Fair Value - Schedule of Financial Assets and Liabilities Recorded at Fair Value Hierarchy Level (Details) - USD ($)
$ in Millions |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
| Assets |
|
|
|
| AFS securities |
$ 218,644
|
$ 184,167
|
|
| Debt |
13,088
|
10,151
|
|
| Total Assets – Asset Management |
386,597
|
306,225
|
|
| Liabilities |
|
|
|
| Derivative liabilities |
20,641
|
14,802
|
|
| Market risk benefits |
4,930
|
4,028
|
$ 3,751
|
| Total Liabilities – Asset Management |
28,135
|
21,500
|
|
| Performance allocations |
3,554
|
3,274
|
2,941
|
| Asset Management |
|
|
|
| Assets |
|
|
|
| Restricted cash and cash equivalents |
19
|
3
|
|
| Investments, at fair value |
1,696
|
1,384
|
|
| Due from related parties |
15
|
27
|
|
| Derivative assets |
7
|
69
|
|
| Other assets |
214
|
|
|
| Debt |
5,590
|
4,307
|
|
| Total Assets – Asset Management |
8,492
|
7,127
|
|
| Liabilities |
|
|
|
| Contingent consideration obligations |
72
|
67
|
|
| Derivative liabilities |
7
|
|
|
| Total Liabilities – Asset Management |
79
|
67
|
|
| Retirement Services |
|
|
|
| Assets |
|
|
|
| Restricted cash and cash equivalents |
1,332
|
943
|
|
| Derivative assets |
9,190
|
8,154
|
|
| AFS securities |
192,597
|
165,364
|
|
| Trading securities |
6,409
|
1,583
|
|
| Equity securities |
822
|
1,290
|
|
| Mortgage loans |
91,918
|
63,239
|
|
| Funds withheld at interest – embedded derivative |
(2,409)
|
(3,035)
|
|
| Short-term investments |
33
|
255
|
|
| Other investments |
1,818
|
1,606
|
|
| Cash and cash equivalents |
14,994
|
12,733
|
|
| Reinsurance recoverable |
1,911
|
1,661
|
|
| Other assets |
|
313
|
|
| Debt |
7,498
|
5,844
|
|
| Total Assets – Asset Management |
378,105
|
299,098
|
|
| Liabilities |
|
|
|
| Derivative liabilities |
5,742
|
3,556
|
|
| Embedded derivative |
14,749
|
11,242
|
|
| Universal life benefits |
766
|
742
|
|
| Market risk benefits |
4,930
|
4,028
|
|
| Other liabilities |
254
|
225
|
|
| Total Liabilities – Asset Management |
28,056
|
21,433
|
|
| Retirement Services | U.S. government and agencies |
|
|
|
| Assets |
|
|
|
| AFS securities |
16,898
|
7,151
|
|
| Retirement Services | U.S. state, municipal and political subdivisions |
|
|
|
| Assets |
|
|
|
| AFS securities |
759
|
921
|
|
| Retirement Services | Foreign governments |
|
|
|
| Assets |
|
|
|
| AFS securities |
1,659
|
1,568
|
|
| Retirement Services | Corporate |
|
|
|
| Assets |
|
|
|
| AFS securities |
89,431
|
83,585
|
|
| Retirement Services | CLO |
|
|
|
| Assets |
|
|
|
| AFS securities |
26,272
|
29,182
|
|
| Retirement Services | ABS |
|
|
|
| Assets |
|
|
|
| AFS securities |
35,462
|
24,201
|
|
| Retirement Services | CMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
13,084
|
10,741
|
|
| Retirement Services | RMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
9,032
|
8,015
|
|
| Retirement Services | AmerUs Life Insurance Company (“AmerUs”) Closed Block |
|
|
|
| Liabilities |
|
|
|
| Closed block liabilities |
1,085
|
1,102
|
|
| Retirement Services | Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits |
|
|
|
| Liabilities |
|
|
|
| Closed block liabilities |
530
|
538
|
|
| Related Party |
|
|
|
| Assets |
|
|
|
| AFS securities |
26,047
|
18,803
|
|
| Liabilities |
|
|
|
| Performance allocations |
212
|
213
|
|
| Related Party | Corporate |
|
|
|
| Assets |
|
|
|
| AFS securities |
2,317
|
2,137
|
|
| Related Party | CLO |
|
|
|
| Assets |
|
|
|
| AFS securities |
7,203
|
6,035
|
|
| Related Party | ABS |
|
|
|
| Assets |
|
|
|
| AFS securities |
16,366
|
10,631
|
|
| Related Party | CMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
161
|
|
|
| Related Party | Retirement Services |
|
|
|
| Assets |
|
|
|
| AFS securities |
26,047
|
18,803
|
|
| Trading securities |
454
|
573
|
|
| Equity securities |
266
|
234
|
|
| Mortgage loans |
1,486
|
|
|
| Investment funds |
1,318
|
1,139
|
|
| Mortgage loans |
|
1,297
|
|
| Funds withheld at interest – embedded derivative |
(356)
|
(615)
|
|
| Other investments |
344
|
331
|
|
| Related Party | Retirement Services | Corporate |
|
|
|
| Assets |
|
|
|
| AFS securities |
2,317
|
2,137
|
|
| Related Party | Retirement Services | CLO |
|
|
|
| Assets |
|
|
|
| AFS securities |
7,203
|
6,035
|
|
| Related Party | Retirement Services | ABS |
|
|
|
| Assets |
|
|
|
| AFS securities |
16,366
|
10,631
|
|
| Related Party | Retirement Services | CMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
161
|
|
|
| Consolidated Entity, Excluding Consolidated VIE | Asset Management |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
3,350
|
2,692
|
|
| Consolidated Entity, Excluding Consolidated VIE | Retirement Services |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
14,994
|
12,733
|
|
| VIE, Primary Beneficiary |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
896
|
741
|
$ 160
|
| Liabilities |
|
|
|
| Performance allocations |
314
|
12
|
|
| VIE, Primary Beneficiary | Asset Management |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
327
|
158
|
|
| Investments, at fair value |
3,078
|
2,794
|
|
| Liabilities |
|
|
|
| Performance allocations |
314
|
12
|
|
| VIE, Primary Beneficiary | Retirement Services |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
569
|
583
|
|
| Trading securities |
3,120
|
2,301
|
|
| Mortgage loans |
2,140
|
|
|
| Investment funds |
23,888
|
17,660
|
|
| Mortgage loans |
|
2,579
|
|
| Other investments |
|
107
|
|
| Cash and cash equivalents |
569
|
583
|
|
| Level 1 |
|
|
|
| Assets |
|
|
|
| Total Assets – Asset Management |
38,663
|
25,696
|
|
| Liabilities |
|
|
|
| Total Liabilities – Asset Management |
9
|
19
|
|
| Level 1 | Asset Management |
|
|
|
| Assets |
|
|
|
| Restricted cash and cash equivalents |
19
|
3
|
|
| Investments, at fair value |
232
|
238
|
|
| Due from related parties |
0
|
0
|
|
| Derivative assets |
0
|
0
|
|
| Other assets |
0
|
|
|
| Total Assets – Asset Management |
3,929
|
3,282
|
|
| Liabilities |
|
|
|
| Contingent consideration obligations |
0
|
0
|
|
| Derivative liabilities |
0
|
|
|
| Total Liabilities – Asset Management |
0
|
0
|
|
| Level 1 | Retirement Services |
|
|
|
| Assets |
|
|
|
| Restricted cash and cash equivalents |
1,332
|
943
|
|
| Derivative assets |
206
|
121
|
|
| AFS securities |
17,424
|
7,818
|
|
| Trading securities |
24
|
22
|
|
| Equity securities |
185
|
190
|
|
| Mortgage loans |
0
|
0
|
|
| Funds withheld at interest – embedded derivative |
0
|
0
|
|
| Short-term investments |
0
|
0
|
|
| Other investments |
0
|
0
|
|
| Cash and cash equivalents |
14,994
|
12,733
|
|
| Reinsurance recoverable |
0
|
0
|
|
| Other assets |
|
0
|
|
| Total Assets – Asset Management |
34,734
|
22,414
|
|
| Liabilities |
|
|
|
| Derivative liabilities |
9
|
19
|
|
| Embedded derivative |
0
|
0
|
|
| Universal life benefits |
0
|
0
|
|
| Market risk benefits |
0
|
0
|
|
| Other liabilities |
0
|
0
|
|
| Total Liabilities – Asset Management |
9
|
19
|
|
| Level 1 | Retirement Services | U.S. government and agencies |
|
|
|
| Assets |
|
|
|
| AFS securities |
16,898
|
7,149
|
|
| Level 1 | Retirement Services | U.S. state, municipal and political subdivisions |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 1 | Retirement Services | Foreign governments |
|
|
|
| Assets |
|
|
|
| AFS securities |
516
|
658
|
|
| Level 1 | Retirement Services | Corporate |
|
|
|
| Assets |
|
|
|
| AFS securities |
10
|
11
|
|
| Level 1 | Retirement Services | CLO |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 1 | Retirement Services | ABS |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 1 | Retirement Services | CMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 1 | Retirement Services | RMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 1 | Retirement Services | AmerUs Life Insurance Company (“AmerUs”) Closed Block |
|
|
|
| Liabilities |
|
|
|
| Closed block liabilities |
0
|
0
|
|
| Level 1 | Retirement Services | Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits |
|
|
|
| Liabilities |
|
|
|
| Closed block liabilities |
0
|
0
|
|
| Level 1 | Related Party | Retirement Services |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Trading securities |
0
|
0
|
|
| Equity securities |
0
|
0
|
|
| Mortgage loans |
0
|
|
|
| Investment funds |
0
|
0
|
|
| Mortgage loans |
|
0
|
|
| Funds withheld at interest – embedded derivative |
0
|
0
|
|
| Other investments |
0
|
0
|
|
| Level 1 | Related Party | Retirement Services | Corporate |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 1 | Related Party | Retirement Services | CLO |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 1 | Related Party | Retirement Services | ABS |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 1 | Related Party | Retirement Services | CMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
|
|
| Level 1 | Consolidated Entity, Excluding Consolidated VIE | Asset Management |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
3,350
|
2,692
|
|
| Level 1 | VIE, Primary Beneficiary | Asset Management |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
327
|
158
|
|
| Investments, at fair value |
1
|
191
|
|
| Level 1 | VIE, Primary Beneficiary | Retirement Services |
|
|
|
| Assets |
|
|
|
| Trading securities |
0
|
0
|
|
| Mortgage loans |
0
|
|
|
| Investment funds |
0
|
0
|
|
| Mortgage loans |
|
0
|
|
| Other investments |
|
4
|
|
| Cash and cash equivalents |
569
|
583
|
|
| Level 2 |
|
|
|
| Assets |
|
|
|
| Total Assets – Asset Management |
171,899
|
155,630
|
|
| Liabilities |
|
|
|
| Total Liabilities – Asset Management |
5,740
|
3,536
|
|
| Level 2 | Asset Management |
|
|
|
| Assets |
|
|
|
| Restricted cash and cash equivalents |
0
|
0
|
|
| Investments, at fair value |
82
|
22
|
|
| Due from related parties |
0
|
0
|
|
| Derivative assets |
0
|
40
|
|
| Other assets |
0
|
|
|
| Total Assets – Asset Management |
87
|
173
|
|
| Liabilities |
|
|
|
| Contingent consideration obligations |
0
|
0
|
|
| Derivative liabilities |
7
|
|
|
| Total Liabilities – Asset Management |
7
|
0
|
|
| Level 2 | Retirement Services |
|
|
|
| Assets |
|
|
|
| Restricted cash and cash equivalents |
0
|
0
|
|
| Derivative assets |
8,982
|
8,032
|
|
| AFS securities |
145,824
|
136,411
|
|
| Trading securities |
6,367
|
1,539
|
|
| Equity securities |
629
|
1,073
|
|
| Mortgage loans |
0
|
0
|
|
| Funds withheld at interest – embedded derivative |
0
|
0
|
|
| Short-term investments |
33
|
86
|
|
| Other investments |
1,057
|
711
|
|
| Cash and cash equivalents |
0
|
0
|
|
| Reinsurance recoverable |
0
|
0
|
|
| Other assets |
|
0
|
|
| Total Assets – Asset Management |
171,812
|
155,457
|
|
| Liabilities |
|
|
|
| Derivative liabilities |
5,733
|
3,536
|
|
| Embedded derivative |
0
|
0
|
|
| Universal life benefits |
0
|
0
|
|
| Market risk benefits |
0
|
0
|
|
| Other liabilities |
0
|
0
|
|
| Total Liabilities – Asset Management |
5,733
|
3,536
|
|
| Level 2 | Retirement Services | U.S. government and agencies |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
2
|
|
| Level 2 | Retirement Services | U.S. state, municipal and political subdivisions |
|
|
|
| Assets |
|
|
|
| AFS securities |
759
|
921
|
|
| Level 2 | Retirement Services | Foreign governments |
|
|
|
| Assets |
|
|
|
| AFS securities |
1,131
|
881
|
|
| Level 2 | Retirement Services | Corporate |
|
|
|
| Assets |
|
|
|
| AFS securities |
82,771
|
79,253
|
|
| Level 2 | Retirement Services | CLO |
|
|
|
| Assets |
|
|
|
| AFS securities |
26,272
|
29,182
|
|
| Level 2 | Retirement Services | ABS |
|
|
|
| Assets |
|
|
|
| AFS securities |
13,255
|
7,672
|
|
| Level 2 | Retirement Services | CMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
13,043
|
10,741
|
|
| Level 2 | Retirement Services | RMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
8,593
|
7,759
|
|
| Level 2 | Retirement Services | AmerUs Life Insurance Company (“AmerUs”) Closed Block |
|
|
|
| Liabilities |
|
|
|
| Closed block liabilities |
0
|
0
|
|
| Level 2 | Retirement Services | Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits |
|
|
|
| Liabilities |
|
|
|
| Closed block liabilities |
0
|
0
|
|
| Level 2 | Related Party | Retirement Services |
|
|
|
| Assets |
|
|
|
| AFS securities |
8,237
|
7,258
|
|
| Trading securities |
0
|
0
|
|
| Equity securities |
0
|
0
|
|
| Mortgage loans |
0
|
|
|
| Investment funds |
0
|
0
|
|
| Mortgage loans |
|
0
|
|
| Funds withheld at interest – embedded derivative |
0
|
0
|
|
| Other investments |
0
|
0
|
|
| Level 2 | Related Party | Retirement Services | Corporate |
|
|
|
| Assets |
|
|
|
| AFS securities |
1,117
|
1,029
|
|
| Level 2 | Related Party | Retirement Services | CLO |
|
|
|
| Assets |
|
|
|
| AFS securities |
5,870
|
5,339
|
|
| Level 2 | Related Party | Retirement Services | ABS |
|
|
|
| Assets |
|
|
|
| AFS securities |
1,089
|
890
|
|
| Level 2 | Related Party | Retirement Services | CMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
161
|
|
|
| Level 2 | Consolidated Entity, Excluding Consolidated VIE | Asset Management |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
0
|
0
|
|
| Level 2 | VIE, Primary Beneficiary | Asset Management |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
0
|
0
|
|
| Investments, at fair value |
5
|
111
|
|
| Level 2 | VIE, Primary Beneficiary | Retirement Services |
|
|
|
| Assets |
|
|
|
| Trading securities |
683
|
347
|
|
| Mortgage loans |
0
|
|
|
| Investment funds |
0
|
0
|
|
| Mortgage loans |
|
0
|
|
| Other investments |
|
0
|
|
| Cash and cash equivalents |
0
|
0
|
|
| Level 3 |
|
|
|
| Assets |
|
|
|
| Total Assets – Asset Management |
152,115
|
107,703
|
|
| Liabilities |
|
|
|
| Total Liabilities – Asset Management |
22,386
|
17,945
|
|
| Level 3 | Asset Management |
|
|
|
| Assets |
|
|
|
| Restricted cash and cash equivalents |
0
|
0
|
|
| Investments, at fair value |
1,197
|
1,052
|
|
| Due from related parties |
15
|
27
|
|
| Derivative assets |
7
|
29
|
|
| Other assets |
214
|
|
|
| Total Assets – Asset Management |
4,158
|
3,366
|
|
| Liabilities |
|
|
|
| Contingent consideration obligations |
72
|
67
|
|
| Derivative liabilities |
0
|
|
|
| Total Liabilities – Asset Management |
72
|
67
|
|
| Performance allocations |
235
|
248
|
|
| Level 3 | Retirement Services |
|
|
|
| Assets |
|
|
|
| Restricted cash and cash equivalents |
0
|
0
|
|
| Derivative assets |
2
|
1
|
|
| AFS securities |
29,349
|
21,135
|
|
| Trading securities |
18
|
22
|
|
| Equity securities |
8
|
27
|
|
| Mortgage loans |
91,918
|
63,239
|
|
| Funds withheld at interest – embedded derivative |
(2,409)
|
(3,035)
|
|
| Short-term investments |
0
|
169
|
|
| Other investments |
761
|
895
|
|
| Cash and cash equivalents |
0
|
0
|
|
| Reinsurance recoverable |
1,911
|
1,661
|
|
| Other assets |
|
313
|
|
| Total Assets – Asset Management |
147,957
|
104,337
|
|
| Liabilities |
|
|
|
| Derivative liabilities |
0
|
1
|
|
| Embedded derivative |
14,749
|
11,242
|
|
| Universal life benefits |
766
|
742
|
|
| Market risk benefits |
4,930
|
4,028
|
|
| Other liabilities |
254
|
225
|
|
| Total Liabilities – Asset Management |
22,314
|
17,878
|
|
| Level 3 | Retirement Services | U.S. government and agencies |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 3 | Retirement Services | U.S. state, municipal and political subdivisions |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 3 | Retirement Services | Foreign governments |
|
|
|
| Assets |
|
|
|
| AFS securities |
12
|
29
|
|
| Level 3 | Retirement Services | Corporate |
|
|
|
| Assets |
|
|
|
| AFS securities |
6,650
|
4,321
|
|
| Level 3 | Retirement Services | CLO |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
0
|
|
| Level 3 | Retirement Services | ABS |
|
|
|
| Assets |
|
|
|
| AFS securities |
22,207
|
16,529
|
|
| Level 3 | Retirement Services | CMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
41
|
0
|
|
| Level 3 | Retirement Services | RMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
439
|
256
|
|
| Level 3 | Retirement Services | AmerUs Life Insurance Company (“AmerUs”) Closed Block |
|
|
|
| Liabilities |
|
|
|
| Closed block liabilities |
1,085
|
1,102
|
|
| Level 3 | Retirement Services | Indianapolis Life Insurance Company (“ILICO”) Closed Block and life benefits |
|
|
|
| Liabilities |
|
|
|
| Closed block liabilities |
530
|
538
|
|
| Level 3 | Related Party | Retirement Services |
|
|
|
| Assets |
|
|
|
| AFS securities |
17,810
|
11,545
|
|
| Trading securities |
454
|
573
|
|
| Equity securities |
266
|
234
|
|
| Mortgage loans |
1,486
|
|
|
| Investment funds |
1,318
|
1,139
|
|
| Mortgage loans |
|
1,297
|
|
| Funds withheld at interest – embedded derivative |
(356)
|
(615)
|
|
| Other investments |
344
|
331
|
|
| Level 3 | Related Party | Retirement Services | Corporate |
|
|
|
| Assets |
|
|
|
| AFS securities |
1,200
|
1,108
|
|
| Level 3 | Related Party | Retirement Services | CLO |
|
|
|
| Assets |
|
|
|
| AFS securities |
1,333
|
696
|
|
| Level 3 | Related Party | Retirement Services | ABS |
|
|
|
| Assets |
|
|
|
| AFS securities |
15,277
|
9,741
|
|
| Level 3 | Related Party | Retirement Services | CMBS |
|
|
|
| Assets |
|
|
|
| AFS securities |
0
|
|
|
| Level 3 | Consolidated Entity, Excluding Consolidated VIE | Asset Management |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
0
|
0
|
|
| Level 3 | VIE, Primary Beneficiary | Asset Management |
|
|
|
| Assets |
|
|
|
| Cash and cash equivalents |
0
|
0
|
|
| Investments, at fair value |
2,939
|
2,258
|
|
| Level 3 | VIE, Primary Beneficiary | Retirement Services |
|
|
|
| Assets |
|
|
|
| Trading securities |
2,437
|
1,954
|
|
| Mortgage loans |
2,140
|
|
|
| Investment funds |
286
|
770
|
|
| Mortgage loans |
|
2,579
|
|
| Other investments |
|
103
|
|
| Cash and cash equivalents |
0
|
0
|
|
| NAV |
|
|
|
| Assets |
|
|
|
| Total Assets – Asset Management |
23,920
|
17,196
|
|
| NAV | Asset Management |
|
|
|
| Assets |
|
|
|
| Investments, at fair value |
185
|
72
|
|
| Total Assets – Asset Management |
318
|
306
|
|
| NAV | Retirement Services |
|
|
|
| Assets |
|
|
|
| Total Assets – Asset Management |
23,602
|
16,890
|
|
| NAV | VIE, Primary Beneficiary | Asset Management |
|
|
|
| Assets |
|
|
|
| Investments, at fair value |
133
|
234
|
|
| NAV | VIE, Primary Beneficiary | Retirement Services |
|
|
|
| Assets |
|
|
|
| Investment funds |
$ 23,602
|
$ 16,890
|
|