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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Debt Securities, Available-for-sale
The following tables provide information relating to investments in fixed maturity securities by type as of March 31, 2025 and December 31, 2024 (dollars in millions):
March 31, 2025:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$59,278 $88 $680 $4,150 $55,720 65.9 %
Canadian government4,604 — 440 48 4,996 5.9 
Japanese government7,207 — 29 1,131 6,105 7.2 
ABS5,666 15 44 175 5,520 6.5 
CMBS2,334 — 20 87 2,267 2.7 
RMBS1,571 — 18 87 1,502 1.8 
U.S. government2,191 — 20 248 1,963 2.3 
State and political subdivisions805 — 3 86 722 0.9 
Other foreign government6,053 — 94 435 5,712 6.8 
Total fixed maturity securities$89,709 $103 $1,348 $6,447 $84,507 100.0 %
December 31, 2024:AmortizedAllowance forUnrealizedUnrealizedEstimated Fair% of
 CostCredit LossesGainsLossesValueTotal
Available-for-sale:
Corporate$54,705 $82 $642 $4,274 $50,991 65.7 %
Canadian government4,655 — 412 51 5,016 6.5 
Japanese government5,319 — 1 875 4,445 5.7 
ABS5,197 15 42 184 5,040 6.5 
CMBS2,344 1 22 98 2,267 2.9 
RMBS1,412 — 12 107 1,317 1.7 
U.S. government2,734 — 11 281 2,464 3.2 
State and political subdivisions789 — 3 99 693 0.9 
Other foreign government5,752 — 56 424 5,384 6.9 
Total fixed maturity securities$82,907 $98 $1,201 $6,393 $77,617 100.0 %
Concentration Risk Disclosure [Text Block] The Company’s exposure to concentrations of credit
risk from single issuers, including certain agencies, greater than 10% of the Company’s equity are disclosed below, as of March 31, 2025 and December 31, 2024 (dollars in millions):
March 31, 2025December 31, 2024
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Fixed maturity securities guaranteed or issued by:
Japanese government$7,207 $6,105 $5,319 $4,445 
U.S. government2,191 1,963 2,734 2,464 
Canadian province of Quebec1,560 1,773 1,537 1,741 
Canadian province of Ontario1,149 1,249 1,117 1,207 
Investments Classified By Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturity securities classified as available-for-sale as of March 31, 2025, are shown by contractual maturity in the table below (dollars in millions). Actual maturities can differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Structured securities are shown separately in the table below, as they are not due at a single maturity date.
Amortized CostEstimated Fair Value
Available-for-sale:
Due in one year or less$2,112 $2,128 
Due after one year through five years12,720 12,694 
Due after five years through ten years14,833 14,610 
Due after ten years50,473 45,786 
Structured securities9,571 9,289 
Total$89,709 $84,507 
Fixed Maturity Holdings Industry Types Weighted Average Credit Ratings [Table Text Block]
The tables below show the major sectors of the Company’s corporate fixed maturity holdings as of March 31, 2025 and December 31, 2024 (dollars in millions): 
March 31, 2025:Amortized CostEstimated Fair Value% of Total
Finance$18,647 $17,470 31.4 %
Industrial30,662 28,958 52.0 
Utility9,969 9,292 16.6 
Total$59,278 $55,720 100.0 %
December 31, 2024:Amortized CostEstimated Fair Value% of Total
Finance$17,905 $16,673 32.7 %
Industrial28,267 26,476 51.9 
Utility8,533 7,842 15.4 
Total$54,705 $50,991 100.0 %
Financing Receivable, Allowance for Credit Loss [Table Text Block]
The following tables present the rollforward of the allowance for credit losses in fixed maturity securities by type for the three months ended March 31, 2025 and 2024 (dollars in millions):
For the three months ended March 31, 2025:
 CorporateABSCMBSTotal
Balance, beginning of year$82 $15 $1 $98 
Credit losses recognized on securities for which credit losses were not previously recorded10 — — 10 
Reductions for securities sold during the period(2)— — (2)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period(1)— (1)(2)
Foreign currency translation(1)— — (1)
Balance, end of period$88 $15 $— $103 
For the three months ended March 31, 2024:
 CorporateABSCMBSTotal
Balance, beginning of year$62 $12 $1 $75 
Credit losses recognized on securities for which credit losses were not previously recorded30 — — 30 
Reductions for securities sold during the period(8)— — (8)
Additional increases or decreases for credit losses on securities that had an allowance recorded in a previous period(5)3 — (2)
    Foreign currency translation— — — — 
Balance, end of period$79 $15 $1 $95 
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
 Less than 12 months12 months or greaterTotal
March 31, 2025:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$14,280 $481 $19,066 $3,610 $33,346 $4,091 
Canadian government185 3 438 45 623 48 
Japanese government348 8 4,119 1,123 4,467 1,131 
ABS1,580 19 1,446 149 3,026 168 
CMBS360 7 937 78 1,297 85 
RMBS219 3 600 84 819 87 
U.S. government202 4 673 244 875 248 
State and political subdivisions112 3 434 83 546 86 
Other foreign government1,308 49 1,757 348 3,065 397 
Total investment grade securities18,594 577 29,470 5,764 48,064 6,341 
 
Below investment grade securities:
Corporate758 22 280 36 1,038 58 
ABS5 1 31 6 36 7 
Other foreign government— — 130 38 130 38 
Total below investment grade securities763 23 441 80 1,204 103 
Total fixed maturity securities$19,357 $600 $29,911 $5,844 $49,268 $6,444 
 Less than 12 months12 months or greaterTotal
December 31, 2024:Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
Investment grade securities:
Corporate$14,741 $529 $18,851 $3,682 $33,592 $4,211 
Canadian government286 5 469 46 755 51 
Japanese government2,037 192 2,365 683 4,402 875 
ABS940 19 1,730 159 2,670 178 
CMBS333 4 980 91 1,313 95 
RMBS354 7 593 100 947 107 
U.S. government792 15 656 266 1,448 281 
State and political subdivisions155 7 417 92 572 99 
Other foreign government1,408 42 1,816 344 3,224 386 
Total investment grade securities21,046 820 27,877 5,463 48,923 6,283 
Below investment grade securities:
Corporate347 7 347 50 694 57 
ABS101 1 40 5 141 6 
Other foreign government— — 130 38 130 38 
Total below investment grade securities448 8 517 93 965 101 
Total fixed maturity securities$21,494 $828 $28,394 $5,556 $49,888 $6,384 
Investment Income
Major categories of net investment income consist of the following (dollars in millions):
 Three months ended March 31,
 20252024
Fixed maturity securities available-for-sale$1,063 $760 
Equity securities2 2 
Mortgage loans119 90 
Policy loans18 14 
Funds withheld at interest66 89 
Limited partnerships and real estate joint ventures(15)7 
Short-term investments and cash and cash equivalents36 34 
Other invested assets(5)4 
Investment income1,284 1,000 
Investment expense(52)(39)
Net investment income$1,232 $961 
Gain Loss On Investments
Investment related gains (losses), net consist of the following (dollars in millions): 
 Three months ended March 31,
 20252024
Fixed maturity securities available-for-sale:
Change in allowance for credit losses$(6)$(20)
Realized gains on investment activity36 32 
Realized losses on investment activity(87)(134)
Net gains (losses) on equity securities(1)4 
Change in mortgage loan allowance for credit losses4 (10)
Limited partnerships and real estate joint ventures impairment losses(5)(8)
Change in fair value of certain limited partnership investments(7)1 
Net losses on freestanding derivatives(2)(99)
Net gains (losses) on embedded derivatives(11)77 
Other, net— 8 
Total investment related gains (losses), net$(79)$(149)
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]
The following table includes invested assets on deposit, invested assets pledged and received as collateral, assets in trust held to satisfy collateral requirements and FHLB common stock restricted as to sale as of March 31, 2025 and December 31, 2024 (dollars in millions):
March 31, 2025December 31, 2024
Amortized
Cost		Estimated
Fair Value		Amortized
Cost		Estimated
Fair Value
Invested assets on deposit (regulatory deposits)$10 $9 $10 $8 
Invested assets pledged as collateral1,307 1,095 1,200 1,046 
Invested assets received as collateraln/a2,319 n/a2,233 
Assets in trust held to satisfy collateral requirements54,053 51,343 47,162 44,473 
FHLB common stock restricted as to sale71 71 71 71 
Schedule of Repurchase Agreements [Table Text Block]
The following table provides the estimated fair value of securities relating to securities lending and repurchase/reverse repurchase agreements as of March 31, 2025 and December 31, 2024 (dollars in millions):
March 31, 2025December 31, 2024
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities Loaned, Pledged, or
Sold (1)
Securities Borrowed or Collateral Received from Counterparties (2)
Cash Collateral Received from Counterparties (3)
Securities lending transactions$835 $1,078 $— $836 $1,093 $— 
Repurchase/reverse repurchase transactions1,808 689 1,005 1,781 688 982 
(1)Securities loaned or pledged through securities lending transactions or sold to counterparties through repurchase transactions are included within fixed maturity securities. Collateral associated with certain securities lending transactions is not included within this table as the collateral pledged to the counterparty is the right to reinsurance treaty cash flows. Certain securities lending transactions do not require collateral.
(2)Securities borrowed or received as collateral through securities lending transactions or purchased from counterparties through reverse repurchase transactions are not reflected on the condensed consolidated balance sheets.
(3)A payable for the cash received by the Company is included within other liabilities.
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block]
The following table presents the estimated fair value of securities by the remaining contractual maturity of the Company’s securities lending and repurchase agreements as of March 31, 2025 and December 31, 2024 (dollars in millions):
March 31, 2025December 31, 2024
Remaining Contractual Maturity of the AgreementsRemaining Contractual Maturity of the Agreements
Overnight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotalOvernight and ContinuousUp to 30 Days30 – 90 DaysGreater than 90 DaysTotal
Securities lending transactions:
Corporate$— $76 $143 $204 $423 $— $75 $7 $333 $415 
Japanese government— 236 — 72 308 — 227 — 75 302 
ABS— — 17 3 20 — — 17 3 20 
CMBS— — 46 — 46 — — 46 — 46 
RMBS— — 12 — 12 — — 13 6 19 
U.S. government— — — — — — — — 8 8 
State and political subdivisions— — — 6 6 — — — 6 6 
Other foreign government— — 11 9 20 — — — 20 20 
Total— 312 229 294 835 — 302 83 451 836 
Repurchase/reverse repurchase transactions:
Corporate— — — 521 521 — — — 527 527 
Japanese government— — — 374 374 — — 214 144 358 
ABS— — — 210 210 — — 27 251 278 
CMBS— — — 262 262 — — 49 184 233 
RMBS— — — 102 102 — — 7 42 49 
U.S. government— — — 262 262 — — — 257 257 
Other foreign government— — — 77 77 — — — 79 79 
Total— — — 1,808 1,808 — — 297 1,484 1,781 
Total transactions$— $312 $229 $2,102 $2,643 $— $302 $380 $1,935 $2,617 
Disclosure Of Real Estate Holdings By Property Type [Table Text Block]
The following table presents the distribution of the Company’s recorded investment in mortgage loans by property type as of March 31, 2025 and December 31, 2024 (dollars in millions):
 March 31, 2025December 31, 2024
Carrying Value% of Total Carrying Value% of Total
Commercial:
Office$1,696 17.9 %$1,717 19.2 %
Retail2,944 31.2 2,925 32.7 
Industrial2,963 31.4 2,714 30.3 
Apartment1,213 12.8 1,121 12.5 
Hotel441 4.7 443 4.9 
Other commercial102 1.1 32 0.4 
Total commercial9,359 99.1 8,952 100.0 
Residential82 0.9 — — 
Recorded investment9,441 100.0 %8,952 100.0 %
Unamortized balance of loan origination fees and expenses(21)(20)
Allowance for credit losses(89)(93)
Total mortgage loans$9,331 $8,839 
Mortgage Loans Classified By Contractual Maturity Date [Table Text Block]
The following table presents the maturities of the Company’s recorded investment in commercial mortgage loans as of March 31, 2025 and December 31, 2024 (dollars in millions):
March 31, 2025December 31, 2024
Recorded
Investment		% of Total Recorded
Investment		% of Total
Due within five years$4,215 45.0 %$3,984 44.5 %
Due after five years through ten years4,301 46.0 3,959 44.2 
Due after ten years843 9.0 1,009 11.3 
Total commercial$9,359 100.0 %$8,952 100.0 %
Mortgage Loan Internal Credit Risk Grade [Table Text Block]
The following tables set forth certain key credit quality indicators of the Company’s recorded investment in commercial mortgage loans as of March 31, 2025 and December 31, 2024 (dollars in millions):
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
March 31, 2025:
Loan-to-Value Ratio
0% – 59.99%$4,186 $167 $98 $4 $4,455 47.6 %
60% – 69.99%2,420 232 76 46 2,774 29.6 
70% – 79.99%1,179 218 68 — 1,465 15.7 
80% or greater446 36 183 — 665 7.1 
Total commercial$8,231 $653 $425 $50 $9,359 100.0 %
Recorded Investment
Debt Service RatiosConstruction loans
>1.20x1.00x – 1.20x<1.00xTotal% of Total
December 31, 2024:
Loan-to-Value Ratio
0% – 59.99%$4,017 $189 $42 $7 $4,255 47.5 %
60% – 69.99%2,298 184 51 46 2,579 28.8 
70% – 79.99%1,205 178 47 — 1,430 16.0 
80% or greater523 45 120 — 688 7.7 
Total commercial$8,043 $596 $260 $53 $8,952 100.0 %
The following tables set forth credit quality grades by year of origination of the Company’s recorded investment in commercial mortgage loans as of March 31, 2025 and December 31, 2024 (dollars in millions):
Recorded Investment
Year of Origination
20252024202320222021PriorTotal
March 31, 2025:
Internal credit quality grade:
High investment grade$28 $592 $435 $539 $600 $1,967 $4,161 
Investment grade518 1,269 746 793 403 1,067 4,796 
Average— — 19 — 36 206 261 
Watch list— — — — — 135 135 
In or near default— — — — — 6 6 
Total commercial$546 $1,861 $1,200 $1,332 $1,039 $3,381 $9,359 
Recorded Investment
Year of Origination
20242023202220212020PriorTotal
December 31, 2024:
Internal credit quality grade:
High investment grade$593 $436 $543 $600 $246 $1,828 $4,246 
Investment grade1,270 750 806 404 219 850 4,299 
Average— 19 — 36 18 203 276 
Watch list— — — — — 125 125 
In or near default— — — — — 6 6 
Total commercial$1,863 $1,205 $1,349 $1,040 $483 $3,012 $8,952 
Financing Receivable, Past Due [Table Text Block]
The following table presents the current and past due composition of the Company’s recorded investment in commercial mortgage loans as of March 31, 2025 and December 31, 2024 (dollars in millions):
 March 31, 2025December 31, 2024
Current$9,311 $8,934 
31 – 60 days past due42 12 
Greater than 90 days past due
6 6 
Total commercial$9,359 $8,952 
Allowance For Mortgage Loan And Lease Losses Provision For Loss Net
The following table presents information regarding the Company’s allowance for credit losses for commercial mortgage loans for the three months ended March 31, 2025 and 2024 (dollars in millions):
 Three months ended March 31,
 20252024
Balance, beginning of period$93 $67 
Provision (release) of credit losses(6)11 
   Write-offs, net of recoveries— (1)
Balance, end of period$87 $77 
Limited Partnership And Joint Ventures Table Text Block
Limited Partnerships and Real Estate Joint Ventures
The carrying values of limited partnerships and real estate joint ventures as of March 31, 2025 and December 31, 2024 are as follows (dollars in millions):
March 31, 2025December 31, 2024
Limited partnerships – equity method$1,146 $1,067 
Limited partnerships – fair value963 966 
Limited partnerships – cost method65 64 
Real estate joint ventures1,054 970 
Total limited partnerships and real estate joint ventures$3,228 $3,067 
Schedule Of Other Invested Assets [Table Text Block] The carrying values of other invested assets as of March 31, 2025 and December 31, 2024 are as follows (dollars in millions):
March 31, 2025December 31, 2024
Lifetime mortgages$1,043 $984 
Derivatives114 121 
FHLB common stock71 71 
Other67 66 
Total other invested assets$1,295 $1,242