v3.25.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
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:

September 30, 2025
(In millions)Level 1Level 2Level 3NAVTotal
Assets
Asset Management
Cash and cash equivalents$2,768 $— $— $— $2,768 
Restricted cash and cash equivalents19 — — — 19 
Cash and cash equivalents of VIEs448 — — — 448 
Investments, at fair value287 87 1,199 
1
179 1,752 
Investments of consolidated VIEs3 7 3,703 469 4,182 
Due from related parties2
— — 14 — 14 
Derivative assets3
— 1 11 — 12 
Total Assets – Asset Management
3,525 95 4,927 648 9,195 
Retirement Services
AFS Securities
U.S. government and agencies13,500 — — — 13,500 
U.S. state, municipal and political subdivisions— 832 — — 832 
Foreign governments581 1,136 23 — 1,740 
Corporate10 87,017 6,483 — 93,510 
CLO— 29,952 — — 29,952 
ABS— 13,613 16,987 — 30,600 
CMBS— 13,319 — — 13,319 
RMBS— 10,079 489 — 10,568 
Total AFS securities14,091 155,948 23,982 — 194,021 
Trading securities24 5,316 12 — 5,352 
Equity securities192 843 7 — 1,042 
Mortgage loans— — 81,891 — 81,891 
Funds withheld at interest – embedded derivative— — (2,473)— (2,473)
Derivative assets174 8,708 2 — 8,884 
Short-term investments— 4 18 — 22 
Other investments— 954 869 — 1,823 
Cash and cash equivalents14,183 — — — 14,183 
Restricted cash and cash equivalents2,767 — — — 2,767 
Investments in related parties
AFS securities
Corporate— 1,099 1,201 — 2,300 
CLO— 6,668 698 — 7,366 
ABS— 1,000 13,836 — 14,836 
CMBS— 161 — — 161 
Total AFS securities – related parties— 8,928 15,735 — 24,663 
Trading securities— — 411 — 411 
Equity securities— — 265 — 265 
Mortgage loans— — 1,375 — 1,375 
Investment funds— — 1,306 — 1,306 
Funds withheld at interest – embedded derivative— — (405)— (405)
Other investments— — 345 — 345 
Reinsurance recoverable— — 1,901 — 1,901 
Other assets5
— — 223 — 223 
(Continued)
September 30, 2025
(In millions)Level 1Level 2Level 3NAVTotal
Assets of consolidated VIEs
Trading securities— 939 1,958 — 2,897 
Mortgage loans— — 2,080 — 2,080 
Investment funds— — 263 20,140 20,403 
Other investments— — 664 — 664 
Cash and cash equivalents1,016 — — — 1,016 
Total Assets – Retirement Services
32,447 181,640 130,429 20,140 364,656 
Total Assets$35,972 $181,735 $135,356 $20,788 $373,851 
Liabilities
Asset Management
Contingent consideration obligations4
— — 58 — 58 
Derivative liabilities3
— 1 — — 1 
Total Liabilities – Asset Management
— 1 58 — 59 
Retirement Services
Interest sensitive contract liabilities
Embedded derivative— — 14,299 — 14,299 
Universal life benefits— — 777 — 777 
Future policy benefits
AmerUs Life Insurance Company (“AmerUs”) Closed Block— — 1,102 — 1,102 
Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits— — 548 — 548 
Market risk benefits5
— — 4,835 — 4,835 
Derivative liabilities39 4,814 — — 4,853 
Other liabilities— — 308 — 308 
Total Liabilities – Retirement Services
39 4,814 21,869 — 26,722 
Total Liabilities$39 $4,815 $21,927 $— $26,781 
(Concluded)
December 31, 2024
(In millions)Level 1Level 2Level 3NAVTotal
Assets
Asset Management
Cash and cash equivalents$2,692 $— $— $— $2,692 
Restricted cash and cash equivalents3 — — — 3 
Cash and cash equivalents of VIEs158 — — — 158 
Investments, at fair value238 22 1,052 
1
72 1,384 
Investments of consolidated VIEs191 111 2,258 234 2,794 
Due from related parties2
— — 27 — 27 
Derivative assets3
— 40 29 — 69 
Total Assets – Asset Management
3,282 173 3,366 306 7,127 
Retirement Services
AFS Securities
U.S. government and agencies7,149 2 — — 7,151 
U.S. state, municipal and political subdivisions— 921 — — 921 
Foreign governments658 881 29 — 1,568 
Corporate11 79,253 4,321 — 83,585 
CLO— 29,182 — — 29,182 
ABS— 7,672 16,529 — 24,201 
CMBS— 10,741 — — 10,741 
RMBS— 7,759 256 — 8,015 
Total AFS securities7,818 136,411 21,135 — 165,364 
Trading securities22 1,539 22 — 1,583 
Equity securities190 1,073 27 — 1,290 
Mortgage loans— — 63,239 — 63,239 
Funds withheld at interest – embedded derivative— — (3,035)— (3,035)
Derivative assets121 8,032 1 — 8,154 
Short-term investments— 86 169 — 255 
Other investments— 711 895 — 1,606 
Cash and cash equivalents12,733 — — — 12,733 
Restricted cash and cash equivalents943 — — — 943 
Investments in related parties
AFS securities
Corporate— 1,029 1,108 — 2,137 
CLO— 5,339 696 — 6,035 
ABS— 890 9,741 — 10,631 
Total AFS securities – related parties— 7,258 11,545 — 18,803 
Trading securities— — 573 — 573 
Equity securities— — 234 — 234 
Mortgage loans— — 1,297 — 1,297 
Investment funds— — 1,139 — 1,139 
Funds withheld at interest – embedded derivative— — (615)— (615)
Other investments— — 331 — 331 
Reinsurance recoverable— — 1,661 — 1,661 
Other assets5
— — 313 — 313 
Assets of consolidated VIEs
Trading securities— 347 1,954 — 2,301 
Mortgage loans— — 2,579 — 2,579 
Investment funds— — 770 16,890 17,660 
(Continued)
December 31, 2024
(In millions)Level 1Level 2Level 3NAVTotal
Other investments4 — 103 — 107 
Cash and cash equivalents583 — — — 583 
Total Assets – Retirement Services
22,414 155,457 104,337 16,890 299,098 
Total Assets$25,696 $155,630 $107,703 $17,196 $306,225 
Liabilities
Asset Management
Contingent consideration obligations4
$— $— $67 $— $67 
Total Liabilities – Asset Management
— — 67 — 67 
Retirement Services
Interest sensitive contract liabilities
Embedded derivative— — 11,242 — 11,242 
Universal life benefits— — 742 — 742 
Future policy benefits
AmerUs Closed Block— — 1,102 — 1,102 
ILICO Closed Block and life benefits— — 538 — 538 
Market risk benefits5
— — 4,028 — 4,028 
Derivative liabilities19 3,536 1 — 3,556 
Other liabilities— — 225 — 225 
Total Liabilities – Retirement Services
19 3,536 17,878 — 21,433 
Total Liabilities$19 $3,536 $17,945 $— $21,500 
(Concluded)
1 Investments as of September 30, 2025 and December 31, 2024 excludes $223 million and $248 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.
2 Due from related parties represents a receivable from a fund.
3 Derivative assets and derivative liabilities are presented as a component of Other assets and Other liabilities, respectively, in the condensed consolidated statements of financial condition.
4 Other liabilities as of September 30, 2025 and December 31, 2024 includes profit sharing payable of $58 million and $67 million, respectively, related to contingent obligations classified as Level 3.
5 Other assets consist of market risk benefits assets. See note 9 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:

September 30, 2025
Fair Value
(In millions)
Valuation TechniqueUnobservable InputsRangesWeighted Average
Financial Assets
Asset Management
Investments$869 Discounted cash flowDiscount rate
3.6% – 52.8%
17.2%
1
152Direct capitalizationCapitalization rate7.0%7.0%
178Adjusted transaction valueN/AN/AN/A
Due from related parties14Discounted cash flowDiscount rate14.0%14.0%
Derivative assets11Option modelVolatility rate37.5%37.5%
Investments of consolidated VIEs
Bank loans17 Discounted cash flowDiscount rate
4.9% – 15.6%
6.4%
1
657 Adjusted transaction valueN/AN/AN/A
Equity securities375Discounted cash flowDiscount rate
13.7% – 17.0%
13.7%
1
934Adjusted transaction valueN/AN/AN/A
13Option modelVolatility rate
80.0% – 85.0%
82.9%
1
Bonds842Discounted cash flowDiscount rate
5.2% – 7.5%
5.4%
1
865Adjusted transaction valueN/AN/AN/A
Retirement Services
AFS, trading and equity securities31,304 Discounted cash flowDiscount rate
2.4% – 22.6%
6.5%
1
Mortgage loans2
85,164 Discounted cash flowDiscount rate
1.2% – 31.4%
6.2%
1
182 RecoverabilityEstimated proceedsN/AN/A
Investment funds2
1,303 Discounted cash flowDiscount rate
13.0% – 14.0%
13.1%
1
286 RecoverabilityEstimated proceedsN/AN/A
Financial Liabilities
Asset Management
Contingent consideration obligations58 Discounted cash flowDiscount rate
21.0% – 25.0%
23.8%
1
Retirement Services
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives14,299 Discounted cash flowNonperformance risk
0.4% – 1.0%
0.6%
3
Option budget
0.5% – 6.0%
3.1%
4
Surrender rate
5.9% – 14.1%
9.6%
4
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, 2024
Fair Value
(In millions)
Valuation TechniquesUnobservable InputsRangesWeighted Average
Financial Assets
Asset Management
Investments$765 Discounted cash flowDiscount rate
13.5% – 52.8%
17.8%
1
128 Direct capitalizationCapitalization rate6.7%6.7%

159 Adjusted transaction valueN/AN/AN/A
Due from related parties27 Discounted cash flowDiscount rate14.0%14.0%
Derivative assets29 Option modelVolatility rate52.5%52.5%
Investments of consolidated VIEs
Bank loans168 Discounted cash flowDiscount rate
5.6% – 23.4%
9.0%
1
179 Adjusted transaction valueN/AN/AN/A
Equity securities495 Dividend discount modelDiscount rate14.1%14.1%
417 Discounted cash flowDiscount rate
8.3% – 13.3%
13.3%
1
69 Adjusted transaction valueN/AN/AN/A
27 Option modelVolatility rate
84.8% – 117.5%
110.7%
1
Bonds412 Discounted cash flowDiscount rate
6.6% – 11.7%
7.0%
1
491 Adjusted transaction valueN/AN/AN/A
Retirement Services
AFS, trading and equity securities28,655 Discounted cash flowDiscount rate
4.7% – 20.0%
7.1%
1
Mortgage loans2
67,115 Discounted cash flowDiscount rate
1.8% – 43.1%
6.7%
1
Investment funds2
1,909 Discounted cash flowDiscount rate
6.6% – 14.0%
10.8%
1
Financial Liabilities
Asset Management
Contingent consideration obligations67 Discounted cash flowDiscount rate
20.0% – 25.0%
23.6%
1
Retirement Services
Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives11,242 Discounted cash flowNonperformance risk
0.4% – 1.1%
0.7%
3
Option budget
0.5% – 6.0%
2.8%
4
Surrender rate
6.0% – 14.2%
9.0%
4
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 are reconciliations for Level 3 assets and liabilities measured at fair value on a recurring basis:

Three months ended September 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets$1,149 $10 $— $51 $— $1,210 $20 $— 
Investments of Consolidated VIEs1,887 25 — 1,925 (134)3,703 (5)— 
Total Level 3 assets – Asset Management
$3,036 $35 $— $1,976 $(134)$4,913 $15 $— 
Assets – Retirement Services
AFS securities
Foreign governments$23 $— $— $— $— $23 $— $— 
Corporate7,392 (29)7 321 (1,208)6,483 (5)29 
ABS14,144 (8)52 3,346 (547)16,987 2 37 
RMBS498 4 1 (14)— 489 — 1 
Trading securities18 (5)— (1)— 12 (5)— 
Equity securities8 (1)— — — 7 — — 
Mortgage loans77,289 166 — 4,436 — 81,891 173 — 
Funds withheld at interest – embedded derivative(2,743)270 — — — (2,473)— — 
Derivative assets1 1 — — — 2 — — 
Short-term investments12 — — 6 — 18 — — 
Other investments741 — — 128 — 869 (1)— 
Investments in related parties
AFS securities
Corporate1,099 — (1)100 3 1,201 — (1)
CLO1,070 — 1 (373)— 698 — 1 
ABS10,810 — 51 2,983 (8)13,836 — 48 
Trading securities399 (5)— 16 1 411 — — 
Equity securities266 (1)— — — 265 (1)— 
Mortgage loans1,275 30 — 70 — 1,375 30 — 
Investment funds1,297 9 — — — 1,306 9 — 
Funds withheld at interest – embedded derivative(478)73 — — — (405)— — 
Other investments339 6 — — — 345 6 — 
Reinsurance recoverable1,780 69 — 52 — 1,901 — — 
Assets of consolidated VIEs
Trading securities2,338 (4)— (456)80 1,958 (67)— 
Mortgage loans2,544 1 — (464)(1)2,080 — — 
Investment funds270 (6)— (1)— 263 (8)— 
Other investments366 2 — 301 (5)664 4 — 
Total Level 3 assets – Retirement Services
$120,758 $572 $111 $10,450 $(1,685)$130,206 $137 $115 
(Continued)
Three months ended September 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Liabilities – Asset Management
Contingent consideration obligations$61 $2 $— $(5)$— $58 $— $— 
Total Level 3 liabilities – Asset Management
$61 $2 $— $(5)$— $58 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(12,276)$(1,260)$— $(763)$— $(14,299)$— $— 
Universal life benefits(755)(22)— — — (777)— — 
Future policy benefits
AmerUs Closed Block(1,097)(5)— — — (1,102)— — 
ILICO Closed Block and life benefits(556)8 — — — (548)— — 
Other liabilities(295)(98)— 85 — (308)— — 
Total Level 3 liabilities – Retirement Services
$(14,979)$(1,377)$— $(678)$— $(17,034)$— $— 
(Concluded)
1 Related to instruments held at end of period.

Three months ended September 30, 2024
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Assets – Asset Management
Investments and derivative assets$1,170 $42 $— $(39)$(68)$1,105 $7 $— 
Investments of consolidated VIEs1,507 48 — (99)452 1,908 8 — 
Total Level 3 assets – Asset Management
$2,677 $90 $— $(138)$384 $3,013 $15 $— 
Assets – Retirement Services
AFS securities
Foreign governments$34 $— $1 $— $— $35 $— $— 
Corporate8,114 6 80 775 (4,800)4,175 2 98 
ABS8,420 1 313 2,202 4,679 15,615 — 301 
CMBS20 2 (5)— — 17 — (3)
RMBS261 2 2 78 — 343 — 2 
Trading securities37 1 — (1)— 37 1 — 
Equity securities36 (1)— — (9)26 — — 
Mortgage loans52,645 1,096 — 4,846 — 58,587 1,236 — 
Funds withheld at interest – embedded derivative(3,283)702 — — — (2,581)— — 
Derivative assets1 — — — — 1 — — 
Short-term investments80 — — 166 (78)168 — — 
Other investments904 — — — — 904 (1)— 
(Continued)
Three months ended September 30, 2024
Total realized and unrealized gains (losses)
(In millions)Beginning balanceIncluded in incomeIncluded in OCINet purchases, issuances, sales and settlementsNet transfers in (out)Ending balance
Total gains (losses) included in earnings1
Total gains (losses) included in OCI1
Investments in related parties
AFS securities
Corporate1,194 (3)12 (3)(154)1,046 — (4)
CLO521 — 2 42 — 565 — 2 
ABS10,580 28 75 (874)— 9,809 7 73 
Trading securities719 — — (100)— 619 (1)— 
Equity securities247 10 — — — 257 10 — 
Mortgage loans1,320 39 — (14)— 1,345 (43)— 
Investment funds1,066 40 — — — 1,106 40 — 
Funds withheld at interest – embedded derivative(717)187 — — — (530)— — 
Other investments335 13 — — — 348 13 — 
Reinsurance recoverable1,518 99 — 93 — 1,710 — — 
Assets of consolidated VIEs
Trading securities1,876 82 — 34 (54)1,938 82 — 
Mortgage loans2,120 51 — 55 — 2,226 51 — 
Investment funds913 (1)— 338 (432)818 (1)— 
Other investments113 4 — 37 — 154 4 — 
Total Level 3 assets – Retirement Services
$89,074 $2,358 $480 $7,674 $(848)$98,738 $1,400 $469 
Liabilities – Asset Management
Contingent consideration obligations$59 $3 $— $(6)$— $56 $— $— 
Total Level 3 liabilities – Asset Management
$59 $3 $— $(6)$— $56 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(11,234)$(275)$— $(487)$— $(11,996)$— $— 
Universal life benefits(769)(51)— — — (820)— — 
Future policy benefits
AmerUs Closed Block(1,120)(46)— — — (1,166)— — 
ILICO Closed Block and life benefits(529)(16)— — — (545)— — 
Derivative liabilities(1)— — — — (1)— — 
Other liabilities(253)(86)— 2 — (337)— — 
Total Level 3 liabilities – Retirement Services
$(13,906)$(474)$— $(485)$— $(14,865)$— $— 
(Concluded)
1 Related to instruments held at end of period.
The following summarizes the unobservable inputs for market risk benefits:
September 30, 2025
(In millions, except percentages)Fair ValueValuation TechniqueUnobservable InputsMinimumMaximumWeighted AverageImpact of an Increase in the Input on Fair Value
Market risk benefits, net$4,612 Discounted cash flowNonperformance risk0.4 %1.0 %0.9 %
1
Decrease
Option budget0.5 %6.0 %2.6 %
2
Decrease
Surrender rate3.7 %7.9 %5.2 %
2
Decrease
Utilization rate28.6 %95.0 %86.1 %
3
Increase
September 30, 2024
(In millions, except percentages)Fair ValueValuation TechniqueUnobservable InputsMinimumMaximumWeighted AverageImpact of an Increase in the Input on Fair Value
Market risk benefits, net$4,089 Discounted cash flowNonperformance risk0.5 %1.2 %1.1 %
1
Decrease
Option budget0.5 %6.0 %2.2 %
2
Decrease
Surrender rate3.3 %7.0 %4.5 %
2
Decrease
Utilization rate28.6 %95.0 %84.7 %
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
Nine months ended September 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets$1,081 $59 $— $70 $— $1,210 $9 $— 
Investments of consolidated VIEs2,258 328 — 1,918 (801)3,703 (34)— 
Total Level 3 assets – Asset Management
$3,339 $387 $— $1,988 $(801)$4,913 $(25)$— 
Assets – Retirement Services
AFS securities
Foreign governments$29 $(1)$— $(5)$— $23 $— $— 
Corporate4,321 41 85 3,392 (1,356)6,483 29 109 
ABS16,529 (3)525 5,191 (5,255)16,987 2 519 
CMBS— (23)(4)28 (1)— — — 
RMBS256 13 2 267 (49)489 — 1 
Trading securities22 (5)— 9 (14)12 (9)— 
Equity securities27 (2)— (18)— 7 (1)— 
Mortgage loans63,239 1,938 — 16,714 — 81,891 1,887 — 
Funds withheld at interest – embedded derivative(3,035)562 — — — (2,473)— — 
Derivative assets1 1 — — — 2 — — 
Short-term investments169 — — (150)(1)18 — — 
Other investments895 2 — (28)— 869 (2)— 
Investments in related parties
AFS securities
Corporate1,108 — (9)99 3 1,201 — (10)
CLO696 — (1)3 — 698 — — 
ABS9,741 3 101 4,000 (9)13,836 — 86 
Trading securities573 (5)— (160)3 411 2 — 
Equity securities234 31 — — — 265 31 — 
Mortgage loans1,297 54 — 24 — 1,375 54 — 
Investment funds1,139 164 — 3 — 1,306 164 — 
Funds withheld at interest – embedded derivative(615)210 — — — (405)— — 
Other investments331 14 — — — 345 14 — 
Reinsurance recoverable1,661 104 — 136 — 1,901 — — 
Assets of consolidated VIEs
Trading securities1,954 213 — (356)147 1,958 148 — 
Mortgage loans2,579 138 — (636)(1)2,080 95 — 
Investment funds770 (9)— (498)— 263 (22)— 
Other investments103 2 — 564 (5)664 11 — 
Total Level 3 assets – Retirement Services
$104,024 $3,442 $699 $28,579 $(6,538)$130,206 $2,403 $705 
(Continued)
Nine months ended September 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Liabilities – Asset Management
Contingent consideration obligations$67 $10 $— $(19)$— $58 $— $— 
Total Level 3 liabilities – Asset Management
$67 $10 $— $(19)$— $58 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(11,242)$(1,144)$— $(1,913)$— $(14,299)$— $— 
Universal life benefits(742)(35)— — — (777)— — 
Future policy benefits
AmerUs Closed Block(1,102)— — — — (1,102)— — 
ILICO Closed Block and life benefits(538)(10)— — — (548)— — 
Derivative liabilities(1)1 — — — — — — 
Other liabilities(225)(169)— 86 — (308)— — 
Total Level 3 liabilities – Retirement Services
$(13,850)$(1,357)$— $(1,827)$— $(17,034)$— $— 
(Concluded)
1 Related to instruments held at end of period.

Nine months ended September 30, 2024
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets$1,201 $6 $— $(34)$(68)$1,105 $7 $— 
Investments of consolidated VIEs1,492 19 — 15 382 1,908 5 — 
Total Level 3 assets – Asset Management
$2,693 $25 $— $(19)$314 $3,013 $12 $— 
Assets – Retirement Services
AFS securities
Foreign governments$40 $— $1 $(6)$— $35 $— $1 
Corporate2,525 3 87 2,387 (827)4,175 — 110 
ABS6,943 (14)314 8,371 1 15,615 — 298 
CMBS21 1 (5)— — 17 — (3)
RMBS265 5 3 72 (2)343 — 2 
Trading securities28 1 — (6)14 37 — — 
Equity securities26 (1)— 1 — 26 — — 
Mortgage loans44,115 825 — 13,647 — 58,587 965 — 
Funds withheld at interest – embedded derivative(3,379)798 — — — (2,581)— — 
Derivative assets— — — — 1 1 — — 
Short-term investments105 — — 142 (79)168 — — 
Other investments630 (6)— 280 — 904 (7)— 
(Continued)
Nine months ended September 30, 2024
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Investments in related parties
AFS securities
Corporate1,171 (2)33 (2)(154)1,046 — 18 
CLO506 — 17 42 — 565 — 18 
ABS7,826 46 22 1,915 — 9,809 2 20 
Trading securities838 (1)— (218)— 619 (2)— 
Equity securities255 2 — — — 257 2 — 
Mortgage loans1,281 41 — 23 — 1,345 (41)— 
Investment funds1,082 24 — — — 1,106 24 — 
Funds withheld at interest – embedded derivative(721)191 — — — (530)— — 
Other investments343 5 — — — 348 5 — 
Reinsurance recoverable1,367 51 — 292 — 1,710 — — 
Assets of consolidated VIEs
Trading securities1,852 31 — 103 (48)1,938 30 — 
Mortgage loans2,173 2 — 51 — 2,226 2 — 
Investment funds977 (66)— 339 (432)818 (66)— 
Other investments 101 — — 53 — 154 1 — 
Total Level 3 assets – Retirement Services
$70,370 $1,936 $472 $27,486 $(1,526)$98,738 $915 $464 
Liabilities – Asset Management
Contingent consideration obligations$93 $68 $— $(105)$— $56 $— $— 
Total Level 3 liabilities – Asset Management
$93 $68 $— $(105)$— $56 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(9,059)$(1,270)$— $(1,667)$— $(11,996)$— $— 
Universal life benefits(834)14 — — — (820)— — 
Future policy benefits
AmerUs Closed Block(1,178)12 — — — (1,166)— — 
ILICO Closed Block and life benefits(522)(23)— — — (545)— — 
Derivative liabilities(1)— — — — (1)— — 
Other liabilities(330)(123)— 52 64 (337)— — 
Total Level 3 liabilities – Retirement Services
$(11,924)$(1,390)$— $(1,615)$64 $(14,865)$— $— 
(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:

Three months ended September 30, 2025
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$54 $— $(3)$— $51 $— $— $— 
Investments of consolidated VIEs2,530 — (605)— 1,925 — (134)(134)
Total Level 3 assets – Asset Management$2,584 $— $(608)$— $1,976 $— $(134)$(134)
Assets – Retirement Services
AFS securities
Corporate$479 $— $(94)$(64)$321 $125 $(1,333)$(1,208)
ABS4,385 — (3)(1,036)3,346 — (547)(547)
RMBS18 — — (32)(14)— — — 
Trading securities— — — (1)(1)— — — 
Mortgage loans8,160 — — (3,724)4,436 — — — 
Short-term investments18 — — (12)6 — — — 
Other investments199 — — (71)128 — — — 
Investments in related parties
AFS securities
Corporate102 — — (2)100 3 — 3 
CLO— — — (373)(373)— — — 
ABS3,712 — (179)(550)2,983 — (8)(8)
Trading securities28 — — (12)16 1 — 1 
Mortgage loans75 — — (5)70 — — — 
Reinsurance recoverable— 56 — (4)52 — — — 
Assets of consolidated VIEs
Trading securities30 — (486)— (456)80 — 80 
Mortgage loans32 — (436)(60)(464)— (1)(1)
Investment funds— — (1)— (1)— — — 
Other investments301 — — — 301 — (5)(5)
Total Level 3 assets – Retirement Services$17,539 $56 $(1,199)$(5,946)$10,450 $209 $(1,894)$(1,685)
Liabilities – Asset Management
Contingent consideration obligations$— $— $— $(5)$(5)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(5)$(5)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(1,002)$— $239 $(763)$— $— $— 
Other liabilities— — — 85 85 — — — 
Total Level 3 liabilities – Retirement Services$— $(1,002)$— $324 $(678)$— $— $— 
Three months ended September 30, 2024
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$7 $— $(46)$— $(39)$— $(68)$(68)
Investments of consolidated VIEs1,033 — (1,132)— (99)452 — 452 
Total Level 3 assets – Asset Management$1,040 $— $(1,178)$— $(138)$452 $(68)$384 
Assets – Retirement Services
AFS securities
Corporate$912 $— $(16)$(121)$775 $68 $(4,868)$(4,800)
ABS3,004 — (351)(451)2,202 4,897 (218)4,679 
RMBS81 — — (3)78 — — — 
Trading securities— — — (1)(1)— — — 
Equity securities— — — — — — (9)(9)
Mortgage loans7,518 — — (2,672)4,846 — — — 
Short-term investments168 — — (2)166 — (78)(78)
Investments in related parties
AFS securities
Corporate— — — (3)(3)— (154)(154)
CLO42 — — — 42 — — — 
ABS1,193 — — (2,067)(874)— — — 
Trading securities— — — (100)(100)— — — 
Mortgage loans— — — (14)(14)— — — 
Reinsurance recoverable— 94 — (1)93 — — — 
Assets of consolidated VIEs
Trading securities38 — (4)— 34 34 (88)(54)
Mortgage loans70 — — (15)55 — — — 
Investment funds338 — — — 338 — (432)(432)
Other investments37 — — — 37 — — — 
Total Level 3 assets – Retirement Services$13,401 $94 $(371)$(5,450)$7,674 $4,999 $(5,847)$(848)
Liabilities - Asset Management
Contingent consideration obligations$— $— $— $(6)$(6)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(6)$(6)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities - embedded derivative$— $(750)$— $263 $(487)$— $— $— 
Other liabilities— — — 2 2 — — — 
Total Level 3 liabilities – Retirement Services
$— $(750)$— $265 $(485)$— $— $— 
Nine months ended September 30, 2025
(In millions)PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and SettlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$83 $— $(13)$— $70 $— $— $— 
Investments of consolidated VIEs3,819 — (1,901)— 1,918 — (801)(801)
Total Level 3 assets – Asset Management
$3,902 $— $(1,914)$— $1,988 $— $(801)$(801)
Assets – Retirement Services
AFS securities
Foreign governments$— $— $— $(5)$(5)$— $— $— 
Corporate3,906 — (100)(414)3,392 251 (1,607)(1,356)
ABS7,177 — (26)(1,960)5,191 479 (5,734)(5,255)
CMBS28 — — — 28 13 (14)(1)
RMBS315 — — (48)267 — (49)(49)
Trading securities11 — — (2)9 — (14)(14)
Equity securities— — — (18)(18)— — — 
Mortgage loans25,920 — (172)(9,034)16,714 — — — 
Short-term investments30 — — (180)(150)— (1)(1)
Other investments199 — — (227)(28)— — — 
Investments in related parties
AFS securities
Corporate107 — — (8)99 3 — 3 
CLO376 — — (373)3 — — — 
ABS5,971 — (179)(1,792)4,000 14 (23)(9)
Trading securities98 — (91)(167)(160)3 — 3 
Mortgage loans75 — (15)(36)24 — — — 
Investment funds3 — — — 3 — — — 
Reinsurance recoverable— 146 — (10)136 — — — 
Assets of consolidated VIEs
Trading securities465 — (821)— (356)170 (23)147 
Mortgage loans66 — (446)(256)(636)— (1)(1)
Investment funds— — (498)— (498)— — — 
Other investments580 — (16)— 564 — (5)(5)
Total Level 3 assets – Retirement Services
$45,327 $146 $(2,364)$(14,530)$28,579 $933 $(7,471)$(6,538)
Liabilities – Asset Management
Contingent consideration obligations$— $— $— $(19)$(19)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(19)$(19)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(2,615)$— $702 $(1,913)$— $— $— 
Other liabilities— — — 86 86 — — — 
Total Level 3 liabilities – Retirement Services
$— $(2,615)$— $788 $(1,827)$— $— $— 
Nine months ended September 30, 2024
(In millions)PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and SettlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$27 $— $(61)$— $(34)$— $(68)$(68)
Investments of consolidated VIEs3,122 — (3,107)— 15 452 (70)382 
Total Level 3 assets – Asset Management
$3,149 $— $(3,168)$— $(19)$452 $(138)$314 
Assets – Retirement Services
AFS securities
Foreign governments$— $— $— $(6)$(6)$— $— $— 
Corporate2,623 — (18)(218)2,387 166 (993)(827)
ABS9,635 — (423)(841)8,371 748 (747)1 
RMBS81 — — (9)72 — (2)(2)
Trading securities— — — (6)(6)14 — 14 
Equity securities2 — (1)— 1 9 (9)— 
Mortgage loans19,226 — (26)(5,553)13,647 — — — 
Derivative assets— — — — — 1 — 1 
Short-term investments171 — (6)(23)142 — (79)(79)
Other investments280 — — — 280 — — — 
Investments in related parties
AFS securities
Corporate6 — (1)(7)(2)— (154)(154)
CLO42 — — — 42 — — — 
ABS5,780 — (504)(3,361)1,915 — — — 
Trading securities4 — — (222)(218)— — — 
Mortgage loans87 — — (64)23 — — — 
Reinsurance recoverable— 294 — (2)292 — — — 
Assets of consolidated VIEs
Trading securities201 — (91)(7)103 40 (88)(48)
Mortgage loans125 — — (74)51 — — — 
Investment funds339 — — — 339 — (432)(432)
Other investments56 — (3)— 53 — — — 
Total Level 3 assets – Retirement Services
$38,658 $294 $(1,073)$(10,393)$27,486 $978 $(2,504)$(1,526)
Liabilities – Asset Management
Contingent consideration obligations$— $— $— $(105)$(105)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(105)$(105)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(2,408)$— $741 $(1,667)$— $— $— 
Other liabilities— — — 52 52 64 — 64 
Total Level 3 liabilities – Retirement Services
$— $(2,408)$— $793 $(1,615)$64 $— $64 
Schedule of Level 3 Liabilities Measured at Fair Value on a Recurring Basis
Nine months ended September 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets$1,081 $59 $— $70 $— $1,210 $9 $— 
Investments of consolidated VIEs2,258 328 — 1,918 (801)3,703 (34)— 
Total Level 3 assets – Asset Management
$3,339 $387 $— $1,988 $(801)$4,913 $(25)$— 
Assets – Retirement Services
AFS securities
Foreign governments$29 $(1)$— $(5)$— $23 $— $— 
Corporate4,321 41 85 3,392 (1,356)6,483 29 109 
ABS16,529 (3)525 5,191 (5,255)16,987 2 519 
CMBS— (23)(4)28 (1)— — — 
RMBS256 13 2 267 (49)489 — 1 
Trading securities22 (5)— 9 (14)12 (9)— 
Equity securities27 (2)— (18)— 7 (1)— 
Mortgage loans63,239 1,938 — 16,714 — 81,891 1,887 — 
Funds withheld at interest – embedded derivative(3,035)562 — — — (2,473)— — 
Derivative assets1 1 — — — 2 — — 
Short-term investments169 — — (150)(1)18 — — 
Other investments895 2 — (28)— 869 (2)— 
Investments in related parties
AFS securities
Corporate1,108 — (9)99 3 1,201 — (10)
CLO696 — (1)3 — 698 — — 
ABS9,741 3 101 4,000 (9)13,836 — 86 
Trading securities573 (5)— (160)3 411 2 — 
Equity securities234 31 — — — 265 31 — 
Mortgage loans1,297 54 — 24 — 1,375 54 — 
Investment funds1,139 164 — 3 — 1,306 164 — 
Funds withheld at interest – embedded derivative(615)210 — — — (405)— — 
Other investments331 14 — — — 345 14 — 
Reinsurance recoverable1,661 104 — 136 — 1,901 — — 
Assets of consolidated VIEs
Trading securities1,954 213 — (356)147 1,958 148 — 
Mortgage loans2,579 138 — (636)(1)2,080 95 — 
Investment funds770 (9)— (498)— 263 (22)— 
Other investments103 2 — 564 (5)664 11 — 
Total Level 3 assets – Retirement Services
$104,024 $3,442 $699 $28,579 $(6,538)$130,206 $2,403 $705 
(Continued)
Nine months ended September 30, 2025
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Liabilities – Asset Management
Contingent consideration obligations$67 $10 $— $(19)$— $58 $— $— 
Total Level 3 liabilities – Asset Management
$67 $10 $— $(19)$— $58 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(11,242)$(1,144)$— $(1,913)$— $(14,299)$— $— 
Universal life benefits(742)(35)— — — (777)— — 
Future policy benefits
AmerUs Closed Block(1,102)— — — — (1,102)— — 
ILICO Closed Block and life benefits(538)(10)— — — (548)— — 
Derivative liabilities(1)1 — — — — — — 
Other liabilities(225)(169)— 86 — (308)— — 
Total Level 3 liabilities – Retirement Services
$(13,850)$(1,357)$— $(1,827)$— $(17,034)$— $— 
(Concluded)
1 Related to instruments held at end of period.

Nine months ended September 30, 2024
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Assets – Asset Management
Investments and derivative assets$1,201 $6 $— $(34)$(68)$1,105 $7 $— 
Investments of consolidated VIEs1,492 19 — 15 382 1,908 5 — 
Total Level 3 assets – Asset Management
$2,693 $25 $— $(19)$314 $3,013 $12 $— 
Assets – Retirement Services
AFS securities
Foreign governments$40 $— $1 $(6)$— $35 $— $1 
Corporate2,525 3 87 2,387 (827)4,175 — 110 
ABS6,943 (14)314 8,371 1 15,615 — 298 
CMBS21 1 (5)— — 17 — (3)
RMBS265 5 3 72 (2)343 — 2 
Trading securities28 1 — (6)14 37 — — 
Equity securities26 (1)— 1 — 26 — — 
Mortgage loans44,115 825 — 13,647 — 58,587 965 — 
Funds withheld at interest – embedded derivative(3,379)798 — — — (2,581)— — 
Derivative assets— — — — 1 1 — — 
Short-term investments105 — — 142 (79)168 — — 
Other investments630 (6)— 280 — 904 (7)— 
(Continued)
Nine months ended September 30, 2024
Total realized and unrealized gains (losses)
(In millions)Beginning BalanceIncluded in IncomeIncluded in OCINet Purchases, Issuances, Sales and SettlementsNet Transfers In (Out)Ending Balance
Total Gains (Losses) Included in Earnings1
Total Gains (Losses) Included in OCI1
Investments in related parties
AFS securities
Corporate1,171 (2)33 (2)(154)1,046 — 18 
CLO506 — 17 42 — 565 — 18 
ABS7,826 46 22 1,915 — 9,809 2 20 
Trading securities838 (1)— (218)— 619 (2)— 
Equity securities255 2 — — — 257 2 — 
Mortgage loans1,281 41 — 23 — 1,345 (41)— 
Investment funds1,082 24 — — — 1,106 24 — 
Funds withheld at interest – embedded derivative(721)191 — — — (530)— — 
Other investments343 5 — — — 348 5 — 
Reinsurance recoverable1,367 51 — 292 — 1,710 — — 
Assets of consolidated VIEs
Trading securities1,852 31 — 103 (48)1,938 30 — 
Mortgage loans2,173 2 — 51 — 2,226 2 — 
Investment funds977 (66)— 339 (432)818 (66)— 
Other investments 101 — — 53 — 154 1 — 
Total Level 3 assets – Retirement Services
$70,370 $1,936 $472 $27,486 $(1,526)$98,738 $915 $464 
Liabilities – Asset Management
Contingent consideration obligations$93 $68 $— $(105)$— $56 $— $— 
Total Level 3 liabilities – Asset Management
$93 $68 $— $(105)$— $56 $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities
Embedded derivative$(9,059)$(1,270)$— $(1,667)$— $(11,996)$— $— 
Universal life benefits(834)14 — — — (820)— — 
Future policy benefits
AmerUs Closed Block(1,178)12 — — — (1,166)— — 
ILICO Closed Block and life benefits(522)(23)— — — (545)— — 
Derivative liabilities(1)— — — — (1)— — 
Other liabilities(330)(123)— 52 64 (337)— — 
Total Level 3 liabilities – Retirement Services
$(11,924)$(1,390)$— $(1,615)$64 $(14,865)$— $— 
(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:

Three months ended September 30, 2025
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$54 $— $(3)$— $51 $— $— $— 
Investments of consolidated VIEs2,530 — (605)— 1,925 — (134)(134)
Total Level 3 assets – Asset Management$2,584 $— $(608)$— $1,976 $— $(134)$(134)
Assets – Retirement Services
AFS securities
Corporate$479 $— $(94)$(64)$321 $125 $(1,333)$(1,208)
ABS4,385 — (3)(1,036)3,346 — (547)(547)
RMBS18 — — (32)(14)— — — 
Trading securities— — — (1)(1)— — — 
Mortgage loans8,160 — — (3,724)4,436 — — — 
Short-term investments18 — — (12)6 — — — 
Other investments199 — — (71)128 — — — 
Investments in related parties
AFS securities
Corporate102 — — (2)100 3 — 3 
CLO— — — (373)(373)— — — 
ABS3,712 — (179)(550)2,983 — (8)(8)
Trading securities28 — — (12)16 1 — 1 
Mortgage loans75 — — (5)70 — — — 
Reinsurance recoverable— 56 — (4)52 — — — 
Assets of consolidated VIEs
Trading securities30 — (486)— (456)80 — 80 
Mortgage loans32 — (436)(60)(464)— (1)(1)
Investment funds— — (1)— (1)— — — 
Other investments301 — — — 301 — (5)(5)
Total Level 3 assets – Retirement Services$17,539 $56 $(1,199)$(5,946)$10,450 $209 $(1,894)$(1,685)
Liabilities – Asset Management
Contingent consideration obligations$— $— $— $(5)$(5)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(5)$(5)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(1,002)$— $239 $(763)$— $— $— 
Other liabilities— — — 85 85 — — — 
Total Level 3 liabilities – Retirement Services$— $(1,002)$— $324 $(678)$— $— $— 
Three months ended September 30, 2024
(In millions)PurchasesIssuancesSalesSettlementsNet purchases, issuances, sales and settlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$7 $— $(46)$— $(39)$— $(68)$(68)
Investments of consolidated VIEs1,033 — (1,132)— (99)452 — 452 
Total Level 3 assets – Asset Management$1,040 $— $(1,178)$— $(138)$452 $(68)$384 
Assets – Retirement Services
AFS securities
Corporate$912 $— $(16)$(121)$775 $68 $(4,868)$(4,800)
ABS3,004 — (351)(451)2,202 4,897 (218)4,679 
RMBS81 — — (3)78 — — — 
Trading securities— — — (1)(1)— — — 
Equity securities— — — — — — (9)(9)
Mortgage loans7,518 — — (2,672)4,846 — — — 
Short-term investments168 — — (2)166 — (78)(78)
Investments in related parties
AFS securities
Corporate— — — (3)(3)— (154)(154)
CLO42 — — — 42 — — — 
ABS1,193 — — (2,067)(874)— — — 
Trading securities— — — (100)(100)— — — 
Mortgage loans— — — (14)(14)— — — 
Reinsurance recoverable— 94 — (1)93 — — — 
Assets of consolidated VIEs
Trading securities38 — (4)— 34 34 (88)(54)
Mortgage loans70 — — (15)55 — — — 
Investment funds338 — — — 338 — (432)(432)
Other investments37 — — — 37 — — — 
Total Level 3 assets – Retirement Services$13,401 $94 $(371)$(5,450)$7,674 $4,999 $(5,847)$(848)
Liabilities - Asset Management
Contingent consideration obligations$— $— $— $(6)$(6)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(6)$(6)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities - embedded derivative$— $(750)$— $263 $(487)$— $— $— 
Other liabilities— — — 2 2 — — — 
Total Level 3 liabilities – Retirement Services
$— $(750)$— $265 $(485)$— $— $— 
Nine months ended September 30, 2025
(In millions)PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and SettlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$83 $— $(13)$— $70 $— $— $— 
Investments of consolidated VIEs3,819 — (1,901)— 1,918 — (801)(801)
Total Level 3 assets – Asset Management
$3,902 $— $(1,914)$— $1,988 $— $(801)$(801)
Assets – Retirement Services
AFS securities
Foreign governments$— $— $— $(5)$(5)$— $— $— 
Corporate3,906 — (100)(414)3,392 251 (1,607)(1,356)
ABS7,177 — (26)(1,960)5,191 479 (5,734)(5,255)
CMBS28 — — — 28 13 (14)(1)
RMBS315 — — (48)267 — (49)(49)
Trading securities11 — — (2)9 — (14)(14)
Equity securities— — — (18)(18)— — — 
Mortgage loans25,920 — (172)(9,034)16,714 — — — 
Short-term investments30 — — (180)(150)— (1)(1)
Other investments199 — — (227)(28)— — — 
Investments in related parties
AFS securities
Corporate107 — — (8)99 3 — 3 
CLO376 — — (373)3 — — — 
ABS5,971 — (179)(1,792)4,000 14 (23)(9)
Trading securities98 — (91)(167)(160)3 — 3 
Mortgage loans75 — (15)(36)24 — — — 
Investment funds3 — — — 3 — — — 
Reinsurance recoverable— 146 — (10)136 — — — 
Assets of consolidated VIEs
Trading securities465 — (821)— (356)170 (23)147 
Mortgage loans66 — (446)(256)(636)— (1)(1)
Investment funds— — (498)— (498)— — — 
Other investments580 — (16)— 564 — (5)(5)
Total Level 3 assets – Retirement Services
$45,327 $146 $(2,364)$(14,530)$28,579 $933 $(7,471)$(6,538)
Liabilities – Asset Management
Contingent consideration obligations$— $— $— $(19)$(19)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(19)$(19)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(2,615)$— $702 $(1,913)$— $— $— 
Other liabilities— — — 86 86 — — — 
Total Level 3 liabilities – Retirement Services
$— $(2,615)$— $788 $(1,827)$— $— $— 
Nine months ended September 30, 2024
(In millions)PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and SettlementsTransfers InTransfers OutNet Transfers In (Out)
Assets – Asset Management
Investments and derivative assets$27 $— $(61)$— $(34)$— $(68)$(68)
Investments of consolidated VIEs3,122 — (3,107)— 15 452 (70)382 
Total Level 3 assets – Asset Management
$3,149 $— $(3,168)$— $(19)$452 $(138)$314 
Assets – Retirement Services
AFS securities
Foreign governments$— $— $— $(6)$(6)$— $— $— 
Corporate2,623 — (18)(218)2,387 166 (993)(827)
ABS9,635 — (423)(841)8,371 748 (747)1 
RMBS81 — — (9)72 — (2)(2)
Trading securities— — — (6)(6)14 — 14 
Equity securities2 — (1)— 1 9 (9)— 
Mortgage loans19,226 — (26)(5,553)13,647 — — — 
Derivative assets— — — — — 1 — 1 
Short-term investments171 — (6)(23)142 — (79)(79)
Other investments280 — — — 280 — — — 
Investments in related parties
AFS securities
Corporate6 — (1)(7)(2)— (154)(154)
CLO42 — — — 42 — — — 
ABS5,780 — (504)(3,361)1,915 — — — 
Trading securities4 — — (222)(218)— — — 
Mortgage loans87 — — (64)23 — — — 
Reinsurance recoverable— 294 — (2)292 — — — 
Assets of consolidated VIEs
Trading securities201 — (91)(7)103 40 (88)(48)
Mortgage loans125 — — (74)51 — — — 
Investment funds339 — — — 339 — (432)(432)
Other investments56 — (3)— 53 — — — 
Total Level 3 assets – Retirement Services
$38,658 $294 $(1,073)$(10,393)$27,486 $978 $(2,504)$(1,526)
Liabilities – Asset Management
Contingent consideration obligations$— $— $— $(105)$(105)$— $— $— 
Total Level 3 liabilities – Asset Management
$— $— $— $(105)$(105)$— $— $— 
Liabilities – Retirement Services
Interest sensitive contract liabilities – embedded derivative$— $(2,408)$— $741 $(1,667)$— $— $— 
Other liabilities— — — 52 52 64 — 64 
Total Level 3 liabilities – Retirement Services
$— $(2,408)$— $793 $(1,615)$64 $— $64 
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)September 30, 2025December 31, 2024
Commercial mortgage loans$37,138 $32,544 
Commercial mortgage loans under development2,031 1,987 
Total commercial mortgage loans39,169 34,531 
Mark to fair value(1,730)(2,099)
Commercial mortgage loans37,439 32,432 
Residential mortgage loans47,318 35,223 
Mark to fair value589 (540)
Residential mortgage loans47,907 34,683 
Mortgage loans$85,346 $67,115 
The following represents the gains (losses) recorded for instruments for which Athene has elected the fair value option, including related parties and VIEs:

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Trading securities$43 $131 $379 $31 
Mortgage loans197 1,186 2,130 868 
Investment funds9 38 164 13 
Future policy benefits(5)(46)— 12 
Other14 5 (3)9 
Total gains (losses)$258 $1,314 $2,670 $933 
The following summarizes information for fair value option mortgage loans, including related parties and VIEs:

(In millions)September 30, 2025December 31, 2024
Unpaid principal balance$86,487 $69,754 
Mark to fair value(1,141)(2,639)
Fair value$85,346 $67,115 

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

(In millions)September 30, 2025December 31, 2024
Unpaid principal balance of commercial mortgage loans 90 days or more past due and/or in non-accrual status$642 $195 
Mark to fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status(276)(102)
Fair value of commercial mortgage loans 90 days or more past due and/or in non-accrual status$366 $93 
Fair value of commercial mortgage loans 90 days or more past due$282 $31 
Fair value of commercial mortgage loans in non-accrual status366 93 
The following represents the residential mortgage loan portfolio 90 days or more past due and/or in non-accrual status:

(In millions)September 30, 2025December 31, 2024
Unpaid principal balance of residential mortgage loans 90 days or more past due and/or in non-accrual status$887 $898 
Mark to fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status(87)(51)
Fair value of residential mortgage loans 90 days or more past due and/or in non-accrual status$800 $847 
Fair value of residential mortgage loans 90 days or more past due1
$800 $847 
Fair value of residential mortgage loans in non-accrual status753 765 
1 As of September 30, 2025 and December 31, 2024, includes $47 million and $82 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 Athene’s mortgage loan portfolio:

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Mortgage loans$(21)$(19)$(44)$(49)
Schedule of Financial Instruments not Measured at Fair Value
The following represents Athene’s financial instruments not carried at fair value on the condensed consolidated statements of financial condition:
September 30, 2025
(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3
Financial assets
Investment funds$111 $111 $111 $— $— $— 
Policy loans304 304 — — 304 — 
Funds withheld at interest18,861 18,861 — — — 18,861 
Short-term investments165 165 — — — 165 
Other investments140 53 — — — 53 
Investments in related parties
Investment funds829 829 829 — — — 
Funds withheld at interest4,833 4,833 — — — 4,833 
Short-term investments18 18 — — 18 — 
Total financial assets not carried at fair value$25,261 $25,174 $940 $— $322 $23,912 
Financial liabilities
Interest sensitive contract liabilities$251,613 $248,815 $— $— $— $248,815 
Debt7,856 7,669 — 591 7,078 — 
Securities to repurchase2,822 2,822 — — 2,822 — 
Funds withheld liability5,340 5,340 — — — 5,340 
Total financial liabilities not carried at fair value$267,631 $264,646 $— $591 $9,900 $254,155 

December 31, 2024
(In millions)Carrying ValueFair ValueNAVLevel 1Level 2Level 3
Financial assets
Investment funds$107 $107 $107 $— $— $— 
Policy loans318 318 — — 318 — 
Funds withheld at interest21,901 21,901 — — — 21,901 
Short-term investments192 192 — — — 192 
Other investments93 101 — — — 101 
Investments in related parties
Investment funds714 714 714 — — — 
Funds withheld at interest5,665 5,665 — — — 5,665 
Short-term investments743 743 — — 743 — 
Total financial assets not carried at fair value$29,733 $29,741 $821 $— $1,061 $27,859 
Financial liabilities
Interest sensitive contract liabilities$200,278 $192,025 $— $— $— $192,025 
Debt6,309 5,844 — 581 5,263 — 
Securities to repurchase5,716 5,716 — — 5,716 — 
Funds withheld liability4,331 4,331 — — — 4,331 
Total financial liabilities not carried at fair value$216,634 $207,916 $— $581 $10,979 $196,356