12,624,585) (7,697,627)  
Purchases 0 0  
Sales 0 0  
Issuances (1,574,519) (2,286,786)  
Settlements 0 0  
Other 0 46,929  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period (18,606,282) (12,624,585) (7,697,627)
Total gains (losses) (realized/unrealized):      
Included in earnings (4,407,178) (2,687,101)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 675,999 1,254,144  
Policyholders' account balances | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (4,407,178) (2,687,101) (2,649,136)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 675,999 1,254,144 (368,507)
Policyholders' account balances | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Policyholders' account balances | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Other liabilities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period (31) 0  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements 0 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 (31) 0
Total gains (losses) (realized/unrealized):      
Included in earnings 31 (31)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 31 (31)  
Other liabilities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 31 (31)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 31 (31)  
Other liabilities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0  
Other liabilities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0  
Notes issued by consolidated VIEs      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 0    
Purchases 0    
Sales 0    
Issuances (17,538)    
Settlements 17,538    
Other 0    
Transfers into Level 3 0    
Transfers out of Level 3 0    
Fair Value, end of period 0 0  
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0    
Notes issued by consolidated VIEs | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 0    
Available-for-sale | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings (51,531) (54,924) (2,081)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (57,441) (40,765) (2,904)
Available-for-sale | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Available-for-sale | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 38,751 (19,313) (2,808)
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 36,184 (23,684) (2,420)
Available-for-sale | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings 955 (841) 490
Available-for-sale | Fixed maturities | Foreign government      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 648 682  
Purchases 0 0  
Sales 0 0  
Issuances 0 0  
Settlements (640) 0  
Other 0 0  
Transfers into Level 3 0 0  
Transfers out of Level 3 0 0  
Fair Value, end of period 0 648 682
Total gains (losses) (realized/unrealized):      
Included in earnings (8) (34)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 (44)  
Available-for-sale | Fixed maturities | Corporate securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 1,199,607 1,014,343  
Purchases 1,298,618 1,172,201  
Sales (929,011) (702,073)  
Issuances 0 0  
Settlements (275,269) (183,577)  
Other (3,819) (64,672)  
Transfers into Level 3 54,950 33,043  
Transfers out of Level 3 (14,610) 0  
Fair Value, end of period 1,312,114 1,199,607 1,014,343
Total gains (losses) (realized/unrealized):      
Included in earnings (18,352) (69,658)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings (26,070) (61,011)  
Available-for-sale | Fixed maturities | Structured securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 699,892 177,237  
Purchases 879,448 771,208  
Sales (38,219) (40,508)  
Issuances 0 0  
Settlements (229,224) (96,067)  
Other (30,444) 65,480  
Transfers into Level 3 292,257 34,578  
Transfers out of Level 3 (235,028) (206,650)  
Fair Value, end of period 1,345,217 699,892 177,237
Total gains (losses) (realized/unrealized):      
Included in earnings 6,535 (5,386)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 4,813 (3,394)  
Trading | Fixed maturities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]      
Fair Value, beginning of period 66,285 34,048  
Purchases 565,106 261,968  
Sales 0 (52)  
Issuances 0 0  
Settlements (46,805) (2,261)  
Other 26,461 0  
Transfers into Level 3 2,166 18,842  
Transfers out of Level 3 (482,183) (236,606)  
Fair Value, end of period 153,956 66,285 34,048
Total gains (losses) (realized/unrealized):      
Included in earnings 22,926 (9,654)  
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 26,447 (9,705)  
Trading | Fixed maturities | Realized investment gains (losses), net      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Trading | Fixed maturities | Other income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 23,182 (9,661) 1,080
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 26,447 (9,705) 1,225
Trading | Fixed maturities | Interest credited to policyholders' account balances      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Trading | Fixed maturities | Included in other comprehensive income (loss)      
Total gains (losses) (realized/unrealized):      
Included in earnings 0 0 0
Unrealized gains (losses) for assets/liabilities still held:      
Included in earnings 0 0 0
Trading | Fixed maturities | Net investment income      
Total gains (losses) (realized/unrealized):      
Included in earnings $ (256) $ 7 $ 3