Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Financial Assets and Liabilities Recorded at Fair Value

The following summarize the Company’s financial assets and liabilities recorded at fair value hierarchy level:


	December 31, 2023
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	2,748	$	—	$	—		$	—	$	2,748
Restricted cash and cash equivalents1	2		—		—			—		2
Cash and cash equivalents of VIEs	62		—		—			—		62

Investments, at fair value	202		38		1,188		2	61		1,489
Investments of VIEs	—		16		1,492			127		1,635
Due from related parties3	—		—		37			—		37
Derivative assets4	—		—		13			—		13
Total Assets – Asset Management	3,014		54		2,730			188		5,986

(Continued)


	December 31, 2023
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Retirement Services
AFS Securities
U.S. government and agencies	5,392		7		—		—		5,399
U.S. state, municipal and political subdivisions	—		1,046		—		—		1,046
Foreign governments	895		964		40		—		1,899
Corporate	10		75,711		2,525		—		78,246
CLO	—		20,207		—		—		20,207
ABS	—		6,440		6,943		—		13,383
CMBS	—		6,570		21		—		6,591
RMBS	—		7,302		265		—		7,567
Total AFS securities	6,297		118,247		9,794		—		134,338
Trading securities	24		1,654		28		—		1,706
Equity securities	210		699		26		—		935
Mortgage loans	—		—		44,115		—		44,115

Funds withheld at interest – embedded derivative	—		—		(3,379)		—		(3,379)


Derivative assets	108		5,190		—		—		5,298
Short-term investments	—		236		105		—		341
Other investments	—		313		630		—		943
Cash and cash equivalents	13,020		—		—		—		13,020
Restricted cash and cash equivalents	1,761		—		—		—		1,761
Investments in related parties
AFS securities
Corporate	—		181		1,171		—		1,352
CLO	—		3,762		506		—		4,268
ABS	—		563		7,826		—		8,389

Total AFS securities – related parties	—		4,506		9,503		—		14,009
Trading securities	—		—		838		—		838
Equity securities	63		—		255		—		318
Mortgage loans	—		—		1,281		—		1,281
Investment funds	—		—		1,082		—		1,082
Funds withheld at interest – embedded derivative	—		—		(721)		—		(721)

Other investments	—		—		343		—		343
Reinsurance recoverable	—		—		1,367		—		1,367
Other assets7	—		—		378		—		378
Assets of consolidated VIEs
Trading securities	—		284		1,852		—		2,136

Mortgage loans	—		—		2,173		—		2,173
Investment funds	—		—		977		14,843		15,820
Other investments	—		2		101		—		103
Cash and cash equivalents	98		—		—		—		98
Total Assets – Retirement Services	21,581		131,131		70,748		14,843		238,303
Total Assets	$	24,595	$	131,185	$	73,478	$	15,031	$	244,289


Liabilities
Asset Management

Other liabilities of VIEs, at fair value	$	—	$	3	$	—	$	—	$	3
Contingent consideration obligations5	—		—		93		—		93
Derivative liabilities4	—		42		—		—		42

Total Liabilities – Asset Management	—		45		93		—		138
Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		9,059		—		9,059
Universal life benefits	—		—		834		—		834

(Continued)


	December 31, 2023
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Future policy benefits
AmerUs Closed Block	—		—		1,178		—		1,178
ILICO Closed Block and life benefits	—		—		522		—		522
Market risk benefits7	—		—		3,751		—		3,751
Derivative liabilities	17		1,977		1		—		1,995
Other liabilities	—		(64)		330		—		266
Total Liabilities – Retirement Services	17		1,913		15,675		—		17,605
Total Liabilities	$	17	$	1,958	$	15,768	$	—	$	17,743

(Concluded)


	December 31, 2022
(In millions)	Level 1		Level 2		Level 3			NAV		Total
Assets
Asset Management
Cash and cash equivalents	$	1,201	$	—	$	—		$	—	$	1,201
Restricted cash and cash equivalents1	1,048		—		—			—		1,048
Cash and cash equivalents of VIEs	110		—		—			—		110
U.S. Treasury securities	709		—		—			—		709
Investments, at fair value	190		39		1,083		2	8		1,320
Investments of VIEs	—		1,537		727			105		2,369
Due from related parties3	—		—		43			—		43
Derivative assets4	—		—		15			—		15
Total Assets – Asset Management	3,258		1,576		1,868			113		6,815

Retirement Services
AFS Securities
U.S. government and agencies	2,570		7		—			—		2,577
U.S. state, municipal and political subdivisions	—		927		—			—		927
Foreign governments	—		906		1			—		907
Corporate	—		59,236		1,665			—		60,901
CLO	—		16,493		—			—		16,493
ABS	—		5,660		4,867			—		10,527
CMBS	—		4,158		—			—		4,158
RMBS	—		5,682		232			—		5,914
Total AFS securities	2,570		93,069		6,765			—		102,404


Trading securities	23		1,519		53			—		1,595
Equity securities	150		845		92			—		1,087
Mortgage loans	—		—		27,454			—		27,454

Funds withheld at interest – embedded derivative	—		—		(4,847)			—		(4,847)
Derivative assets	42		3,267		—			—		3,309
Short-term investments	29		455		36			—		520
Other investments	—		170		441			—		611
Cash and cash equivalents	7,779		—		—			—		7,779
Restricted cash and cash equivalents	628		—		—			—		628
Investments in related parties
AFS securities
Corporate	—		170		812			—		982
CLO	—		2,776		303			—		3,079
ABS	—		218		5,542			—		5,760
Total AFS securities – related parties	—		3,164		6,657			—		9,821
Trading securities	—		—		878			—		878

(Continued)


	December 31, 2022
(In millions)	Level 1		Level 2		Level 3		NAV		Total
Equity securities	—		—		279		—		279
Mortgage loans	—		—		1,302		—		1,302
Investment funds	—		—		959		—		959
Funds withheld at interest – embedded derivative	—		—		(1,425)		—		(1,425)

Other investments	—		—		303		—		303
Reinsurance recoverable	—		—		1,388		—		1,388
Other assets7	—		—		481		—		481
Assets of consolidated VIEs
Trading securities	5		436		622		—		1,063

Mortgage loans	—		—		2,055		—		2,055
Investment funds	—		—		2,471		10,009		12,480
Other investments	—		2		99		—		101
Cash and cash equivalents	362		—		—		—		362
Total Assets – Retirement Services	11,588		102,927		46,063		10,009		170,587
Total Assets	$	14,846	$	104,503	$	47,931	$	10,122	$	177,402
Liabilities
Asset Management


Contingent consideration obligations5	$	—	$	—	$	86	$	—	$	86
Derivative liabilities4	—		57		—		—		57
Other liabilities6	2		—		—		—		2
Total Liabilities – Asset Management	2		57		86		—		145


Retirement Services
Interest sensitive contract liabilities
Embedded derivative	—		—		5,841		—		5,841
Universal life benefits	—		—		829		—		829
Future policy benefits
AmerUs Closed Block	—		—		1,164		—		1,164
ILICO Closed Block and life benefits	—		—		548		—		548
Market risk benefits7	—		—		2,970		—		2,970
Derivative liabilities	38		1,607		1		—		1,646
Other liabilities	—		(77)		142		—		65
Total Liabilities – Retirement Services	38		1,530		11,495		—		13,063
Total Liabilities	$	40	$	1,587	$	11,581	$	—	$	13,208

(Concluded)
1 Restricted cash and cash equivalents as of December 31, 2023 and 2022 includes $0 million and $1,046 million, respectively, of restricted cash and cash equivalents held by consolidated SPACs.

2 Investments as of December 31, 2023 and 2022 excludes $218 million and $198 million, respectively, of performance allocations classified as Level 3 related to certain investments for which the Company elected the fair value option. The Company’s policy is to account for performance allocations as investments.
3 Due from related parties represents a receivable from a fund.
4 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the consolidated statements of financial condition.
5 As of December 31, 2023 and 2022, Other liabilities includes $26 million and $31 million, respectively, of contingent obligations related to the Griffin Capital acquisition, classified as Level 3 and profit sharing payable includes $67 million and $55 million, respectively, related to contingent obligations classified as Level 3.
6 Other liabilities as of December 31, 2022 includes the publicly traded warrants of APSG II.
7 Other assets consist of market risk benefits assets. See note 12 for additional information on market risk benefits assets and liabilities valuation methodology and additional fair value disclosures.

Schedule of Valuation Techniques and Quantitative Inputs and Assumptions used for Financial Assets and Liabilities

The following tables summarize the valuation techniques and quantitative inputs and assumptions used for financial assets and liabilities categorized as Level 3:

December 31, 2023

Fair Value

(In millions)

Valuation Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

857

Discounted cash flow

Discount rate

10.5% – 52.8%

17.2%

112

Direct capitalization

Capitalization rate

6.9%

219

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.0%

Derivative assets

Option model

Volatility rate

62.5%

Investments of consolidated VIEs

Bank loans

605

Discounted cash flow

Discount rate

7.7% – 11.0%

9.4%

Adjusted transaction value

N/A

Equity securities

494

Dividend discount model

Discount rate

13.5%

131

Adjusted transaction value

N/A

Bonds

Discounted cash flow

Discount rate

6.1% -13.0%

10.7%

163

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

14,247

Discounted cash flow

Discount rate

2.3% – 18.1%

7.0%

Mortgage loans2

47,569

Discounted cash flow

Discount rate

2.5% – 20.6%

6.8%

Investment funds2

1,574

Discounted cash flow

Discount rate

6.3% – 13.5%

11.2%

483

Net tangible asset values

Implied multiple

1.14x

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 25.0%

23.3%

Option model

Volatility rate

31.4% – 33.4%

32.4%

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

9,059

Discounted cash flow

Nonperformance risk

0.4% – 1.4%

0.9%

Option budget

0.5% – 6.0%

2.3%

Surrender rate

6.0% – 13.4%

8.7%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

December 31, 2022

Fair Value

(In millions)

Valuation Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

526

Embedded value

N/A

128

Discounted cash flow

Discount rate

8.9% – 52.8%

28.7%

429

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

15.0%

Derivative assets

Option model

Volatility rate

60.0%

Investments of consolidated VIEs

Equity securities

458

Dividend discount model

Discount rate

12.1%

Bank loans

215

Discounted cash flow

Discount rate

6.4% – 32.7%

8.0%

Adjusted transaction value

N/A

Bonds

Discounted cash flow

Discount rate

7.9%

Retirement Services

AFS, trading and equity securities

10,671

Discounted cash flow

Discount rate

2.2% – 18.8%

6.8%

Mortgage loans2

30,811

Discounted cash flow

Discount rate

1.5% – 22.1%

6.3%

Investment funds2

506

Discounted cash flow

Discount rate

6.4%

873

Discounted cash flow /
Guideline public equity

Discount rate /
P/E

16.5% / 9x

529

Net tangible asset values

Implied multiple

1.26x

563

Reported net asset value

N/A

959

Embedded value

N/A

Financial Liabilities

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 25.0%

22.7%

Option model

Volatility rate

29.8% – 39.6%

34.7%

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

5,841

Discounted cash flow

Nonperformance risk

0.1% – 1.7%

1.0%

Option budget

0.5% – 5.3%

1.9%

Surrender rate

5.1% – 11.5%

8.1%

1 Unobservable inputs were weighted based on the fair value of the investments included in the range.

2 Includes those of consolidated VIEs.

3 The nonperformance risk weighted average is based on the projected cash flows attributable to the embedded derivative.

4 The option budget and surrender rate weighted averages are calculated based on projected account values.

The following summarizes the unobservable inputs for market risk benefits:


	December 31, 2023
(In millions, except for percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
Market risk benefits, net	$	3,373	Discounted cash flow	Nonperformance risk	0.4	%	1.4	%	1.2	%	1	Decrease
				Option budget	0.5	%	6.0	%	1.9	%	2	Decrease
				Surrender rate	3.2	%	6.4	%	4.5	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	83.6	%	3	Increase

	December 31, 2022
(In millions, except for percentages)	Fair value		Valuation technique	Unobservable inputs	Minimum		Maximum		Weighted average			Impact of an increase in the input on fair value
Market risk benefits, net	$	2,489	Discounted cash flow	Nonperformance risk	0.2	%	1.6	%	1.4	%	1	Decrease
				Option budget	0.5	%	5.3	%	1.7	%	2	Decrease
				Surrender rate	3.3	%	6.7	%	4.4	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	82.3	%	3	Increase
1 The nonperformance risk weighted average is based on the cash flows underlying the market risk benefit reserve.
2 The option budget and surrender rate weighted averages are calculated based on projected account values.
3 The utilization of GLWB withdrawals represents the estimated percentage of policyholders that are expected to use their income rider over the duration of the contract, with the weighted average based on current account values.

Schedule of Level 3 Assets Measured at Fair Value on a Recurring Basis

The following are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:


	Year ended December 31, 2023
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,098	$	63	$	—	$	40	$	—	$	1,201	$	68	$	—
Investments of Consolidated VIEs	727		69		—		698		(2)		1,492		13		—
Total Level 3 assets – Asset Management	$	1,825	$	132	$	—	$	738	$	(2)	$	2,693	$	81	$	—

Assets – Retirement Services
AFS securities

Foreign governments	$	1	$	—	$	(2)	$	41	$	—	$	40	$	—	$	(2)
Corporate	1,665		(21)		45		1,298		(462)		2,525		—		21

ABS	4,867		(9)		61		3,241		(1,217)		6,943		—		45
CMBS	—		—		1		—		20		21		—		3
RMBS	232		8		4		256		(235)		265		—		2
Trading securities	53		2		—		(16)		(11)		28		—		—
Equity securities	92		(8)		—		(45)		(13)		26		—		—
Mortgage loans	27,454		183		—		16,478		—		44,115		184		—

Funds withheld at interest – embedded derivative	(4,847)		1,468		—		—		—		(3,379)		—		—
Short-term investments	36		—		(3)		69		3		105		—		—
Other investments	441		—		—		189		—		630		(3)		—
Investments in related parties
AFS securities
Corporate	812		3		(32)		173		215		1,171		—		(32)
CLO	303		—		18		185		—		506		—		18
ABS	5,542		19		103		1,878		284		7,826		6		96
Trading securities	878		12		—		(52)		—		838		8		—
Equity securities	279		8		—		(32)		—		255		7		—
Mortgage loans	1,302		9		—		(30)		—		1,281		8		—
Investment funds	959		91		—		32		—		1,082		91		—

Funds withheld at interest – embedded derivative	(1,425)		704		—		—		—		(721)		—		—
Other investments	303		(2)		—		42		—		343		(3)		—
Reinsurance recoverable	1,388		(21)		—		—		—		1,367		—		—

(Continued)


	Year ended December 31, 2023
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets of consolidated VIEs
Trading securities	622		69		—		(116)		1,277		1,852		69		—

Mortgage loans	2,055		(9)		—		127		—		2,173		(9)		—
Investment funds	2,471		(30)		—		73		(1,537)		977		(31)		—
Other investments	99		9		—		(7)		—		101		9		—
Total Level 3 assets – Retirement Services	$	45,582	$	2,485	$	195	$	23,784	$	(1,676)	$	70,370	$	336	$	151

Liabilities – Asset Management
Contingent consideration obligations	$	86	$	11	$	—	$	(4)	$	—	$	93	$	—	$	—

Total Level 3 liabilities – Asset Management	$	86	$	11	$	—	$	(4)	$	—	$	93	$	—	$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(5,841)	$	(1,443)	$	—	$	(1,775)	$	—	$	(9,059)	$	—	$	—
Universal life benefits	(829)		(5)		—		—		—		(834)		—		—
Future policy benefits
AmerUs Closed Block	(1,164)		(14)		—		—		—		(1,178)		—		—
ILICO Closed Block and life benefits	(548)		26		—		—		—		(522)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(142)		(113)		—		(75)		—		(330)		—		—
Total Level 3 liabilities – Retirement Services	$	(8,525)	$	(1,549)	$	—	$	(1,850)	$	—	$	(11,924)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.


	Year ended December 31, 2022
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets	$	946	$	20	$	—	$	109	$	23	$	1,098	$	56	$	—
Investments of Consolidated VIEs	13,188		252		—		(13)		(12,700)		727		17		—
Total Level 3 assets – Asset Management	$	14,134	$	272	$	—	$	96	$	(12,677)	$	1,825	$	73	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	2	$	(1)	$	—	$	—	$	—	$	1	$	—	$	—
Corporate	1,339		(16)		(123)		364		101		1,665		—		(119)
CLO	14		(2)		—		(9)		(3)		—		—		—
ABS	3,619		1		(183)		788		642		4,867		—		(216)
CMBS	43		—		(17)		—		(26)		—		—		—
RMBS	—		—		3		295		(66)		232		—		4
Trading securities	69		(9)		—		(10)		3		53		(5)		—
Equity securities	429		26		—		(4)		(359)		92		22		—
Mortgage loans	21,154		(2,761)		—		9,061		—		27,454		(2,747)		—

(Continued)


	Year ended December 31, 2022
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Investment funds	18		1		—		—		(19)		—		—		—
Funds withheld at interest – embedded derivative	—		(4,847)		—		—		—		(4,847)		—		—
Short-term investments	29		—		—		7		—		36		—		—
Other investments	—		(91)		—		36		496		441		(91)		—
Investments in related parties
AFS securities
Corporate	670		(3)		(16)		202		(41)		812		—		(16)
CLO	202		—		(29)		130		—		303		—		(29)
ABS	6,445		16		(256)		(715)		52		5,542		(11)		(259)
Trading securities	1,771		3		—		(1,084)		188		878		1		—
Equity securities	284		(2)		—		(15)		12		279		—		—
Mortgage loans	1,369		(225)		—		158		—		1,302		(225)		—
Investment funds	2,855		78		—		57		(2,031)		959		119		—
Funds withheld at interest – embedded derivative	—		(1,425)		—		—		—		(1,425)		—		—
Short-term investments	—		—		—		53		(53)		—		—		—
Other investments	—		14		—		15		274		303		14		—
Reinsurance recoverable	1,991		(603)		—		—		—		1,388		—		—
Assets of consolidated VIEs
Trading securities	—		49		—		530		43		622		11		—

Mortgage loans	2,152		(227)		—		(31)		161		2,055		(226)		—
Investment funds	1,297		72		—		1,862		(760)		2,471		58		—
Other investments	—		(17)		—		31		85		99		(24)		—
Total Level 3 assets – Retirement Services	$	45,752	$	(9,969)	$	(621)	$	11,721	$	(1,301)	$	45,582	$	(3,104)	$	(635)

Liabilities – Asset Management
Contingent consideration obligations	$	126	$	(63)	$	—	$	23	$	—	$	86	$	—	$	—
Debt and other liabilities of consolidated VIEs	7,528		(28)		—		(442)		(7,058)		—		—		—
Total Level 3 liabilities – Asset Management	$	7,654	$	(91)	$	—	$	(419)	$	(7,058)	$	86	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(7,408)	$	2,768	$	—	$	(1,201)	$	—	$	(5,841)	$	—	$	—
Universal life benefits	(1,235)		406		—		—		—		(829)		—		—
Future policy benefits
AmerUs Closed Block	(1,520)		356		—		—		—		(1,164)		—		—
ILICO Closed Block and life benefits	(742)		194		—		—		—		(548)		—		—
Derivative liabilities	(3)		2		—		—		—		(1)		—		—
Other liabilities	—		(37)		—		(105)		—		(142)		—		—

Total Level 3 liabilities – Retirement Services	$	(10,908)	$	3,689	$	—	$	(1,306)	$	—	$	(8,525)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:


	Year ended December 31, 2023
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	45	$	—	$	(5)	$	—	$	40	$	—	$	—	$	—
Investments of consolidated VIEs	5,019		—		(4,321)		—		698		—		(2)		(2)
Total Level 3 assets – Asset Management	$	5,064	$	—	$	(4,326)	$	—	$	738	$	—	$	(2)	$	(2)

Assets – Retirement Services
AFS securities

Foreign governments	$	53	$	—	$	—	$	(12)	$	41	$	—	$	—	$	—
Corporate	1,704		—		(177)		(229)		1,298		29		(491)		(462)

ABS	4,221		—		(33)		(947)		3,241		828		(2,045)		(1,217)
CMBS	—		—		—		—		—		20		—		20
RMBS	262		—		—		(6)		256		5		(240)		(235)
Trading securities	8		—		—		(24)		(16)		5		(16)		(11)
Equity securities	—		—		(45)		—		(45)		—		(13)		(13)
Mortgage loans	21,018		—		(529)		(4,011)		16,478		—		—		—

Short-term investments	100		—		—		(31)		69		26		(23)		3

Other investments	620		—		—		(431)		189		—		—		—
Investments in related parties
AFS securities
Corporate	184		—		—		(11)		173		215		—		215
CLO	185		—		—		—		185		—		—		—
ABS	3,751		—		(162)		(1,711)		1,878		284		—		284
Trading securities	66		—		(38)		(80)		(52)		—		—		—
Equity securities	—		—		—		(32)		(32)		—		—		—
Mortgage loans	—		—		—		(30)		(30)		—		—		—
Investment funds	32		—		—		—		32		—		—		—


Other investments	42		—		—		—		42		—		—		—

Assets of consolidated VIEs
Trading securities	40		—		(156)		—		(116)		1,308		(31)		1,277

Mortgage loans	203		—		—		(76)		127		—		—		—
Investment funds	113		—		(40)		—		73		475		(2,012)		(1,537)
Other investments	14		—		(21)		—		(7)		—		—		—
Total Level 3 assets – Retirement Services	$	32,616	$	—	$	(1,201)	$	(7,631)	$	23,784	$	3,195	$	(4,871)	$	(1,676)

Liabilities - Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(4)	$	(4)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(4)	$	(4)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Interest sensitive contract liabilities - Embedded derivative	$	—	$	(2,431)	$	—	$	656	$	(1,775)	$	—	$	—	$	—





Other liabilities	—		—		—		(75)		(75)		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(2,431)	$	—	$	581	$	(1,850)	$	—	$	—	$	—


	Year ended December 31, 2022
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers In1		Transfers Out1		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	230	$	—	$	(121)	$	—	$	109	$	23	$	—	$	23
Investments of consolidated VIEs	3,349		—		(3,362)		—		(13)		2,072		(14,772)		(12,700)
Total Level 3 assets – Asset Management	$	3,579	$	—	$	(3,483)	$	—	$	96	$	2,095	$	(14,772)	$	(12,677)

Assets – Retirement Services
AFS securities


Corporate	$	685	$	—	$	(177)	$	(144)	$	364	$	393	$	(292)	$	101
CLO	3		—		—		(12)		(9)		—		(3)		(3)
ABS	3,306		—		(1,791)		(727)		788		1,089		(447)		642
CMBS	—		—		—		—		—		—		(26)		(26)
RMBS	296		—		—		(1)		295		—		(66)		(66)
Trading securities	8		—		(9)		(9)		(10)		56		(53)		3
Equity securities	—		—		(4)		—		(4)		41		(400)		(359)
Mortgage loans	12,367		—		(198)		(3,108)		9,061		—		—		—
Investment funds	—		—		—		—		—		—		(19)		(19)

Short-term investments	59		—		—		(52)		7		—		—		—
Other investments	48		—		(12)		—		36		496		—		496
Investments in related parties
AFS securities
Corporate	483		—		(263)		(18)		202		53		(94)		(41)
CLO	130		—		—		—		130		—		—		—
ABS	2,889		—		(94)		(3,510)		(715)		1,916		(1,864)		52
Trading securities	43		—		(1,081)		(46)		(1,084)		1,448		(1,260)		188
Equity securities	195		—		(119)		(91)		(15)		125		(113)		12
Mortgage loans	182		—		—		(24)		158		—		—		—
Investment funds	91		—		(34)		—		57		—		(2,031)		(2,031)
Short-term investments	53		—		—		—		53		—		(53)		(53)
Other investments	31		—		(16)		—		15		274		—		274

Assets of consolidated VIEs
Trading Securities	531		—		(1)		—		530		430		(387)		43
Equity securities	—		—		—		—		—		15		(15)		—
Mortgage loans	176		—		—		(207)		(31)		384		(223)		161
Investment funds	2,014		—		(152)		—		1,862		11,550		(12,310)		(760)
Other investments	33		—		(2)		—		31		2,018		(1,933)		85

Total Level 3 assets – Retirement Services	$	23,623	$	—	$	(3,953)	$	(7,949)	$	11,721	$	20,288	$	(21,589)	$	(1,301)

Liabilities - Asset Management
Contingent consideration obligations	$	—	$	36	$	—	$	(13)	$	23	$	—	$	—	$	—
Debt and other liabilities of consolidated VIEs	—		—		—		(442)		(442)		1,568		(8,626)		(7,058)
Total Level 3 liabilities – Asset Management	$	—	$	36	$	—	$	(455)	$	(419)	$	1,568	$	(8,626)	$	(7,058)
Liabilities – Retirement Services
Interest sensitive contract liabilities - Embedded derivative	$	—	$	(1,701)	$	—	$	500	$	(1,201)	$	—	$	—	$	—





Other liabilities	—		—		—		(105)		(105)		—		—		—

Total Level 3 liabilities – Retirement Services	$	—	$	(1,701)	$	—	$	395	$	(1,306)	$	—	$	—	$	—

1 Transfers in and out are primarily assets of VIEs with changes in consolidation at Athene in 2022.

Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis


	Year ended December 31, 2023
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets	$	1,098	$	63	$	—	$	40	$	—	$	1,201	$	68	$	—
Investments of Consolidated VIEs	727		69		—		698		(2)		1,492		13		—
Total Level 3 assets – Asset Management	$	1,825	$	132	$	—	$	738	$	(2)	$	2,693	$	81	$	—

Assets – Retirement Services
AFS securities

Foreign governments	$	1	$	—	$	(2)	$	41	$	—	$	40	$	—	$	(2)
Corporate	1,665		(21)		45		1,298		(462)		2,525		—		21

ABS	4,867		(9)		61		3,241		(1,217)		6,943		—		45
CMBS	—		—		1		—		20		21		—		3
RMBS	232		8		4		256		(235)		265		—		2
Trading securities	53		2		—		(16)		(11)		28		—		—
Equity securities	92		(8)		—		(45)		(13)		26		—		—
Mortgage loans	27,454		183		—		16,478		—		44,115		184		—

Funds withheld at interest – embedded derivative	(4,847)		1,468		—		—		—		(3,379)		—		—
Short-term investments	36		—		(3)		69		3		105		—		—
Other investments	441		—		—		189		—		630		(3)		—
Investments in related parties
AFS securities
Corporate	812		3		(32)		173		215		1,171		—		(32)
CLO	303		—		18		185		—		506		—		18
ABS	5,542		19		103		1,878		284		7,826		6		96
Trading securities	878		12		—		(52)		—		838		8		—
Equity securities	279		8		—		(32)		—		255		7		—
Mortgage loans	1,302		9		—		(30)		—		1,281		8		—
Investment funds	959		91		—		32		—		1,082		91		—

Funds withheld at interest – embedded derivative	(1,425)		704		—		—		—		(721)		—		—
Other investments	303		(2)		—		42		—		343		(3)		—
Reinsurance recoverable	1,388		(21)		—		—		—		1,367		—		—

(Continued)


	Year ended December 31, 2023
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets of consolidated VIEs
Trading securities	622		69		—		(116)		1,277		1,852		69		—

Mortgage loans	2,055		(9)		—		127		—		2,173		(9)		—
Investment funds	2,471		(30)		—		73		(1,537)		977		(31)		—
Other investments	99		9		—		(7)		—		101		9		—
Total Level 3 assets – Retirement Services	$	45,582	$	2,485	$	195	$	23,784	$	(1,676)	$	70,370	$	336	$	151

Liabilities – Asset Management
Contingent consideration obligations	$	86	$	11	$	—	$	(4)	$	—	$	93	$	—	$	—

Total Level 3 liabilities – Asset Management	$	86	$	11	$	—	$	(4)	$	—	$	93	$	—	$	—
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(5,841)	$	(1,443)	$	—	$	(1,775)	$	—	$	(9,059)	$	—	$	—
Universal life benefits	(829)		(5)		—		—		—		(834)		—		—
Future policy benefits
AmerUs Closed Block	(1,164)		(14)		—		—		—		(1,178)		—		—
ILICO Closed Block and life benefits	(548)		26		—		—		—		(522)		—		—
Derivative liabilities	(1)		—		—		—		—		(1)		—		—
Other liabilities	(142)		(113)		—		(75)		—		(330)		—		—
Total Level 3 liabilities – Retirement Services	$	(8,525)	$	(1,549)	$	—	$	(1,850)	$	—	$	(11,924)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.


	Year ended December 31, 2022
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets	$	946	$	20	$	—	$	109	$	23	$	1,098	$	56	$	—
Investments of Consolidated VIEs	13,188		252		—		(13)		(12,700)		727		17		—
Total Level 3 assets – Asset Management	$	14,134	$	272	$	—	$	96	$	(12,677)	$	1,825	$	73	$	—
Assets – Retirement Services
AFS securities

Foreign governments	$	2	$	(1)	$	—	$	—	$	—	$	1	$	—	$	—
Corporate	1,339		(16)		(123)		364		101		1,665		—		(119)
CLO	14		(2)		—		(9)		(3)		—		—		—
ABS	3,619		1		(183)		788		642		4,867		—		(216)
CMBS	43		—		(17)		—		(26)		—		—		—
RMBS	—		—		3		295		(66)		232		—		4
Trading securities	69		(9)		—		(10)		3		53		(5)		—
Equity securities	429		26		—		(4)		(359)		92		22		—
Mortgage loans	21,154		(2,761)		—		9,061		—		27,454		(2,747)		—

(Continued)


	Year ended December 31, 2022
			Total realized and unrealized gains (losses)
(In millions)	Beginning balance		Included in income		Included in OCI		Net purchases, issuances, sales and settlements		Net transfers in (out)		Ending balance		Total gains (losses) included in earnings1		Total gains (losses) included in OCI1
Investment funds	18		1		—		—		(19)		—		—		—
Funds withheld at interest – embedded derivative	—		(4,847)		—		—		—		(4,847)		—		—
Short-term investments	29		—		—		7		—		36		—		—
Other investments	—		(91)		—		36		496		441		(91)		—
Investments in related parties
AFS securities
Corporate	670		(3)		(16)		202		(41)		812		—		(16)
CLO	202		—		(29)		130		—		303		—		(29)
ABS	6,445		16		(256)		(715)		52		5,542		(11)		(259)
Trading securities	1,771		3		—		(1,084)		188		878		1		—
Equity securities	284		(2)		—		(15)		12		279		—		—
Mortgage loans	1,369		(225)		—		158		—		1,302		(225)		—
Investment funds	2,855		78		—		57		(2,031)		959		119		—
Funds withheld at interest – embedded derivative	—		(1,425)		—		—		—		(1,425)		—		—
Short-term investments	—		—		—		53		(53)		—		—		—
Other investments	—		14		—		15		274		303		14		—
Reinsurance recoverable	1,991		(603)		—		—		—		1,388		—		—
Assets of consolidated VIEs
Trading securities	—		49		—		530		43		622		11		—

Mortgage loans	2,152		(227)		—		(31)		161		2,055		(226)		—
Investment funds	1,297		72		—		1,862		(760)		2,471		58		—
Other investments	—		(17)		—		31		85		99		(24)		—
Total Level 3 assets – Retirement Services	$	45,752	$	(9,969)	$	(621)	$	11,721	$	(1,301)	$	45,582	$	(3,104)	$	(635)

Liabilities – Asset Management
Contingent consideration obligations	$	126	$	(63)	$	—	$	23	$	—	$	86	$	—	$	—
Debt and other liabilities of consolidated VIEs	7,528		(28)		—		(442)		(7,058)		—		—		—
Total Level 3 liabilities – Asset Management	$	7,654	$	(91)	$	—	$	(419)	$	(7,058)	$	86	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative	$	(7,408)	$	2,768	$	—	$	(1,201)	$	—	$	(5,841)	$	—	$	—
Universal life benefits	(1,235)		406		—		—		—		(829)		—		—
Future policy benefits
AmerUs Closed Block	(1,520)		356		—		—		—		(1,164)		—		—
ILICO Closed Block and life benefits	(742)		194		—		—		—		(548)		—		—
Derivative liabilities	(3)		2		—		—		—		(1)		—		—
Other liabilities	—		(37)		—		(105)		—		(142)		—		—

Total Level 3 liabilities – Retirement Services	$	(10,908)	$	3,689	$	—	$	(1,306)	$	—	$	(8,525)	$	—	$	—

(Concluded)
1 Related to instruments held at end of period.

The following represents the gross components of purchases, issuances, sales and settlements, net, and net transfers in (out) shown above:


	Year ended December 31, 2023
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers In		Transfers Out		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	45	$	—	$	(5)	$	—	$	40	$	—	$	—	$	—
Investments of consolidated VIEs	5,019		—		(4,321)		—		698		—		(2)		(2)
Total Level 3 assets – Asset Management	$	5,064	$	—	$	(4,326)	$	—	$	738	$	—	$	(2)	$	(2)

Assets – Retirement Services
AFS securities

Foreign governments	$	53	$	—	$	—	$	(12)	$	41	$	—	$	—	$	—
Corporate	1,704		—		(177)		(229)		1,298		29		(491)		(462)

ABS	4,221		—		(33)		(947)		3,241		828		(2,045)		(1,217)
CMBS	—		—		—		—		—		20		—		20
RMBS	262		—		—		(6)		256		5		(240)		(235)
Trading securities	8		—		—		(24)		(16)		5		(16)		(11)
Equity securities	—		—		(45)		—		(45)		—		(13)		(13)
Mortgage loans	21,018		—		(529)		(4,011)		16,478		—		—		—

Short-term investments	100		—		—		(31)		69		26		(23)		3

Other investments	620		—		—		(431)		189		—		—		—
Investments in related parties
AFS securities
Corporate	184		—		—		(11)		173		215		—		215
CLO	185		—		—		—		185		—		—		—
ABS	3,751		—		(162)		(1,711)		1,878		284		—		284
Trading securities	66		—		(38)		(80)		(52)		—		—		—
Equity securities	—		—		—		(32)		(32)		—		—		—
Mortgage loans	—		—		—		(30)		(30)		—		—		—
Investment funds	32		—		—		—		32		—		—		—


Other investments	42		—		—		—		42		—		—		—

Assets of consolidated VIEs
Trading securities	40		—		(156)		—		(116)		1,308		(31)		1,277

Mortgage loans	203		—		—		(76)		127		—		—		—
Investment funds	113		—		(40)		—		73		475		(2,012)		(1,537)
Other investments	14		—		(21)		—		(7)		—		—		—
Total Level 3 assets – Retirement Services	$	32,616	$	—	$	(1,201)	$	(7,631)	$	23,784	$	3,195	$	(4,871)	$	(1,676)

Liabilities - Asset Management
Contingent consideration obligations	$	—	$	—	$	—	$	(4)	$	(4)	$	—	$	—	$	—

Total Level 3 liabilities – Asset Management	$	—	$	—	$	—	$	(4)	$	(4)	$	—	$	—	$	—

Liabilities – Retirement Services
Interest sensitive contract liabilities
Interest sensitive contract liabilities - Embedded derivative	$	—	$	(2,431)	$	—	$	656	$	(1,775)	$	—	$	—	$	—





Other liabilities	—		—		—		(75)		(75)		—		—		—
Total Level 3 liabilities – Retirement Services	$	—	$	(2,431)	$	—	$	581	$	(1,850)	$	—	$	—	$	—


	Year ended December 31, 2022
(In millions)	Purchases		Issuances		Sales		Settlements		Net purchases, issuances, sales and settlements		Transfers In1		Transfers Out1		Net Transfers In (Out)
Assets – Asset Management
Investments and derivative assets	$	230	$	—	$	(121)	$	—	$	109	$	23	$	—	$	23
Investments of consolidated VIEs	3,349		—		(3,362)		—		(13)		2,072		(14,772)		(12,700)
Total Level 3 assets – Asset Management	$	3,579	$	—	$	(3,483)	$	—	$	96	$	2,095	$	(14,772)	$	(12,677)

Assets – Retirement Services
AFS securities


Corporate	$	685	$	—	$	(177)	$	(144)	$	364	$	393	$	(292)	$	101
CLO	3		—		—		(12)		(9)		—		(3)		(3)
ABS	3,306		—		(1,791)		(727)		788		1,089		(447)		642
CMBS	—		—		—		—		—		—		(26)		(26)
RMBS	296		—		—		(1)		295		—		(66)		(66)
Trading securities	8		—		(9)		(9)		(10)		56		(53)		3
Equity securities	—		—		(4)		—		(4)		41		(400)		(359)
Mortgage loans	12,367		—		(198)		(3,108)		9,061		—		—		—
Investment funds	—		—		—		—		—		—		(19)		(19)

Short-term investments	59		—		—		(52)		7		—		—		—
Other investments	48		—		(12)		—		36		496		—		496
Investments in related parties
AFS securities
Corporate	483		—		(263)		(18)		202		53		(94)		(41)
CLO	130		—		—		—		130		—		—		—
ABS	2,889		—		(94)		(3,510)		(715)		1,916		(1,864)		52
Trading securities	43		—		(1,081)		(46)		(1,084)		1,448		(1,260)		188
Equity securities	195		—		(119)		(91)		(15)		125		(113)		12
Mortgage loans	182		—		—		(24)		158		—		—		—
Investment funds	91		—		(34)		—		57		—		(2,031)		(2,031)
Short-term investments	53		—		—		—		53		—		(53)		(53)
Other investments	31		—		(16)		—		15		274		—		274

Assets of consolidated VIEs
Trading Securities	531		—		(1)		—		530		430		(387)		43
Equity securities	—		—		—		—		—		15		(15)		—
Mortgage loans	176		—		—		(207)		(31)		384		(223)		161
Investment funds	2,014		—		(152)		—		1,862		11,550		(12,310)		(760)
Other investments	33		—		(2)		—		31		2,018		(1,933)		85

Total Level 3 assets – Retirement Services	$	23,623	$	—	$	(3,953)	$	(7,949)	$	11,721	$	20,288	$	(21,589)	$	(1,301)

Liabilities - Asset Management
Contingent consideration obligations	$	—	$	36	$	—	$	(13)	$	23	$	—	$	—	$	—
Debt and other liabilities of consolidated VIEs	—		—		—		(442)		(442)		1,568		(8,626)		(7,058)
Total Level 3 liabilities – Asset Management	$	—	$	36	$	—	$	(455)	$	(419)	$	1,568	$	(8,626)	$	(7,058)
Liabilities – Retirement Services
Interest sensitive contract liabilities - Embedded derivative	$	—	$	(1,701)	$	—	$	500	$	(1,201)	$	—	$	—	$	—





Other liabilities	—		—		—		(105)		(105)		—		—		—

Total Level 3 liabilities – Retirement Services	$	—	$	(1,701)	$	—	$	395	$	(1,306)	$	—	$	—	$	—

1 Transfers in and out are primarily assets of VIEs with changes in consolidation at Athene in 2022.

Schedule of Gain (Losses) Recorded for Financial Instruments Elected the Fair Value Option

The following represents the mortgage loan portfolio, with fair value option loans presented at unpaid principal balance:


(In millions)	December 31, 2023		December 31, 2022
Commercial mortgage loans	$	27,630	$	21,061
Commercial mortgage loans under development	1,228		790
Total commercial mortgage loans	28,858		21,851
Mark to fair value	(2,246)		(1,743)
Commercial mortgage loans	26,612		20,108
Residential mortgage loans	21,894		11,802
Mark to fair value	(937)		(1,099)
Residential mortgage loans	20,957		10,703
Mortgage loans	$	47,569	$	30,811

The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:


	Years ended December 31,
(In millions)		2023		2022
Trading securities		$	66	$	(424)
Mortgage loans		183		(3,213)
Investment funds		77		114
Future policy benefits		(14)		356
Other liabilities		(113)		(37)
Total gains (losses)		$	199	$	(3,204)

The following summarizes information for fair value option mortgage loans, including related parties and VIEs:


(In millions)	December 31, 2023		December 31, 2022
Unpaid principal balance	$	50,752	$	33,653
Mark to fair value	(3,183)		(2,842)
Fair value	$	47,569	$	30,811

The following represents the commercial mortgage loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	December 31, 2023		December 31, 2022
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	221	$	74
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	(74)		(55)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status	$	147	$	19

Fair value of commercial mortgage loans 90 days or more past due	$	64	$	2
Fair value of commercial mortgage loans in non-accrual status	147		19

The following represents the residential loan portfolio 90 days or more past due and/or in non-accrual status:


(In millions)	December 31, 2023		December 31, 2022
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	528	$	522
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	(49)		(50)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status	$	479	$	472

Fair value of residential mortgage loans 90 days or more past due1	$	479	$	472
Fair value of residential mortgage loans in non-accrual status	355		360

1 As of December 31, 2023 and 2022, includes $124 million and $221 million, respectively, of residential mortgage loans that are guaranteed by U.S. government-sponsored agencies.

The following is the estimated amount of gains (losses) included in earnings during the period attributable to changes in instrument-specific credit risk on our mortgage loan portfolio:


	Years ended December 31,
(In millions)		2023		2022
Mortgage loans		$	(53)	$	(41)

Schedule of Financial Instruments not Measured at Fair Value

The following represents Athene’s financial instruments not carried at fair value on the consolidated statements of financial condition:


	December 31, 2023
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets

Investment funds	$	109	$	109	$	109	$	—	$	—	$	—
Policy loans	334		334		—		—		334		—
Funds withheld at interest	27,738		27,738		—		—		—		27,738

Other investments	46		52		—		—		—		52
Investments in related parties

Investment funds	550		550		550		—		—		—
Funds withheld at interest	7,195		7,195		—		—		—		7,195
Short-term investments	947		947		—		—		947		—





Total financial assets not carried at fair value	$	36,919	$	36,925	$	659	$	—	$	1,281	$	34,985

Financial liabilities
Interest sensitive contract liabilities	$	154,095	$	146,038	$	—	$	—	$	—	$	146,038
Debt	4,209		3,660		—		—		3,660		—
Securities to repurchase	3,853		3,853		—		—		3,853		—
Funds withheld liability	350		350		—		—		350		—
Total financial liabilities not carried at fair value	$	162,507	$	153,901	$	—	$	—	$	7,863	$	146,038


	December 31, 2022
(In millions)	Carrying Value		Fair Value		NAV		Level 1		Level 2		Level 3
Financial assets

Investment funds	$	79	$	79	$	79	$	—	$	—	$	—
Policy loans	347		347		—		—		347		—
Funds withheld at interest	37,727		37,727		—		—		—		37,727
Short-term investments	1,640		1,640		—		—		1,614		26
Other investments	162		162		—		—		—		162
Investments in related parties

Investment funds	610		610		610		—		—		—
Funds withheld at interest	11,233		11,233		—		—		—		11,233





Total financial assets not carried at fair value	$	51,798	$	51,798	$	689	$	—	$	1,961	$	49,148

Financial liabilities
Interest sensitive contract liabilities	$	125,101	$	111,608	$	—	$	—	$	—	$	111,608
Debt	3,658		2,893		—		—		2,893		—
Securities to repurchase	4,743		4,743		—		—		4,743		—
Funds withheld liability	360		360		—		—		360		—

Total financial liabilities not carried at fair value	$	133,862	$	119,604	$	—	$	—	$	7,996	$	111,608