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Fair Value of Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

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.


	June 30, 2024
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	21,539	$	0	$		$	21,539
Obligations of U.S. states and their political subdivisions	0		7,649		6				7,655
Foreign government bonds	0		57,672		7				57,679
U.S. corporate public securities	0		100,710		64				100,774
U.S. corporate private securities(2)	0		38,938		3,119				42,057
Foreign corporate public securities	0		21,212		92				21,304
Foreign corporate private securities	0		31,165		1,728				32,893
Asset-backed securities(3)	0		14,259		1,136				15,395
Commercial mortgage-backed securities	0		8,336		916				9,252
Residential mortgage-backed securities	0		2,544		0				2,544
Subtotal	0		304,024		7,068				311,092
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		218		0				218

Foreign government bonds	0		547		0				547
Corporate securities	0		70		1				71



Equity securities	1,208		1,307		0				2,515

Subtotal	1,208		2,142		1				3,351
Market risk benefit assets	0		0		2,233				2,233
Fixed maturities, trading	0		8,730		1,520				10,250
Equity securities	4,705		1,837		556				7,098
Commercial mortgage and other loans	0		635		0				635
Other invested assets(5)	33		19,468		938		(18,324)		2,115
Short-term investments	539		4,653		9				5,201
Cash equivalents	576		6,743		4				7,323
Reinsurance recoverables and deposit receivables	0		192		363				555
Other assets	0		0		0				0
Separate account assets(6)(7)	9,311		161,119		342				170,772
Total assets	$	16,372	$	509,543	$	13,034	$	(18,324)	$	520,625
Market risk benefit liabilities	$	0	$	0	$	4,592	$		$	4,592
Policyholders’ account balances	0		0		10,213				10,213
Reinsurance and funds withheld payables	0		22		0				22
Other liabilities	85		30,706		1		(26,324)		4,468
Notes issued by consolidated VIEs	0		0		422				422
Total liabilities	$	85	$	30,728	$	15,228	$	(26,324)	$	19,717


	December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Fixed maturities, available-for-sale:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	$	0	$	21,796	$	0	$		$	21,796
Obligations of U.S. states and their political subdivisions	0		8,451		7				8,458
Foreign government bonds	0		70,182		8				70,190
U.S. corporate public securities	0		98,097		75				98,172
U.S. corporate private securities(2)	0		38,199		2,821				41,020
Foreign corporate public securities	0		19,576		67				19,643
Foreign corporate private securities	0		30,447		1,843				32,290
Asset-backed securities(3)	0		12,236		359				12,595
Commercial mortgage-backed securities	0		8,954		938				9,892
Residential mortgage-backed securities	0		2,265		0				2,265
Subtotal	0		310,203		6,118				316,321
Assets supporting experience-rated contractholder liabilities:
U.S. Treasury securities and obligations of U.S. government authorities and agencies	0		206		0				206

Foreign government bonds	0		604		0				604
Corporate securities	0		79		0				79



Equity securities	1,004		1,275		0				2,279

Subtotal	1,004		2,164		0				3,168
Market risk benefit assets	0		0		1,981				1,981
Fixed maturities, trading	0		9,361		429				9,790
Equity securities(4)	5,953		1,538		512				8,003
Commercial mortgage and other loans	0		519		0				519
Other invested assets(5)	27		14,234		846		(13,158)		1,949
Short-term investments	125		3,746		29				3,900
Cash equivalents	2,240		8,058		4				10,302
Reinsurance recoverables and deposit receivables	0		(75)		224				149
Other assets	0		0		11				11
Separate account assets(6)(7)	8,925		161,793		1,094				171,812
Total assets	$	18,274	$	511,541	$	11,248	$	(13,158)	$	527,905
Market risk benefit liabilities	$	0	$	0	$	5,467	$		$	5,467
Policyholders’ account balances	0		0		7,752				7,752
Reinsurance and funds withheld payables	0		490		0				490
Other liabilities	35		27,112		1		(22,973)		4,175
Notes issued by consolidated VIEs	0		0		778				778
Total liabilities	$	35	$	27,602	$	13,998	$	(22,973)	$	18,662

__________

(1)“Netting” amounts represent cash collateral of $(8,000) million and $(9,815) million as of June 30, 2024 and December 31, 2023, respectively.

(2)Excludes notes with fair value of $13,714 million (carrying amount of $13,714 million) and $12,370 million (carrying amount of $12,370 million) as of June 30, 2024 and December 31, 2023, respectively, which have been offset with the associated debt under a netting agreement.

(3)Includes credit-tranched securities collateralized by syndicated bank loans, sub-prime mortgages, auto loans, credit cards, education loans and other asset types.

(4)Equity securities excluded from the fair value hierarchy include a fund for which fair value is measured at net asset value (“NAV”) per share (or its equivalent) as a practical expedient. As of December 31, 2023, the fair value of this investment was $239 million.

(5)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 NAV per share (or its equivalent) as a practical expedient. As of June 30, 2024 and December 31, 2023, the fair value of such investments was $4,613 million and $4,125 million, respectively.

(6)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 other invested assets. As of June 30, 2024 and December 31, 2023, the fair value of such investments was $26,087 million and $27,076 million, respectively.

(7)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.

Fair Value Inputs, Assets and Liabilities, Quantitative Information

Quantitative Information Regarding Internally-Priced Level 3 Assets and Liabilities—The tables below present quantitative information regarding significant internally-priced Level 3 assets and liabilities.


	As of June 30, 2024
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	4,157	Discounted cash flow	Discount rate	0.83%	30.00%	11.44%	Decrease
			Market comparables	EBITDA multiples(4)	5.4X	8.8X	6.9X	Increase
			Liquidation	Liquidation value	56.00%	99.02%	94.88%	Increase
Commercial mortgage-backed securities	$	916	Discounted cash flow	Liquidity premium	1.00%	1.00%	1.00%	Decrease
Market risk benefit assets(6)	$	2,233	Discounted cash flow	Lapse rate(8)	1%	20%		Increase
				Spread over SOFR(9)	0.35%	1.88%		Increase
				Utilization rate(10)	37%	94%		Decrease
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Increase
				Equity volatility curve	15%	25%		Decrease
Equity securities	$	229	Discounted cash flow	Discount rate(5)	0.16%	12%		Decrease
			Market comparables	EBITDA multiples(4)	1.0X	12.2X	1.4X	Increase
			Net Asset Value	Share price	$3	$1,810	$1,726	Increase
Liabilities:
Market risk benefit liabilities(6)	$	4,592	Discounted cash flow	Lapse rate(8)	1%	20%		Decrease
				Spread over SOFR(9)	0.35%	1.88%		Decrease
				Utilization rate(10)	37%	94%		Increase
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	16%		Decrease
				Equity volatility curve	15%	25%		Increase
Policyholders’ account balances(7)	$	10,212	Discounted cash flow	Lapse rate(8)	0%	80%		Decrease
				Spread over SOFR(9)	0.35%	1.90%		Decrease
				Mortality rate(12)	0%	23%		Decrease

				Option Budget(13)	(1)%	7%		Increase


	As of December 31, 2023
	Fair Value		Valuation Techniques	Unobservable Inputs	Minimum	Maximum	Weighted Average	Impact of Increase in Input on Fair Value(1)
	(in millions)
Assets:
Corporate securities(2)(3)	$	1,311	Discounted cash flow	Discount rate	0.57%	20.00%	8.65%	Decrease
			Market comparables	EBITDA multiples(4)	5.5X	8.8X	7.4X	Increase
			Liquidation	Liquidation value	3.55%	68.00%	57.63%	Increase
Commercial mortgage-backed securities	$	938	Discounted cash flow	Liquidity premium	0.60%	0.75%	0.70%	Decrease
Market risk benefit assets(6)	$	1,981	Discounted cash flow	Lapse rate(8)	1%	20%		Increase
				Spread over SOFR(9)	0.41%	1.82%		Increase
				Utilization rate(10)	38%	95%		Decrease
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	15%		Increase
				Equity volatility curve	15%	25%		Decrease
Equity securities	$	246	Discounted cash flow	Discount rate(5)	0.16%	20%		Decrease
			Market comparables	EBITDA multiples(4)	1.0X	10.0X	6.3X	Increase
			Net Asset Value	Share price	$3	$1,714	$733	Increase
Liabilities:
Market risk benefit liabilities(6)	$	5,467	Discounted cash flow	Lapse rate(8)	1%	20%		Decrease
				Spread over SOFR(9)	0.41%	1.82%		Decrease
				Utilization rate(10)	38%	95%		Increase
				Withdrawal rate	See table footnote (11) below.
				Mortality rate(12)	0%	15%		Decrease
				Equity volatility curve	15%	25%		Increase
Policyholders’ account balances(7)	$	7,752	Discounted cash flow	Lapse rate(8)	1%	80%		Decrease
				Spread over SOFR(9)	0.41%	1.85%		Decrease
				Mortality rate(12)	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)Includes assets classified as fixed maturities available-for-sale, assets supporting experience-rated contractholder liabilities and fixed maturities, trading.

(3)Excludes notes which have been offset with the associated debt under a netting agreement.

(4)Represents multiples 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)For these investments, a range of discount rates is typically used (10% to 20%) and is therefore a more meaningful representation of the unobservable inputs used in the valuation rather than weighted average.

(6)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.

(7)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.

(8)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.

(9)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 June 30, 2024 and December 31, 2023, 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 PDI traditional variable annuity contracts with guaranteed living benefits. See Note 12 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.

(10)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.

(11)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 June 30, 2024 and December 31, 2023, the minimum withdrawal rate assumption is 78% and 81%, respectively. As of June 30, 2024 and December 31, 2023 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%.

(12)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.

(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

Changes in Level 3 Assets and Liabilities—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 11). 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 June 30, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(8)		Transfers out of Level 3(8)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	6	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	6	$	0
Foreign government	7		0		0		0		0		0		0		0		0		7		0
Corporate securities(3)	4,965		(43)		417		(28)		0		(221)		(141)		54		0		5,003		(51)
Structured securities(4)	2,612		(10)		327		(1)		0		(63)		(492)		(1)		(320)		2,052		(11)






Other assets:
Fixed maturities, trading	1,330		(7)		330		0		0		(70)		0		(2)		(61)		1,520		(6)
Equity securities	506		12		54		(12)		0		(1)		(3)		1		(1)		556		12
Other invested assets	865		(39)		93		0		0		0		19		0		0		938		(40)
Short-term investments	32		3		2		0		0		(6)		(22)		0		0		9		2
Cash equivalents	0		0		4		0		0		0		0		0		0		4		0
Reinsurance recoverables and deposit receivables	303		14		59		0		0		(13)		0		0		0		363		1
Other assets	19		0		0		0		0		0		(19)		0		0		0		0
Separate account assets	338		(8)		80		(61)		0		(2)		0		0		(5)		342		(7)
Liabilities:
Policyholders’ account balances(5)	(9,864)		119		0		0		(469)		0		1		0		0		(10,213)		965
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	(405)		0		0		0		(17)		0		0		0		0		(422)		0


	Three Months Ended June 30, 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 (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(30)	$	0	$	0	$	(33)	$	10	$	(31)	$	0	$	0	$	(30)

Other assets:
Fixed maturities, trading	0		(7)		0		0		0		0		(6)		0		0
Equity securities	0		12		0		0		0		0		12		0		0
Other invested assets	1		(40)		0		0		0		0		(40)		0		0
Short-term investments	3		0		0		0		0		2		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	14		0		0		0		0		1		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		(8)		0		0		0		0		(7)		0
Liabilities:
Policyholders’ account balances	119		0		0		0		0		965		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(8)		Transfers out of Level 3(8)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	6	$	(1)
Foreign government	8		0		0		0		0		(1)		0		0		0		7		0
Corporate securities(3)	4,806		(89)		819		(33)		0		(508)		(154)		162		0		5,003		(101)
Structured securities(4)	1,297		(7)		1,592		(1)		0		(75)		(493)		59		(320)		2,052		(11)






Other assets:
Fixed maturities, trading	429		(5)		894		(22)		0		(116)		(1)		402		(61)		1,520		1
Equity securities	512		(7)		75		(16)		0		(5)		6		1		(10)		556		(10)
Other invested assets	846		(47)		122		(2)		0		0		19		0		0		938		(47)
Short-term investments	29		1		7		0		0		(6)		(22)		0		0		9		0
Cash equivalents	4		0		4		0		0		0		(4)		0		0		4		0
Reinsurance recoverables and deposit receivables	224		51		114		0		0		(26)		0		0		0		363		25
Other assets	11		0		8		0		0		0		(19)		0		0		0		0
Separate account assets	1,094		(54)		136		(824)		0		(4)		0		0		(6)		342		(15)
Liabilities:
Policyholders’ account balances(5)	(7,752)		(1,376)		0		0		(1,087)		0		2		0		0		(10,213)		749
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	(778)		(8)		0		0		(27)		0		391		0		0		(422)		(8)


	Six Months Ended June 30, 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 (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(63)	$	0	$	0	$	(49)	$	15	$	(59)	$	0	$	0	$	(54)

Other assets:
Fixed maturities, trading	0		(6)		0		0		1		0		1		0		0
Equity securities	0		(7)		0		0		0		0		(10)		0		0
Other invested assets	0		(47)		0		0		0		0		(47)		0		0
Short-term investments	0		0		0		0		1		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	51		0		0		0		0		25		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		(54)		0		0		0		0		(15)		0
Liabilities:
Policyholders’ account balances	(1,376)		0		0		0		0		749		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		(8)		0		0		0		0		(8)		0		0


	Three Months Ended June 30, 2023(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(8)		Transfers out of Level 3(8)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	7	$	0
Foreign government	9		0		0		0		0		(1)		0		0		0		8		0
Corporate securities(3)	3,941		26		737		(47)		0		(177)		(18)		18		(19)		4,461		18
Structured securities(4)	1,438		6		(1)		(4)		0		(13)		0		0		(162)		1,264		(1)






Other assets:
Fixed maturities, trading	339		(2)		33		0		0		(9)		0		0		(59)		302		(3)
Equity securities	801		(23)		2		(8)		0		0		1		0		0		773		(10)
Other invested assets	803		(20)		84		(2)		0		0		0		0		0		865		(20)
Short-term investments	16		1		28		0		0		(20)		0		0		0		25		0
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	156		26		39		0		0		(4)		0		0		0		217		20
Other assets(7)	11		0		0		0		0		1		0		0		0		12		0
Separate account assets	1,169		49		166		(130)		0		(40)		0		3		(42)		1,175		50
Liabilities:
Policyholders’ account balances(5)	(4,244)		(1,020)		0		0		(438)		0		73		0		0		(5,629)		(153)
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0		0		0


	Three Months Ended June 30, 2023
	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 (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(13)	$	0	$	0	$	43	$	2	$	(10)	$	0	$	0	$	26






Other assets:
Fixed maturities, trading	0		(2)		0		0		0		0		(3)		0		0
Equity securities	(1)		(22)		0		0		0		0		(10)		0		0
Other invested assets	(1)		(19)		0		0		0		(1)		(19)		0		0
Short-term investments	0		0		0		0		1		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	26		0		0		0		0		20		0		0		0
Other assets(7)	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		49		0		0		0		0		50		0
Liabilities:
Policyholders’ account balances	(1,020)		0		0		0		0		(153)		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2023(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(8)		Transfers out of Level 3(8)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	7	$	0
Foreign government	8		0		0		0		0		0		0		0		0		8		0
Corporate securities(3)	3,858		35		1,264		(175)		0		(500)		(20)		18		(19)		4,461		39
Structured securities(4)	1,289		(29)		239		(5)		0		(25)		0		37		(242)		1,264		(37)






Other assets:
Fixed maturities, trading	304		3		66		0		0		(13)		1		0		(59)		302		1
Equity securities	627		(6)		9		(67)		0		(6)		216		1		(1)		773		(10)
Other invested assets	539		(19)		354		(9)		0		0		0		0		0		865		(18)
Short-term investments	18		3		31		0		0		(27)		0		0		0		25		0
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	141		8		73		0		0		(5)		0		0		0		217		3
Other assets(7)	11		0		1		0		0		0		0		0		0		12		0
Separate account assets	1,081		88		309		(197)		0		(66)		0		3		(43)		1,175		87
Liabilities:
Policyholders’ account balances(5)	(3,492)		(1,271)		0		0		(839)		0		(27)		0		0		(5,629)		(262)
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2023
	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 (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(16)	$	0	$	0	$	19	$	3	$	(3)	$	0	$	0	$	5






Other assets:
Fixed maturities, trading	0		2		0		0		1		0		1		0		0
Equity securities	(1)		(5)		0		0		0		0		(10)		0		0
Other invested assets	(1)		(18)		0		0		0		(1)		(17)		0		0
Short-term investments	2		0		0		0		1		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	8		0		0		0		0		3		0		0		0
Other assets(7)	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		88		0		0		0		0		87		0
Liabilities:
Policyholders’ account balances	(1,271)		0		0		0		0		(262)		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		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 public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

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

(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.

(6)Excludes MRB assets of $2,233 million and $1,951 million and MRB liabilities of $4,592 million and $5,462 million for periods ending June 30, 2024 and 2023, respectively. See Note 11 for additional information.

(7)Prior period amounts have been reclassified to conform to current period presentation.

(8)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.

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


	Three Months Ended June 30, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(8)		Transfers out of Level 3(8)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	6	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	6	$	0
Foreign government	7		0		0		0		0		0		0		0		0		7		0
Corporate securities(3)	4,965		(43)		417		(28)		0		(221)		(141)		54		0		5,003		(51)
Structured securities(4)	2,612		(10)		327		(1)		0		(63)		(492)		(1)		(320)		2,052		(11)






Other assets:
Fixed maturities, trading	1,330		(7)		330		0		0		(70)		0		(2)		(61)		1,520		(6)
Equity securities	506		12		54		(12)		0		(1)		(3)		1		(1)		556		12
Other invested assets	865		(39)		93		0		0		0		19		0		0		938		(40)
Short-term investments	32		3		2		0		0		(6)		(22)		0		0		9		2
Cash equivalents	0		0		4		0		0		0		0		0		0		4		0
Reinsurance recoverables and deposit receivables	303		14		59		0		0		(13)		0		0		0		363		1
Other assets	19		0		0		0		0		0		(19)		0		0		0		0
Separate account assets	338		(8)		80		(61)		0		(2)		0		0		(5)		342		(7)
Liabilities:
Policyholders’ account balances(5)	(9,864)		119		0		0		(469)		0		1		0		0		(10,213)		965
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	(405)		0		0		0		(17)		0		0		0		0		(422)		0


	Three Months Ended June 30, 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 (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(30)	$	0	$	0	$	(33)	$	10	$	(31)	$	0	$	0	$	(30)

Other assets:
Fixed maturities, trading	0		(7)		0		0		0		0		(6)		0		0
Equity securities	0		12		0		0		0		0		12		0		0
Other invested assets	1		(40)		0		0		0		0		(40)		0		0
Short-term investments	3		0		0		0		0		2		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	14		0		0		0		0		1		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		(8)		0		0		0		0		(7)		0
Liabilities:
Policyholders’ account balances	119		0		0		0		0		965		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2024(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(8)		Transfers out of Level 3(8)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	(1)	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	6	$	(1)
Foreign government	8		0		0		0		0		(1)		0		0		0		7		0
Corporate securities(3)	4,806		(89)		819		(33)		0		(508)		(154)		162		0		5,003		(101)
Structured securities(4)	1,297		(7)		1,592		(1)		0		(75)		(493)		59		(320)		2,052		(11)






Other assets:
Fixed maturities, trading	429		(5)		894		(22)		0		(116)		(1)		402		(61)		1,520		1
Equity securities	512		(7)		75		(16)		0		(5)		6		1		(10)		556		(10)
Other invested assets	846		(47)		122		(2)		0		0		19		0		0		938		(47)
Short-term investments	29		1		7		0		0		(6)		(22)		0		0		9		0
Cash equivalents	4		0		4		0		0		0		(4)		0		0		4		0
Reinsurance recoverables and deposit receivables	224		51		114		0		0		(26)		0		0		0		363		25
Other assets	11		0		8		0		0		0		(19)		0		0		0		0
Separate account assets	1,094		(54)		136		(824)		0		(4)		0		0		(6)		342		(15)
Liabilities:
Policyholders’ account balances(5)	(7,752)		(1,376)		0		0		(1,087)		0		2		0		0		(10,213)		749
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	(778)		(8)		0		0		(27)		0		391		0		0		(422)		(8)


	Six Months Ended June 30, 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 (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(63)	$	0	$	0	$	(49)	$	15	$	(59)	$	0	$	0	$	(54)

Other assets:
Fixed maturities, trading	0		(6)		0		0		1		0		1		0		0
Equity securities	0		(7)		0		0		0		0		(10)		0		0
Other invested assets	0		(47)		0		0		0		0		(47)		0		0
Short-term investments	0		0		0		0		1		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	51		0		0		0		0		25		0		0		0
Other assets	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		(54)		0		0		0		0		(15)		0
Liabilities:
Policyholders’ account balances	(1,376)		0		0		0		0		749		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		(8)		0		0		0		0		(8)		0		0


	Three Months Ended June 30, 2023(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(8)		Transfers out of Level 3(8)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	7	$	0
Foreign government	9		0		0		0		0		(1)		0		0		0		8		0
Corporate securities(3)	3,941		26		737		(47)		0		(177)		(18)		18		(19)		4,461		18
Structured securities(4)	1,438		6		(1)		(4)		0		(13)		0		0		(162)		1,264		(1)






Other assets:
Fixed maturities, trading	339		(2)		33		0		0		(9)		0		0		(59)		302		(3)
Equity securities	801		(23)		2		(8)		0		0		1		0		0		773		(10)
Other invested assets	803		(20)		84		(2)		0		0		0		0		0		865		(20)
Short-term investments	16		1		28		0		0		(20)		0		0		0		25		0
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	156		26		39		0		0		(4)		0		0		0		217		20
Other assets(7)	11		0		0		0		0		1		0		0		0		12		0
Separate account assets	1,169		49		166		(130)		0		(40)		0		3		(42)		1,175		50
Liabilities:
Policyholders’ account balances(5)	(4,244)		(1,020)		0		0		(438)		0		73		0		0		(5,629)		(153)
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0		0		0


	Three Months Ended June 30, 2023
	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 (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(13)	$	0	$	0	$	43	$	2	$	(10)	$	0	$	0	$	26






Other assets:
Fixed maturities, trading	0		(2)		0		0		0		0		(3)		0		0
Equity securities	(1)		(22)		0		0		0		0		(10)		0		0
Other invested assets	(1)		(19)		0		0		0		(1)		(19)		0		0
Short-term investments	0		0		0		0		1		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	26		0		0		0		0		20		0		0		0
Other assets(7)	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		49		0		0		0		0		50		0
Liabilities:
Policyholders’ account balances	(1,020)		0		0		0		0		(153)		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2023(6)
	Fair Value, beginning of period		Total realized and unrealized gains (losses)		Purchases		Sales		Issuances		Settlements		Other(1)		Transfers into Level 3(8)		Transfers out of Level 3(8)		Fair Value, end of period		Unrealized gains (losses) for assets still held(2)
	(in millions)
Fixed maturities, available-for-sale:

U.S. states	$	7	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	7	$	0
Foreign government	8		0		0		0		0		0		0		0		0		8		0
Corporate securities(3)	3,858		35		1,264		(175)		0		(500)		(20)		18		(19)		4,461		39
Structured securities(4)	1,289		(29)		239		(5)		0		(25)		0		37		(242)		1,264		(37)






Other assets:
Fixed maturities, trading	304		3		66		0		0		(13)		1		0		(59)		302		1
Equity securities	627		(6)		9		(67)		0		(6)		216		1		(1)		773		(10)
Other invested assets	539		(19)		354		(9)		0		0		0		0		0		865		(18)
Short-term investments	18		3		31		0		0		(27)		0		0		0		25		0
Cash equivalents	0		0		0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	141		8		73		0		0		(5)		0		0		0		217		3
Other assets(7)	11		0		1		0		0		0		0		0		0		12		0
Separate account assets	1,081		88		309		(197)		0		(66)		0		3		(43)		1,175		87
Liabilities:
Policyholders’ account balances(5)	(3,492)		(1,271)		0		0		(839)		0		(27)		0		0		(5,629)		(262)
Other liabilities	(1)		0		0		0		0		0		0		0		0		(1)		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2023
	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 (losses)		Net investment income		Realized investment gains (losses), net		Other income (loss)		Interest credited to policyholders’ account balances		Included in other comprehensive income (losses)
	(in millions)
Fixed maturities, available-for-sale	$	(16)	$	0	$	0	$	19	$	3	$	(3)	$	0	$	0	$	5






Other assets:
Fixed maturities, trading	0		2		0		0		1		0		1		0		0
Equity securities	(1)		(5)		0		0		0		0		(10)		0		0
Other invested assets	(1)		(18)		0		0		0		(1)		(17)		0		0
Short-term investments	2		0		0		0		1		0		0		0		0
Cash equivalents	0		0		0		0		0		0		0		0		0
Reinsurance recoverables and deposit receivables	8		0		0		0		0		3		0		0		0
Other assets(7)	0		0		0		0		0		0		0		0		0
Separate account assets	0		0		88		0		0		0		0		87		0
Liabilities:
Policyholders’ account balances	(1,271)		0		0		0		0		(262)		0		0		0
Other liabilities	0		0		0		0		0		0		0		0		0
Notes issued by consolidated VIEs	0		0		0		0		0		0		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 public, U.S. corporate private, foreign corporate public and foreign corporate private securities.

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

(5)Issuances and settlements for Policyholders’ account balances are presented net in the rollforward.

(7)Prior period amounts have been reclassified to conform to current period presentation.

(8)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.

Fair Value Assets and Liabilities Measured on Recurring Basis, Derivatives

Derivative Fair Value Information

The following tables present the balances of certain derivative assets and liabilities measured at fair value on a recurring basis, as of the dates indicated, by the primary underlying risks they are used to manage. These tables include NPR and exclude embedded derivatives. The derivative assets and liabilities shown below are included in “Other invested assets” or “Other liabilities” in the tables contained within the sections “—Assets and Liabilities by Hierarchy Level” and “—Changes in Level 3 Assets and Liabilities,” above.


	As of June 30, 2024
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	24	$	10,884	$	2	$		$	10,910
Currency	0		1,783		0				1,783
Credit	0		83		0				83
Currency/Interest Rate	0		3,034		0				3,034
Equity	9		3,684		0				3,693
Other	0		0		0				0
Netting(1)							(18,324)		(18,324)
Total derivative assets	$	33	$	19,468	$	2	$	(18,324)	$	1,179
Derivative Liabilities:
Interest Rate	$	81	$	25,788	$	1	$		$	25,870
Currency	0		1,739		0				1,739
Credit	0		0		0				0
Currency/Interest Rate	0		608		0				608
Equity	5		2,570		0				2,575
Other	0		0		0				0
Netting(1)							(26,324)		(26,324)
Total derivative liabilities	$	86	$	30,705	$	1	$	(26,324)	$	4,468


	As of December 31, 2023
	Level 1		Level 2		Level 3		Netting(1)		Total
	(in millions)
Derivative Assets:
Interest Rate	$	7	$	8,990	$	1	$		$	8,998
Currency	0		1,008		0				1,008
Credit	0		64		0				64
Currency/Interest Rate	0		2,454		0				2,454
Equity	19		1,718		0				1,737
Other	0		0		0				0
Netting(1)							(13,158)		(13,158)
Total derivative assets	$	26	$	14,234	$	1	$	(13,158)	$	1,103
Derivative Liabilities:
Interest Rate	$	26	$	22,960	$	1	$		$	22,987
Currency	0		1,149		0				1,149
Credit	0		0		0				0
Currency/Interest Rate	0		840		0				840
Equity	10		2,168		0				2,178
Other	0		0		0				0
Netting(1)							(22,973)		(22,973)
Total derivative liabilities	$	36	$	27,117	$	1	$	(22,973)	$	4,181

__________

(1)“Netting” amounts represent cash collateral and the impact of offsetting asset and liability positions held with the same counterparty, subject to master netting agreements.

Fair Value Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation, Derivatives

Changes in Level 3 Derivative Assets and Liabilities—The following tables provide a summary of the changes in fair value of Level 3 derivative 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.


	Three Months Ended June 30, 2024
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Net Derivative - Interest Rate	0		1		0		0		0		0		0		0		0		1		1


	Six Months Ended June 30, 2024
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Net Derivative - Interest Rate	0		1		0		0		0		0		0		0		0		1		1


	Three Months Ended June 30, 2023
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Net Derivative - Interest Rate	0		0		0		0		0		0		0		0		0		0		0


	Six Months Ended June 30, 2023
	Fair Value, beginning of period		Total realized and unrealized gains (losses)(1)		Purchases		Sales		Issuances		Settlements		Other		Transfers into Level 3(2)		Transfers out of Level 3(2)		Fair Value, end of period		Unrealized gains (losses) for assets still held(1)
	(in millions)
Net Derivative - Equity	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Net Derivative - Interest Rate	0		0		0		0		0		0		0		0		0		0		0

__________

(1)Total realized and unrealized gains (losses) as well as unrealized gains (losses) for assets still held at the end of the period are recorded in “Realized investment gains (losses), net.”

(2)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.

Fair Value Measurements, Nonrecurring

The following tables represent information for assets measured at fair value on a nonrecurring basis. The fair value measurement is nonrecurring as these assets are measured at fair value only when there is a triggering event (e.g., an evidence of impairment). Assets included in the table are those that were impaired during the respective reporting periods and that are still held as of the reporting date. The estimated fair values for these amounts were determined using significant unobservable inputs (Level 3).


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Gains (Losses):
Commercial mortgage loans(1)	$	0	$	0	$	0	$	0

Investment real estate	$	(3)	$	(17)	$	(3)	$	(17)
Investment in JV/LP and Other	$	0	$	(37)	$	(7)	$	(54)


	June 30, 2024		December 31, 2023
	(in millions)
Carrying value after measurement as of period end:
Commercial mortgage loans(1)	$	0	$	34

Investment real estate(2)	$	69	$	113
Investment in JV/LP and Other(2)	$	128	$	186

__________

(1)Commercial mortgage loans are valued based on discounted cash flows utilizing market rates or the fair value of the underlying real estate collateral.

(2)Reported carrying values for 2024 include values as of the measurement periods of March 31, 2024 for “Investment in JV/LP and Other” and June 30, 2024 for “Investment real estate.” Reported carrying values for 2023 include values as of the measurement periods of June 30, 2023 for “Investment real estate” and June 30, 2023 and December 31, 2023 for “Investment in JV/LP and Other.”

Fair Value, Option

The following tables present information regarding assets and liabilities where the fair value option has been elected.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Liabilities:
Notes issued by consolidated VIEs:
Changes in fair value	$	0	$	0	$	8	$	0


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions)
Commercial mortgage and other loans:
Interest income	$	1	$	3	$	3	$	4
Notes issued by consolidated VIEs:
Interest expense	$	3	$	0	$	11	$	0


	June 30, 2024		December 31, 2023
	(in millions)
Commercial mortgage and other loans(1):
Fair value as of period end	$	635	$	519
Aggregate contractual principal as of period end	$	632	$	512
Other invested assets:
Fair value as of period end	$	19	$	0
Other assets:
Fair value as of period end	$	0	$	11
Notes issued by consolidated VIEs:
Fair value as of period end	$	422	$	778
Aggregate contractual principal as of period end	$	422	$	787

__________

(1)As of June 30, 2024, for loans for which the fair value option has been elected, none of the loans were 90 days or more past due.

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.


	June 30, 2024
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	33	$	56,007	$	56,040	$	59,608
Policy loans	8		0		9,731		9,739		9,739
Other invested assets	0		95		0		95		95
Short-term investments	1,000		40		0		1,040		1,040
Cash and cash equivalents	8,681		1,107		0		9,788		9,788
Accrued investment income	0		3,434		0		3,434		3,434
Reinsurance recoverables and deposit receivables	0		7		5,478		5,485		5,485
Other assets	19		3,426		2		3,447		3,447
Total assets	$	9,708	$	8,142	$	71,218	$	89,068	$	92,636
Liabilities:
Policyholders’ account balances—investment contracts	$	0	$	29,618	$	39,822	$	69,440	$	75,572
Securities sold under agreements to repurchase	0		6,929		0		6,929		6,929
Cash collateral for loaned securities	0		7,050		0		7,050		7,050
Reinsurance and funds withheld payables(2)	0		9,917		(26)		9,891		9,891
Short-term debt(3)	0		503		85		588		588
Long-term debt(4)	558		16,978		742		18,278		19,353
Notes issued by consolidated VIEs	0		0		752		752		752
Other liabilities	0		5,775		32		5,807		5,807
Separate account liabilities—investment contracts	0		22,997		19,120		42,117		42,117
Total liabilities	$	558	$	99,767	$	60,527	$	160,852	$	168,059


	December 31, 2023
	Fair Value								Carrying Amount(1)
	Level 1		Level 2		Level 3		Total		Total
	(in millions)
Assets:


Commercial mortgage and other loans	$	0	$	41	$	55,611	$	55,652	$	58,786
Policy loans	8		0		10,039		10,047		10,047
Other invested assets	0		97		0		97		97
Short-term investments	1,092		13		0		1,105		1,105
Cash and cash equivalents	8,709		408		0		9,117		9,117
Accrued investment income	0		3,287		0		3,287		3,287
Reinsurance recoverables and deposit receivables	0		5		5,171		5,176		5,176
Other assets	43		3,059		0		3,102		3,102
Total assets	$	9,852	$	6,910	$	70,821	$	87,583	$	90,717
Liabilities:
Policyholders’ account balances—investment contracts	$	0	$	31,089	$	37,794	$	68,883	$	72,604
Securities sold under agreements to repurchase	0		6,056		0		6,056		6,056
Cash collateral for loaned securities	0		6,477		0		6,477		6,477
Reinsurance and funds withheld payables(2)	0		9,553		(23)		9,530		9,530
Short-term debt(3)	0		535		83		618		618
Long-term debt(4)	564		16,938		766		18,268		18,882
Notes issued by consolidated VIEs	0		0		596		596		596
Other liabilities	0		6,950		32		6,982		6,982
Separate account liabilities—investment contracts	0		24,050		21,315		45,365		45,365
Total liabilities	$	564	$	101,648	$	60,563	$	162,775	$	167,110

__________

(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 out of scope under authoritative guidance relating to disclosures of the fair value of financial instruments.

(2)Includes contracts reinsured through coinsurance with funds withheld agreement with Prismic Re with a fair value of $7,945 million (carrying amount of $7,945 million) and $8,036 million (carrying amount of $8,036 million), a portion of which relates to insurance contracts as of June 30, 2024 and December 31, 2023, respectively. See Note 12 for additional information regarding the reinsurance arrangement with Prismic Re.

(3)Excludes debt with fair value of $1,750 million (carrying amount of $1,750 million) and $2,000 million (carrying amount of $2,000 million) as of June 30, 2024 and December 31, 2023, respectively, which have been offset with the associated notes under a netting agreement.

(4)Excludes debt with fair value of $11,964 million (carrying amount of $11,964 million) and $10,370 million (carrying amount of $10,370 million) as of June 30, 2024 and December 31, 2023, respectively, which have been offset with the associated notes under a netting agreement.