v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Company debt consisted of the following:

September 30, 2025December 31, 2024
(In millions, except percentages)Maturity DateOutstanding BalanceFair ValueOutstanding BalanceFair Value
Asset Management
4.40% 2026 Senior Notes1,2
May 27, 2026$500 $500 
3
$499 $496 
3
4.87% 2029 Senior Notes1,2
February 15, 2029675 684 
3
675 670 
3
2.65% 2030 Senior Notes1,2
June 5, 2030497 463 
3
497 439 
3
6.38% 2033 Senior Notes1,2
November 15, 2033493 552 
3
492 542 
3
5.15% 2035 Senior Notes1,2
August 12, 2035494 503 
3
— — 
3
5.00% 2048 Senior Notes1,2
March 15, 2048297 275 
3
297 271 
3
5.80% 2054 Senior Notes1,2
May 21, 2054741 761 
3
741 753 
3
7.63% 2053 Subordinated Notes1,2
September 15, 2053585 630 
4
584 642 
4
6.00% 2054 Subordinated Notes1,2
December 15, 2054
493 499 
3
494 494 
3
4,775 4,867 4,279 4,307 
Retirement Services
4.13% 2028 AHL Senior Notes1
January 12, 20281,038 998 
3
1,050 976 
3
6.15% 2030 AHL Senior Notes1
April 3, 2030568 533 
3
579 519 
3
3.50% 2031 AHL Senior Notes1
January 15, 2031518 475 
3
520 452 
3
6.65% 2033 AHL Senior Notes1
February 1, 2033396 435 
3
395 425 
3
5.88% 2034 AHL Senior Notes1
January 15, 2034585 628 
3
584 608 
3
3.95% 2051 AHL Senior Notes1
May 25, 2051544 364 
3
544 360 
3
3.45% 2052 AHL Senior Notes1
May 15, 2052504 330 
3
504 322 
3
6.25% 2054 AHL Senior Notes1
April 1, 2054982 1,021 
3
983 1,003 
3
6.63% 2055 AHL Senior Notes1
May 19, 2055979 1,071 
3
— — 
6.63% 2054 AHL Subordinated Notes1
October 15, 2054592 608 
3
592 598 
3
6.88% 2055 AHL Subordinated Notes1
June 28, 2055592 615 
3
— — 
7.25% 2064 AHL Subordinated Notes1
March 30, 2064558 591 
4
558 581 
4
7,856 7,669 6,309 5,844 
Total Debt$12,631 $12,536 $10,588 $10,151 
1 Interest rate is calculated as weighted average annualized.
2 Includes note discounts, as applicable, totaling $47 million and $44 million as of September 30, 2025 and December 31, 2024, respectively. Outstanding balance is presented net of unamortized debt issuance costs.
3 Fair value is based on broker quotes. These notes are valued using Level 2 inputs based on the number and quality of broker quotes obtained, the standard deviations of the observed broker quotes and the percentage deviation from external pricing services.
4 Fair value is based on quoted market prices. These notes are classified as a Level 1 liability within the fair value hierarchy.
Schedule of Credit and Liquidity Facilities
The following table represents the Company’s credit and liquidity facilities as of September 30, 2025:

Instrument/FacilityBorrowing DateMaturity DateAdministrative AgentKey terms
Asset Management –
AGM credit facility
N/ANovember 21, 2029Citibank
The borrowing capacity under the AGM credit facility is $1.25 billion, subject to being increased up to $1.5 billion in total.
Asset Management –
Bridge credit facility
N/AJune 3, 2026
CIBC
The borrowing capacity under the Bridge credit facility is $150 million, subject to being increased up to $225 million in total.
Retirement Services –
AHL credit facility
N/AJune 30, 2028Citibank
The borrowing capacity under the AHL credit facility is $1.25 billion, subject to being increased up to $1.75 billion in total.
Retirement Services –
AHL liquidity facility
N/AJune 26, 2026Wells Fargo Bank
The borrowing capacity under the AHL liquidity facility is $2.6 billion, subject to being increased up to $3.1 billion in total.
Schedule of Interest Expense
The following table presents the interest expense incurred related to the Company’s debt:

Three months ended September 30,Nine months ended September 30,
(In millions)2025202420252024
Asset Management$64 $55 $184 $159 
Retirement Services1
102 65 260 174 
Total Interest Expense$166 $120 $444 $333 
Note: Debt issuance costs incurred are amortized into interest expense over the term of the debt arrangement, as applicable.
1 Interest expense for Retirement Services is included in policy and other operating expenses on the condensed consolidated statements of operations.