VARIABLE INTEREST ENTITIES |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Variable Interest Entities [Abstract] | |
| VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES. In our Statement of Financial Position, we have assets of $129 million and $115 million and liabilities of $121 million and $140 million at June 30, 2024 and December 31, 2023, respectively, in consolidated Variable Interest Entities (VIEs). These VIEs are primarily associated with a legacy business in Corporate & Other and have no features that could expose us to losses that would significantly exceed the difference between the consolidated assets and liabilities. Our investments in unconsolidated VIEs were $7,260 million and $6,577 million at June 30, 2024 and December 31, 2023, respectively. Of these investments, $1,198 million and $1,205 million were owned for U.S. Tax Equity, comprising equity method investments primarily related to renewable energy projects, at June 30, 2024 and December 31, 2023, respectively. In addition, $5,828 million and $5,145 million were owned by our run-off insurance operations, primarily comprising of equity method investments at June 30, 2024 and December 31, 2023, respectively. The increase in investments in unconsolidated VIEs in our run-off insurance operations reflects strategic initiatives to invest in higher-yielding asset classes. Our maximum exposure to loss in respect of unconsolidated VIEs is increased by our commitments to make additional investments in these entities described in Note 22. |