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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 are summarized below (dollars in millions):


December 31, 2024:			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate	$	50,991	$	—	$	44,137	$	6,854
Canadian government	5,016		—		5,016		—
Japanese government	4,445		—		4,445		—
ABS	5,040		—		3,254		1,786
CMBS	2,267		—		2,254		13
RMBS	1,317		—		1,317		—
U.S. government	2,464		2,379		80		5
State and political subdivisions	693		—		693		—
Other foreign government	5,384		—		5,354		30
Total fixed maturity securities available-for-sale	77,617		2,379		66,550		8,688
Equity securities	155		67		—		88
Funds withheld at interest – embedded derivatives	(215)		—		—		(215)
Funds withheld at interest	56		—		—		56
Cash equivalents	2,055		2,053		2		—
Short-term investments	313		175		127		11
Other invested assets:
Derivatives	121		—		121		—


Other	17		—		17		—
Total other invested assets	138		—		138		—
Other assets – derivatives	2		—		—		2
Total	$	80,121	$	4,674	$	66,817	$	8,630
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives	$	435	$	—	$	—	$	435
Other liabilities:
Funds withheld at interest – embedded derivatives	(160)		—		—		(160)
Derivatives	486		—		484		2

Total	$	761	$	—	$	484	$	277

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2024, the fair value of such investments was $966 million.


December 31, 2023:			Fair Value Measurements Using:
	Total		Level 1		Level 2		Level 3
Assets: (1)
Fixed maturity securities available-for-sale:
Corporate	$	38,755	$	—	$	33,822	$	4,933
Canadian government	3,917		—		3,917		—
Japanese government	3,131		—		3,131		—
ABS	4,429		—		3,064		1,365
CMBS	1,773		—		1,714		59
RMBS	1,079		—		1,078		1
U.S. government	2,520		2,426		87		7
State and political subdivisions	1,114		—		1,095		19
Other foreign government	3,749		—		3,714		35
Total fixed maturity securities available-for-sale	60,467		2,426		51,622		6,419
Equity securities	139		69		—		70
Funds withheld at interest – embedded derivatives	(377)		—		—		(377)
Funds withheld at interest	54		—		—		54
Cash equivalents	1,335		1,322		13		—
Short-term investments	187		90		95		2
Other invested assets:
Derivatives	97		—		97		—
Other	22		—		22		—


Total other invested assets	119		—		119		—

Total	$	61,924	$	3,907	$	51,849	$	6,168
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives	$	415	$	—	$	—	$	415
Other liabilities:
Funds withheld at interest – embedded derivatives	(206)		—		—		(206)
Derivatives	197		—		197		—

Total	$	406	$	—	$	197	$	209

(1)Excludes limited partnerships that are measured at estimated fair value using the NAV per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of such investments was $856 million.

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

The following table presents quantitative information about significant unobservable inputs used in Level 3 fair value measurements that are developed internally by the Company as of December 31, 2024 and 2023 (dollars in millions):


	Estimated Fair Value				Valuation	Unobservable	Range (Weighted Average)
	2024		2023		Technique	Input	2024	2023
Assets:
Corporate	$	99	$	91	Market comparable securities	Liquidity premium	2%	0-2% (1%)
						EBITDA Multiple	6.7x-11.0x (9.7x)	6.0x-8.5x (7.1x)
ABS	564		268		Market comparable securities	Liquidity premium	0-10% (3%)	0-18% (2%)
U.S. government	—		7		Market comparable securities	Liquidity premium	—	0-1% (1%)


Equity securities	33		31		Market comparable securities	Liquidity premium	4%	4%

						EBITDA Multiple	7.4x-12.8x (10.9x)	8.4x-12.3x (10.1x)
Funds withheld at interest – embedded derivatives	22		(50)		Total return swap	Mortality	0-100% (3%)	0-100% (3%)
						Lapse	0-35% (18%)	0-35% (18%)
						Withdrawal	0-10% (4%)	0-5% (4%)
						CVA	0-5% (0%)	0-5% (0%)
						Crediting rate	1-4% (2%)	1-4% (2%)


Other assets – derivatives	2		—		Credit default swap	Credit spread	0-1% (0%)	—
						Probability of default	0-8% (0%)	—
Liabilities:
Interest-sensitive contract liabilities – embedded derivatives – indexed products	435		415		Discounted cash flow	Mortality	0-100% (3%)	0-100% (3%)
						Lapse	0-35% (17%)	0-35% (17%)
						Withdrawal	0-10% (4%)	0-5% (4%)
						Option budget projection	1-4% (2%)	1-4% (2%)
Other liabilities – derivatives	2		—		Credit default swap	Credit spread	0-1% (0%)	—
						Probability of default	0-8% (0%)	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]


For the year ended December 31, 2024:	Fixed maturity securities – available-for-sale														Funds withheld at interest –embedded derivatives, net (1)		Funds withheld at interest		Interest-sensitive contract liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Cash equivalents		Short-term investments
Fair value, beginning of period	$	4,933	$	35	$	1,425	$	26	$	70	$	—	$	2	$	(171)	$	54	$	(415)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	13		—		4		—		—		—		—		—		5		—
Investment related gains (losses), net	(58)		—		(1)		—		(5)		—		(1)		—		—		—

Interest credited	—		—		—		—		—		—		—		116		—		(22)

Included in other comprehensive income (loss)	(26)		(5)		—		—		—		—		—		—		(1)		—

Purchases (2)	3,142		—		752		—		24		—		14		—		2		(98)
Sales (2)	(344)		—		(65)		—		(1)		—		(1)		—		—		—
Settlements (2)	(754)		—		(396)		(2)		—		—		(1)		—		(4)		100
Transfers into Level 3	2		—		117		2		—		—		—		—		—		—
Transfers out of Level 3	(54)		—		(37)		(21)		—		—		(2)		—		—		—
Fair value, end of period	$	6,854	$	30	$	1,799	$	5	$	88	$	—	$	11	$	(55)	$	56	$	(435)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	8	$	—	$	3	$	—	$	—	$	—	$	—	$	—	$	5	$	—
Investment related gains (losses), net	(55)		—		(3)		—		(6)		—		(1)		116		—		—


Interest credited	—		—		—		—		—		—		—		—		—		(123)
Included in other comprehensive income (loss)	(24)		(5)		1		—		—		—		—		—		(1)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(2)The amount reported within purchases, sales and settlements is the purchase price (for purchases) and the sales/settlement proceeds (for sales and settlements) based upon the actual date purchased or sold/settled. Items purchased and sold/settled in the same period are excluded from the rollforward. The Company had no issuances during the period.


For the year ended December 31, 2023:	Fixed maturity securities – available-for-sale														Funds withheld at interest –embedded derivatives, net (1)		Funds withheld at interest		Interest-sensitive contract liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Cash equivalents		Short-term investments
Fair value, beginning of period	$	4,299	$	35	$	1,353	$	35	$	66	$	—	$	13	$	(8)	$	54	$	(530)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	3		—		6		—		—		—		—		—		(2)		—
Investment related gains (losses), net	(15)		—		(2)		—		(1)		—		(1)		(163)		—		—

Interest credited	—		—		—		—		—		—		—		—		—		17

Included in other comprehensive income (loss)	34		—		90		(2)		—		—		—		—		3		—

Purchases (2)	1,021		—		253		—		9		1		14		—		2		17
Sales (2)	(94)		—		(24)		—		(4)		—		—		—		—		—
Settlements (2)	(380)		—		(260)		(2)		—		—		(1)		—		(3)		81
Transfers into Level 3	71		—		64		—		—		—		6		—		—		—
Transfers out of Level 3	(6)		—		(55)		(5)		—		(1)		(29)		—		—		—
Fair value, end of period	$	4,933	$	35	$	1,425	$	26	$	70	$	—	$	2	$	(171)	$	54	$	(415)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	3	$	—	$	6	$	—	$	—	$	—	$	—	$	—	$	(2)	$	—
Investment related gains (losses), net	(23)		—		(3)		—		(1)		—		(1)		(163)		—		—


Interest credited	—		—		—		—		—		—		—		—		—		(62)
Included in other comprehensive income (loss)	35		—		86		(2)		—		—		—		—		3		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.


For the year ended December 31, 2022:	Fixed maturity securities – available-for-sale														Funds withheld at interest –embedded derivatives, net (1)		Funds withheld at interest		Interest-sensitive contract liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Cash equivalents		Short-term investments
Fair value, beginning of period	$	3,888	$	33	$	1,179	$	45	$	50	$	—	$	28	$	165	$	83	$	(693)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	6		—		—		—		—		—		—		—		(14)		—
Investment related gains (losses), net	(8)		—		(11)		(1)		6		—		1		(173)		—		—

Interest credited	—		—		—		—		—		—		—		—		—		98

Included in other comprehensive income (loss)	(474)		(11)		(194)		(4)		—		—		(1)		—		(8)		—

Purchases (2)	1,669		—		521		—		14		—		33		—		3		1
Sales (2)	(182)		—		(58)		(6)		(4)		—		—		—		—		—
Settlements (2)	(577)		—		(140)		(5)		—		—		(28)		—		(10)		64
Transfers into Level 3	88		13		130		10		—		—		—		—		—		—
Transfers out of Level 3	(111)		—		(74)		(4)		—		—		(20)		—		—		—
Fair value, end of period	$	4,299	$	35	$	1,353	$	35	$	66	$	—	$	13	$	(8)	$	54	$	(530)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(14)	$	—
Investment related gains (losses), net	(18)		—		(10)		—		4		—		—		(173)		—		—


Interest credited	—		—		—		—		—		—		—		—		—		33
Included in other comprehensive income (loss)	(467)		(11)		(195)		(4)		—		—		—		—		(8)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]


For the year ended December 31, 2024:	Fixed maturity securities – available-for-sale														Funds withheld at interest –embedded derivatives, net (1)		Funds withheld at interest		Interest-sensitive contract liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Cash equivalents		Short-term investments
Fair value, beginning of period	$	4,933	$	35	$	1,425	$	26	$	70	$	—	$	2	$	(171)	$	54	$	(415)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	13		—		4		—		—		—		—		—		5		—
Investment related gains (losses), net	(58)		—		(1)		—		(5)		—		(1)		—		—		—

Interest credited	—		—		—		—		—		—		—		116		—		(22)

Included in other comprehensive income (loss)	(26)		(5)		—		—		—		—		—		—		(1)		—

Purchases (2)	3,142		—		752		—		24		—		14		—		2		(98)
Sales (2)	(344)		—		(65)		—		(1)		—		(1)		—		—		—
Settlements (2)	(754)		—		(396)		(2)		—		—		(1)		—		(4)		100
Transfers into Level 3	2		—		117		2		—		—		—		—		—		—
Transfers out of Level 3	(54)		—		(37)		(21)		—		—		(2)		—		—		—
Fair value, end of period	$	6,854	$	30	$	1,799	$	5	$	88	$	—	$	11	$	(55)	$	56	$	(435)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	8	$	—	$	3	$	—	$	—	$	—	$	—	$	—	$	5	$	—
Investment related gains (losses), net	(55)		—		(3)		—		(6)		—		(1)		116		—		—


Interest credited	—		—		—		—		—		—		—		—		—		(123)
Included in other comprehensive income (loss)	(24)		(5)		1		—		—		—		—		—		(1)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.


For the year ended December 31, 2023:	Fixed maturity securities – available-for-sale														Funds withheld at interest –embedded derivatives, net (1)		Funds withheld at interest		Interest-sensitive contract liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Cash equivalents		Short-term investments
Fair value, beginning of period	$	4,299	$	35	$	1,353	$	35	$	66	$	—	$	13	$	(8)	$	54	$	(530)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	3		—		6		—		—		—		—		—		(2)		—
Investment related gains (losses), net	(15)		—		(2)		—		(1)		—		(1)		(163)		—		—

Interest credited	—		—		—		—		—		—		—		—		—		17

Included in other comprehensive income (loss)	34		—		90		(2)		—		—		—		—		3		—

Purchases (2)	1,021		—		253		—		9		1		14		—		2		17
Sales (2)	(94)		—		(24)		—		(4)		—		—		—		—		—
Settlements (2)	(380)		—		(260)		(2)		—		—		(1)		—		(3)		81
Transfers into Level 3	71		—		64		—		—		—		6		—		—		—
Transfers out of Level 3	(6)		—		(55)		(5)		—		(1)		(29)		—		—		—
Fair value, end of period	$	4,933	$	35	$	1,425	$	26	$	70	$	—	$	2	$	(171)	$	54	$	(415)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	3	$	—	$	6	$	—	$	—	$	—	$	—	$	—	$	(2)	$	—
Investment related gains (losses), net	(23)		—		(3)		—		(1)		—		(1)		(163)		—		—


Interest credited	—		—		—		—		—		—		—		—		—		(62)
Included in other comprehensive income (loss)	35		—		86		(2)		—		—		—		—		3		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.


For the year ended December 31, 2022:	Fixed maturity securities – available-for-sale														Funds withheld at interest –embedded derivatives, net (1)		Funds withheld at interest		Interest-sensitive contract liabilities – embedded derivatives
	Corporate		Foreign govt		Structured securities		U.S. and local govt		Equity securities		Cash equivalents		Short-term investments
Fair value, beginning of period	$	3,888	$	33	$	1,179	$	45	$	50	$	—	$	28	$	165	$	83	$	(693)
Total gains/losses (realized/unrealized)
Included in earnings, net:
Net investment income	6		—		—		—		—		—		—		—		(14)		—
Investment related gains (losses), net	(8)		—		(11)		(1)		6		—		1		(173)		—		—

Interest credited	—		—		—		—		—		—		—		—		—		98

Included in other comprehensive income (loss)	(474)		(11)		(194)		(4)		—		—		(1)		—		(8)		—

Purchases (2)	1,669		—		521		—		14		—		33		—		3		1
Sales (2)	(182)		—		(58)		(6)		(4)		—		—		—		—		—
Settlements (2)	(577)		—		(140)		(5)		—		—		(28)		—		(10)		64
Transfers into Level 3	88		13		130		10		—		—		—		—		—		—
Transfers out of Level 3	(111)		—		(74)		(4)		—		—		(20)		—		—		—
Fair value, end of period	$	4,299	$	35	$	1,353	$	35	$	66	$	—	$	13	$	(8)	$	54	$	(530)
Total gains/losses (realized/unrealized) recorded for the period relating to those Level 3 assets and liabilities that were still held at the end of the period
Included in earnings, net:
Net investment income	$	4	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(14)	$	—
Investment related gains (losses), net	(18)		—		(10)		—		4		—		—		(173)		—		—


Interest credited	—		—		—		—		—		—		—		—		—		33
Included in other comprehensive income (loss)	(467)		(11)		(195)		(4)		—		—		—		—		(8)		—

(1)Funds withheld at interest – embedded derivative assets and liabilities are presented net for purposes of the rollforward.

Fair Value Assets Measured On Nonrecurring Basis [Text Block]

Nonrecurring Fair Value Measurements

The Company has certain assets subject to measurement at fair value on a nonrecurring basis, in periods subsequent to their initial recognition if they are determined to be impaired. For the years ended December 31, 2024 and 2023, the Company did not have any material assets that were measured at fair value due to impairment.

Financial Instruments Carrying Amounts And Estimated Fair Value [Table Text Block]

The following table presents the carrying values and estimated fair values of the Company’s financial instruments, which were not measured at fair value on a recurring basis, as of December 31, 2024 and 2023 (dollars in millions). This table excludes any payables or receivables for collateral under repurchase/reverse repurchase agreements and other transactions. The estimated fair value of the excluded amount approximates carrying value as they equal the amount of cash collateral received/paid.


			Estimated		Fair Value Measurement Using:
December 31, 2024:	Carrying Value (1)		Fair Value		Level 1		Level 2		Level 3
Assets:
Mortgage loans	$	8,839	$	8,422	$	—	$	—	$	8,422
Policy loans	1,321		1,321		—		1,321		—
Funds withheld at interest	5,596		5,296		—		—		5,296
Limited partnerships – cost method	64		88		—		—		88
Cash and cash equivalents	1,271		1,271		1,271		—		—
Short-term investments	50		50		50		—		—
Other invested assets	1,064		862		3		71		788
Accrued investment income	986		986		—		986		—
Liabilities:
Interest-sensitive contract liabilities (2)(3)	$	22,617	$	22,376	$	—	$	—	$	22,376
Funds withheld at interest	5,177		4,960		—		—		4,960
Long-term debt	5,042		4,836		—		—		4,836


December 31, 2023:
Assets:
Mortgage loans	$	7,377	$	6,975	$	—	$	—	$	6,975
Policy loans	1,206		1,206		—		1,206		—
Funds withheld at interest	6,005		5,547		—		—		5,547
Limited partnerships – cost method	71		73		—		—		73
Cash and cash equivalents	1,635		1,635		1,635		—		—
Short-term investments	35		35		35		—		—
Other invested assets	1,019		841		4		63		774
Accrued investment income	759		759		—		759		—
Liabilities:
Interest-sensitive contract liabilities (2)(3)	$	21,797	$	21,665	$	—	$	—	$	21,665
Funds withheld at interest	4,689		4,400		—		—		4,400
Long-term debt	4,427		4,243		—		—		4,243

(1)Carrying values presented herein may differ from those in the Company’s consolidated balance sheets because certain items within the respective financial statement captions may be measured at fair value on a recurring basis.

(2)Carrying values and estimated fair values presented herein include a reinsurance recoverable of $2.0 billion and $2.2 billion as of December 31, 2024 and 2023, respectively.

(3)Carrying values and estimated fair values presented herein exclude FABN carrying values of $3.2 billion and $1.3 billion as of December 31, 2024 and 2023, respectively, and estimated fair values of $3.2 billion and $1.2 billion as of December 31, 2024 and 2023, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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