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Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Investments:    
Debt Securities, available-for-sale, net of allowance for credit losses of $20 and $21 at March 31, 2024 and December 31, 2023, respectively (amortized cost: 2024 $44,796; 2023 $44,844) $ 40,090 $ 40,422
Debt Securities, at fair value under fair value option 2,256 2,153
Debt Securities, trading, at fair value 70 68
Equity securities, at fair value 222 394
Mortgage loans, net of allowance for credit losses of $162 and $165 at March 31, 2024 and December 31, 2023, respectively 9,899 10,082
Mortgage loans, at fair value under fair value option 455 481
Policy loans (including $3,448 and $3,457 at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively) 4,386 4,399
Freestanding derivative instruments 213 390
Other invested assets 2,580 2,466
Total investments 60,171 60,855
Cash and cash equivalents 2,542 2,688
Accrued investment income 488 512
Deferred acquisition costs 12,173 12,302
Reinsurance recoverable, net of allowance for credit losses of $30 and $29 at March 31, 2024 and December 31, 2023, respectively 24,558 25,422
Reinsurance recoverable on market risk benefits, at fair value 126 149
Market risk benefit assets, at fair value 8,025 6,737
Deferred income taxes, net 749 640
Other assets 675 1,294
Separate account assets 230,773 219,656
Total assets 340,280 330,255
Liabilities    
Reserves for future policy benefits and claims payable 11,585 11,898
Other contract holder funds 54,897 55,319
Market risk benefit liabilities, at fair value 3,843 4,785
Funds withheld payable under reinsurance treaties (including $3,618 and $3,626 at fair value under the fair value option at March 31, 2024 and December 31, 2023, respectively) 19,244 19,952
Long-term debt 2,033 2,037
Repurchase agreements and securities lending payable 1,820 19
Collateral payable for derivative instruments 92 780
Freestanding derivative instruments 1,288 1,210
Separate account liabilities 230,773 219,656
Total liabilities 329,924 319,921
Commitments, Contingencies and Guarantees
Equity    
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; 22,000 shares issued and outstanding at March 31, 2024 and December 31, 2023; liquidation preference $25,000 per share (See Note 19) 533 533
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 76,621,374 and 78,660,221 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively (See Note 19) 1 1
Additional paid-in capital 6,005 6,005
Treasury stock, at cost; 17,859,632 and 15,820,785 shares at March 31, 2024 and December 31, 2023, respectively (713) (599)
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(274) and $(178) at March 31, 2024 and December 31, 2023, respectively (3,423) (2,808)
Retained earnings 7,766 7,038
Total shareholders' equity 10,169 10,170
Noncontrolling interests 187 164
Total equity 10,356 10,334
Total liabilities and equity 340,280 330,255
Related Party    
Liabilities    
Other liabilities 2,068 1,988
Nonrelated Party    
Liabilities    
Other liabilities $ 2,281 $ 2,277