Long-duration Contracts (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Rollforward of Policyholder Account Balance

The following represents a rollforward of the policyholder account balance by product within interest sensitive contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.


	Nine months ended September 30, 2025
(In millions, except percentages)	Traditional Deferred Annuities			Indexed Annuities			Funding Agreements			Other Investment-type			Total
Balance at December 31, 2024	$	86,661		$	97,861		$	54,768		$	8,030		$	247,320
Deposits	23,596			13,957			31,400			964			69,917
Policy charges	(1)			(583)			—			—			(584)
Surrenders and withdrawals	(6,537)			(8,507)			—			(127)			(15,171)
Benefit payments	(1,044)			(1,170)			(6,026)			(211)			(8,451)
Interest credited	3,272			2,091			2,340			169			7,872
Foreign exchange	226			6			892			301			1,425
Other	—			—			233			(57)			176
Balance at September 30, 2025	$	106,173		$	103,655		$	83,607		$	9,069		$	302,504

Weighted average crediting rate	4.7		%	2.7		%	4.7		%	2.8		%
Net amount at risk	$	423		$	17,195		$	—		$	31
Cash surrender value	100,279			96,273			—			7,089


	Nine months ended September 30, 2024
(In millions, except percentages)	Traditional Deferred Annuities			Indexed Annuities			Funding Agreements			Other Investment-type			Total
Balance at December 31, 2023	$	64,763		$	93,147		$	32,350		$	7,629		$	197,889
Deposits	19,786			12,761			24,083			933			57,563
Policy charges	(2)			(522)			—			—			(524)
Surrenders and withdrawals	(3,691)			(9,724)			—			(63)			(13,478)
Benefit payments	(830)			(1,204)			(7,746)			(173)			(9,953)
Interest credited	2,323			2,313			1,173			152			5,961
Foreign exchange	(1)			1			116			(56)			60
Other	—			—			421			(74)			347
Balance at September 30, 2024	$	82,348		$	96,772		$	50,397		$	8,348		$	237,865


Weighted average crediting rate	4.3		%	2.6		%	4.5		%	2.6		%
Net amount at risk	$	427		$	15,221		$	—		$	65
Cash surrender value	78,049			89,378			—			7,112

Schedule of Reconciliation of Interest Sensitive Contract Liabilities

The following is a reconciliation of interest sensitive contract liabilities to the condensed consolidated statements of financial condition:


	September 30,
(In millions)	2025		2024
Traditional deferred annuities	$	106,173	$	82,348
Indexed annuities	103,655		96,772

Funding agreements	83,607		50,397
Other investment-type	9,069		8,348

Reconciling items1	7,233		7,571
Interest sensitive contract liabilities	$	309,737	$	245,436

1 Reconciling items primarily include embedded derivatives in indexed annuities, unaccreted host contract adjustments on indexed annuities, negative VOBA, sales inducement liabilities, and wholly ceded universal life insurance contracts.

Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate

The following represents policyholder account balances by range of guaranteed minimum crediting rates (“GMCR”), as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums. Athene’s funding agreements and other investment-type products provide Athene little to no discretionary ability to change the rates of interest payable to the respective policyholder or institution and, as a result, those policyholder account balances are excluded from the following tables.


	September 30, 2025
(In millions)	At Guaranteed Minimum		1 Basis Point – 100 Basis Points Above Guaranteed Minimum		Greater than 100 Basis Points Above Guaranteed Minimum		Total
Traditional deferred annuities
< 2.0%	$	5,154	$	1,936	$	84,880	$	91,970
2.0% – < 4.0%	5,769		588		3,291		9,648
4.0% – < 6.0%	4,551		1		—		4,552
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	15,477	$	2,525	$	88,171	$	106,173



Indexed annuities
< 2.0%	$	1,519	$	1,104	$	3,522	$	6,145
2.0% – < 4.0%	3,883		93		—		3,976


Total indexed annuities with GMCR	5,402		1,197		3,522		10,121
Other1							93,534
Total indexed annuities							$	103,655


























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.


	September 30, 2024
(In millions)	At Guaranteed Minimum		1 Basis Point – 100 Basis Points Above Guaranteed Minimum		Greater than 100 Basis Points Above Guaranteed Minimum		Total
Traditional deferred annuities
< 2.0%	$	4,607	$	2,712	$	62,734	$	70,053
2.0% – < 4.0%	6,873		424		1,690		8,987
4.0% – < 6.0%	3,296		8		1		3,305
6.0% and greater	3		—		—		3
Total traditional deferred annuities	$	14,779	$	3,144	$	64,425	$	82,348



Indexed annuities
< 2.0%	$	1,899	$	1,355	$	3,078	$	6,332
2.0% – < 4.0%	4,658		35		68		4,761


Total indexed annuities with GMCR	6,557		1,390		3,146		11,093
Other1							85,679
Total indexed annuities							$	96,772




























1 Includes account value allocated to an indexed strategy or other amounts without a GMCR.
Note: The amounts presented in this table have been revised to conform with the current year presentation to provide certain product-level detail and account value allocated to an indexed strategy or other amounts without a GMCR.

Schedule of Rollforward by Product and Reconciliation of Future Policy Benefit and Premiums and Interest Expense

The following is a rollforward by product within future policy benefits:


	Nine months ended September 30, 2025
(In millions, except percentages and years)	Payout Annuities with Life Contingencies			Whole Life			Total
Present value of expected net premiums
Beginning balance	$	—		$	880		$	880
Effect of changes in discount rate assumptions	—			(30)			(30)
Effect of foreign exchange on the change in discount rate assumptions	—			2			2
Beginning balance at original discount rate	—			852			852
Effect of changes in cash flow assumptions	—			54			54
Effect of actual to expected experience	—			(14)			(14)
Adjusted balance	—			892			892
Issuances	—			15			15
Interest accrual	—			15			15
Net premium collected	—			(139)			(139)
Foreign exchange	—			54			54
Other	—			10			10
Ending balance at original discount rate	—			847			847
Effect of changes in discount rate assumptions	—			13			13
Effect of foreign exchange on the change in discount rate assumptions	—			(1)			(1)
Ending balance, present value of expected net premiums	$	—		$	859		$	859
Present value of expected future policy benefits
Beginning balance	$	42,261		$	2,711		$	44,972
Effect of changes in discount rate assumptions	7,378			206			7,584
Effect of foreign exchange on the change in discount rate assumptions	(5)			(1)			(6)
Beginning balance at original discount rate	49,634			2,916			52,550
Effect of changes in cash flow assumptions	(53)			184			131
Effect of actual to expected experience	(48)			(51)			(99)
Adjusted balance	49,533			3,049			52,582
Issuances	205			15			220
Interest accrual	1,311			55			1,366
Benefit payments	(3,329)			(77)			(3,406)
Foreign exchange	58			186			244
Other	—			11			11
Ending balance at original discount rate	47,778			3,239			51,017
Effect of changes in discount rate assumptions	(5,849)			(944)			(6,793)
Effect of foreign exchange on the change in discount rate assumptions	(20)			(7)			(27)
Ending balance, present value of expected future policy benefits	41,909			2,288			44,197
Less: Present value of expected net premiums	—			859			859
Net future policy benefits	$	41,909		$	1,429		$	43,338

Weighted-average liability duration (in years)	9.3			23.0
Weighted-average interest accretion rate	3.7		%	5.0		%
Weighted-average current discount rate	5.2		%	6.6		%
Expected future gross premiums, undiscounted	$	—		$	1,102
Expected future gross premiums, discounted1	—			920
Expected future benefit payments, undiscounted	69,682			8,136

1 Discounted at the original discount rate.


	Nine months ended September 30, 2024
(In millions, except percentages and years)	Payout Annuities with Life Contingencies			Whole Life			Total
Present value of expected net premiums
Beginning balance	$	—		$	1,182		$	1,182
Effect of changes in discount rate assumptions	—			(45)			(45)
Effect of foreign exchange on the change in discount rate assumptions	—			(2)			(2)
Beginning balance at original discount rate	—			1,135			1,135

Effect of actual to expected experience	—			(4)			(4)
Adjusted balance	—			1,131			1,131

Interest accrual	—			17			17
Net premium collected	—			(144)			(144)
Foreign exchange	—			(28)			(28)
Ending balance at original discount rate	—			976			976
Effect of changes in discount rate assumptions	—			41			41
Effect of foreign exchange on the change in discount rate assumptions	—			1			1
Ending balance, present value of expected net premiums	$	—		$	1,018		$	1,018
Present value of expected future policy benefits
Beginning balance	$	45,001		$	3,371		$	48,372
Effect of changes in discount rate assumptions	6,233			(89)			6,144
Effect of foreign exchange on the change in discount rate assumptions	1			(6)			(5)
Beginning balance at original discount rate	51,235			3,276			54,511
Effect of changes in cash flow assumptions	(104)			—			(104)
Effect of actual to expected experience	(89)			(4)			(93)
Adjusted balance	51,042			3,272			54,314
Issuances	1,010			—			1,010
Interest accrual	1,353			52			1,405
Benefit payments	(3,355)			(66)			(3,421)
Foreign exchange	33			(64)			(31)

Ending balance at original discount rate	50,083			3,194			53,277
Effect of changes in discount rate assumptions	(5,362)			46			(5,316)
Effect of foreign exchange on the change in discount rate assumptions	(16)			(3)			(19)
Ending balance, present value of expected future policy benefits	44,705			3,237			47,942
Less: Present value of expected net premiums	—			1,018			1,018
Net future policy benefits	$	44,705		$	2,219		$	46,924



Weighted-average liability duration (in years)	9.4			31.3
Weighted-average interest accretion rate	3.7		%	4.8		%
Weighted-average current discount rate	5.0		%	4.0		%
Expected future gross premiums, undiscounted	$	—		$	1,255
Expected future gross premiums, discounted1	—			1,064
Expected future benefit payments, undiscounted	73,523			10,235


1 Discounted at the original discount rate.

The following is a reconciliation of future policy benefits to the condensed consolidated statements of financial condition:


	September 30,
(In millions)	2025		2024
Payout annuities with life contingencies	$	41,909	$	44,705
Whole life	1,429		2,219
Reconciling items1	5,668		6,038
Future policy benefits	$	49,006	$	52,962

1 Reconciling items primarily include the deferred profit liability and negative VOBA associated with the liability for future policy benefits. Additionally, it includes term life reserves, fully ceded whole life reserves, and reserves for immaterial lines of business including accident and health and disability, as well as other insurance benefit reserves for no-lapse guarantees with universal life contracts, all of which are fully ceded.

The following is a reconciliation of premiums and interest expense relating to future policy benefits to the condensed consolidated statements of operations:


	Premiums
	Nine months ended September 30,
(In millions)	2025		2024
Payout annuities with life contingencies	$	190	$	985
Whole life	145		154
Reconciling items1	16		24
Total premiums	$	351	$	1,163

	Interest expense
	Nine months ended September 30,
(In millions)	2025		2024
Payout annuities with life contingencies	$	1,312	$	1,353
Whole life	40		35
Reconciling items1	—		—
Total interest expense	$	1,352	$	1,388

1 Reconciling items primarily relate to immaterial lines of business including term life, fully ceded whole life, and accident and health and disability.

The following is a summary of remeasurement gains (losses) included within future policy and other policy benefits on the condensed consolidated statements of operations:


	Nine months ended September 30,
(In millions)	2025		2024
Reserves	$	8	$	193
Deferred profit liability	(38)		(37)
Negative VOBA	38		(52)
Total remeasurement gains (losses)	$	8	$	104

Schedule of Rollforward of Net Market Risk Benefit Liabilities by Product

The following is a rollforward of net market risk benefit liabilities by product:


	Nine months ended September 30, 2025
(In millions, except years)	Traditional Deferred Annuities		Indexed Annuities		Total
Balance at December 31, 2024	$	190	$	3,525	$	3,715
Effect of changes in instrument-specific credit risk	(3)		(154)		(157)
Balance, beginning of period, before changes in instrument-specific credit risk	187		3,371		3,558
Issuances	—		346		346
Interest accrual	7		136		143
Attributed fees collected	1		288		289
Benefit payments	(3)		(48)		(51)
Effect of changes in interest rates	7		109		116
Effect of changes in equity	—		(106)		(106)
Effect of actual policyholder behavior compared to expected behavior	2		81		83
Effect of changes in future expected policyholder behavior	(5)		(38)		(43)
Effect of changes in other future expected assumptions	3		(15)		(12)
Balance, end of period, before changes in instrument-specific credit risk	199		4,124		4,323
Effect of changes in instrument-specific credit risk	5		284		289
Balance at September 30, 2025	204		4,408		4,612
Less: Reinsurance recoverable	—		69		69
Balance at September 30, 2025, net of reinsurance	$	204	$	4,339	$	4,543


Net amount at risk	$	423	$	17,195
Weighted-average attained age of contract holders (in years)	76		69


	Nine months ended September 30, 2024
(In millions, except years)	Traditional Deferred Annuities		Indexed Annuities		Total
Balance at December 31, 2023	$	192	$	3,181	$	3,373
Effect of changes in instrument-specific credit risk	2		(10)		(8)
Balance, beginning of period, before changes in instrument-specific credit risk	194		3,171		3,365
Issuances	—		270		270
Interest accrual	8		143		151
Attributed fees collected	1		265		266
Benefit payments	(3)		(39)		(42)
Effect of changes in interest rates	(2)		(34)		(36)
Effect of changes in equity	—		(115)		(115)
Effect of actual policyholder behavior compared to expected behavior	5		64		69
Effect of changes in future expected policyholder behavior	(3)		88		85
Effect of changes in other future expected assumptions	—		(19)		(19)
Balance, end of period, before changes in instrument-specific credit risk	200		3,794		3,994
Effect of changes in instrument-specific credit risk	1		94		95
Balance at September 30, 2024	201		3,888		4,089
Less: Reinsurance recoverable	—		40		40
Balance at September 30, 2024, net of reinsurance	$	201	$	3,848	$	4,049


Net amount at risk	$	427	$	15,221
Weighted-average attained age of contract holders (in years)	76		69

Schedule of Reconciliation of Market Risk Benefits

The following is a reconciliation of market risk benefits to the condensed consolidated statements of financial condition. Market risk benefit assets are included in other assets on the condensed consolidated statements of financial condition.


	September 30, 2025
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	204	$	204
Indexed annuities	223		4,631		4,408





Total	$	223	$	4,835	$	4,612

	September 30, 2024
(In millions)	Asset		Liability		Net Liability
Traditional deferred annuities	$	—	$	201	$	201
Indexed annuities	313		4,201		3,888





Total	$	313	$	4,402	$	4,089

Schedule of Unobservable Inputs for Market Risk Benefits

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 Technique

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

869

Discounted cash flow

Discount rate

3.6% – 52.8%

17.2%

152

Direct capitalization

Capitalization rate

7.0%

178

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.0%

Derivative assets

Option model

Volatility rate

37.5%

Investments of consolidated VIEs

Bank loans

Discounted cash flow

Discount rate

4.9% – 15.6%

6.4%

657

Adjusted transaction value

N/A

Equity securities

375

Discounted cash flow

Discount rate

13.7% – 17.0%

13.7%

934

Adjusted transaction value

N/A

Option model

Volatility rate

80.0% – 85.0%

82.9%

Bonds

842

Discounted cash flow

Discount rate

5.2% – 7.5%

5.4%

865

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

31,304

Discounted cash flow

Discount rate

2.4% – 22.6%

6.5%

Mortgage loans2

85,164

Discounted cash flow

Discount rate

1.2% – 31.4%

6.2%

182

Recoverability

Estimated proceeds

N/A

Investment funds2

1,303

Discounted cash flow

Discount rate

13.0% – 14.0%

13.1%

286

Recoverability

Estimated proceeds

N/A

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

21.0% – 25.0%

23.8%

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

14,299

Discounted cash flow

Nonperformance risk

0.4% – 1.0%

0.6%

Option budget

0.5% – 6.0%

3.1%

Surrender rate

5.9% – 14.1%

9.6%

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 Techniques

Unobservable Inputs

Ranges

Weighted Average

Financial Assets

Asset Management

Investments

765

Discounted cash flow

Discount rate

13.5% – 52.8%

17.8%

128

Direct capitalization

Capitalization rate

6.7%

159

Adjusted transaction value

N/A

Due from related parties

Discounted cash flow

Discount rate

14.0%

Derivative assets

Option model

Volatility rate

52.5%

Investments of consolidated VIEs

Bank loans

168

Discounted cash flow

Discount rate

5.6% – 23.4%

9.0%

179

Adjusted transaction value

N/A

Equity securities

495

Dividend discount model

Discount rate

14.1%

417

Discounted cash flow

Discount rate

8.3% – 13.3%

13.3%

Adjusted transaction value

N/A

Option model

Volatility rate

84.8% – 117.5%

110.7%

Bonds

412

Discounted cash flow

Discount rate

6.6% – 11.7%

7.0%

491

Adjusted transaction value

N/A

Retirement Services

AFS, trading and equity securities

28,655

Discounted cash flow

Discount rate

4.7% – 20.0%

7.1%

Mortgage loans2

67,115

Discounted cash flow

Discount rate

1.8% – 43.1%

6.7%

Investment funds2

1,909

Discounted cash flow

Discount rate

6.6% – 14.0%

10.8%

Financial Liabilities

Asset Management

Contingent consideration obligations

Discounted cash flow

Discount rate

20.0% – 25.0%

23.6%

Retirement Services

Interest sensitive contract liabilities – fixed indexed annuities embedded derivatives

11,242

Discounted cash flow

Nonperformance risk

0.4% – 1.1%

0.7%

Option budget

0.5% – 6.0%

2.8%

Surrender rate

6.0% – 14.2%

9.0%

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 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	$	1,149	$	10	$	—	$	51	$	—	$	1,210	$	20	$	—
Investments of Consolidated VIEs	1,887		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	$	—	$	—
Corporate	7,392		(29)		7		321		(1,208)		6,483		(5)		29

ABS	14,144		(8)		52		3,346		(547)		16,987		2		37

RMBS	498		4		1		(14)		—		489		—		1
Trading securities	18		(5)		—		(1)		—		12		(5)		—
Equity securities	8		(1)		—		—		—		7		—		—
Mortgage loans	77,289		166		—		4,436		—		81,891		173		—

Funds withheld at interest – embedded derivative	(2,743)		270		—		—		—		(2,473)		—		—
Derivative assets	1		1		—		—		—		2		—		—
Short-term investments	12		—		—		6		—		18		—		—
Other investments	741		—		—		128		—		869		(1)		—
Investments in related parties
AFS securities
Corporate	1,099		—		(1)		100		3		1,201		—		(1)
CLO	1,070		—		1		(373)		—		698		—		1
ABS	10,810		—		51		2,983		(8)		13,836		—		48
Trading securities	399		(5)		—		16		1		411		—		—
Equity securities	266		(1)		—		—		—		265		(1)		—
Mortgage loans	1,275		30		—		70		—		1,375		30		—
Investment funds	1,297		9		—		—		—		1,306		9		—

Funds withheld at interest – embedded derivative	(478)		73		—		—		—		(405)		—		—
Other investments	339		6		—		—		—		345		6		—
Reinsurance recoverable	1,780		69		—		52		—		1,901		—		—
Assets of consolidated VIEs
Trading securities	2,338		(4)		—		(456)		80		1,958		(67)		—

Mortgage loans	2,544		1		—		(464)		(1)		2,080		—		—
Investment funds	270		(6)		—		(1)		—		263		(8)		—
Other investments	366		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 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
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 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	$	1,170	$	42	$	—	$	(39)	$	(68)	$	1,105	$	7	$	—
Investments of consolidated VIEs	1,507		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	$	—	$	—
Corporate	8,114		6		80		775		(4,800)		4,175		2		98

ABS	8,420		1		313		2,202		4,679		15,615		—		301
CMBS	20		2		(5)		—		—		17		—		(3)
RMBS	261		2		2		78		—		343		—		2
Trading securities	37		1		—		(1)		—		37		1		—
Equity securities	36		(1)		—		—		(9)		26		—		—
Mortgage loans	52,645		1,096		—		4,846		—		58,587		1,236		—

Funds withheld at interest – embedded derivative	(3,283)		702		—		—		—		(2,581)		—		—
Derivative assets	1		—		—		—		—		1		—		—
Short-term investments	80		—		—		166		(78)		168		—		—
Other investments	904		—		—		—		—		904		(1)		—
															(Continued)


	Three months ended September 30, 2024
			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
Investments in related parties
AFS securities
Corporate	1,194		(3)		12		(3)		(154)		1,046		—		(4)
CLO	521		—		2		42		—		565		—		2
ABS	10,580		28		75		(874)		—		9,809		7		73
Trading securities	719		—		—		(100)		—		619		(1)		—
Equity securities	247		10		—		—		—		257		10		—
Mortgage loans	1,320		39		—		(14)		—		1,345		(43)		—
Investment funds	1,066		40		—		—		—		1,106		40		—

Funds withheld at interest – embedded derivative	(717)		187		—		—		—		(530)		—		—
Other investments	335		13		—		—		—		348		13		—
Reinsurance recoverable	1,518		99		—		93		—		1,710		—		—
Assets of consolidated VIEs
Trading securities	1,876		82		—		34		(54)		1,938		82		—
Mortgage loans	2,120		51		—		55		—		2,226		51		—
Investment funds	913		(1)		—		338		(432)		818		(1)		—
Other investments	113		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 Value		Valuation Technique	Unobservable Inputs	Minimum		Maximum		Weighted Average			Impact of an Increase in the Input on Fair Value
Market risk benefits, net	$	4,612	Discounted cash flow	Nonperformance risk	0.4	%	1.0	%	0.9	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.6	%	2	Decrease
				Surrender rate	3.7	%	7.9	%	5.2	%	2	Decrease
				Utilization rate	28.6	%	95.0	%	86.1	%	3	Increase

	September 30, 2024
(In millions, except 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	$	4,089	Discounted cash flow	Nonperformance risk	0.5	%	1.2	%	1.1	%	1	Decrease
				Option budget	0.5	%	6.0	%	2.2	%	2	Decrease
				Surrender rate	3.3	%	7.0	%	4.5	%	2	Decrease
				Utilization rate	28.6	%	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.