Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value of Assets and Liabilities on a Recurring Basis

The following summarizes our financial instruments carried at fair value (in millions) on a recurring basis by the fair value hierarchy levels:


	As of December 31, 2024
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	63,585	$	2,865	$	66,450
U.S. government bonds	371		20		–		391
State and municipal bonds	–		2,371		–		2,371
Foreign government bonds	–		237		–		237
RMBS	–		1,851		12		1,863
CMBS	–		1,657		8		1,665
ABS	–		11,781		2,099		13,880
Hybrid and redeemable preferred securities	48		133		73		254
Trading securities	–		1,760		265		2,025
Equity securities	–		260		34		294
Mortgage loans on real estate	–		–		232		232
Derivative investments (1)	–		13,884		3		13,887
Other investments – short-term investments	–		369		23		392

MRB assets	–		–		4,860		4,860
Other assets:
Ceded MRBs	–		–		2		2

Indexed annuity ceded embedded derivatives	–		–		1,115		1,115

Separate account assets	391		168,047		–		168,438
Total assets	$	810	$	265,955	$	11,591	$	278,356

Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts	$	–	$	–	$	(12,449)	$	(12,449)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives	–		204		(234)		(30)
MRB liabilities	–		–		(1,046)		(1,046)
Other liabilities:

Ceded MRBs	–		–		(381)		(381)
Derivative liabilities (1)	–		(4,256)		(139)		(4,395)
Total liabilities	$	–	$	(4,052)	$	(14,249)	$	(18,301)


	As of December 31, 2023
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
	(Level 1)		(Level 2)		(Level 3)		Value
Assets
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	–	$	67,160	$	2,497	$	69,657
U.S. government bonds	374		19		–		393
State and municipal bonds	–		2,785		5		2,790
Foreign government bonds	–		283		–		283
RMBS	–		1,760		13		1,773
CMBS	–		1,416		8		1,424
ABS	–		10,687		1,484		12,171
Hybrid and redeemable preferred securities	46		153		48		247
Trading securities	–		2,075		284		2,359
Equity securities	1		263		42		306
Mortgage loans on real estate	–		–		288		288
Derivative investments (1)	–		10,874		622		11,496
Other investments – short-term investments	–		233		–		233

MRB assets	–		–		3,894		3,894
Other assets:
Ceded MRBs	–		–		2		2

Indexed annuity ceded embedded derivatives	–		–		940		940
Separate account assets	402		157,855		–		158,257
Total assets	$	823	$	255,563	$	10,127	$	266,513

Liabilities
Policyholder account balances – RILA, fixed annuity
and IUL contracts	$	–	$	–	$	(9,077)	$	(9,077)
Funds withheld reinsurance liabilities – reinsurance-related
embedded derivatives	–		237		(789)		(552)
MRB liabilities	–		–		(1,716)		(1,716)
Other liabilities:
Ceded MRBs	–		–		(239)		(239)

Derivative liabilities (1)	–		(4,792)		(586)		(5,378)
Total liabilities	$	–	$	(4,555)	$	(12,407)	$	(16,962)

(1) Derivative investment assets and liabilities are presented within the fair value hierarchy on a gross basis by derivative type and not on a master netting basis by counterparty.

The following summarizes the fair value by the fair value hierarchy levels and the carrying amount of our financial instruments not carried at fair value (in millions):


	As of December 31, 2024
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair		Carrying
	(Level 1)		(Level 2)		(Level 3)		Value		Amount

Assets
Investments:
Mortgage loans on real estate	$	–	$	19,647	$	–	$	19,647	$	21,083
Other investments	–		1,119		5,469		6,588		6,588
Policy loans	–		2,476		–		2,476		2,476
Cash and invested cash	–		5,801		–		5,801		5,801


Liabilities
Policyholder account balances and other liabilities	$	–	$	–	$	(30,505)	$	(30,505)	$	(40,394)
Short-term debt	–		(299)		–		(299)		(300)
Long-term debt	–		(5,304)		–		(5,304)		(5,856)
Funds withheld reinsurance-related liabilities – excluding
embedded derivatives	–		–		(16,877)		(16,877)		(16,877)


	As of December 31, 2023
	Quoted
	Prices
	in Active
	Markets for		Significant		Significant
	Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair		Carrying
	(Level 1)		(Level 2)		(Level 3)		Value		Amount

Assets
Investments:
Mortgage loans on real estate	$	–	$	17,047	$	–	$	17,047	$	18,963
Other investments	–		667		4,348		5,015		5,015
Policy loans	–		2,476		–		2,476		2,476
Cash and invested cash	–		3,365		–		3,365		3,365


Liabilities
Policyholder account balances and other liabilities	$	–	$	–	$	(31,611)	$	(31,611)	$	(40,027)
Short-term debt	–		(249)		–		(249)		(250)
Long-term debt	–		(5,182)		–		(5,182)		(5,699)
Funds withheld reinsurance-related liabilities – excluding
embedded derivatives	–		–		(17,089)		(17,089)		(17,089)

Fair Value Measured on a Recurring Basis Reconciliation

The following summarizes changes to our financial instruments carried at fair value (in millions) and classified within Level 3 of the fair value hierarchy. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology. The summary schedule excludes changes to MRB assets and MRB liabilities as these balances are rolled forward in Note 9.


	For the Year Ended December 31, 2024
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	2,497	$	(1)	$	(14)	$	514	$	(131)	$	2,865
State and municipal bonds	5		–		–		–		(5)		–

RMBS	13		–		(2)		6		(5)		12
CMBS	8		–		(1)		29		(28)		8
ABS	1,484		–		25		1,037		(447)		2,099
Hybrid and redeemable preferred
securities	48		–		3		12		10		73
Trading securities	284		1		–		(20)		–		265
Equity securities	42		(4)		–		–		(4)		34
Mortgage loans on real estate	288		9		1		(66)		–		232

Other investments	–		–		–		13		10		23
Other assets:
Ceded MRBs (3)	2		–		–		–		–		2

Indexed annuity ceded embedded
derivatives (4)	940		161		–		14		–		1,115

Liabilities
Policyholder account balances –
RILA, fixed annuity and IUL
contracts (4)	(9,077)		(3,059)		–		(313)		–		(12,449)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)	(789)		555		–		–		–		(234)
Other liabilities:
Ceded MRBs (3)	(239)		(142)		–		–		–		(381)
Derivative liabilities	36		(124)		–		3		(51)		(136)
Total, net	$	(4,458)	$	(2,604)	$	12	$	1,229	$	(651)	$	(6,472)


	For the Year Ended December 31, 2023
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	2,295	$	2	$	17	$	194	$	(11)	$	2,497
State and municipal bonds	35		(4)		4		(30)		–		5

RMBS	1		–		–		5		7		13
CMBS	–		–		–		(4)		12		8
ABS	1,117		–		9		733		(375)		1,484
Hybrid and redeemable preferred
securities	49		–		(2)		(2)		3		48
Trading securities	581		17		–		(313)		(1)		284
Equity securities	153		(19)		–		(98)		6		42
Mortgage loans on real estate	487		(7)		5		(197)		–		288
Derivative investments	2		(13)		–		16		31		36
Other assets:
Ceded MRBs (3)	12		(10)		–		–		–		2
Indexed annuity ceded embedded
derivatives (4)	525		6		–		409		–		940
Liabilities
Policyholder account balances –
RILA, fixed annuity and IUL
contracts (4)	(4,783)		(3,193)		–		(1,101)		–		(9,077)
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (4)	–		(789)		–		–		–		(789)
Other liabilities – ceded MRBs (3)	(205)		(34)		—		—		–		(239)
Total, net	$	269	$	(4,044)	$	33	$	(388)	$	(328)	$	(4,458)


	For the Year Ended December 31, 2022
					Gains		Issuances,		Transfers
			Items		(Losses)		Sales,		Into or
			Included		in		Maturities,		Out
	Beginning		in		OCI		Settlements,		of		Ending
	Fair		Net		and		Calls,		Level 3,		Fair
	Value		Income		Other (1)		Net		Net		Value
Assets
Investments: (2)
Fixed maturity AFS securities:
Corporate bonds	$	5,720	$	1	$	(1,550)	$	796	$	(2,672)	$	2,295
State and municipal bonds	–		–		(1)		–		36		35
Foreign government bonds	41		–		(6)		(30)		(5)		–
RMBS	4		–		1		21		(25)		1
CMBS	–		–		–		17		(17)		–
ABS	870		–		(113)		676		(316)		1,117
Hybrid and redeemable preferred
securities	93		(6)		(22)		(12)		(4)		49
Trading securities	828		(80)		–		(152)		(15)		581
Equity securities	95		54		–		19		(15)		153
Mortgage loans on real estate	739		(20)		(5)		(227)		–		487
Derivative investments	21		2		(6)		–		(15)		2
Other assets:
Ceded MRBs (3)	95		(83)		–		–		–		12

Indexed annuity ceded embedded
derivatives (4)	528		(215)		–		212		–		525
Liabilities
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives (4)	(6,131)		1,975		–		(627)		–		(4,783)

Other liabilities – ceded MRBs (3)	(17)		(188)		–		–		–		(205)
Total, net	$	2,886	$	1,440	$	(1,702)	$	693	$	(3,048)	$	269

(1) The changes in fair value of the interest rate swaps are offset by an adjustment to derivative investments (see Note 5).

(2) Amortization and accretion of premiums and discounts are included in net investment income on the Consolidated Statements of Comprehensive Income (Loss). Gains (losses) from sales, maturities, settlements and calls and credit loss expense are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(3) Gains (losses) from the changes in fair value are included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(4) Gains (losses) from the changes in fair value are included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Schedule of Investment Holdings Movements

The following provides the components of the items included in issuances, sales, maturities, settlements and calls, net, (in millions) as reported above:


	For the Year Ended December 31, 2024
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,350	$	(301)	$	(2)	$	(532)	$	(1)	$	514
State and municipal	–		–		–		–		–		–

RMBS	6		–		–		–		–		6
CMBS	29		–		–		–		–		29
ABS	1,495		(82)		–		(319)		(57)		1,037
Hybrid and redeemable preferred
securities	16		–		–		–		(4)		12
Trading securities	6		(2)		–		(24)		–		(20)
Equity securities	1		(1)		–		–		–		–
Mortgage loans on real estate	1		(31)		(29)		(7)		–		(66)

Other investments	16		–		(3)		–		–		13
Other assets – indexed annuity ceded
embedded derivatives	135		–		–		(121)		–		14
Policyholder account balances –
RILA, fixed annuity and IUL
contracts	(1,137)		–		–		824		–		(313)
Other liabilities – derivative liabilities	4		–		(1)		–		–		3
Total, net	$	1,922	$	(417)	$	(35)	$	(179)	$	(62)	$	1,229


	For the Year Ended December 31, 2023
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	797	$	(149)	$	(34)	$	(409)	$	(11)	$	194
State and municipal	–		(30)		–		–		–		(30)

RMBS	5		–		–		–		–		5
CMBS	–		–		–		(4)		–		(4)
ABS	971		(2)		–		(230)		(6)		733
Hybrid and redeemable preferred
securities	–		–		–		–		(2)		(2)
Trading securities	–		(231)		–		(82)		–		(313)
Equity securities	1		(99)		–		–		–		(98)
Mortgage loans on real estate	5		–		–		(202)		–		(197)
Derivative investments	19		–		(3)		–		–		16
Other assets – indexed annuity ceded
embedded derivatives	404		–		–		5		–		409
Policyholder account balances –
RILA, fixed annuity and IUL
contracts	(1,110)		–		–		9		–		(1,101)
Total, net	$	1,092	$	(511)	$	(37)	$	(913)	$	(19)	$	(388)


	For the Year Ended December 31, 2022
	Issuances		Sales		Maturities		Settlements		Calls		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	1,263	$	(100)	$	(82)	$	(235)	$	(50)	$	796

Foreign government bonds	–		–		(30)		–		–		(30)
RMBS	21		–		–		–		–		21
CMBS	17		–		–		–		–		17
ABS	918		–		–		(235)		(7)		676
Hybrid and redeemable preferred
securities	–		–		–		–		(12)		(12)
Trading securities	287		(229)		–		(210)		–		(152)
Equity securities	28		(9)		–		–		–		19
Mortgage loans on real estate	15		–		–		(242)		–		(227)

Other assets – indexed annuity ceded
embedded derivatives	124		–		–		88		–		212
Policyholder account balances – indexed
annuity and IUL contracts embedded
derivatives	(710)		–		–		83		–		(627)
Total, net	$	1,963	$	(338)	$	(112)	$	(751)	$	(69)	$	693

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

The following summarizes changes in unrealized gains (losses) included in net income related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):


	For the Years Ended December 31,
	2024		2023		2022
Investments:
Trading securities (1)	$	–	$	8	$	(81)
Equity securities (1)	(2)		(16)		56
Mortgage loans on real estate (1)	–		(8)		(20)
Derivative investments (1)	(121)		1		2

MRBs (2)	2,643		2,200		3,183
Funds withheld reinsurance liabilities –
reinsurance-related embedded derivatives (1)	555		(789)		–
Embedded derivatives – indexed annuity
and IUL contracts (1)	1,061		(20)		(95)
Total, net	$	4,136	$	1,376	$	3,045

(1) Included in realized gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

(2) Included in market risk benefit gain (loss) on the Consolidated Statements of Comprehensive Income (Loss).

Changes in Unrealized Gains (Losses) Included in OCI

The following summarizes changes in unrealized gains (losses) included in OCI, net of tax, related to financial instruments carried at fair value classified within Level 3 that we still held (in millions):


	For the Years Ended December 31,
	2024		2023		2022
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	(37)	$	(5)	$	(1,562)
State and municipal bonds	–		3		(1)
Foreign government bonds	–		–		(7)
ABS	(3)		3		(116)
Hybrid and redeemable preferred
securities	2		(1)		(22)
Mortgage loans on real estate	2		4		(5)
Total, net	$	(36)	$	4	$	(1,713)

Components of the Transfers In and Out of Level 3

The following provides the components of the transfers into and out of Level 3 (in millions) as reported above:


	For the Year Ended December 31, 2024
	Transfers		Transfers
	Into		Out of
	Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	22	$	(153)	$	(131)
State and municipal bonds	–		(5)		(5)

RMBS	–		(5)		(5)
CMBS	–		(28)		(28)
ABS	50		(497)		(447)
Hybrid and redeemable preferred securities	10		–		10

Equity securities	–		(4)		(4)
Other investments	10		–		10
Other liabilities – derivative liabilities	–		(51)		(51)
Total, net	$	92	$	(743)	$	(651)


	For the Year Ended December 31, 2023
	Transfers		Transfers
	Into		Out of
	Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	195	$	(206)	$	(11)


RMBS	12		(5)		7
CMBS	12		–		12
ABS	2		(377)		(375)
Hybrid and redeemable preferred securities	16		(13)		3
Trading securities	6		(7)		(1)
Equity securities	6		–		6
Derivative investments	31		–		31
Total, net	$	280	$	(608)	$	(328)


	For the Year Ended December 31, 2022
	Transfers		Transfers
	Into		Out of
	Level 3		Level 3		Total
Investments:
Fixed maturity AFS securities:
Corporate bonds	$	296	$	(2,968)	$	(2,672)
State and municipal bonds	36		–		36
Foreign government bonds	–		(5)		(5)
RMBS	–		(25)		(25)
CMBS	–		(17)		(17)
ABS	16		(332)		(316)
Hybrid and redeemable preferred securities	–		(4)		(4)
Trading securities	4		(19)		(15)
Equity securities	–		(15)		(15)
Derivative investments	–		(15)		(15)
Total, net	$	352	$	(3,400)	$	(3,048)

Fair Value Inputs Quantitative Information

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2024:


										Weighted
	Fair		Valuation	Significant	Assumption or					Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds	$	187	Discounted cash flow	Liquidity/duration adjustment (2)	0	%	–	3.1	%	1.7	%


ABS	10		Discounted cash flow	Liquidity/duration adjustment (2)	1.3	%	–	1.3	%	1.3	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	1.9	%	–	1.9	%	1.9	%
Hybrid and redeemable
preferred securities	19		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.9	%	1.8	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%

MRB assets	4,860
Other assets – ceded MRBs	2		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	92	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.25	%	–	2.00	%	1.58	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.50	%

Other assets – indexed
annuity ceded embedded
derivatives	1,115		Discounted cash flow	Lapse (3)	0	%	–	9	%	(10)
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(12,402)	Discounted cash flow	Lapse (3)	0	%	–	9	%	(10)
				Mortality (7)				(9)		(10)

MRB liabilities	(1,046)
Other liabilities – ceded
MRBs	(381)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	92	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.25	%	–	2.00	%	1.58	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	14.50	%

The following summarizes the fair value (in millions), valuation techniques and significant unobservable inputs of the Level 3 fair value measurements as of December 31, 2023:


	Fair		Valuation	Significant	Assumption or					Weighted Average Input
	Value		Technique	Unobservable Inputs	Input Ranges					Range (1)
Assets
Investments:
Fixed maturity AFS
securities:
Corporate bonds	$	186	Discounted cash flow	Liquidity/duration adjustment (2)	(0.2)	%	–	3.7	%	2.1	%
State and municipal
bonds	5		Discounted cash flow	Liquidity/duration adjustment (2)	0.9	%	–	2.2	%	2.1	%
CMBS	8		Discounted cash flow	Liquidity/duration adjustment (2)	2.3	%	–	2.3	%	2.3	%
ABS	12		Discounted cash flow	Liquidity/duration adjustment (2)	1.8	%	–	1.8	%	1.8	%
Hybrid and redeemable
preferred securities	7		Discounted cash flow	Liquidity/duration adjustment (2)	1.4	%	–	1.5	%	1.5	%
Equity securities	5		Discounted cash flow	Liquidity/duration adjustment (2)	4.5	%	–	4.5	%	4.5	%

MRB assets	3,894
Other assets – ceded MRBs	2		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%

Other assets – indexed
annuity ceded embedded
derivatives	940		Discounted cash flow	Lapse (3)	0	%	–	9	%	(10)
				Mortality (7)				(9)		(10)
Liabilities
Policyholder account
balances – indexed annuity
contracts embedded
derivatives	$	(9,013)	Discounted cash flow	Lapse (3)	0	%	–	9	%	(10)
				Mortality (7)				(9)		(10)

MRB liabilities	(1,716)
Other liabilities – ceded
MRBs	(239)		Discounted cash flow	Lapse (3)	1	%	–	30	%	(10)
				Utilization of GLB withdrawals (4)	85	%	–	100	%	94	%
				Claims utilization factor (5)	60	%	–	100	%	(10)
				Premiums utilization factor (5)	80	%	–	115	%	(10)
				Non-performance risk (6)	0.51	%	–	2.13	%	1.78	%
				Mortality (7)				(9)		(10)
				Volatility (8)	1	%	–	29	%	13.92	%

(1) Unobservable inputs were weighted by the relative fair value of the instruments, unless otherwise noted.

(2) The liquidity/duration adjustment input represents an estimated market participant composite of adjustments attributable to liquidity premiums, expected durations, structures and credit quality that would be applied to the market observable information of an investment.

(3) The lapse input represents the estimated probability of a contract surrendering during a year, and thereby forgoing any future benefits. The range for indexed annuity contracts represents the lapses during the surrender charge period.

(4) The utilization of GLB withdrawals input represents the estimated percentage of policyholders that utilize the GLB withdrawal riders.

(5) The utilization factors are applied to the present value of claims or premiums, as appropriate, in the MRB calculation to estimate the impact of inefficient GLB withdrawal behavior, including taking less than or more than the maximum GLB withdrawal.

(6) The non-performance risk input represents the estimated additional credit spread that market participants would apply to the market observable discount rate when pricing a contract. The non-performance risk input was weighted by the absolute value of the sensitivity of the reserve to the non-performance risk assumption.

(7) The mortality input represents the estimated probability of when an individual belonging to a particular group, categorized according to age or some other factor such as gender, will die.

(8) The volatility input represents overall volatilities assumed for the underlying variable annuity funds, which include a mixture of equity and fixed-income assets. Volatility assumptions vary by fund due to the benchmarking of different indices. The volatility input was weighted by the relative account balance assigned to each index.

(9) The mortality is based on a combination of company and industry experience, adjusted for improvement factors.

(10) A weighted average input range is not a meaningful measurement for lapse, utilization factors or mortality.

Fair Value Option, Disclosures


	As of December 31,
	2024		2023
Fair value	$	232	$	288
Aggregate contractual principal	263		326